FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 458, 13 September 1928, Page 12

FINANCE & MARKETS

Renown Collieries at 11/6 N.Z. Breweries Firm * BUSINESS Oil ’Change over the past 24 hours has been restricted to within a very small compass.

(COMMERCIAL of Australia Banks have a slightly easier tendency, buyers at mid-day weakening to 30s sd. \ Nationals of Australasia show a slight improvement with sellers hard to locate. In coals increased interest is being taken in Renowns, and the market advanced this morning to see the scrip . dealt with outside the call room at 11s 6d, with more wanted at 11s at midday. The last recorded sale was one* during the ■week ended August 14 at , 10s. ■ ; Shipping shares are mostly in good \ • tone with Northern Steams registering j the greatest activity.

Buyers of National Timbers advanced to 10s at mid-day, drawing sellers in at 13s. Ley land-O’Briens are firmly held with steady buyers at 33s 6d. New Zealand Breweries showfa further improvement and, with no declared sellers, buyers offered 51s 6d at mid-day. Business yesterday afternoon; New Zealand Insurance, 445; Taranaki Oils, 8s; Northern Steamship, 14s 6d; New Zealand Breweries, 51s 6d. Business at this morning’s early cal: On ’Change—Bank of New Zealand, 61s 3d. Reported—Burns, Philp, 45s Cd; Colonial Sugar, £63. Business at mid-day; Reported—Renown Collieries, 11s 6d.

TO-DAY’S QUOTATIONS ,

Closing quotations at to-day's midday call were:

SOUTHERN EXCHANGES YESTERDAY’S SALES Press Association Wellington.—Huddart-Parker, 49s 3d; 5i per cent. Government Stock, 1333. £lOl is (two parcels); Rational Bank of Australasia (£5), £9 10s 9d; Bank of New Zealand, £3 Is 3d; Mahakipawa, Is. Christchurch. Australian Bank of Commerce, 33s lOd; Commercial Bank of Australia (pref.), £7 6s (three parcels); National Bank of Australasia (£5 paid), t*9 10s 6d (two parcels); New Zealand Government 4i per cent. Inscribed Stock, J93S, £9B 15s; Kaiapoi Woollen (7s paid, . um div.). 4s Id (two\parcels); Staples Brewery, 395; British Tobacco, 43s lOd; Mount Lyell, 34s 6d; Mahakipawa, lid (two parcels), lOd; Commercial Bank of Australia, 30s Sd; Goldsbrough, Mort, 51s sd. NEW ZEALAND’S TRADE HEAVY AUGUST RETURNS Returns of New Zealand's overseas trade for the month of August supplied by the Customs Department show an excess of imports over exports of £2,306,576. There was an excess of £1,395,491 in August last year, while in August. 1926, imports were the gerater by £ 2,035,207. The value of exports Was £2,005,201, or £254,151 less than in August last year. Imports amounted to £4,311,777, an increase of £656,904. Although there was not, in the July returns, any appreciable evidence of response to the tariff reductions which came into effect at the beginning of the month or to the extraordinary favourable trade balance, the importations in August show a marked expansion. The total value is the highest for any month since last September and the highest for August since 1925* the corresponding figure in that year being £4,675,602. July and August are the beginning of the season in which importation is normally relatively much heavier than the export trade. Returns for the two months of this year are compared in the following summary with those for recent years: July-Aug. Exports. Imports. Excess.

In spite of the recent increase in imports, the returns for eight months still show a very large favourable balance. Those for this year and last year compare as follow; Jan.-Aug. 1928. 1927. Increase, exports £43,076,394 £35,782,695 £7,293,699 Imports 28,893,753 29,105,373 *211,620 Balance £14.152,641 £6,677,322 £7,505,319 * Decrease in imports.

The excess of exports in the first eight months of 1926 was £2,687,139 and in 1925 £8,938,887.

