FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 511, 14 November 1928, Page 12

FINANCE & MARKETS

Steady Business on Change Bank of Australasia Selling

A FAIK volume of business iBank of Australasias are Bank scrip still continues to attract Considerable attention. Australasias are in demand. Commercial of Australian remain steady. Bank of New Zeo lands are sell nig at 61s 6d. leaving a firm market. Unions of Australasias are exceedingly firm, buyers quoting U 5 6a fid, no shares offering. Tattle business has been transacted In insurance shares, tl ougl in n cases these shares remain firm. D&lgety and Co have keen buyers ml £ls 2s 6d, no sellers: Goldsbrough. Morts are also sought after at 51s. no shares offering: while N.Z. River Plate* have steady buyers at 32s 6d. Timber shares are attracting more attention. Bartholomews. Kauris and I,eyland-O’Briens are al being asked lor.

s being transacted on Change, selling freely at 14 14s. Milne and Choyees, both shares and debenture stock, have eager buyers, no sellers. Wilsons (N.Z.) Portland ] Cements are exceedingly firm with ! buyers 40s. sellers 40s 6d. Mining is lifeless, with the excepj tion of Waihis. Buyers are appearing for these shares at 13s lOd. sellers 14s. Id, and sales at 14s reporetd. * * * Yesteiday afternoon’s business:—On 'Change: Renown Collieries (pref.), 2s lid. Reported: Bank of Australasia. £l4 14s: Union Bank of Australia. £ 15 7s 6d. I Business at this morning’s early i call: —Reported: Bank of New Zeai land, £3 Is 6d: N.Z. Brewery debentures. £1 4s 9d. Business at to-day’s mid-day call: Reported; Bank of Australasia, £l4 14s: Renown Collieries (pref.), 2s lid: ) Waihi G.M. Co.. 14s.

TO-DAY’S QUOTATIONS

Closing quotations at to-dav's mid

day call were:

SOUTHERN EXCHANGES YESTERDAY’S SALES Press Association. Wellington.—Bank of New Zealand. D shares. US** 4d: Bank of New -Zealand. His 6d (two): New Zealand Breweries, bonds. 24s 8d: Huddart-Parked 4Ss: New Zealand Breweries, shares, ',Bs. Christchurch.—New Zealand Refrigerating (10s paid). 9s 4d: Ivaiapoi Woollen (7s paid). 4«> 3d; New Zealand Breweries. 58s: Staples Brewery, 41s 6d (.5 parcels); Electrolytic Zinc (ord.), 24s 6d; Quill Morris. 19s 6d; Mahakipawa. Is 4d (2 parcels). Is 3d (0 parcels): New Zealand Government. 4.} per cent. Inscribed Stock. 1938. £99 10s • 2 parcels); Bank of New Zealand. 6.1 s 3d: Union Bank of Australia. £ 13'7s Gd: Christchurch Gas. 265. Dunedin.—New Zealand Breweries. 58s; Mount Lyell, 3Ss (cum div.): Commercial Bank. pref.. £7 6s 6d: National Bank of Australasia (paid). £l9 os (cum div.); New Zealand Breweries, debentures. 24s 6d: New Zealand Refrigerating (paid)* 19s. ditto (con.). •*s 3d: Dominion Rubber. 275; National Klectric. 11s 6d. WOOL SELLING SEASON OPENS ON FRIDAY Press Association. WELLINGTON, Tuesday. The first wool sale of the season 1928-29 will be held at the Town Hall on Friday. Unfortunately, owing to the inclement weather preventing shearing operations during the past week, the quantity of wool to be offered totals only 7,775 bales, against 9.083 bales at the November sale last year. This is believed to be the smallest catalogue offered at the first sale of the season for many years.

