Markets and Money

Sun (Auckland), Volume I, Issue 258, 21 January 1928, Page 12

Markets and Money

A Review for Business Men

ON THE ’CHANGE BANKS IN GOOD TONE FERTILISERS NEGLECTED Business on ’Change assumed a wider nature yesterday afternoon and ihis morning, and sales were reported in several sections. Banks continue in steady demand, with Commercials registering a firming tendency, selling this morning at 29s 6d. N.S.W.’s are also moving upward and buyers at £46 17s 6d left the ’Change without drawing a seller. Dalgetys are still in demand with firm buyers at £l3 9s. Timbers are practically neglected, with the few buyers unsupported. In miscellaneous, fertilisers have fallen from favour, and steady sellers fail to find support. Mining remains weak and depressed, with Mt. Lyells improved to see buyers at 28s 6d, practically the only scrip In good tone. In the gilt-edged section the demand for Government bonds has eased, while more sellers are listed for the inscribed stock. SALES REGISTERED At yesterday’s afternoon call. —On 'Change: National Insurance, 15s 4d; Bank of N.Z.. 59s 3d; N.Z. War Loan, 1935, 4 £ per cent., £97. Reported: N.Z. Breweries (deb.), 22s Sd: Union Bank (new issue), £l4 6s; Wilson’s Cement. 37s lOd; Devonport Steam *Ferry, 245. This morning’s business. On a ’hanger Commercial Bank. 29s 6d; Staples Breweries, 39s 6d. Reported: South British Insurance, 57s 3d. TO-DAY’S QUOTATIONS Closing quotations at this morning’s call were: Seners. Buyers. BANKS—

SOUTHERN EXCHANGES Wellington.—Reported Sales: Bank of New Zealand, £2 19s 3d (three lots); Wellington Woollen (ord.), £6 3s 6d. Dunedin.—Sale on Change: Upper Nevis, £1 ss. Reported: Westport Coal, £1 11s 9d. YESTERDAY'S SALES Wellington.—Finance, Ltd. (5s paid), 5s 3d; British Tobacco, 39s Bd, 39s 9d. Christchurch.—National Bank of Australasia (£5 paid), £8 10s; British Tobacco, 39s 8d (three), 39s 7d, 39s 8cl; New Zealand 'lovernment Inscribed Stock, 4£ per cent., 1938, £97; Wilson's Cement, 3.s lOd; Commercial Bank of Australia, -9s 4d; New Zealand Refrigerating (10s SaM. cum. div.), 8s |

LONDON BUTTER MARKET HEAVIER SUPPIJES CAUSE DROP NOT NEW REGULATIONS Yesterday a Press message from London announced that a leading importer had stated that the present unsatisfactory position of the butter market was partly due to the disuse of preservatives. Little weight is given this contention by the trade. One of Auckland’s most prominent men in the produce trade summed up the position to-day when he stated that a drop had been forecast long before the question of the disuse of preservatives as a factor on the market had been seriously thought of. In a communication from London dated early in December, his principals had stated that lower values must be expected in January, following the heavier arrivals from the Southern Hemisphere. Conditions at Home were not such that would allow heavy consumption at the high levels ruling in the early part of the season. The purchasing power of the British public was limited. The London importers, stated The Sun's informant, had certainly opposed the restrictions on the use of preservatives provided, of course, they were used in moderation, but in any case only the small storekeeper in out of the way districts was affected. If the butter had to be kept out of cool storage for several weeks prior to finding its way to the table, its quality was certainly affected, but, where it went into early consumption once it left the cooler, its quality was unalter.ed. Cabling under date January 20, Weddell and Co., Ltd., London principals for A. H. Turnbull and Co., Ltd., advised as follows: Butter.—Danish, 172 s to 1745: New Zealand unsalted, 156 s to 160 s; salted, 151 s to 1545; market steady. Cheese.—New Zealand white and coloured, 90s to 91s; market quiet. Canadian white, 100 s to 104 s; coloured, 98s to 102 s.

