FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 571, 25 January 1929, Page 12

FINANCE & MARKETS

Several Rises Noted Firm Tone on ’Change By “NOON CALL" THE volume of business on ’Change during the past 21 hours fell to comparatively smaller compass. Several noteworthy rises took place, however.

Tn the banking group. New moved to new high levels, a small parcel changing hands this mornir\ at tj'Js 9d, an advance of sixpence on the week’s opening market. Unions of Australia are slightly easier at £ls 15s. New South Wales are firmer, with buyers offering £sl 7s 6d. and sellers asking £52. compared with the latest sale price of £sl ss. English, Scottish, and Australians are very firm, the market showing an upward tendency. * <-• * The feature of the insurance group is the increased strength of A.P.A.’s, buyers advancing to 7s 6d at the early call. The movement apparently emanates from across the Tasman, where the scrip has had a firming tendency for some time. Up to the time of the latest mail, a week ago, buyers in Sydney had moved up to 6s 9d, with sellers off the market. No sales had been registered on the 'Change since the holidays. Nationals were dealt with this morning at I6s Id, a penny below yesterday’s market in the South, and threepence below the market a week aso - In the loan and agency section, sellers of Newton King’s made their appearance at 10s after a long absence: buyers moved up to 8s 6d. The market for New Zealand and River Plate shows an advance of sixpence on the last reported sale, sales, being put through at 33s 6d.

The market for sound industrials holds very firm. British Tobaccos show the biggest rise, the market advancing from 46s at the beginning of the week to see business in the South yesterday at 58s, and leave sellers at midday at 50s, supported by buyers at 48s 6d. Buyers of Colonial Sugars moved up 10s at to Slightly more attention is being paid to mining. Waihis are active on an easier market. Several parcels changed hands this morning at 14s lOd, compared with 14s lid prior to the early call, and more offering at the latter figure at mid-day failed to attract buyers. Businesss yesterday afternoon: New Zealand War Loan, 1933, 5£ per cent., £lOl 10s: New Zealand Inscribed Stock, 1933. 54 per cent.. £lOl ss: Bank of New Zealand, 62s 3d; Union Bank of Australia, £ls 15s; Devonport Steam Ferry’s, 24s 6d. Business at this morning's early call: Reported—New' Zealand and River Plate. 33s 6d: Waihi Mining, 14s lid. On ’Change—Waihi Mining, 14s lOd (two parcels). * * • Business at mid-day: On ’Change— Bank of New Zealand, 62s 9d. Reported—National Insurance, 16s Id.

TO-DAY’S QUOTATIONS

Closing quotations at to-day's mfd day call were:—

SOUTHERN EXCHANGES YESTERDAY’S SALES Press Association Wellington: New Zealand Breweries, 575, 57s 9d, 58s; New Zealand Guarantee Corporation, 8s 6d; Wilsons Cement, 425. Christchurch: New Zealand Government, 51 per cent. Inscribed Stock, 1941, jj 99 10s; per cent, bonds, 1933, £lOl 10s; Australian Bank of Commerce, 33s lid; Commercial Bank of Australia (cum div.), 30s lid; Bank of New’ South Wales, £sl 14s; Kaiapoi Woollens (7s paid), 4s 4t**, Commercial Bank of Australia (new), 30s 6d; rights. 8s SKI; New Zealand Breweries, 555; British Tobacco, 48s, 47s lid, 45s (two parcels T»evonport Ferry, 24s 4id: National Insurance, 16s 2d; Auckland Gas, 24s 6d ft wo parcels); New Zealand Breweries, 5Ss 3d (two parcels). Dunedin: National Bank of .Australasia (paid), £l9 3s: Union Bank, £ls 15s; National Insurance, 16s 2d. WOOL SALES IN SYDNEY {A ustralian and N.Z. Press Association) SYDNEY, Thursday. At the Sydney wool sales to-day. 11.665 bales were sofd. The market closed with keen competition and values firm for all descriptions. Comebacks and crossbreds sold readily at full late, rates. Greasy Merino sold to 3 4£d. AUSTRALIAN PRODUCE (Australian and N.Z. Press Associatioii) SYDNEY, Thursday. The following are to-day’s quotations on the Sydney produce markets: — Wheat.—At country stations, 4s Id ; ex , trucks, Sydney, 4s Bd. Flour.—£ll. Bran and Pollard. —£7. Potatoes.—Tasmanian, old. £ls new, ; Bismarks, £32 ; Macleay River, £IS ; Vic- ! torian, £2l to £22. Onions. —Victorian Globe. £9 to £l2. Oats. —4s 9d. Adelaide prices arc : Wheat.—Growers’ lots. 4s 7d to is 7jd. P'lour.— Bakers’ lots, £lO 12s 6d. Bran.— £6. Pollard.—£6 ss. Oats. —2s 6d to 2s sd. j '