INCREASE IN EXPORTS TRADE OF GREAT BRITAIN i Australian and. X' Z. Press Association) LONDON, Monday. The Board of Trade returns for October show that the imports were valued at £103,006,000, a decrease of £2,324,000 compared with October, 1927. Exports were valued at £64,312,000, an increase of £3,145,000, and re-exports at £ 8.887,000, a decrease of £559.000. The principal decreases were: Imports: drain and flour, £1,544,000: wood and timber, £1,080,000: wool. £1.022,000: rubber. £1.301,000. Increases: Imports: Xon-dutiable food and drink. £975.000: non-ferrous metals and manufactures thereof £788.000. Exports: V e h i c le s, £ 1,121,000. Following is a comparison of the returns for the first 10 months of this and last year: Ten months. 1927. 1928. £ £ Imports 1,006,921.000 991,313,000 Exports 579,527,000 575,669,000 Re-exports .. .. 102,195,000 100,437,000 Total exports .. 681,722,000 679.106,000 The apparent adverse balance of trade is £312,207.000, corppared with £325.199,000 for the first 10 months of 1927.

SYDNEY WOOL SALES HiGHER PRICES RULE (United P.A. —By Telegraph — Copyright) SYDNEY. Tuesday’. At the wool sales 12.721 bales were sold. There was animated bidding and prices were very firm, while top linos of superfine fleece and good skirtings ruled from par to 5 per cent, higher. Greasy Merino sold to 27d. Your wife’s name may be Jessie, Mary or Anne, still she wants lor her kitchen a "MAGNET Fan.” —3

MARKET BRIGHT BUSINESS ON ’CHANGE N.Z. BREWERY PROSPECTS By “NOON CALL.” November 14. 9 a.m. ; On the eve of the elections the market on ’Change registers the brightest tone fcr many months. A heavy volume of business has been put through over the week, and there have been no signs of the "wait-and-see” policy noted in financial circles in other countries at such times. There is a steady demand for banks ,i nd insurances from investors seekingsound securities that, apart from offering a fairly satisfactory immediate return. show prospects for those prepared to take a long view. Prices are steady, and healthy business is being recorded on most New ' Zealand ’Ch anges. Continued faith in the pastoral industry is shown by the very firm tone in the market for loan and agency scrip. There is a steady demand for all listed shares in the group, and sellers, for the most part, are very hard to locate. Coals are quiet, and there is no inclination to pay premium prices, although most of the shares meet with a steady demand. The upward tendency noticeable a month ago has been checked. AVestports are slightly firmer following the publication of the bal-ance-sheet. Breweries, which have been gradually rising over the past few months, touched 58s 6d to ease 6d on the eve of the election. At the top price the return, based on the latest dividend, is little more than £3 8s per cent. On a comparison of balance-sheets, the scrip offers the lowest prospects on the list, as hidden reserves would have to be enormous to justify the price. The balance-sheet gives no indication that they exist. In the opinion of the writer, the market is in for a set-back when the excitement of the elections subsides. The miscellaneous group is quiet, but the market, generally, is bright. Sanfords are receiving more attention on a, slightly firmer market. Robinson’s Tee Creams are also firmer, sellers withdrawing yesterday to leave firm buyers in at 21s 3d. The gilt-edge market remains very firm, with most securities meeting with a steady demand at late rates. Return on Investment Below is a summary of sales on New Zealand ’Changes over the week ended XovemTjer 13. giving the approximate return based on the latest dividend: BANKS—

