Markets and Money

Sun (Auckland), Volume I, Issue 252, 14 January 1928, Page 10

Markets and Money

A Review for Business Men

ON THE 'CHANGE DEMAND FOR BONDS WILSONS CEMENTS AT 38/A steady demand is registered on 'change for most of the better classes of securities, and healthy business is recorded. In banks. Commercials are still receiving attention around 29s 3d, though the market eased slightly this morning. Insurances are in good tone and New Zealands have been done at 41s. Most miscellaneous shares are quiet and receiving only nominal attention. Wilsons Cements have improved to see a sale at 38s. Taranaki Oils, with sellers at 10s 9d, are not wanted. In mining. Mount Lyells and Ohinemuris are quietly active on a practically unchanged market. A strong demand has again set in for Government Stocks and Bonds, with few sellers quoting. SALES REGISTERED Yesterday afternoon’s business. —On ’Change: Wilsons Cement. Reported: Ohinemuri G. and S., 7s 9d; Mount Lyell, 27s 6d. This morning’s business. —Reported: N.Z. Insurance, 41s; N.Z. "Loan and Mercantile (ord.), .£92 10s; ditto ipref.). £B2 10s; Auckland Gas lord.), 23s sd: Alburnia G.M. Coy., Is 7d (- parcels); Bank of N.S.W.. £46. TO-DAY’S QUOTATIONS Closing quotations at this morning's call were; Sellers. Buyers.

SOUTHERN EXCHANGES YESTERDAY’S SALES Press Association. Christchurch.—Commercial Bank o: Sydney, £26 12s 6d, £26 9s; Bank of New South Wales, £l6 4s: Dalgety and Company. £l3 6s; Goldsbrough, Mort, 475; New Zealand Refrigerating Company (. 10s paid, cum div.), 9s 2d (two), Vs Id (five), 9s (three): British Tobacco. : :*s *>d; Burns, Philp. 39s 3d: Union Bank «• Australia, £l4 12s 6d: Mt. Isa, 265: New Zealand Government Inscribed Slock, y; per cent., 1933, £lOl 2s 6d, £lOl New Zealand Government Inscribed SLi.ck. 4; v r cent., 1928, £96 12s Od; New l land Government Bonds. 4i per cent., ' . £96 12s fid; New Zealand Governi L'uiie 1 . 4j per cent., 1941, £96 10s; o' Adelaide. £S 14 s; Commercial \ «•» Australia. 29s 6d; National Bank n*. .Cw.v Zealand, £6 15s.

WHEAT MARKET FIRM POSITION IN THE SOUTH BUSINESS IN POTATOES Press Association. CHRISTCHURCH, Friday. Although there is little business being done in the wheat market the tone is firm. A few millers have bought fairly heavily at anything from 5s 9d on trucks upwards, and are now desirous of seeing how the new crop will develop before adding to their commitments. Quotations at present are 5s 8d on trucks. A fair amount of early oats for chaff has been cut and operations should be fairly general on lighter land in. a week or ten days. The market is showing little life. A Gartons are quoted at 3s 5d to 3s old, f.ob., s.i., and B grade at 3s 3d. The pea market has weakened further during the week. Crops generally are looking well, though some of the later sown are infected with weed growth. There is no life in the seed market. Cocksfoot harvesting- will be commenced on the peninsula in a few days and, as a result of helpful showers last month, a good return is expected. The absence of Banish quotations caused a heavier area to be closed up this season. A sharp demand has set in from Auckland for March potato deliveries. Business has been done on a basis that permits £4 on trucks to be paid growers. Main crop delivery is quoted at £3 10s. Auckland is also inquiring fairly freely for onions, the crop in the North being light. The Canterbury crop has improved g-reatly under improved weather conditions. It is generally considered that the area this year is considerably less than last. Quotations for March-April are £4 12s 6d a ton on trucks, but most growers are holding out for £5.

