Markets and Money

Sun (Auckland), Volume I, Issue 210, 24 November 1927, Page 16

Markets and Money

A Review for Business Men

ON THE ’CHANGE A QUIET MORNING HEALTHY TONE IN MARKET Xot for many months has a Thurs- ; day morning passed with so few re- j corded sales on ’Change as was the j case this morning. Only two sales \ were reported. Xo business was done i in the call room. In spite of this fact, however, the rr» rket has a healthy tone and the present quietness is apparently only a lull between periods of sound business. The coal section continues firm with most shares in demand on a market registering a rising tendency. Auckland Gas maintain their firm tone. Woollens and timbers are idle, the latter being depressed, with sellers unsupported. Little movement is registered in the miscellaneous section. Gilt-edged securities continue in good tone, with more buyers than sellers. SALES REGISTERED Yesterday afternoon’s business.— On ’Change: Occidental Una (con.), Is Gd; Ohinemuri, Gs 4d; Auckland Gas (con.), 16s 9d, Reported: Hikurangi Coal (pref.), 6s; Auckland Harbour Board 6 per cent, debentures, £lO3. At this morning’s 10 o’clock call.— Reported: Hikurangi Coal (ord.), 3s 6d. At to-day’s mid-day call. —Reported: Ohinemuri G. and S. Mines, 6s 4d. MID-DAY QUOTATIONS Closing quotations at to-day’s mid-

BUTTER AND CHEESE Under date November 2Z the London office of the New Zealand Loan and Mercantile Company cabled as follows: “New Zealand butter. 176 s to ISGs; market steady. New Zealand cheese, 100 i to 103 s; market firm.” The cable indicates an upward movement in the cheese market.

STOCK MARKET REVIEW OPENING PRICES FOR LAMB EXPORT BUYERS ACTIVE At last export buyers have come out in the open and are operating on the lamb market with a definite schedule of prices. Both works in the district have opened for the season and lambs are being handled for export. \ S usual on this market the prices are subject to alteration at any moment on receipt of information from overseas. The schedule on which buyers were operating: in the district for prime lamb up to this morning stood as follows : Up to 361b.—S?d. 371 b to 421b.—S^d. 431 b and over.—-72d. Seconds.—S^d. These prices are 7-Sd below the best Smithfleld delivered prices for prime Canterbury lamb quoted in the High Commissioner’s cable under date November IS last, but approximately on a level with the forecasts of the most optimistic in the trade in regard to the opening rates for the 1927-28 season. All over the North Island the season has opened earlier this year than usual. While to a certain extent this can be put down to the stock being well forward, the biggest determining factor has been the activity of proprietary freezing firms which have taken advantage of the fact of the iharket being favourable to the producer, * combined with the more general forward condition of many of the lambs. These firms by buying on the feet have rather forced the pace, compelling farmers’ companies to follow suit. Most of the big works in the North Island have now opened up for the seaActivity in the Province In the Auckland Province buyers have been active over the past fortnight, but up to the present only a limited amount of stock has passed through the works. The flush season is not expected to commence until about a fortnight’s time. A large percentage of the lambs dealt with are reported to have been sold irr the paddock, a small peicentage, again, have been sent Home on owners’ account. As far as the actual producer is concerned, however, there has been little business done on the hooks basis. Nor has he been responsible for much business on consignment. The local market has absorbed a fair quota of the district’s surplus to date, and, though the bigger butchers tend to withdraw from Westfield, this is only because their requirements have been satisfied privately. Some of the bigger men, and one firm in particular, are reported to have covered requirements for some time ahead on a basis that will enable them to lift drafts as required. At Westfield yesterday the bulk of an offering of approximately 600 lambs passed to overseas buyers who operated on all grades at prices on a par with last week’s "Westfield values and practically in accord with the schedule outlined above.

