Markets and Money

Sun (Auckland), Volume I, Issue 261, 25 January 1928, Page 12

Markets and Money

ON THE ’CHANGE \ MARKET BRISK BANKS ACTIVE The market is in good tone this morning, numerous sales being recorded. In the banking section National Bank of Australasia and Bank of New Zea land changed hands at recent prices. Coal shares are in demand with few sellers quoting. Gas shares are also active, several sales being recorded. Shipping still remains in good tone. Huddart, Parker are still sought after at 49s 6d, with sellers appearing at 50s 3d. Timber shares are weak and unsupported. A good demand exists for all classes of debentures, but little business has been transacted. SALES REGISTERED At yesterday afternoon’s call: On •Change: REPORTED At this morning’s 10 o’clock call. — On 'Change: Auckland Gas (con.), 17s. Reported: National Bank of Australasia, £l7 4s 6d; Bank of New Zealand, £2 19s 3d. £2 19s; Auckland Gas, £ 1 3s 3d; Wellington Gas. £1 Bs. At the mid-day call.—On ’Change: National Bank of Australasia (con.), £8 lls. Reported: Commercial Bank of Australia (ord.) £1 9s 4d; Mount Lyell Mining and Railway, £1 9s. MID-DAY QUOTATIONS Closing quotations at mid-day to-

A Review for Business Men

With Investors on the ’Change

THE WEEK REVIEWED BANKS IN GOOD TONE By “NOON CALL” WEDNESDAY, 9 a.m. The week on ’Change has been one of lean business. While, however, the almost entire absence of the speculative element has lowered the list of sales, there appears to be no decrease in the amount of capital available for investment in the better classes of securities. This is indicated in the firm demand for Government stocks and bonds and banking scrip. N.S.W.’s have registered the greatest movement in the banking section, firming from a sale at £46 12s 6d on Wednesday last to see no sellers, and buyers offering £47 when the call closed yesterday. New Zealands have seen frequent business on a market holding fairly steady around 59s 3d. Commercials hardened over the week from a sale at 29s 3d to one at 29s 6d on Monday, but at yesterday’s call were slightly easier with sellers at 29s 6d supported by buyers at 295. Nationals of New Zealand are also in good tone, registering an improvement of Is over the week. The scrip sold at £6 15s 6d in Dunedin on Wednesday, at £6 16s the next day in Christchurch, and in Christchurch again yesterday at £t 16s 6d. Insurances are quiet, though a firm demand maintains quotations at unchanged rates. The loan and finance section has seen Dalgety’s maintain their upward movement, selilng in Christchurch on Wednesday and Thursday at £l3 10s, and jumping to £l3 15s and then £l3 16s in that city on Monday. COALS AS AN INVESTMENT Coals continue to stand well up in investors’ favour .and a steady demand is maintained for most shares. Buyers largely outnumber sellers at present figures, however, and few sales have been recorded over the week. The section, no doubt, is worthy of attention from all investors willing to take a certain amount of risk. Even at current quotations few of the shares offer much less than eigh’ per cent, on investment, while scrip such as Renowns and Hikurangis on a rising market offer even greater possibilities in turnover. Despite the talk of increasing use of electric power, there seems little likelihood that this will be available in unlimited supply for a number of years and, -even when it is available, it is a moot point whether it will make great inroads into the demand for coal. It must be remembered that the demand for heat and power is increasing annually in this Dominion. Even at the present time it is found that coal and hydro-electricity have their separate uses. In any case, provided the scrip is not bought in at too high a premium, the section appears to offer a fairly profitable avenue for spread investments. Shipping has received a certain amount of attention over the week with Huddarts, however, the only scrip showing an upward movement. Timbers are neglected. Woollens are quiet, though Kaiapois and Wellingtons arc subjected to an intermittent demand. Industrials register little movement, and attention continues to be diverted mostly to a few special favourites. The section generally is quiet and little business is recorded. Mount Lyells registering a gradual rising tendency all the week, selling in Auckland on Wednesday at 28s and the market closing yesterday with sellers at 29s 6d supported by buyers at 28s 9d, have provided practically the only signs of life to the mining section. Waihis are quiet, while most other scrip are weak and idle. * Government stocks and bonds continue to meet with a steady demand. RETURN ON INVESTMENTS Below is a summary on sales made on the Auckland 'Change for the week ended at mid-day call, January 24, giving a return, on investment based on the latest dividend. In case of Government and other redeemable securities the return includes redemption. The first column gives the figures at which the latest sales were made during the week. BANKS— Latest sale. Return.

