FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 606, 7 March 1929, Page 12

FINANCE & MARKETS

Healthy Trading Keen Demand for Breweries

By

“Noon Call.”

BUSINESS on ’Change is registering a very healthy tone. A slight easing tendency is noted in the market for certain bank and insurance shares.

FLUCTUATIONS Movements on Change shown by a comparison of sales over the past 2 4 hours with the price at the time of the i previous recorded sale include: Bank of N.Z., fall of 3d. New Zealand Insurance, fall of 3d. N.Z. Guar. Corp., rise of 3d. Hayward’s Pictures, fall of Id. In the banking group the market for Australian of Commerce scrip is soaring lip to new high levels, showing an advance of 4s over the past few days. The demand comes chiefly from the South. New Zealands are slightly easier. In the insurance group. Nationals are very fixm, with steady buyers in at 16s 3d, and holders asking 16s 4d. .Mew Zealands are slightly weaker. Several parcels of the scrip changed hands during the morning at 46s 9d. Indications are that greater faith is being placed in the possibility of an early clearing out of the water in the Hikurangi mine, as the market for the scrip shows a firming tendency. Pukemiros are very firm. Westports are slightly easier and idle, with sellers at 328 9d unsupported. An exceptionally wide range of breweries is sought at the moment, buyers of Australian and Southern shares predominating. New Zealands saw further business this morning at

I 58s, sellers then withdrawing to leave | buyers in at 57s 6d. In the miscellaneous group New j Zealand Paper Mills, following reports j that the company is doing considerably better, are active at 18s 3d. Even j at this price the scrip would return C 6 11s 6d per cent, on the last dividend. When it is realised that increased dividends are expected in the near future, the scrip appears ‘Worthy of investigation. Lewis Eadys preference issue drew a buyer at 17s this morning, making the first support sellers of this scrip have received for months. Business yesterday afternoon:—On Change: Milne and Choyce (deb. stk.), 26s 6d; Bank of New Zealand, 66s 6d; , Kempthorne, Prosser N.Z. Drug, 75s Gd; Electrolytic Zinc (pref.), 36s 3d: New Zealand Paper Mills, ISs 3d. Reported: New Zealand Guarantee Corp.. 9s 2d. Business at this morning’s early call:—On ’Change: Wilsons Cement, 40s (two parcels); New Zealand Insurance, 46s 9d. Business at mid-dary:—On ’Change: I Bank of New Zealand, 63s 6d (three parcels); Auckland Harbour Board. 1935, 5£ per cent., £lOl. Reported: , , Mahakipawa Mining, 3s sd; New Zealand Insurance, 46s 9d; New Zealand I Breweries, 58s: Haywards Pictures, 20s ! 6d.

TO-DAY’S QUOTATIONS

DUTHERN EXCHANGES * YESTERDAY’S SALES 1 4 Press Association Wjj ngton: New Zealand Refrigerating <los* iid>, 7s 8d; Wellington Woollen (orct ry), £7 ss; New Zealand Breweriel >Bs (two). CHr tchurch: New Brighton Borough nj pti :ent. bonds, 1958, £lOl 10s (three). Chrfc hurch Drainage Board, 52 per eenfl { »onds, 1938-73, £lOl 10s; K'owai CouWS 52 per cent, bonds. 1932, £101; Ausit I ian Bunk of Commerce, £1 17s "d. m 19s; Bank of Adelaide, £lO ss; r onW rcial Bank of Adelaide, 29s (4); - N *'at|A fl Insurance, 16s 3d; Goldsbrough, M°rW >2s 4d; New Zealand Refrigerating n s paid). 7s Sd. 7s; Christchurch ? Id (odd lot); New Zealand Brew**l '^ s (two); Staples’ Brewery, 445; Ausili ian Iron and Steel (pref.), 20s 7d; Rea.fi md Company (Is paid), 8s 9d, 8s s d U o); Mahakipawa, Is sid % Is 5d Huddart Parker (cum div.), 46s 9d. Hi ngton Woollen, £7 5s (ord.).

CHICAGO WHEAT MARKET Reed. 9.50 a.m. CHICAGO, Wed. Wheat.—March, 1 dollar 21 1-8 cents v bushel; May, 1 dollar 25 5-8 cents; July, 1 dollar 28 3-8 cents.

