FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 555, 7 January 1929, Page 10

FINANCE & MARKETS

Opens in Good Tone

MARKET ON ’CHANGE

(By

‘'Noon Call)

THE year 1929 opened on ’Change this mornmg with a firm tone in the market for all the better class securities. The usual after-vacation tendency to wait for someone else to make the market was registered, but, in no instance was there any move towards breaking the firm price levels which held at the close of 1928.

"VTO sales were recorded during - the -aJ* morning:, brokers being principally concerned with settling down into their stride again after the holidays. The banking section opened very firm, with Unions of Australia showing the greatest strength. Most quotations in the group were only nominal, with buyers predominating. • * • Insurances were quiet, and, with the exception of South British and New Zeala.nds, neglected. Little attention was paid to the loan and agency group, the only firm quotation being buyers for Dalgetys at £ls 2s 6d, compared with a market price at the close of £ls 4s 6d. In the shipping group. P. and O. deferred stocks are very firm, and buyers nt 58h at the mid-day call failed to attract sellers. Breweries hold public favour and New Zealands were tought

at 56s 9d at the noon call, compared with a closing price of 575. The miscellaneous group showed one or two interesting movements. Farmers’ Fertilisers are very firm, buyers improving to 19s 3d. Farmers’ Trading ordinaries also receive increased attention, attracting steady buyers at par. Mt. Lyells stand out prominently in the mining group, sellers asking 40s 3d, ex div., compared with 38s 9d at the close of 1928. This latest improvement in the market, which has been moving upward for the past 12 months, is largely the result of the statements made by the chairman at the annual meeting of the company, held in December. Increased activity and satisfactory results, chiefly in fertilisers, were forecast. The shares sold at the close across the Tasman at 38s 6d, ex div., and up to 40s 3d for delivery in six weeks.

TO-DAY’S QUOTATIONS

Closing quotations at to-day'a mid day Sellers. Buyers.

RECORD DAIRY SEASON ABUNDANT PORT ALBERT (Special to THE SUN) PORT ALBERT, To-day. Port Albert dairymen are experiencing a record season. The output of fh® district has increased by fully 20 per cent. ov€ir that for the corresponding period la.st year. There is s.n abundance of feed, and large areas have been cut for ensilage and hay, although the weather has not favoured haymaking. During December the Port Albert Co-operative: Dairy Company’s factory made 37 tons locwt of butter, compared with 29 tons 18cwt in December, 1927.. Up to the end of December 147 tons 3cwt were made, whereas 121 tons locwt were made in the similar period of 1927.

\ LONDON MARKETS FROZEN MEAT VALUES (Australian and N.Z. Press Association) LONDON, Saturday. Sheep-Canterbury, light 7d; medium, ‘•ltd; heavy. 6id; North Island, light, 63d; medium, 6id; heavy, 6 1-Sd; New Zealand ewes. 5 l-8d; Australian, firsts, Sid; seconds, 5Jd ; owes, 4 7-Rd; Argentine, light, 6 3-Sd; medium, 5Jd; heavy, sid; ewes, none offering; none offering. Lambs—Canterbury, light, 93d; medium. 9£d: heavy, none offering; seconds, 7 7-8 d; other selecteds, light, 9£d; medium, 9Jd; North Island, firsts, none offering; seconds, 7 3-Sd: Australian firsts, Victorian, 9 1-16 d; others, S 3-Sd: seconds, Victorian, SJd; others, 73d; thirds. 7Ad; Argentine. firsts. Bid; seconds, 7 1-Sd. Frozen Beef—New Zealand fores, none offering; hinds, sd; Australian crops, 4’d; hinds, 4 5-S: Argentine, none offering. Chilled Beef—Argentine fores, 4 3-8 d; hinds, 6(1. COTTON, RUBBER, HEMP. ETC. (Last week’s prices in parentheses) Cotton. February deliverey, lO.lSd (January. 10.31 d) a lb. Rubber—Para, 10Jd (10'ld) a, lb; plantation and smoked, S 3-Sd (S 9-16d> a lb. Jute Jcinuary-February shipments, £32 (December-January, £32) a ton. Hemp—December February shipments, '£ 36 10s (£36 10s) a ton. Copra. January-February shipments, £23 10s (£23 7s Od) a ton. I.inseed Oil—£29 (£29 ss> a ton. Turpentine—4Bs 9d <4Ss Cd) a < wt. WHEAT Wheat—Cargoes are dull with quotations, following a decline in North American and Argentine advices-, about 3d lower. Parcels are inactive at about 3d under the last prices. Liverpool futures; March delivery. Ss 10? d per cental; May, Ss 11 7-Sd; July, 99s 1 7-Sd. TRADE YEAR IN CANADA (Australian and N.Z. Press Association) OTTAWA, Saturday. Three or four features in the trade of Canada for the year ending November 30 are of particular interest. On the Pacific Coast, where efforts are being made by the Federal authorities to enlarge the facilities for foreign commerce from Vancouver the exports for the year increased in value by £24,600,000, and the imports increased by over £25,000,000 compared with the previous year. Trade with Australia fell off greatly. Imports decreasing by £600,000 to *a total value of £BBB.OOO, and exports decreasing by over £200,000 to a total value of £3.200,000. The exports to New Zealand increased in value by £600.000, over 60 p'r cenr.. and imports increased by ©ver £490,000* ___ _ j