AUCKLAND BUTTER-FAT PRODUCTION STILL HIGH Assessed in terms of butter-fat, the yield of dairy produce in the Auckland Province for the first fortnight of PJC9 shows aii advance of more mail 13 per cent, over the figures for the corresponding period of last year. The increc.se is particularly great in the case of cheese, amounting to more than 20 per cent. Butter. which easily dominates the position, showed an increase for the fortnight of a hour 12 per cent., the aggregate butterfat yield averaging the figure first stated. The yield for the whole season to date is more than 3 0 per cent, better than for the corresponding period of the last dairy - ing \ear. and with the outlook for production never better, it is almost certain that the 1928-29 season will establish a record with a liberal margin. It is patent that even were Auckland fi'om now on to experience such a rain famine as occurred this tjme last year, it could hardly prevent such a happy result. There is such a wide margin in hand—l2s,ooo boxes of butter and 14,600 crates of cheese—that the balance of the season, from the viewpoint of production, can be regarded with complete confidence. The position respecting stocks in store on this side of the water is momentarily adverse. There are 55.000 more boxes of butter on hand than at this time last year, although there are nearly 3,600 less crates of cheese. However, by steamers which have sailed or are sailing this week and up to the end of January. 148.800 boxes of butter and over 3, r ioo crates of cheese will be exported from the Auckland Province. Following is a summary of the number of boxes of butter and crates of chwse received at the grading stores of the Auckland Farmers’ Freezing Company during the fortnight ended January 33, followed by the receipts for the season to date and the quantity now in store, with comparisons for the corresponding periods of last year in each case : Butter. Cheese. 1929 1928. 1929. 1928. Fortnight 136,283 121,326 12,290 10,202 Season 1,428.751 1,303.765 113,309 98,702 In store 175,257 89,430 15,261 18,839 MELBOURNE HIDES MARKET (Australian and N.Z. Press Association) MELBOURNE, Thursday. Hides are irregular, excepting stouts, which are one farthing to one halfpenny lower.

HEALTHY TRADING fIEAVY POTATO SUPPLIES ACUTE POLLARD SHORTAGE Friday, 9 a.m. Healthy trading with no special activity in the market for any line has been registered in grain, seed and produce circles over the week. The position in regard to potatoes is unchanged. - Heavy supplies are still offering from Pukekohe, but the price remains at last week’s level of £ 5 15s f.o.r. Auckland merchants’ through store price is steady around £ S a ton. The average quality of the tubers coming forward is good, although some lines are inclined to be affected with blight. Reports from Canterbury indicate that the yield down there will be heavy: thus cheap potatoes should be available for some time. Auckland merchants have been able to get a. few small parcels on the Tofua for the Islands during the week. Onions Offering Freely Onions continue to come forward freely, and quotations are fairly steady at from £7 to £7 10s f.o.r. Pukekohe. It is not expected now that prices will drop much lower in the near future as the lower prices should stimulate the demand. A certain amount of business for shipment to America has been done during the past week. Wheat is meeting with a steady retail demand from poulty feeders and the market remains firm at 7s 9d through store at Auckland. Until the wheat pool commences operations it will be hard to make any reliable forecast as to the future. The market for chaff remains very firm, with stocks everywhere in very short compass. The situation should be relieved within a fortnight or so on the arrival of the new crop. Through store Auckland the price is unchanged at up to £lO a ton. Oats show a weakening tendency with the new season’s cereal offering at 3d a bushel below the price asked for old season’s. Through store, An ok land, merchants ask 4s 8d a bushel for B Gartons, and 3d more for A’s. Steady Business in Maize Steady business is being done; in maize, merchants reporting a healthy retail inquiry. The cereal is still available for immediate shipment from Poverty Bay at 5s 3d a bushel, f.o.b. Pollard is still giving merchants considerable concern. The Distributors, 1.1td., have notified Northern clients that they are unable to supply further orders meantime, and spot stocks are very light. A shipment is due from Australia within the next week or so. Through store, Auckland, the price: remains steady around £lO 10s a ton. Bran, available in ample quantities, is quoted at £S 10s a ton. A fair number of inquiries are beyig received for grass and clover seeds for delivery next month, but it is not expected fliat the volume of business will come up to that put through last autumn. MELBOURNE PRODUCE (Australian and N.Z. Press Associat ion) Reed. 11.20 a.m. MELBOURNE, To-day. The following are to-day’s quotations on the Melbourne produce market:— Wheat, 4s Sd to 4s S?.d. Flour, £lO 15s to £l2 7s 6d. Bran, £6 15s. Pollard, £6 10s. Oats, 2s lid to 3s. Barley, English, 4s to 4s 3d. Maize, ss.

