Markets and Money

Sun (Auckland), Volume I, Issue 271, 6 February 1928, Page 10

Markets and Money

A Review for Business Men

ON THE ’CHANGE MARKET STEADY BANKS FIRM Although few sales have been recorded, the market has a healthy tone. Bank shares are in demand, all stocks stand at high figures with few sellers quoting. Insurance shares are also firm, New Zealand’s stand with buyers 41s, no sellers, while South British sold at 57s ♦id leaving buyers 575, sellers 57s 9d. Shipping Is firm in most stocks, HuJdart-Parker stilL mantain a good demand for both ordinary and preference shares, no sellers quoting. Milne and Choyce both shares and debenture stock are sought after, no •tellers appearing. All classes of debentures and Government securities are in demand at firm prices. SALES REGISTERED At this morning’s 10 o’clock call. — «»n 'Change: Auckland Gas, £ 1 3s 3d. Tie ported: South British Insurance, <£2 17s 6d. At the mid-day call.—On ’Change: nil. Reported: Commercial Bank of Australia, £1 7s 4id; Bank of New Zealand. .£2 IDs. MID-DAY QUOTATIONS Closing quotations at mid-day to-day , Sellers. Buyers. £ a. d. £ a. d. BANKS— Bank of Australasia - ® Com. Bank of Aust. 17 8 17 0 Ditto (rights).. .. 0 7 u 0 6 9 Frig., Scot. & Aus. -7 . ‘ \ A 5 Nat. Bank of N.Z. . < 1 ® 1® ® New South Wales .. 48 0 0 47 10 0 New Zealand ... 2ID 0 «18 J Ditto (15s paid) .. J \ £ Ditto (20s paid) .. 1 ® ® Union of Australia . INSURANCE— National 0 15 5 0 15 0 New Zealand . • —2 1 ? South British .... 2 17 D 2 17 0 Standard LOAN AND AGENCY— Farmers’ Co-op. Auc. A (pref.) .. .. 0 17 0 Ditto B (prof.) .. 0 14 3 Coldsbrcugh. Mort . 2 8 e 2 7 0 Newton King (pref.) 0 12 6 0 D G N.Z. &. River Plate N.Z. Loan and Merc. Ditto (pref.) .... COAL— Renown (con.) .... 0 15 ft 0 13 0 llikurangi 0 4 2 0 3 10 Ditto (pref.) .. .. '— 0 7 S Ditto (A pref.) .. 0 6 3 0 6 3 Pukemiro Tauplri 166 15 3 Ditte (pref.) .... W aipa 0 16 6 GAS— Auckland 135 12 3 Ditto (con.) .. .. Birkenhead & North - cote .. .. .. .. 016 0 Thames 01l 6 §7 0 SHIPPING— Devonport Steam .. 14 6 13 9 Huddart-Parker .. —2 10 0 Ditto (pref.) .... Northern Steam .. 0 14 10 0 14 7 Ditto (con.) .. .. 0 7 3 0 6 9 Union Steam (pref.) 10 6 TIMBER— Kauri Timber .... 12 6 National 012 6 Parker-Lamb .« •. 019 0 faupo Totara •••• 016 0 Ditto (pref.) •• •• 016 0 WOOLLEN— Wellington (pref.) . BREWERIES— C. L. Innes and Co. (pref.) 100 MISCELLANEOUS— Auckland Amusement Park .... 0 14 0 A. J. Entriian (pref.) 0 19 0 British Tobacco .. 2 0 0 1 19 6 Bycroft, Ltd 1 11 0 1 10 0 Checker Taxicab .. Colonial Sugar.. 56 0 0 54 10 0 Dental and Medical 0 16 0 Dom. Pictures .... 0 19 6 Ditto (pref.) .... 0 19 6 Grey and Menzies.. 0 12 0 Hayward's Pictures 1 0 0 018 3 Hill and Plummer .. Arcade Theatre (pref.) Kempthorrie Prosser 3 9 6 3 8 0 Milne & Choyce .. Ditto (pref.) .... Ditto (“B” pref.) Ditto (deb. stock) N.Z. Farmers’ Fertiliser Co N.Z. Refrigerating (con.) 0 D 0 0 8 4 Northern Boot .... 0 18 0 Robinson Ice Cream Sanford, Ltd 10 3 Ditto (pref.) .... Thames Theatre .. 0 18 6 Tonson Garlick .... 0 10 0 Union Oil —2 0 o Victoria Nyanza Sugar Wairakei, Ltd -DlO 6 Whittome, Stevensons 2 7 0 2 4 0 Wilsons Cement .. 1 IS 0 1 17 6 MINING— Alburnia 018 0 11 Moanataiarl (paid) . 0 2 0 Golden Age (paid) . 0 0 3 Kawarau 0 0 6J Lucky Shot (2s pd.) 0 15 Maori land (con.) . . 0 0 9 ML Welcome (con.) 0 10 New Waiotahi (4s paid) 0 1 4 0 0 8 Ditto (con.) .... 0 0 9 0 0 6 Occidental-Una (2s paid) 0 20 01 2 Ditto (con.) .... 0 16 0 10 Ohinemuri 0 7 3 0 6 0 Ditto (pref.) .... 0 9 6 Waihi 0 11 2 0 10 6 Waihl Grand June. 0 1 3 0 0 10 AUSTRALIAN— Mount Lyell 110 0 190 DEBENTURES— Auckland Harbour Board. 6 p.c 104 10 0 103 10 0 City of Auckland, 1940. 5| 9S 0 0 96 0 0 Borough of DevonoorL 6 p.c Bor. Mt. Eden, 5J .. 102 0 0 100 10 0 Ditto, 6 p c N.Z. Breweries .... 12 9 1 2 C Hamilton Theatres . 105 0 0 Glaxo GOVERNMENT BONDS— War Loan. 1930. 4* . Ditto, 1938, 4} Ditto, 1939, 4a Ditto, 1933, 5-1 .. 101 10 0 100 15 0 Ditto. 1936. 5i . . INSCRIBED STOCK— War Loan. 1929, 5 .. Ditto, 1938, 4i Ditto, 1939. 4i Ditto, 1927-41, 5J .. 99 10 0 Ditto, 1933, 5i ..101 5 0 100 15 0 Ditto, 1936, 5i . . 101 10 0 100 15 0 SOUTHERN EXCHANGES SALES ON SATURDAY ♦ *1 1 » -i 'iflmivli.—Sales on ’Change: NaI Iktnk of New Zealand. £7; Dal- ? ‘ -v j'ml «'<>.. £l3 15s Cd: Staples Brew- j . 40 Id: Commercial Bank of Aus- ! ,r - *-x div.), 27a sd; Tooths Brewery, j

