Markets and Money

Sun (Auckland), Volume I, Issue 180, 20 October 1927, Page 14

Markets and Money

A Review for Business Men

ON THE ’CHANGE

DEMAND FOR STOCKS BANKS IN GOOD TONE Business on ’Change has assumed a quiet tone, but though only limited business is recorded, the market in most sections is healthy. In banks, Commercials have improved to see a sale at 2Ss 4d. Other shares in this section are firm at current quotations.

Mining is weak and depressed, and Ohinemuris have dropped to be done at 6s 6d. In miscellaneous, Colonial Sugars are firmer, and sales are reported at 53s 15s. Sellers of Auckland Amusement Park have withdrawn with buyers in at 16s. The gilt-edged market is firm, with a bettor demand for Government bonds and stocks. SALES REGISTERED Yesterday’s sales: Reported—Commercial Bank of Australia, 28s 4d; South British Insurance, 57s 3d; Colonial Sugar, £53 15s; New Zealand Inscribed Stock, 3 938, 46 per cent., £96 ss; New Zealand Inscribed Stock, 1939, 46 per cent., £96 ss. At this morning’s ten o’clock call: On ’Change—Ohinemuri, 6s 6d. At to-day’s mid-day call: On ’Change—South British Insurance, 57s 6d. Reported—Pukemiro Collieries, £3. MID-DAY QUOTATIONS Closing Quotations at to-day's midday call were: Sellers. Buyers. BANKS— * •• d. £ d.

SYDNEY WOOL SALES

KEEN COMPETITION

Press A ssociation. — Copyright. SYDNEY, "Wednesday.

j At the Sydney wool sales to-day the market was firm, and there was keen competition. Prices were equal to the best point.of the week for best classes, hut showed slight irregularity for lower descriptions. Greasy Merino touched 29id, —A. and N.2.

Breeder and Dealer

STOCK MARKETS REVIEWED WESTFIELD WORKS OPEN Killing of beef for the 1927-28 season commenced at Westfield this week. Lambs are not expected to be available for at least another month. The works at present are only running three days a week, but it is anticipated that there will be sufficient stock available to keep them going until the flush season commences. In the past this has been the week when the opening prices for the season for lamb and mutton have come out at the Hawke's Bay Show and established a basis for the whole of the North Island to work upon. It is not anticipated that this will be the case this year, but that the announcement will be delayed till nearer the time when the lambs will be actually coming forward to the works. No indication has been given as to what the season's opening rates will be, but, with best New Zealand lamb up to 361 bon the London market bringing 9£d, according to the last High Commissioner’s report, the season in New Zealand should open, if anything, slightly firmer than last year. One thing is certain, the English market is in better tone this year.

Generally speaking, stock in all parts of the province must be in fair condition with pastures in good heart to give the stock a sound start before the hot weather sets in. WESTFIELD MARKETS At Westfield, the market which sets values for this part of the Island, prices are well maintained, for the most part above the export parity. At yesterday’s sale an average yarding of cattle sold practically on a par with late rates, though at times the market had a decidedly easier tone with buyers giving little attention to business. For choicest sorts the demand was firm, but for mediocre-finished lines bidding was slack, and buyers inclined to disinterestedness. From the point of view of quality and finish the yarding of mutton was the best seen at Westfield for some time. Many lines of prime ewes and wethers came forward, and prices were maintained practically on a par with last week, though, as the sale progressed, ewes tended to ease. The yarding of lambs was equal to the demand, and values were slightly firmer than last week. Small and fresh-dropped calves were not so much in evidence, but there was a big preponderance of rough and plain sorts not in great demand. Values ail round were generally easier, though the demand for better finished sorts was strong. The market for the primer grades of pigs was maintained at late rates, but values for lighter sorts and stores were easier. , WESTFIELD VALUES Values at yesterday’s Westfield sale ranged as follow: Beef.—Heavy prime steers, £l2 5s to £l3 12s 6d; medium prime,' £lO 10s to £ll 17s 6d; light and smaller framed, £8 12s 6d to £lO 7s 6d; small and unfinished, from £7 15s. Extra heavy prime heifers made to £10; extra heavy old cows to £9; smaller prime young cows and heifers, £6 5s to £S ss; other small and just killable cows made from £3 10s. Sheep.—Extra prime big framed shorn wethers made to 30s 6d; medium prime wethers, 26s to 28s 6d; small prime and light, 21s 6d to 25s 9d: heavy prime ewes made to 23s 3d; lighter, prime, ISs to 21s. Lambs.—Extra choice prime, 33s to 355; heavy prime, 28s to 30s; medium prime, 25s 9d to 26s 9d; others from 21s. Calves.—Runners, 56s to 1225; vealers, 52s to S4s. Pigs.—Baconers, 47s to 695; porkers, 35s to 535; weaners, 14s to 225; slips, 23s to 275; large stores, 29s to 355. TREND AT ADDINGTON Addington continues to draw heavily on the north. This week a reduction of values for sheep was largely due to an influx from the north, while last week cattle from the same direction also came forward in large numbers. Throughout the winter North Island dealers, operating mostly in Hawke’s Bay and the Wairarapa, have been sending regular consignments south. Even Burnside has been found a better market than Westfield which has the advantage, from the beef buyers’ point of view, of having such a vast area of winter fattening country behind it.

