FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 602, 2 March 1929, Page 12

FINANCE & MARKETS

Activity in Coals Waihis Still Weaker By “Xoon Call.’ A QUIET tone was registered at the week's closing call on Change this morning. Xo business was put through in the call room, although a healthy volume was registered outside.

FLUCTUATIONS Movements over the past 24 hours, shown in sa!*s, compared with price at the time of the previous reported sale, include: Australian Iron and Steel (pref.), nse of 6d. Milne and Choyce (deb. stk.), rise of 3d. Waihi Mining, fall of Id. Kaula Kampar Tin, rise of Id. i Auckland Gas (ord.)* rise of 4d. * * * The banking group is quiet, with •prices steadier and the market satisfied to remain on present iXels for the time being. In the insurance group sellers of A.P.A.’s dropped 4d to 9s 6d without drawing buyers above 8s lOd. Sellers of Nationals withdrew this morning to leave steady buyers in at 0.6 s Id. a * * Coals continue to attract attentiqji, Although the market shows little moveJnent. Hikurangi preference scrip was dealt with at 5s 6d outside the call loom, compared with a market around lls 2d prior to the flooding of the fnine. The outlook for these shares |nay not appear very bright at the Jnoment. but they have certain speculative possibilities on this morning’s

TO-DAY’S QUOTATIONS

t YESTERDAY’S SALES Press Association Wellington.—New Zealand Paper Mills, JSs 3d (two); Union Bank, £ls 8s 6d. Christchurch.—Mercantile Mutual. 34s ftwo parcels); New Zealand Refrigerating (£1 paid). 16s 6d (four parcels); New Zealand Breweries, 57s lOd; Staples’ Brewery, 44s (two parcels); Mount Lyell 44s (two parcels); Taranaki Oil. 5s 3d; •Mahakipawa, Is 4d (eight parcels); ■Waihi, 13s 4d; Commercial Bank of Australia. 29s Id: Tooth's Brewery. 555. Dunedin.—Waihi, 13s 3d; Mahakipawa. f-s 4Jd. TE AWAMUTU STOCK SALE The New Zealand Loan and Mercantile Agency Company, Limited, Hamilton, leports;— *'At Te Awamutu sale on Thursday we had a good entry of beef, a small entry of store cattle, and sheep in more than usual numbers, about 1,400 being yarded. Beef sold at fully ruling rates, and store sheep met with a good demand. Fat steers made £l2 10s to £l3 ss; light ditto, £9 15s to £11; fat cows and heifers, £8 7s to £10; lighter ditto, £7 5s to £8; plain fat cows, £6 7s 6d to £7; fleshy cows, £4 18s to £5 15s; rough store cows. £3 3s to £3 14s; 18 months Jersey heifers. R.W.8., £7 10s to £7 17s 6d; small 2-tooth ewes, £1 7s 6d to £1 8s 6d; mixed 2-tooth ewes and wethers, £1 Is to £1 4s 2d. 4-tooth ewes, £1 10s; woolly wether lambs, £ 1 0s 9d to £1 Is 6d; small ditto, 17s Id; a line of 500 reallv good shorn wether lambs from the East Coast realised 19s 3d to 19s 4d; small ditto, 16s 6d; aged ewes, 14s 6d. Pigs: Good stores, £1 8s to £1 ISs; slips, ISs to £1 4s; weaners, 5s to 10s." PIG MARKETING ACTIVITIES (From Our Own Correspondent) HAMILTON, Friday. The New Zealand Co-operative Pig Marketing Association has declared a final bonus of 2d a 1b on all baconer | s received into the seventh pool. This the final realisation 5d a lb. The seventh arid eighth chopper pools will also be finalised. The final payment on both is expected to be ljd a lb, making a total realisation on choppers of 2Jd. which compares favourably with the ruling local pales pries at the time A >

level, as there is every indication that the trouble with the water will be overcome at an early date. Pukemiros are very firm.

In the timber group. Bartholomews and Kauris are the only shares inducing buyers to make a declaration. More interest is being taken in Kauris, chiefly among the speculative sections prepared to buy on low levels in the hope of an early appreciation in the market. Buyers advanced to 16s 6d this morning:.