FRANKTON STOCK SALE BEEF SLIGHTLY EASIER (Special to THE SUN) HAMILTON, Tuesday'. There was a pood attendance of buyers at the’weekly.stock sale at the Frankton yards to-day. Beef quotations showed little alteration on last week's rates and mutton prices were a little easier. A truck of fat heifers was sold on account Tl. Campbell, of Okoroire, at prices ranging- from —ll 8s to 13 18s. The auctioneers report as follows: — .. Farmers’ Co-operative Auctioneering Companv, Ltd.: Medium entry of beef and prices firmer. Light and medium steers made £l2 2s 6d to £l3; medium-weight prime young cows and heifers. £l2 2s 6d to £l3 18s: heavy cows, £ll to £l3 3s; light cows and heifers, £9 to £ll 7s; plain, £7 15s to £8 sd. Full entry of store cattle and demand stronger than we were able to supply. Two-year steers, mixed colours, made £6 18s to £7 16s: extra good 15-months steers, £7 7s to £8; others, £ 6 to £6 16s: small, £3 12s to £4 18s: store cows, £6 5s to £6 14s. Good entry of fat sheep and prices easier. Woolly fat wethers, £2: early shorn fat wethers, 335; prime young shorn ewes, 26s 9d; heavy shorn owes, 22s 6d to 23s 6d. Figs sold at usual rates. Baconers made £3 4s: porkers, £2 10s: stores, 14s to 38s. New Zealand Loan and Mercantile Agency Company', Ltd.: Prime fat bullocks, £l6; light fat bullocks. £ll to £l4 ss; prime fat cows, £ll 3s to £l2: light fat cows. £7 7s 6d to £9: light baconers and heavy' porkers, £■2 7s to £2 13s; light porkers, 34s to 40s. Dalgety and Company, Ltd.: Prime fat bullocks, to £18; lighter, £l4 to £l6; ordinary fat bullocks, £ll 15s to £l3 17s fid; prime fat heifers, to £l4; lighter, £9 2s fid to £l2; good fat cows, £ll 7s 6d to £l2 15s; ordinary fat cows, £7 5s to £9 2s 6d; inferior quality, £5 to £6 2s fid; extra prime wethers, up to 345; young shorn ewes, up to 25s 6dCHICAGO WHEAT MARKET (Australian and N.Z. Press Association) Reed. 9.5 a.m. CHICAGO. Tuesday. Wheat.—December. 1 dollar 14 7-8 cents a bushel: March. 1 dollar 19 7-S cents; May, 1 dollar 22 7-8 cent*.

