FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 577, 1 February 1929, Page 12

FINANCE & MARKETS

Market Buoyant

Insurance Shares Rising

By “ Noon Call.”

A BUOYANT tone is registered in the market on ’Change with business being maintained in very steady volume.

A feature of the insurance group is Hie increasing strength of the market for New Zealands and South British. JBuyers for the former scrip moved up to 47s 6d this morning without drawing sellers below 48s, compared with the last recorded sale at 47s 3d. South British are back to December high levels, with buyers offering 64s 9d, and the market registering a rising tendency. Nationals are quiet. Quotations for coals are moving about, and, despite the fact that one f'r two new concerns are in the process of flotation, there is a steady demand for shares in existing companies with a tested turnover. The prospectus for a new Waikato concern has been released, announcing an authorised capital of £85,000 and asking for £70,000 in the meantime. • * * tattle movement is shown in the miscellaneous group. A further weakening has taken place in the mark for British Tobaccos following sales in Christchurch yesterday at 49s 6d and 48s 6d. Sellers this morning offered 47s Sd. • * * The reason for the sudden weakening in the market for Hikurangi Coals was divulged yesterday at the annual meeting of shareholders when the chairman stated that there had been a recurrence of the trouble with the water. On Monday last there was a sudden and great inrush of water to the mine covering one pump and a motor in a very short time. The latest news from the mine yesterday morning was to the effect that the inrush was still gaining and that it would take two months to clear. It is not

SOUTHERN EXCHANGES YESTERDAY'S SALES Press Association Wellington. —National Mortgage, 90s; Westport Coal, 30s; Commercial Bank, 31s 4d; New Zealand Guarantee Corporation (two), 8s 7d; Huddert-Parker, 48s 3d; Mosgiel Woollen, £7 11s 6d. Christchurch. —Australian Bank of Commerce, 34s 5d (three); English, Scottish and Australian Bank, £8 18s (three); New Zealand Insurance (cum div.), 47s 6d; Westport Coal, 30s: New Zealand Breweries. 58s. 57s lid; Tooth's Brewery, 53s 2d (two); British Tobacco, 49s ♦>d (two), 48s 6d; Holden’s Motors, 30s; New Zealand Guarantee Corporation, 8s 8d (two): Waihi. 14s Sd. 14s 7d (three); Eclipse Petrol, 15s paid, 10s; Westport Coal, 30s. . .Dunedin.—New Zealand Breweries, 58s (two parcels); 5$ per cent. Stock, 1933, £ 10' 2s 6d. CHICAGO WHEAT t. 4 uat ralia n and N.Z. Press Association) Reed. 10.30 a.ml CHICAGO. Thursday. Wheat—March. 1 dollar 24 cents a bushel; May. 1 dollar 27 1-S cents; Julv, 1 dollar 20.1-8 cents. WAIKATO SHEEP PRICES Dalgety and Company, Limited, Hamilton. report having held their annual Aheep fair at Kauroa on Wednesday January 30 as under;— “There was a full yarding and a good attendance. Our yarding comprised 2,229 From the outset bidding was brisk and practically every pen yarded sold under the hammer at very satisfactory prices to the vendors. Our principal sales were as follow:—136 4, 6 and 8-tooth ewes, at 30s 6d; 106 S.M. ewes, at 27s 3d; 104 F.H. ewes, at 235; 173 4. and 5-year ewes, 26s 6d; 118 4 and 5-year ewes, 28s 6d; 64 5-year ewes, 2Ss 6d: 53 4-tooth ewes. 36s 6d; 21 ditto., 355; 35 2 and 4-tooth ewes, 32s 9d; 20 2-tooth ewes. 29s 6d; 40 S.M. ewes, 30s; 42 mixed aged ewes, 30s 3d; 267 rape lambs, 21s; shorn ewe lambs! 23s Id: shorn wether lambs 19s; cull lambs, 16s 9d to 18s 6d; one-shear Romney rams on account of Mr. Trelove, fetched up to 9 guineas; Southdown rams, *4 guineas; aged Romney rams, 1 to guineas.