SAWMILLERS CO-OPERATE NEW COMPANY FORMED IN HAMILTON APPOINTMENT OF DIRECTORS (From Our Own Correspondent) HAMILTON, Thursday. Co-operation in the timber industry has been carried a further stage by the formation in Hamilton of the Sawmill %rs’ Marketing Company, Limited. The first statutory meeting was held recently, there being a large and representative gathering of sawmillers from Hotorua and Main Trunk areas. It was decided to start business on March 1. All the produce of the affiliated millers will be marketed by the company. Mr. H. Valder was elected chairman of directors, and the following executive was appointed :—Messrs. F. J. Carter. G. A. Gammon, H. B. Coupe and J G. Goldfinch, jun. Mr. J. D. Smith was appointed manager and secretai'y. Messrs. Tompkins and Wake, solicitors, and Mr. It. English, auditor. The registered office will be in Hamilton, and steps have been taken to provide facilities for the handling of new business. All the necessary resolutions for carrying into effect the recommendations of the provisional directors were carried. The new company is the outcome of a suggestion from the late Government that better marketing methods and co-or-dination would be assured if millers adopted a system of gi'ouping. In Westland a new company of a similar nature has been formed, and represents a desire on the part of the sawmillers to reduce costs, improve their organisations, and give the public increased and more efficient service. In addressing the millers at the -statutory meeting, Mr. Valder* said they were only participating in a general movement for co-operation in industry, which could be traced all over the world. Unless this movement was universal it would not be the success it should be. From both the point of view of the sawmillers and that of the public, the same results could not be obtained by individual efforts as by co-operation. The new name for the grouping of industrial organisations *vas known as rationalism. It was evident not only in the formation of marketing bodies, but also in the desire of various industries to group their unites and overcome duplication of activities and wastage. EXPERT EXPLAINS THE AUSTRALIAN LOAN RESULT WAS SATISFACTORY (Australian and N.Z. Press Association) Reed. 9.5 a.m. LONDON, Thursday. The financial adviser to the Australian High Commissioner, Mr. J. R. Collins, -commenting oil the loan result, says that far too much importance is attachable to the fact that a loan is over or under-subscribed. “Experience shows that even where the applications reach three times the amount of issue within a few days, the stock sometimes been sold below the issue price.” He continues: “Commonwealth loans always rise after their issue. A recent one was only open three days. The underwriters took up 84 per cent., and dealings began at five-eighths below', but yesterday, two days after dealings began, the market closed with buyers at one-sixteenth discount. “This satisfactory result is comparable to the Indian loan, "which was issued three weeks ago, and is now at one-eighth discount, and to the New Zealand loan, w'hfch it is understood was over-subscribed a fortnight ago, and is now' selling at the issue price.” LONDON MARKETS WHEAT CARGOES FIRM (Australian and N.Z. Press Association) (TJnited Service) LONDON, Wednesday. Wheat.—Cargoes w’ere firm to-day. 1 There -was continued inquiry for Australians, both from Europe and India, and quotations advanced 3d to 6d. Buyers , were not inclined to follow 7 . By the Newton Pine, 47s 7id ; by an unnamed vessel in May to Calcutta, 43s 9d. Parcels were firm at 3d to 6d dearer, and large business was done. By the Oronsay, Hobson Bay, Jervis Bay, Berrima, Orama and Comorin, 475: by the Ballarat, 47s to 47s lid; by the Urbino, 47s 4«d ; by the Runic and Forsdale, 47s 3d (bags), 46s 9d (bulk). Liverpool futures: March, 9s 4d a cental ; May, 9s 5d : July, 9s 7 l-Bd. TALLOW SALES At the London tallow sales to-day 779 casks w'ere offered and 145 sold. Prices w'ere unchanged. Mutton: Fine, 445; medium, 395. Beef: Fine, 43s 6d ; medium, 395. THE PRICE OF GOLD Gold is quoted to-day at S4s llid an ounce. BUTTER MARKET QUIET NEW ZEALAND 182/- TO 184/(Australian and N.Z. Press Association) Reed. 10.5 a.m. LONDON, Thursday. The butter market is quiet, but firm. Danish is quoted at ISOs. Choicest salted New Zealand is quoted at 182 s to 184 s, exceptional 186 s; Australian, 182 s to 183 s. Unsalted: New Zealand is scarce, 190 s to 1965: Australian, 184 s to 186 s. The cheese market is quiet. New