A further weakening in Waihis to~k place last evening and buyers t i—" morning were not prepared to go higher than 13s. There is not the strength in the buying market for this scrip compared to that shown a fortnight ago.

Business yesterday afternoon.—Reported: Auckland Gas, 24s 7d; Pevonport Steam. 24s lid. On ’Change: Waihi Mining, 13s Id: Kuala Kampar Tin. 15s Id; Northern Steam, 14s 6d.

FEBRUARY’S FIGURES

Business this morning.—Reported: Pukemiro Coal, 67s 6d; Hikurangi Coal (pref.), 5s 6d; Australian Iron and, Steel Cpref.), 20s lOd; Renown. Coal ford.), 17s 3d; Milne and Choyce (deb. stk.), 26s 6d.

FORGING AHEAD OLD FIRM IN YOUNG HANDS It is always interesting to hear of an old firm going on from one generation to another, and of young men of to-day “making good.” Such sentiments may be applied to recent developments in connection with the Charles Haines Advertising Agem|, Ltd., whose founder died a few weeks ago. Many people, familiar with the firm only by its reputation, have imagined that possibly the agency might suffer a setback by the inevitable change in control. Such is not the case, however, as we are assured by an official statement just made by the directorate of the Haines Agency. It is stated that many years ago Mr. Haines, with wise foresight, began to make arrangements whereby the control of the business would eventually pass to the leading members of his organisation. As long ago as 1919, when the agency was formed into a company, a first distribution of shares was made among certain members of the staff. Three years ago several executives were promoted to the Board of Directors, and to-day, among others, each branch office manager has a seat on the board.

The managing director. Mr. Will Appleton, has been associated with Mr. Haines for the past 19 years, and for 17 years was Mr. Haines’s partner. The other directors, all of whom have a lengthy association with the company. are Mr. Herbert J. Lousley, Dunedin manager; Mr. Maurice Hurst, art and literary manager; Mr. David Cody, head office manager; Mr. C. H. Dickinson. Auckland manager; and Mr % A. B. Edwardes, Christchurch manager. The secretary is Mr. P. G. \V illiams, A.1.A., N.Z. In short, the complete control of the agency is in the hands of a group of men selected and trained by Mr. Haines, and unpointed by him to executive positions with the aim of making an efficient organisation.

No disturbance of capital or changes in finances will be made, but to provide for expansion in business the capital of the company is being increased immediately, and the whole of the new allotment will be issued :o members of the staff, increasing the number of staff-shareholders from J 1 to 18,

AUCKLAND’S BUTTER-FAT

BIG LEAD ON LAST YEAR

Another record month for the production of butter-fat is recorded in the February grading returns supplied by the Auckland Farmers’ Freezing Company.

Estimated in terms of butter-fat the production of dairy produce throughout the province for the first eight months of the current season show an increase of 15 per cent, when compared with the figures for the corresponding period of last season. On the same comparison, the returns ror February show an advance of nearly 34 per cent.

Although the monthly figures have already started to register a decline with the approach of autumn, the falling off this season is much more gradual than last year, when a long spell of dry weather resulted in an acute shortage of feed. The present season has dealt with the farmer in a much more kindly manner, and although rain is wanted at the moment, there is still ample feed in most districts with large supplies of supplementarv fodder stored up in readiness for a shortage.

WHAT THE RETURNS REVEAL Into the stores of the Auckland Farmers' Freezing Company were received month 223,520 boxes of butter and 21,649 crates of cheese, compared with 167,132 boxes of butter and 16,071 crates of cheese in February, 1928. Reduced to terms of buter-fat. the respective_ aggregate outputs were 11,912,6251 b and 8,900,8191 b, an increase of 3,011,8061 b, or 33.8 pfer cent. During the eight months of the season, 1,731,629 boxes of buter and 141,468 crates of cheese have been received into store. The corresponding figures in the preceding season were 1,511,309 boxes of butter and 118,3.42 crates of cheese. The aggregate butter-fat production was 90,604,3601 bin 1928-29 and 78,751,1211 b in 1927-28, showing the presept season’s increase to date to be over 15 per cent.

