BUOYANT MARKET

Sun (Auckland), Volume II, Issue 487, 17 October 1928, Page 16

BUOYANT MARKET

MOVEMENTS IN SHARES THE WEEK REVIEWED By “NOON CALL.” Although the turnover has not been particularly heavy, quite a healthy tone has been registered in New Zealand Stock Exchanger, circles over the week. Trading has been fairly widespread, with the trend largely to pass over banks and other more or less gilt-edge securities for investments giving or showing prospects of greater immediate return. With, a return of over 5 per cent, possible on present dividend rates in practically only two instances, the market for banks is not showing the strength of a month or so ago. Nationals of ’Asia are still very firm, the contributing scrip moving up Is over the week. Adelaides, cum. div., show an advance of 3s 6d on their last sale. Apart from these two, which still go to the buyer with prospects of an immediate return of over 5 per cent., the banking group is steady to slightly easier. In the insurance section, New Zealands have firmed again to see sales at 45s 3d, compared with 45s last week. South British are steady, the announcement of an increase in the dividend rate which, the way the directors operate, really amounts to 2s 6d a share, or 123. per cent., causing little concern. That the market anticipated the increases in shown by the rise in the price of the shares since July, when they were selling at 60s. Loan and Agency Scrip Firm Loan and Agency scrip has experienced rather a quiet time over the week, due mostly to the fact that holders seem to be anticipating higher levels, and although steady buyers are in for most shares, sellers are hard to locate. Farmers’ Auctioneering ordinaries got a market at 65s over the week, making the first sale for many months. Coals are proving a very popular investment at the moment, and most of the shares meet with a very steady demand. Pukemiros have been quietly active at 695, a price based on the latest dividend which shows a return of slightly oyer 10 per cent. Renowns show increased strength, with buyers offering 14s, compared with a market at 13s Id a fortnight ago. Hikurangis touched recent high levels, the preference scrip changing hands at 10s 6d. The market for breweries is sustained at recent high levels, and the demand continues to be confined chiefly to the South. The miscellaneous market is quiet. Sanfords dropped a further sixpence during the week, but showed increased strength toward the close. Wilsons Cements meet with a sustained demand, frequent sales taking place at 39s 3d. Hayward’s and Fuller’s Pictures are very firm, the market moving up to 21s over the past few days. Return on Investment Below is a summary of sales recorded on New Zealand ’Changes during the week ended October 16, givjng the return on investment based on the latest dividend. In the case of Government and other redeemable debentures, the return makes provision for redemption. The first column gives the figures at which the latest sale was made; Latest Approx. BANKS —• Price. Return. £ s. d. £ s. d.

POTATO STOCKS SHORT POSITION IN CANTERBURY Press Association CHRISTCHURCH, Tuesday. Potatoes still impart interest to the produce markets, although there are signs that the keenness of the present interest will not be long sustained. The Wingatui left on Saturday with approximately 7,300 sacks, of which about 6,000 sacks were from Lyttelton and the remainder from Timaru. Included in the shipment were seed and under-grade table qualities, an indication that supplies are nearing an end. The price is still high, £ll to £ll 5s f.0.b., s.i., being quoted. It is difficult, however, to get quotations from any strong holders, and potatoes in any quantity are very hard to find. Wellington and Palmerston are still asking for potatoes, but inquiries from Auckland have almost ceased. Wheat remains firm at the latest quotations—ss Sd to 5s 9d to farmers for good milling grade; No. 2 grade 5s 5d to 5s 6d; hunters 6s. Oats are quoted at 4s for A Gartons, B’s being 3s 5d f.0.b., s.i. Chaff is worth £3 15s to £4. Seeds and other produce lines are unchanged