Zealand white is quoted at 91s to 925. coloured 93s to 945. Australian, white 91. coloured 935. Merchants report receipt of overseas cables as follow: Norden and Co., from their London principals, Andrew Clement and Sons, under date January 24:—“Butter, salted, 182 s to 183 s (equivalent to Is 5.73 d a lb, f.o.b. New Zealand ports); unsalted, 1925; market steadier. Cheese, white, 92s (equivalent to 5.26 d a lb, f.o.b. New Zea- ’ land ports); coloured, 945; market steady.” Dalgety and Co., Ltd., from their London house, under date January 24. “Butter. The market is quiet. New Zealand finest salted, ISOs to 184 s; Danish, 188 s to 190 s; Australian, finest unsalted. 184 s to lS8s; finest salted, 180 s to lS2s: G.A.Q., 174 s to 178 s. Cheese: The market is very slow. New Zealand, white. 91s to 925; coloured, 93s to 945; Canadian, white, 106 s to 110 s; coloured, ' 106 s to lOSs; Australian, white, 90s to 91s; ; coloured, 91s to 925. PUKEKOHE STOCK SALE (From Our Orcn Correspondent) PUKEKOHE, Thursday. * The regular sale of Alfred Buckland and Sons, Ltd., was held at the Pukekohe Yards to-day. Quotations are : Dairy stock: Best cows and heifers, £lO 10s to £l3; other sorts, £7 to £9 10s; bulls, £4 10s to £9 2s 6d. Beef: Forward steers, £9 2s 6d to £l4; forward cows and heifers, £8 10s to £lO 15s : lighter, £6 10s to £7 15s. Stores: Two-year-old steers, £7 12s to £8 16s: fresh and forward three arid four-year-olds, £S 11s to £lO 17s; cows, £4 17s 6d to £5 12s 6d : Jersey heifer calves, £3 to £4 10s. Pigs: Choppers sold up to £3 10s; heavy fat, £3 5s to £3 9s : medium, £2 18s to £3 4s: lighter, £2 10s to £2 17s. heavy porkers. £2 6s to £2 12s; light and medium,. £1 16s to £2 ss; best stores, up to £1 15s; smaller, £1 to £1 10s; slips, 15s to £1 : best weaners, 10s to 15s; small and weedy, 3 s to 9s.

CHICAGO WHEAT (Australian and N.Z. Press Association) Reed. 10.40 a.m. CHICAGO, Thursday. Wheat.—March, 1 dollar 25£ cents a bushel; May, 1 dollar 252 cents; July, 1 dollar 30 & cents. MINING NEWS WAIHI. —The manager reports: The following information has been cabled London: In No. 10 level of the Regina lode, west of No. 4 shaft in the north crosscut, the drive has been advanced 88ft in a mixture of quartz and country assaying 15s 9d a ton. In No. 9 level of the Regina lode, driving east, the next 33ft assays 53 s. a ton. At 118 ft west a crosscut was driven to the south, and at 26ft intersected quartz 3 oft wide, assaying 2s 9d a ton; we have driven to the west on this 16ft, the asay value being 2s a ton. The No. 4 diamond drill hole has been stopped at 372 ft. OCCIDENTAL-UNA. The manager reports: Driving and stuping on No. 2 reef south of the shaft is being continued with excellent results. The lode is 7ft to Bft wide and shows colours and dabs of gold in the ore broken and all quartz is being saved for treatment. As we work south after about 40ft of driving we should intersect the footwall reef with good prospects of getting rich stone. Work generally is going very smoothly.

