Finance and Markets

Sun (Auckland), Volume II, Issue 544, 22 December 1928, Page 12

Finance and Markets

WOOL PRICES FIRM KEEN BIDDING AT DUNEDIN GOOD CLEARANCE EFFECTED I Press Association DUNEDIN, Friday. Animated bidding by a full bench of ' buyers marked the first wool sale of the season at Dunedin. There was an good clearance at satisfactory prices, which were slightly better for certain classes of wool than those that have been secured at Northern centres. The combined catalogues offered to-day by local selling agents totalled 22,650 bales, an increase of about 2,000 on the first offering last season. Had it not been for broken weather this month, which delayed shearing operations, the amount available for the sale would have been easily 27,000 bales. The ■wool was in heavier condition on the whole than was the case at the December sale last year, due no doubt to the fine open winter, which enabled stock to be kept in the best condition. This is shown by the growth and grease in the present clip. Taken all over the wools were not as attractive in appearance as the clip last season. Good quality wool was not hard to sell, but sorts showing lack of breeding, poor colour, or over-heavy condition commanded scant attention. Continental and American buyers were much more in evidence than Bradford. the former being keen to secure halfbred and the latter taking large quantities of crossbred. Local mills competed keenly for lots suited to their purposes. Prices were considered to be a shade better than Northern rates for halfbreds and on a par with them for Merinos and crossbreds. Fully 90 per cent, of the offering was sold under the hammer, and it is estimated that a further 5 per cent, would be disposed of to-night by private treaty. The demand was fully equal to the supply. The official range of prices, compared with rates ruling at the December sale in 1927, is as follows:

BANK DEFERRED STOCK E.S. AND A. PAYMENTS The English, Scottish and Australian Bank has decided to pay off the outstanding balance of the deferred inscribed stock. Under the articles of the association, the bank is required to apply a portion of each year’s profits to the buying of deferred stock in the open market, or redeeming at par. The amount outstanding has been reduced to £158,000 at June 30, 1927. and the directors decided to divert £98,438 from the year’s profit to the purchase of deferred stock. This year £59,500 is to be devoted to the purchase of the remaining deferred deposits, and payment at par will be made on January 1 next. Since 1900 the deferred stock has borne interest at the rate of 4i per cent. The bank has now outstanding £983,547 of 4 per cent, debenture stock, and £589,419 of 3 per cent, preferred inscribed stock. The former is terminable at the bank’s option, but the preferred stock is perpetual.

