Markets and Money

Sun (Auckland), Volume I, Issue 204, 17 November 1927, Page 14

Markets and Money

A Review for Business Men

ON THE ’CHANGE HEALTHY BUSINESS N.Z. BANKS FIRM Business on the ’Change is activ and well distributed. In banks, New Zealand are decidedl; above last week’s parity with firm buy ers at 58s 6d and sellers at 59s 6d. A] shares in this section are in stead; demand. Auckland Gas have a slightly bette tone and sales were put through thi; morning at 22s lOd. Timbers continue dull and idle. Buy ers of Kauris came in this morning a 22s 3d. In shipping, Northern Steam ar slightly easier and the contributinj shares were dealt with at 6s 8d A healthy demand continues for gilt edged securities with the market firn for Government Bonds and Stocks. SALES REGISTERED Yesterday afternoon’s business: Oi ’Change—Alburnia G.M., 2s; Occiden tal Una (con.), Is 7d; Glaxo, £9O. Reported—Bank of N.S.W., £44 10s; Hikurangi Coal (pref.), 6s 9d. At this morning’s 10 o’clock call: Oi ’Change—N.Z. Insurance, 39s (2 par cels); Auckland Gas (ord.), 22s 10< (2 parcels): Wilsons Cement, 36s 6d. At to-day’s mid-day call: Or ’Change—Northern Steamship (con.) 6s Sd; Ohinemuri G.M., 6s sd. Reported—N.Z. Government War Loan 1935, 5$ per cent., £lOl 7s 6d; N.Z Breweries (deb.), 23s Bd. MID-DAY QUOTATIONS

CHICAGO WHEAT By Cable. —Press Association.- — Copyright. Reed. 9.42 a.m. CHICAGO, Wednesday. Wheat. —December, 1 dollar 27 5-8 cents a bushel; March, 1 dollar 31 3-S cents; Mar* l dollar 34 3-% cents.and

STOCK MARKETS REVIEW DEMAND FOR STORES FAT CATTLE DEALINGS B i THURSDAY, 9 A.M. 7 Throughout the province a keen demand continues to be registered for store 1 stock of all descriptions. In fact, if the ir present run of good weather continues, there is every possibility that store cattle will be selling at a premium. In the 1 premier producing districts of the North 3 Island for this class of stock, Hawke's Bay and the East Coast, the herds have - not fully recovered from the serious int roads made in them during the drought . in the fall of 1926. Thus, with ample * pastures in most parts of the island folr lowing the favourable rains, graziers 3 coming on the market for the necessary stores will have a restricted scope to draw " upon, and it is hard to see that there l can be much tnargin between store and fat parities while the summer flush lasts. The North Island must be fairly well i depleted of all surplus fat cattle at the moment, for in the Southern portion, apart from the cattle needed to meet ' local butchers’ requirements, dealers have i been busy throughout- the winter and spring snapping up anything that api peared to have a few shillings in it for . consignment to Southern markets. Adl dington throughout the off season has proved a steady market for Northern beef. 1 Westfield and the big* Auckland buteh- » ers have absorbed the surplus fat cattle -in the Northern portion of the Island. ’ EXPORTERS ACTIVE In addition to this the Westfield and Borthwick people have been active in all parts over the last month, and any ox beef available on a parity of up to 27s 6d ■ a hundred, has been eagerly snapped up. This,’ coming so early in the season, has . had the effect of placing additional graziers in the market for stores to carry * them over until the fall. To-day there is a ready market for ) store cattle in- all parts, holders, for the most part, not being prepared to quit while the present flush of feed continues. Exporters are still reticent regarding the opening rates for lamb and mutton for the 1927-28 season, though it is confidently expected that last season’s schedule will be more than maintained. Hopes are held out for an announcement of the Auckland figures at the Waikato Show this afternoon. Down the island, whjle lambs are not coming away as well as might be expected, there seems to be a tendency for works to open slightly earlier this year than usual. The Poverty Bay works announce that