Markets and Money

Sun (Auckland), Volume II, Issue 313, 26 March 1928, Page 12

Markets and Money

A Review for Business Men

ON CHANGE HEALTHY TONE IN MARKET COLONIAL SUGARS FIRM The week on 'Change opened this morning with a healthy tone in the market. In banks. Commercials of Australia are quiet with buyers at 27s 6d and sellers asking 27s lOd. New' South Wales and New' Zealands are firm and registering an upw’ard tendency, with the former sought at £4B and the latter at 59s 3d. In the insurance section sellers of A.F.A. s appear more anxious to quit, and quotation* at 9s 9d were unsupported. Other scrip in this section is firm at late quotations. In the loan and agency section the firm note in the market for New Zealoand Loans noticeable over the last fortnight is well sustained and, with buyers for the ordinary scrip listed at £ 99, sellers are hard to locate. Kauri timbers remain firm at Saturday’s quotations with sellers in this morning at 23s 9d. Miscellaneous scrip is quiet, with practically no alteration in the market. Colonial Sugars have hardened to see a sale at £SB 17s 6d. SALES REGISTERED At this morning’s 10 o’clock call: On ’Change: Auckland Gas (paid), 21s lOd. Reported: Colonial Sugar, £SB 17s 6d. *At to-day’s mid-day call: —Reported: Rank of New Zealand, D. Mortgage, 20s paid, 265. TO-DAY'S QUOTATIONS Closing quotations at to-day’s mid-

Richard Arthur, Ltd., will sell by auction on behalf of A. E. Kernot, Esq., at the residence “Klleedie,” Remuera Road, to-morrow at 11 a.m., the beautiful household furnishings and effects. Mr. Thos. ki. Arthur is the auctioneer.

RECORD BUSINESS LONDON STOCK EXCHANGE REVIEW OF TRADE By Cable. —Press Association. — Copyright. LONDON, Saturday. The London Stock Exchange has just completed the settlement of what is generally accepted as one of the largest, if not the largest, accounts in its history. One financial newspaper says the clearing department dealt with 4,000,000 shares in Courtauls, 7,000,000 in Mexican Eagles (oil), and millions of other pupular shares. As the brokers intimate that most of the business represents purchases which have actually been taken up by holders it is difficult to surmise whence all the money is coming. Although it is known that there has been considerable buying on American account the principal activity has been in the more speculative shares, and the ordinary investment sections of the Stock Exchange have been more or less stagnant. Gilt-edged stocks have shown a falling tendency, but colonial stocks have been steady and the new Commonwealth issue has been in such demand that the price has steadily improved. From being quoted at five-eighths discount it is now only one-sixteenth discount. In connection with loans it is interesting to note that the new volume of the Stock Exchange Official Intelligence, just issued, contains particulars of 54 news loans for a total sum of £416,337,275, raised here by various Governments, municipalities and public bodies in the last 12 months. BRIGHT WOOL OUTLOOK The second series of London * wrool sales is proceeding most satisfactorily. There is no sign of weakness of any description, and competition from all quarters is well maintained. Writing on the position the Bradford correspondent of the “Economist” says: “The impression created by the London sales is that all the available wool will be wanted, and in some quarters the belief is still held that values are likely to be higher in the autumn. The influence of the strong raw wool position is seen in the very firm quotations for tops, in which there is a steady turnover, especially in crossbreds..' Another Bradford correspondent writes: “A leading member of the trade remarked on the Exchange that in his 40 years’ connection with it he had never known a situation parallel to that existing to-day. The salient feature is to be found in the fact that owing to the actual consumptive demand having been sustained and accelerated since the beginning of the season, the raw material has never been known to be so freely absorbed upon arrival. Consequently the quantity of wool still to come forward and available for further contracts is unusually small compared with the supplies which customarily have accumulated at this period of the year to provide for the inter-season’s requirements.” MARKETS FOR FRUITS The Australian and New Zealand apple season will be opened on Monday, when cargoes by the Narkunda and the Tainui will make their appearance at Covent Garden and the Monument sale rooms. The outlook does not seem to be any more favourable than it did a month ago, for the dema.nd for apples is still poor and prices are low. The only hope is that the Australian and New Zealand apples by their freshness and good quality will attract buyers who have been neglecting apples lately. This is not surprising, for the Americans now being offered are mostly very unsatisfactory. The market will certainly be severely tested, for in the next three weeks 250,000 cases are due from Australia and New Zealand. “There are developments in connection with the recommendations of the Migration Commission as to the Australian dried fruit industry,” says the newspaper “Grocer.” “Among them is a proposal to establish a co-operative selling agency with a branch in London for the elimination of agents. Whether such a proposal if adopted would be successful remains to be seen. Traders in this country dislike experiments of this sort. If the Commonwealth authorities will recall what happened to Now Zealand in respect to the absolute control policy as regards dairy produce they may be disposed to think twice before attempting to upset the established customs of the dried fruit trade.” —A. and N.Z. WEALTHY U.S. BANK BIG INCREASE IN CAPITAL By Cable.—Press Association. — Copyright. NEW YORK, Saturday. The National City Bank announces that it will Increase its capital stock from £15,000,000 to £18,000,000 by the issue of 15,000 new shares of a. par value of £2O each. These will be sold to present stockholders at £BO a share. As the shares of the bank are now selling on the open market at £l6B each, it will mean the distribution o? a large sum to present stockholders. Moreover, the bank, with its combined capital, and surplus of £47,000,000, will far exceed in wealth any private banking institution in America.—A. and N.Z.