KEEN DEMAND FOR JERSEYS ROYTON COWS AVERAGE £sl Keen competition was registered at a clearing sale of Mr. Harold Moreland’s well-known Royton Jersey herd, at Newstead, Hamilton, this week. Thirty-seven cows, including those with recent calves, averaged £sl, and the 72 head sold, including 22 calves from one to 40 days old, realised 2,095 guineas. Bulls were not in demand and several were passed in. Vhe top price of 100 guineas was paid for the seven-year-old cow, Royton Gaygirl, which was bought by T. Church, of Te Rapa. Her dam. Fawn Flower, -realised 70* guineas. A number of the heifer calves realised between 20 and 30 guineas. Yearling heifers sold up to 50 guineas and 13 sold averaged 23 guineas. Top prices were as follows: Cows. —Fawn Flower, J. W. Humphreys, Gordonton, 70gns; Woodlands Sweet Sultaine, W. T. Luxton, Puketaha, 60gns; Fencourt Graceful, N. Burrows, Gisborne, 58gns; Fencourt Pearl, T. Kiddle, Claudela»ds, 77&gns; White Phlox, A. . Hazelden, Waihou, 41gns; Royton Dazzle (heifer), J. Malcolm, Te Rapa, 47igns; Royton Anemone, J. A. Sanders, Piako, 42gns; Te Ngutu May, T. and A. Smith, Otorohanga, 41gns; Royton Bess (heifer), T. and A. Smith. Otorohanga, 52gns; Royton Fascination (heifer), J. A. Sanders, Piako, 50gns; Pride’s Fortune, J. T. Entwistle, Cambridge, 40gns; Premier Melba, H. Naylor, Te Rapa, 42gns; Royton Antionctte, J. McGovern, Te Awamutu, 35gns; Royton Dark Beauty, A. R. Clark, Hamilton, 34gns; Royton Constance, D. Cobb, Hamilton, 30gns; Royton Frolic, V. Hitchings, Otorohanga, 40gns; Woodlands Lona, 11. Peebles, Drurj% 36gns. Heifers. —Royton Doris, A. G. Melrose, Walton, 35gns; Royton Daffodil, N. Burrows, Gisborne, 31gns; Royton Fountain, F. Cullen. Maungaturoto, 24gns.

STOCK VALUES FIRM WESTFIELD REVIEWED HIGH PRICES FOR STEERS A further advance in the market for sheep was registered at Westfield yesterday. Calves also made slightly higher prices. Beef values were maintained at the easier rates of the previous week. The highest price since the warboom period was secured for an extra heavy prime big-framed Shorthorn bullock on account N. Clotworthy, Pukehuia. The beast, which went to Stonex Bros, for £37, met with keen competition. Another exceptionally choice prime bullock, lighter In the frame but evenly finished, went to the Auckland Meat Company for £27. The quality of the beef offering generally was not very high, comprising a large percentage of mediocre-finished bullocks. Heavy prime big-framed bullocks were hard to locate. The market had an easier tone than that registered last month, and, with the exception of the two high-priced beasts already mentioned, there was no tendency to pay premium prices. Last week’s easier prices were maintained, however. Keen Demand For Sheep

Slightly under an average aggregate yarding of sheep met with a keen demand and last week’s improved rates were exceeded for the greater part of the sale. The quality of the offering was the lowest seen for several weeks, many sheep that at the best could only be termed culls being included in the fat pens. Good ewes were hard to locate. The bulk of the offering comprised handy-weight wethers, mostly Wellfinished. No sizeable lines of exceptionally heavy prime wethers were yarded. A King Country vendor was responsible for one of the best lines of the day in several pens of medium-framed but well-finished wethers which met with keen competition, the three top pens selling at 50s 3d to the respective firms of Caddy Bros., Grey Lynn, Scott and Company, Devonport, and J. Roe. A small pen of exceptionally choice prime maiden ewes on account of J. Grant, Koupiriki, Rotorua, made 445. Hoggets met with keen competition from near Auckland graziers, smallframed poorly-conditioned ewe hoggets making to 325. Similar wether hoggets made to 275. A slightly smaller yarding of calves came forward to meet with a very firm market. Prices showed an advance or the easier rates of the previous week. Well-finished vealers met with a very keen demand. Pigs came forward in average numbers to find an easier market. Prices at Westfield Prices at Westfield yesterday ranged as follows; Cattle. —Extra heavy prime steers, £lB to £37; heavy prime, £l6 10s. to £l7 17s 6d; lighter prime, £ls to £lO 7s 6d; light prime, £l3 to £l4 17s 6d; unfinished and small, £lO to £l2 15s; heavy prime young cows and heifers, £ll to £ls 17s 6d; medium, £9 15s to £lO 17s 6d; lighter, "£8 to £9 12s 6d; light cows, £6 15s to £7 17s 6d; other cows, £5 to £6 12s 6d. Calves. —Runners realised £5 15s to £8 for a prime Shorthorn heifer; heavy vealers, £4 10s to £6; medium, £3 10s to £4 4s; light, £2 12s to £3 ss; small and fresh-dropped, 7s to £1 11s; rough and plain, £1 2s to £1 14s. Sheep.—Extra heavy prime wethers made £2 10s to £2 12s 6d; heavy prime, £2 7s to £2 9s 6d; medium and light, prime, £2 2s to £2 6s 9d; small and unfinished, £1 18s to £2 Is 9d. Very few prime ewes were penned. Extra heavy prime ewes made to £2 5s 3d; prime, £1 15s to £2 2s. Spring lambs again sold readily at .from £1 9s to £2. ..Pigs.—Choppers made £2 to £3 12s; heavy prime baconers, £3 12s to £3 16s; light and medium, £2 17s to £3 6s; heavy porkers, £2 10s to £2 16s; light and medium, £2 to £2 7s; small and unfinished, £1 6s to £1 16s; best stores, up to £1 14s; smaller, £1 to £1 Es; slips, 16s to 19s for best® others, 14s to 15s; weaners, 8s to 13s. Stortford Lodge Market At the weekly stock sale held in the Stortford Lodge saleyards yesterday there was a heavy yarding of fat sheep and cattle, but only a small yarding of stores. There was a good attendance of buyers. Prices for fat cattle and sheep were slightly easier than last week. Prices ranged as follows: Fat bullocks, £l2 17s 6d to £l7; fat cows, £8 10s to £l3 15s; fat heifers, £7 10s to £l6 8s 6d; empty cows, to £5 3s; fat wethers, to 455; fat ewes, to 38s; fat hoggets, to 32s 6d; 4-tooth wethers, to 36s lOd; woolly ewe hoggets, m.s. hoggets, 24s to 31s; store ewes, to 255. Values* Firm at Addington

