FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 482, 11 October 1928, Page 12

FINANCE & MARKETS

Steady Trading Commercial Banks Weaker STEADY though quiet trading is recorded on ’Change. Government and local body debentures are meeting with, a very steady demand on a firm market.

A further weakness is noted in Commercial Banks, sellers at 30s 2d to-day finding support at 29s lOd, and thus bringing the return on the scrip at the middle price back to £5 per cent, again. Queensland Nationals are sought by steady buyers at £9 2s, but sellers are not attracted. In coals, Renowns are very firm, and sellers have withdrawn, leaving steady buyers at 13s. The market for most other shares in the group is steady, with more buyers than sellers. "Hayward’s and Fullers’ Pictures are attracting greater attention, sales of the former being made at 20s 9d, with more 4 wanted at slightly under that figure. Buyers’ quotations for all issues of Milne and Choyce shares are 6d easier following the payment yesterday of the half-yearly dividend at the rate of 8 per cent, per annum. In view of the fact that rubber shares

have been neglected over the pa&t month or so,, it is interesting to note that the Dunlop Company made a loss over the half-year ended June 30. This was attributed principally to the heavy fall in the price of raw material for which provision was necessary against the year just closed. Nothing further has been announced regarding the expected amalgamation of the Australian concerns. In mining most shares are neglected. Waihis hold their recent improved strength. Business yesterday afternoon. On ’Change: New Zealand Insurance, 455; Mount Eden Borough, 52 per cent, 1961, £lOl 10s. Reported: Wilsons Cement, 39s 3d; Hayward’s Pictures, 20s 9d. Business this morning.—On ’Change; Bank of New Zealand, 61s 3d. Business at mid-day. Reported: Hayward’s Pictures, 20s 9d; Milne and Choyce (deb. stock), 24s 9d.

TO-DAY’S QUOTATIONS

* SOUTHERN EXCHANGES > YESTERDAY’S SALES A * ' Pres* Association Wellington.— New Zealand Government 51 per cent. Stock, 1936, £lOl 10s. Christchurch. —Glaxo, 6$ per cent. 1945, £9O; National Bank of Australasia (£5 paid), £9 11s 9d; Bank of New South Wales, £sl ss. £sl 6s 3d; National Insurance, 16s 3d; Wellington Frozen Meat, 12s 6d. Dunedin.-vßank of New Zealand. 61s Qd; English, Scottish and Australian Bank £8 17s; Crystal Ice, 245. MARKETING EGGS NEW WAIKATO ASSOCIATION (From Our Oten Correspondent) HAMILTON, "Wednesday. With a view to finding a market for the surplus eggs of the Waikato, a cooperative society has been formed in Hamilton. Mr. Dynes Fulton, of Tuakau, has been appointed chairman of directors, and the other directors are: Messrs. B. H. Budd CPokura), N. Hastings (Morrinsville) and E. Cuming (Hamilton). Mr. D. N. o J. ani^ers (Hamilton) is managing direcNEW STOCK EXCHANGE * A HAMILTON PROPOSAL (From Our Oxen Correspondent) HAMILTON, Wednesday. Steps are being taken to form a Stock Exchange in Hamilton. A number of business men, several of whom are already engaged in the brokerage business, have intimated their intention of joining the exchange. Rules have been prepared and an application for affiliation has been forwarded to the Stock Exchange Association of New Zealand.