COUNTRY STOCK SALES Alfred Buckland and Sons Report.— During the week we held sales at Pukekohe, Turua, Clevedon, Pokeno and Runciraan, also a pig sale at Waiuku. There were heavy entries of cattle at all yards. The demand and values for all classes were on a par with the previous week’s sales. The 500 odd sheep which were penned at Clevedon found ready buyers, and the 449 pigs offered at Waiuku sold at ruling values. Best dairy cows made £l2 to £ls 10s; second grade cows, £8 10s to £ll 10s; others, £6 to £8 ss; aged and inferior, £2 10s to £5 10s; best springing heifers, £l2 to £l4 10s; good heifers, £9 to £ll 15s; others, £4 10s to £8 10s; empty young cows and heifers, £3 10s to £4 15s: store cows, £1 15s to £2 15s; heavy prime young cows and heifers, £7 to £10; lighter cows and heifers, £4 15s to £6 17s 6d; boner cows, £2 to £4 12s 6d; well-bred yearling to 18-month-old dairy heifers, £5 to £6 15s; other heifers, £2 10s to £4 15s; grown steers in forward condition, £7 to £7 15s; good four-year-old steers. £6 to £6 17s 6d: three to four-year-old steers, £5 to £6; two to three-year-old steers, £4 to £5; yearling to 18-month-old steers, £3 to £4: pedigree bulls, £8 8s to £l7 17s; sound young herd bulls, £4 4s to £l2 12s; heavy bulls. £5 to £7 ss; other bulls, £2 to £4; fat forward wooly wethers, £1 10s to £1 12s; fat woolly ewes, £1 4s to £1 9s; woolly hoggets, £1 5s to £1 9s; shorn wethers, £1 Is to £1 ss; shorn ewes, 16s to £1 Is; a pen of shorn ewe hoggets made £1 ss. The New Zealand Loan and Mercantile Agency Company, Ltd., Report.—We held sales of cattle during the past week at Westfield, Papakura, Kaukapakapa and Paeroa. Cattle have been penned in large numbers and values for all classes are on a par with last report. We also held pig sales at Waiuku and Pukekohe and report good sales. We quote: Dairy cows and heifers, best, £lO to £l4 10s”: others, £6 to £9 15s: aged cows and inferior heifers £3 to £5 15s; bulls, £2 10s to £lO 10s, according to age and quality; empty cows and heifers, £2 5s to £4 10s; yearling to 18-months heifers, Jerseys, £3 to £6 10s; other breeds, £1 10s to £4 10s; yearling to 18-months steers, £2 10s to £3 17s 6d; 2 to 22year steers, £4 to £ 4 17s 6d; 3 to Siyear steers, £5 to £5 17s 6d: 4 to 4iyear steers, £6 to £6 17s 6d: grown steers in forward condition, £7 to £7 3 ss: beef, pigs and sheep at fully Westfield quotations.

LOAN FOR POLAND British Wireless—Press Assn.—Copyright RUGBY, Tuesday. The subscription lists for the Polish stabilisation loan were opened this morning and were closed at noon. The prospectus was published to-day. The loan is one of £2,000,000, at 7 per cent, interest, in £1 bonds. It was offered in Britain at £92. The balance is being issued in New York and on the Con' tinent. The object of the loan is to consolidate *the condition of the monetarv stability and the budgetary equilibrium which the Polish Government has alread% achieved by its own efforts. A comprehensive plan has been drawn up which follows in many respects the lines adopted by the Financial Committee of the League of Nations in its successful schemes of financial reconstruction in Central European countries Inter alia the scheme puts the currencx on a gold basis, sets up one currency authority—namely, the Bank of Poland —redeems the whole of the floating debt, establishes a reserve for Treasury purposes and leaves a considerable sum for the further economic development of the country.—A.

