Markets and Money

Sun (Auckland), Volume I, Issue 310, 22 March 1928, Page 14

Markets and Money

A Review for Business Men

ON ’CHANGE

BANKS ACTIVE WAIPA COALS WEAKER Heavy trading: in banks was registered at yesterday afternoon’s call on 'Change. All shares changed hands on a Arm market. In the insurance section Nationals continue active at 15s 6d. South British are slightly easier with sellers at 60s, supported by buyers at 58s 3d. Wat pa Collieries continue to register a weakening tendency, and a parcel was done this morning at 15s 6d, Is 4d below last week’s market. Miscellaneous scrip is mostly idle with little movement in the market. Taranaki Oils are easier with sellers ai. 9s 3d unsupported. Little improvement is registered in mining scrip. Waihis are firmer, and, with buyers offering 10s 3d, sellers have withdrawn. The upward movement of Kauri Timbers continues, and buyers offered -2s 6d this morning. SALES REGISTERED Yesterday afternoon’s business: On ’Change: New Zealand Inscribed Stock, 1930, per cent., £9B 10s. Reported: Bank of Australasia, £l4 19s; English. Scottish and Australian, £S 2s 6d; Bank of New South Wales, £47 15s; Bank of New Zealand, 595; Union Bank of Australia, £l4 11s; Auckland Gas, 21s lOd; Wilsons Cement, 38s: New Zealand Inscribed Stock, 1938, 4£ per cent, £97 10s. At this morning’s 10 o’clock call: On Change: Waipa Collieries, 15s 6d. Reported: National Insurance, 15s 6d. MID-DAY QUOTATIONS Closing quotations at mid-day to-day were:

CHICAGO WHEAT By Cable.—Press Association. — Copyright. Reed. 9.5 a m. CHICAGO, Wed. Wheat.—March, 1 dollar 411 cents a bushel; May, 1 dollar 39| cents; Jltly, i dollar 56 a-S cents.»-A. and N.Z. •

