HEALTHY OUTLOOK

Sun (Auckland), Volume II, Issue 599, 27 February 1929, Page 10

HEALTHY OUTLOOK

REFLECTIONS ON CHANGE HEAVY BORROWINGS (By "Noon Call.") Steady trading spread over a wide range is reported on ’Change. Greater attention is being given to miscellaneous securities which show indications of returning prosperity and consequent increased dividends to shareholders. In many respects New Zealand lias never been in a better position financially, and this is being reflected on ’Change in the steady flow of money coming forward for investment. Exports from the Dominion for January constituted a record for that month. In all parts, the production of butterfat, although falling off as the autumn approaches, is being maintained at very high levels, and the overseas market is still above prices ruling at the corresponding period of last season. In Auckland, on Saturday and Monday, a record catalogue of wool was disposed of at very satisfactory prices and, as a result, approximately £500,000 will be distributed to sheep men throughout the province. A feature of the sale was the strength at the close, prices in some instances being slightly above those ruling at Wellington last week, auguring well for sellers of the balance of the Dominion’s 1928-29 clip.

The fat stock market is also above levels ruling at this time last year.

Thus, all round, the primary 'producers are faring well, and the general effect must be reflected over all sections of the community. As noted this return to prosperity is already reflected on ’Change, but the full benefit will not be felt till later on in the year, when the farmer has had a chance to balance up and allocate his expenditure for the coming season.

Check on Lower Interest Rates Considerable prominence has been given of late to the trend toward lower interest rates. To a large extent this has been justified, as there has been a decided trend that way. That this trend will in all probability receive a check in the near future is indicated by' the wide demands being made for capital by local bodies throughout the country at the moment. In addition, if political promises count for anything, the Government will be on the local market very shortly for funds for State advances and other development schemes. In all, there is every indication that the demand for capital will bo well above normal, and act as a decided check toward any further trend to lower interest levels, such as could be expected in ordinary circumstances. Movements on ’Change

Nothing of a sensational nature has taken place on ’Change over the week. The market for most of the better class securities remains very firm, indicating that there is ample capital available for investment in sound stocks. The miscellaneous group is receiving greater attention, with scrip of many concerns which have been practically neglected for several months coming into greater prominence and the general trend of the market in this section is toward a healthier tone on higher levels.

Mining is very quiet, with Wailiis the only scrip showing much activity. The market for this scrip has an easier tendency.

Return on Investment Below is a summary of sales made on ’Change over the week ended February 26, giving the return on investment based on the latest dividend. In the case of Government and local body debentures the return includes redemption. The-first column gives the price at which the latest sale was made.