LONDON MARKETS FOREIGN EXCHANGES By Cable.—Press Association. — Copyright. Reed. 2.30 p.m. LONDON, Thursday. Foreign rates of exchange on January 18, compared with par rates, or as averaged first half of 1914, are:— Jan. IS Jan. 15. Par Brussels, fr . . 34.98 34.98 25.225 Paris, fr. . . . 124.00 124.00 25.22 J Stockholm, kr. . 18.15 18.14 18.12 Oslo, kr. . . . 18.30 18.34 18.12 Copenhagen, kr. 18.20 18.20 18.12 Beriin, R.-mark 20.46 20.47 Rome, lire . . 92.15 92.18 25.225 Calcutta, pence 181 181 24 Yokohama, pence 231 231 24.43 Hongkong, pence 241 241 24.43 Montreal, dol. 4.881 4.88| 4.866 New York, dol. 4.87 11-16 4.87 11.1 C 4.866 Amsterdam, fl . 12.088 12.091 12.107 Batavia, fl . . 12.081 12.071 CONSOLS AND COLONIAL STOCKS Jan. 11 Jan. 18 £ s. d. £ s. d. Consols ....... 55 10 0 55 7 6 British War Loan, 31 101 2 6 101 0 0 British War Loan, 5 101 10 0 100 10 0 Conversion Loan, 31 77 2 6 76 17 6 Com’wealth 5£ 1922-27 98 12 6 98 10 0 Com’wealth 6 1931-41 103 15 0 103 7 6 New Zealand 4 1929 98 15 0 98 12 6 New Zealand 31 1940 87 12 6 87 5 0 New Zealand 3 1945 79 10 0 79 5 0 N. Zealand 6 1936-51 107 0 0 106 15 0 BANK OF ENGLAND RETURN By Cable.—Press Association. — Copyright. LONDON. Thursday. The Bank of England returns for the week ended January 19, as compared with those for the wek ended January 12, are as follows: Jan. 19. Jan. 12. Note circulation . 134,748,000 135,934,000 Coin 1551,539,000 154,164,000 Reserve .... 40,541,000 38,818.000 Govt, deposits . . 19,201,000 14,854,000 Other deposits . 100,132,000 110,061,000 Govt, securities . 36,484,000 39.629,000 Other securities . 60,366,000 64,504,000 Proportion of reserves to liabilities 33.90 Short Loans and Bills Short loans, 31 per cent., same as last week; three months’ bills 4 3-16 per cent., compared with 4 5-16 per cent, last week. Wheat, Flour, and Pulse. Wheat.—Cargoes are steady, with moderate inquiry and prices unchanged. Parcels are in small demand, prices fully steady. Ex Euripides, 51s; ex Port Nicholson, 50s 9d. Liverpool futures: March delivery, 10s 3Sd per cental; May, 10s 31d; July, 10s 3gd. The spot trade is quiet, and prices are firm. Flour.—Slow. Australian, ex store, 38s 3d. Oats, peas, and beans are dull. Sugar, granulated, 29s 10£d. The Metal Markets (Quotations on January/TC in parentheses.) Copper.—Spot, £6l Ss ljd (£6l 16s 3d); three months, £6l 5s 71d (£6l 6s 71d). Lead.—Spot, £2l 15s (£2l 15s); three months, £22 5s (£22 ss). Spelter.—Spot. £26 2s 6d (£25 16s 3d); three months, £26 Is 3d (£25 16s 3d). Tin.—Spot, £248 13s 9d (£249 16s 3d); three months, £247 13s 9d (£248 -«8s 9d). Silver.—Standard, 26 1-163 (26*d) per ounce; fine, 281 d (28 5-16 d). —A. and N.Z.Sun. FRENCH BANK RATE By Cable. —Press Association. — Copyright. PARIS, Thursday. The bank rate has been reduced to 31 per cent.—A. and N.Z.-Sun.