LONDON MARKETS N.Z. WOOL SELLS WELL By Cable.—Press Association. — Copyright. LONDON, Friday. At the London wool sales to-day 11,371 bales were sold, of which 1,709 were Australian ar.d 3,842 New Zealand. There was a good selection of greasy crossbreds and the lot of slipes of this series. Very keen competition prevailed at full rates. The following New Zealand clips sold: “Kanapa,” top price 22d, average 21d; “Putiti,” 21id and 20d; •*Ngaio,” 241 d and 22d; “Iwhea,” 23d and 221 d. Frozen Meat Values Sheep.—Canterbury, light to medium, 7 1-Sd; medium, Gid; heavy, 5 3-Bd. North Island, light, 7d; medium, 6 3-8 d; heavy, s£d. Lambs.—Canterbury, light, D l-8d; medium, 9d; heavy, 83d; seconds, 81d, other selecteds, light, 9 l-8d; medium, 9d. North Island, firsts, light, 8 5-8 d; medium, 81d; seconds, SJd. Australian, firsts, Victorian, Sd; other States, 7Jd; seconds, Victorian, 7 5-Bd. Frozen Beef.—New Zealand, fores, 32sd; hinds, 4 5-8 d; Australian, fores, 3 9-16 d; hinds, 4£d; Argentine, fores, 4d. Chilled Beef.—Argentine, fores, 4 l-Bd. Others, unchanged. Cotton, Rubber, Hemp, etc. (Last week’s prices in parentheses.) Cotton.—April delivery, 10.33 d (10.16 d) a lb. Rubber. —Para, 12Jd (113 d) a lb; plantation and smoked, 13d (12d). Jute.—March-April shipments, £3O 10s (£3O ss) a ton. Hemp.—April-May shipments, £3l 10s (£33, February-April) a ton. Copra.—March-April shipments, £26 15s (£26 17s 6d) a ton. Linseed Oil.— £29 (£29) a ton. Turpentine.—4os 3d (40s 6d) a cwt. London Apple Market The Tainui’s New Zealand apples at Southampton are reported to be in excellent condition. They are being railed to London. The Merchandise Marks Standing Committee, as a result of its inquiry, recommends that an Order-in-Council be issued prohibiting the importation and sale by the wholesale trade of fresh apples unless each container indicates the origin of the fruit. It also considers there should be prohibition against the exposure of apples for retail unless the origin is indicated by means of showcards displayed in close proximity.—A. and N.Z. LONDON MEAT MARKET SMITHFIELD PRICES Under date March 23 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, 561 b and under, 7 l-8d a lb; 571 b to 641 b, 6id; 651 b to 721 b, 5 3-8 d; other brands, 561 b and under, 7d; 571 b to 641 b, 6 3-Sd; 651 b to 721 b, s£d. New Zealand Lambs.—Canterbury quality, 361 b and under, 9 l-8d; 371 b to 421 b, 9d; 431 b t0.501b, 83d; seconds, SJd; selected brands, 36!1b and under, 9 1-Sd; 371 b to 421 b, 9d; other brands, first quality, 361 b and under, 8 5-Bd;‘37lb to 421 b. B£d; second quality, 301 b to 321 b, average Sid. Australian Lambs.—Victorian, first quality, 361 b and under, Bd. Argentine Lambs.—First quality, 361 b and under, B£d; 371 b to 421 b, B?*d. New Zealand Beef.—Ox fores, 3?,d; hinds, 4 5-8 d; cow fores, 3£d: hinds, 4d. Argentine Chilled Beef.—Ox fores, 4 1-Sd; hinds, 6 5-Bd. Argentine Frozen Beef.—Ox fores, 4d; hinds, sid. Frozen Pork.—Porkers, 601 b to 801 b, 7d; 811 b to 991 b, 61d; 1001 b to 1201 b, 6£d; baconers, 1211 b to 1801 b, 63d. Lambs.—Consumption is still good. Mutton Market.—Heavier arrivals and easing prices. Beef.—Small stocks on hand are sufficient to supply demand. Frozen Pork. —801 b to 1201 b, prices are slightly weaker owing to good supplies and lower prices of Home killed; 1211 b to 1801 b, market firih. Under date March 23 the London office of the New Zealand Loan and Mercantile cabled as follows: “Frozen meat, id lower; market slow. BUTTER AND CHEESE Under date March 24 the London Office of the Amalgamated Dairies, Ltd., cabled as follows: Butter: —Official quotation, 170 s to 1745; exceptional quality, 1765; our price, “Anchor,” 1765; firsts, 1745. Little business passing. Buyers are holding off in order to resume buying at a lower level. Danish, 192 s to 196 s on spot; 194 s f.0.b.. Deliveries of New Zealand, 1,531 tons; stock, 6,237 tons. Retail prices unchanged. Cheese: Market and prices are unchanged. MINING NEWS MOANATAIARI. —The following is the mine report for the week ended March 24, 1928:—“The drive seaward on the main reef of No. 1 Winze has been extended 6ft, a total of 124 ft. The reef here averages 2ft wide, but is still very mixed with mullock. The drive on the footwgill of leader at the seaward end has been extended 6ft, a total of 71ft. The reef here averages 3ft wide, and is a fine body of stone, carrying nice mineral blend and silica. Colours of gold are seen in the ore. About sft back from the face a leader Sin wide is going off into the footwall at very near right angles to the leader. A little water is coming from the lea.der, and when the main drive is further ahead this leader will be worth driving on, as the quartz looks very well.

