FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 618, 21 March 1929, Page 12

FINANCE & MARKETS

A Buoyant Market

N.Z. Breweries Rising

By

"Noon Call."

STEADY rsadin" on a rising market is reported in several sections on ’Change. The market for all the better-class •>ecurities is very firm.

actuations Price movements shown in sales over f p;i st 2 4 hours-, when compared with the price at the time of the previous recorded sale, include: Goldsbrough, Alort, rise of 3^d. s«»uth British Insurance, rise of Is thl Staples Breweries, fall of 9d. Auckland Gas ford.), fall of Id. 4 Milne and Choyce (deb.), rise of 3d. Taupiri Coal, rise of Is 3d. One of the features of the market is t : e sudden hardening of New. Zealand Breweries, the market jumping from a steady, but not overanxious, demand at 58s on Monday, to see buyers offering 60s *»d at midday to-day and sellers right off the market. The easing tendency of the market for this concern’s debentures has also been checked, and, following sales at Id below the current rate this morning, the market strengthened to see business put Through on the recent level of 26s 4d. « ’onsidering the faith held in the shares, it would appear that the debentures, offering as they do a return • >t 71- per cent, on the present market, h.t vo attractions. They are certainly a **ufer investment than the shares w hic h only show visible prospects of a return on to-day’s price of somewhere In the vicinity of 31 per cent. la the banking group. Commercials Ot’ Australia show increasing strength, ,i iml the market moving to further high levels over the past 24 hours. At midday sellers asked 30s 2d to find support. from buyers at 29s 9d. Nationals of New Zealands are passing through

a period of neglect at the moment, and, sellers at £7 ss. compared with the last recorded sale made a fortnight ago at £7 6s, are unsupported. Auckland Gas shares showed greater activity on slightly lower levels this morning. After sales at 24s 3d, buyers remained in at 245, but there was no great strength in the market. * * * Coals meet with a steady demand, with Taupiris and Pukemiros attracting the greatest attention at the moment. The former were dealt with at 27s tins morning, making the first recorded sale in this scrip since the third week in February, when the market was only recovering from the disposal of several large estates which held substantial holdings of the scrip. The market price then was 25s 9d. Pukemiros are very firm with buyers in at the latest market price not drawing .sellers below 695. Business yesterday afternoon: One Tree Hill Road Board. 1963, 5? per cent.. 2108; South British Insurance, 66s 6d; Goldsbrough, Mort. 52s lOld; Staples Breweries, 43s 3d: Hayward’s Pictures, 20s (id. Business at this morning’s early call: On Change—Auckland Gas (ord.), 24? :?d: New Zealand Breweries (deb.), 26s 3d and 26s 4d: Milne and Choyce (deb. stk.). 26s 9d: Taupiri Coal (ord.), 275. Business at mid-day: Reported—A. ,T. Entrican (ord.). 15s; Eng., Scot., and Aust. Bank. £8 17s: New Zealand Breweries, 26s 4d.

TO-DAY’S QUOTATIONS

ing quotatoins at to-day’s mid-day call were-.

LONDON WOOL SALES

(Australian and N.Z. Press Association) lived. 9 a m. LONDON, Wednesday. At the wool sales, 8,593 bales were offered, of which 3,500 were New Zealand. There was a miscellaneous offering; of Merinos and a good average lot of greasy crossbreds> Good competition ruled and prices were maintained. New Zealand: Montcalm, 22d top price, 21d nv. rage; Whangara, 19d, lSd; Okuku Hills 20’d. 192 d. AUCTIONS AT SYDNEY SYDNEY, Wednesday. At the Sydney wool sales to-day 11,522 hales were sold. Competition was strong and general. Greasy Merinos sold to

LONDON MARKETS

British Official Wireless RUGBY, Tuesday. The following rates on foreign exchanges are current to-day, compared with the cabled quotations on March 14 and par: Afar. 19. Mar. 14 Par.

WHEAT Wheat.—Cargoes are dull and tending to be easier. Parcels are in quiet request at a decline of 3d. Liverpool futures: March, Ss 11 3-Sd per cental; May, 9s 2 l-8d: July, 8s 5 1-Sd; October, 9s S 3-Sd. THE PRICE OF GOLD Gold is quoted to-day at S4s 101 d an

STOCK MARKETS STEADY

WEEK’S MOVEMENTS REVIEWED

QUALITY BEEF OFFERING By R.W.C. Little has occurred over the week to change the outlook for the stock grazier. Prices in most of the main selling centres throughout the Dominion have remained steady on late levels. At Westfield yesterday a heavy yarding of beef saw a slight easing in values, but the feature about the sale was that, although there was little short of twice the number of cattle offered at most sales this year, the demand held right to the close. Values in the last row of cows were, if anything, slighlty firme r than at the opening.