At Addington yesterday there was a good yarding of fat cattle and sheep,, and a slight improvement was shown in values. Country store sheep were slightly larger in numbers than last week, the quality generally being indifferent. There was a good demand for hoggets, although values were a little easier. Wethers, many possessing doubtful mouths, were keenly sought. Included in the yarding were the first of this season’s shorn wethers, also the first straight line of ewes and lambs. Prime butchers’ sheep showed an increase of from Is to Is 6d a head. Extra heavy prime wethers made to 52s 9d; ordinary heavy prime wethers, 43s to 48s; extra heavy prime ewes made to 47s lOd; prime ewes. o3s 6d to 40s. The yarding of fat cattle was the smallest for many weeks. Prices, generally, advanced on late rates. Choicest ox made to 50s a hundred; average prime, 38s to 41s. Extra prime heavy steers made to £23 12s 6d; medium weight, £ls to £l7 10s; extra prime heifers to £l9 7s 6d; extra prime young cows, to £lB 12s 6d. Yearling to 18-month vealers made to £lO 9s 6d; ordinary heavy vealers, £6 10s to £8 ss; small calves, 20s to 50s. Auctioneers’ Reports Auctioneering firms report on stock sales held throughout the district during the past week as follow: Alfred Buckland and Sons, Ltd., report: During the week we held sales at Westfield, Pukekohe twice, Waiuku, Wellsford, Helensville, pig sale at Tuakau and two clearing sales. Average yardings came forward and met with a keen sale. Dairy cattle, especially good heifers, are m very strong request, and have again advanced in value. Best cows and heifers at profit made £l4 to £IS 10s; extra to £25; good cows and heifers, £lO 10s to £l3 15s; others, £7 to £lO ss; aged and inferior £3 10s to £6 15s; empty young cows and heifers, £5 to £6 15s; store cows, £2 10s to £4 15s; fat steers, £ll 10s to £ls ss; heavy prime fat cows and heifers, £9 to £l4; lighter fat cows and heifers, £6 10s to £8 17s 6d; cows with calves, £6 10s to £lO 10s; grown steers in fresh condition, £9 15s* four-year-old steers, £8 to £9 12s Gd; three to four-year-old steers, £7 to £8; two to three-year-old steers, £5 10s to £6 17s 6d; yearling to 18-months steers £4 to £5 7s 6d; well-bred yearling dairy heifers, £6 to £8 for best quality; smaller heifers, £4 10s to £5 15s; others, £3 10s to £4 os; boner cows, £3 10s to £5 17s 6d; heavy bulls, £7 10s to £ll 10s; sound young herd bulls, £7 7s to £l4 14s; other bulls, £3 10s to £6 15s. The New Zealand Loan and .Mercantile Agency Co.. Ltd., reports:—Sales were held during the past week at Westfield, Kaukapakapa, Paeroa and Ngafea, clearing sales on account of Mr. T. Fitzpatrick, at Karaka, and Mr. A. W. We«tney, Mangere, also the annual Jersey breeders sale at Iyaipara Flats. At ail there were large entries, and in all cases we are able to report most successful sales. Extra choice dairy