clay call were: — Sellers. Buyers. £ s. d. £ s. d. BANKS— Rank of Australasia. 15 2 0 Com. Bank of Aust. 1 10 1 7 6 Ditto (pref.) .. .. 6 16 0 Kng., Scot, and Aus. 8 6 0 8 3 0 National of N.Z. . . 7 0 0 6 18 0 Nat. of Australasia (con.) 8 18 6 New Sol th Wales . 48 10 0 48 0 0 New eZaland .. . . 2 19 : 9 19 3 I »itto (20s paid) . . i 6 6 1 5 9 Union of Australia 14 13 6 14 10 0 insurance;— National 0 15 3 New Zealand .. .. 1 0 2 0 3 South British 2 19 0 A.P.A 0 9 9 — LOAN AND AGENCY— Abraham & Williams (pref.) 4 7 6 — Farmers’ Co-op. Auc. 3 5 0 Ditto, A (pref.) .. 0 16 6 Ditto, B (pref.) .. 0 15 0 Goldsbrough, Mort . 9 0 Nat. Mortgage 3 10 6 Newton King (pref.) 0 12 6 0 10 9 N.Z. and River Plate 9 0 N.Z. Loan and Merc. — 9 9 0 0 COAL — Renown (con.) .. .. 0 14 6 0 12 0 Hikurangi 0 4 0 3 8 Ditto (pref.) .. .. 0 8 3 0 7 (i Ditto (A pref.) .. 0 6 9 0 6 Pukemiro 3 0 0 Taupiri 1 0 Ditto (pref.) .. .. 1 3 0 "V\ aipa • • .. • • • . 0 16 3 0 15 0 GAS — A tick land 1 0 1 1 10 Ditto (con.) .. .. 0 16 0 15 6 Birkenhead and Northcote 0 16 0 — SHIPPING— Devonport Steam . 1 1 4 Northern Steam 0 Id Ditto (con.) 0 7 5 0 7 0 T. and O. (def. stock) — 230 0 0 TIMBERBartholomew .. 1 1 0 Kauri Timber .. .. 1 3 9 1 2 9 National 0 12 6 i’urker-Lamb •• .. 0 19 0 — WOOLLEN— Kaiapoi — 0 8 0 Mosgie) — 6 12 0 BREWERIES— N.Z. Breweries 5 0 3 0 J. Staples and Co. . 1 17 4 1 16 10 MISCELLANEOUS— Auck. Amuse. Park 0 11 0 A. J. En trican tpref.) 0 19 0 Australian Glass .. 3 6 British Tobacco 0 0 1 19 6 Burns, Pnilp .. .. 3 0 2 1 9 Bycroft, Ltd 1 10 0 Checker Taxicab Co. 0 19 6 Ditto (con.) .. .. 0 9 6 Colonial Sugar (Aus. ) 58 12 6 Dental and Medical 0 16 0 Douaghy s Rope and Twins Co 1 13 0 Electrolytic Zinc (Ord.) 1 10 6 Ditto (pref.) .. .. 1 13 3 1 12 3 Fullers’ Pictures . . 