Exporters continue to seek fat cattle and buyers for one firm are reported to have lifted up to 500 head in the North during the past week or so. Westfield market continues firm with little likelihood of an easing in values until after the holidays at least, as there are apparently not the cattle in the district to go to meet both overseas and local demands. Pigs are giving the producer some concern at the present juncture, and the market for fats becomes more depressed each week, and is now practically on a level, if not slightly below, the export parity. The movement afoot in the district toward co-operative exporting should have a good effect and place more buoyancy in the market. Certainly it appears to be the best way out of the present depressed state of affairs. Yesterday’s Westfield Market

A race meeting always affects' attendances at Westfield, and yesterday proved no exception. The Otahuhu Club’s meeting was responsible for the non-attend-ance of many of the usual buyers. Prices in all sections were erratic. Beef sold at values practically on a par with those ruling last week. Calves, yarded in extra large numbers, met with a strong demand at late rates for the greater part of the sale, but toward the end bidding eased and prices declined appreciably. The market for sheep was erratic and, while prices generally were maintained practically on a par with those ruling last week, in isolated instances higher values ruled. A yarding of approximately 600 lambs sold at last week’s rates, overseas buyers being the principal operators. The largest offering of fat pigs this season met with a slow sale and values were easier. Store pigs also registered a decline in values. The quality of the offering yesterday, generally, was good. The only exception was found in the sheep pens, where the yarding was only mediocre. Few choice prime big-framed wethers came forward and ewes predominated. The lamb offering comprised a number of pens of light lambs that could have done with several weeks more on the mother, but, generally, the lambs were prime, and several lots of extra prime sorts were penned. Prices under the hammer ranged as follow:

Cattle. —Heavy prime cattle made from £l3 to £l4 10s; prime medium-weight, cattle, £ll 12s 6d to £l2 15s; smallerframed and light, £9 to £ll 2s 6d. Choice heavy prime young heifers made to £9 10s; choice prime smaller-framed young cattle and prime medium-weight young cows and heifers made from £6 17s 6d to £8 ss; light-framed prime and medium prime old cows made £5 17s 6d to £6 10s. Nothing any good at all made under £5. Calves. Some exceptionally choice prime runners made to £6 17s; heavy prime vealers made £3 10s to £4 3s; medium, to £3 16s; light, £2 2s to £3 2s; small, 28s to 375; rough and plain, 14s to 30s; fresh-dropped, from ss. Sheep. —Heavy prime wethers made £1 9s 6d to £1 11s; prime, £1 Ss to £1 9s 3d; medium and smaller-framed prime, £1 6s 9d to £1 7s 9d; light prime, £1 5s 6d to £1 6s 6d: small and unfinished, £1 2s 6d to £1 5s 3d; extra heavy prime, ewes, £1 3s 3d to £1 4s; heavy prime, £1 2s to £i 3s: medium prime, £1 0s 6d to £1 Is 9d; light prime, 18s 6d to £1 0s 3d. Lambs. —Extra heavy prime lambs made £1 7s 9d to £1 Ss 9d: heavy prime lambs. £1 5s to £1 6s 6d: lighter prime, £1 3s 6d to £1 4s 9d; light prime. £1 2s to £1 3s 3d: small and plain. 15s to £1 Is.

pigs. Extra heavy prime baconers made £2 11s to £2 16s: medium, £2 9s to £2 10s: light, £2 Ts to £2 9s: heavy porkers. £2 9s to £2 12s: medium, £2 6s to £2 Ss: light. £2 to £2 4s; small and unfinished, £1 12s to *£l 19s. Stores, in sympathy with fats, were also lower, although ~a few extra good-conditioned made £1 16s: others. £1 7s to £1 14s: slips, 19s to £1 3s: weaners, 16s to £1 for best: small. 9s to 12s. CHICAGO WHEAT By Cable. —Press Association. — Copyright. Reed. 10.4 a.m. CHICAGO, Wednesday. Wheat. —’December) 1 dollar 29 cents: March, 1 dollar 23 cents; May, 1 dollar 35i cents. —A. and N.Z. SOUTHERN EXCHANGES YESTERDAY’S SALES Press Association. Christchurch.—Dalgety and Co., £l3: National Mortgage, 72s (two); Christchurch Gas (new, 5s paid), 6s 6d: New Zealand Breweries, 40s (two): Christchurch Trams, per National Bank of New Zealand, £G ISs; Kaiapoi Woollens (17s paid), Ss Gd; British Tobacco, 54s (two). Dunedin.—Upper Nevis. 23s 9d; New Zealand Refrigerating (paid), 16s 6d: , Colonial Sugar, £54,