N.Z. LAMB WEAKER DEMAND IN LONDON FIRM INQUIRY FOR BEEF A weakening demand for New Zealand lamb is reported to Dominion exporters in cables from London. Any change in the market for New Zealand mutton is in favour of sellers. The demand is moderate. The market for Australian mutton is firm. In the Australian lamb offerings, the demand runs principally on the finer qualities. New Zealand beef is meeting with a firm inquiry. Competition is brighter for the superior qualities. Quotations received by Dalgety and Company on December 20 are: Lamb. —New Zealand, prime Canterbury, 281 b to 361 b, 9 3-Sd; North Island, 83d; Canterbury, 361 b to 421 b. 9 3-8 d: North Island, B|d; Canterbury, second quality, 7*d; NortJi Island, 7Ad; Canterbury, 421 b to 501 b, Sid. Mutton.—New Zealand, prime Canterbury, 481 b to 561 b, 6£d; North Island, 6 l-8d; Canterbury, 561 b to 641 b, 6Jd; North Island. 5 7-8 d; Canterbury, 641 b to 721 b, 6d; Nbrth Island, 5 5-8 d; Canterbury, ewes, 4Slb to 641 b, 4 5-8 d; North Island, 4Ad. Beef. —New Zealand, prime ox beef, hinds, 42d; fores, 32d. Argentine, chilled, hinds, 7 Ad; fores, sd. The market for New Zealand beef is firm. The demand runs principally on finest qualities. Pork.—English, 801 b to 1001 b, lOd; New Zealand porkers, 801 b to 1001 b, 6Ad. Australian Meat.—Lamb: Good average quality, 281 b to 361 b, 9d; 361 b to 421 b, 9d: fair average quality, 281 b to 361 b, 7id; third quality, 7d. Mutton, good average quality, 401 b to 601 b, 4|d; fail* average quality, 301 b to 551 b, 4d; ewes, 3 7-8 d to 4d. DAIRY PRODUCE SALES REPORT FROM LONDON Amalgamated Dairies, Ltd., report having received the following cable from the firm’s London manager, dated December 20:— Butter, prices unchanged; market steady: Anchor, 186 s; Danish, 2025. Cheese, white, 975; coloured, 99s to 100 s; market slow. Dalgety and Company, Limited, received the following cablegram from its London house:—Butter, New Zealand, finest, salted, 184 s to 186 s; Australian, finest, unsalted, 184 s to 186 s; salted, 182 s to 184 s: good average quality, 176 s to 178 s; market firm. Cheese: New Zealand, white, 96s to 98s; coloured, 98s to 100 s; Canadian white and coloured, 108 s to 112 s; Australian, white, 96s to 975; coloured, 98s to 995. The market is steady at present prices. Norden and Company, Limited, received the following cablegram from its London principals, Andrew Clement and Sons, Limited:—Butter: Salted, 186 s, equal to Is 6.14 d, f.0.b.; unsalted. 198 s, equal to Is 7.37 d f.0.b.; market steady. Cheese: White, 975, equal to 8.75 d, f.0.b.; coloured, 100 s, equal to 9.05 d, f.0.b.; market quiet. BRITISH CONVERSION LOAN LONDON, Thursday. The result of the recent issue of 41 per cent. Treasury bonds was anounced in the House of Commons by the Chancellor of the Exchequer, Mr. Winston Churchill. He said the applications totalled £149,666,000. This amount included £46,150,000 in cash applications, the balance representing applications for conversion. The issue was announced on November 29, the Government offering 4i per cent., 1923-94 bonds at 99. Holders of 5 per cent, and 4 per cent. National War Bonds, and 4i per cent. Treasury bonds falling due on February 1, 1929, which are estimated to aggregate about £173,000,000, were invited to convert them into the new issue. The latter carries the right of conversion into 4 per cent. Consols in July. 1929. CHICAGO WHEAT MARKET (Australian and N.Z. P)‘css Association) Reed. 10.10 a.m. CHICAGO, Friday. Wheat.—December, 1 dollar 15 3-S cents a bushel; March, 1 dollar 19 cents; May, 1 dollar 21 3-S cents. MINING NEWS HAURAKI.—The last bearing set is in position, and lowering away. The draw lift is under way, and it is hoped that it will reach the 400-foot level. The incoming water continues to decrease. and on Thursday bailing was stopped for three hours. When the draw lift is tinder way again, about iree days should see the mine clear of water. The ‘xuo-ioot seaward face is expected to be \A>rked into by the end of this week.

1925 ; 1927 Merino— d d d Super M 194 to 25* 22 to 27 Average •% JX to 19 19 21 Inferior .. 16 to 17* 17* to 18* Pine Halfbred— Super .. .. 214 to 25 23 to‘ 261 Average .. 19 to 21 21 Inferior .. 17 to 18* 18* to 20* Medium HalfbredSuper .. .. 20 to 22* 21* to 23* Average 17 to 19* 20 to 21 Inferior 16 to 17 IS* to 20 Coarse Halfbred— Super . . .. 19 4 to 22 21 to 22* Average J 7 19* 21 Inferior 16 to 17 17 to 19 Fine Crossbred— Super . . .. 18* to 20 IS* to 20 Average .. 1 i to IS 17 to 18* Inferior 15 to 16* 15* to 16* Medium Crossbred — Super .. .. 16* to IX 16 to 17* Average .. 15 to 16 145 to 152 Inferior ia to 14* 13 to 14 Merino Bellies and Pieces— Good to super 17 to 19 18 to 311 Low to med. 14 to 16 15* to 17 Halfbred Pieces — Good to super. 19 to 2ii 2ft to 221 Low to med. lb to 18 16 to 19 Crossbred Pieces-— Good to super 17 to 21 16 to 18* Low to med. 14 to 16* 14 to lb* Crutchingrs— Med. to good 11 to 13* 11 to 15 Inf. and seedy 'i to I0i 7 t.o 10 Locks — Merino •• 8 to 11 . 9 to 8 to 11 9 to 10* Crossbred . • 7 to Si 6* to Si