NO NEED FOR PESSIMISM FUTURE BUTTER MARKET COMPANY CHAIRMAN’S VIEWS (From Our Own Correspondent) # HAMILTON, Friday. The Te Awamutu Co-operative Dairy Co., Ltd., is making a cash payment of Is 3d a lb for finest butter-fat supplied during December. In a statement on the position, the chairman of directors, Mr. Charles M. Alexander, said that, in response to a cable dispatched to London two days ago, a report had been received from a responsible quarter to the effect that prices would probably remain about a figure equivalent to Is 3d f.0.b., and it was considered unlikely that advances to dairy companies by London merchants would be reduced below the present rate of Is 2d a lb against shipments of finest and first-grade butter. In his opinion, stated Mr. Alexander, the somewhat pessimistic view held in certain quarters with regard do the immediate prospects of the dairy 'industry was not quite warranted because there was no comparison between the conditions prevailing in London to-day with the quantity of butter in cold storage amounting to approximately one week’s supply, and the position which obtained there 12 months ago when there was an incubus of 400,000 boxes of stored New Zealand butter depressing a market already antagonised by the price-fixing policy of the Dairy Board. In his experience as a director of dairy companies for many years, added Mr. Alexander, it had been found a safe policy to pay suppliers for butter-fat the amount of the advances received from London merchants against shipments leaving the over-run to pay for all manufacturing and overhead charges to f.o.b. The companies which had made successful f.o.b. sales in the earlier part of the season might easily exceed this rate of payment in the flush. He did not consider the information available justified any undue pessimism in regard to the immediate future for either butter or cheese on the London market. AUSTRALIAN BUTTER LOSS DAMAGE IN THAMES FLOOD By Cable.—Press Association. — Copyright. LONDON, Thursday. Saturday’s flood in the Thames caused damage to some hundreds of boxes of Australian butter at Hay’s Wharf and the Hibernia Wharf. The Australian Dairy Board’s policy only insures against fire and damage in warehouses other than cold stores. Consequently the loss will fall on the owners of the buter affected. —A. and N.Z. GREEK LOAN IN BRITAIN EARLY ISSUE OF £7,500,000 By Cable.—Press Association. — Copyright. RUGBY, Thursday. It is officially announced that the Greek Finance Minister, M. Cafandaris, has concluded his negotiations in London with an international financial syndicate, headed by Hambro’s Bank, relative to the flotation of a Greek loan. The issue will be made in the near future. The loan will bear, interest at 6 per cent. The total to be offered for subscription will be £7,500,000. The proceeds will be utilised mainly for currency stabilisation purposes. A portion of the loan will be employed for refugee purposes.—A. and N.Z. CHICAGO WHEAT By Cable.—Press Association. — Copyright. Repd. 10.50 a.m. CHICAGO, Friday. Wheat.—March, 1 dollar 29 3-8 cents a bushel; May, 1 dollar 30£ cents; July, 1 dollar 26 3-8 cents.—A. and N.Z. MONEY TO LEND

