FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 454, 8 September 1928, Page 14

FINANCE & MARKETS

National Timbers Active BANKING GROUP QUIET ONE of the features at the week’s closing call on ’Change this morning was the lack of support accorded giltedged securities. The market for the few quoted securities in this section, however, was firm.

Timbers have been coming 1 more and | more to the fore of late, and the latest shares to show increased activity are Nationals. These have been active during the past 24 hours at 9s 9d, an improvement of Is 3d on the market at the time of the last recorded sale made during the first week of July. With no declared sellers, Leyland O’Briens are sought by steady buyers at 33s 6d. The banking group is quiet, although most shares are sought on a firm market. Commercials weakened another Id »luring the 24 hours, to see business at 30s Bd. In the loan and agency section steady buyers are in for most shares, with sellers well in the minority.

Buyers for the contributing issue of Auckland Gas improved to 17s 2d, but no business resulted, sellers holding firm for 17s 6d. H.M. Arcade Theatres are very firm, with no declared sellers. Mining is weak and lifeless. Business yesterday afternoon: Reported—Commercial Bank, 30s 8d; Northern Steam, 14s 6d; National Timber, 9s 9d; ICaiapoi Woollens (ord.), 33s 6d; Auckland Amusement Park, ss; H.M. Theatre (pref.), 225; Auckland Harbour Board, 6 per cent., £lO4 15s. Business this morning: On ’Change— Northern Steam (ord.), 14s 6d; New Zealand Inscribed Stock, 1933, 52» per cent., £lOl ss. Reported—National Timber, 9s 9d.

TO-DAY’S QUOTATIONS

SOUTHERN EXCHANGES

YESTERDAY’S SALES Press Association Wellington. —Gear Meat. 40s 9d and 41s; New Zealand Express Company, 17s 6d. Christchurch.—Dalgety and Company, .£ls 2s 6d, £ls 3s; White Star Brewery, 13s; British Tobacco, 43s lOd (two); N§w Zealand Sugar of Milk, 255; Mahakipawa, Is 2d, Is Id (fifteen), Is, lid (twelve). Is. Dunedin. —National Bank of New Zealand, £7 Is 6d; Bank of New South Wales, £SO 10s; New Zealand Insurance, 445. FEILDING STOCK SALE FEILDING, Friday. High prices ruled at the Feilding stock sale to-day. A good yarding of fat sheep attracted strong bidding. Fat hoggets made from 32s Id to 37s 6d, a poorer line of black face hoggets, 29s Id; ewes, 29s 6d to 38s 3d; one choice prime wether, 56s 6d; lines of wethers, 36s to 45s 6d; store black face hoggets, 28s 7d; wether hoggets, 31s; ewe hoggets, 33s 4d; ewes with lambs, to 51s 6d; other lines at 48s 6d; store wethers, 29s 6d. There was a heavy yarding of dairy cattle and a light yarding of fat cattle. Springing heifers made from £9 to £ls; springing cows, Jersey, £5 5s to £ll 10s; cows in milk, £7 to £9 10s; yearling heifers, £5 2s 6d; Polled bulls, £lO 10s to £ll 11s; Jersey bulls, £lO 10s; cows, £3 2s 6d; bullocks, £9; steers, £6 10s; heifers, fat, £6 10s to £10; cows, £7 to

HEAVY POTATO SHIPMENTS

FORWARD BUSINESS SLACK Press Association CHRISTCHURCH, Friday. The potato market is very quiet, and quotations to-day were £4 5s to £4 10s a ton, but it is doubtful whether farmers can get as much as this. The Auckland market is more than supplied at present, 15,000 sacks having gone forward recently by the Kurow, about 8,600 from Timaru and 6,200 from Lyttelton. The Kartigl, which is to take what was shut out of the Kurow, will lift 4,000 to 5,000 sacks at Lyttelton early next week. About the end of the week the Wingatui will leave with an additional quantity. The shipment by the Kartigi should meet the requirements of the Auckland market until the end of September, the daily consumption being about 1,000 sacks. Not a great quantity of potatoes is offering from the country, but it is sufficient to meet local needs. There is business doing in regard to September-October delivery. A few sales of milling wheat are being made at 5s 3d to 5s 6d a bushel, and fowl wheat is a trifle better at 5s 6?;d, f.0.b., s.i. It is expected that Distributors, Ltd., will reach a decision as to whether the company will be carried on about the end of this month. Garton oats are qupted at 3s lid for A grade f.0.b., s.i., and 3s 5d for B grade. Practically no business is being done in seeds, the market being very quiet. BUTTER AND CHEESE Merchants’ report of overseas cablegrams reading as fololw: G. Paviour-Smith, from his London principals, the Anglo-Continental Produce Company, under date September 7: Butter market firmer, 182 s to 184 s; cheese, white 114 s, coloured ills to 112 s. Joseph Nathan and Co., from their London principals, Trengrouse and Nathan: Butter market quiet and unchanged; cheese, white in short supply, and firmer at 114 s, coloured unchanged. Dalgety and Company, Ltd., from their London house under date September 7:— “Dairy produce, rather more inquiry. New Zealand butter, 180 s to lS4s; Australian butter, 166 sto 1725. New Zealand cheese, coloured, 110 s to Ills.” MELBOURNE PRODUCE /United P.A. — By Telegraph — Copyright) MELBOURNE, Friday. The following are to-day’s quotations on the Melbourne produce market:— Wheat. —Slow. Parcels. 4s lOd. Flour.—Slow to £l2 12s 6d. Pollard.— £ 7. Oats.—Milling, 3s 5d to 3s 7d. Barley.—English, steady, 5s 4d; Cape, 4s. Chaff.—Firm to £6. Potatoes.—Quiet to £3. Butter.—Quiet at Is SJd. WEST CANADA WHEAT (United P.A.—By Telegraph — Copyright) (Australian and N.Z. Press Association) Reed. 9.5 a.m. WINNIPEG, Friday. The United Grain Growers estimate that the total Western* Canada wheat yield will be 575,000,000 bushels.