FRUIT GUARANTEE RENEWED FOR NEXT SEASON Press Association. WELLINGTON, Wednesday. The Minister of Agriculture, the Hon. O. J. Hawken, to-day announced the Government’s decision to renew for the 1929 season the guarantee on the export of fruit on the same basis as that of last season. 11s a case gross, on extra fancy grade apples and pears, and 7s a case on good grade apples. The guarantee will apply to only certain varieties of fruit shipped under conditions approved. LONDON MARKETS (Australian and N.Z. Press Association) (United Service) LONDON, Tuesday. Wheat.—Corgies are quiet and occalonally lower. By the Nestlea or substitute for India, 47. Parcels are inactive to 3d easier. Liverpool futures: October, 9s 6d a cental; December, 9s 6 3-Sd; March, 9s 6£d; May, 9s 6£d. The following were among to-day’s quotations on the London Stock Exchange: Dalgety and Company’s shares, ex div., £ls 3s 9d; 4 per cent. Debentures, £76 10s; Goldsbrough, Mort, 5 per cent, debentures, £BS. COMPANY REGISTRATIONS Three companies were registered at Auckland yesterday. Details are: British Dominion Investment Trust, Limited, a public company. Objects, to carry on the business of an investing, lending and agency company. Capital! £500,000, in £1 shares. Subscribers: James Fletcher, Eric Houghton Rhodes, Herbert Douglas Kerr, Wendell Alfred Phillips and Leonard James Stevens, 1,000 shares each, and James Alexander Gentles and Alison Rossmore Martin, one share each. Cotters - Butchery, Limited, a private company. Capital: £I,OOO, in £1 shares. Subscribers: Bernard Emanuel Hart, 900 shares; and Peter Hogg Ferguson, 100 shares. Northern Wairoa Co-operative Rural Intermediate Credit Association, Limited. There is no set capital, 20 farmers each having taken up 25 shares of £l. CHICAGO WHEAT MARKET (Australian and N.Z. Press Association) Reed. 9.23 a.m. CHICAGO, Wed. "Wheat.—December, 1 dollar 16 1-8 cents a bushel; March, 1 dollar 20 7-S cents; May, 1 dollar 23 6-8 cents.

STOCK PRICES STEADY N.Z. MARKETS REVIEWED UPWARD TREND CHECKED By R.W.C. Th© upward trend of the market, which has been noted in all New Zealand stock-selling centres during the past three or four months, has now ceased. Although values remain fairly steady, buyers are operating with more caution, and indications are that prices have reached peak for the time being. Any movement over the next month or so should be downward. Prices Cor beef in New Zealand’s main selling centres yesterday were firm to slightly easier. Sheep met with a somewhat similar market, although the decline in some instances was more marked. With the spring growth of feed, more cattle should be available in the near future. The same can be said about sheep. In regard to the latter, the wool position must have a decided influence. A.t the moment, prices for sheep in the yards are above last year’s parity, yet wool is selling in both Sydney and London on a slightly lower level than at the same time last year. Stock buyers have had this fact in view for the last week or so, and it is only the fact that supplies are momentarily hard to obtain that has kept the market up. Summing up the positionfor both sheep and cattle, it seems that present indications do not justify forward buying to any great extent on present levels. At Westfield yesterday a yarding cf approximately 275, mostly well finished handy-weight steers, came forward to meet with a seady demand on levels slightly below last week’s advanced rates. Buyers were not prepared to pay premium prices for special lots and but for the fact that the buyer for one of the larger butchering firms was operating with increased strength, a more marked decline would undoubtedly have been registered. A bigframed heavy prime bullock on account ■ti. J. Perston, Oturuoetai, topped the market, going to R. and W. Ilellabv for £23 10s. The Auckland Meat at'll'TsV 116 116X4 lUSheSt PriCCd The offering of cow and heifer beef S'?® a yery nondescript one, no special lines of really choice heavy prime young cattle comjng forward. Prices were on a par with last week’s. Approximately 250 head were yarded. Sheep Market Easier w i H l Pa '? t ‘,y ely heavy yarding or sheep met with steady competition on a slitrhtlv t.niyf,. p f ices somewhat offs generally, showed a decline or is to ~s a head on late sales The the offering was good! finished medium weight sheep being nf thf^ eVldence ;u ° ne of the features or the day was the considerable increase m the number of shorn sheep entered. A“f se r T net with more general competition. Top price for wethers was secured tor a pen of choice prime big framed sheep on account H. Elliott, Mangere. The line went in two lots to Messrs. H. Jones and Lloyd, butchers, for 455. Another choice line came from the same district on account P. Jones, selling for 44s 3d. Top price of 37s 3d for shorn wethers was secured for a line of big framed well finished sheep on account Lichenstein and Arnoldson, Waiheke Island. Another good line of slightly smaller shorn sheep on account Trewin Bros., Maungaturoto, made to 35s 6d. A good yarding of lambs for this time of the year met with steady competition at prices firm to slightly lower than last week. A heavy yarding of calves sold freely, well finished sorts meeting with a particularly keen demand. Pigs were yarded in average numbers to meet a firm market.