ADDINGTON STOCK SALE

MARKET ADVANCES Press Association. CHRISTCHURCH. Wednesda The Addington market drew siuaJk i entries in the cattle and sheep section.and there was a hardening in pi Store Sheep. —The entry was small and a spirited sale resulted. There was an all-round advance of from Is to Is 6<J a head. A pen of crossbred ewe hoggets made 37s 9d. Good crossbred ewes and lambs 20s to 21s 6d tall counted). Aged crossbred ewes and lambs, 12s lOd to 15s >d. Shorn two-tooth ewes. 27s 2d to 27s 7d. Forward four and six-tooth shorn wethers. 2ls Id to 24s Id. Forward two tooth wether l3s 2d to 24s Id. Two-tooth wethers. 20s 9d to 22s 9d. Woolly halt-bred wether hoggets, 26s 6d. Crossbred ewe hoggets, 34s lOd to 37s 9d. Fat Lambs. —A small entry of 450 head and an advance in price of from Is to is 6d. The bulk of the lambs sold at from 30s to 335. Fat Sheep. —The entry vt less than last week tend included North Island, Blenheim and Chatham Island sheep. For shorn sheep values were better until the concluding stages by 2s a head, but the few woolly sheep forward sold at no more than last week’s rates. The demand eased over the concluding stages. Extra prime shorn wethers, 38s to 435; prime wethers, 34s to 375; medium wethers, 30s to 335; light wethers, 25s 6d to 29s «6d; extra prime ewes to 40s Id; prime ewes, 30s to 345; medium ewes. 27s to 29s 6d; light ewes, 22s to 265; prime woolly wethers to 49s 7d: medium woolly wethers. S9s to 465; light woolly wethers. 34s to 37s 6d; prime woolly ewes, 37s to 44s lOd; medium woolly ewes, 32s to 365; light woolly ewes, 27s to 31s.

Fat Cattle. —A small entry of 460 bead, mostly local. Over the early stages valu* s were up by 30s a head for good cat le but later arrivals brought prices back to last week. Ail round it was a slightly better sale. Extra prime beef made 44s to 46s a 1001 b: prime, 40s to 435; medium quality and heavyweight, 35s to 395: cow, 33s to 365; and rough down to 275. Extra prime steers made to £2O 2s 6d; prime heavy steers, £l7 5s to £l9 ss; medium weight steers, £l4 10s to £l7: light steers, £9 to £l4; extra prime heifers to £ls 17s 6d: prime heifers, £l2 10s to £l4 15s; medium heifers, £lO 10s to £l2 ss; light heifers. £7 10s to £10; prime cows. £l2 to £ls: medium cows, .£lO to £ll 15s; light cows, £6 to £9 10s.

Ve .Tiers.— A very heavy entry. Best vealers held in price, but inferior were not wanted. Twelve to IS-month steers made to £8 6s and ordinary to good vealers, £3 10s to £5 10s . Dairy Cattle. —A fairly large entry, mostly of old sorts. Best second to fourth cal vers, £S to £lO 7s 6d; heifers to £9; old cows in profit, £2 10s to £3 15s.

Stare Cattle. —A spirited demand. The supply was not enough to meet the demand. All classes made good values. Three-year steers to £8 7s 6d; young cows, £4 to £6 10s; herd bulls, £4 to £9; potters, £2 10s to £3 ss.

