Markets (ind Money

Sun (Auckland), Volume I, Issue 219, 5 December 1927, Page 12

Markets (ind Money

A Review for Business Men L = ====== = ... ===ca==

ON THE ’CHANGE GOVERNMENT BONDS FIRM .] WAIPA COALS AT 16 - Tli© week opened on ’Change this morning with a strong demand for most of the better classes of securities. The gilt-edged section is in particularly bright tone, and, with steady buyers on a firm market for Government stocks and bonds, sellers are hard to locate. Mining is weak and mostly idle. Practically the only shares registering any activity are Lucky Shot, which have been done at Is 4d. Most banking scrip remains in good tone and in steady demand. New Zealands, after the payment of the dividend, have buyers In at 595. Coals are steady, with any tendency upward. Waipas have improved to see sales this morning at 16s. SALES REGISTERED At this morning’s 10 o’clock call.— On ’Change: Waipa Collieries, 16s; New Zealand Insurance, 40s (four parcels). Reported: Lucky Shot Mining, Is 4d. At to-day’s mid-day call:—Reported: Wellington Woollens (pref.), £6 7s 6d: Lucky Shot, Is 4d; New Zealand War Loan, 1938, 4A per cent., £97; Wellington Harbour Board. 5 h per cent.. £9B. MID-DAY QUOTATIONS Closing quotations at to-day’s midday call were:

SOUTHERN EXCHANGES SATURDAY’S SALES Press Association Christchurch. —Beath and Co.. 32s 9d; Commercial Bank of Sydney, £24 10s; Dalgety and Co., £l3 Is: Bank of New South Wales, £45; New Zealand Breweries, 445; Staple's Brewery, 3Ss; New Zealand Government Inscribed Stock, 5\ per cent., 1927-41, £9B 17s 6d. Dunedin.— National Insurance, 15s 9d (two); Bank of New Zealand (cum div.), 60s 3d, 60s 4d; Dominion Rubber, 475; Wilsons Cement, 375.