a start is to be made on lambs next week. Killing operations can be expected to be in full swing at most works during the following fortnight. WESTFIELD MARKET Both sheep and cattle were shortyarded at Westfield yesterday. To a certain extent this could be put down to the rains over the last day or so checking holders sending stock forward. The quality of the cattle offering was good, the majority of the cattle being choice prime and not too big for the average butcher’s purposes. The sheep, on the other hand, could mostly have done with more finish, and although there was a good showing of heavy prime ewes, bigframed prime wethers were hard to locate, and, in fact, none of the sheep forward were up to the weight of the best at last Though the entry of lambs was less than half that of last week the quality showed a decided improvement and many choice heavy prime lambs came forward. Competition among the smaller butchers in this section was keen and values were slightly firmer than last week. Exporters were forced off the market and only three or four lines were noticed to go to overseas buyers. These must have been bought to fill a local butcher’s orders. The market for beef was firmer, values in some isolated cases being up to 17s 6d in advance of last week’s rates. The sheep market opened firm at last week’s rates but, as the selling progressed, some lines passed at Is to 2s in advance of last week’s parity- The market was Prices under the hammer yesterday ranged as follow: — Cattle.—Heavy prime steers, £l3 5s to £l4 10s; prime, £ll 10s to £l3; prime smaller-framed cattle, £lO 2s 6d to £ll 2s 6d; small prime and light, £8 15s to £9 17s 6d. Choice prime big-framed young cows and heifers made to £9 ss; prime young cows and heifers made from £7 10s to £8 15s; smaller-framed, prime cattle, £6 2s 6d to £7 ss; smaller-framed, old cows and heifers, of only medium finish, made from £5 ss. Few beasts worth anything at all made much under that figure. Calves.—An exceptionally heavy prime vealer made to £5 6s. Ordinary heavy vealers made to £4 Bs, medium £3 10s to £4, smaller £2 8s to £3 Bs, young and fresh-dropped from 3s to 38s. Sheep.—Heavy prime wethers, 27s 6d to 29s 6d; smaller prime and medium, 24s 45d to 26s 6d. Heavy prime ewes, 23s 6d to 255; medium weight, 21s to 22s 6d. Lambs. —Heavy prime, 26s to 295; prime, 23s to 25s 6d; light, 19s to 21s 6d. Pigs.—Heavy prime baconers made £3 to £3 4s; medium, £2 15s to £2 19s; light, £2 12s to £2 14s; heavy porkers, £2 9s to £2 12s; medium, £2 6s to £2 8s; light, £2 to £2 4s; small and unfinished, £1 13s to £1 19s. A few store pigs found ready buyers at late rates. MINING NEWS KURAfAll.—The manager reports for the week ended November 12: “Driving has been continued on the leader in the’ footwall on the main reef with two shifts, a - distance of 20ft having been driven for the week, making a total of 53ft from the crosscut. The leader still maintains its size and the quartz when broken shows a lot of blend and silica, but so far no gold has been seen in the stone.” MOUNT WELCOME. —The manager reports: “No. 3 level is being pushed ahead and the face now is 258 ft from the crosscut. The country seems to lighten up here and very little water is showing up, which leads us to believe we are in the same block- of country that is fairly dry up in No. 2 level. This being the case, x we may have to drive another 30ft before 3 tapping the wet area that exists near Barker’s winze. On inspecting No. 2 today the water was down 21ft from the level, showing a drop of sft in the week. We have picked up a little more of the water beyond the winze and passed it i across in the fluming. This might help a a little, as it is quite apparent this was soaking down through the reef and into the winze. The reef in No. 3 face is very hard on the wall and with patches of calcite about. Although no gold is visible at present point, we expect to see some any shift with these signs.”

