FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 364, 26 May 1928, Page 12

FINANCE & MARKETS

Quiet Tone on ’Change Mt. Lyells Firmer A QUIET tone was registered on ’Change this morning. Only one sale was made in the call room. The market for most of the better classes of securities remains firm.

Banks are steady with a sustained demand for most shares. Coals are quiet, but quotations are practically unchanged, with Waipas and Renowns the only scrip unsupported. Breweries are neglected, and neither buyers’ nor sellers’ quotations were listed this morning. Little movement is registered in the miscellaneous section. Hayward’s and Fullers’ pictures are both sought on a firm market with no sellers at this morning’s call. Buyers of Taranaki Oils have fallen back to 7s 6d, with sellers asking 9s fid. Wilsons Cements remain steady at 395.

i Mt- Lyells contribute the only life to mining, firming to s<je business at 33s 1 4d yesterday afternoon. Waihis are quietly steady. Other scrip in this ] section is depressed and neglected. A steady demand is maintained for I gilt-edged securities. Yesterday afternoon’s business.—On I 'Change: Fullers' Pictures, 20s 6d. Re- . ported: Goldsbrough, Mort, 525; Kaiapoi Woollens (ord.), 10s; Wilsons Cements, 39s 2d; Mt. Lyell Mining, 33s 4d. This morning’s business.—On 'Change: Wilsons Cement, 395. Reported: Union Bank of Australia, £l4 18s; N\Z. Ins. Stock, 1938, 4£ per- cent., £97 15s.

TO-DAY’S QUOTATIONS

Closing quotations at mid-day to- day were:

SOUTHERN EXCHANGES YESTERDAY’S SALES Press Association Christchurch. — Commercial Bank of Australia, 29d 5d (two); English, Scottish and Australian Bank, £8 9s; National Bank of Australasia (£5 paid, cum. div), £9 3s (two); Union Bank, £l4 17s 6d (two); Goldsbrought, Mort, 51s 8d; New Zealand Breweries, 42s sd; Christchurch Gas, 245; Tooths Brewery, 42s lid, 43s (two); New Zealand Government Inscribed Stock, 5J per cent., 1933, £IOO ss; National Insurance, 15s 6d; .Mahakipawa, Is fid. Dunedin. —Kaipoi Woollen (pref.), 14s 3d; Mount Lyell, 33s 2d (two), 33s fid (two); Commercial Bank (pref.), £7 5s fid; National Insurance, 15s 6d; Electrolytic Zinc (ord.), 31s 3d; New Zealand Drug, 69s 3d; National Bank, £7 3s 6d; New Zealand Refrigerating (con.), 8s 4d. HIDE MARKET EASIER (Special to TUB 3UK) WELLINGTON, Friday. A larger attendance than usual attended the fortnightly hide, skin and tallow sale held here to-day. Dry sheepskins met with a good demand at full late rates. Sailed skins were 3d to 9d higher than at the last auction held here. Prices were: Halfred, 15d to 15Jd; fine crossbred, 15d to ITJd: medium-coarse crossbred. 133 d to 16Jd; short to half wools, 12£d to sd; lambs, 14jd to 17Jd; dead and damaged crossbred, 12d to 15Jd; inferior and badly damaged, 8d to 123 d; pelts, 9d to 12id; damp, salted and green, 7s 9d to 12s lOd; lambs, 5s 6d to 8s 9d. Compared with prices current at the last auctions here heavy hides were id to Id lower in price; mediums, 3d to lid lower; lights. 3-Sd to 3d lower; kip and yearling, id to £d lower; calf, £d higher. Prices were: Extra heavy ox, 12£d to 123 d; heavy, 10£d to 12£d; medium, lid to 12Jd; light, 10£d to 11 3-Sd; cut, slippy and inferior, 9Jd to 11 5-Sd: heavy cow, lo}d to lljd: medium. 10 3-Sd to llid; Light. 103 d to 12 3-8 d: cut, slippy and inferior, 9 l-8d to lO&d; bull stag, Sid to 9 5-Sd; yearlings. 111 b to lfilb, lOd to 13-id; yearlings. 171 b to 321 b. 12 3-8 d to 13d; calf, medium to good, up to 101 b, 13d to 17 l-8d; calf, damaged, up to 101 b. fiid to 13id. Tallow.—The market was slightly easier. In casks, 265; in tins, etc., 12s 6d to 27s 6d. Sundries.—Horsehair, 20d to 25id; cow tails, 20id. CHICAGO WHEAT MARKET (United. P.A. —By Telegraph — Copyright) (Australian Press Association > Reed. 9.5 a.m. CHICAGO. Friday. Wheat.—May. l dollar 49J cents a bushel: July. 1 dollar 50 7-S cents; September. 1 dollar 51 cents; December, 1