Cattle came forward from all parts of the province and made up one of the best quality offerings for some time. Heavy prime, big-framed steers were yarded in considerably greater numbers.

Although a few lots brought premium prices, the ox beef market, generally, was easier by 10s to 20s a head. Up to 38s 6d a hundred was given for isolated pens of specially choice cattle, but the market, generally, for good ox beef did not go much above 355. In the cow and heifer section, again, one or two lines of specially choice cattle made up to 32s 6d. The quality of the past two weeks was not noticed in the calf pens, but prices held practically on a par with late rates.

For the most part, the fat sheep offering reflected the shortage of green feed throughout the country, and there was not the bloom and finish noticeable earlier in the season. The yarding comprised a good percentage of big-framed, reasonably well-finished sheep, which met with a very firm market.

The Hautu prison farm was responsible for one of the best quality lines of lambs seen in the yards this season, two trucks of exceptionally choice prime, big-framed lambs frqjpi there meeting with keen competition from butchers and making up to 32s Od. Store pigs were again very hard to quit, stunted weaners making down as low as 6d each, and medium stores around 9s to 12s. Good fats sold on a par with late rates.

The Freezing Position The freezing position remains unaltered as far as the Auckland Province is concerned. The predicted drop of id in the schedule rates for lambs took place on Monday, but offerings now come within a very small compass. Considerably better prices can still be obtained for big sheep in the yards than in the freezing works. During the week a particularly fine quality draft of fat cattle was railed up from the Bay of Plenty to the Westfield works. A smaller line of about 50 head also came through on account of one of the big butchering firms. The line for the works was contracted for months ago. and cannot be taken as an indication that values are dropping to exporters’ levels. At the moment freezing buyers are practically forced out of the Westfield sale yards. While the local butchers can .afford to go up to 35s and 36s a hundred for good ox, exportei's’ limits will only allow a top price of 31s.

Addington Market At Addington market yesterday there was another exceptionally heavy entry of store sheep of over 35,000 head, substantial draft of ewes coming from the North Island as well as the Chatliams and Nelson. Good-sized entries of fat cattle and sheep were also forward. Store sheep sold at late rates, although passings of dealers lines were freauent. Fat lambs met with a steady sale at schedule rates. Extra prime lambs made to 32s lOd; extra prime fat wethers made to 35s lOd; extra prime fat ewes, to 34s Id. A yarding of 4SO fat cattle came forward. Best beef sold to 47s Gd a 1001 b.; good, 42s to 455; medium quality,, 39s to 41s 6d; plain cow, 35s to 375; rough, down to 325; extra prime heavy steers, to £23 7s 6d; prime heavy steers, £lB 10s to £2l; medium weight prime steers, £l6 10s to £lB ss; medium quality steers, £l3 to £l6; light steers, £9 to £l2 10s; extra prime heifers, £ls to £l7 17s 6d; prime heifers, £l2 10s to £l4 10s; medium heifers, £lO 10s to £l2 ss; light heifers, £1 10s to £10; extra prime cows. £ls to £l7 12s 6d; prime cows, £ll 10s to £l3 15s; medium cows, £9 10s to £11; light cows, £8 5s to £9 7s 6d: aged cows, £6 17s 6d to £B. Prices at Westfield Prices at Westfield yesterday ranged as follow: . , - Cattle. —Extra heavy prune steers made to £l6 12s 6d; heavy prime, £l4 lUs to £ls ss; medium, £l3 2s 6d to £l4 os* light and small, from £8 ios. Extra, heavy prime young cows, to £l2 ius, heavy, from £9 as to £lO as; medium, £7 10s to £9 2s 6d; light, unfinished and plain, from £4 10s. . _ „ r , Calves. —Runners made to £7 las; extra heavy vealers made to £5 13s; medium vealers made from £3 18s to £4 3 2s; light and smaller, £2 ISs to £o lo s ’» small and fresh-dropped, from 7s to o4s; rough and plain, 20s to 455. Sheep.—Heavy prime wethers made to 35s 9d; medium, 32s 6d to 345; small, light and unfinished, 28s to 31s 6d; ex^l ' ri prime big-framed young ewes made to 28s 6d; heavy prime, 26s to 275; medium, 22s to 245; light and unfinished, from 18s. Lapibs.—Extra choice heavy prime, to 32s 3d; heavy prime, to 2Ss 9d; medium. 23s to 25s 3d; small and plain, from lis. Pigs.—Choppers sold at £2 to £42fe; heavy and medium baconers, £o 10s to £3 18s; light baconers and heavy poiktis, 16s to £3 Ss; medium porkers and |!.ht norkers, £2 6s to £2 14s; small and unfinished porkers, £1 32s to £2 4s. Store p gs were penned in average numbers and soB at late quotations Large stores made 18s to £1 8s; slips, 8s to lbs. weaners, 6d to 7s.