FRANKTON STOCK SALE

INCREASED BEEF PRICES (Special to THE SUN.) HAMILTON, Tuesday. The Farmers’ Co-operative Auctioneer-* ing Company, Ltd., had a good yarding of fat cattle, fat and store sheep, and the usual heavy yarding of pigs. Both steer and cow beef were firmer than last week by 10s a head. Prime ox beef sold equal to 30s a 1001 b.; good cow and heifer beef, 25s to 26s a 1001 b; prime light and fat steer, £lO to £lO 11s; lighter steers, prime and young, £8 30s to £9 ss; prime heavy cows, £9 to £9 ss; lighter prime, £7 17s 6d to £8 10s; good young cows and heifers, £7 to £7 ss; plain heavy cows, £5 15s to £5 19s; potters, £3 7s 6d to £4; store cows, £2 10s to £3; 18-monthsr, in calf Jersey heifers sold up to £6 2s 6d; medium dairy cows, £6 to £8; inferior to £4. • Fat sheep sold without any improvement in value. Prime heavy wethers, 28s; fat wethers,. 24s to 24s 6d; light, 22s to 22s 6d; heavy fat ewes, 16s 31d to 17s 2d; lighter, 14s 9d to 15s 7d; fat lambs, 27s Id; medium weights, 19s to 21s; four-year-old breeding ewes, 23s 7d; smaller-framed and lower condition, 17s 3d; well-grown two-tooth ewes, 26s 6d; good shorn wether store lambs, 33s 3d; medium black-face store lambs, 11s Sd; medium white-face lambs, 10s 6d to 10s lid; cull lambs up to 7s lOd. Fat pigs sold at usual low rates. Heavy baconers, £2 5s to £2 9s; light, £2 to £2 3s; heavy porkers, 39s to £2 4s; light, 30s to 355: slips, 13s to 3 8s; best weaners, 8s to 10s; small, 3s to ss. Hfi?g Dalgety and Co., Ltd., report having held their usual weekly stock sale at Frankton saleyards yesterday, as under: There was an average yarding of beef, which met with a keen demand at prices equal to last sale. Best young cows made from £7 to £8 10s; ordinary prime com s, £5 17s 6d to £6 3 ss; light and inferior cows, £4 15s to £5 10s; vealers, £2. Only a few store cattle were yarded, and sold at late rates. There was a moderate yarding of fat sheep, which sold at late rates. Prime wethers made up to 27s 3d: prime ewes, 16s 9d; prime fat lambs, to 25s 6d; light wethers, 245. There was a very large yarding of store sheep, principally lambs. Late rates were fully maintained, and all offered w'ere sold at auction at the following rates: 113 medium Romney woolly lambs, 14s 6d; 122 medium Romney woolly lambs, 12s and 11s; 79 mixedsex small lambs, 7s; 250 mixed-sex shorn lambs, 12s 7d; 105 mixed-sex small shorn lambs, 9s lOd; ~351 shorn mixed-sex lambs, 11s lid; 90 mixed-sex small lambs, 9s 7d; 270 shorn wether lambs, 11s 9d; 369 , small shorn wetlier lambs, 9s 9d, 46 woolly lambs, 14s 6d; 271- Down-cross mixed-sex lambs, in forward condition, 16s Id; 348 shorn wether lambs, 12s 6d; 66 f.m. ewes, 13s; 100 two-tooth Romney cross ewes, 275; 76 Down cross two-tooth ewes, 255; 257 ewes, 18s 3d; 123 f.m. ewes, 11s 9d; 120 four and five-year-old ewes, 22s 6d; 293 four and five-year-old ewes, 225. Our yarding consisted of 4,750 head. SOUTHERN EXCHANGES YESTERDAY’S SALES Press Association. Wellington.—Wellington Trust and Loan, £6 17s 9d; Wellington Gas (ord.), Christchurch. —British Tobacco, 39s 9d (two), 40s; Mount Lyell, 295; National Bank of New Zealand, £6 16s 6d. TAUMARUHUI STOCK SALE * IMPROVED DEMAND TAUMARUNUI, Tuesday. An improved demand characterised the weekly stock sale here to-day, practically everything yarded changing hands to brisk bidding. The entries were good, though not quite so heavy as last week. Prices.—Sheep: Fat wethers, 22s 8d to 23s 9d; store wethers, 19s to 20s lOd; good wether lambs, 14s 4d; mixed sex lambs, 10s Id to 13s Id; b.f. lambs, 9s to 14s 3d. Pigs: Weaners, 15s; store pigs, up to 25s 6d. Cattle: There was only a small yarding, which changed hands at late rates. CANADAS IMPORTS • ’ BUTTER FROM NEW ZEALAND By Cable.—Press Association. — Copyright. Reed. 9.5 a.m. OTTAWA, Tuesday, Canada imported 4,500,000 dollars’ worth of milk and dairy products during 1927. In the month of December alone it imported 1,500,000 pounds of New Zealand butter, valued at 500,000 dollars, and 28,000 pounds of Australian butter, valued at 11,507 dollars.—A. and N.Z.