I POTATO MARKET EASIER POSITION IN CANTERBURY Press Association With the May wheat contracts filled prices have stabilised, and values to-day are more uniform. The market is fairly firm at 6s to 6s Id, f.0.b., s.i., or 5s 7: l sd to 5s 9d on trucks. Offerings in the last few days have been much freer, particularly of under-grate wheat, and a fair quantity of this has changed hands at os 5d to 5s 7d, according to quality. Fowl wheat is scarcely as firm, and is quoted at 5s 8d to 5s Bid, f.0.b., for prompt de- ; livery. i A Cartons have not maintained last ; week’s position. Holders want to quit ! their May oats, as most of them are showing a profit, but buyers are not plentiful. Values for prompt delivery are back to 4s l£d to 4s 2d a bushel, fo.b., s.i., Lyttelton, and 4s 2d for June. For spread June-Septembers buyers are offering 4s 3td, and sellers are asking 4s 4d. Values on trucks are from 3s 7d to 3s Bd. B Gartons, f.0.b., s.i., are quoted at 3s lOd or 3s 4d on trucks. Both Algerian oats and chaff have been very slow to respond to the advance in Gartons, but chaff has improved this week, and is quoted at £5 15s a ton. f.0.b., s.i., or £3 17s 6d to £4 on trucks. Consequent on an unexpected heavy consignment of 7,500 sacks by the Waikouaiti for Auckland the other dav the potato market is inclined to be easier. The Waipiata. is booked to-morrow with a small lot, and the Katoa for the beginning of next month. The Waikouaiti’s consignment will arrive on a bare market, and a fair number of inquiries have been received from the North for June. Potatoes there have been sold at £5 ss, f.0.b., s.i., for whites, and £5 7s fid for Dakotas. A new interest has been revealed in the potato market by the report that a shipment of about 300 tons has been sold to South America. Onions have steadied in price, but up to £5 15s a ton is available on trucks. The price of peas is scarcely as firm as last week, the Home inquiry slackening off. The price is 6s 9d, f.0.b., s.i., or 5s lOd to 6s on trucks. A good demand for white clover has set in, and the quotation is 130 s a cwt. for dressed seed. Values to farmers range from 9d to lOld a lb. A fair amount of c-owgrass is being offered, but the quality is mediocre. From 7d to 9d a lb. are the quotations to farmers. Perennial ryegrass is also inquired fox-, and for 27-28Ib. seed 5s to os 3d a bushel is available. LONDON MEAT MARKET Although the New Zealand freezing season is practically over, it is interesting to note that a gradual firming has been registered on the London market. Further evidence of this trend is given in a cable received by Dalgety and Co., Ltd., from its London House, which reports the market for New Zealand lamb, mutton and beef as firmer. The demand for lamb is fair, and for mutton runs principally on heavy-weights but beef is being actively bought. Quotations are as follow: New Zealand Frozen Lamb. —Prime Canterbury, 281 b to 361 b, 101 d: North Island, lOd; Canterbury, 361 bto 421 b, 9 5-8 d; North Island, Canterburv, second quality, 9£d; North Island, Canterbury, 421 b to 501 b, 9 1-Sd; North Island, 9d. New Zealand Frozen Mutton. —Canterbury, 481 b to 561 b, 7£d; North Island, 7d; Canterbury, 561 b to 641 b, 6 5-8 d; North Island, 6 3-8 d; Canterbury, 641 b to 721 b, 6sd; North Island, 6d; Canterbury, ewes, 481 b to 641 b, s£d; North Island. sid. Beef.—New Zealand prime ox beef: Hinds, 5 7-8 d; fores, 4d. Argentine, chilled: Hinds, Sd; fores, 4Ad. Pork.—English pork, 801 b to 1001 b, l(Bd; New Zealand porkers, 801 b to 1001 b, 63d: 1001 b to 1201 b, 6*d.