STOCK PRICES FIRM MOVEMENTS AT WESTFIELD LIGHT KILLINGS AT WORKS (By R.W.C.) Firm markets in practically all sections have been registered in New Zealand stock-selling centres throughout the week. At the moment, however, there appears to be a slight spirit of distrust abroad, farmers and dealers noting present high levels, not being prepared to place too much faith in their continuance. The downward trend of prices noticed a week ago, however, has been checked meantime.

At Westfield yesterday firm prices ruled in all sections. A small yarding of beef met with a steady demand. There was a bigger percentage of heavy weight steers forward than usual, Waikato graziers especially being responsible for several lines of solid prime young cattle. The cow

offering was a very mediocre one, largely made up of light to mediumweight dairy sorts. Last week’s rates were sustained, best ox selling to 39s a hundred and best young cow and heifer to 33s 6d.

The offering of calves was the best from a quality point of view seen in the yards for some time, several lines of specially choice prime runners and heavy vealers coming forward. These met with a very keen demand at late rates.

Poorer Quality Sheep A big proportion of an increased yarding of sheep was made up of indifferently finished lines. Good young ewes were very hard to locate. The appearance of many of the linea indicated the shortage of feed and water, which has been felt in many parts during the past week or so, the sheep lacking the bloom seen on much of the stock earlier in the season. Several lines of wethers which, strictly speaking, could only be termed “forward,” were included in the fat pens. Butchers, nevertheless, were buyers of these sorts. Store buyers were also noticed taking several lines on which there would be very little margin on a re-sale in the fat pens even after several weeks on good feed. Prices, generally, in the sheep pens held very firm at late rates. An average yarding of lambs met with a steady demand at late rates. Pigs met with a good demand, last week’s prices being maintained for the greater part of the sale. A slight easing tendency, especially for light porkers, was noticed at times.

Freezing Position Quiet Buyers for freezing were not operating to any great extent yesterday, prices mostly being above their limits. Killings at the Auckland works during recent weeks have been reduced to comparatively low levels, the amount of stock offering at the moment being considerably less than that coming forward during the corresponding period of last year. The local market, held up largely by the keen demand for stores, is well above the export parity for both big sheep and beef and, as a result, killings of this class of stock are practically negligible. Lambs have eased off as a natural sequence to the heavy killings earlier in the season. The overseas market holds fairly steady, but the downward tendency of lamb prices does not appear to have been checked, heavy supplies helping to bear the market. Last week primest New Zealand lamb brought only Id a lb more in Smithfield than the price offered in Auckland works. Movements at Addington At Addington yesterday entries all round were smaller, particularly in the store sheep sections. ! The biggest percentage of the store I •“•heep entry was drawn from the North j Island, ewes making better money than j last week, the advance being up to 2s J Gel a head throughout the greater part |of the sale. Heavy rain over the past iew days was largely responsible for the improvement. Medium to good rape i l; imbs made to 255; extra good ewe lambs, j lo 31s 6d; good wether lambs, to 24s 9d; xtra good two-tooth Romney-cross ewes, to 41s; ordinary four, six, and eight-tooth ewes, to 295. A yarding of 1,200 fat lambs met with a steady sale at export rates. Best lambs made to 33s 7d for heavy prime choice quality sorts. A small entry of fat sheep also sold ;it prices regulated by the export parity. Extra prime wethers made to 365, extra Prime ewes to C4s lOd. A small entry of 390 head of cattle met a. very firm market. Best beef made to 46s a hundred; good cow and medium heifer, to 41s. Extra heavy prime steers made to £2O 17s 6d; extra heavy prime ! -ifers, i f t 67s 6d; extra prime young Westfield Prices loHow®— at Westfield yesterday ranged as • Extra heavy prime steers made >n £l7; heavy prime, £ls to £l6 ss; meonnl, tt~ 1 “ to • ll s 6d; light, from C 9. Heavy prime young cows and heifers to £11; medium, £7 5s to £8 10s; i light and unfinished, from £4 10s : Calves: Runners made to £7 12s 6d; extra heavy- vealers, £5 6s to £6 Is for a choice calf on account C. Walter. Onewhero, which went to D. Mann. Grey bynn: heavy vealers made from £4 10s to £5 2s; medium, £3 15s to £4 8s; lighter, from £2 15s to £3 8s: small and fresh-dropped, from 7s; rough and plain, 30s to 50s. Sheep: Extra heavy prime wethers made £1 14s to £1 14s 9d; heavy prime, £1 12s 6d to £1 13s 9d; medium to heavy prime, £1 11s to £1 12s 3d; light to medium prime, £1 Ps to £1 10s 9d: unfinished, £1 6s to £1 8s 9d; extra heavy prime young ewes, £1 5s to £1 6s 3d; heavy prime, £1 3s 9d to £1 4s 9d; lighter prime, £1 Is 6d to £1 3s 3d; other killable ewes, 38s 6d to £3 3s 3d; other ewes, 10s 6d to 17s (1,402 sheep penned). Lambs: Extra heavy prime lambs made £1 6s 6d to £1 10s; heavy prime, £1 5s to £3 6s 3d; lighter prime, £1 3s to £1 4s 9d: light prime. £3 3s to £3 2s 9d; small and plain, 17s 6d to £1 0s 9d. Pigs; Clioppers sold at £2 to £3 14s; heavy and medium baconers, £3 10s to £3 17s; light baconers and heavy porkers. £3 to £3 9s; medium porkers and light porkers, £2 Ss to £2 18s; small and unfinished porkers, £1 16s to £2 6s. Store pigs sold at late quotations. Large stores made £1 4s to £1 3 2s; slips, 15s to £1 2s; weaners, 3s to 10s.