BEEF MARKET EASIER j ADDINGTON SALE Press Association. CHRISTCHURCH, Tuesday. Untries at to-day’s sale at Addington were on an average scale in most j classes of stock, and with no sale last j week on account of the holiday, there j was a good demand for fat lambs and ! fat sheep, but an easier one for fat ; cattle. Store Sheep.—Heavier entries, including a good-sized consignment of withers from Nelson. A good sale for all classes of average to good sorts of wethers and hoggets, while ewes and lambs maintained last sale values. Ewes and lambs made 18s 6d to :?3s Id; good four, six and eight-tooth ewes, 34s to 375; ordinary to 27s 6d; I woolled halfbred wethers, 32s 6d to 34s Id; best shorn wethers, 24s to ! 26s 9d; ordinary, 21s 6d to 23s 6d. j Fat Lambs.—An entry of 550 head, ' which was readily bought by /butchers. Quality was exceptionally good. Extra prime lambs made to 36s 7d: prime, 32s to 345; medium, 29s to 31s 6d; light, 27s to 28s 9d. Fat Sheep.—Good quality entry, the bulk shorn, comprising 101 races. The sale opened at about last week's rates, but hardened by Is a head as the sale advanced. Extra prime shorn wethers made to 47s 4d; prime shorn, 36s 6d to 425; medium shorn, 32s 6d to 365; light shorn. 26s to 31s 6d; extra prime woolly to 57s lid; prime woolly, 45s to 495; medium woolly, 41s to 445: extra prime shorn ewes, to 41s 7d: prime shorn ewes, 36s to 40s; medium shorn ewes, 32s to 35s 6d; light shorn ewes, 25s to 30s; extra prime woolly ewes, to 50s 7d; prime woolly ewes, 39s to 445: ordinary woolly ewes, 34s to 38s 6d; medium shorn hoggets, 28s to 32s 6d. Fat Cattle.—An entry of 510 head. Good all-round quality and easier in value by 20s a head for big plain steers and heavy cows; other sorts less. Extra prime steers and heifer beef made to 51s a 1001 b; good steer, 4f>s to 495; plain heavy, 37s to 41s Id; best cow and heifer, 44s to 47s Id; medium heifer. 40s to 43s Id: medium cow, 35s to 38s; rough, down to 30s 4d; extra prime heavy steers. £22 to £24 12s 6d; prime steers, £l9 to £2l 10s; medium steers, £l6 15s to £lB 15s; light steers, £ll 15s to £l6; extra prime heifers to * £l7 2s 6d; prime heifers, £l3 to £ls 10s; medium heifers, £lO 10s to £l2 15s; light heifers, £9 to £lO ss; extra prime cows, to £l6 12s 6d; prime cows, £l2 10s to £l4 IDs; ordinary cows, £lO to £l2 ss; aged and inferior cows, £ 8 to £ 9 ss. Vealers. —Good vealers were in short supply and prices for them were fully on a par with the best of recent sales. Good vealers made to £ 7 10s; medium vealers. £3 10s to £5 15s; small calves, 15s to £2 10sStore Cattle. —A small entry with no quotable lines of steers or heifers. A keen sale. All offerings were disposed of. A line of light, well r bred yearling Shorthorn bulls made from lOgns to lOJgns; best cows, £5 10s to £7 15s; medium cows, £3 to £5; old cows, • 30s to £2 10s; bulls, £4 to £ll. Dairy Cattle. —A small entry, but lo Jersey heifers met with keen competition and sold at up to £ls. Best second, third and fourth calvers made £8 10s to £l3; medium, £6 to £8; backward calvers. £4 to £6 10s; extra good heifers, £lO to £ls; medium heifers, £6 to £9. Fat Pigs.—A very large entry of porkers, the market being oversupplied. Prices toward the end of the sale were down nearly to export level. A small entry of baconers met with a fair demand, and a sharp rise toward the end. Choppers made £2 to £4 16s; light baconers, £3 to. £3 10s; heavy, £3 10s to £ 4 6s 6d: average price a lb. sid to Porkers, 34s to 55s 6d; average price a lb, 513 to 7d. . Store Pigs.—Medium entry with improved competition for smaller sorts, but no change in value of big pigs. Small weaners made Ssvto 10s: good weaners, 11s to 14s 6d: small stores, 12s to 16s: medium, 17s to 22s 6d; large, 23s to 28s; extra "large, to 335. LONDON MARKETS METALS AND WHEAT (Australian and N.Z . Press Association) LONDON, Monday. (Quotations on Nov. 8 in parentheses.) Copper.—Spot, £67 18s lid (£6B 4s 4id); three months, £6B 6s 13s Ud). Electrolytic Copper.—Spot, £74 15s (£75); three months, £75 5s (£75 ss). Wire Bars. —Spot, £75 5s (£75 ss); three months, £75 5s (£75 ss). Lead—Spot, £2O 18s 9d (£2l 2s 6d) ; three months, £2l 3s 9d (£2l 8s 9d). Spelter.—Spot, £24 6s 3d (£24 ss); three months, £24 2s 6d (£24 Is 3d). Tin.—Spot, £230 6s 101 d (£231 2s 6d); three months, £224 8s 9d. Silver. —Standard, 263 d (26 11-16 d) per oz.; fine. 28 15-16 d (28 18-16 d). WHEAT Apart from Indian inquiry for Australian ships cargoes are quiet, and generally 3d down. By unnamed ship to Calcutta, December, 455; by three unnamed ships to Calcutta, January, 44s 3d. Parcels are obtainable at a decline of 3d. Trading is slow. Liverpool futures; December delivery, 9s 3 l-8d per cental: March, 9s 3*d; May, 5s 3 5-Bd. LEAD The imports of lead are 21,499 tons: Australian, 6,222; exports, 2,627. BRADFORD TOPS The market has a slightly, better tone. Merinos are firm, and crossbreds distinctly firmer. ■ PRODUCE MARKET BRIGHTER POSITION IN CANTERBURY Press Association. CHRISTCHURCH, Tuesday. The markets have brightened up* since the carnival week holidays and more life is expected after the elections. Copious rains have radically changed the aspect of the wheat market. While the dry weather persisted millers were inclined to be apprehensive and the demand was fairly brisk. This has been completely altered and there is now not nearly the same demand as a fortnight ago. Fowl wheat is quoted at 5s 8d to 5s B|d, f.o.b. There is little demand for oats and prices are unchanged. A few quotations are being made for next year’s oats at 9s 9d, f.0.b., s.i., for spread delivery, but little business is being done. ■ With the exception of red clover and cocksfoot the seed market has been quiet. Red clover is, if anything, a j trifle easier, in view of the very cheap : quotations and the very fine quality offered from overseas. The price ranges from 5d to 6d. Cocksfoot is still quoted at Sid. The North Island is still taking some potatoes, but there are now few sound potatoes for sale. For Whites the price to farmers is £9, and for Dakotas, which are very scarce, £lO 10s. Farmers are still being offered £3 15s to £ 4 for chaff, for which there is fair inquiry from the North Island. BUTTER AND CHEESE G, Paviour Smith has received from his London principals, the Anglo-Con-tinental Produce Co., Ltd., the following cabled market report, dated London, November 13:—Butter, firm. 174 s to 178 s: cheese, quiet, coloured 104 s. ! whit* 107*.

