Markets and Money

Sun (Auckland), Volume I, Issue 234, 22 December 1927, Page 14

Markets and Money

ON THE ’CHANGE A QUIET MORNING MARKET IN GOOD TONE A quiet morning in which little business was put through, v>a.s lecorded on ’Change to-day. Most sections are in good tone with current quotations maintained. Coals are firm and in good demand. In miscellaneous, Taranaki Oils have brightened up and parcels are sought at Os 10d, with sellers asking 10* 3d. „ _ , Government stocks and bonds continue well sought after on a firm market. SALES REGISTERED Yesterday afternoon’s business.—On Change: Northern Steam (paid), los; W’aihi 22s 9d. Reported: Auckland Gas « naid), 23s 7d; Hikurangi Coal (ord.), 10d; Union Bank (£5 10s paid), £8 1 This morning's business. —Reported: Staples’ Breweries, 39s 9d. MID-DAY QUOTATIONS Closing quotations at to-day s midday call were:

SOUTHERN EXCHANGES YESTERDAY’S BUSINESS Press Association. Wellington. —No sales were recorded on the Stock Exchange to-day. Christchurch. —Commercial Bank of Australia. 29s sd; National Insurance, 15s hd; Bank of New South Wales, £45 10s; Xew Zealand Insurance, 40s 9d; British Tobacco, 39s 6d, 39s Bd. Dunedin.—National Insurance, 15s Sd; Commercial Bank, 295. LONDON TALLOW SALES By Cable.—Press Association. — Copyright. LONDON, Tuesday. At the London tallow sales 626 casks were ofered and 208 were sold, at about 6d decline. Fine, 395; mixed **3od. See 6d to 40s 6d; inferior, 35s od. mm* ua» .

A Review for Busine*® Men

ADDINGTON STOCK VALUES LAMB MAKES 10D A LB. BACON MARKET WEAK Press Association. CHRISTCHURCH, Wednesday. At Addington to-day there was a large entry of 3,700 head in the fat lamb section. The yarding was of ordinary size and practically all classes maintained last week’s rates to a shade better. Store Sheep. —There was a considerably larger entry, with several good lines of wethers. For these a few butchers competed and advanced prices ruled, but generally it was a good free sale, prices showing a tendency to improve. Values were as follows: —Forward four and six-tooth crossbred wethers, 25s to 26s 3d; four and six-toothed wethers, 22s to 24s lOd; good two-toothed wethers, 20s 6d to 21s lOd; inferior two-toothed wethers, 18s 9d to IDs; aged ewes and lambs, 16s 6d to ISs 9d; four-toothed crossbred ewes, 27s 6d to 28s 6d; six-toothed crossbred ewes, 27s 6d; aged ewes, 9s to 12s 6d.

Fat Lambs. —A total of 3,700 head was entered. All except a few hundred were taken by butchers at a full lOd a lb, a shade above export rates. Extra prime lambs made 32s 6d to 36s Id; prime, 29s to 325; medium, 26s 6d to 295; light, 21s 6d to 25s 6d.

Fat Sheep. —There was an ordinarysized entry of 11 races, including a few North Island and Chatham sheep. Prime wethers made 31s to 36s 4d; medium wethers, 27s to 30s; light wethers, 23s to 26s 6d; extra prime ewes, 29s to 33s lOd; prime ewes, 24s to 28s; medium ewes, 20s to 235; light ewes, 16s to 19s. Fat Cattle. —A small entry of 475 head was offered, compared with recent averages for ordinary sales of close on 600. The market improved slightly on last week over the earlier stages, but eased toward the finish. Best beef made 38s to 41s per 1001 b; medium, 34s to 375; heavy. 33s to 365; medium cow, 29s to 325; and rough down to 255; extra heavy prime steers, to £l9 7s 6d; prime heavy steers, £ls to £18; light steers, £8 to £l2; extra prime heifers, to £ls 7s 6d; prime heifers, £ll to £l3; medium heifers, £8 10s to £lO 15s; light heifers, £6 10s to £8 ss; cows made £8 to £9 10s; medium, £6 to cows. £lO to £l2 15s; medium cows, £7 10s to £9 15s; light cows, £4 10s to £7. Vealers. —There was a small entry, but sufficient for requirements. Twelve to ISmonths made to £7; vealers, £3 5s to £5 15s; others, 21s to 3355.

.Store Cattle. —A very small entry, with no straight lines to quote. Best cows made £3 10s to £4 4s; best heifers. £3 5s to £4 3s 6d; bulls, to £9 16s.

Dairy Cows. —A very small entry. Best rows made £8 to £9 10s; medium, £6 to £7 lCs; inferior. £4 to £5 10s; best heifers, £6 10s to £9: others, £3 to £6.

Fat Pigs. —There was a small entry of baconers, but a larger one of porkers. Bacon was weak, but pork met with a fair demand. Choppers made £2 to £5; light baconers, 52s to 625; heavy, fc‘3s to 70s (average price per lb, 4d to sd); light porkers, 32s to 435; heavy porkers, 45s to 50s (average price per lb, s£d to 6Jd). Store Pigs. —A smaller entry and a tendency to improve for good pigs. Weaners made 11 s to 16s 6d; extra good weaners, 17s to 21s; slips, 16s to 21s; medium stores, 19s to 245; large stores, 25s to 30s; extra good stores, to 34s 6d.