LONDON PRODUCE MARKET HIGH COMMISSIONER’S CABLE The Department of Agriculture has received the following cablegram, dated 2nd instant, from the High Commissioner for New Zealand London:— Oats.—The market continues quiet. English in fair supply. Choice white feed can be bought at 29s 6d to 30s and seed at 33s to 355. Plate afloat sold at 24s lid by re-sellers. February-March shipment offered at 24s 6d without buyers. Nominal value New Zealand “A” Grade Gartons for Marsh shipment. 31s to 325. Peas.—Maple No. 1 New Zealand Partridge, for March shipment, offened by shippers at 62s 6d, c.i.f.. but no buyers, as old crop on the spot available at under 60s, ex store terms. “A” Grade Tasmanian for February-March shipment offered at 67s 6d. English finding quiet market, and choice offered at 54s to 555. Peas Association state there is a large carryover from last season, and market looks weaker. Tasmania has already sold fair quantities down to 645, and if New Zealand desires business it is advisable to proceed with .sales, as demand will not be sufficient to absorb large quantities. Colonial blue peas are practically neglected, and sales are restricted to Japanese and Dutch sorts. Nominal value “A” Grade Tasmanian for March shipment, £ls 10s. Beans.—Some inquiry for English, and choice winter make 52s to 535; spring, 57s to 595. Chinese Horse, old crop, offered ex store Glasgow at £lO 17s 6d, with buyers about 5s less.

MUCH NEW CAPITAL LONDON MONEY MARKET (Australian and N.Z. Press Association) LONDON, Wednesday. The “Daily Express” says the city is engaged in more company flotations than at any time Since the war. New capital to the extent of £7,000,000 has been subscribed in the last two days and £80,000,000 in January and February. But for the rise in the bank rate, says the paper, the new capital issues would have been even greater. A number of flotations have been postponed until easier monetary conditions prevail. Half the money is required for industrial concerns, but several companies have been formed to exploit new and untried inventions. Many of the issues have been largely over-subscribed.

LONDON WOOL SALES ALL-ROUND DECLINE (Australian and N.Z. Press Association) Reed. 9.55 a.m. LONDON, Wednesday. At the wool sales 8,815 bales were sold, of which 2,363 were New Zealand. There was a limited selection of Merinos and a good selection of greasy crossbreds. A large attendance from all centres was present. Crossbreds met with good Yorkshire competition. Fine declined 7* per cent., compared with the January closing rates; medium also had a 5 per cent, decline; Merinos, fine, par to 5 per cent, decline; broad-haired 5 per cent decline.