Sheep Decline At Johnsonville A full yarding of sheep and cattle was offered to a good attendance in the Johnsonville saleyards yesterday. The sheep offered were of good quality and met with a ready sale at prices showing; a slight decline on last week’s rates. Spring lambs sold freely. The bullocks and cows submitted were heavy and extra good quality, and a good sale resulted. Prices generally were on a par with late rates, as follow:—Bullocks, £l7, £l7 15s, to £l9 15s; cows, £l2 15s to £l3 10s; heifers, £l3 10s to £ls 17s 6d; wethers, 42s to 49s 3d; ewes, 38s 3d to 445; spring lambs, 28s 6d to 365. Hawke’s Bay Market At the weekly sale held in the Stortford Lodge yards yesterday, there was a heavy yarding of cattle and a medium yarding of fat sheep. Buyers were present in average numbers and competition was well sustained throughout. Prices for fat cattle and sheep were firm at last week’s rates. The market for store cattle, if anything, was firmer. Store sheep sold at late rates. Prices ranged as follow:—Fat bullocks, £l4 to £l6; fat cows, £lO to £l2 11s; forward bullocks, £l2 10s to £l4; threeyear steers, £lO ss; fat ewes, 27s to 34s 8d; two and four-tooth wethers, 365; wether hoggets, 27s to 325. Prices Recover At Addington At Addington yesterday there were smaller entries in all sections compared with the previous week. Fat cattle were In short supply and prices recovered from the drop sustained a week ago. Fat sheep averaged about the same prices. Dry store sheep were in better demand, but values were unchanged, and ewes and lambs were dull of sale. Spring lambs sold at improved rates. The yarding of store sheep was about the same as that of the previous week, but there was a larger proportion of good quality sheep. Dry sheer were in keener demand, wellwoolled wethers in fair condition selling readily at late rates and good ewe hoggets sold well. Good half-bred hoggets made to 435; {rood young ewes to 335; extra prime ambs sold to 435; extra prime fat wethers sold to 50s 4d; extra prime ewes to 42s 7d.

There was a considerable falling off in the numbers of fat cattle yarded, the total being 329, against 480 the week before, and 457 a fortnight ago. The quality was mixed, but on the whole similar to that of the previous yarding. Outside supplies were represented by consignments from the West Coast and the North Island. The northern cattle had been down for some time and some of them had been offered at previous sales. The market opened at an advance ia prices. Prime steer beef sold to 50s; prime cow and heifer beef, 44s to 47s 6d; extra prime steers made to £2l 12s 6d; extra prime cows and heifers to £l6 2s 6d. Westfield Prices Prices at Westfield yesterday ranged as follow: Cattle.—Extra heavy prime steers to £23 10s; heavy prime steers made £l7 5s to £l9 ss; lighter, £ls 15s to £l7 2s 6d; light prime, £l4 to £ls 12s 6d; small and unfinished, £lO 15s to £l3 17s 6d; ea cta" a heavy prime young cows and Sheep.—Heavy prime wethers, woolly, made £2 4s to £2 ss; shorn, £1 13s to £1 17s 3d; medium to heavy prime, heifers, £l2 to £l3 17s 6d. shorn, £1 10s to £1 12s 9d; medium to heavy prime wethers, woolly, £2 2s to £2 3s 9d; light to medium prime wethers, woolly, £1 18s 6d to £2 Is 9d; unfinished wethers, woolly. £1 16s to £1 18s 3d; shorn, £1 7s to £1 9s 6d; extra heaw prime young ewes, woolly, £1 17s 6d to £1 19s 6d; shorn, £1 9s; heavy prime ewes, woolly, £1 15s 6d to £1 17s 3d; shorn, £1 2s 6d to £1 5s 9d; lighter prime ewes, woolly. £1 12s Bd to £1 15s; other killable ewes, woolly, £1 9s 6d to £1 12s 3d; other ewes, shorn, 19s to £1 Is 6d. Lambs.—Extra heavy prime lambs made £1 9s to £1 11s 6d; heavy prime, £1 7s to £1 8s 9d; lighter prime, £1 5s to £1 6s 9d; light prime, £1 3s to £1 4s 9d; small and plain, £1 Is to £1 2s 9d. Calves.—Runners made £5 15s to £7 for a very choice heifer from Mangere, purchased by A. W. Scotting, St. Heliers Bay; heavy vealers, £4 10s to £5 16s; medium. £3 10a to £4 6s; light, £2 12s to £3 6s; rough and unfinished, £1 5 to £1 16s; small and fresh-dropped, 5s to £1 9s.