Fat Pigs.—An exceptionally heavy entry, it being- the largest for years past. Prices as a result went hack. Choppers, £2 10s to £0; light porkers, 42s to 50s; heavy porkers, 52s to 565; average price a lb, 6id to 71d. Light baeoners, £3 to £3 10s; heavy baeoners, £3 15s to £4 2s. Average price, s\d to Gid. Store Pigs.—Another heavy entry and lower values. Small weaners, Os to 11s 6d; medium, 12s ‘Gd to 16s; good to ISs; slips, 16s to 225; stores, 23s to 345; extra large stores, to 41s. COUNTRY STOCK SALES Auctioneering linns report country stocks sales as follow: The New Zealand Loan and Mercantile Agency Company, Limited, report:—Wc held sales during the past week at Westfield, Kaukapakapa, Waiuku (cattle and pigsl, and Pukekohe. All classes of cattle sold readily with a firming demand for store cattle. We quote: Dairy cows and heifers, best, £9 10s to £l4; others, £6 to £9; aged cows and inferior heifers, £3 to £5 15s; empty cows, £2 5s to £4 ss; bulls, £2 to £8 10s; yearling to 18'month heifers, best, £4 to £6 10s; others, £1 10s to £3 15s; yearling to 18-months steers. £2 15s to £3 15s; 2 to 2i-year steers, £4 to £4 17s Gd; 3 to 31 -year steers, £5 to £5 17s Gd; 4 to 41-year steers, £6 to £6 17s Gd; grown steers, in forward condition, £7 to £7 15s; beef and pigs at fully Westfield quotations. Alfred Buckland and Sons, Limited, report:—During the week we held sales at Westfield, Pukekohe, Waiotira and Maungakaramea, also pig sales at Waiuku and Tuakau. There continues to be a good inquiry for all classes of cattle and sheep, while pigs are meeting with a steady sale at ruling values. Best dairv cows and heifers made £l2 10s to £l"s 10s; good cows and heifers, £lO to £l2: second grade cows and heifers, £7 to £9 10s; others, £3 10s to £6 15s; prime young fat cows and heifers,, £6 to £9 7s 6d; aged and boner cows, £3 to £5 10s; empty young cows, £3 to £4 ss; store cows, £2 to £2 17s Gd; cows with calves, £4 to £7 ss; well-bred yearling to 18-months-old dairy heifers, £4 10s to £7 los. The 150 advertised on account of Mr. W. Landon, of Bombay, were a choice line and sold readily at from £5 15s to £7 15s; other heifers, £2 15s to £4; fat steers, £9 15s to £l2 15s; grown steers in forward condition, £6 17s 6d to £8 ss; four-year-old steers. £6 5s to £6 15s; three to four-year*-old steers, £5 10s to £6 ss; yearling to two-year-old steers, £2 15s to £4 15s; sound young herd bulls, £5 5s to £l2 12s; heavy bulls, £5 10s to £8 ss; other bulls, £2 to £4 10s: ewes with lambs, £1 10s to £1 15s: store and forward conditioned wethers, £1 Is to £1 ss.