LONDON MARKETS

BANK OF ENGLAND RETURN (United P.A. —By Telegraph — Copyright) (Australian and N.Z. Press Association) LONDON, Thursday. The Bank of England returns for the week ended September 6, as compared with those for the week ended August 30,„are as follow:

Proportion of reserve to liabilities . . 47.60 52.50 Short Loans and Bills Short loans, 3i per cent., same as last week; three months’ bills, 4 9-32 per cent., same as last week. Consols and Colonial Stocks The following table gives quotations for consols and colonial inscribed stocks, compared with those of August 30:— Varia-

Foreign Exchanges The following rates on foreign exchanges are current to-day, as compared with the cabled quotations on Sep tern-

The Metal Markets (Quotations! on September 3 in parenCopper.—Spot, £62 16s lOd (£62 13s 9d); three months, £63 6s lOtd (£63 Is 10Sd). Electrolytic Copper.—Spot, £6B 15s (£6B 15s); th:*ee months, £69 5s (£69 ss). Wire Bars.—Spot, £69 5s (£69 ss); three months, | £69 5s (£69 ss). Lead. —Spot, £22 3s 9d (£22 6s 3d); three months, £2l 17s fid (£22 Is 3d). Spelter.—Spot!, £24 16s 3d (£24 15s); three months £24 7s 6d (£24 16s 3d). Tin.—Spot, ‘£2ll 7s 6d (£213 11s 3d); three months, ,2209 7s 6d (£2lO 8s 9d). Silver. —Standard 29 9-16 d (26 9-16 d) an ounce; fine, 28 11-16 d (28 11-16 d). She;pskin Sales At the sheeps tins sales 4,621 were offered, of which < ,141 were Australian and 952 New Zealand. There was a good all-round selection, and competition was general. The United States took very little. About 50 per cent, of the offerings was withdrawn. Prices, as compared with last series, were from 7i to 10 per cent, easer. Bra iford Tops At Bradford thsre was more, but cautious, inquiry on a lower basis. Sixtyfour’s were quoted at 4s 3d a lb; 60’s, 4s Oid; 56’s, 3s 21 d; 50’s, 2s 6£d; 46’s, 2s lid; 40’s, 2s Id. Wheat, Flour and Pulse Wheat.—For cargoes the tone is steady. Quotatioi s are mostly 3d down owing to bearish American closing rates. Parcels are in m oderate inquiry, at a similar decline. Liverpool futures: October, 8s 11 l-8d per cental; December, 9s 0 l-8d; March, 9s Spot trade slow. Prices mostly easier. Australian, ex ship, 46s 6d. Flour.—Quiet. A istralian, ex store, 33s to 345. Oats.—Easier. Peas and Beans —Steady.