LONDON MARKETS

OFFICIAL RESUME Under date January 21 the High Commissioner for New Zealand stationed in London cabled as follows: Tallow.—Pool- demand at auetion. No change in prices. Eggs.—-Only moderate supplies are coming forward and the demand is good. Current prices are: English, Dutch and Danish, 23s to 26s a long 100; French 20s to 255; Belgian; 21s to 225; Egyptian, 9s 3d to 10s 9d. Hemp.—The Manila market was easier early this week, but -was firmer toward the close. Fair business has been done srade, up to £4l 10s for JanuaryMareh shipments. The output from January 1 to December 31 was bales, against 1,240,000 for the corresponding period in 1926. Stocks in Manila on December 31, 1927, were 155,000 bales, against 112,000; in Great Britain 13,000, against 5,000. Sisal is irregular, but the market was steadier toward the close. No. 1 close at hand a ,pd January-March shipments sold at £36 15s to £37. No. 2 was dragging, but afloat sold at . £35 ss, with probable buyers of January-March shipments at £os. New Zealand: Moderate business was reported in highpoints for America, rair Mas neglected and there was a small demand for common, but very little was offering. Values were: Highpoints, £34 10s; fair, £32 ss; common, £3l 15s. Tow Second grade, £2l; third grade, £l9, for January-March shipments. Stocks in London on December 31, 1927, were 53 tons, against 10 tons in 1926. Wool.—The sales continue well attended and with competition brisk the opening rates are firmly maintained. FAT LAMB MARKET VALUES ON THE HOOKS Press Association. WELLINGTON, Tuesday. The New Zealand Meat Producers’ Board advises that the following- prices were being offered for fat stock for export on January 20:— Hawke’s Bay.—Prime woolly lambs, 361 b and under, 9d a lb; 371 b to 421 b, SJd; 431 b and over, Sd; second-quality iambs, Sd. Wellington.—Prime woolly lambs, S6lb and under, 9d; 371 b to 421 b. 8»d: 431 b and over, Sid; second quality lambs, Canterbury.—Prime woolly lambs, 361 b and under, 94d; 371 bto 421 b, 9; 431 b and over, Sid; second quality lambs, o^d. KAKEPAKU PAYOUT SALE UNDER CONTROL Under the control of the New Zealand Produce Control Board, the Kakepaku Co-operative Dairy Company paid out to its suppliers a total of a fraction over Is 5d a lb. butter-fat supplied to the cheese factory for last season.