The decline has been more than discounted in the consuming centres in the interim since the last sales, and brings London values in line with the primary centres. New Zealands, Cricklewood, 19d top price, 17d average; Ngaio, 3Sid, 17d; M.P., 20id, 18id; Waiau, 18d, 16id; Kwinta, lSd, 15id. MERCHANTS’ REPORTS Merchants report receipt of London cablegrams as follow: The Bank of New Zealand, from its London office, under date 6th inst.: The wool sales have opened with strong competition, and a large attendance of buyers. There is a good demand for all wools. Compared with the close of last series, Merinos and crossbreds are about Id lower. Dalgety and Co., :Ltd., from their London house, dated 6th inst.: The wool sales have opened, and the attendance of buyers is large, and competition animated. Crossbred selection good; Merino selection poor. As compared with closing rates of last series, greasy Merino is par to Id lower; greasy half-bred, Id to lid lower; greasy crossbred, fine IJd to Id lower, medium and coarse Id lower; slipe, Id to lid lower. BUTTER AND CHEESE GRADING COMPETITION The butter and cheese grading competitions held in connection with the annual conference of the members of the Auckland branch of the New Zealand Dairy Factory Managers’ Association to-day resulted : Butter. —Mr. J. A. Blake (Waiuku), 99i points, 1; Mr. D. R. Anderson (Aka Aka), 99 points, 2; Mr. A. H. Roberts (Te Awamutu), 981 points, 3. Cheese. —Mr. A. Graham (Maramaru), 101 points, 1; Mr. A. Baird (East Tamaki), 100 i points, 2; Mr. B. Barnes (Matamata), 99i points, 3.

COLOMBO TEA SALES Press Association DUNEDIN, Wednesday. The quantity of tea offered at the Colombo tea auction sales on Tuesday was 2,390,0001 b. This quantity was similar to last week. Common teas were in improved demand and the prices were advanced from 3 to 5 cents. The market was irregular for other grades. Next week a similar quantity will be offered.

Closlnjr Quotation* At to-day's mid da? Sellers. Bu> era. BANKS— Artist. r>f Com — 1 IS 0 Australasia 15 2 14 IS 0 Com. of Australia . l •t 2 1 s 10 Ditto (con.) .. .. 0 13 Dito (prof. > .. .. 7 7 0 Kng., Scot. & Aust s 17 n National of N.Z. 5 0 N<»w South Wales . . 51 0 50 10 0 NVw eZaland 3 0 Ditto (D Mort.) . 1 s 3 Union of Australia 15 10 0 15 7 6

INSURANCE— National 0 16 4 0 16 New Zen land .. .. 1 7 0 1 6 9 Queensland 9 0 3 7 6 South British »• .. — 3 » 0 LOAN AND AGENCY Abraham and Williams (pref.) .. .. 4 7 8 Farmers’ Co-op. Auc. 15 O Ditto A (pref.> 0 17 3 Goldsbrough, Mort . 2 13 0 2 12 0 Xt wton King- (pref) rt 19 0 0 X N.Z. Ac River Plate 1 1 * 1 13 N.Z. Guarantee Corp. i) 9 6 N.Z. Loan & Merc. 128 0 Ditto (pref.) . . . . SO 0 0 N. Auck. Farmers’ Co-op (B pref.,) .. 0 12 ■0 0 8 0

GOAD— Htkurangi 0 0 $ Ditto (pret.) . . . 0 7 8 0 5 8 Ditto A (pref. » .. 0 4 6 0 0 Pukemiro 10 0 7 0 Renown n IX 0 0 17 3 Ditto (pref ) .. .. 0 3 0 0 11 Taupiri l 0 1 8 0 Ditto (pref.) .. . 1 3 3 Waipa 0 Hi r. Wout port ... i 12 Westport-Stockton 0 3 0 0 2 7 Grey Valley .. .. GAS— 1 3 9 1 1 8 Ditto (con.) .. . Birkenhead aad . 0 18 8 0 18 0 Northcote 0 18 0 Thames SHIPPING— 0 10 0 0 5 0