STOCK MARKET REVIEW

HEALTHY TONE SUSTAINED EXPORT RATES EXCEEDED THURSDAY, 9 a.m. All classes of stock continue to meet with a firm demand throughout the Dominion. At Westfield yesterday values in all sections were firm to slightly in advance of late rates. At Addington 40,000 sheep met with keen competition and the market for fat cattle moved up 10s to 20s a head. The outlook for frozen meat continues unchanged, with little prospect of an easing of values in the near future. Though the lamb market continues easier following heavier arrivals, consumption is sustained at a rate which apparently keeps the market clear and there seems little likelihood of stocks accumulating. Prospects for pork on the Home market at the moment show a slight improvement owing to the curtailment of supplies, but this should have little influence on the New Zealand market for some time to come, as the local demand is sufficient to absorb available supplies for several months with every prospect of even better values ruling. The local butchers’ demand is having a big influence on the New Zealand market at the moment. The export parity has been left far behind in most sections at Westfield, and even at Addington a similar tendency prevails. Extra choice ox beef at Addington yesterday made up to 40s 6d a 1001 b. Fat sheep were easier by Is a head compared with last week, but even at that level, sold above exporters’ limits. A yarding of 2,700 fat lambs at the southern yards made full export rates, show lambs making to 50s, with ordinary choice heavy prime lambs making 31s to 33s Id. In the Auckland province at the moment there is little inducement for graziers to patronise the freezing firms as the Westfield saleyards provide" a decidedly better market, both for prime cattle and sheep. Exporters have been noticeably quiet in these sections over the last week or so, only coming in occasionally, and then, for the most part, compelled to drop out in favour of a butcher. The market certainly continues in good tone, reaching the highest point for the season yesterday when ordinary heavy prime bigframed cows made £ll 2s 6d to £ll 17s 6d. Best finished cows drew keen competition at rates in isolated instances up to £3 a head in advance of those ruling two months ago. Good young cows and heifers, apart from cull dairy sorts, are apparently scarce at the moment, and the greater part of the offerings coming forward are drawn from dairy herds. Yesterday’s offering of fat sheep was mixed. While there was ar satisfactory percentage of choice prime big-framed wethers, there was a large percentage of inferior finished sheep. In this section also there was a strong demand with values when the market opened ranging up to 2s ahead of last week’s rates. The market eased slightly toward the close, however, but at no time fell below late rates. Trade in canner cows continues unabated, and is responsible for practically the whole of the activity at the Auckland freezing works. Most other classes of stock for export have ceased to count. Up to 1,000 head of cattle a week have been coming forward from the Waikato over the last month withn no indication of an early slackening-off of trade. The brighter tone registered in the demand for porkers and baconers, particularly the latter, is well sustained with every indication that baconers will see higher values before the winter ends. The marketing association is reported to he registering satisfactory trading, though business is now falilng off with the shortage of milk. The association has served a useful purpose over the season, handling approximately 30,000 pigs to date. It has made regular advance payments to suppliers, and disposed of practically the whole of its output at satisfactory rates to various classes of buyers. Heavy parcels of porkers were sent overseas early in the season, but at the moment all surplus stocks are reported to be finding the best market in the Dominion. Little alteration is recorded in the market for store sheep. The autumn series of ewe fairs in Canterbury is practically completed. Poverty Bay twotooths there last week sold to 41s. WESTFIELD VALUES Prices under the hammer at W'estfield yesterday ranged as follow: — Cattle. —Heavy prime steers, £l4 to £ls ss: 24 nice quality steers from Mr. W. Vosper, Dingley Dell, Cambridge, averaged, £l4 6s 3d: lighter prime steers, £l2 to £l3 15s; light prime, £lO to £ll 17s 6d; small and unfinished, £S 10s to £9 17s 6d; extra heavy prime young cows and heifers, £lO to £lO 17s 6d: two extra good cows from Waikato made £ll 17s 6d; heavy prime cows and heifers, £8 to £9 17s 6d; lighter prime, £6 10s to £7 17s 6d; other killable cows, £4 15s to £6 7s 6d. Sheep.—Extra heavy prime wethers made £1 13s to £1 15s. the latter price for wethers from Mr. H. A. Robertson, Mangere; heavy prime wethers, £1 9s to £1 12s; medium to heavy prime, £1 7s 6d to £1 Ss 9d: light to medium prime, £1 6s to £1 7s 3d; unfinished, £1 3s to £1 5s 9d; extra heavy prime young ewes, £ 1 6s to £1 7s 9d; heavy prime ewes, £1 4s to £1 5s 9d; lighter prime, £1 2s to £1 3s 9d; other killable ewes, 18s to £1 Is 9d; other ewes, 11s to 16s 6d. Lambs.—Extra heavy prime lambs made £1 9s to £1 10s 6d; heavy prime, £1 5s to £1 7s 6d; lighter prime, £1 3s to £1 4s 9d; light prime, £1 Is to £1 2s 9d: store lambs, 17s to £l. Calves.—A specially well-done runner from Mr. Tom Mason, Glorit. made £9, and was purchased by Mr. John Rowe, butcher, Newmarket. This is the highest price for a runner paid at Westfield for a number of years. Runners made £3 to £5 10s, and £9 for an extra choice heifer; heavy vealers, £4 to £4 15s; medium. £3 Ss to £3 18s; light. £2 ISs to £3 6s; smaller, £2 6s to £2 16s; small and freshed dropped. £2 3s to £2 Is; rough calves, 15s to £1 10s. Pigs.—Extra heavy choppers made £4 to £4 15s; lighter. £2 10s to £3 12s; extra heavy prime baconers, up to £4 12s; heavy baconers. £4 6s to £4 10s; medium. £2 8s to £2 12s; light. £1 18s to £3 lls; heavy porkers, £2 16s to £3; medium. £2 8s to £2 12s; light, £1 ISs to £2 4s; small and unfinished. £1 lls to £1 15s. No good-framed stores were offered. Medium stores made £1 3s; slips, 8s to 12s; weaners, 4s to 7s.