Sellers. Buye BANKS— £ . d. A ust. of Commerce 1 13 l 13 3 Bank of Australasia 1 t 16 14 13 ‘ om. of Australia.. I 10 l 10 Ditto (pref. > .. . 6 0 « om. of Sydney New Zealand 2 J 16 t 1 3 Nat. of Australasia New Zealand 19 1 6 1 3 Ditto < P .Mort. ). (20s paid) 1 s 9 1 .8 0 1 nion of Australia . — 15 6 6 INSURANCE— Australian ProvinHal s 0 3 National 17 16 9 New Zealand .. .. 0 South British .. 3 (Queensland —- 3 6 0 LOAN AND AGENCY— Abraham & Williams ( pref.) . L»alget.v and Co. Karim rs’ (.'o-op. — 15 • b Auctioneering 3 6 17 1 >i 11 o A (pref.) .. 1 lit to B ( pref.) H • loldshrough Mort . 1 1 0 Nat. Mort Rase.. 4 0 Newton King (pref. > N.Z. River Plate .. X.Z. (guarantee Cor1 6 poratlon (ord.) 0 117 0 N.Z Loan A Men. Ditto (pref.) .. . N Auckland Farmers — S2 0 Co-op 0 3 6 0 2 3 CO a I„— Hikurangi 0 6 2 0 5 S I ’ukemlro 10 0 6 0 Renown (ord.) .. •• 16 0 l.» 11 1 »itto (pref.» .. . . 0 l 1 0 10 Taupiri 1 6 l 0 Pi t r<» (pret > • Waiun (1 13 9 0 12 Westport Stockton (pret .) — 0 GAS— A uekland 1 3 6 1 3 2 1 n t to < von.) n 17 • lisborne Thames v 10 0 — SHIPPING— Pevonport Steam l _ i4 6 11 uddart-Pa rker (ord > 8 8 0 Pit to (pref.) .. . l 0 9 Northern Steam 14 Ditto (con.) 0 6 10 f*. and O. (def. stk. * 16 0 15 Union Steam (pref.) l 0 l 0 * TIMBER— Bartholomew 1 0 fi o 18 0 Kauri Timber . . . . 1 1!> 1 .eyland-O* Brien 1 14 6 i 10 0 -WOOLLEN— kaiapoi (1 140 0 13 6 Wellington 17 6 Ditto (pref.) .. .. BREWERIES— ~ 6 IS 6 * *. L. Innes. Ltd. .. 0 18 6 Ditto (pref.) . 1 0 K 0 IS 6 N.Z. Breweries . . . . 19 17 6 Staples and Co. .. — 2 0 6