LONDON MEAT VALUES OFFICIAL RESUME Under date February 3, the London office of the New Zealand Meat Producers’ Board cabled the following resume of Smithfield delivered prices: New Zealand Wethers and Maidens.— Canterbury quality, selected brands, old season, 561 b and under. 6£d a lb; 571 b to 641 b, 6d; 651 b to 721 b, sid; other brands, new season, 561 b and under, 6 7-8 d; 571 b to 641 b, 6d; 651 b to 721 b, s|d. New Zealand Lambs.—Canterbury quality, selected brands, new season, 361 b and under, 10 3-8 d; 371 b to 421 b, 10 3-Bd. Other brands, first quality, 361 b and under, 9 7-8 d; 371 b to 421 b, lOd; second quality, 301 b to 321 b average, 9£d. Australian Lambs.—Victorian, first quality, 361 b and under, 9d. Argentine Lambs.—First quality, 361 b and under, 7£d; 371 b to 421 b, 7£d. New Zealand Beef. —Ox fores, 32d; hinds, sd; cow fores, 3sd; hinds, 4d. Argentine Chilled Beef.—Ox fores, 4ld: hinds, 6Jd. Argentine Frozen Beef.—Ox fores, 33d; hinds, 5 5-Bd. Frozen Pork.—Porkers, 601 b to 801 b, 7id; 811 b to 991 b, 7d: 1001 b to 1201 b, 63d; baconers, 1211 b to 1801 b, 63d. Lambs.—Market steady, present light arrivals are sufficient to supply market. Mutton Market.—Wethers, - heavyweights slightly weaker. There is a good demand for light-weights. Beef Market.—Owing to better prices of Argentine chilled beef there has been a better demand for New Zealand beef. Frozen Pork.—Market still overloaded with 801 b to 1201 b sorts; for 1201 b to 1801 b, demand is better owing to improvement in bacon prices. U.S. REDISCOUNT RATE STOCK MARKET RECOVERY By Cable.—Press Association. — Copyright. SAN FRANCISCO, Saturday. The Federal Reserve Bank of San Francisco has raised the rediscount rate from 3i per cent, to 4 per cent. A message from New* York states: The stock market gave/ an impressive demonstration of its inherent strength in recovering part of the heavy losses of the opening dealings, which were made as a result of the rise to 4 per cent, of the rediscount rate. Some pressure was apparent toward the close, owing to nervousness over the report of excessive brokerage on loans. Sterling dropped sharply on the assumption that the higher bank rate would attract funds from London, but it recovered. The closing rate was 4 dollars 86 5-8 cents to the' pound. EFFECT IN ENGLAND According to a message from London, the advance in the New York rate of discount to 4 per cent, removes the last hope of an early reduction in the Bank of England rate. Financiers consider any movement of the latter is unlikely before April.—A. and N.Z. FINANCE IN CANADA HUNDRED MILLION LOAN By Cable.—Press Association. — Copyright. OTTAWA, Saturday. In view pf the easy condition of the money markets the Minister of Finance, Mr. J. A. Robb, intends to ask Parliament for power to borrow £100,000,000 to meet maturing Canadian obligations and to purchase and withdraw from circulation Canadian Government securities.—A. and N.Z.-Sun. THE LONDON MARKET By Cable.—Press Association. — Copyright. LONDON, Saturday. FROZEN MEAT Sheep. —North Island, light, 6 7-8 d; medium, 6d; heavy, 51d. Lambs.— North Island, firsts, light, 9 7-8 d; seconds, 9.£d; Australian, firsts, other States. 8d; ' seconds and others, 7d; thirds, 6sd; Argentine, firsts, 7|d. Chilled Beef. —Argentine, fores, 4}d; hinds, 63d; others, unchanged. COTTON, RUBBER, HEMP, ETC. (Last week’s prices in parentheses.) Cotton. —March delivery, 9.25 d (February, 9.66 d) a lb. Rubber. —Para, 15d (15Jd) a lb; plantation and smoked, 18 l-8d (19id). Jute. February-March shipment. £3O 15s (January-February, £3l ss). Hemp. —February-April shipment, £34 10s (January-March, £35) a. ton Copra. —January-February shipment. £2B (£27 ss) a ton. Linseed Oil. — £2B 5s (£29) a ton. Turpentine. —4ls 3d (42s 9d) a cwt. WHEAT DEPRESSION The depression in the cargoes market is not relieved. The demand is slow and quotations are lower. Parcels are quiet, mostly at 3d down. Liverpool futures: March delivery, 9s lljd per cental; May, 10s o£d; July, 10 1 l-Bd. A. and N.Z.-Sun.