NEW LOANS IN BRITAIN REVIEW OF TRADE | RISE IN STERLING RATE By C’aDie. — x'ress Association.—Copyright LONDON, Saturday. The Stock Exchange Has been generally steady, with considerable activity in certain departments, notably some of the more or less speculative industrials, in which there has been a revival of activity. The gilt-edged market lias been dull, owing to the competition of new issues, especially the Palestine loan and the Irish Free State issue. The success of the former was never in doubt. The terms were so attractive, with the addition of the British State guarantee, that one financial newspaper described it as being a Christmas gift to investors, who rushed to apply for it. Dealings commenced yesterday, and a premium of li was quickly established. It is satisfactory to note that this competition in issues has not affected other Dominion stocks, which on the contrary have been in demand, especially the new Commonwealth issue, which, after opening at £ per cent, discount, now stands at only l-16th below the price of issue. STERLING EXCHANGE A feature of the foreign exchange market is the steady upward course of the pound sterling, measured in terms of the United States dollar. The rate has not yet quite reached the point at which gold can profitably be shipped from America to England, which is estimated to be 4 dollars 883 cents, but financial circles expect that shipments may be possible before very long. The New York correspondent of the “Financial Times” says the feeling is growing that Britain will take gold from the United States before the end of the first two months of Bankers think £20,000,000 or more could be shipped without disturbing the New York market. EFFECT OF STRIKE Among the results of the Australian strike is the depression in the other freight markets, as the ships which should have been employed carrying Australian grain are compelled to seek employment elsewhere. The shipping correspondent of the “Morning Post” says the only really active market is the River Plate, which is inundated with tonnage seeking employment. The Pacific trade is expected to absorb a considerable amount of tonnage between now and February, but with Australia out of the running the charterers are getting all they require at cheap rates. Australia will have to charter sooner or later, and when the strike is ' over tonnage will have to be attracted, probably at appreciably higher rates than are now ruling.—A. and N.Z. IRISH FREE STATE LOAN MONEY FROmT AMERICA | By Cable. —Press Association. — Copyright. LONDON, Saturday. The Irish Free State is floating a loan to be applied in reconstruction work. The total amount is «£ 15,000,000, of which £7,069,175 is to be issued immediately and the remainder two years hence. . Of the present issue, £4,206.9_0 is to be offered in Ireland and the remainder in the United States. The loan will comprise 5 per cent, stock and the price of issue will be 97. —A. and N.Z.Sun. CANADA’S PROSPERITY MONEY PLENTIFUL By Cable. —Press Association. — Copyright. OTTAWA, Sunday. The British Columbia Government has just sold a million dollar bond issue that will yield investors 4.42 per cent., the lowest interest rate paid by any Canadian province since tlie wav. The Canadian bond market is unusually strong and with times good throughout Canada money is plentiful. The income which Canadians reap from investments at home and abroad was recently estimated at fifteen million sterling monthly, and a good portion of tliis seeks reinvestment. The Dominion Government recently financed the war debt payments falling due by the issue of four per cent. Treasury notes, which were sold to Canadian banks at par. RISE IN STERLING By Cable.—Press Association. — Copyright, NEW YORK, Friday. The pound sterling exchange reached 4 dollars 88 3-16 cents as an effect of the recently announced adjustment of ocean freight rates. It is believed gold will be shipped when it reaches 4 dollars 89 cents. —A. and N.Z. MINING NEWS MOUNT WELCOME.—The following telegram was received from the mine on Saturday:—“Working south from winze —good gold showing, prospects good.” OCCIDENTAL UNA: The manager wired on Saturday:—“Have broken down No. 1 Occidental reef and secured 201 b picked stone: reef 2ft wide, indications excellent. GOLDEN AGE.—The manager reports: “Driving west in the hanging wall of main reef, a further distance of 6 feet has been driven for the week. We extended this with the anticipation ‘of picking up a leader in the hanging wall, but up to the present no quartz has been seen after passing the main reef. We intend next week to start driving south on the main reef.” LUCKY SHOT.—“The drive on the main reef going north-east has been advanced 4ft., the lode being 4ft. in width, heavily mineralised, carrying blend and silica, and shows colours of gold. There are still a few stringers of quartz coming in from the footwall. The drive from the bottom of the winze has been timbered during the week. This face has not been advanced since my last report. The winze on the junction of the main reef and dropper has been sunk sft., making a total of 18ft. The footwall portion of the reef has shown gold for the last 15ft. From the last round of holes we received 51b. of picked stone, and there is still gold showing in the north end of the winze.” MOANATAIARI,—The manager reports: “The drive seaward on the reef off No. 1 winze has been extended 7ft, a total of SBft. The reef here averages St't wide and is a fine body of stone, carrying nice mineral blend and silica. Colours of gold were seen in the ore. The rise on reef from seaward drive near face has been risen 6ft. The reef here averages 2ft Sin wide and looks well. Colours of gold were seen in the ore. This rise is being put up to prove if we are on the same branch as in the level above. The drive on the footwall level of the seaward drive has been extended 7ft. a total of 35ft. This leader averages 12in wide and still looks well, carrying nice mineral and silica. ‘Colours and strong dabs of gold were seen in the ore. A rise has also been started on this leader about Sft back from the face of the drive and has been risen 6ft. This leader here aver- ' ages 12in wide. Colours and strong dabs ’ of gold were seen in the ore. This rise is being put up to see where this leader is in the level above, as it was not seen in driving on the main reef.”