The position as it affects produce in store is slightly to the advantage of the present season. The buter in hand on February 28 totalled 96,655 boxes, against 125,723 boxes a year ago. The quantities of cheese held at each date show little variation. The present toal in store is 18,250 crates, against 18,090 crates a year ago. Following are details of production of butter and cheese in terms of pounds of butter-fat for the first eight months of the current dairying season, compared with the corresponding periods of the preceding season:

FLAX-GRADING RETURNS

IMPROVEMENT IN QUALITY

A considerable improvement in quality but a falling- away in quantity, is noted in the February returns of flax graded the port of Auckland. The figures are as follow, those for the correspondperiod of last year being given in parentheses:—

Hemp.—One bale of fine; good fair, 535 bales (nil); high fair, 672 bales (389 bales); fair, 400 bales (1,239 bales); common, 161 bales (944 bales); rejected, 79 bales (102 bales). Total, 1.84 S bales 2,674 bales).

Tow.—First grade, 185 bales (nil); second grade, 295 bales (289 bales); third grade, 112 bales (499 bales); condemned, bales) eS <43 bales) - Total » 623 hales (831 Stripper N Slips.—Third grade, 3 bales (nil). Stripper Tow.—Second grade, 24 bales (nil); third grade, 1 bale (8 bales); condemned, 4 bales. Total, 25 bales 12 bales). HEAVY SHARE BUYING WALL STREET AGAIN (Australian and N.Z. Press Association) Reed. 9.5 a.m. NEW YORK, Friday. The stock market had the most sensational “bullish" demonstration since confidence was shaken early in February. Broad advances were scored in many issues, in some instances 15 to 25 points. The session was generally hailed as the Hoover inaugural market, and was helped along by a relatively small increase in brokers-’ loans, together with the failure of the local Federal Reserve Board to raise the discount rate. Buying orders flowed in from all parts of the country, and the exchange’s mechanical equipment was again hardpressed to keep up with the trading.

FEILDING STOCK MARKET STORE SHEEP EASIER Press Association FEILDING, Friday. 20,000 r shleS at hf tn7 of 1S ’ 000 to ?oK tW iF' gooAon^anT^n^t?^ i 9s , 6<l; medium, 33s lOd to 35s 4d; ! yeir-eArto hiLZV 0 2(is Sd: 5 -Y ear » 22s to 28s 10d* black-face woolly lambs, 17s 4d to 20s 3d* la ™* s ’ 16s to 18s Id; wether iambs, to 15s lOd, ewe lambs, 22s 4d; ’2-tooth wethers, 25s to 27s Sd. uoin . Tll , e cattle market was uneven. Springing Jersey heifers made £4 9s to £8 15%■ heifers CO £9 a to l jap*), £4 2s weaner uf F . *° 17s; store steers. £3 to £o; heifers, £4; weaner steers, £3 2 1f„ t0 , £4 2s; fat heifers, to 7~s 9 6d 7 ?o 6 £B iKVl'i mVsTst 454 WELLINGTON HIDE MARKET VALUES SLIGHTLY HIGHER Press Association WELLINGTON, Friday. The fortnightly sale of hides, skins and the°rango^of Jl prices:^--^ a,y ' F ° lloWln * is fu{i r Lte h ra^s. lnS Ttal° obredr° 0 bredr°i ra 4ld ti t t o on f 6 dl fine crossbred, 12gd to 14d; medium cross- + \° 14d; coarse crossbred, 112 d to 12*d; half wools, 9d to 122 d; quarter wools, 9d to 12id; pelts, Sd to 12d. - Salted Skins.—On a par with values current at auction sale here a fortnight B °i i Felts, 4s to 4s 8d; quarter wools, 4s Id to 6s 8d; half wools, 5s 7d to 7a Id; three-quarter wools, full wools, extra large, none offering; lambs, 2s Id to 6s id.