FRANKLIN STOCK SALE BEEF MARKET FIRMER (Special to THE SUN) HAMILTON, Tuesday. Beef prices firmer than last week at to-day’s Frankton stock sale and there was a smaller yarding of sheep. Figs were yarded in large numbers and realised good prices. The auctioneers report as follows: — The New Zealand Loan and Mercantile Agencv Company, Ltd.—Beef: Prime fat steers, £l4 2s 6d to £ls ss; lighter fat steers, £l3 to £l3 10s; light fat steers, £lO 10s to £lO 15s; prime fat cows, £9 2s 6d to £lO 10s; light fat cows, £7 2s 6d to £S. Sheep: Fat wethers, 33s 9d to 34s 6d; fat lambs, 27s (id to 28s; a line of store wethers from the East Coast, to 29s 3d. Pigs: Heavy baconers, £3 4s to £3 16s; light baconers and heavy porkers, £2 5s to £3 2s; light porkers, 37s to 40s. The Farmers’ Co-operative Auctioneering Company, Ltd.—There was a short market for fat cattle and prices rose £1 a head compared with last week’s market. Fat sheep sold well up to last week’s rates. Baconers and porkers sold at late rates. Prices were:—Beef: Prime cows, £8 10s to £S 12s; lighter, £6 16s to £7 15s: rough and plain cow beef, £5 5s to £6 16s. Sheep: Medium weight fat wethers, 32s 9d; prime young ewes, 265; heavy ewes, 20s 6d to 22s 9d; prime lambs, 2Ss: medium, 22s 3d. Pigs: Heavy baconers, £3 10s to £3 13s; heavy poi'kers, £2 7s to £2 13s. Dalgetv and Company, Ltd.— ‘There was a small yarding of beef, and prices generally were above late rates. Choice young cows and heifers sold at up to £lO ss: ordinary fat cows, £7 15s to £9 11s; light cows and heifers, £4 17s 6d to £7 12s 6d: aged cows. £5 15s to £7 ss; runners, £4 2s to £4; vealers, £2 to £2 17s 6d. Only a few pens of store cattle yarded, which met with a good demand. Forward steers made £9 ss: light steers, £7 10s: 18-months steers. £7; store cows, £6 and £3 17s 6d: in-calf two-year heifers, £7 and £6 15s: yearling heifers, £3 9s; bulls. £4; dairv cows. £8 10s to £11; heifers, £6 15s to £9 ss. There was a fair yarding of sheep, which met with a good demand. A line of 240 young ewes sold at 29s 3d. Fat ewes and wethers sold at late rates and very few were yarded. LONDON WOOL SALES 40,000 BALES FROM N.Z. (Austratlan and N.Z. Press Association) Reed. 9.35 a.m. LONDON, Tuesday. For the wools sales opening on March 5 there ■ are available 114.000 bales, of which 95,500 are new arrivals, including 40,000 from New Zealand. TARANAKI OILFIELDS RECONSTRUCTION DECIDED (United P.A.—By Telegraph — Copyright) MELBOURNE, Tuesday. Shareholders in Taranaki Oilfields, Limited, yesterday decided to place the forming a new no-liability company. The forming a new no-liability company. The requisite resolution was carried by a large majority. REPORT OF OPERATIONS (From Our Own Correspondent) GISBORNE, Tuesday. The Taranaki Oilfields Company reports:—Gisborne, No. 2, well, drilled to a depth of 2,370 ft in shale, Biin diameter, casing to 2,360 ft. N.S.W. METALS AND MINERALS (United P.A.—By Telegraph — Copyright) SYDNEY, Tuesday. The value of metals and minerals won in New South Wales last year totalled £15,357,155, a decrease of £3,160,234 compared with 1927. The output of coal was valued at £9,446,197, the lowest since 1919. A decrease was recorded on all the coalfields. The gold yield for the year amounted to £54,503. TAUMARUNUI STOCK SALE (From Our Own Correspondent) TAUMARUNUI, Tuesday. Over 7,000 sheep were yarded at the weekly stock sale to-day, and a large number of cattle. Sheep prices showed a decline of several shillings in comparison with the values ruling at the recent ewe fair. Prices ranged as follow: Sheep.—Fat ewes, 255; good conditioned wethers, 2Ss; two-tooth wethers, 275; 4-year-old wethers, 26s 6d; small twotooth wethers, 20s 4d; good big-framed ewes, 17s to 19s 6d; good four-year-old ewes, 29s sd; four-tooth ewes, 345; four and five-year-old ewes, 25s 6d; good twotooth wethers, 27s 4d; store wethers, 22s 2d to 23s 4d; other wethers, 18s 6d; old ewes, 18s 9cl to 23s sd; two-tooth ewes, 32s 5d to 35s Id; six-tooth ewes, 26s to 26s sd: other two, four and six-tooth ewes, 255. Cattle.—Light, fat heifers, £6 10s; light, fat cows, £5 10s; fat and forward bullocks, £lO 17s; store cows, up to £5 12s 6d: cows in calf, £5 21s; two-year-old Shorthorn-Hereford cross heifers, £6: weaner Jersey heifers, up to £4; weaner pigs, 8s; Berkshire sows, 255. THE LONDON MARKETS (Australian and N.Z. Press Association) (United Service) LONDON, Tuesday. (Quotations on February 21 in parentheses.) Copper.—Spot, £7B 4s 47. d (£77 Is 101 d): three months, £7B 18s lid (£77 16s 9d). Electrolytic Copper.—Spot, £B4 (£B4);* three months, £B4 10s (£B4 10s). Wire Bars.— £B4 10s (£B4 10s), Lead.—Spot, £23 10s (£23 7s 6d); three months, £23 10s (£23 7s 6d). Spelter.—Spot, £26 6s 3d (£26 2s 6d); three months, £26 6s 3d (£26 ss). Tin.—Spot, £222 13s 9d (£221 17s 6d); three months, £222 13s 9d (£222 17s 6d). Silver. —Standard, 26d (25 13-16 d) an oz.; fine 28 l-16d (27 7-Sd) an oz. WHEAT Wheat.—Cargoes are dull in tone, apart from a renewal of inquiry from India. Quotations are little changed. Parcels are inactive and prices are unchanged to 3d easier. By the City of Brisbane, 47s 6d; by the Banffshire 4Ss. Liverpool futures: March, 9s 1 1-Sd a cental; May, 9s 4 3-Sd; July 9s 7 3-Bd. BRADFORD TOPS On the Bradford tops market crossbreds are extremely slow, and there is only a small amount of business in Merinos.

