Markets and Money

Sun (Auckland), Volume I, Issue 203, 16 November 1927, Page 12

Markets and Money

A Review for Business Men

ON THE ’CHANGE BUSINESS BRISK TARANAKI OILS IMPROVE Business on 'Change opened more brightly this morning and sales were made in several stocks. New Zealand Insurance shares sold at 395, which is a slight improvement on recent rates, and a good demand exists for South British and Standards. Sales took place in New Zealand River Plate shares at 27s 6d with further buyers at 275, sellers 2Ss. Auckland Gas are selling freely at recent rates. Miscellaneous shares are quiet, with the exception of Taranaki Oils, which have improved to sales at 11s 3d. The mining market is quiet, with little business being transacted. SALES REGISTERED At yesterday afternoon’s call: —On ’Change: Auckland Gas (paid), £1 2s 9d. Reported: Auckland Gas (con.), 16s 9d. At this morning’s 10 o’clock call: On ’Change: Auckland Gas (paid), £1 2s 9d; Auckland Gas (paid), £1 -2s lOd; Auckland Gas (con.), 16s 9d; Taranaki Oilfields, 11s 3d; Waihi G.M. Company, £1 Is sd. Reported: New Zealand Insurance, £1 19s; New Zealand and River Plate, £1 7s 6d. At the mid-day call: —Reported: New Zealand Insurance, £1 19s; Mount Albert Borough debentures, 6 per cent, 1959, £lO2 10s.

MID-DAY QUOTATIONS Closing quotations at mid-day today were:—• Sellers. Buyers.