Hides.—As compared with prices current at last auction cow were 2d to 3-8 d higher; and ox kip and yearling on a par. Calf was unchanged. Ox: 331 b to 441 b, 7 1-Sd to 7 3-Sd; 451 b to 521 b, B?.d to 9d; 531 b to 591 b, 8d to 9£d; 601 b to 69fb, Sid to lOd; 701 b and over, 10id. Cow: 331 b to 391 b, 6id to 72d; 401 b to 481 b, 6£d to 72d; 491 b and over, 7 5-Sd to 7£d. Kip: 251 b to 321 b, 5d to 9td; kip, 171 b to 241 b, 8 7-8 d to 9 5-Sd. Yearling: 111 b to 161 b, 9 3-Sd to 10 l-Bd. Calf: 31b to 101 b, 7£d to 9d; 61b to 81b, 9d to 141 d; lib to 51b, lid to 16id. Tallow.—Full late rates. In casks, 31s to 325; in tins, etc., 16s to 2656 d. Sundries. —Cow tails, 18£d; horse hair, 62d. MINING NEWS OCCIDENTAL UNA. —The manager reports: The timbering of the north and south end of the No. 2.reef will be completed next week and a block of ground 80ft in length will then be ready for stoping. The reef is still averaging from 6ft to 7ft in width, showing good colours and dabs of gold, and the country is looking wel. About 80 tons of quartz will be in the hopper by the end of the week, for crushing. BUTTER AND CHEESE Amalgamated Dairies, Limited, from their London manager under 28th ult.; — “Butter: ‘Anchor,’ salted, 1725; unsalted, 184 s; market quiet again after brief activity. Danish, 176 s f.o.b. Cheese: White and coloured, 90s; market quiet at advance after considerable activity.”

Dalgety and Company, Limited, from their London house, dated Ist instant:—

“Butter: New Zealand finest, 168 s to 170 s. Cheese: New Zealand, white and coloured, S9s to 905."

. Closing auotationa at to-day'a mid day Sellers. Buyers. feAXKS- £ s. d. £ s d Australasia, . . . . ... 15 «> 6 fom, of Australia • 1 9 1 1 9 0 Ditto pret.) .. ... 7 5 0 Ditto (pref.) .. Rational of N.Z. ' (con.) D 14 0 "Nat. of Australasia New South Wales . 51 „ New Zealand 0 Ditto (D Mort.) . S 0 TJnion of Australia 15 10 0 — INSURANCE— A.P.A 0 9 6 0 s National . . .. .. . . 0 New Zealand •• .. 7 ft 9 Queensland !> 0 2 s 0 South British .. .. — z 5 0 I.OAN AND AGENCT— Abraham and Williams pref.) .. .. 4 7 Dalgety and Co. . . 15 10 0 farmers’ Co-op. Auc __ 15 0 Ditto A (pref.) .. 0 17 doldsbroue:h. Mort . 2 13 0 N.Z. & River Plate 1 14 9 1 13 0 N.Z. Guaran. Corp. 0 8 10 N-Z. Loan & Merc. 0 Ditto (pref.) . .. 80 0 1° N. Auck. Farmers’ Co-op (B pref.) 0 12 ,0 0 s 0 COAL— Hikurangri (pref.) .. 0 V 0 0 4 0 Ditto A (pref.) 0 5 6 0 1 K Pukemiro .. •• «• 3 10 n 3 7 0 Renown .. .. .. .. 0 IS 0 0 17 0 Ditto (pref.) .. «. 0 2 10 Taupiri .. .. M 1 7 0 1 8 0 Ditto (pref.) .. 1 3 0 W aipa .. .. .. .. 0 12 6 Westport •• .. 1 13 0 1 12 0 Wes tport - Stockton. GAS - 0 3 0 0 a 3 Auckland •• •• w M 1 5 0 1 4 5 Ditto (con.) •« «« Birkenhead and 0 18 6 0 17 lb Northcote •« •• 0 IK 0 frisborne .. 10 0 10 0 SHIPPING— Devonport Steam .. 1 4 3 1 4 0 Howard Smith «. 1 o Huddart-Parker «. Northern Steam 2 7 0 — (con.) 0 7 n 0 6 19 TV & O. (def. stk.) 4 fi TJnion Steam (pref.) TIMBER— I 1 0 1 0 6 Kauri Timber .. n 17 0 0 IK 6 l.eyland O’Brien _ 4 6 National .. .. M 0 0 ft Parker-Lamb .. ♦. WOOLLEN— 0 10 0 — Kaiapoi .. .. .. 0 14 3 Ditto (con.) .. .. 0 4 3 Ditto (pref.) .. — 0 15 9 BREWERIES— C. L. Innes .. .. .. n 19 9 Ditto (pref.) .. .. — i 0 0 N.Z. Breweries ... IS 0 17 6 Tooth’s — 2 15 0 MISCELLANEOUS— Auck. Amuse. Park 0 4 0 Ditto (pref.) .. .. 0 16 0 — i SOUTHERN EXCHANGES