TRADE OF THE NATIONS

ABOLISHING RESTRICTIONS

CONFERENCE AT GENEVA

British Wireless—Press Ass?t. —Copyright RUGBY, Tuesday.

At the opening of the conference convened by the League of Nations at Geneva to consider the possible abolition of prohibitions and restrictions on imports and exports other than Customs duties, M. Uendrikus Colijn, of Holland, the president, expressed the hope that the conference would prove sincere the will of the various Governments to carry into effect the recommendations of the Economic Conference. These they had unanimously approved. The principle of liberating commerce from restrictions had been so widely approved that if the present conference did not obtain practical results it would react unfavourably upon public opinion. It was within the power of this conference to take the first practical step toward that economic solidarity which the recent world conference had affirmed. In that way it would make contribution to the furthering of the peace of the world. PARTIAL AGREEMENT . Sir Sydney Chapman, Permanent Secretary of the British Board of Trade, said the British delegates entirely agreed with the president’s speech. It would be unwise to expect too much from the conference, but a partial result would he better than none, and he hoped a measure by which the States would be prepared to stand afterwards would be adopted. A French delegate, M. Serruys, supported the attitude of Sir Sydney. He said he regretted the absence of representatives of some of the countries which produce raw material, notably the Argentine, Brazil and Uruguay. A German delegate, Hr. Trendelenburg, said they must aim at a return as far as possible to pre-war conditions. IMPORTANT MEETING At its second sitting to-day the conference began an examination of Article I. of a draft agreement providing for contracting States to undertake within six months to abolish all import and export prohibitions and restrictions, and not to impose or maintain any in future. The British and Italian delegations submitted amendments. The discussion was largely technical, but it was made apparent that the conference is becoming much more important than it was originally expected to be. The Germans are quietlv but forcibly lobbying, with a view to the abolition of prohibitions without exception. It is understood the British Government is to submit an almost completely revised draft, embodying suggestions that bullion and coinage shall not be mentioned and that the maintenance of standards of goods shall be included. It is generally considered that the eventual agreement will be in such a form that few. if any, countries will be able to sign it.—A. and N.Z.

HEAVY YARDINGS AT ADDINGTON

EASIER VALUES Press Association . CHRISTCHURCH, Wednesday. In consequence of a succession of heavy entries, particularly in the fat stock sections, values were easier at the Addington market to-day. Over 1,000 fat sheep came from the North Island. Store Sheep.—The lower reserves fixed bv vendors were responsible for a better clearance and values were practically unchanged. Good failing-mouthed ewes and lambs made 15s 2d to 17s 2d; inferior ewes and lambs, 14s to 16s; cull aged ewes ewes and lambs, 14s to 16; cull aged ewes and lambs, 8s 3d to 9s 6d; sound-mouthed shorn ewes and lambs, 14s to 16s 7d; two and four-toothed halfbred wethers, 29s to 31s; inferior two and four-toothed wethers, 26s to 28s; sound-mouthed crcssbyed wethers, 29s 3d; four and sixtoothed shorn wethers. 20s to 22s 2d; inferior shorn wethers, 15s 9d to 17s; crossbred wether hoggets, 24s 2d; crossbred ewe hoggets, 33s 6d. Spring Lambs.—The entry of 368 head was small for the needs of butchers and values increased by 3s 6d a head on the preceding sale. The best lambs made from 31s to 38s, and lightweight lambs from 25s to 295. Fat Sheep.—There was a heavier entry, which included about 1,500 outside shee and a fair proportion of shorn shee Values for wethers were lower by up t«. Is 6d a head, but ewes about maintained recent values. Extra prime woolly wethers brought up to 53s 7d; "-ime wethers, 44s 6d to 495: medium 33s to 435; light wethers, 35s to 3.a 'id; prime shorn wethers, 35s to 42s 4d: medium shorn wethers. 27s to 335; extra prime woolly ewes, to 47s 7d: prime ewes. 37s 6d to 43s 6d: medium ewes, SSs to 375: light ewes, 25s to 325: prime shorn ewes, 28s to 33s lOd: medium shorn ewes. 22s 6d to 27s 6d. Fat Cattle.—The entry comprised 475 head and the market was down on last j week’s rates by up to 20s a head. Fiest ; beef made from 41s to 44s a 1001 b.; medium, 36s to 40s; heavy beef, 34s to ! 36s 6d: ordinary cow beef. 30s to 32s 6d; j and rough, down to 27s 6d. Vealers.—Good vealers made £5 to £6; medium. £3 to £4 15s: others, 10s to 355; small calves. 4s to 10*. Store Cattle.—A line of four and fiveyear station steers in backward condition sold at £8 16s. Cows made from £2 5. c to £5 5s Dairy Cattle.—Best second to fourth calvers. £7 10s to £lO ss; others, £3 to £5: springing heifers. £3 to £6 10s. Fat Pigs.—Prices were slightly easier. Choppers made £2 to £3 11s; baconers £3 7s to £4 12s (average per lb., s£d to 6Rd): porkers. 40s to 62s (average per lb , 7id to S?.d). Store Pigs.—A dull market. Weaners made 15s to 255; slips, 32s to 225; stores. 24s to 41s.

