FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 600, 28 February 1929, Page 12

FINANCE & MARKETS

Kauri Timbers Easier GAS SHARES IN DEMAND By "Noon Call.” A QUIET tone has been registered on ’Change over the past 24 horns. Despite the fact that business has not been heavy, however, there is a steady demand for most of the more popular securities.

FLUCTUATIONS Movements in the market shown in sales over the past 24 hours, compared with the price at the t<me of the previous sale, include:—— Devonport Steam Ferry, fall of i;d. National Bank of Australasia, rise of 3d. * 4> * In the banking group Commercials of Australia saw further business at oOs this morning. Nationals of New Zealand are very firm, with buyers at the latest market price of £7 5s failing to attract sellers. New Zealands were dealt with on the latest high level of 63s 9d. leaving more offering at that price at mid - day. In the loan and agency group, buyers predominate, with the market for most shares very firm. It is interesting to note that the writer’s forecast of a week or so ago regarding the possibility of an early appreciation in the market for New Zealand Guarantee Corps, has been borne out by subsequent events, a rise of 4d taking place in the interim. With an interim dividend due very shortly, the scrip does not appear bad buying even yet, as further strength on the market is quite likely. Gas shares are attracting consider-

SOUTHERN EXCHANGES YESTERDAY’S SALE Press Association Wellington.—Ward and Co. (in liquidation) 34s 6d; New Zealand Government, 4i per vent, stock (1938), £99 17s 6d; Bank of New Zealand, 63s 7d; New Zealand Insurance, 475; Mount Lyell, 43s ?d. Christchurch.—New Zealand Breweries (bonds). 26d 5d (two); National Bank of Australasia (£lO paid), £l9 9s; Goldsbrough, Mort. 52s 9d; New Zealand Guarantee Corporation, 9s (two); staples Brewery, 44s (three) British Tobacco, 4Ss 9d (two); Mount Lyell, 43s 3d: Mahakipawa, Is 5d (two); New Zealand Breweries, 57s 9d.

CHICAGO WHEAT MARKET f A ustralian and N.Z. Press Association) Reed. 9.17 a.m. CHICAGO, Wednesday. Wheat.—March, 1 dollar 23 1-8 cents a bushel: May, 1 dollar 2Si cents; July, 1 dollar 31 1-S cents. MINING NEWS HAURAKI. —The manager wired yesterday: ‘•Commenced breaking down Stockwood reef in 400 level; selected 101 b of good picked stone 50ft to the seaward of where the first picked stone was got.”

able interest: not for many months has there been such a wide range of shares quoted on the Auckland ’Change. Auckland ordinaries are particularly firm, with sellers advanced 3d at mid-day to 255, supported by buyers at 24s sd, compared with the last reported sale of the scrip at 24s Ud. * * * Kauri Timbers came in for more than the usual attention at the midday call, when sellers came in at 18s and dropped to 17s. Buyers rose from 15s to 16s Id without effecting sales. Tho position in regard to the timber trade across the Tasman is undoubtedly a big factor in influencing the market for this scrip. Nationals were offered at 9s 5d without gaining support. In the gilt-edge section a steady demand holds the market very firm. In many instances buyers on recent market levels fail to effect sales. * * Business yesterday afternoon:—• Waihi Mining, 13s 6d: National Insurance. 16s 2d: New Zealand Farmers’ Fertiliser, 20s 6d. Business at this morning’s early call: Devonport Steam Ferry, 24s lXd. * * * Business at mid-day:—Commercial Bank of Australia, 295; Bank of New Zealand, 63s 9d; National Bank of Australasia (paid), £l9 8s 6d.