With Investors on the Change A QUIET WEEK EFFECT OF WOOL SALES (By “NOON CALL’*") WEDNESDAY, I) a.m. ! The event of the week, and one which will inevitably be reflected on the 'Change has been the favourable opening of the 1927-28 wool-selling season. While, on present indications, it would be fallacious to build on Monday s rates being sustained throughout the rest of the season, growers have every reason to hope for prices comparing more than favourably with last season’s closing rates. With this prophesy fulfilled, farmers on the aggregate will find themselves ; with a considerable surplus over last season’s, and, following the usual course, this will not be long in finding its way into circulation. Much of it will eventually be placed in investment channels through, to a large extent, the agency of the ’Change. It will be well on toward the end of February, however, before any' substantial benefit is felt. The ’Change has passed through a period of comparative quietness over the week, due in the South largely to the Royal Show week festivities in Christchurch. Auckland suffered a lull following the previous period of heavy business. The banking section has been quiet, j with Union rights and fractions active : at practically unchanged prices. Parcels of these have, in fact, featured largely in the business done throughout the week. N.S.W.’s saw sales in the South at £44 9s, £44 10s and £44 12s 6d. New Zealands were dealt with at £2 ISs, £2 ISs 2d and £2 18s 3d. Commercials were strangely quiet, although firm, until Monday, when sales were made at 29s 3d, both at Auckland and Christchurch. English, Scottish and Australian were done at Wellington yesterday at £7 14s. Insurance shares have been quietly' active, with South British seeing the most business at 565. New Zealands were dealt with at 38s 9d. In the loan and finance section little business has been transacted, but the market remains practically unchanged. Coals continue firm in tone but, with the exception of Pukemiros at 60s, few sales have been recorded. Waipas are in steady demand on an unchanged market and have been done at 15s 9d. In the South this section has been neglected over the week. With the exception of one sale of Northern Steam (contributing) at 7s, and one of Devonport Steam at 23s fid. the shipping section has been quiet and idle. Wellington Woollens have been in demand over the week, the scrip finding frequent buy’ers up to £6 3s Cd. Most other shares in this section are depressed and idle. Sellers of timbers are unsupported and Kauris at 23s yesterday failed to draw a buyer’s quote. TARANAKI OILS ACTIVE Taranaki Oils continue to provide life to the miscellaneous section, spasmodic sales being made over the week. From sales at 11s 3d on Wednesday the market eased down to 10s 3d on Thursday' and Friday*, coming back to 10s 6d on Saturday, falling to 10s 3d again on M° u “ day, and back again to 11s yesterday. Most other shares in this section are quiet and quotations unchanged. New Zealand Paper Mills have been done at 16s 6d. Auckland Amusement Park remain firm on a market around 16s 6d. ■Wilsons Cement continue in steady demand on an unchanged market. Mining is dull and lifeless, with few shares registering any activity. Little 1 "" dication is given of any likelihood of an improvement before the holiday’s. In the gilt-edged section a steady demand exists for bonds and stocks, tew sales have been reported in this section over the week, however. BUTTER AND CHEESE MARKET IN BETTER TONE A brighter tone in the London butter market is indicated by’ A. S. Paterson and Company, Limited, in that firm s weeklyreport to factory directors. The firm reports receipt of the following cable from its London principals, J. and J. Lonsdale and Company:— "Market firmer, with upward tendency: butter, 1745; cheese, OSs. “This indication of an upward tendency follows on last week’s advice that the ‘market was steadier, and we hope that the long-looked-for improvement in butter prices is now going to material- j ise,” states the report. “Cheese prices have dropped six to seven j shillings from the highest point reached some time ago, but the market is sound, and prices are still on a very favourable j level. “The New Zealand production of butter and cheese during the rest of the sea- I son is a matter dependent to a very large extent on weather conditions, and while up to the end of October butter has shown an increase of 3,168 tons, or 23 per cent., as compared with the same period last y’ear, and cheese an increase of 740 tons, or 7.1 per cent., as compared with last year, the position to-day’ is that good rains are needed throughout the Auckland Province if the increases to date are to be maintained,” concludes the report. WHEAT By Cable.—Press Association.—Copyright LONDON, Monday*. Wheat.—Cargoes are firm in sympathy with better American prices and following upon good business at the week-end have advanced 6d to 9d. Parcels are held for an advance of 3d to 9d. Buyers are not responding freely. 52s 3d. Liverpool futures, December-March, 10s 4d; May, 10s 3d. THE METAL MARKETS (Quotations on Nov. 10 in parentheses.) Copper.—Spot, £SB 13s lid (£SB 3s lid): three months, £SB 11s lOld (£SB 4s 4td). Lead.—Spot, £2O 15s (£2O 6s 3d); three months, £2l 6s 3d (£2O 17s 6d). Spelter.—Spot, £26 (£25 13s 9d); three months, £25 15s (£25 10s). Tin. —Spot, £264 15s (£257 6s 3d); three months, £258 2s 6d (£251 7s 6d). Silver.—Standard, 26 13-16 d (26id) per oz; fine, 28 15-16 d (28 5-8 d). —A. and N.Z.