HIGHEST WOOL PRICES SINCE BOOM OF 1925 KEEN DEMAND AT WANGANUI FUTURE OUTLOOK GOOD Press Association. WANGANUI, Friday. Not since the boom sale of the 1925 season has the wool market assumed such a healthy and buoyant tone as to-night, when prices exceeded the most sanguine expectations, showing a good rise on the recent Wellington sale. Prices have steadily hardened since the Christchurch, Wellington and Napier sales, until the highest prices of the season were reached to-day. The catalogue comprised 25,000 bales, and practically all was sold under the hammer. Growers have every reason to be satisfied with the splendid prices realised. The outlook for future sales is exceedingly good. Following is the range of prices:— November. January. Fine Crossbred— Super ... 17 to 192 20 to 21?. Average ... 15 to 17 17 to 192 Inferior ... 13 to 142 152 to 162 Medium Crossbred—. Super ... 16 to 17 17* to 182 Average ... 14 to 16 16 to 17 Infericx* ... 12 to 132 14£ to 152 Coarse Crossbred— Super . . . 135 to 152 15 to 18 Average ... 112 to 131 14 to 152 Inferior ... 10 to 12 132 to 14 Low Crossbred— Super ... 13 to 132 142 to 15 Average ... 112 to 13 14 to 142 Inferior ... 9 to 112 122 to 132 Hoggets— Super ... 16 to 191 19 to 202 Fine .... 15 to 18* 162 to 182 Medium ... 142 to 162 152 to 162 Coarse .... 132 to 15 142 to 15 Low .... 12 to 132 132 to 14 Lambs— Down .... Fine .... Medium ... Seedy and inferior Bellies and Pieces (Crossbred) — Good to super 3 3 to 15* 122 to 142 Low to medium 8 to 122 8 to 12 Crutchings— Med. to good . 9 to 102 9 to 102 Infer, to seedy 6 to 82 6 to 82 Locks— Crossbred . . 5 to 6 6 to 72