CHICAGO WHEAT MARKET

(Australian and N.Z. Press Association) need. 9.22 a.m. CHICAGO, Wednesday. Wheat.—March. 1 dollar 23i cents a bushel; May. 1 dollar 27i cents, Julj, l dollar 30 3-S cents.

AUCTION NOTES William A. Horne, Ltd., will offer by public auction at their rooms, Hornes Buildings, corner High Street and Vulcan Lane, to-morrow (Friday), at 12 noon, a preperty of four rooms, bathroom, washhouse, sleeping porch, porcelain bath ana ba«in New Record range (tiled), Hudson copper and other conveniences, situated Carlton Terrace, Birkenhead. The property* is about 12 minutes’ walk from the wharf and three minutes’ walk from the main road, while there is a frequent bus service to and from the wharf. Also, property at Campbell’s Bay, comprising furnished cottage (new), two rooms, sink, water laid from tanks, also bach, one room, furnished, including three bunks, Sections in native trees and shrubs. Rutherford, Robinson and Austin will offer by public auction at their rooms, Lister Building, Street East, tomorrow. at 12 noon, a property situated in Clonburn Road. Remuera, being No. 37. The residence contains S rooms, and the section is well laid out. having 131 ft frontage to Clonburn Road by a depth of 175 ft. COLOMBO TEA SALES fAustralian and N.Z. Press Association) COLOMBO. Wednesday. At the Colombo tea sales to-day 2,690.0001 b were offered. Common teas declined 1 to 2 cents. Other grades were irregular and cacier. in sympathy with the quality offei ing. Next week’s catalogue comprises 2,590,0001 b.

NO CHANGE THIS SEASON

PROTECTIVE WHEAT TARIFF Press Association TIMARU, Wednesday. The member for Temuka, Mr. T. D. Burnett, sent the following letter to the Hon. G. W. Forbes, Minister of Agriculture: ”As the representative of one of the largest wheat-growing electorates in the Dominion, I urge upon you the extreme need of the Cabinet declaring, at the earliest possible moment, its definite policy regarding wheat protection or otherwise. The uncertainty that is in the air regarding the Government’s wheat policy is debarring very large numbers of prospective growers from starting their wheatgrowing operations, work which is always an early autumn business. To a large number of farmers with suitable land sheep-raising is more attractive than wheat-growing, with the added uncertainty of a doubtful protective policy thrown in. It would be better if the Government said definitely and at once whether it intended to retain a sfair measure of protection, or annouqced that it looked to Australia and Canada for its wheat supplies.” The Minister replied that the existing arrangements will apply to next season’s crop.

NATIONAL DAIRY ASSN. PREPARATIONS FOR CONFERENCE (From Our Own Correspondent) WHANGARBI, Wednesday. A meeting convened by the Mayor, Mr. J. L. Brake, was held at the Town Hail last evening to consider arrangements for the entertainment of delegates to the National Dairy Conference, which will be held in AVhangarei on June 26 and 27. The Mayor presided. It was decided that the meeting, as assembled, be a committee to appoint a main executive, with powers to appoint sub-committees. The main executive was limited to five members, those elected being the Mayor of Whangarei, and Messrs. 35. S. Temaine, J. H. Hayward. J. E. Holmes and J. A. Finlayson. The Northern Wairoa delegates were appointed a sub-committee to entertain in Dargaville. The cost o t the conference and the entertainment of delegates will be met by the dairy companies and local bodies. The basis of contribution by the dairy companies will be 3d a ton of production.