BUTTER FROM AUSTRALIA

PROTEST IN CANADA •■V coble. —Press -lsjorinlior —Copyright TOHOXTO, 'Wednesday* The Xauonel Dairy Council has decide' :.~li ihe c.overnment to cancel clause in the Australian treaty wh , 5 ■- i(,ws butter to enter Canada with a Jin ■ one cent a pound. This, i, ? claimed, is affecting the dairy industry S anS e N m^ rale °‘ C *"W» PIG MARKETING SUPPORT FROM HAURAKI Very enthusiastic and substantial support is being accorded the \>» Zealand Co-operative Pig MarketsAssociation by farmers of the Huuraki Plains, and already truckings of pics have been arranged from several centres. Well-attended meetings we-Z addressed by Mr. S. H. Juda at Kaihere, Waitakaruru and Turua on Monday and Tuesday. anJ at each place the scheme w *a endorsed and committees appointed to organise it in their districts. Tho Kaihere committee, Messrs. T. Lynch L. K. Mclndoe. E \V. Harris, E. \y Cowdrey, A. Walters, A. B. Noiap and W. Benny, let a contract for the cartage of pigs to Paeroa railway station immediately after the meeting a t which it was appointed, and two truck •loads will probably leave on Monday next. At Waitakaruru, where Mr. c. \y Harris presided over an attendance of 35 farmers, who enthusiastically adopted the proposal, the following committee was appointed:—Messrs, a, Wylie. C. W. Harris. C. W. ParfitL W. Stretton. F. Pinchess, C. Coxhead F. Sexton and G. French. On Tuesday morning Mr. Judd addressed a meeting at Turua, but as this is the centre of a cheese-makin district where there are consequent!? fewer pigs fattened than in districts where skim milk is available, the attendance was comparatively small Nevertheless the scheme was accepted and a committee appointed comprising Messrs. P. R. Henry, J. M. Treadaway. J. A. G. Wilson. R. Baker and P. \[ Dry den.

The Xgatea con mittee at a meeting on Monday evening accepted a tender for the cartage of the pigs from their district to the Paeroa railway station, and adopted a local scheme of insurance against loss in transport, which will cost 6d a head. Several truckings will probably be made on Monday next. Messrs. D. Dalgety, J Motion and W. Jones were added to the com* mittee. THE HOME MARKET Mr. Judd also met in Hamilton Mr. (’.. Huxley, a member of the staff of the Empire Marketing Board, who is accompanying the Hon. L. S. Amenr on his tour, and explained the schema to him. Ho asked lor co-operation in trade relations and in securing markets for New Zealand products. In his reply Mr. Huxley showed hu interest in the organisation and promised that it would be discussed by the Marketing Board. Mr. Judd expressed the opinion that in the area covered by the association 230,000 pigs would be available this year.