WOOL PRICES AT HOME

The trend of wool prices at Home is indicated in advice received by Dalgety and Co., Ltd., from London, dated January 24: “The sales continue active with brisk competition; opening rates of series fully maintained for most descriptions; England and Germany are the principal operators, America buying also; France competing, but with more reserve; demand less keen for crossbred skirtings.” AUCTION NOTES A nice range of household furnishings, comprising upholstery, pottery, china, glassware and furnishings, etc., will be offered by public auction at Messrs. J. H. Ansell and Co.’s rooms, 167 Svmonds Street, to-morrow, Thursday, at 11 a.m. Mr. J. H. Ansell Mill sell.

day were: — Sellers. Buyers. £ d. £ d. BANKS— Bank, of Australasia 14 12 6 < *om. Bank of Aus. 1 9 6 1 9 1 Eng.. Scot., and Australian .. .. 7 12 6 Nat. Bank of N.Z. . 1C 6 National Bank of Australasia .. . . 17 3 0 Ditto (con. > . . . . 8 10 6 New South Wales . 48 0 0 47 5 0 New Zealand 2 19 3 19 0 Ditto (15s pd.) .. — 1 1 0 Ditto (20s paid) . — 1 6 0 Union of Australia 14 15 0 11 10 0 INSURANCE— National 0 15 6 0 14 9 New Zealand .. . . 2 1 2 0 9 South British .. .. 2 17 9 2 16 9 LOAN AND AGENCY— Dalgety and Co. .. — 13 12 6 Farmers’ Co-op. Auctioneering . .. 3 n Ditto (A pref.) .. 0 18 0 Ditto B (pref.) .. 0 14 10 Goldsbrough, Mort . t; 9 Newton King (pref.) 0 12 6 0 10 0 N.Z. & River Plate 1 7 9 N.Z. Guarantee (pref.) 0 9 1 0 8 6 N.Z. Doan and Merc. 100 0 0 94 0 0 Ditto (pref.) .. — 81 0 0 COAL— Renown (con.) .. .. — 0 13 6 Hikurangi 0 4 3 0 8 Ditto (pref.) .. .. Ditto (A pref.) 0 6 9 0 6 3 Pukemiro 3 0 Taupirl 1 6 3 1 5 0 Ditto (pref.) .. .. — ** GAS— Auckland 1 3 a • 2 Ditto (con.) . . .. 0 17 2 • If 10 Birkenhead and 0 16 0 Thames 0 11 0 0 7 0 Wellington .. .. •« 1 8 **, SHIPPING— Devonport Steam . 1 4 3 1 3 6 Huudart-Parker . . 2 10 3 Northern Steam . . 0 14 10 0 14 6 Ditto (con.) .. .. 0 3 P. and <5. (rights) 30 0 0 0 0 Union Steam (pref.) 1 0 6 — TIMBER— National 0 12 6 — Parker-Lamb .. .. 0 19 — 0 16 Ditto (pref.) .. .. 0 16 0 — ■WOOLLEN— Kaiapoi — 0 8 2 Ditto (oref.) .. .. 14 6 Wellington 6 4 0 L>itto (pref.) .. •. — 6 3 BREWERIES— O. U. Innes (pref.) 1 0 0 Crown 0 14 .1. Staples and Co. . 2 0 6 1 19 3 MISCELLANEOUS— Auckland Amusement Park 0 14 0 A. J- Entrican (pref.) 0 19 0 British Tobacco 2 0 0 1 19 6 Burns, Philp 1 19 9 By croft. Ltd 1 10 0 Checker Taxicab 0 19 0 «’olonial Sugar (Aus) 54 0 0 Dental and Medical 0 16 0 bom. Pictures .. .. 1 0 0 Ditto, (pref.) .. .. 1 0 0 Electrolytic Zinc (ord.) 1 11 0 Ditto (pref.) .. .. 1 12 0 Grey and Menzies.. 0 12 0 Hayward’s Pictures 1 0 0 0 18 3 Hill and Plummer .. 1 2 6 H.M. Arcade (pref.) 1 0 6 Kempthorne Prosser 9 0 3 8 0 Milne and Choyce .. 1 4 8 Ditto (pref ) 1 4 3 Ditto (B pref.) 1 4 8 Ditto (deb. stk.) . 1 3 3 N.Z. Express .. .. L 0 0 N.Z. Farmers' Fertiliser Co. .. .. 4 1 0 N.Z. Refrigerating . 0 18 3 — Ditto (con.) .. .. 0 8 10 0 8 3 Northern Boot and Shoe 0 18 0 — Robinson Ice Cream 1 2 0 Taranaki Oilfields .. 0 10 6 Thames Theatre .. 0 18 6 0 15 6 Torison Oarlick .. .. 0 M 3 2 0 0 Wairakei. Ltd. 0 10 6 Whittome. Stevensons 2 7 0 2 4 0 Wiseman and Son (pref.) 0 16 0 — Ditto (ord.) .. .. 0 7 0 — "Wilsons Cement l 1 10 1 17 6 MINING— Alburnia 0 1 9 0 1 6 Moanataiari (paid) , 0 2 4 0 1 7 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 Kuranul 0 0 2 Lucky Shot (2s pd.) 0 1 8 0 1 4 MaorHand (con.) 0 1 0 Mt. Welcome (con.) 0 1 0 New Waiotahl (4s paid) 0 0 91 Ditto (con.) .. .. 0 0 10 0 0 7 Occidental-Una (2s paid) 0 1 9 Ditto (con.) .. .. Ohinemuri 0 7 2 0 6 8 Ditto (pref.) .. .. 0 9 6 V.aihi 0 11 6 0 11 1 Waihi Grand June. 0 1 2 0 0 10 AUSTRALIAN— Mount Lyell .. 1 9 6 1 8 9 Mount Lyell .. .. 1 9 4 1 S 9 DEBENTURES— Auckland Harbour 103 0 0 102 0 0 City of Auckland, 1940, 51 p.C. . . 100 0 0 95 0 0 Borough of DevonnorL 6 p.c 100 0 0 Bor. Mount Eden. 5J 1»>0 0 0 Bor. New Plymouth, 5J, 1933 98 10 0 96 10 0 N.Z. Breweries .. .. — 1 2 3 Glaxo — 90 0 0 Hamilton Theatres . 105 0 0 — GOVERNMENT BONDS— % War Loan. 1930, 4J . 97 15 0 Ditto. 1938, 44 .. 96 15 0 Ditto, 1939, 44 .. 96 15 0 Ditto, 1933, 5& . . 101 10 0 Ditto, 1936. 54 . — 101 0 0 INSCRIBED STOCKWar Loan. 1919. 6 .. Ditto, 1938, 45 . . 97 5 0 Ditto, 1939, 41 . . Ditto, 1933. 51 . . 101 10 0 Wtto, W36. 5* . . 101 6 9