Sellers Bi yel s. .\ JI SC E L LA XEOUSAuclc. Ain use. Park 0 3 A. J. Entrican (ord.) 0 Australian Glass 18 .> 6 British Tobacco (Aust) 2 - 0 4 Burns, Philp & Co. 4 Bycroft, Ltd 1 Checker Taxi . . . . 0 30 0 Col. Sugar (Aus.) 61 60 d 0 Dental and Medical 0 Dominion Pictures . 1 14 1 l 0 Ditto (pref.) 1 1 0 Donaghy’s Rope . . . 1 11 0 banners' Union Trading (ord.) ft 7 f. Ditto (B pref.) 6 b ullers Pictures . l 1 1 o Grey and Menzies . Hill and Plummer . 1 6 H.M. Arcade (pref.) Kempt borne Prosser’s a 1 1 n 9 Lewis Eady ford.) . 3 Ditto (pref.) .... o .Milne and Choyce .. 19 6 Ditto (pref.) . . . . Ditto (B pref.) . . Ditto (deb stk.) .. N.Z Fertiliser .... 0 IS 17 ! N.Z. Refrigerating (con.) 0 r, 7 0 ; Robinson s Ice < 'ream Sanford. Ltd 0 19 6 0 Taranaki Oil .. .. o 0 0 Tonson Garlick .... 0 Union 2 ? 0 6 1 0 Wairakei, Ltd 0 i Whittome, Stevenson and Co 2 j Wilsons Cement .. 2 14 0 6 n 0 0 I MINING— j Alburnia 0 ! .Vloanataiari (paid). 0 Lucky Shot (4s pd) 1 0 0 - Maoriland (con.) 0 Ohinemuri 0 7 6 0 2 Waihi 0 14 1 13 10 Waihi Grand June. 0 1 0 0 8 Mount Lyell 1 18 3 1 18 0 DEBENTURES — Auckland Gas. 1933. Ci per cent 103 0 0 A tick. Harb. Bd., 5* 97 10 0 103 0 0 Bor. Devonport, 6 . . 101 0 0 Bor. Mt. Eden. 52.. 101 0 0 Bor. of New Plymouth. 5 p.o 97 Bor. Hamilton, 6 p.c. 10 0 302 0 0 N.Z. Breweries .... 1 l 4 National Trading . . 100 Glaxo 0 *6 89 0 0 GOVERNMENT BONDS War Loan, 1930, 4£ 100 0 o 99 0 0 Ditto, 1938, 4£ p.c. 100 0 99 0 0 Ditto, 1939, 1 \ p.c. 100 0 0 0 0 Ditto, 1941, 4£ p.c. 99 0 0 Ditto, 1933, 5i p.c. — 101 5 0 Ditto, 1936, 5£ p.c. — 101 a 0 INSCRIBED STOCK— War Loan, 1938, 4£ 99 0 0 Ditto, 1939. 4£ p.c. — 99 0 0 Ditto, 1927-41, 5J 98 15 0 Ditto, 1933, 5} p.c. 98 la 0 i Ditto, 1933, 51 p.c. 101 in 0 Ditto. 1936. 51 p.c. 101 7 6 101 5 0 ! Ditto, 1331, 6 p.c. 103 10 0 —

s. d. T c; d Nat. of Australasia 19 5 <1 :j 11 Australasia Commercial of Aus14 14 0 4 15 3 trail a 1 10 1 4 IS 11 New Zealand . . . . 3 1 6 4 13 New South Wales .. W1 15 0 4 16 7 < "oin. of Sydnev 5 0 4 11 9 National of N.Z. . . 3 M 4 17 11 1'nion of Australia. 15 7 0 4 17 9 INSURANCE— New Zealand . . 7 6 o 17 2 South British . . . . 15 1ft National BO AN & AGENCY— N.G. Guar. Corporaft 17 0 8 10 tion s s 12 National Mortgage . 4 0 ft 6 Balgety <&- Co 15 Goldsbrough Mort. . GAS— 2 11 6 ° 16 Auckland 1 3 4 6 6 17 1 Ditto (con.) .. 0 17 3 2 SHIPPING— Devonport Steam 4 « 6 f>. - Northern Steam WoollensKaiapoi (17s paid). COALS — 0 14 0 12 10 Hikurangi (pref.) . . 0 11 o — 11 Westport . . Renown (pref.) .. .. TIMBERS — Kauri 0 1!) 2 3 18 3 BREWERIES— New Zealand .. .. 2 18 6 8 5 1 3 Staples MISCELLANEOUS — 4 Victoria Nyanza 9 Klectfo. Zinc Cpret.). . 1 15 0 6 1 1 1 61 Colonial Sugar . . - • 5 Wilsons Cement Fullers’ Pictures . ■ 4 * -.0 J o N.Z. Refrigerating 0 0 A •> O (con.) Ditto (paid) .. ■ • 19 0 7 17 10 MINING — Waihi 0 0 13 11 — Mahakipawa • • •• 18 0 Mt. Lyelt Ohinemuri .. • • • • 0 0 9 — —