calJ were:— Sellers. Buyers Australian Iron .. . A. J. Entrican . . .. 0 17 0 Australian Glass 10 0 British Tobacco 9 0 Burns, Philp .. S Bycroft, Ltd Colonial Sugar Dominion Pictures . Ditto (pref.) .. .. Donaghy’s Rope Electrolytic Zinc (ex div.) (ord.) ... 1 15 0 Ditto (pref.) 1 17 0 Farmers’ Trading . 0 9 0 0 8 Ditto (A pref. ) 0 17 0 9 Ditto (B pref.) Gear Meat 0 Grey and Menzies . 0 Hayward’s Pictures 1 1 0 Henry Jones Co-op. 1 17 H.M Arcade Theatre Ditto (pref.) .. .. N.Z. Drug14 Lewis Eady cpref.). 0 19 3 Milne and Choyce .. 1 Ditto (pref.) .. .. 1 6 0 Ditto B (pref.) .. 1 6 0 Ditto (deb. stock) 1 6 0 N.Z. Farmers’ Fert. 1 0 9 1 0 6 N.Z. Refrig, (con.) 0 8 0 0 7 6 Robinson Ice Cream 1 Sanford, Ltd 0 18 0 0 Ditto (pref.) .. .. 1 0 6 0 19 Sharland and Co. .. Ditto (pref.) 1 0 a Taranaki Oilfields .. 0 4 0 4 ft Union Oil 1 Whittome Stevenson « 0 4 0 Wilsons Cement .. 2 0 6 1 19 9 MINING— Alburnia (2s 6d pd.) 0 0 5* Lucky Shot (4s pd) 0 0 0 0 Ditto (oori.) .. .« 0 1 1 Maoriland (con.) .. 0 0 6 Occidental-Una (2s paid) 0 0 3 Ditto (con.) .. .. 0 0 3} 0 0 1 i Ohinemuri (ord.) .. 0 8 a 0 s Waihi 0 13 5 0 13 0 Waihi Grand June. . 0 1 0 Mount Lyell .. .. 2 4 3 2 3 6 Kuala Kampar Tin 0 15 6 0 15 1 DEBENTURES— Auckland Gas, 1932, 5 per cent. . . . 94 0 0 Ditto, 1935, 6i p.c. 102 0 0 Auckland Harb Bd. 5i P.c 99 0 0 Ditto, 5i p.c. 100 0 0 Ditto, 6 p.c. 103 0 0 Bor. of Devonport. 6 p.c 103 0 0 Ditto, 4i p.c 92 10 0 Bor. of Hamilton, 6 102 10 0 N.Z. Breweries 1 6 4 1 6 1 GOVERNMENT BONDS War Loan, 1938, 4} 100 0 0 99 15 0 Ditto, 1939, p.c. 99 15 0 Ditto, 1941 4i p.c. 99 10 0 Ditto, 1936, 5i p.c. — 101 10 0 INSCRIBED STOCK War Loan, 1938, 4J 99 15 0 Ditto, 1939, 4i p.c. 99 0 Ditto, 1933, 5i p.c. 101 0 0 Ditto, 1936, 5i p.c. — 101 10 0

1928-29. July ... . .. 1,420,530 August . . . September .. 8,800,557 October .. 13,858,696 November . . .. 16,704,587 December . .. 16,997,550 January .. 16,625,039 12,818,013 February . .. 11,912,625 8,900,819 Totals . .. 90,604,360 78,751,121