Sellers. Buyers. £ s. d. £ S. d. BANKS— Aust. of Com Coin, of Australia, 1 14 3 1 13 6 (ex rights) 1 10 0 Ditto (.con.), rights Ditto (pref.), ex 0 0 9 16 0 0 rights F,ng., Scot., & Aus. . 0 0 s 10 ol 6 New Zealand . . . . 0 2 Ditto, D mort. .. 0 Union of Australia 1NSURANCE — 13 Aust. Prov. Assn. .. 0 10 0 0 7 6 2 7 0 Queensland — South British .. .. — o LOAN AND AGENCY — liams Ditto (.pref.) .. .. 4 JI 0 4 0 1 >algety and Co. . . Fanners' Co-op. ■ 0 ° Auctioneering . — 0 16 Newton King (pref.) New Zealand and 0 10 i::o 12/ 0 N.Z. Loan & Men. Ditto (pref. > . ■ o N Auck Farmers’ 0 Co-op. (B pref.) 0 COAL — ft 0 0 Ditto (pref.) .. .. 0 11 6 0 17 1 6 Ditto (pref.) .. .. Tau pi ri 6 Ditto (.pref.) . .. Waipa 10 Westport 1 Westport-Stock ton . G A S— 1 4 5 1 4 4 Ditto (con.) .. -- — 0 17 o shipping— 0 10 0 Devonport Steam .. 1 4 0 • l 4 3 Ilojvard Smith .. .. Huddart-Parker . . Ditto (pref.) .. .. — 10 10 Ditto (con.) .. .. 6 . Union Steam (pref.) TIMBER— Kauri Timber .. .. 0 IS — Leyland-O'Brien — WOOLLEN — Kaiapoi 13 9 Ditto (con.) .. .. Ditto (pref.) .. .. — 0 Mosgiel Wellington Ditto (pref.) .. .. BREWERIES — — 7 0 10 6 0 Ditto (pref.) .. . - — l 0 N.Z. Breweries . .. MISCELLANEOUS — Auck. Amuse. Park 0 4 0 — Ditto (pref.) .. •• Australian Glass .. 1

Sellers Buyei s. British Tobacco 2 10 0 2 8 c Colonial Sugar .. . - 61 60 Burns, Philp .. 2 — Bycrolt, Ltd Checker Taxicab .. 0 Dominion Pictures . 6 Ditto (pref.) .. .. Donaghy’s Rope 1 13 Electrolytic Zinc (ord.) 1 17 6 L 16 9 Farmers’ Trading 0 Ditto (A pref.) .. 0 17 0 Ditto (B pref.) .. Fullers’ Pictures . . Grey and Menzies . . 0 10 Hamilton Theatre Hayward’s Pictures 1 1 0 Henry Jones Co-op. 6 H.M. Arcade Theatre (ex div.), (pref.) . Hill and Plummer . Lewis Eadv (pref.) . Milne and Choyce .. Ditto (pref.) .. .. 5 Ditto. B (pref.) - 5 Ditto (deb. stk.) 1 7 1 a Morris Hedstrom .. 1 National Pictures X.Z. Farmers’ Fert. l 0 9 1 N.Z. Refrigerating (con.) Robinson Ice Cream Sanford, Ltd 1 0 0 0 16 S. R. Maxwell . . - . Thames Theatre . . 0 la 0 8 6 Union Oil 3 0 Whittorae Stevenson Wilsons Cement 2 2 * MINING— Alburnia (2s 6d pd.) — 0 0 2£ Lucky Shot (is pd) 0 0 9 Ditto (con.) -. .. 4 Maoriland (con.) .. 0 — 0 8 4 Waihi .. .. -• .. 0 14 .0 Waihi Grand. June. 1 Mount Lyell Kuala Kanpar Tin 0 14 6 DEBENTURES — Auckland Gas, 1932, 5 per cent — 94 0 0 Ditto. 1935, 6i p.c. — Auck. Har. Board, r o\ 9S 0 0 96 10 Ditto, oi p.c. .. Ditto, 6 p.c City of Auckland, 1940, 5i p.c Ditto, 1943, 5i p.c. 99 10 Bor. of Devonport, 102 93 10 0 Bor. Mt. Eden, 5Q .. 101 10 0 102 99 N.Z. Breweries .. .. 1 6 2 1 Milne and Choyce 100 0 0 98 Glaxo .. — GOVERNMENT BONDS War Loan, 1930, 4i 100 0 0 — 99 12 6 99 Ditto, 1941, 4} p.c. 99 0 0 101 0 0 Ditto, 1936, 5i p.c. — 101 0 0 INSCRIBED STOCK War Loan. 1938, 4i — 99 5 0 Ditto, 1939, 41 p.c . 99 Ditto. 1927-41, 5J 99 0 Ditto, 1933, 51 p.c. 99 0 Ditto, 1933, 5i p.c. 101 Ditto, 1936, 5i p.c. 101 °