call were;— Sellers. Buyers. MISCELL ANBOU S British Tobacco (ex

RUSSIAN TIMBER BOUGHT BIG DEAL IN BRITAIN (Australian and N.Z. Press Association) LONDON, Saturday. Twenty of the leading timber importing firms in Britain have for the first time combined to purchase the whole supply of Russian timber in the coming season. The deal is estimated to involve at least £ 10,000,000. DAIRY PRODUCE RATES A.. TI. Turnbull and Company has received the following cablegram, dated December 4, from its London house:—Butter: Danish, 1955; New Zealand, unsalted. 194 s to 198 s: salted, 182 sto lS4s. The market is firm. Cheese: New Zealand, white, 95s to 965; coloured, 98s to 995. The market is quiet. Canadian, white, IOSs to 112 s; coloured, 106 s to 110 s. BIGGER PRODUCTION For the first six months of the curent season, the Hikurangi Dairy Company produced 537 tons 9cwt of butter. The production was 91 tons greater than for the same period last year. Sufficient feed is likely to be available for the remainder of the summer. For December 20 the total pay-out by the company will be £23,454 17s 4d, at the rate of Is 4id a lb superfine. For the corresponding month of last year the total advance was £19,895 15s lid, at the rate of Is 3Jd for superfine. The advance for the present month shows an increase of £3,559.

£ K d. £ s. d KA.NKSCom. of Australia . 1 1 l 0 1 10 0 Ditto (pref.) . . • X New South Wales Xew Zealand. D — 50 0 Union of Aust. — 15 12 6 INSURANCE— New Zealand .. 2 7 g 2 6 0 South British 3 5 0 3 4 LOAN AND AGENCY Dalgety and Co. .. — 15 2 6 Farmers’ Co-op. IS 0 Newton King-, pref. COAL— 7 Hikurangi . - — n 6 r, — Ditto (pref.) . . 0 11 6 Ditto. A (pref.) .. 0 9 6 Jienown 0 15 3 0 14 9 Ditto (pref.) .. 0 11 0 6 5Taupiri .. .. . • ,. Ditto (pref.) •«. •• 1 6 0 1 1 6 S 0 0 GAS— Auckland .. w l 4 0 X 3 s Ditto (con.) .. SHIPPING— 0 17 3 Devonport Steam . Northern Steam .. l 0 4 14 9 0 — Ditto (con.) . . . . 0 6 0 P. and O (def. stk) 2 IS 0 Union Steam (pref.) TIMBER— 1 1 0 1 0 3 Leyland-O’Brien .. 1 11 6 10 •woollen— •- Kaiapol 0 1.1 6 Ditto (con.) ... ... n 9 Ditto (pref.) .. .. 0 14 9 BREWERIES— C L. Innes (pref.) 0 19 6 N.Z. Breweries .. *. 2 IS 0 2 16 9

div) — 2 4 0 Checker Taxi . . . . 0 9 0 Donaghy's Rope .. — l 12 0 Farmers* Trading . 0 9 0 0 8 0 Ditto, A (pref.) . 0 17 6 Ditto B (pref.) . 0 10 0 Fuller s Pictures . . 1 0 0 Grey and Menzies . . 0 10 5 Hayward’s Pictures 1 0 0 H.M. Arcade Theatre (pref.) 1 1 0 Lewis Lady (pref.) 0 19 € Milne and Choyce .. 1 6 Ditto Cpref.) .. .. 1 5 6 Ditto, B (pref.) 1 b 6 Ditto, deb. stock 1 6 6 1 5 N.Z. Farm. Fert. .. l 0 6 0 19 I nion Oil 4 0 2 0 0 Wilsons Cement — 2 0 6 MIXING— Lucky Shot (con.) — 0 0 3 Ohinemuri (ord.) .. 0 8 6 0 7 9 Waihi 0 14 6 0 14 0 Waihi Grand June. . 0 1 0 0 0 8 Mount Lyell 2 0 3 1 19 0 Auckland Gas, 1932, 5 per cent — 93 0 0 Ditto, 1935, 6s p.c. 104 5 0 103 0 0 Auck. Har. Board, 6 — 102 0 0 Auck. Hos. Board, 55 501 10 0 Bor. Devonport, 6.. 105 0 0 105 0 o Bor. Mt. Eden, 6 .. 5 02 0 ft Glaxo — • S9 0 0 GOVERNMENT BONDS — War Loan, 1938, 4| 100 0 0 Ditto, 1939, 45 p.c. 100 0 0 90 0 0 Ditto, 1941, 4i p.c. — 09 0 0 Ditto, 1936, 55 p.c. — 101 0 0 INSCRIBED STOCK War Loan, 1939, 45 99 0 Ditto, 5 933, 55 p.c. 101 50 0 Ditto, 1936, 5J p.c. — 101 0 0