STUD STOCK LIFTING OF EMBARGO IMPORTS FROM BRITAIN (THE SUN'S Parliamentary Reporter 1 .) WELLINGTON, Wednesday. Within the course of a few days, according to a statement made by the Minister of Agriculture, the Eon. O. J. Hawken, in* the House to-day, it is probable that the embargo on the importation into New Zealand of stud stock from the United Kingdom will be lifted under certain strict conditions. The statement was made in reply to a question by Mr. J. G. Elliott, Oroua, who referred to the difficulty that was being experienced by stud stock breeders in obtaining new blood for the improvement of their herds and flocks. The Minister said owftig to foot and mouth disease an embargo had been placed on the importation of all stock except horses and dogs from the Old Country. When the Director of Agriculture, Dr. C. J. Reakes, went Home he was instructed to investigate the question whether some form of quarantine at Home could be devised. “I understand arrangements have been made at Home with the specialists,”- added the Minister. “Within a few days it is probable that the embargo will be lifted under certain very strict conditions.” COUNTRY STOCK SALES AUCTIONEERS’ REPORTS Auctioneering firms report country j stock sales during the week as follows: The New Zealand Loan and Mercantile Agency Co., Ltd. —We held sales during the past week at Westfield, Warkworth, Papakura and Clevedon, and in each case we report good sales, with an improved demand for store steers and store cows. All other classes of cattle sold at late values. Sheep also sold readilyl Dairy cows and heifers, best, made £lO to £l4 12s 6d; others, £6 to £9 15s; aged cows and inferior heifers. £2 10s to £5 10s; empty cows and heifers, £2 10s to £4 15s; yearling to 18 months’ heifers, £2 5s to £4 10s; yearling to 18 months’ steers, £2 10s to £2 17s 6d; 2 to 21-year steers, £4 to £4 17s 6d; 3 to 31-year sters, £5 to £5 15s; 4 to 41-year steers, £6 to £6 17s 6d; grown steers in forward condition, £7 to £7 15s; beef and mutton at Westfield quotations; store wethers in forward condition, £1 Is to £1 3s Sd; hoggets, 18s to £1 2s 6d; ewes and lambs, all counted, 12s 6d to 18s 6d. Alfred Buckland and Sons, Ltd.—During the week we held sales at Westfield, Pukekohe, Wellsford, Turua, Helensville, Pokeno and Runciman. There were average yardings, and good clearances were effected. Store cattle are in slightly better demand, and dairy stock continue to meet with a steady sale. Best dairy cows and heifers made £l2 to £ls; good cows and heifers, £9 to £ll 15s; secondgrade cows and smaller heifers, £5 10s to £8 15s; inferior cows and small heifers, £3 10s to £5 ss; empty young cows and heifers, £3 to £4 ss: store cows, £1 10s to £2 15s; cows with calves, £4 to £7 10s; prime fat cows and heifers, £5 10s to £9 10s; aged and boner cows, £2 to £5 ss; fat steers, £8 10s to £l2 12s 6d; well-bred yearling to 18-months-old dairy heifers, £4 to £5 15s; other heifers, £2 10s to £3 15s; grown steers In forward condition, £6 15s to £7 15s; four-year-old steers, £6 to £6 lbs; three to