expeccd, however, that the present rate of output will be interfered with. Later news this morning was to the effect that the pumps had gained control. The mining group is quiet. Waihis show a further weakening, sales being recorded at 14s 7d, compared with 14s Sd yesterday, and 14s lOd earlier i» week. Relative to the little interest, and the lack of faith, held in development propositions, it is interesting to note that there seems little chance of the Aloanataiari concern seeing fresh life. At a general meeting called for yesterday to discuss finance, there was not even a quorum, and it was announced that there was little chance of avoiding liquidation, as there had not been the requisite response to the directors’ call for fresh capital. Lucky Shots are numbered among the few smaller concerns that are attracting? any interest at the moment. Business yesterday afternoon. —Pieported; Renown Collieries, 17s 3d; Talpiri Coal (ord.), £1 5s 6d; Auckland Harbour Board, 51 per cent., £97 10s: New Zealand War Loan, 4£ per cent., 1938, £99 10s. Business at this morning’s early call. —Reported: Bank of Australasia, £l4 18s 6d; Com. Bank of Australia, 30s Id; Bank of New Zealand, 62s 6d; Nat. Mortgage and Agency, 90s; Pukemiro Collieries, 67s 6d; Waihi Gold-mining, 14s 7d; N.Z. War Loan, 1938, 4J per cent., £99 10s. Business at mid-day.—Reported: Aust. Iron and Steel (pref.), 20s 4d; N.Z. War Loan, 1938, 4J per cent., £99 10s.

HIKURANGI COAL CO. NO DIVIDEND THIS YEAR Shareholders of the Hikurangi Coal Company, Ltd., met yesterday for the J l J in J meeting of the company. Sir Edwin Mitchelson presided. The chairman stated that the profit for the year amounted to £17,208, from which he had prudently deducted, by way of depreciation, £5,989, leaving *a nett profit of £9,227. Last year ihe company carried forward a debit of £6,388, but this year a credit of £2,838, which was exceedingly satisfactory. During the year there has been expended on plant and buildings the sum of £7.336. Liabilities at the end of last year amounted to £25,423; this year they stood at £15,203, a reduction of £10,220 The bank overdraft had been reduced from £14.157 to £7.946. Notwithstanding the good results shown, ihe directors regretted that they could not recommend the payment of a dividend until the company’s liabilities were substantially reduced, or until the whole of bank's advances had been liquidated. The sale of coal for the year amounted to 90,3<1 tons, an increase on last year’s sales of 10,212 tons. The chairman congratulated the Railway Department on the policy it is still carrying out by using a very much larger quantity of jxew Zealand coal throughout the whole .xew Zealand railway system, thus providing more work for miners and retaining in the country the large sums out money w bich were previously sent Mr. A. G. Lunn and Mr. A. J. Parker were re-elected to the directorate, and tor isaacs was reappoined audiTHE LONDON MARKETS (Australian and N.Z. Press Association) LONDON, Wednesday. Despite American weakness wheat cargoes are steady and unchanged but quiet. Except for tentative inquiry for Australians and La Platas parcels are quiet. By the Port Sydney, 46s 6d; I 000 tons by an unnamed vessel for Karachi 43s !>d. Liverpool futures; March 0s ■> l-8d per cental; May. 9s 3Jd; July, 0s s’dT tallow The London tallow sales were not held to-day owing to the small supplies and poor demand.