GRAND HOTEL, LIMITED ANNUAL MEETING The annual meeting of the Grand Hotel, Te Kuiti, Ltd., was held on Monday evening, Mr. S. Craig presiding. The report and balance sheet were adopted. The chairman stated that the affairs of the company were in a sound state, and shareholders could look forward to the future with optimism. The present leases of the building expired in two years’ time. A recommendation was made to the directors that plans be prepared for a comprehensive building scheme, to be submitted to the next annual meeting of shareholders. Mr. A. C. Lavington suggested erecting the new building in sections, starting at the rear portion and working to the front, in order that the old premises could be revenue-producing during building operations. Mr. T. G. Reynolds, of Hamilton, was appointed auditor. The company paid a dividend of 7 per cent, on the paid-up capital. MINING NEWS

HAURAKI.'— The manager reports as follows:—“The stripped portion of the reef in the seaward face of the 400 ft level has been taken down, from which three pounds of good specimen stone was selected, and strong splashes of coarse leafy gold have been seen well distributed through the main portion of the reef. The reef is from 9in to ISin in width. The specimen stone came from the junction with the leader coming out of the hanging wall country. Gold has been seen in the main portion from the junction to the then face, a distance of about Sft. The reef has now been stripped for a further 10ft and will be taken down on Wedensday. The compressed air pipe line to the face will be completed ready for the rock drill this week. The face is now within 10ft of being vertically under the Green Harp reef at the 180 ft level of the Union Beach section. The reef is dipping away at the rate of about 1 in 5. The Hauraki shaft is now 65ft below the 400 ft level; the country rock being passed through continues of the same favourable nature. The crosscut toward the Hauraki north section has been advanced Sft for the week. The country is milder and carrying a strong mineral seam. It is expected to meet with the Welcome Find reef at any time.”

I STUCK. MAKKfcI KfcVlfcW BRISK TRADE IN LAMB HEAVY BOOKINGS AT WORKS Business in fat and store stock continues brisk in all parts of New Zealand. The majority of the South Island works opened last week, and fat lambs everywhere are receiving the greatest attention on a firm market. Beef values are also firm and fat cattle continues to be eagerly sought after in all parts of the country. With the approach of the culling season store sheep are offering more freely, and most saleyards report increased entries. Particularly is this the case in regard to Hawke’s Bay, Poverty Bay and Addington. Values are firm and there appears to be no sign of any slackening off of the demand for cattle or breeding ewes which tends to increase as the season advances. Certainly the heavy inroads made on fat cattle by overseas buyers must have a hardening effect on the market, while the increasing popularity of fat lamb - breeding must create a corresponding increase in the demand for breeding ewes. Overseas Buyers’ Demands Attention is being directed to the demands of the overseas markets for carcases which cut up into joints suitable for the average household by the heavy discounts placed on heavy weights. At the present time much of the lamb and mutton passing over the killing floors of ; New Zealand works is above the weight | commanding the highest price. Especially is this the case in regard to mutton. In many circles it is contended that - the limit set on the highest grades is set too low and that farmers find it practically impossible to bring stock : economically under the standard. Thus ’ in regard to mutton, the highest sched- ’ uled price is mostly nominal, allowing few sellers to profit by it.

In the Auckland Province trade in fat stock is particularly brisk and, with a spell of dry weather upon them, farmers are rushing lambs into the works as soon as they are up to standard. As a consequence space at the works is at a premium and bookings heavy. At the Auckland Farmers’ works at Southdown over 2,500 lambs are being handled daily, while Moerewa, in the North, is putting through a daily tally of about 1,500. Fletcher’s works at Westfield are also working full time.

At both Horitiu, in the Waikato, and Southdown, increased business is reported in hogs, and over 600 are reported to be going through daily at the two works. Much of this is destined for overseas.

In addition to the operations of overseas buyers and the sales made at the yards, two of Auckland’s biggest buyers for local consumption are reported to be buying freely in the paddock and, in fact, a large portion of the meat coming into Auckland shops at the present time never sees the yards. Westfield’s Christmas Offering

At Westfield yesterday the Christmas market drew rather more than an average yarding in most sections. Lambs, in particular, coming forward in large numbers. Prices jvere mainly firm at late rates, but in every section there was a tendency for values to ease as the sale progressed, and, in many cases, there was a considerable margin between the opening and closing rates. This trend was most noticeable in cows and heifers and vealers, while the market for sheep and lambs, to a lesser extent, also registered that tendency.

Lamb was in greatest demand among butchers and for the greater part of the sale prices for extra prime lots were slightly firmer than late rates. The

market in this section was sustained by the operations of overseas buyers who came in on any line not in much demand for the local trade.