SUN COMMERCIAL SERVICE REPLIES TO INQUIRIES P. J., Rem u era.— The market value of the scrip is about 375. The shares are apparently strongly held and sellers are hard to locate. 8.P.L., Auckland. —We think you could do better. The scrip has a certain speculative attraction, that is all. S.W., Hamilton. —The shares have certain attractions, especially to investors prepared - a long view. The company operates over' the whole of Australia, and thus should show reasonably stable profits. The shares are fully priced, however, as at the last balance net assets were shown at 38s 7d per £1 fully-paid share. W.C.S., Auckland. —The last recorded market was 24s 9d, showing a return, based on the latest dividend, of slightly more than 8 per cent. M.L., Epsom. —The latest dividend paid by the company was at the rate of 111 per cent. CHICAGO WHEAT MARKET (United P.A. — By Telegraph — Copyright) (Australian and N.Z. Press Association) Reed. 10 a.m. CHICAGO, Friday. Wheat.—September, 1 dollar 101 cents a bushel; December, 1 dollar 15 5-8 cents; March, 1 dollar 19 7-8 cents; May, 1 dollar, 22 5-8 cents. AUCTION NOTES Win .A. Horne, Ltd., will sell by auction, on the premises, 10 Rose Road, off Ponsonby Road, on Wednesday, September 12, at 10.30, the whole of the furniture and effects of 14 rooms. George Walker, Ltd., instructed by Mrs. George Walker, will sell by auction at her residence, 2 Roslyn Avenue, Remuera, on Wednesday, September 26, at 10 a.m., the whole of her valuable household plenishments, a Lipp piano and a five-seater Crossley ear. Alfred Buckland and Sons, Ltd., advertise elsewhere in this issue dates and locations of their usual weekly and country sales, and detail- of a sale at Pukekohe on Tuesday, S<- % unber 18, of 131 pedigree Jersey bulls and seven pedigree Jersey heifers.

Closing quotations at to--day’s mil Sellers. Buyers. £ s. a. £ s. d. BANKSAus. Bank of Corn. 1 14 3 1 13 6 Bank of Adelaide . 9 18 H Com. of Australia . 1 10 9 1 10 5 Ditto (pref.) .. .» 7 0 Kng., Scot. & Aus... 8 13 0 8 11 0 .National of N.Z. .. 7 a 7 1 0 Nat. of Australasia 9 10 0 9 8 H New South Wales . 50 b 0 New Zealand .. .. 3 1 f> 3 0 9 Ditto, D mort. (20s paid) 1 7 9 Union of Aust. 15 7 0 15 2 6

INSURANCE— A.P.A. ... 0 9 0 National .. .. .. ** 0 IB 7 0 16 4 New Zealand .. 2 « 6 Queensland .. .. .. 3 B 6 4 6 South British .. . • LOAN & AGENCY— Abraham & Williams 3 t> 3 (pref.) 4 5 0 Dalgety and Co. Farmers* Co-op — lb 0 0 Auctioneering (ord.) — 2 12 0 Ditto (A pref.) .. — 0 IB 0 Ditto (B pref.) .. 0 16 0 0 15 0 Goldsbrough Mort .. Newton King, Ltd. s 11 9 2 11 0 (pref.) 0 8 0 0 6 9 N.Z. & River Plate 1 13 6 1 11 0 N.Z. Guar Corp. . 0 a 0 0 8 9 N.Z. Loan and Mer. 118 0 0 110 0 0 Ditto (pref.) .. N. Auck. Farmers’ — 82 0 0 Co-op. (ord.) — 0 2 0 Ditto (B pref.) .. COAL— 0 8 6

Hikurangri 0 6 2 0 9 Ditto (pref.) ... .. 0 < * 9 Ditto (A pref.) .. 0 9 3 0 8 6 Pukemiro .. ►. .. 9 Renown 0 12 6 0 9 0 Taupiri .. . . .. .. 1 7 9 1 6 6 Ditto (pref.) .. 1 0 Waipa 0 14 0 Westport-Stoekton (pref.) — 0 4 3 OAS— Auckland . . 1 2 6 Ditto (con.) .. .. 0 17 5 0 17 SHIPPING— Devonport Steam . 1 5 6 1 4 3 Howard Smith . . . 1 7 G Huddart-Parker 9 3 2 8 9 Northern Steam 0 14 8 0 14 3 Ditto (con.) . . . . 0 6 10 P. & O. (def. stck.) 244 0 0 235 0 0 Union Steam (pref.) 1 1 0 1 0 3 TIMBER— Bartholomew 1 1 n 0 15 Kauri Timber .. '.. 1 0 6 1 0 0 Leyland-O'Brien 1 13 C National 0 32 0 Parker-Lamb .. ... — 0 17 6 WOOLLEN— Mosgiel .. .. .. 7 3 0 Wellington .. — B 3 0 0 Ditto (pref.) — 6 11 0 BREWERIES— n 18 0 N.Z. Breweries .. .. 11 0 8 0 J. Staples & Co. .. 1 19 9 l 19 0 MISCfiLIANEO US— Auck. Amuse. Park 0 4 0 British Tobacco 2 4 3 2 3 6

day call were: — Sellers. Buyers. Burns, Philp 2 6 0 Bycroft, Ltd. ... 1 11 0 Checker Taxi .. 0 10 0 0 5 0 Dominion Pictures 116 Ditto (pref.) .. .. 1 1 G Electrolytic Zinc