Pigs.—Choppers made £1 15s to £5, according to weight; heavy prime baconers, £3 14s to £3 19s; medium, £3 4s to £3 10s; light. £2 19s to £3 2s; heavy porkers, £2 12s to £2 15s; medium, £2 6s to £2 9s; light, £1 ISs to £2 3s; small and unfinished, £1 8s to £1 16s. Slips and weaners realised better prices. Slips made 18s to £1 3s; medium weaners, 14s to 17s; small, Ss to 11s.

DISTRICT STOCK SALES

AUCTIONEERS’ REPORTS Stock auctioneering firms report on sales held throughout the district during the past week as follows; The New Zealand Loan and Mercantile Agency Co., Ltd.: Sales were heid during the past week at Westfield, Paeroa and Ngatea, with good yardi.ngs in each centre. There is a steady demand, all classes of cattle selling readily. At Papakura on Friday we held our annual bull fair for that district, and report a most successful sale. There was a keen demand for good quality oulls, especially for Shorthorns. We also held two clearing sales, one in conjunction with Alfred Buckland and Sons, Ltd., on account of -Mr. E. C. Cuff, Patumahoe, and one on account of Mr. Ambrose Smales, East Tamaki. There were very large attendances at each sale, and we are able to report most successful sales. Dairy cows and heifers, best, made £l3 to £2O; good fair, £9 to £l2; others, £6 to £S 15s; bulls, registered pedigree Jersey yearlings, £lO 10s to 20 guineas; grades, 5 guineas to 12 guineas; two years, 12 guineas to 25 guineas; grades, S guineas to 15 guineas; yearling Shorthorn bulls, 5 guineas to 13 guineas: two years, 9 guineas to 19£ guineas; registered yearling Ayrshire bulls, 5 guineas to 10 guineas; two years, 7 guineas to 3 5 guineas: grade Ayrshire bulls, 5 guineas to 7£ guineas; registered Friesian bulls, yearlings, to two years, 8 guineas to 15 guineas; grade, 5 guineas to S guineas; aged bulls, 6 guineas to 10 guineas; store and boner cows, £3 10s to £6 12s 6d; yearling heifers, best, £5 to £7 ss; other yearling heifers, £3 to £4 17s Gd; yearling to 18-month steers, £4 to £5 10s; 2 to 2£-year steers, £5 15s to £6 15s; 3-year to 35-year steers, £7 to £8 ss; 4 to 41 -year steers, £S 10s to £9 15s. Alfred Buckland and Sons, Ltd.: During the week we held sales at Westfield, Pukekohe, Wellsford. Waiuku, Helensville, annual bull sale at Pukekohe, pig sale at Tuakau, and two clearing sales. Heavy yardings of cattle came forward and found ready buyers. The recent advance in values was fully sustained. The advertised number of bulls was penned at Pukekohe, and sold under keen competition, only two bulls failing to change owners. Best dairy cows made .£ls to £2O; extra, to £25; good cows, £lO 10s to £l4 10s; others, £7 to £10; aged and inferior, £3 to £6 10s; best springing heifers, £l2 to £ls 10s; good average heifers, £S 10s to £ll 10s; small and backward. £5 5s to £8; empty young cows and heifers, £5 5s to £7; store cows, £3 10s to £5; prime heavy young cows and heifers, £9 10s to £l4 10s; lighter fat cows and heifers, £6 10s to £9 ss; boner cows, £3 10s to £6 7s 6d; fat steers, £l2 to £l9 ss: grown steers, in forward condition, £lO to £ll 15s; good four-year-old steers, £9 to £10; three and four-year-old steers, £7 to £8 17s 6d; two to three-year-old steers. £5 15s to £7; yearling to 18-month-old steers, £4 10s to £5 15s: cows, with calves, £7 to £11; well-bred yearling heifers, £6 10s to £7 15s. for best: smaller, well-bred heifers. £5 5s to £6 7s 6d; other yearling heifers, £3 10s to £5; pedigree yearling Jersey bulls, best. 25 guineas to 40 guineas, for a bull bred by Mr. T. D. Reid. Glenbrook, and bought by’ Mr. N. R. McElwaine, Glenbrook: other yearlings, £l2 12s to 24 guineas: best two-year-old pedigree Jerseys, 27 guineas to 37 guineas; other two-year-old pedigrees, £ls 15s to 26 guineas; grade Jerseys, £lO 10s to £lB ISs; small and rough grade Jerseys, £6 6s to £9 9s: two-year-old Rhorthorns. £l4. 14s to 20 euineas; yearling Shorthorns. £9 9s to £l6 16s: aged bulls, £8 8s to £l2 3 2s; cull bulls. £4 4s to £7 7s; ewes, with lambs, £1 12s to £2. SYDNEY WOOL SALES TOP GRADES VERY FIRM SYDNEY, Wednesday. At the Sydney wool sales to-day the •market was very firm for all top lines of •fleece. Good skirtings and lower grades are still selling irregularly. The bidding has been well distributed. The Russian buying has been a noticeable feature, and the Japanese, French and Belgians have been prominent. The sales totalled 11,301 bales. Greasy Merino sold to 252 d. RECORD WHEAT ACREAGE DROUGHT IN N.S.W. (United P.A. —By Telegraph — Copyright) Reed. 10.10 a.m. SYDNEY, To-day. There is a record acreage under wheat this year in New South Wales. Almost 4,500,000 acres are sown, which is 421,000 acres greater than ever before. The majority of the districts are droughty, and the prospects are gloomy.