MINING NEWS

ports: The crosscut to intersect the No. 1 reef has just been extended eight feet in good hard country. If this country continues to the reef we should meet with good results. The quartz broken from the Intermediate level still continues to show gold.

HAURAKI. —The manager reports as ; follows: The crosscut towards the Hau- ! raki North shaft has been extended I'* ! feet for the week; the country continue.® ; of the same firm andesite and the face is ! nearing the estimated position of the ' Welcome Find reef. The seaward face of the 400 feet level advanced 5 feet for ! the week, leaving about 45 feet to reacn * the estimated position of the junction jof this reef and the Green Harp: tne ; count.rj* is firm, and the reef solid Q ua J!*" i and favourable for gold. The rise on tn same reef at its junction with the ne reef is up 15 feet and timbered into a 1 three-compartment rise: the d uart ® , abou- five feet in width and ii St«mf smaller as we get away from the in j ence of the junction. The quartz ioo - very promising and should the ree \‘ l l i hard on the footwall country' the chw J <»f getting gold would be improvedCOMING AUCTIONS Mr. Chegwidden v. ill hold l l '- weekly salt of private and commercial vehicles at his rooms. High °? p a t ! site Central Hotel, to-morrow, Friday, noon. T. Mandeno Jackson will se:i by : lie auction at their rooms. 9 Comrn a-,. Street, at 11 o’clock to-morrow m ®y“JR : under conduct of the Registrar o i Supreme Court, at the - ' mortgagee, a farm property ot * with house and all buildings thereon, j situated about 7 miles from Kaukapakapa ! on the Waiwera-Wainui Road.

Mw-r Kobert ■ \ f»rr ami sell at their auction room. 2') street, to-morrow, at 12 noon, a - situated at Te A"atu. containing *** . acres, with a -mall wooden d " e " ln * n it. conveniences and electric lM,ht of The property is being -sold the I the mortgagee and under com:a ) i\£Si*uar ei id*