LONDON MARKETS BANK OF ENGLAND RETURN (United P.A. — By Telegraph — Copyright) (Australian Press Association) LONDON, Thursday. The Bank of England returns for the week ended May 24, as compared with those for the week ended May 17, are as follows: May 24. May 17. Note circulation . 145,064.000 134,835,000 Coin 160,278,000 161,947,000 Reserve 46.573.000 46,862,000 Govt, deposits .. 13,095,000 19,165,000 Other deposits .. 100,518,01)0 95,377,000 Govt, securities . . 29,582,000 29,577,000 Other securities . . 44,924,000 55,846,000 Proportion of reserve to liabilities 41.20 40.90 SHORT LOANS AND BILLS Short loans, ol per cent., same as last week; three months’ bills, 4 1-32 per cent., compared with 3 31-32 per cent, last week. THE METAL MARKETS (Quotations on May 21 in parentheses.) Copper.—Spot, £63 16s 3d (£63 4s 5?,d); three months. £63 18s lid (£63 8s lid). Electrolytic Copper.—Spot, £67 15s (£67 ss); three months, £6B 5s (£6B ss)). Wire Bars.—Spot, £6B 5s (£6S ss); three months, £6B 5s (£6B ss). Lead.—Spot, £2O 11s 3d (£2O 3s 9d); three months, £2O 18s 9d (£2O 13s 9d). Spelter.—Spot, £25 15s (£26); three months, £25 10s (£25 12s 6d). Tin.—Spot, £230 Is 3d (£229 11s 3d); three months, £229 13s 9d (£228 17s 6d). Silver.—Standard, 28 7-Sd; (283 d) per ounce; fine, 31 3-16 d (31 l-16d). APPLES AND PEARS The following were the prices at Liverpool for shipments ex Themistocles: Victorian apples: Jonathans, 10s to 12s 3d; Rymers, 9s 6d to 10s 9d; Romes, 10s to 11s 3d; Champions, 9s 6d to 10s 6d. Ex Medic; Tasmanian pears; Trays, Boses, 5s 3d to 7s 6d; Clairgeau, 3s to 4s 6d; Winter Coles, 3s 3d to 4s; Cases, Boses, 14s to 18s 3d; Clairgeau, 13s to 14s 3d; Vicars, 9s to 11s 6d.

Sellers. Buyers BANKS— £ a. £ s. d. Aus. Bank of Coin. 1 16 3 1 Bank of Adelaide Coin, of Australia.. 1 9 s 1 9 3 Ditto (con.) . . . . 0 13 0 Ditto (prei.) .. .. 7 0 0 Kng., Scot.. & Aus. 8 9 6 8 8 Nat. of N.Z 7 0 7 u Nat. of Australasia 18 2 Ditto (con.) .. .. 9 0 New South Wales 4S 15 0 48 6 New Zealand 0 6 0 0 Ditto mortg. (i!3s paid) l 1 6 Ditto mort. (20s paid) 1 7 6 1 6 6 Union of Australia 14 18 6 14 17 6 INSURANCENational 0 15 6 0 15 3 New Zealand .. .. 2 1 9 South British .. .. 3 2 0 3 0 0 LOAN AND AGENCY— Abraham & Williams (pref.) 0 Farmers' Co-03. Auctioneering 5 0 Ditto (A pref.) .. 0 16 0 Ditto ( B pref. ) . . 0 14 6 < loldsbrough, Mort . 11 9 Newton King. Ltd. (pref.) 0 12 6 N.Z. & River Plate 1 12 •) 1 9 6 N.Z. Guar. (ord.).. 0 8 4 N.Z. Loan & Merc. 10s 0 0 104 0 0 Ditto (pref.) .. .. — 82 0 0 COA L.— Hikurangi 0 4 10 0 4 3 •Ditto (pref.) .. .. 0 8 0 Ditto, A (pref.) n 4 Pukemiro Collieries 3 4 0 Renown (con.) .. .. 0 14 3 Taupiri 1 6 0 Ditto (pref.) .. .. 1 3 0 Waipa 0 14 6 W estport 1 10 1 9 9 Westport-Stockton . 0 3 4 0 3 0 GAS— Auckland 1 3 9 1 3 5 Ditto (con.) .. .. 0 17 0 17 0 Birkenhead 0 16 0 — Thames 0 10 0 — SHIPPING— Devonport Steam . . 1 5 6 1 4 3 Howard Smith . . . . 1 8 6 Huddart-Parker — 2 6 0 Northern Steamship 0 15 0 0 14 6 Ditto (con.) .. .. 0 7 0 7 0 P. and O (def.) 235 0 0 TIMBER — Kauri Timber .. .. 1 1 0 — Leyland-O’Brien 1 15 0 — National 0 12 0 — WOOLLEN— Kaiapoi — 0 9 0 Ditto (con.) .. .. 0 2 3 Ditto (pref) .. .. 0 15 0 Mosgiel — 6 15 0 "Wellington 6 ,1 6 6 2 6 Ditto (pref.) .. .. — 6 & 0 MISCELLANEOUS— Auck. Amuse. Park 0 S 6 A. J. Entrican & Co. (pref.) 0 18 6 — British Tobacco .. .. 2 3 6 2 2 3 Bycroft, Lta — 1 10 0