BUYERS FORCE THE PACE AVERAGE OF ABOUT £24 A BALE (Special to THE SUE.) WANGANUI, To-day. The pace at the wool sale last night was a cracker and the clerks taking the records were obliged to work at high pressure. At one stage an average of 600 lots an hour was maintained, the buyers hardly waiting for the announcement before they were on their feet. It is hard at present to estimate the full value of the sale, but one broker this morning says sufficient data is available to guage the result as being something like an average of £24 a bale, which would give an approximate value of £600,000 for the growers of Wanganui district —a great New Year gift. TRADE IN WHEAT POSITION IN CANTERBURY HARVESTING COMMENCED Press Association. CHRISTCHURCH, Friday. Millers have bought sufficient wheat for the time being and are not disposed to buy, and merchants who have been operating on behalf of northern mills have also reduced their activities. Most of the wheat has been bought at 5s 9d on trucks, but under the weight of farmers’ offers, which have been heavy during the week, the price has slipped back to 5s Bd. At this figure, however, growers as a rule declined to do business and quotations at the moment may be set down at 5s B£d for nearby stations, and up to a penny less for distant points. As an indication of the recent demand for wheat one farmer in the North Canterbury district, who threshed the other day, sold at 6s 8d on trucks to the North Island. This, Is rather an exceptional price, in view of the fact that within a few weeks wheat will be available from the same district at 5s 9d. The cutting of wheat comfnenced during the week in the Hawarden district, and with a continuance of the present weather it will be general within the next 10 days in the northern end of the province. Inquiry For Seeds A large area of oats has been cut in North Canterbury, but the bulk of it is Algerian. There is a growing feeling that the market for white oats this year will be much better, as there is practically no carry over to depress the prices of the new crop. With the prospect* of a resumption of trade with the Commonwealth in Algerians and A grade Gartons and a reduction in the area of 70,000 acres, there is confidence that the market will show much more activity. “Spread” A grade are quoted at 3s and B grade at 3s Id, a disparity that can largely be attributed to the prospect of an Australian demand for milling oats. “Prompt” B grade lots have been bought at 3s 3d, but they are not easy to pick up. Some inquiry has set in from North Island for seeds, principally perennial ryegrass and cocksfoot. Some heavy-weight ryegrass has been sold during the week at 4s 9d to ss, f.0.b., s.i., a bushel. There is a good deal of opinion that the area of perennial closed up this year is exciting no interest. There was a very heavy crop last year, a good deal of which has not yet gone into use, and this will affect the market for the new crop. Standard cocksfoot has been sold a,t Is a lb. The Akaroa harvest will be later, but it is fairly certain that much improved prices on those of last year will rule. ARGENTINE WHEAT CROP By Cable.—Press Association. — Copyright. Reed. 9.27 a.m. BUENOS AYRES, Fri. The official estimate forecasts a wheat production of 6,500,000 tons, being a slight reduction on the first estimate recently issued. —A. and N.Z. CHICAGO WHEAT By Cable.—Press Association. — Copyright. Reed. 10.15 a.m. CHICAGO, Friday. Wheat. —March, 1 dollar 31 1-8 cents; May, 1 dollar 31 7-8 cents; July, 1 dollar 28 cents. —A. and N.Z. KAIKOHE SHEEP FAIR (From Our Otvn Con'espondent) KAIKOHE, Friday. The first sheep fair of the season was held in the Kaikohe yards on Wednesday, when there was a 1 full yarding with a large attendance of buyers from all parts of the district. Everything was quitted, the ruling prices being:—Lambs, in wool, up to 15s; shorn lambs, 14s 7d; wethers, 225; four-tooth ewes, to 28s; f.f.m. ewes, 225; other sorts, up to 17s. BUTTERFAT PAYMENTS (From Our Own Correspondent) CAMBRIDGE, To-day. For December supply the Cambridge and Bruntwood Dairy Companies will make a total distribution to suppliers of £31,490. The returns are as follows, last year’* figures being given in parenthesis Cambridge, £27,250 for cheese at the rate of Is 4*d a lb of butter-fat (Is 3d), butter Is 2|d (Is 2d). Production increased this year by 10 per cent. Bruntwood: Milk, 1,664,2191 b (1,808,6S4); butter-fat, 63,596 (69,350). Payment for cheese was based on Is 4d a lb (Is 2d) of butter-fat.. Suppliers to the Bay of Plenty Cooperative Dairy Association are to participate in an advance payment for the December output at the rate of Is 4d a lb on superfine butter for the December output. The aggregate payment will amount to £23,788* compared with £19,344 for the corresponding period of last ¥«§£ when the rate was Is 2|d a lb.,