£ s. d. £ d. Com. of Australia . 1 9 6 5 1 8 Nat. of Australasia 17 4 16 2 N.S.W 46 12 6 4 5 9 New Zealand .. .. 2 19 3 4 16 10 INSURANCE— National 0 15 4 4 17 9 South British .. .. COALS— 2 17 3 3 18 7 Taupiri 1 5 3 7 18 5 GAS— Auckland . - 1 3 3 6 16 6 Ditto (con.) .. .. 0 17 0 7 1 2 SHIPPING — Devonport Ferry .. 1 4 0 6 5 0 Huddart-Parker 2 10 0 5 0 0 Northern Steam 0 14 9 7 17 3 P. & O. (def. rights) 2b 0 0 — BREWERIES— Staples 1 19 6 5 1 3 MISCELLANEOUS— British Tobacco 2 0 0 5 16 0 Electrolytic Zinc .. 1 11 3 7 13 7 Wilsons Cement .... 1 17 10 5 5 8 GOVT. BONDS— N.Z. War Loan, 193S, 4} 97 0 0 4 17 9 Ditto, 1936, 5i .. N.Z. Inscribed Stock 101 7 6 5 5 9 193S, 4i 97 0 0 4 17 9 Ditto, 1941, 54 .. 97 0 0 5 7 2 DEBENTURES— Auck. Harbour Bd., 1937, 54 96 5 0 5 10 N.Z. Breweries .. .. 1 2 8 8 16 6