DEMAND FOR LINCOLN WOOL MEETING OF N.Z. ASSOCIATION Press Association MASTERTON, Wednesday. Attention was drawn at the annual meeting to-day of the Lincoln Sheepbreeders’ Association of New Zealand by the president, Mr. Duncan McGregor, to a report by Mr. J. A. Roberts, chief biologist to the British Research Association, who said that manufacturers would like to see a return to Lincoln breeding, as in no other way could luminous bright wool be produced in quantity Mr McGregor said it behoved Lincoln breeders to increase their flocks, so as to cope more easily with the greater demand for Lincoln bleed wool.

It was decided to inform the Royal Society that the association took every care that the stud Lincolns exported were up to standard. • The election of officers resulted: President, Mr. Duncan McGregor (Masterton); vice-president, Mr. R. Bremer (Waverley); treasurer, Mr. David Donald (Masterton); council, Messrs. W. O. Me- - (Hampden), A. H. Storey (Te Awamutu), Sir J. G. Wilson (Btills), Messrs. W. H. Gaisford (Dannevirke), G. V. Smith (Gisborne), A. D. McMaster (Featherston), W. H. Wobuvne (Whenuakura), A. E. Anderson (Wairarapa), H. R. Poole (Pongaroa), L. R.. Wilton, Masterton), D. Donald (Masterton).

DISTRICT STOCK SALES AUCTIONEERS’ REPORTS Stock auctioneers report on stock sales held throughout the district during the past week as follows: — The New Zealand Loan and Mercantile Agency Company, Limited, reports:— Sales were held during the past week at Pukekohe, cattle and pigs; Waiuku, cattle and pigs; Westfield and Papakura. All classes of cattle sold at late rates. Fat pigs sold readily at both sales, baconers realising up to £4 2s at Pukekohe. This Is the first time this season that £4 or better has been realised. We quote: Dairy cows and heifers, close to profit, best, £ll to £ls 10s; others, £8 to £lO 10s; backward springers, £6 to £9 10s; aged cows and inferior heifers, £o to £5 15s; bulls, £2 10s to £ll 10s, according to weight and quality; heifers, suitable for dairy purposes, £4 10s to £6 10s; weaner heifers, £2 to £4 ss; weaner steers, £3 to £5 Ss; yearling to IS-months steers, £4 10s to £5 17s 6d; two to 2J-year steers, £6 to £7 7s 6d; three to 3i-year steers, £7 10s to £8 17s 6d: four to 4iyear steers, £9 to £lO ss; grown steers in forward condition, £lO 7s 6d to £l3 10s.

Alfred Buckland and Sons, Limited, report:—During the week we held sales at Westfield, Waiotira, Pokeno, Kaiwaka and Runciman, also pig sale at Waiuku. There were average yardings of cattle, and a heavy entry of pigs. Values for all classes of cattle were on a par with late sales, and prices for pigs at Waiuku were fully equal to Westfield quotations. Best dairy cows and heifers made £l2 to £ls 15s; second grade cows and heifers, £9 to £ll 15s; other dairy cows and heifers, £4 10s to £S Ids; empty young cows and heifers, £3 10s to £5; store and boner cows, £2 to £5 ss: heavy prime young cows and heifers, £S to £lO TOs; lighter cows and heifers, £5 5s to £7 17s 6d: 18months to two-year-old in-calf dairy heifers, £5 5s to £8 10s; cows with calves. £6 15s to £9; grown steers in forward condition, £9 10s to £lO 7s 6d; three to four-year-old steers. £S 10s to £9 7s 6d; two to three-year-oid steers, £6 10s to £S ss; yearling to 18-month-old steers, £4 15s to £0 10s: heavy bulls, £7 to £9 17s 6d: sound young herd bulls. £5 to £S Ss: other bulls, £2 10s to £4 10s.

MINING NEWS OCCIDENTAL UNA. —The nvunaryer reports: “Stopins the south end of Xo. 2 reef *r still in progress. Biend. colours and cl als of gold ran be seen in the cent:-: of the reef, which is about 0 feet in widib. The '-ountj-y is loobinr; very well and all ore is being saved for treatment/’