1 0 0 0 IS 0 Grey and Menzies . 0 12 0 Hayward's Pictures 1 0 0 0 IS 6 Henry Jones Co-op. 1 16 Hill and Plummer 1 6 1 2 t> Holden’s Motors . . 1 10 3 H.M. Arcade (pref.) 1 0 0 Lewis Eady. Ltd. (pref.) 1 0 6 Milne and Choyce .. 1 4 0 Ditto (.pref.) .. .. 1 4 0 Ditto (B pref.) .. 1 4 0 Ditto (deb. stk.) . 1 3 0 N.Z. Farmers' Pertiliser Co 4 6 0 — N.Z. Paper Mills .. 0 17 0 \— N.Z. Refrigerating . 0 15 3 Ditto (con.) .. .. 0 8 0 0 7 Northern Boot and Shoe 0 IS 0 Sanford. Ltd. (pref.) 1 1 8 Sharland arid Co. .. 1 0 9 Taranaki Oilfields .. 0 9 6 0 13 0 0 11 Union Oil 2 0 (1 Wairakei, Ltd 0 10 6 — Whittome Stevensons (ex div.) 4 0 ■Wiseman and Sons (pref.) 0 16 0 Wilsons Cement 1 18 0 1 17 6 MINING— Alburnla 0 1 6 — Moanataiari (paid) 0 0 0 1 Ditto (con.) .. .. 0 1 4 Empire Reefs (con.) 0 1 0 0 0 3 Golden Age ipd.) .. 0 0 4 0 0 l Kawarau 0 0 10 0 0 5 Lucky Shot (2s pd.) 0 t 0 0 7 Mr. Welcome (con.) 0 0 6 New Waiotahi 1 4s paid) .. .. n 1 1 0 0 8 Ditto (con.) . 0 S 0 0 5 Occidental Una (2s paid) 0 1 9 Ditto (con.) .. .. 0 1 4 Ohinemuri .. .. 7 2 0 6 9 Ditto tpref.) .. .. 0 9 0 Waihi 0 10 6 Waihi Grand June. 0 1 6 0 1 2 AUSTRALIAN— Mount Lyell . . . . 1 11 3 1 10 3 DEBENTURES— Auckland Gas, 1932 o per cent 90 0 0 Auckland Harbour Board, 5J p.c. 97 10 0 95 0 0 Ditto, 6 p.c.. 103 10 0 Bor. Devonport, 6 . 101 0 0 Bor. Mt. Eden, 5J 103 0 0 100 0 0 105 0 0 102 0 0 Bor. of Hamilton, 6 104 10 0 100 0 0 .Bor. Ngaruawahia. 6 104 10 0 99 0 0 N.Z. Breweries .. . 1 10 Glaxo 90 0 0 Hamilton Theatres 7 p.c 102 0 0 — GOVERNMENT BONDS N.Z. Gov. War Loar 193S. 4J 97 15 0 97 5 0 Ditto, 1939, 4* 97 5 0 Ditto, 1941. 44 97 6 Ditto, 1933, 54 .. — 100 0 0 INSCRIBED STOCK N.Z. Gov. War Loan 1939. 44 97 5 0 Ditto. 1933. fci 101 0 n 100 0 0 Ditto, 1936, 54 .. 100 15 0 —