(pref.) 3 13 ft Gear Meat .. .. ». — 2 1 Grey and Menzies 0 Hayward’s Pictures 1 ft S ft 3ft ft Henry Jones Co-op. 1 18 6 Hill and Plummer 1 2 0 H.M. Arcade .. .. ft Ditto (pref.) .. .. 3 1 Holden’s Motors 3 3 0 ft N.Z. Drugs 10 ft Lewis Eady (ord.) . 1 f© Milne and Choyce . 1 4 6 Ditto (pref.) .. .. 1 4 Ditto (B pref.) 1 4 ft Ditto (deb. stk) .. 1 4 3 National Pictures . 0 13 6 Farmers’ Fertiliser 4 4 ft Morris, Hedstrom . . 1 1 Ditto (pref.) .. .. N.Z. Refrigeratingft 18 9 (con.) . . .. Robinson Ice Cream 0 9 6 0 9 1 (rights) 0 ft Sanford, Ltd 1 ft 0 Ditto (pref.) .. .. 1 0 0 Sharland (pref.) 1 ft ft Taranaki Oil Fields 0 1) ft ft 7 Thames Theatre 0 IS ft Tonson Garlick .. . . ft 12 Union Oil 2 3 ft Whittome Stevensons 2 9 6 Wilsons Cement .. Farmers’ Trading i 11) 0 1 18 3 (ord.) 0 8 0 ft ft 6 Ditto B (pref.) — 0 9 ft

MINING— Moanataiari (paid) . 0 1 6 Ditto (con.) .. .. 0 0 6 Golden Age (pd.) . . 0 0 ?, Lucky Shot (4s pd.) 0 0 8 Maoriland (con.) .. 0 1 9 New Waiotahi (con.) 0 0 4 Occidental Una (2s paid) 0 1 0 Ditto (con.) 0 0 4 Ohinemuri (ord.) 0 8 0 0 7 Ditto (pref.) .. .. 0 9 0 Waihi . . 0 12 3 0 12 0 Waihi Grand June. . 0 1 2 Mount Lyell 1 15 0 1 14 3

DEBENTURES— Auck Harbour Board, 4 per cent 89 0 0 Ditto, 5i per cent. .. 96 0 0 Ditto, 5S per cent. 100 0 0 Ditto, 6 p.c. 104 10 0 City of Auckland, 1940, 5J p.c 9G 0 0 Ditto, 1943 5J p.c. 100 0 0 Hamilton Fire Bd., 6 104 0 0 Bor. of Devonport, 6 101 0 0 Bor. Mt. Eden, 51 100 0 0 Ditto, 6 p.c 102 0 0 Bor. of Hamilton, 6 100 0 0 Hamilton Theatres, 7 9S 0 0 N.Z. Farmers’ of Canterbury* 1935 • — 84 0 0 Glaxo — GOVERNMENT BONDS— War Doan, 1930, 4?s — 99 5 0 Ditto, 1933, 51 p.c. 101 10 0 100 17 6 Ditto, 1936, 5J p.c. 101 10 0 — INSCRIBED STOCK — 1927-41, 51 P.c. .. — 99 0 0 Ditto, 1933", 5h p.c. 101 10 0 101 0 0 Ditto, 1936, 5% p.c. — 101 0 0

Sept. 6. £ . 13o,36S,000 Aug-. 30. £ 135,441,000 . 176,57.6,000 . 60,958,000 60,176,000 Govt, deposits . . 18,486,000 . 109,385,000 95,304,000 . 37,735,000 29,141,000 Other securities . . 47,457,000

Price. tion. £ s. d. s. d. Consols, per cent. . . 56 0 0 5 0* British, 5 War Loan . 102 15 0 2 6t Conversion Loan, 3i .. 77 1 3 3 9t Com’wealth, 51, 1922-27 99 2 6 6t Com’wealth, 6, 1931-41 102 6 7 6f New Zealand, 1940 8S 7 6 10 ot New Zealand, 3, 1945 . 79 0 0 20 o* N. Zealand, 6, 1936-51. 107 2 tHigher. ‘Lower. 6 2 6f

ber 3 and par:— Sept. 6. Montreal, dol. . . 4.84 13-16 Sept. 3. 4.85 l-l(i Par. ! 4.866 New York, dol. . 4.85£ 4.85? £ 4.866 34.90 34.90 5.045 124.26 124.28 25.225 18.13 18.13 18.159 Oslo, kr 18.19 18.19 18.159 Copenhagen, kr , 18.19 18.19 18.159 20.36 Rome, lire . . . . 92.69 92.67 25.225 Prague, kr. . . . 163 11-16 1632 ' 24.02 Calcutta, pence 18 18 24 Yokohama, bence Hong-Kong, [pence 223 22 11-16 24J 24£ 24 7-16 Amsterdam, ll. . . 12.10 12.102j 12.10 Batavia, fl. 1. . . 12.12^ 12.12£ 12.10