BETTER BUTTER PRICES LONDON MARKET MORE ACTIVITY SHOWN By Cable.—Press Association. — Copyright. LONDON, Saturday. I After a dull week the butter trade I showed more activity yesterday, and i prices recovered by about 2s. The improvement was apparently partly due to fears- that the strike may j seriously affect the supplies of Aus- , tralian butter, - but buyers were also j beginning - to fill their Christmas rej quirements, and stocks of the best j colonial butter are by no means excessive. | In the meantime, Australian butter j is being freely advertised by the Australian Publicity Department. This week a number of newspapers, both daily and trade, contained a full-page advertisement extolling the virtues of Australian butter. Next week the campaign will be extended to omnibuses and hoardings, by means of striking and attractive posters.—A. and N.Z. SYDNEY DAIRY PRODUCE LOWER PRICES By Cable. — Press Association. — Copyright . SYDNEY, Sunday. The price of butter will be reduced by Id to-morrow, to Is 7d a lb., retail. The price of cheese will be reduced by Id to lid for prime loaf and 10id for prime large.—A. and N.Z. FROZEN MEAT By Cable. — Press Association. — Copyright. LONDON, Saturday. \ Sheep.—North Island heavy, 5 3-8 d; j Australian firsts, 4 7-8 d; seconds, j 4 7-Bd. Lambs.—North Island firsts, 9d; j seconds, 8 3-Sd; Australian firsts and j other States, S.ld; seconds Victorian, j 74d; other States, 7d; thirds, 64d; Ar- | gentine seconds, Gd. Chilled Beef.—Argentine fores, 7 3-Sd; hinds, 6 5-Sd; other meats unchanged. BRADFORD TOPS Describing the position in the Bradford market, a correspondent writes: “Quotations for all qualities of tops are firmly maintained. Spinners and manufacturers, however, are disinclined to speculate more freely. Many of them are of the. opinion that for the period the market has about reached its highest level and they are prepared to stand out for a time, as they have fairly well covered their requirements. “They are encouraged in this attitude by the refusal of their customers to follow further the upward movement in values. At the moment the ! spinners are being pressed for quick I delivery of yarns and more of them are ; being compelled to work overtime. A , good deal more machinery has been j brought into action in this department, | but the present pressure is mainly due Ito manufacturers having let stocks get down to a low level and now they are pressed for seasonal goods. In view of the limited amount of new business, the spinners fear the present activity may soon fall away." WOOL I At the London wool sales, 7,585 bales were catalogued, of which 5,302 were Australian and 2,583 New Zealand. There was a good selection of all descriptions of Merinos and an excellent selection of greasy crossbreds, which were mostly speculators’ lots, and a few seoureds slipes. Everything was sold well under keen, general competition, prices being fully maintained, with few withdrawals. HIDES -The hides market is very firm owing to the shortage in supplies. All drysalteds are quoted at 16 l-8d a lb; wet-sal teds, lid. COTTON, RUBBER. HEMP, ETC. (Last week’s prices in parentheses) Cotton.—January delivery, 10.46 d (November, 10.69 d) a lb. Rubber.—Fine Para, 174 d (17d) a lb; plantation and smoked 19 3-8 d (192 d). , J ute. —December-January shipment, £3O 17s 6d (December, £3O ss) a ton. Hemp. - December-February shipment, £34 (January-March, £33 15s) a ton. Copra.—November - December shipment £26 15s (£26 17s 6d) a ton. Linseed Oil. — £29 10s (£29 10s) a ton. Turpentine.—36s 6d (35s 3d) a cvvt. WHEAT Cargoes are quiet and unchanged. Parcels opened firm, sellers asking 3d advance for Americans, but closed quietly. Business was possible at late rates. Liverpool futures: December delivery, 10s 42d per cental; March, 10s 4£d; May, 10s 3 5-Bd.—A. and N.Z.

WHEAT AND FLOUR

NEW TARIFF ENDORSED P)-ess Association WAIMETE, To-day. The following resolution in regard to wheat and flour duties has been carried by the Waimate Farmers’ Union:—“After careful consideration of the new tariff as affecting wheat and flour duties, the union is satisfied that the principle of n sliding scale is in the best interests of both wheat grower and consumer. The Government is strongly urged to adhere strictly to the wording of the Act and its regulations to enable a fair trial being given of the new market stabilisation scheme. The meeting also records its appreciation of the Government’s action in honouring the Prime Minister’s undertaking to farmers in Canterbury' and North Otago to give wheat growers further protection equal to 20s per ton duty on Australian flour.