cows made £l7 10s to £22; best dairy cows and heifers, £l2 to £l7; others, £S to £9 15s; aged cows and inferior heifers, £5 to £7 10s; bulls, grade, £3 to £11; registered pedigree Jersey bulls, yearlings, £5 5s to £2l; older, £8 Ss to £3l 10s; registered pedigree Friesian bulls, two a*nd three years, £lO l£s to £2B 7s; yearling heifers,' £8 Sa.to £lB 18s; registered pedigree Friesian/cows, £lO 10s to £24 3s; registered pedigree Jersey cows and heifers, in milk or to calve, £l2 12s to £3l 10s; empty cows, £3 5s to £6 ss; yearling heifers, best, £4 to £6 ss; others, £2 to £3 15s; yearling to 18months steers, £3 15s to £5; 2 to 2is-year steers, £5 5s to £6 10s; 3 to 3 1 -year steers, £6 15s to £7 15s; 4 to 45-year steers, £S to £8 17s 6d; grown steers, in forward condition, £9 to £lO 15s. U.S. RAMS FOR AFRICA (Australian and 2\.Z. Press Association) CAPETOWN, Tuesday. Twelve long-wool rams have arrived at Capetown from America as a result of a visit last year of the secretary of the Ohio Sheep Association. Later 120 stock sheep will arrive for the purppse of an experiment in the improvement of South African wool to compete with Australian. LONDON STOCK EXCHANGE * (Australian and N.Z. Press Association) (United Service) LONDON, Tuesday. To-day's quotations on the London Stock Exchange include the following;— Dalgety and Company, shares, £ls 2s 6d, 4 per cent, debenture stock, £75 10s; Goldsbrough, Mort, 5 per cent. 33 debentures, £BS. DAIRYING INDUSTRY The report presented at the annual meeting of the Tokoroa Co-operative Cheese Factory yesterday showed that the past season was a record one, the increase in cheese output being 88 tons. The total pay-out was Is 62d a lb butterfat. Mr. J. Mossop was re-elected chairman for the eighth successive year. * • * The installation of an unusually large churn at the Whangarei Dairy Company’s factory was completed on Tuesday. The machine is an improvement on the one acquired by the company last season, and will be utilised immediately. * * ♦ The Hikurangi Dairy Company is installing a churn similar in type to the new machine at the Whangarei factory. • * * The output at the Whangaroa Dairy Company’s factory last month showed an increase of two and a-half tons compared with the corresponding period last year. The directors have decided that the pay-out will be Is 4d a lb butter-fat for first grade and Is 4£d for finest. CHICAGO WHEAT MARKET (United P.A.—By Telegraph — Copyright) (Australian and N.Z. Press Association) Reed. 10.34 a.m. CHICAGO, Wednesday. Wheat.—September, 1 dollar 8 1-8 cents a bushel; December, 1 dollar 12g cents; March, 1 dollar 17 cents; May, 1 dollar 204 cents.

V* Sellers. Buyers. £ s. a. £ s. d. BANKS— A ns*, of Com 1 14 3 1 13 3 Flunk of Australasia 14 17 6 Com. of Australia .. 1 10 9 1 10 6 Ditto (pref.) .. .. ft 7 5 Eng 1 ., Scot. & Aus. . S 13 6 10 National of N.Z. Nat. of Australasia 19 0 0 Ditto (con.) .. ... 9 12 0 9 9 New South Wales • 60 7 6 New Zealand .. .. 3 1 6 3 1 0 Ditto D Mort. .. — 1 Union of Aus. .. . . 15 7 6 15 3 6 INSURANCE— ft S 9 — National — 0 16 3 New Zealand .. .. — 2 Queensland — 3 4 6 South British .. .. United — 11 0 LOAM & AGENCY— Abraham & Williams 4 Dalgety and Co. . 15 Farmers' Co-op. . . . Ditto (A pref.) .. 0 16 0 Ditto (B pref.) .. ft 16 0 0 15 0 * Joldsbrough, Mort . 11 6 Newton King: (pref.) X.Z. & River Plate 1 13 0 1 11 0 N.Z. Guar. Corp. 0 N.Z. Loan and Mer. ns 0 0 112 0 0 Ditto (pref.) .. .. — 82 0 0 N. Auck. Farmers' Co-op. (ord.) — 0 2 Ditto (B pref.) .. — 0 8 6 COAL— Hlknrangi 0 6 2. 0 5 7 Ditto (pref.) .. .. Ditto A (pref.) .. 8 Pukemiro .. .. .. 3 9 6 Renown 0 12 6 0 11 0 Taupiri .. l 7 3 1 5 9 Ditto (pref.) Waipa 0 14 Westport-Stockton . 0 3 S 0 3 Ditto (pref.) — 1 0 4 0 GAS— Auckland i 3 1 1 3 0 Ditto (con.) .. .. 0 17 5 0 17 0 SHIPPING— Devonport Steam - 1 5 3 1 4 6 Howard Smith .. .. 1 7 Huddart-Farker 2 9 6 2 S Northern Steam 0 14 8 0 14 3 Ditto (con.) .. .. 0 6 10 P. & O. (def. stk.) Union Steam (pref.) 1 TIMBER— Kauri Timber .. .. 1 0 3 . — Leyland-O’Brien National . •. 0 13 Parker-Lamb ... > — 6 WOOLLEN— Moseriel . . • • •. >« Wellington .. .. II 7 6 10 0 Ditto (pref.) .. ... 6 BREWERIES — O. L. Innes Ditto (pref.) .. .. N.Z. Breweries .. .. 2 6 Staples 2 MISCEL1 ANEOl’S — Australian Glass .. — 2 a 6 British Tobacco 4 2 a Burns, Philp .. .. Bycroft, Ltd 1 15 1 Checker Taxi .. .. 0 10