Devonport Steam .. 1 1 3 1 3 ft Kuddart-Parker 2 7 0 2 5 0 Northern Steam .. ft If* 0 ft 14 3 Ditto (con.) .. .. 0 7 0 6 !) P. & O. (def. stk.) 4 0 .1 1 ft f.nion Steam (pref.) 1 l ft 1 0 4 TIMBER— Bartholomew .. .. ft 18 ft Kauri Timber — 0 16 0 Leyland-O’Brien 1 14 6* Parker-Lamb .. 0 19 0 — WOOLLEN— Kaiapoi ft 14 3 Ditto (con.) .. .. 0 4 3 Ditto (pref.) .. .. n .17 ft ft 15 ft .'lOSK iel 15 ft 7 7 6 Wei ngton 7 7 ft D to (pref.) .. .. 7 8 6 7 5 ft BRl VTERIES — c. i Tnnes o ]o (pref.) .. .. 1 ft 0 N Z livweries 17 fi J »t>les 4 3 0 Cro 0 10 0 —

cal] were:— Sellers. Buyers. ft Timaru (new issue) 0 8 10 0 8 MISCELLANEOUS— Auck. Amuse. Park 0 10 Australian Glass . . 2 10 0 British Tobacco 2 !» 0 2 8 6 Bycroft, Ltd 114 0 1 1 1 6 Checker Taxi . . 0 7 6 Dominion Pictures . 1 1 Ditto (pref.) .. .. 1 1 6 Donagrhy’s Rope Electrolytic Zinc 1 13 0

(ord.) 1 15 9 1 14 9 Ditto (pref.) .. .. 1 Pi 1 Pi 0 .Farmers’ Trading - X 11 ft 8 Ditto A (pref.) .. 0 17 0 ft Pi 9 Ditto (B pref.) .. 0 12 6 2 4 0 Grey aVid Menzies . ft 10 fi Hayward’s Pictures 1 1 0 1 0 ft H.M. Arcade Theatre 10 0 Ditto (pref.) .. .. Kempthorne, Prosser — 1 8 1 ft Lewis Eady (pref.) 0 19 ft 17 ft Milne and Choyce .. 1 « 0 Ditto (pref.) .. .. 1 6 0 Ditto B (pref.) .. 1 6 0 Ditto (deb. stk. > 1 0 N.Z. Express . . 1 0 ft N.Z. Farmers’ Fert. 1 1 ft 1 N.Z. Paper M ills . . 0 18 ft N.Z. Refrig. (con.). 0 7 8 Robinson Ice Cream 1 ft 0 18 0 Ditto (pref.) .. .. 1 0 ft 38 6 Sliarland and Co. Ditto (pref.) MINING— 1 0 6

Alburnia (2s 6d pd.) 0 0 54 Lucky Shot <4s pd) ft 2 ft 0 ft 9 Ditto (con. > . . . . ft ft 11 0 3 Maoriland (con.) .. 0 0 6 occidental- Una (2s paid) Ohinemuri (ord.) Ditto (pref.) .. . 6 Waihi 13 Waihi Grand June. . o l Mount Lyell 1 14 13 Kuala Kampur Tin. 0 15 - 0 UEBENTURES— Auckland Gas, 1932. 5 per cent Ditto, 1935, 61 p.c. — Auckland Harb Bd. 5 per cent 99 0 0 — Ditto, 54 per cent. —- 99 Ditto, 51 p.c. 101 10 ft 10ft 10 0 Ditto, 6 p.c. 103 0 0 City of Auck. 1940, 54 per cent Ditto, 1943, 5i p.c. Bor. of Devonport, 6 p.c -— 103 0 0 Ditto, 4£ p.c .. .. — 92 10 0 Bor. of Mt. Eden, «* — \ 03 0 Bor. of Hamilton. 6 103 0 N.Z. Breweries 1 6 1 1 0 0

*■ 1UVEKN M L NT BONDS-' War Loan, 1938, 4 i 100 2 6 99 1 7 6 Ditto, 1939 4h p.c. 99 15 0 Ditto, 1941 4i p.c. 99 10 0 Ditto, 1933, 5i p.c. — 101 0 Ditto, 1936. 5 h p.c. — 101 10 0 INSCRIBED STOCK — War Loan, 1938, 4 i — 99 15 0 Ditto, 1939 4?-, p.c. 100 o 0 99 1 5 0 Ditto, 5i p.c. 101 10 0 101 0 Ditto. 193b 5i p.c. —■ 101 10 0