four-year-old steers, £5 5s to £G; two to three-year-old steers, £4 10s to £5 ss> yearling to two-year-old steers, £2 10s to £4 7s 6d; sound young herd bulls, £5 5s to £l2 12s; heavy bulls, £5 to £8 15s: other bulls, £2 to £4 10s. There was a large entry of pigs at Pukekohe on Thursday, which sold at fully Westfield values <727 pigs were sold). COMING AUCTIONS Messrs. J. S. de Montalk and Co. have been instructed to sell by public auction the furniture and effects of Mrs. J. Har. ris, at her residence, corner Grotto and Alfred Streets, Te Papapa, on Saturday next, November 19, at 1 p.m. Mr. J. S. de Montalk is the auctioneer. Messrs. T. Mandeno Jackson have been instructed by the Public Trustee to sell at their rooms, 9 Commerce Street, on Friday, November 25, at 11 a.m., on behalf of various deceased estates, the following properties;—lJ T acres at Takapuna, situated in Northboro’ Road, off Jutland Road, with two-roomed cottage thereon; a five-roomed cottage at 72 Oliphant Street, via O’Neill Street, Fonsonby. William A. Horne, Ltd., will sell by public auction at their auction room, Horne’s Buildings, corner High Street and Vulcan Lane, to-morrow, Friday, -November 18, at 1 p.m., a sound villa home of six rooms and convenience on freehold corner section 69 by 185 ft., within five minutes wharf, situated at corner of Hauraki Street and Brassey Read, Birkenhead. Also, semi-bungalow, five rooms and all conveniences, with large motor garage on section 66 by 20Sft., semi-bungalow six rooms and all conveniences on section 60 x 200 ft., bungalow, four rooms and till usual appointments on section 60 by 203 ft., all situated Massey Road, Manurewa, almost opposite station. Also. 63 acres elevated with 66ft. frontage to Great South Road, Manurewa, five minutes station, etc.; also, under conduct of the Registrar of the Supreme Court, 259 acres freehold, unimproved, situated on north side East Coast Birkenhead Road, near Cut Hill, about 4J miles from Takapuna Post Office. Also, by order of the vendor, dwelling house on section containing 31.3 perches and situated Hendon Avenue, Mount Albert. SOUTHERN EXCHANGES YESTERDAY’S SALES Press Association Wellington. —New Zealand . Government Bonds, 4i per cent., 1939, £96 7s 6d; National Bank of Australasia (£lO paid), £l7 12s; Wellington Woollen (pref.), £6 4s 6d. Christchurch. —New Zealand Refrigerating (10s paid), 8s; Electrolytic Zinc (8 per cent., part pref.), 32s (two), 31s lid; British Tobacco (Australia), 56s 9d. Dunedin. —Kaiapoi Woollen (ord.), Ss 4d; Bank of New Zealand, 58s 6d; National Mortgage, 72s 6d; Union Bank (ex rights), £l4 2s 6d.