DREDGE FOR SHOTOVER TO COST £37,000 Press Association. INVERCARGILL, Wednesday. At the first annual meeting of shareholders of the Golden Terrace Extended Gold-Dredging Co., Ltd., held this evening, the decision of the directors to purchase a dredge at a cost of approximately £37,000 was confirmed. The dredge Is to work in the Lower Shotover, about five miles from Queenstown. It is expected to be in operation in nine or ten months’ time. LONDON TALLOW VALUES Under date December 20, the London office of Dalgety and Company, cabled as follows: — "Ta110w. —626 casks of tallow offered and 33 per cent. sold. Prices par to 3d lower. Mutton fine, 39s 6d; mixed good, 38s; inferior, 34s 3d.”

BANKS— £ . d. £ * d 14 17 0 14 13 0 8 3 6 IS 3 New Zealand . - . • 6 - r>itto (tOs paid .. — Ditto (20s paid) .. 1 INSURANCE— 0 National 0 16 0 0 15 New Zealand 9 South British • . • • “ ilj loan and agenct— Farmers’ Co-op. Auc. 0 17 V (pref. > N Z. and River Plate N.Z. Guar. Corp. .. 2 90 0 V 7. Loan and Merc. Ditto (pref.) S3 0 COAL— Renown (con.) .. .. 0 10 0 Hikurangri 0 Ditto (pref) . . ■ Ditto A (pref.) .. 0 6 •» Taupiri Ditto (pref.) .. - - Waipa Westport — 0 1 16 11 0 0 GAS— Auckland 1 3 7 1 3 4 11 Ditto (con.) .. •• 0 16 Northcote — Thames SHIPPING — Qevonport Steam . . 1 4 6 1 3 Huddart-Parker 2 8 Northern Steam 0 15 9 TIMBER— Kauri Timber .. .. 1 3 0 1 0 6 Taupo Totara .. .. — Ditto (pref.) .. .. 0 17 — WOOLLEN — Kaiapoi _ 0 6 v\ ellington Ditto (pref.) .. .. — 6 BREWERIES— C. L. Innea (pref.) 1 0 0 ,T. Staples and Co... Timaru Ml SC bLLAN EO U S— 0 IS Auck. Amuse. Park 0 15 6 — A. J. Entrican (pref) 0 19 IS British Tobacco 1 19 9 Burns. Philp .. .. 1 17 Bycroft, Ltd. 1 Oicckti Taxicab*.. Ditto (con.) .. .. 0 10 Col. Sugar (Aus.) .. 54 10 0 Dental and Medical 0 16 Dominion Pictures 1 Ditto (pref.) .. .. l IHectro. Zinc (ord.) V 1 l Grey and Menzies .. 0 12 0 Haywards Theatres 0 18 Hill and Plummer H.M. Arcade 2 Ditto (pref.) .. .. 1 0 N.Z. Drug 3 10 Milne and Choyce .. Ditto (prei.) .. .. 3 Ditto (B pref.) .. Ditto (deb. stk.) . Murchison Oil (20s 1 3 9 0 16 Farmers’ Fertiliser 4 3 0 N.Z. Paper Mills .. 0 17 Robinson Lee Cream Sanford, Ltd .. 1 0 19 Ditto (pref.) .. .. 1 Taranaki Oilfields .. 0 10 3 0 9 10 Thames Theatre Co. 1 0 Tonson Garlick .. . 0 11 6 Union OtJ Wairakei. Ltd. .. . . Whittome. Stevenson 2 7 6 Wilsons Cement MINING— 1 17 6 1 6 Alburnia 0 2 0 — Moanataiari (paid). Ditto (con.) .. .. 0 1 5 1 Empire Reefs (paid) 0 Dttto (con.) .. Kawarau Komata Reefs .. .. 2 Lucky Shot (2s pd.) 0 1 4 0 1 1 Maoriland (con.) .. 0 1 Majestic Xew Waiotahi (4s 0 0 3 paid) 9 Ditto (con.) .. .. Occidental* Una 0 0 9 0 0 7 (2s paid) 0 l 1 Ditto (con.) .. .. 0 1 0 1 0 0 8 0 7 6 Waihi .. 1 2 10 1 4 Waihi Grand. J. «• 0 1 0 1 0 DEBENTURES— Auck. Gas. 1228. II 101 0 0 99 0 0 Auck Har. Board, 0 Ditto. 6 p.c City of Auckland, — 102 10 0 1040. 51 per cent. 99 0 0 95 0 0 Bor. ot Devonport, 13 per cent Mt. Eden. 6i p.c. . . 100 N.Z. Breweries .. .. 1 3 90 0 0 97 15 0 Ditto, 1938. 4| . . 96 lo Ditto. 1941, 4* . . 98 10 Ditto, 1033, 54 101 Ditto, 1936, 54 — 101 0 0 INSCRIBED STOCK War Loan. 1929, 5 — 98 10 0 Ditto. 1939. 4 4 — 97 0 Ditto. 1927-41. 5* Ditto. 1938. 4| .. 97 0 0 Ditto, 1933, 54 .. 101 Ditto, 1936, 54 .. — 101 0 0