Sellers. Buyers. Checker Taxicab .. Ditto (con.) .... Colonial Sugar (Aus. 61 Dominion Pictures Ditto (pref.) .. .. Dunlop Rubber 5 Electrolytic Zinc (pref) Fullers’ Pictures Grey and Menzles . Hayward's Pictures . Hill and Plummer . H.M. Arcade Theatre (pref.) .. .. Holden’s Motors Kempthorne Prosser 3 10 6 Lewis Eady, Ltd., (pref.) 0 19 Milne and Choyce.. 1 4 0 Ditto (pref.) .. .. 1 4 Ditto (B pref.) .. Ditto (deb. stock) 3 N.Z. Farmers’ Fertiliser Co 4 12 0 Morris Hedstrom .. 1 1 9 1 0 3 N.Z. Refrigerating . 17 10 Ditto (con.) .. .. 0 8 7 0 8 4 Sanford. Ltd 1 0 6 0 19 9 Ditto (pref.) . . .. 1 0 3 Taranaki Oilfields . . 0 9 6 0 7 6 Thames Theatre 0 13 0 0 11 9 Union Oil 2 1 0 Whittome-Stevenson 2 5 6 Wilsons Cement 1 19 3 1 18 9 MINING— Moanataiarl (paid) 0 2 0 0 1 ft Ditto (con.) . . .. 0 1 0 Golden Age (paid). 0 0 4 0 0 1 Kawarau 0 0 8 0 0 3 New Waiotahi (con) 0 0 «i Occidental Una (2s paid) 0 1 Ditto (con.) .. .. 0 0 8 Waihi 0 11 6 0 11 4 Waihi Grand June. 0 1 6 0 1 2 AUSTRALIAN— Mount Lyell ' .. 1 14 0 1 13 3 DEBENTURES— Auckland Gas, 1925, 61 p.c 103 0 0 101 10 0 City Auck.. 1940, 5i 95 0 0 Auck. Harb. Bd., 6 105 0 0 103 0 0 Auck. Fire Beard, 6 100 0 0 Bor. Devonport, 6 . 100 0 0 Bor. Mt. Eden, 5J . 100 0 9 Ditto, 6 101 0 0 Bor. of Hamilton, 6 100 0 Hamilton Theatres, 7 101 0 0 Ditto, 8 p.c 101 0 0 N.Z. Brew r eries Ltd. 1 3 5 1 3 0 Glaxo — 90 0 0 GOVERNMENT BONDS War Loan, 1930, 4J 97 15 0 Ditto, 1938, 4£ .. — 97 12 6 Ditto, 1939, 4* .. 97 12 Ditto, 1941, 4£ .. 97 0 0 Ditto. 1933, 5 h .. 101 0 0 100 0 0 Ditto, 1936, 5J .. — 100 0 0 INSCRIBED STOCK. — War Loan, 1929, 5 p.c 98 0 0 Ditto, 1938, 4£ 97 12 Ditto, 1939, 4£ 97 12 Ditto, 1927-41, 5i 99 0 0 98 0 0 Ditto, 1933, 5£ . . 100 15 0 100 5 0 Ditto, 1936, 5£ .. 100 15 0 100 5 0