day call were: — Sellers. Buyers. BANKS— £ a. d. £ 8. d. Bank of Aus 14 10 0 Com. Bank of Aust. : 9 5 !! 0 Eng., Scot and Aust. 7 12 6 Nat. of N.Z 6 18 6 Nat. Bank of Aust. (con.) S 14 6 8 11 6 New South Wales . 44 17 6 44 10 6 New Zealand . . . . 2 19 6 2 18 6 Ditto mort. (10s paid) — 0 16 0 Ditto mort (20s paid) — 1 6 0 Union of Aust. 14 6 0 13 -8 Ditto, new issue — 13 13 0 INSURANCENational 4 0 0 New Zealand .. .. 1 19 2 1 19 0 South British .. .. 15 9 Standard — 3 1 0 LOAN AND AGENCY— Abraham and Williams (pref.) . . . . 2 2 6 Farmers’ Co-op. Auc. 3 5 0 Ditto A (pref.) .. 0 18 0 0 16 9 Ditto B (pref.) .. 0 14 9 National Mort. 3 10 0 Newton King- (pref.) 0 12 6 0 10 0 N.Z. and River Plate 1 8 0 1 7 0 N.Z. Loan, Merc. . . 98 0 0 94 0 0 Ditto (pref.) .. •. — 80 0 0 CO AirRenown (con.) .. .. 0 9 0 0 8 3 Hikurangi 0 3 4 0 2 9 Ditto (pref.) .. .. 0 6 J1 0 6 5 Ditto A (pref.) .. 0 6 3 0 b 3 Pukemiro — 2 19 0 Taupiri — 1 5 6 Ditto (pref.) .. .. — 1 3 0 Waipa 0 16 0 0 15 9 GAS— Auckland 1 3 0 1 2 10 Ditto (con.) .. .. 0 17 0 0 16 6 Birkenhead and Northcota 0 16 0 — SHIPPING— Devonport Steam . 1 4 0 1 3 0 Huddart-Parker 2 7 3 Ditto (pref.)) 1 0 3 Northern Steamship 0 14 6 (J 14 0 Ditto (con.) .. .. 0 6 10 0 6 7 P. and 6. (def. stk) 270 0 0 — TIMBER— 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 9 0 0 7 0 Wellington — 6 2 0 Ditto (pref.) .. .. — 6 3 0 BREWERIES— C. L. Innes (pref.) t 0 0 N.Z. Breweries .. .. 2 0 J. Staples and Co. .. 1 iy 0 — MISCELLANEOUS— Auck. Amuse. Park 0 16 s 0 16 6 Ditto (pref.) .. .. 1 0 6 Bycroft, Ltd. 1 9 3 Checker Taxis .. .. 0 19 0 Ditto (con.) .. .. 0 10 0 Colonial Sugar (Aus) 54 0 0 52 10 0 Dominion Pictures . 1 0 0 Ditto (pref.) .. .. 1 0 0 Electro. Zinc (pref.) 1 12 9 Gear Meat 1 18 6 Grey and Menzies . 0 12 0 Hamilton Theatres .. 0 18 0 Hayward’s Pictures 0 16 6 Hill and Plummer .. — 1 2 3 H.M. Arcade (pref.) — 1 0 0 Kempthorne-Prosser 3 5 0 Milne and Choyce .. 1. 4 0 Ditto (pref.) . . .. 1 4 0 Ditto (“B” pref.) 1 4 0 Murchison Oil (20s paid) 1 0 0 National Pictures . 0 14 0 N.Z. Farmers’ Fer. 10 0 5 0 N.Z. Paper Mills . 0 17 0 Northern Boot and 0 18 0 Robinson Ice Cream 1 8 0 Sanford, Ltd 1 0 9 0 19 6 Ditto (pref.) .. .. 1 1 0 1 0 0 Taranaki Oilfields .. 0 11 9 0 10 9 Thames Theatre 1 0 0 Tonson Garlick .. . . 0 10 2 0 Wairakei, Ltd. 0 8 0 Whittome Stevenson 2 6 0 2 3 6 Wilsons Cement 1 17 0 1 16 6 MINING— Alburnia 0 2 2 0 1 10 Moanataiari (pd.) .. 0 6 0 2 0 Ditto (con.) .. .. 0 1 2 0 0 10 Empire Reefs (con.) 0 0 8 Golden Age (pd.) .. 0 0 2i Ditto, (con.) .. .. 0 0 2* Kawarau 0 1 0 0 0 6 Komata Reefs .. .. 0 0 3 Knranul 0 0 6 Lucky Shot (2s pd.) 0 1 7 0 1 4 Maoriland (con.) .. 0 0 8 Majestic .. .. .. .. 0 0 4 0 0 n New Waiotahi (4s paid) .. .. — 0 0 9 Ditto (con.) 0 0 9 0 0 7 Occidental-Una (2s paid) 0 1 11 0 1 8 Ditto (con.) .. .. 0 1 7 0 1 6 Ohinemuri 0 6 6 0 6 5 Waihi 1 1 7 1 1 4 AUSTRALIAN— Mount Lyell .. .. 1 9 0 1 7 9 DEBENTURES— Auck. Gas, 1928, ft 101 0 0 99 0 0 Auck. Har. Board, 85 0 0 Ditto, 51 p.c. 9X 0 0 Ditto. 6 p.c 101 0 0 City of Auckland, 1040, 51 p.c 95 0 0 Ditto, 1943, 51 p.c. 98 0 0 Auck. Elec. Power Board 98 0 0 Auckland Hospital Board, 51 p.c. .. 99 0 0 Bor. of Devonport, 92 0 0 Ditto, 6 p.c 100 0 0 N.Z. Breweries .. .. 1 4 0 1 3 8 Glaxo — 90 0 0 GOVERNMENT BONDS— War Loan, 1938, 4197 0 0 96 7 • 6 Ditto, 1939, 41 .. 97 0 0 96 7 6 Ditto, 1941. 41 .. 97 0 0 Ditto, 1933, 51 .. 100 15 0 Ditto, 1936, 51 .. —' 100 15 0 INSCRIBED STOCK— War Loan, 1929, 5 98 5 0 Ditto, 1938, 41 .. 96 7 6 Ditto, 1939. 41 96 7 . 6