Closing quotations at to-day's mid —. - Sellers. Buyers. » ** ' • *S Sellers. Buyei £ s d. £ d. BANKS— Sellers. A us. of Commerce . 1 14 0 Com. Bank of Ans. 1 10 2 1 9 ►0 Ditto (prof.) .. .. 7 7 6 Eng., Scot, and Aus. 8 15 0 National of N.Z. . . 7 6 0 P! New South Wales . 51 10 0 51 0 0 Now Zealand . . 3 .1 3 1 0 Ditto, D Mort 1 8 0 1 7 6 Queensland National — n ?. 0 Union of Australia . — 15 5 0 INSURANCE — New Zealand ., .. 2 5 6 2 4 9 South British .. .. 2 3 Queensland — 3 5 0 LOAN AND AGENCY— Dalgety and Co. . . 15 0 0 Farmers’ Co-op. Auc. A (pref) 0 16 0 Ditto B (pref.) .. 0 Goldsbrough, Mort . National Mortgage 2 11 6 2 10 6 Agency Newton King — 4 4 0 tpref.) 0 8 0 0 6 9 N.Z. and River Plate 1 11 N.Z. Guar. Corp. .. 0 9 u N.Z. Loan and Merc. 120 0 0 116 0 0 Ditto (pref.) .. .. N. Auck. Farmers* — 82 0 0 Co-op. (ord.) ... 0 — 0 2 0 COAL— Hikurangi .. .. .. 0 6 0 0 5 5 Ditto (pref.) .. . . 0 10 0 Ditto A (pref.) .. 0 8 9 Pukemiro 3 11 0 Renown (ord.) .. 0 13 0 Ditto (pref.) .. .. 0 3 0 0 2 3 Taupiri 1 7 0 1 6 6 Ditto (pref.) .. 1 3 0 Waipa 0 14 0 Westport 1 10 0 W estport-Stockton . 0 3 10 0 2 6 Ditto (pref.) .. .. — 0 4 0 GAS— Auckland .. .. «*. .. 1 2 2 1 3 0 Ditto (con.) .q .. SHIPPING— 0 17 3 0 17 0 Devonport Steam .. Huddart-Parker 1 5 2 8 3 3 2 Northern Steam .. 0 14 6 Ditto (con.) . . 0 7 0 0 6 7 P, & O. (def. stock) 350 0 0 243 0 0 Union Steam (pref.) TIMBER— — 1 0 6 Bartholomew .. .. 1 1 0 Kauri Timber .. .. 1 0 0 0 Leyland-O’Brien o n 1 14 0 WOOLLEN— Kaiapoi 0 12 9 Ditto (con.) .. .. Ditto (pref.) .. .. 0 14 0 Mosgiel Wellington — 7 6 3 12 0 Ditto (pref.) .. .. — 6 15 0 BREWERIES— N.Z. Breweries .. .. 2 14 0 2 12 6 MISCELLANEO U S— Auck. Amus. Park . 0 British Tobacco 2 4 0 Bycroft, Ltd 1 15 0 Col. Sugar (Aus.) . 63 10 0 62 0 0 Dominion Pictures .. Ditto (pref.) .. .. — 1 0