La test Approx. Price. Return. BANKS— & s d L s Aust. of Commerce 1 15 0 4 11 5 15 4 7 5 0 4 16 6 19 8 3 4 o Union of Australia INSURANCES — 1 o 8 0 4 0 16 2 4 12 9 New Zealand .. - . 2 ‘ *> * LOAN AND AGENCYN.Z. Guar. Corp. . COAL — 0 9 0 7 8 2 3 7 6 10 7 5 Renown (pref.) .. .. Westport 1 12 3 7 4 2 GAS— 0 18 0 6 13 4 Gisborne Wellington Christchurch (con.; SHIPPING— Devonport 1 4 3 6 7 10 6 Northern Steam .. 0 14 6 8 WOOLLENS— Kaiapoi 0 14 6 3 10 4 Wellington (ord.) .. Ditto (pref.> .. .. BREWERIES— 7 7 New Zealand .. 2 17 9 3 9 3 1 L 0 9 10 Staples .. MISCELLANEOUS— 2 4 0 4 10 11 Beath and Co 1 9 11 6 13 7 British Tobacco 9 0 7 13 0 Dominion Rubber . . 1 14 9 Dunlop Rubber.. .. Electrolytic Zinc 1 8 0 7 11 2 16 ♦Farmers’ Trading 9 Ditto (A pref.) .. 0 16 9 6 1 9 Gear Meat 9 Holden’s Motors 1 8 9 Kemp thorn e Prosser Milburn Lime and 3 lo 6 11 0 S 1 N.Z. Farmers’ 17 Fertiliser N.Z. Refrigerating 1 0 6 ° 0 7 6 6 13 4 N.Z. Sugar of Milk Otago “Daily Times” 1 0 6 10 b 14 0 4 14 \\ ellington Meat .. 12 Sharland and Co. .. 1 0 6 16 7 Taranaki Oil . . 0 4 W hittome Stevenson 4 1 6 10 Wilsons Cement . . 2 0 1 4 19 9 MINING — Waihi 0 13 6 Mount Lyeli .. Kildare 0 0 DEBENTURES— War Loan. 193S, 100 0 4 to 0 Ditto. 1939, 4i p.c. 100 U 0 1 10 0 Inscribed Stock, 1938, 99 17 6 1 10 5 Ditto, 1933, 51. p.c. 101 10 0 1 Ditto. 1936, 51 p.c. 101 10 0 4 8 Auck. Har. Board, 1939, 99 10 0 s 6 6 N.Z. Breweries.. .. 1 6 4 7 11 11 tNo attempt is ma de to work out the return on mining scrip*, ' Vhl ch ai eiy included in this list as a record ot sales. * Return based on promised 10 per cent.