HIDE MARKET EASIER AUCKLAND VALUES j The market for most grades of hides and skins was again easier at yesterday’s j sales. Cowhides in general averaged about ! a penny cheaper. There was a large j offering all round. Various grades of t horsehair also sold. Tallow prices are a [ little higher. Prices were as follow: — i Cowhides. Best, light, 9Jd to 9£d; medium, 9d to 9id; heavy 9 1-Sd to 9*d; seconds and cut, Sid to Sid; faulty, to 7!d; ox, light, 9d to medium, 94d to lOd; heavy, lo£d to lid; second grade and cut, 9d to 91d: kips, best grade, 10id to 10id; second grade, B£d to 9d: yearlings, best grade, lljd to llld; second grade, 91d to lOd; calfskins, best, light, Ibid to 17d; best, medium. 17*d to lSd; heavy, 91b to 101 b weights, ll£d to Is a lb; calfskins, light and medium, cut, I4d to 141 d; slippy lid to ll^d. Sheepskins.— Dry. three-quarter to fullwoolled, llld to 12jd; coarse, lid to ll£d; faulty, 102 d to ll?.d; damaged, 9fd to lOld; badly damaged and broken, Sd to SSld; half-woolled, medium to fine crossbred, lOgd to llid; coarse, lOd to 10*d; faulty, 9d to 9s>d; damaged, 7£d to Sid; quarter to half-woolled, badly damaged. 6d to 7d. Sheepskins, salted, full-woolled, extra large, 11s 6d to 12s 3d each; medium to large, 10s 3d to 10s 9d; threequarter to full-woolled, large, 9s 3d to 9s 9d; medium, 8s 6d to Ss 9d; .light, 7s •id to 7s 9d; hoggets, large, Ss to Ss 6d; raedJum, 7s to 7s 6d; light, 5s to 5s 9d. Tallow, in barrels, best mixed, 30s to ols a cwt; second grade, 27s to 2Ss; poor quality and gut-stained, 21s to 235; in tins, good quality, 2Ss to 2Ss 6d; second quality, 24s to 265. Horsehair, best tail, Is lOd to Is lid a lb; second quality. Is 5d to Is 7d; mane, 9d to 9Jd: short, lOd to Is 2d. FRANKTON STOCK SALE BEEF MARKET FIRM Auctioneering firms report on the usual weekly sale held in the Frankton saleyards yesterday as follows: Dalgety and Company, Ltd.—There was a moderate yarding of beef, including some very choice consignments of prime cows and heifers. The demand was good, and prices were very firm at full late rates. Best prime bullocks sold at up to £l7 17s 6d. A truck from Mr. L. W. R Leslie averaged £l6 12s 6d. Best young cows and heifers sold up to £ls 7s 6d for extra good quality heifers. Secondquality cows and heifer beef made £S 7s 6d to £lO 17s • 6d. Light and inferior cows and heifers, £6 15s to £8 ss; heavy runners made £7 Bs, £7 7s and £6 ss; vealers, £2 2s 6d. There was a fairly large yarding of store cattle, principally yearling heifers. The demand was only moderate, and a good many were passed at auction. Best yearling Jersey grade heifers, £6 10s; Jersey cross yearling heifers, £4 10s to £5 ss; small yearling heifers, £3 2s 6d to £4 ss; store cows at late rates. There was a moderate yarding of fat sheep. Prices were about 2s higher than last week. Prime shorn wethers, 345; extra heavy woolly wethers, up to 475; fat woolly ewes, 345; shorn fat ewes, 28s; store woolly hoggets, 30s; Down cross hoggets, 295. There was a large yarding of fat pigs. Stores were penned in small numbers. Best baeoners, £3 6s to £3 11s; medium ditto, £2 18s to £3 4s; porkers, £2 5s to £2 14s; light ditto, £1 12s to £2; large stores, £1 9s to £1 12s; slips, 18s to £1 4s; weaners, 12s to 16s; others, Ss to- 10s. The Farmers’ Co-operative Auctioneering Company, Ltd., report: At the weekly stock market in the p’rankton yards yesterday we had a short market of beef and mutton. Both classes advanced on values reached the previous week. We quote: Heavy prime fat heifers sold to £ls 7s 6d; heavy fat cows, £l2 5s to £l3 2s 6d; medium weights, £lO 10s to £ll 15s; lighter, £9 7s 6d to £9 17s 6d; plain and unfinished. £7 7s 6d to £8 15s; forward-conditioned cows. £6 to £6 17s 6d; stores, £4 to £5; dairy cows well forward, £9 to £lO 10s; backward, £6 10s to £8; medium Jersey and cross springing heifers, £7 10s to £9; backward and inferior, £5 10s to £6 10s; sheep, prime fat wethers, £2 ss; prime fat ewes, £2 Is; light to medium ewes, 34s to 35s 6d; prime hoggets, 35s to 395; baconers, £3 to £3 6s; heavy porkers, £2 10s to £2 15s; light porkers, £2 to £2 4s; slips, ISs to 255; weaners, 10s to 15s.

CANADIAN LUMBERMEN EYES ON AUSTRALIA (Australian and N.Z. Press Association) Reed. 9.15 a.m. OTTAWA, Tuesday. The desire of certain lumbering interests in British Columbia to get into the Australian market prompted a delegation from’ the coast to arrange an Interview with Finance Minister J. A. Robb on Wednesday. The Minister of Trade and Commerce, Mr. Malcolm, will be present. It is not known what their request will be, but It is expected the Australian trade treaty will be discussed.