day call were: — Sellers. Buyers 1 Electrolytic Zinc Sellers Buyers. (ord.) 1 12 9 Ditto (pref.) .. .. 1 14 Pullers' Pictures .. Gear Meat Grey and Menzies Hayward’s Pictures 1 Hill and Plummer .. H M. Arcade Theatre Ditto (pref.) .. .. __ Kemp thorne-Prosser Lewis Eady (pref.) 0 19 Milne and Choyce . Ditto (pref.) .. .. Ditto (B pref.) Ditto (deb. stk.) . National Pictures N.Z Farmers’ Fertiliser .... N.Z. Refrigr. (con.) 0 9 Northern Boot . . . . Robinson Ice Cream 1 Sanford, Ltd Sharland (pref.) .. Taranaki Oils . . . . Tonson Garlick .. . Union Oil .. .. tf Whittome-Stevenson 2 8 0 Wilsons Cement . . 19 Farmers’ Trading: . . Ditto B (pref.) 0 9 MINING— Moanataiari (paid) 0 1 Ditto (con.) 0 Golden Ag-e (paid) . Lucky Shot (4b paid) Maoriland (con.) . 0 0 9 Ohinemuri (ord.) . . 0 7 2 Waihi 0 14 3 Waihi Grand June. 0 0 L05 0 0 9 DEBENTURES— Auckland Gas, 1932 5 P-c Auckland Harbour Bd. * .P c 90 10 0 Ditto, 5i p.c Ditto, 51 p.c Ditto, 6 p.c City of Auckland, 1940, 51 P.C Ditto, 1943, 55 P.c. Auck. Power Bd., 55 Auck. Firo Board. 6 p.c. 104 10 0 101 0 Hamilton Fire Boarc 6 pc 103 10 0 101 0 Bor. Devonport, 6 p.c. 101 0 0 Bor. Mt Eden. 5J . 100 0 • Ditto. 6 p.c. 102 10 Bor. Hamilton, 6 p.c. 102 0 Buller County, 1940, 5 p.c 93 10 0 91 0 0 N.Z. Breweries 1 4 6 1 4 1 Glaxo — 90 0 0 GOVERNMENT BONDS War Loan, 1930, 4J 100 0 0 99 0 Ditto, 1938, 45 15 Ditto, .1939. 4} 98 15 0 Ditto, 194 L, 45 p.c. 98 Ditto, 1933, 55 101 10 0 101 Ditto, 1936, 5i .. — 101 2 6 INSCRIBED STOCK— War Loan, 1938, «’■ p.c 98 Ditto, 1939, 45 - . — 98 17 Ditto, 1927-41, 5i 99 0 0 98 0 Ditto, 1933, 55 p.c. 101 10 0 Ditto, 1936, 55 p.c. 101 Ditto, 1933, 55 p.c. 99 10 0 Ditto, 1936, 6 p.c. 105 0 0 103 0 0