BANKS— Rank of Australasia 14 14 0 14 10 0 Com. Bank Aus. . . 1 8 English, Scottish & 15 National Bank of N.Z., T.td National Bank of 43 15 Now Zealand . • • 2 19 6 Ditto (1 Os jkI) .. 2 Ditto. (-‘Os pd> .. T'nion of Australia . INSURANCE— 0 J 6 0 — New Zealand .. .. 2 6 2 South British .. .. 2 17 LOAN AGENCY— Dnlgety and Co. .. — 13 2 6 Farmers’ t’o-op. (A 0J7 — Ditto (B pref.) Goldsbroujrh Mort.. . National Mortgage 6 Newton King, Ltd. 0 12 6 X.Z. River Plate .. Ditto (pref.) .. .. 85 0 0 80 0 COAL— 0 15 0 0 10 6 Mikurangi 0 4 3 0 3 9 6 Ditto (A pref.) 0 6 10 6 T’ukemiro Taupiri 1 7 5 6 Ditto (pref.) .. .. YVaipa — 16 GAS— Auckland 1 3 8 1 3 3 Ditto (con.) .. .. 0 16 9 Thames 0 12 0 Wellington 1 — SHIPPING— Pevonport Steam . . 1 4 6 1 3 6 Huddart-Parker 8 Northern Steam 0 15 14 Ditto (con.) .. .. 0 7 3 P. & O. (def. stk.).. — 230 0 0 TIMBER— Kauri Timber .. .. 1 3 6 — Parker-Lamb .. .. 0 19 0 — Taupo Totara -. .. 0 16 0 Ditto (pref.) •• .. 0 16 0 — WOOLEN— Kaiapoi Ditto (pref.) .. .. 0 Wellington — 5 Ditto (pref.) .. .. — 8 BREWERIES — O. L. Innes (pref.) .. 1 0 0 — N.Z. Breweries, Ltd 2 5 0 — MISCELLANEOUS— Auckland Amuseft 15 ft A. J. Entrican (pref.) ft 19 ft British Tobacco 1 19 9 1 18 9 Bycroft, Ltd. .. 1 10 0 < Checker Taxicab 0 Dental and Medical 0 16 0 Dom. Pictures .. .. 1 Ditto, (pref.) .. .. 1 0 Electrolytic • Zinc 1 11 3 1 10 Grey and Menzies.. 0 12 0 Hayward's Pictures 1 0 0 0 IS Henry Jones Co-op. 1 H Hill and Plummer . . H.M. Arcade (pref.) 1 0 6 Kempthornc Prosser 3 9 6 Milne and Choyce . . Ditto (pref.) 1 4 3 Ditto (B pref.) 1 4 3 Ditto (deb. stk.) . 1 3 0 N.Z Farmers’ Fertiliser Co 4 0 3 17 6 N.Z. Refrigerating (con.) 0 9 3 Robinson Ice Cream 1 Sanford. Ltd 1 0 Taranaki Oilfields . ft 10 Thames Theatre .. 0 39 ft Tonson Garlick .. .. 0 11 3 Union Oil 2 Wairakei. Ltd 10 Wilsons Cement .. 1 18 6 1 17 6 MINING — Alburnia 0 1 7 0 1 4 Moanataiari (paid) . 0 2 4 0 1 6 Ditto (con.) .. .. 0 1 4 0 0 11 Golden Age (pd.) .. 0 0 3 Ditto (con.) .. .. 0 0 4 Kawarau 0 1 0 0 0 6 Komata Reefs .. .. 0 0 3 Kuranui 0 0 9 0 0 2 Lucky Shot (2s pd.) 0 1 5 0 1 1 Maoriland (con A 0 1 0 New Waiotahi (4s pd) 0 0 9 Ditto (con.) .. . . 0 0 10» * § Occidental-Una (con.) Ohinemuri •• •• ft 8 0 ft 9 6 Waihi 0 12 0 0 11 0 AUSTRALIAN— Mount Lyell 1 7 9 1 7 4 DEBENTURES — Auckland Harbour Board, 6 p.c 102 N.Z. Breweries 3 10 1 3 90 0 0 Hamilton Theatres . 105 0 0 — GOVERNMENT BONDS— War Loan. 1930, 4} — 97 15 0 Ditto, 1938, 41 . . — 96 10 0 Ditto, 1939, .. 96 Ditto. 1941, 4i .. 96 0 Ditto. 1933, 51 .. 101 10 0 Ditto, 1936. 51 .. — 101 INSCRIBED STOCK X.Z. Ins. Stk..' 1929, 5 — 98 0 0 Ditto, 1938, 4 j .. — 96 15 0 Ditto, 1939. 41 .. 9o Ditto. 1933. 5i .. 101 10 0 —