ANNUAL STAFF MEETING

STORE SHEEP EASIER N.Z. STOCK MARKETS BEEF FIRM AT WESTFIELD By R.W.C. A steady demand for most classes ot stock was registered at the Dominion’s chief stock selling centres yesterday. One of the features of the market at the moment is the easing in the demand for stores. At several of the principal 1 sales during the week an easing tendency has been noted, indicating that peak prices in this section have also been reached for the time being. At Westfield yesterday an aggregate yarding of approximately 430 head of cattle was the smallest seen in the yards for many weeks. The demand was steady throughout and prices showed a slight advance on last week. Best ox beef made to 3Ss; best young cow and heifer, to 32s 6d. The steer offering was made up mostly of medium weight cattle showing good average finish. Heavy prime cattle were well in the minority. NearAuckland graziers were practically the only vendors, the slack market of the previous week apparently having the effect of causing distant sellers to hold I back offerings meantime. The cow and heifer offering was a most mediocre one, dairy sorts predominating. Choice beef cattle were hard to locate. A short yarding of calves met with a very keen demand and prices showed an advance on last week’s rates. Good Wether Offering The feature of an average yarding of sheep was the number of fair-sized lines of prime wethers sent forward by graziers in distant parts of the province. These met with a good demand. At the moment Westfield appears to offer as good a market as any in New Zealand for sheep, values over the past week or so being quite on a par with those ruling at Addington. Prices yesterday were very firm at late rates. In the fat lamb section a big percentage of the offering could not have been classed as even good forward stores. These sorts sold at below the parity ruling at the store sheep fairs held throughout the district during the past month. Good lambs met with a keen demand from butchers on last week’s levels. Fat pigs sold steadily at late rates. The market for stores showed a decided improvement on last week’s exceptionally dull market. Beef Easier at Addington At Addington yesterday over 30,000 store sheep came forward. These included about 15,000 North Island ewes. Prices held at last week’s rates until near the close, when passings became numerous and prices eased up to 3s a head. The quality of later offerings, however, was well below standard. Medium rape lambs made to 245; good mixed sex lambs, 22s to 255; special 2-tooth Romney cross ewes, to 45s 6d; extra good Romney cross 2-tooth ewes, to 375; ordinary 2-tooth ewes, 29s to 31s; good 4-tooth Romney cross ewes, to 34s 6d; medium 4, 6 and S-tooth Romney cross ewes, to 30s. An entry of 2,150 fat lambs sold at schedule export rates. Extra prime lambs made to 35s Id; good prime, to 325. Exporters operated freely in the fat sheep pens. Extra prime wethers made 34s to 375; prime, 29s to 32s 6d; extra prime ewes, to 32s 6d; prime, 24s to 295. A yarding of 460 steers met with a slightly easier market.. Best beef made from 41s to 44s a hundred; good cow and medium heifer, to 395; extra prime steers made to £2l 17s 6d; extra prime heifers, to £ls 12s 6d; extra prime cows, to £l6 2s 6d. Prices at Westfield Prices at Westfield yesterday ranged as follow: Cattle.—Heavy steel's made to £l6; medium, £l2 17s 6d to £l4 2s 6d; light and unfinished, from £9 10s; heavy young cows and heifers, to £lO 12s 6d; medium, £7 10s to £8 10s; light and unfinished, from £5. Calves.—Runners made to £6 for a well-finished medium-sized calf; heavy vealers, to £5 15s; good bucket-fed sorts, 28s to 635; small and fresh-dropped, from ss; rough and plain, 25s to 345. Sheep.—Heavy prime wethers, to 355; medium prime, 31s to 32s 9d; light and unfinished, from 27s 3d; heavy prime ewes, to 26s 6d; medium, 22s to 23s 9d; inferior finished, from 15s.

Lambs.—Extra choice heavy prime, to 29s 6d; heavy prime, 25s to 26s 9d; medium, 22s 6d to 245; small and plain, from 14s. Pigs.—Choppers sold at £2 to £3 6s; heavy and medium baconers, £3 12s to £3 18s; light baconers and heavy por.<ers, £2 ISs to £3 10s; medium porkers and light porkers, £2 6s to £2 16s; small and unfinished porkers, £1 12s to £- 4s. Store pigs were penned in small numbers and values improved. Large stores made £1 7s to £1 12s; slips, 16s to £1 ss; weaners, 4s to 10s.

TURNERS AND GROWERS, LTD

The annual meeting ot* the staff of Turners and Growers, Ltd., was held last evening. Practically every member of tlie large staff was present.

During tlie evening the chairman of directors, Mr. Harvey Turner, gave an interesting address on the growth of the firm and its future prospects.

AGAINST INCREASED KILLING

NORTH CANTERBURY SUPPORT (Special to THE SUN) CHRISTCHURCH, Wednesday. ‘•That this meeting urges a better system of inspection of works, to see that the conditions in which extra licences are granted are carried out,” was a resolution adopted by the executive of the North Canterbury branch of the Farmers’ Union to-day. The resolution was passed as the result of the discussion, in committee, of a letter from the Auckland executive of the Farmers’ Union, which asked for support for its protest against the killing quota at the Westfield works being increased. The letter had been held over from the previous meeting pending the receipt of information.

The chairman, Mr. R. T. McMillan, reported that he had interviewed the chairman of the Meat Board, Mr. D. Jones, M.P.