Finance and Markets

Sun (Auckland), Volume II, Issue 550, 31 December 1928, Page 14

Finance and Markets

FINANCIAL ACTIVITY LONDON LOOKS AHEAD TO GOOD YEAR FLURRY IN FORD SHARES (Australian and N.Z. Press Association) LONDON, Saturday. The year is drawing to a close with conditions on the Stock Exchange far more satisfactory than appeared likely a fortnight ago. The stagnation then prevalent has disappeared, and for the last ten days there has been a fair amount of activity both in investment and speculative stocks, though yesterday’s less favourable report of the King’s progress brought about a more subdued ton© with slight reaction in the prices of gilt-edged, which previously had shown great strength. The favourable position was largely due to the bullishness of the New York Stock Exchange, whose operators have been buying largely here, chiefly industrial. Among the results of their activity there has been extraordinary gambling in Ford motor shares, of which 2,800,000 of £1 each were issued here a few weeks ago. Dealings in these stocks opened at a few pence premium, but New York buying steadily rushed them up to over £4 premium. This has since dropped to just over £3. It is calculated that practically the whole issue is now held on the other side of the Atlantic.

LAMB INQUIRY BETTER SALES OF N.Z. ME/T New Zealand lamb is meeti.ig with a better inquiry in London. Mutton prices have increased, and there is an improved tone in the market. Porker pigs are also selling well, said a cablegram on December 28 to the New Zealand Meat Producers’ ’Board.

For the week prior to that date, Smithfield delivered prices averaged: New Zealand Wethers and Maidens. —Canterbury quality: Selected brands, 561 b and under, 6 7-8 d a lb; 571 b to 641 b, 6id; 651 b to 721 b, 6id. Other br.ands: 561 b and under, 6£d; 571 b to 601 b, 6id.; 651 b to 721 b, 6d. New Zealand Ewes. —641 b and under, 4 7-Bd. New Zealand Lambs. —Canterbury quality, 361 b and under, D«d; 371 b to 421b,' 9£d; 431 b to 501 b, 9£&; seconds, 7 3-Bd. Selected brands, 361 b and under, 9£d; 371 b to 421 b, 9id. Other brands, second quality, 301 b to 321 b average. 7 3-8. Australian Lambs. —Victorian, first quality, 361 b and under, 9d; 371 b to 421 b, 9d. Argentine Lambs. —First quality, 361 b and under, 8d; 371 b to 421 b, Bd. New Zealand Beef. —Ox hinds, sd; cow fores, 3£d; cow hinds, 4ld. Argentine Chilled Beef—Ox fores, 4 l-8d; hinds, 6 l-Bd. New Zealand Frozen Pork.—Porkers, 601 b to 801 b, 7d; 811 b to 931 b, 6^d; 1001 b to 1201 b, 6|d; baconers, 1211 b to 1801 b, 7d.

MARKETS QUIET BUTTER AND CHEESE SALES IN LONDON In London salerooms, New Zealand butter and cheese are meeting 'with a quiet market, according to the report to the Dairy Produce Board. Retail prices show no change. Prices reported are:— Butter.—New Zealand: Salted. lS4s to lS6s a cwt (lS2s to 186 s); unsalted, 194 s to 19Ss (196 sto 19Ss); first whey, 3 74s (1765); second whey, 166 s (1725). Deliveries New Zealand this week, 393 tons; in store, 1,750 tons. Australian: Finest salted ISOs to lS4s (182 sto lS4s); unsalted, lS4s to ISSs (184 s to ISSs). Argentine: Finest unsalted, 178 sto lS2s (178 sto 184 s). Danish: F.0.b., 193 s (200 s); spot, 200 s (210 sto 2125). Dutch: Unsalted, 212 s (214 sto 2165). Siberian: 134 s (1345). Cheese. —New Zealand: White, 96s to 975, and up to 98s a cwt. (97s to 9Ss); coloured, 99s to 100 s (99s to 100 s). Deliveries New Zealand this week, 4,250 crates; in store, 15,500 crates. Canadian: White, 110 s to 112 s (110 s to 112 s); coloured, IOSs to 112 s (IOSs to 112 s). Australian: White, 95s to 96s (95s to 975); coloured. 98s (96s to 995). English: Finest farmers’ 140 sto 144 s (140 sto 1425). The Ruahine commenced to discharge cheese on December 27 and finished the same day. She commenced to discharge butter on December 28. The board has also received the following advice from its agents in Canada: Butter—New York, 4S£ cents (2s 0£d); Montreal, 40§ cents (Is 8 3-Sd). A. H. Turnbull and Co. have received the following cablegram, dated December 28, from its London principals, W. Weddel and Co.; Butter. Danish 200 s. New Zealand unsalted 194 s to 198 s. New Zealand salted 184 s to lS6s; cheese. New Zealand white 96s to 975, Nev/ Zealand coloured 99s to 100 s, Canadian white 110 s to 112 s, Canadian coloured 108 s to 112 s. FOUR NEW COMPANIES AUCKLAND REGISTRATIONS Four new Auckland companies were registered on Saturday. Only one of them will be a public enterprise. Details are: Public. —Dominion Brokers, Limited, sharebrokers and company promoters. Capital; £50,000 in £1 shares. Subscribers: R. "W. Mason, L. J. Keeling, E. Sayes, J. M. Coleman, J. J. Sutherland, P A. Spurdle and A. E. Henley, one share each. Private. Moore’s Gramophones, Limited. Objects: To acquire the business of the F. Moore Piano Company, dealers in musical instruments. Capital: £7,000 in £1 shares. Subscribers: A. H. Nathan and Company, Limited, J. H. Gray and D. Gray, 2,000 shares each; M. R. O’Callaghan, 1.000 shares. Papakura Bakery, Limited, bakers and confectioners. Capital: £I,OOO in £1 shares. Subscribers: R. A. Lanigan, Papakura, 875 shares; Doris Irene Lanigan, 125 shares. Ironside and Ironside, Limited, confectioners and sweet manufacturers. Capital: £SOO in £1 shares. Subscribers: H. J. Ironside and Gladys Elizabeth Ironside, 250 shares each. EXTRA DIVIDEND NEW YORK BANK The board of directors of the National Bank of Commerce in New York lias declared an extra dividend of 2 per cent, from surplus earnings of the year 1928, and the regular quarterly dividend of 4A per cent., both payable January 2, 1929.