BANKS— £ 9. d. £ s. d. Bank of Aus — 14 10 0 Com. Bank of Aus. 1 9 Nat. of N.Z 6 IS 6 New South Wales . 44 17 6 44 New Zealand — 18 Ditto mort. (10s paid) — 0 16 0 Ditto mort (20s paid) — Union of Aust. (rights) — INSURANCE— National 4 0 0 — New Zealand . . 1 19 0 1 South British .. . . 16 6 ] 6 Standard — LOAN AND AGBNOT— Abraham and Williams 4 10 0 Ditto (pref.) .. .. 4 6 Farmers’ Co-op. Auc. 3 5 0 Ditto A (pref.) .. 0 18 0 0 16 9 Newton King (pref.) 0 12 6 N.Z. and River Plate l 8 0 N.Z. Loan, Merc. .. 94 0 Ditto (pref.) .. .. — 80 0 COAL— Renown (con.) .. .. 0 9 0 0 8 3 Hikurangi 0 3 4 Ditto (pref.) .. .. 0 6 10 Ditto (A pref.).. 0 6 0 0 3 Pukemiro — Taupiri — 1 5 6 Ditto (pref.) .. .. — 1 Waipa 0 16 GAS — Auckland 1 3 0 1 2 9 Ditto (con.) .. .. 0 17 0 0 16 6 Birkenhead and Northcote .. .. .. 0 16 0 — SHIPPING— Devonport Steam .. 1 4 0 1 3 3 2 8 3 Northern Steamship 0 14 6 0 14* Ditto (con.) .. .. 0 6 L0 0 6 6 P. and O. (def. stk) 270 0 0 — TIMBER— i Kauri Timber .. .. 1 3 6 1 2 3 National 0 12 6 Taupo Totara .. .. 0 16 0 — Ditto (pref.) .. .. 0 17 0 — WOOLLEN— Kaiapoi — 0 6 9 Wellington — Ditto (pref.) .. .. — BREWERIES— C. L. Innes (pref.) 1 0 0 — N.Z. Breweries .. .. 0 J. Staples and Co. .. 1 19 0 — MISCELLANEOUS— Auck. Amuse. Park 0 16 9 0 16 6 Ditto (pref.) .. .. 1 0 6 British Tobacco 19 3 Checker Taxis .. .. 0 19 0 Colonial Sugar (Aus.) 54 0 0 52 15 0 Dominion Pictures . 1 Ditto (pref.) .. .. 1 0 0 Gear Meat 1 18 Grey and Menzies . 0 12 0 Hamilton Theatres .. 0 18 0 Hayward’s Pictures —- 0 16 6 Henry Jones 1 IS Hill and Plummer .. 1 2 H.M. Arcade (pref.) 1 0 Milne and Choyce .. 1 Ditto (pref.) .. .. Ditto (“B” pref.) 1 Ditto (deb. stck.) 1 3 6 1 Murchison Oil (20s 1 N.Z. Farmers’ Fer. 3 10 5 N.Z. Paper Mills .. 0 1/ 0 Northern Boot and 0 IS 0 Robinson Ice Cream 1 3 Sanford, Ltd 1 0 9 Ditto (pref.) 1 1 0 1 0 3 Taranaki Oilfields . v 0 12 0 0 11 0 Thames Theatre 1 0 0 Tonson Garlick .. .. 0 10 0 Union Oil Wairakei, Ltd. 0 8 0 Whittome Stevenson 2 6 0 2 3 6 Wilsons Cement 1 17 3 1 lb 3 MINING— Alburnia 0 2 4 0 2 0 Moanataiari (pd.) .. 0 2 6 0 2 0 Ditto (con.) .. .. 0 1 3 0 0 10* Empire Reefs (con.) 0 0 8 Golden Age (pd.) .. 0 0 24 Ditto, (con.) .. .. 0 0 24 Kawarau 0 1 0 0 0 6 Komata Reefs .. .. 0 0 3 Kuranui 0 0 6 Ltfcky Shot (2s pd.) 0 1 7 0 1 4 Maoriland (con.) .. 0 0 8 Majestic .. 0 0 4 0 0 24 New Waiotahi (4s paid) .. .. — 0 0 9 Ditto (con.) 0 0 9 0 0 7 Occidental-Una (2s paid) .. .. 0 0 0 1 9 Ditto (con.) .. .. 0 1 9 Ohinemuri 0 6 9 4 Waihi 1 1 6 1 1 5 AUSTRALIAN— Mount Lyell — 1 7 3 DEBENTURES— Auck. Gas, 192S, 6£ 85 0 0 Auck. Har. Board, 51 p.c 97 10 0 96 98 0 0 Ditto, 6 p.c 101 0 0 City of Auckland, 1940, 5J p.c Ditto, 1943, 52 p.c. 98 0 0 Auck. Elec. Power Board 98 Auckland Hospital Board, 52 p.c. .. 99 0 0 Bor. of Devonport, 92 Bor. of Mt. Albert, 6 Hamilton Theatres 105 — 1 6 Glaxo 91 0 0 90 GOVERNMENT BONDS — — 97 12 6 97 Ditto, 1939, 4) 91 0 0 9b 7 6 Ditto. 1941. 4i .. 97 0 Ditto, 1933, oh . . 101 10 0 100 Ditto, 1936, 55 .. — 100 17 6 INSCRIBED STOCK War Loan, 1929, 5 — 98 5 0 Ditto. 1938, 4h 96 7 6 Ditto, 1939, 4* — 96 7 6