Bank of Australasia — 14 9 0 Com. Bank of Aus. 1 8 s 1 8 Ditto (pref.) .. .. 6 17 6 Eng., Scot. & Aust. 7 9 0 Nat. of N.Z Nat. of Aus. (con.) 6 19 6 8 9 0 New South Wales . . 45 0 0 44 0 0 New Zealand . . . . 2 IS 0 2 17 6 Do., Mort, 10s pd. 0 16 0 Do., Mort, 20s pd. — 1 6 0 INSURANCE— National 4 0 6 3 19 6 New Z.tland . . .. 1 19 1 19 1 South British .. . . 2 17 9 2 17 3 DOAN AND AGftNCT Farmers' Co-op.— A (pref.) 0 18 0 0 16 9 B (pref.) 0 15 3 0 14 9 Goldsbrough, Mort . 2 7 0 Newton King: (pref.) 0 12 6 0 10 0 N.Z. and River Plate 1 8 0 1 7 N.Z. Loan Mere. 93 0 0 Ditto tprer.) .. .. — 80 0 0 COAL— Renown (con.) .. .. 0 9 6 0 8 3 Hikurangi 0 3 0 2 s Ditto (pref.) .. .. 0 6 8 0 6 Ditto A (pref.) . . 0 5 6 0 5 3 Pukemiro 6 2 19 6 Taupiri 1 5 6 Ditto (pref.) .. .. 1 3 0 Waipa 0 16 3 0 15 Westport GAS— 1 14 9 Auckland 1 3 0 1 2 10 Ditto (con.) .. .. Birkenhead and 0 17 3 0 17 0 Northcote .. .... 0 16 0 — SHIPPING — Devonport Steam .. 1 4 0 1 2 9 Huddart-Parker 0 Northern Steam 0 14 8 0 14 6 Ditto (con.) . . . . 0 7 2 0 6 10 P. and O. (deferred stock) 72 0 0 — TIMBER— Kauri Timber . . . . 1 4 9 1 3 6 National 0 13 0 Parker-Lamb 1 0 0 Taupo Totara .. .. WOOLLEN— 0 16 6 » Wellington — 6 0 0 Ditto (pref.) — 6 0 0 BREWERIES— C. Li. Innea (pref.) . 1 0 0 J. Staples and Co. .. MISCELL ANEO U S— 2 0 ° 1 17 6 Auck. Amuse. Park — 0 1G 0 British Tobacco.. .. 3 0 0 2 18 6 Burns, Philp & Co. 1 17 9 1 3 G 6 Checker Taxicab 0 19 0 Dom. Pictures .. .. 1 0 0 Ditto, (pref.) Donaghy’s Rope and 1 0 U Twine Co 1 13 6 Electro. Zinc (ord.) 1 10 6 Ditto (pref.) . . . . 1 11 6 1 9 9 Gear Meat 1 16 9 Grey and Menzies .. 0 12 0 Hamilton Theatres . 0 IS 0 Hill and Plummer .. 1 1 6 H.M. Arcade (pref.) 1 0 0 Milne and Choyce . 1 3 3 Ditto (pref.) .. .. 1 3 Ditto (B pref.) .. Ditto (deb. stk.) . Murchison Oil (20s 1 3 6f 1 3 3 paid) 0 17 6 Farmers’ Fertiliser . 3 15 N.Z. Paper Mills .. 0 17 0 0 1G 0 N.Z. Refrig, (con.) 0 7 y ■0 7 0 Northern Boot .. . . 0 18 0 Robinson Ice Cream 1 3 0 1 0 9 Ditto, (pref.) . . . . 1 1 0 Taranaki Oil Fields . 0 7 10 0 7 4 Thames Theatre 1 0 0 2 0 6 Wairakei, Ltd — 0 8 0 Whittome Stevenson — 2 1 0 Wilsons Cement 1 16 9 1 15 9 MINING— Alburnia 0 3 0 2 7 Ballarat (con.) .. .. 0 0 Moanataiari (pd.) 0 2 10 0 2 0 Ditto, (con.) . . . . 0 1 0 1 0 Empire Reefs (con.) 0 0 8 Golden Age (paid) .. 0 0 2 Ditto, (con.) .. .. 0 0 Kawarau 0 1 0 0 0 6 Komata Reefs .. .. 0 0 •3 Kuranui 0 0 6 Lucky Shot (2s pd.) Maoriland Consolid0 1 9 0 1 0 ated (con.) .. 0 1 0 Majestic 0 0 45 0 0 New Waiotahl (4s pd) — 0 0 9 Ditto, (con.) .. .. Occidental-Una 0 0 91 0 0 0 (2s. pd.) 0 1 7 0 1 Ditto, (con.) .. .. 0 1 4 0 1 Ohinemuri 0 6 6 0 6 1 Ditto, (pref.) 0 6 6 Waihi 1 2 6 1 2 4 W aihi Grand J. 0 1 6 0 1 1 A U STR ALLAN— Mount Lye 11 .. DEBENTURES— 1 8 6 1 7 s Auck. Gas, 1928, 6J Auck. Harbour Board 101 0 99 0 0 Ditto, 45 p.c 98 10 0 98 0 0 Ditto, 6 p.c 101 0 0 City of Auck. 1940, 5* 95 0 0 Ditto, 1943, 55 .. Auck. Electric Power 98 0 0 Board 99 0 0 98 0 0 Bor. Devonport. 6.. 100 0 0 Ditto, 45 92 0 0 1 4 0 1 3 4 191 0 0 96 0 Glaxo — 90 0 0 GOVERNMENT BONDS— War Loan. 1£30, 4J — 97 10 0 Ditto, 1938, 96 0 0 Ditto, 1939, 4i 96 0 0 I Ditto, 1941, 45 .. 97 0 0 Ditto, 1936, oh 101 7 6 101 5 0 INSCRIBED STOCK— War Loan, 1929, 5 .. 99 5 0 98 5 0 Ditto, 1938, 45 .. 96 0 0 Ditto. 1939, 45 .. 96 0 0 Ditto, 1927-41, 5*.. 98 0 0 Ditto, 1933, 5 h .. 191 7 6 100 15 0 Ditto, 1936. 51 .. — 101 0 0