1028 .. £3,361,122 £7,978,053 £2,616,931 1927 5,190,354 6,904,669 1,714,315 1026 5,473,334 7,552,469 2,079,115 1923 4,557,454 9,001,641 4,444,187

Sellers Buyers. Colonial Sugar (Aus - tralia) 63 1 1 Ditto (pref.) .. .. 1 1 9 Electrolytic Zinc 1 14 0 Gear Meat Grey and Menzies.. Havward’s Pictures 1 0 Henry Jones Co-op. 2 0 3 19 6 Hill and Plummer 1 H.M. Arcade .. .. Ditto (pref.) .. .. 1 1 6 Holden's Motors, ex 1 9 3 1 8 0 Lewis Eady (ord.) . 1 0 Milne and Choyce . 4 6 Ditto (pref.) .. .. i 4 6 Ditto (B pref.) 1 Ditto (deb. stk) .. National Pictures .. 0 12 0 Farmers’ Fertiliser 4 4 6 Morris, Hedstrom . . 1 1 6 1 0 9 Ditto (pref.) .. .. 0 18 9 N.Z. Refrigerating . 0 19 0 Ditto (con.) . . . . 0 9 6 0 U 1 Robinson Ice Cream (rights) 0 0 0 0 9 Sanford, Ltd 1 0 0 0 19 0 Ditto (pref.) . . .. — 1 0 0 Sharland and Co. . — 1 0 0 Taranaki Oilfields . 0 9 0 0 7 9 Thames Theatre 0 18 0 Tonson Garlick .. .. 0 12 6 Union Oil 6 2 2 0 Victoria Nyanza Sugar Wilsons Cement 1 19 1 18 9 Farmers’ Trading (ord.) Ditto (B pref.) .. — «0 9. 0 MINING— Moanataiari (paid) . 0 1 6 — 0 0 6 Golden Age (paid; 0 0 2 Lucky Shot (4s pd.) 0 0 9 Maoriland (con.) . . 0 0 10 New Waiotahi (con) 0 0 2 Occidental-Una (2s paid) Ohinemuri (ord.) .. 8 Waihi Waihi Grand June. 0 1 2 Mount Lyell .. •• 1 15 0 1 14 0 DEBENTURES— Auck. Gas, 1932, 5 p.c. — • 93 0 0 Auck Harbour Board 4 per cent — Ditto, 51 per cent. 96 Ditto. 5i per cent. Ditto, 6 per cent . City of Auckland, 1940, 5£ p.c Ditto, 1943 5i p.c. 100 0 0 104 0 0 Bor. of Devon port, 6 101 Bor. Mt. Eden, 51 102 Bor. of Hamilton, 6 102 0 Hamilton Theatres, 7 98 N.Z. Breweries .. . . 1 N.Z. Farmers’ of Canterbury, 1935 . Glaxo — GOVERNMENT BONDS War Doan. 1930, 4i — 99 0 0 Ditto, 1933, 5i 101 10 15 Ditto, 1936, 5} p.c. — 101 INSCRIBED STOCK N.Z. Ins. Stock, 1933 • — 100 15 0 Ditto, 1936, 51 p.c. —