Sellers. Buyers. £ s. <L £ a d BANKS— Auflt. Bank of Com. 1 14 0 1 13 0 Bank of Australasia 15 1 0 Com. Bank of Aust. 1 8 0 1 7 7 Ditto, (pref) .. .. 16 6 Bank Sydney 26 3 ft Knar., Scot., and Aus. 8 4 6 S 3 0 Nat. of N.Z. Nat. Bank of Aus6 19 6 6 17 0 tralia (con.) 18 6 New South Wales 47 15 0 New Zealand .. .. 19 3 2 IS 9 Ditto (20s pd.) .. 1 6 8 Union of Australia . 14 14 0 14 9 0 INSURANCE— Aust. Provincial 0 It ft National 0 15 8 ft 15 New Zealand .. .. 1 0 ft South British .. .. ft 0 18 9 Standard — 3 2 6 LOAN AND AGENCYDalgety and Co. .. — 13 17 6 Partners’ Co-op. ft Ditto A (pr»f.) .. 0 16 6 Ditto B (pref ) .. 0 3o Goldsbrough, Mort . 9 9 2 8 9 National Mortgage . 10 0 Newton King: (pref.) 0 12 6 0 10 N.Z. and River Plate 9 0 N.Z. Loan and Merc. 93 10 0 Ditto (pref.) .. .. — 81 0 0 Renown (con.) .. .. ft 14 6 0 12 6 Hikurangri 0 4 0 3 Ditto (pref.) .. .. 0 7 6 Ditto (A pref.) .. 9 6 9 ft 6 3 1 Taupiri 1 6 6 6 0 Ditto (pref.) .. .. 1 3 0 Waipa 0 16 0 — GAS— Auckland 1 ? ft 1 1 1 >itto (con. ) .. . . ft 16 ft 0 15 6 16 SHIPPINfi— Devonnort Steam .. l 5 6 Howard Smith .. .. 1 S 6 Hud dart-Parker 6 6 Northern Steamship 0 15 2 — Ditto (con.) .. .. 0 7 5 0 7 0 TIMBER— Bartholomew .. .. 1 1 0 Kauri Timber .. .. 1 6 National 0 12 6 Parker-Lamb .. .. 0 19 0 — WOOLLEN— Kaiapol 0 8 ft Mosgiel — 6 12 0 BREWERIES— O- L. lnnes (pref.) 1 0 0 \.Z. Breweries, Ltd. 5 ft 2 3 0 J. Staples and Co... 1 17 4 — MISCELLANEOUS— Auck. Amuse. Park 0 11 ft A. J Entrican (pref.) 0 19 0 British Tobacco 2 0 ft 1 19 6 Burns. Philp .. .. ft 1 9 Bycroft, Ltd 1 10 0 Checker Taxicab Co. 0 19 6 Ditto (con.) .. .. Donaghy’s Hope and 0 9 6 Twine Co 1 13 0 Dominion Rubber Electrolytic Zinc 1 2 6 1 11 6 (Ord.) 1 1ft 6 Ditto (pref. ) .. . . 1 13 ft 1 12 Hear Meat Co. 1 13 0 *iwy ami Muncies . 0 12 0 Hay ward s Pictures 1 0 0 ft 18 6 Henry Jones Co-op. 1 17 3 1 16 9 Hill and Plummer . 1 6 H.M. Arcade Theatre (pref.) 1 0 0 Keinpthorne Prosser 3 S 0 Holden's Motors Lewis Eady. Ltd. 1 10 0 1 18 9 (pref.) 1 0 6 Milne and Choyce .. 1 4 0 (pref.) .. .. 1 4 0 tto (B pref.) .. 1 4 0 tto (deb. stk.) . — 1 3 0 Farmers' FerPaper Mills .. 0 17 0 Refrigerating . 0 15 3 tto (con.) .. .. 0 8 ft 0 7 6 chern Boot .. .. 0 18 0 ford. Ltd l 0 0 0 19 6 tto (pref.) .. .. l 1 0 Sharland and Co. .. 1 0 9 Taranaki Oilfields .. 0 9 9 Tonson Garlick 11 Union Oil 0 0 Victoria Nyanza .. 11 ft 9 9 W airakei, Ltd 0 10 ft Whittome Stevensons 2 8 ft 6 Wilsons Cement 1 18 0 1 17 6 MINING— Alburnia 0 1 6 Moanataiarl (paid) . ft ft 1 4 Empire Reefs (con.) 0 l ft ft 0 3 < iolden Ase > od. ) 0 4 o l Ducky Shot (2s pd.) ft l 2 0 0 7 Mt. Welcome (con.) ft 0 6 New Waiotahi (con.) Occidental Una (2s 0 0 6 0 0 9 paid) 0 1 8 — Ditto (con.) .. .. 0 1 — 10 Ohinemuri 0 4 0 6 Ditto (pref.) .. .. 0 9 6 Wa i h i 10 Waihi Grand June. . 0 1 3 0 1 0 AUSTRALIAN— .Mount Lyeli 1 10 3 1 9 6 DEBENTURES— Auck. Gas, 1932. 5 94 0 0 90 0 0 Auckland Harbour Board. 6 p.e 103 10 0 < Tty of Auck. 1940. 5i 98 0 0 101 0 0 103 0 0 Ditto. 6 p.c. 105 0 0 102 0 0 104 10 Bor. Ngaruawahia, 6 104 10 99 N.Z. Breweries 6 Milne & Choyce .. — Glaxo u 7 p.c 102 0 — Ditto, S p.c 103 — GOVERNMENT BONDS N.Z. Gov. War Loan, 97 97 6 6 3938, 4J Ditto. 1939, 4j .. Ditto, 1941. 4i .. 2 6 Ditto, 1933, 5J .. INSCRIBED STOCK 1939. 4i 97 6 100 ') Ditto, 1936, 5J .. 100 15 0 100