day call were: — Sellers. Buyers. BANKS— £1 s. d. £ s. d. Bank of Aus 14 10 0 Com, Bank of Aust. 1 9 6 Nat. Bank of N.Z. . 7 0 0 6 17 6 New South "Wales . 46 0 0 45 0 0 New Zealand . . 2 19 0 2 39 3 Ditto (10s. paid) . 0 3 6 0 Ditto (20s. paid) . 1 -6 0 Union of Australia . 14 Hr 0 14 0 0 Ditto, new issue . — 13 16 0 Ditto (55s paid) . . — 5 12 6 INSURANCE— New Zealand .. .. 1 19 6 South British . . . . — 2 16 6 LOAN AND AGENCY— Abraham and Williams (pref.) — 4 2 6 Dalgety and Co. . . 13 0 0 Farmers’ Co-op. Auc. 3 5 0 Ditto A (pref.) .. 0 IS 0 0 16 9 Ditto B (pref.) .. U 14. Goldsbrougli, Mort 2 S 3 Nat. Mortgage and Agency 3 11 6 3 10 0 Newton King (pref.) 011 6 N.Z. and River P’ate 1 7 0 N.Z. Loan and Mer. 94 0 0 Ditto (pref.) . . . . — 80 0 0 COAL— Renown (con.) .. .. 0 s 3 Hikurangi 0 3 ft 0 3 6 Ditto (pref.) .. .. 0 7 3 0 6 S •Ditto (A pref.) .. 0 6 6 0 5 S Pukemiro — 3 0 6 Taupiri — 1 6 3 Ditto (pref.) — 1 3 0 Waipa 0 16 3 0 15 9 Westport 1 13 6 1 9 6 GAS— Auckland .. .. ., . . 1 3 6 1 3 0 Ditto (con.) . . . . 0 17 0 0 16 8 Birkenhead-North-cote 0 16 0 0 12 0 Thames 0 13 6 — SHIPPING — Devonport Steam . . 14 6 1 3 9 Iiuddart-Parker 2 S 0 Northern Steamship 0 35 0 0 14 Ditto (con.) .. .. 0 6 P. and O. (def. stk) 270 0 0 — TIMBER— Kauri 1 3 9 National 0 12 6 — Taupo Totara .. .. 0 16 0 •— Ditto (pref.) .. .. 0 17 0 — WOOLLEN— Kaiapoi 0 8 9 0 s 0 Wellington — Ditto (pref.) .. .. — 6 4 0 BREWERIES— C. L. (pref.) 1 0 0 N.Z. Breweries .. .. 2 16 2 1 0 J. Staples and Co. 1 19 0 — MISCELLANEOUS— Auck. Amuse. Park 0 16 0 0 16 4 Ditto (pref.) .. .. 1 0 0 0 IS 6 British Tobacco 2*3 4 6 2 12 9 Bycroft, Ltd l 9 6 Checker Taxicab . . — 0 19 Colonial Sugar (Aus) — 53 15 0 Dental Supply Co. . . — 6 Dominion Pictures . — 0 Ditto (pref.) .. .. — 1 0 0 Electro. Zinc (ord.) 131 6 Ditto (pref.) .. .. 1 12 6 Gear Meat 1 IS Grey and Menzies . . 0 IS 0 Hayward’s Pictures 10 0 0 18 Hill and Plummer . . 3 H.M. Arcade (pref.) 1 0 Kempthorne, Prosser Milne and Choyce . Ditto (pref.) .. .. Ditto (B. pref.) .. Ditto (deb. stock) Murchison Oil (20s paid) 0 3 7 6 N.Z. Paper Mills . . — 0 N.Z. Refrigerating Ditto (con.) .. . . Northern Boot and Shoe 0 18 0 — Robinson Ice Cream Sanford, Ltd 10 6 6 Ditto (pref.) .. -. 1 0 Taranaki Oilfields . . 0 11 o 'J 1 Thames Theatre Tonson Garlick . . . . 0 11 6 3 Union Oil Wairakei, Ltd Whittome Stevenson 2 6 0 2 3 Wilsons Cement 6 MINING— Alburnia 0 2 0 0 1 10 Moanataiari (pd) 0 2 6 Ditto (con.) .... 0 1 2 Golden Age (pd.) .. 2i Ditto (con.) .. .. 0 0 2 Kawarau Komata Reefs .. .. Ducky Shot (2s pd.l 0 l 5 Majestic 0 0 4 25 New Waiotahi (ccn.) 0 0 8 0 0 6 Occidental-Una (2s paid) 0 1 11 0 1 9 Ditto (con.) .. •• Ohinemuri 3 Waihi 0 0 Grand Junction 0 13 DEBENTURESAuck. Gas, 192S, 6i 101, 0 0 99 0 0 Auck. Har. Board, 90 0 0 85 0 0 Ditto, 5 i p.c. 98 10 0 Ditto, 6 p.c City of Auckland, 1940, 5J p.c _ 95 0 0 Ditto, 1943, 5J p.c. 98 0 Auck. Hospital Bd. 55 p.c. .. 98 0 0 Bor of Devonport, 4$ 92 0 0 Ditto. S p.c N.Z. Bro'veries 1 3 10 1 3 4 90 0 0 — Hamilton Theatres . 105 0 0 — GOVERNMENT BONDS— War Loan, 1930, 45 . — 97 15 0 Ditto, 1938, Al . . 97 0 0 96 12 6 Ditto, 1939, 45 .. 97 0 0 96 12 6 Ditto, 1941. a .. 9T 0 0 Ditto, 1936, 5J .. — 100 15 G INSCRIBED STOCK 98 15 0 Ditto, 1938, 4i .. 96 17 C 96 12 6 97 0 0 96 12 6 Ditto, 1933, 55 . . 101 10 0 100 15 0*