Bank of Australasia 14 13 0 14 10 0 Com. Bank of Aus. 1 9 8 1 9 3 Nat. Bank of N.Z. . 6 IV b 6 14 6 - 17 2 6 South Wales . 46 IV 6 New Zealand 2 19 6 2 19 3 Ditto (15s pd.l .. 1 1 0 Ditto (20s pd.) .. — 1 6 0 INSURANCE— National — 0 15 0 New Zealand ., .. — 2 1 0 South British .. . . 2 18 0 2 16 9 LOAN AND AGENCT— Dalgety and Co. .. 13 9 0 Farmers' Co-op., Auctioneering .. 3 15 0 — * Ditto A (pref.) .. 0 IS 0 — Ditto B (pref.) .. 0 14 10 Coldsbrough Mort .. 2 7 3 Newton King, pref. . 0 12 6 N.Z. River Plate .. 1 7 9 N.Z. Doan & Merc. 93 0 0 Ditto (pref.) .. .. — 81 0 0 COAL— Renown Collieries (ISs paid) .. . . ft 13 0 Hikurangi 0 4 3 0 3 9 Ditto (pref.) .. .. 0 7 6 Ditto A (pref.) .. 0 7 0 0 6 3 Pukerniro 3 2 0 Tauplri 1 6 3 1 b 0 Ditto (pref.) .. .. 1 3 0 Waipa — 0 4 GAS— Auckland 1 3 i 1 3 2 Ditto (con.) .. .. 0 17 i • 16 10 Thames 0 11 • • 7 0 SHIPPING— Devonport Steam . 3 4 6 1 3 9 Duddart-Parker 2 10 C 2 9 6 Northern Steam 0 15 0 0 14 6 f\ and O. (def. stk) 242 0 0 232 0 0 Ditto (rights) .... — 25 0 0 TIMBER— National 0 12 6 — Parker-Lamb .. .. 0 19 0 — Taupo Totara •• •• 0 16 0 — Ditto (pref.) .. .. 0 16 0 — WOOLLEN— Karapol •• — 0 8 3 BREWERIES— C. L. Innes (pref.) .. 1 0 0 — J. Staples and Co. . 2 0 0 1 19 0 MISCELLANEOUS— Auckland Amuse* ment Park . . .. 0 14 0 A. J. En trican (pref.) 0 19 0 BrltisTl Tobacco .. 2 0 0 1 19 3 Burns, Philp .. .. 1 0 Bycroft, Ltd 1 10 0 Checker Taxicab .. 0 19 0 Dom. Pictures .. .. 1 0 0 Ditto, (pref.) .. .. 1 0 0 Electrolytic Zinc (ord.) 1 11 3 1 10 9 Ditto (pref.) .. .. 1 12 0 Grey and Menzies.. 0 12 0 Kay ward’s Pictures 1 0 0 0 18 3 1 2 6 H.M. Arcade (pref.) 1 0 6 Kempthorne Prosser 3 9 0 Milne and Choyce .. 1 4 S Ditto (pref.) 1 4 3 Ditto <B pref.) 1 4 S Ditto (deb. stk.) 1 3 0 N.Z. Farmers* Fertiliser Co. .. .. 4 1 0 N.Z. Refrigerating .. 0 18 6 Ditto (con.) .. .. 0 9 € 0 8 0 Northern Boot .. .. 0 18 0 Robinson Ice Cream 1 2 (1 Taranaki Oilfields .. 0 11 c 0 9 11 Thames Theatre .. 0 18 6 0 15 6 Tonson Garlick .. .. 0 11 3 Union Oil 2 0 0 Whittome, Stevensons 2 7 0 4 6 TV iseman and Son (ord.) 0 8 c TV ilsons Cement •• 1 18 0 1 17 6 MINING— Alburnia 0 1 10 0 1 4 Moanataiari (paid) 0 2 4 0 1 5 Ditto (con.) .. .. 0 0 11 Kawarau 0 0 6 Komata Reefs .. .. 0 0 3 Kuranul 0 0 2 Lucky Shot (2s pd.) 0 1 6 0 1 2 Maoriland (con.) .. 0 1 0 Majestic 0 0 3 New Waiotahl (4s pd. > 0 0 9 Ditto (con.) .. .. 0 0 10| 0 0 7 Occidental-Una <2s paid) 0 1 s Ditto (con.) .. .. 0 1 3 Ohinemuri .. .. 0 7 6 0 7 0 Ditto (pref.) .. .. 0 9 6 Waihi 0 11 D 0 11 1 AUSTRALIAN— Mount Lyell •• •» 1 9 0 1 s 6 DEBENTURES— Auckland Harbour Board. 6 p.c 102 0 0 City of Auckland, 11)40, 5$ p.c 95 0 0 Borough of Devonport. 6 p.c 100 0 0 — 0 01 101 !<! saujBiij, ;o • iog N.Z. Breweries . . 1 3 ( 1 2 3 Glaxo — 90 0 0 GOVERNMENT BONDS— War Loan, 1930, 4* . — 97 15 0 INSCRIBED STOCK— War Loan. 1929. 5 .. 98 0 0 Ditto, 1938. 4| .. 97 2 6 96 17 6 Ditto, 1939. 4} .. 96 17 6 Ditto, 1927-41.. 5i 99 10 ( Ditto, 1933, . 101 0 0 Ditto. 1936, 5 J . 101 10 0 101 0 0