LONDON MEAT MARKET OFFICIAL QUOTATIONS Under date December 2, the London office of the New Zealand Meat Control Board cabled the following resume of Smithfield delivered prices:— New Zealand Wethers and Maidens. — Canterbury quality, selected brands, 561 b and under, 6sd a lb.; 571 b to 641 b, 6d: 651 b to 721 b, 5 5-Sd. Other brands. 561 b. and under, 5 7-Sd: 571 b to 641 b, 5 5-Sd: 651 b to 721 b, 5 3-Bd. New Zealand Ewes. —64lb and under, 4£d. New Zealand Lambs. Canterbury quality. 361 b and under, 9 5-Sd; C7lb to 421 b, 9 5-8 d; seconds, Bsd. Other brands, first quality, 361 b and under, 9d; 371 b to 421 b, 9d; second quality, 30-32 average, 8 3-Sd. Australian Lambs. Victorian,, first quality, 361 b and under, 9d; 371 b to 421 b, 9d. Argentine Lamfrs. —First quality, 361 b and under, 7sd: 371 b to 421 b, 7d. New Zealand Beef. —Ox fores, 3 <-Sd; hinds, s£d. Argentine Chilled Beef, —Ox fores, 43-Sd; hinds, 6 5-Sd. Argentine Frozen Beef. —Ox fores, 4d; hinds, 5 7-Sd. Frozen Pork.— SOlb to 1201 b., Sid; 1201 b to 1801 b, 7d. Lamb. —Market firm, but little business is doing owing to heavy pitchings of Home killed and Argentine lamb. Mutton Market. —The market is quiet, but firm for wethers. There is no change in prices for ewes, but there is a better tone prevailing on the market, owing to i more inquiry. MOANATAIARI G.M. C.O IMPROVED PROSPECTS Ex tensive development work has been carried out on the property of the Caledonia Kuranui Moanataiari Consolidated Cold Minig Company during the six months ended November 25, according to a report issued by the directors. During the six months a trial crushing of 98 tons of ore treated in the battery yielded a return of 130 oz of melted gold valued at £385 15s lid., and since the cldse of the books, a further 105 tons of ore have been treated for a return of SBoz of gold valued at approximately £320. During the period frequent visits have been made to the mine by the directors, and they report that they are satisfied that the greatly-improved prospects which have taken plac*e recently, warrant them believing that the best results are yet to be obtained. BUTTER AND CHEESE The Amalgamated Dairies. Ltd., report having received the following market report from their London manager under date of December 3:— “Butter.—“ Anchor,” 1745; firsts, 170 s to 1725; unsalted. 1925; Danish, 190 s f.0.b., 192 sto 196 s c.i.f.; market active. Australian strike creating extra demand. Estimated stocks in public stores of all butters are 7,000 tons, including 3.400 tons of New Zealand. Deliveries of New Zealand last week were 1,600 tons. The retail unchanged. “Cheese.—White, 9Ss; coloured, 975; Canadian, 102 sto 104 son the spot. September, 104 s to 106 s: market quiet. Estimated stocks in public stores are, Canadian, 178,200 boxes; New Zealand and Australian, 25,250 crates, compared with 213,400 boxes of Canadian and 13,650 crates of New Zealand and Australian held at the corresponding period of last year. The retail price is unchanged.” Cables indicating a slightly better tone in the London butter market have been received by merchants, reading as follows: A. H. Turnbull and Company, from their principals, W. Weddel and Company, Ltd., London, dated December 2; — Butter.—Danish, 192 s to 1965: New Zealand, unsalted, 186 s to 188 s: salted. 166 s to 1725; equal to Is 4.lid. and Is 4.72 d., f.0.b., respectively. The market is firm. Cheese.—New Zealand, white, 98s to 100 s, equal to S.Bsd and 9.05 d. f.0.b.: coloured, 96s to 98s, equal to 5.66 d and 8.85 d. f.o.b. The market is quiet. Canadian white and coloured. 102 s to 106 s, equal to 9.25 d and 9.65 d. f.o.b. The cablegram adds that Amalgamated Dairies, Limited, butter advanced 4s on December 1. COMPANY REGISTRATIONS On Saturday one private company was registered in Auckland. Details are: Carter Bros., Limited. Objects: To purchase and carry on the business of Carter Bros., motor engineers. Mount Eden Road, Stokes Road, and Karangahape Road. Capital: £3,000, divided mto £1 shares. Subscribers: W’illiam Peak and Eric P. Carter, 1,000 shares each, and .Jack L. Carter and Herbert L. Carter, 500 shares each.