STEADY TRADING GRAIN AND PRODUCE MARKET j POTATO PRICES UNCHANGED Steady trading in ail departments has been reported in grain, seed and produce circles over the week. No special movement in prices has been reported. The position in regard to potatoes is unchanged. Quotations on the rail at Pukekohe are steady at £5 15s to £ 6 a ton for best quality tables. Through store. Auckland, in small lots, merchants ask around 8s 6d a cwt. Blight is giving a certain amount of trouble and quite an appreciable portion of Pukekohe consignments are being rejected on arrival in Auckland and sent forward to the marts. With the idea of export to Australia dropped as a result of the attitude of the Commonwealth Government and all indications pointing to a bountiful crop in the South, the forward position is, if anything, a little easier. Cheap potatoes are in sight for some time to come. The market for onions has eased slightly over the week, Pukekohe sellers now asking £7 a ton f.o.r. That the market is not far off bedrock is indicated by the fact that 10s a ton extra is asked for delivery in 14 days’ time. It is expected that a fair quantity will go forward for export on the next mail boat. Through store, merchants are asking around 9s 6d a cwt. Wheat Slightly Elasier Wheat is being offered very freely in the South, and sellers are inclined to state their price, quotations to-day being up to Id a bushel below those of seven days ago. The price, through store Auckland, is unchanged around 7s 8d a bushel. There is apparently a fairly heavy carry-over of old season’s grain. The position in regard to chaff is unchanged. Auckland through-store quotations range from £9 10s to £lO a ton. The market for oats is a shade weaker owing to the fact that the new season’s crop is offering at lower prices. B Gartons sell through store Auckland at 4s 8d a bushel, with A’s 3d dearer. Maize Market Quiet Maize is very stationary. Arrivals during the week have been light, but merchants appear to have sufficient stocks for all immediate requirements. Gisborne sellers are still offering lots at 5s 3d f.o.b. Through store Auckland, the price is unchanged at 6s 6d a bushel. Bran is meeting with a rather slack sale at 8s 6d a cwt through store. Stocks of pollards are very light, and Auckland through-store price is firm at 10s 6d a cwt. The South is still unable to meet orders, and regular arrivals are booked from Australia. Business in grass and clover seeds has just started and the volume of trade will be regulated by the weather over the next month. Sales of fertilisers are growing every day as the autumn season approaches. Slag is in rather short supply this season, but the deficiency is being made up largely by an increased turn-over in North African ground phosphate. WOOL MARKET EASIER INVERCARGILL SALE Press Association INVERCARGILL, Thursday. The first local sale of the season was opened in Invercargill this evening, 25,000 bales being offered to a full bench of Home, Continental and local buyers. The sale was still in progress at a late hour, and will be concluded to-morrow. As far as the sale had gone it is estimated that values, compared with the Wanganui sale, ruled from par to 5 per cent, down. Pine wools were in keen demand and best classes of crossbreds sold up to expectations. Poorer qualifies of crossbreds and shabby sorts realised prices in many cases below owners’ ideas of values. The sale so far has been a soundone without any special animation of extreme values. Halfbreds showed a marked decline on the first sale of last year, while good, sound crossbreds sold to within a penny of the values at first sale last year. A large percentage of the offering was classed by buyers as tender and unsound, and on this account their valuations had to be in keeping with the quality. Taken all round the sale shows a handsome return to the wool producers, although prices have not soared to the extreme values obtaining last year when Southland had the advantage of peak prices. Passings were not infrequent, but it is expected that before the buyers leave Invercargill the great bulk of the passed in lots will be sold. The following are prices ruling at this sale and at the first sale last year: 1928. 1929. d. d. d. d.

EXPORT OF CALF SKINS U.S.A. A BIG BUYER The United States of America has been the chief customer for New Zealand calfskins for many years, but now there is a strong demand from the Continent of Europe. For the last few years the number exported has been about three-quarters of a million annually, and the value for the year ended June 30, 1928, was £245,947. The buying season lasts from June until October in each year. In June, 1927, calfskins were worth 4s 6d-5s each to the producer, the price advancing in October to 6s. In June-July, 1925, farmers were receiving 5s 6d a skin, the value being Ss for cured and treated skins. The supply of calfskins was formerly obtained direct from the farmers themselves (chiefly dairy farmers with bull calves for sale), but the institution of the export trade in the five-day-old calves has altered the method of supply but not the total available.

Halfbred— Super to 27 to 24 Medium to 24 20 to 211 Inferior ID to 21 17 to IS 7, Fine Crossbred— Super ID to 21 1 Si to 191 Medium IV to ID 16 to 171 Inferior Medium Crossbredlb to 161 14 to lb Super 167, to 19 15J to 161 Medium 14 7. to 16i 131 to lb Inferior Coarse Crossbred— ID i to 15 13 to 141 Super 14 to 16 141 to 155 Medium 13 i to 15 131 to 145 Inferior 121 to 14 13 to 135 Hoggets— Super IS to 20 IS 191 Medium .. .. 16 IS 16 175 Coarse 14 to 16 15 161 Pieces— Extra good 151 to 171 15 to 16 First crossbred 13 to 15 14 15 Second crossbred 10 13 10 m Bellies— First crossbred 12 to 14 11 13 Second crossbred 11 to 12 10 11 Crutchings— First crossbred 11 to 12 11 to 12 Second crossbred to S 6 to 8 Necks— First 15 to 1 64 14 to 16 Seconds 13 to 15 11 to 12