P. AND 0. DEFERRED STOCK £1 UNITS INSTEAD OF £IOO (Australian and N.Z. Press Association) Reed. 9.5 a.m. LONDON, Tuesday. From to-day, P. and O. Deferred Stock will be quoted in the form of £1 units instead of £IOO. The reason for the change is to make a freer market, to facilitate dealing b.y small investors. To-day’s quotation is 535. HOWARD, ABBOTT, LTD. The sixth annual meeting of shareholders of Howard, Abbott, Ltd , was held on Monday. Mr. S. Takle presided. The directors reported that business hdd shown a substantial increase over the previous year. This was most gratifying, especially when the year was generally looked upon as being a poor business period. They recommended that after making provision for all contingencies, depreciation, income tax, bad debts, etc., the payment of a dividend of ! ~ V . . 'd<e. A bonus was allotted to th« « tafr!. -..v u.. _:tors, Messrs. H. C. Abbott, F. Furnell, W. Rodwell and S Takle, were re-elected. TAUMARUNUI STOCK SALE (From Our Own Correspondent) TAUMARUNUI, Tuesday. A large attendance of buyers at the fortnightly stock sale to-day dealt with large cattle entries. Few sheep or pigs were offered. There was a good demand for the better classes, and prices were well up to last sale rates. Weaner pigs made 12s to 14s; slips, 18s; weaner Tamworth boars (bred by F Discombe, of Cambridge), 235; fat ewes. 36s to 36s 6d; ewes and lambs passed in at 34s 6d; fat bullocks, £lO 10s; fat cows, £5 11s to £S 15s; empty cows, £3 11s; twb and three-year-old steers, £5 6s to £7 15s; empty Polled Angus heifers, £5 6s; other empty heifers, £4 10s to £5 3s; 18-months steers, £4 10s; Jersey steers, £2 2s 6d; big framed cows, £ 5 to £6. CHICAGO WHEAT MARKET (Australian and N.Z. Press Association) Reed. 10.15 a.m. CHICAGO, Tuesday. Wheal. December, 1 dollar 16S cents a bushel; March, 1 dollar 21 3-B"cents; May, 1 dollar 24 cents. MINING NEWS OCCIDENTAL UNA.—The manager reports: “Stoping on the No. 2 reef at No. 5 level is being carried on with three men. The reef still maintains its size, 2ft 6in wide, with a network of stringers on the hanging wall. It is heavily mineralised with blend and silica visible all through the quartz. Some nice dabs of gold were seen in.the ore shot down. The drive on the Flinty at No. 4 level has been stopped for a time, in order to place all the men on breaking quartz from the | No. 2 reef.’

Com. of Australia . 1 10 n 4 19 8 Ditto (pref.) .. .. 7 7 6 5 8 6 Adelaide 9 19 0 5 0 6 Eng., Scot., and Aus. 8 1*7 0 4 4 8 New Zealand .. .. 3 1 3 4 13 7 New South Wales . . 51 5 0 4 17 7 Nat. of Australasia (con.) 9 13 0 5 3 8 Union of Australia . 15 7 6 4 17 8 INSURANCES— National 0 16 3 4 12 4 New Zealand .. 2 5 3 4 1 4 Standard 3 5 0 3 17 1 South British .. .. 3 2 6 4 0 0 LOAN AND AGENCY— Newton King (pref.) 0 7 1 — Wright Stephenson (ord.) 1 3 0 6 1 S Farmers’ Auctioneer ing .. 3 5 0 9 5 5 GAS— Auckland .. .. .. 1 3 1 6 18 7 Wellington (ord.) . 1 10 0 — Ditto (pref.) .. .. 0 16 3 — COALS— Pukemiro 3 9 0 10 2 11 Hikurangi (ord.) 0 5 D — Ditto (pref.) .. .. 0 10 6 — Renown (ord.) .. 0 13 6 — SHIPPING— P. and O. (def. stk.) 256 0 0 3 18 1 Northern Steam (con.) 0 6 9 8 9 3 BREWERIES— New Zealand .. .. 2 15 • 3 3 12 5 Ward's 2 3 0 4 13 0 Carlton 7 8 17 Staples 1 IS 11 5 2 7 TIMBERS— Kauri 0 19 0 — MISCELLANEOUS— Burns, Philp 2 4 0 4 10 11 British Tobacco . . 3 10 4 18 10 Wilsons Cement 1 19 3 1 11 Hill and Plummer . 1 2 6 7 2 Electrolytic Zinc .. 1 12 6 7 7 8 Farmers’ Trading (ord.) 0 7 9 8 5 Hayward’s Pictures 1 1 0 8 11 5 Sanford, Ltd 0 18 0 7 15 7 Milne and Choyce (deb. stock) .. .. 1 49 6 9 3 Chrystal Ice 1 4 0 Wellington Meat 0 12 6 Colonial Sugar . . . . 62 12 6 3 19 10 N.Z. Refrigerating (con.) 0 8 6 S 16 3 MINING— Mahakipawa 0 1 7 Waihi 0 14 2 14 0 1 Waihi Grand June. 0 0 11 Ohinemuri 0 7 0 — DEBENTURES — Auckland Gas, 1935. 6J p.c 103 0 0 5 17 9 Mount Eden, 1961, 101 10 0 5 14 1 New Zealand Stock, 1933, 5J p.c 101 5 0 5 4 10 Glaxo 1945, 6* p.c. 90 0 0 8 18 5 N.Z. Stock, 1936, 51 PC 101 10 0 4 14 2 Ditto, 1938, 4£ p.c. 99 0 0 4 12 10