Sellers. £ a. d £ s d. Bank of Australasia Com. Bank of Aust. 1 Bngr.. Scot, and Aust. 7 Nat. Bank of N.Z. 6 Nat. Bank of Aust. New South Wales .. 45 0 New Zealand (ex div. 2 Ditto (10s pd.). . Ditto (20s paid) . . Union of Australia . Ditto (new issue) Ditto (con.) .« .. 6 1 0 5 17 6 INSURANCE— LOAN AND AGENCY— National New Zealand . . .. 1 9 Soutli British .. .. Standard Farmers’ Co-op. Auc. Ditto f A pi-ef) .. 0 18 0 q Ditto (B pref.) .. N.Z. and River Plate — 1 0 COAL— Renown (con.) .. 0 Hikurangi .. . 0 Ditto (pref.) .. .. o rDitto (A pref.) . . Pukemiro Taupiri 1 7 Ditto (pref.) .. .. — 1 W a i pa 0 W estport — 1 10 0 • GAS— Auckland Ditto (con.) 0 16 11 Birkenhead and Northcote 0 16 0 Thames 0 12 0 — SHIPPING— Devonport Steam . . 1 5 1 0 Huddart-Parker 8 9 Northern .Steam 0 15 .. Ditto (con.) . . .. 0 1 0 6 S P. and O. (def. stk) 2(0 0 0 255 0 0 TIMBER— Kauri Timber . . . . 0 National 0 12 0 — WOOLLEN— Mosgiel 6 16 0 6 10 0 Wellington — R Ditto (pref.) .. .. — 6 5 0 BREWERIES— C. L. Innes (pref.) 1 0 0 MISCELLANEOUS— Auck. Amuse. Park 0 16 9 0 15 9 Ditto( pref.) .. .. 0 19 6 0 IS 6 British Tobacco .. . . 14 0 12 Bycroft, Ltd 1 9 6 Checker Taxicab .. 0 19 0 Colonial Sugar (Aus) 54 10 0 Dental and Medical 0 16 0 Dominion Picture* . 1 0 0 Ditto (pref.) .. .. 1 0 Electro. Zinc (ord.) I 11 6 1 10 0 Gear Meat 1 18 6 Grey and Menzies .. 0 12 0 1ft 0 Hamilton Theatres . 0 15 0 Haywards's Pictures 0 IS 0 17 6 Hill and Plummer 1 0 H.M. Arcade Theatre < pref.) 1. 0 0 Milne and Choyce . 1 4 6 Ditto <pref.) v -.. .. 1 4 Ditto (B pref.) 1 4 Ditto (deb. stk.) . . 1, 6 1 3 0 Murchison Oils (20s paid) 0 16 0 — N.Z. Paper Mills . . 0 17 0 — N.Z. Refrigerating (con.) 0 8 10 0 S Northern Boot an* Shoe 0 18 0 Robinson Ice ('ream 1 0 Sanford, Ltd. (pref.) 1 0 Taranaki Oilfields . . 0 10 6 0 10 3 Thames Theatre 1 0 0 0 u 6 Union Oil 2 0 6 Wairakei, Ltd 0 10 6 0 s 0 Whittome Stevensons 6 0 9 Wilsons Cement — 1 16 3 MINING— Alburnia 0 2 2 0 1 10 Moanataiari (pd.) .. 0 2 8 0 3 Ditto (con.) .. .. 0 1 4 0 I ft Golden Age (paid) 0 0 Ditto (con.) .. .. 0 0 Kawarau 0 1 0 0 0 6 Komata Reefs .. .. 0 0 3 Kuranui 0 0 6 0 0 Lucky Shot (2s pd.) 0 1 u 1 Maoriland (con.) .. 0 1 Majestic 0 0 Si New Waiotalii (4s paid) 0 0 8 Ditto (con.) .. .. 0 0 7 0 0 6 Occiden tal-Una (2s pd.) 0 0 1 9 Ditto (con.) .. .. 0 1. S 1 6 Ohinemuri ft 6 5 Waihi 1 6 1 0 Grand Junction 0 1 3 0 1 0 AUSTRALIANMount Lyell 1 8 9 1 8 3 iOpB.. debentures— Auck. Gas, 192S, 6i 101 0 0 99 0 0 4 p.c 85 0 0 Ditto. 5i p.c Ditto, 6 p.c 102 0 0 City of Auckland. 1943, 5?j p.c Auck. Hospital Bd. Bor. of Devonport. 4} per cent 92 0 0 Ditto, 6 per cent. 100 N.Z. Breweries . . .. 1 4 Hamilton Theatres . 105 0 0 Glaxo — GOVERNMENT BONDSWar Loan, 1930, 41 97 15 0 Ditto, 1938, 41 .. Ditto, 1939, 41 .. 96 17 6 Ditto, 1941, 41 37 0 0 96 15 Ditto, 1933, 51 101 0 0 Ditto, 1936, 51 .. 101 0 0 INSCRIBED STOCK— War Loan, 1929, 5 p.c 9S 10 0 Ditto, 1938, 41 96 17 6 Ditto, 1939. 41 96 17 Ditto, 1927-41, 04 98 0 Ditto, 1936. 51 .. 101 0 0