Sellers. Buyers. £ s d £ s d jia NKS—■ .Mist, of Commerce 1 17 3 1 16 ft <‘0111. of Australia . i 10 2 l ft ft Ditto (pref.) .... 7 12 0 7 8 6 Kilfe., Scot. & AUS. 8 18 0 8 16 6 .National of N.Z. . . 7 5 0 — National of Australasia — 1ft X 0 f>itto (con.) .... ft 15 0 ft 13 0 ”Ne\v South Wales 51 0 0 50 7 6 >.\v Zealand .... n 2 6 3 10 Ditto, D Mort. . . — 18 6 1 nion of Australia . — 15 9 0 1WSURANCEZealand .... 27 0 26ft tjueensland 2X6 —^ South British .... ,17 0 .1 5 ft Standard — 3 .. 6

IiOAN AND AGENCY — Abraham and Williams (pret.) 4 Farmers’ Co-op. Auc. 10 Ditto, A (pref.) 1 >i t to, 1» (pret. > 1*» «iiddsbrough, Mort 3 Newton Kincr (pref.) X b N.Z. «s River Plate l 11 0 1 N .Z. ' Juar. Corp. 0 f) l 0 0 127 0 Ditto (pref.) . SO 0 >J Auck. Farmers' < ’o-op. (ord.) . . . 1 Ditto. B (pref.) .. 0 COAL— J likiiran&'i — 0 2 0 Ditto (pref.) Ditto A (pret.) . . 0 K 0 0 fi Pukeiniro It •; Renown IS 0 Ditto (pref.) .. .. 0 3 1 0 10 Tmpiri 1 i 0 1 b Ditto (pref.) .. .. 1 3 "Waipa 12 TV’est port-Stock ton 0 Valley 1 2 »> GAS— Auckland 4 1 4 0 I >itto (con.) 18 b 0 17 9 Gisborne .. •• ••• 0 14 0 0 10 6

SHIPPING— I>e von port Steam .. 1 4 5 1 4 2 1 toward Smith 1 K 3 Huddart-Parker 2 b 4 ft Ditto (pref.) .. .. 1 0 0 Northern Steam 0 15 4 Ditto (con.) . . 0 ft 0 T*. O. (def. stk. > 3 4 0 3 0 6 l'nion Steam (pref.) — 1 0 6 TIMBER— Kauri Timber .. .. 0 17 0 ft 16 3 National I*arker-Lamh .. .. 0 ID 0 0 13 0 WOOLLEN— 0 14 ft ft 14 4 Ditto (con.) .. .. 0 4 i Ditto (pref.) .. .. 0 17 it 15 lUospiel 6 6 BREWERIES — r*. E. Innes (pref.) — 1 ft 0 m f Staples — 2 3 0 MISCEULiANEOuS—• rfVuek. Amuse. Park 0 3 ft 0 2 0 Ditto (pref.) .. . 0 13 0 — Iron and Steel 1 6 Australian Glas? .. - s —

Sellers. Buyer British Tobacco 2 9 ft 2 S 6 z G Bycroft, L-td 2 Dominion Pictures . 1 1 G Ditto (pref.) .. .. Donaghy’s Rope . . 1 13 G Electrolytic Zinc l Ditto fpref.) 1 1. 0 8 1ft Ditto A (pref.) 0 17 ft ft 1 G S Ditto B (pref). . ft 14 ft 0 13 0 Gear Meat 4 Grey and Menzies . — 0 10 G Henry Jones Co-op. H.M. Arcade Theatre 11 0 Ditto (pref.) .. .. 1 1 ft X.Z. Drug 3 19 0 Lewis E\dy (pret.) . 0 19 3 Milne ai 1 Choyce .. 1 6 0 Ditto «oref.) .. .. 1 6 Ditto pref.) 1 6 0 Ditto (deb. stock > l « 6 X.Z. Farmers’ Pert. 1 X.Z. Paper Mills . . 0 19 0 —

N.Z. Refrigerating (con.) 0 ft ft 7 ft ft IS Ditto (prof.) .. •- 1 0 0 0 18 ♦> Sharland and Co. (pref.) 1 Maxwell and Co. .. . ft 10 Taranaki Oilfields .. ft 0 0 4 Thames Theatre .. 0 10 0 Tonson Garlick ft s 6 Union Oil 2 2 G Victoria Nyanza . . ft 2 fi 5 ft Wilsons Cement 2 1 0 - MINING— Lucky Shot (4s pd.) n 1 6 0 0 9 Ditto (con.) . . . ft ft 9 ft 0 4 ATaoriland (con.) 0 0 4 Occidental-Una (2s paid) ft 0 0 Ohinemuri (ord. > 0 9 0 s D tto (pref.) . . . ft 8 9 Wa'hi ft 13 9 0 13 4 Waihi Grand June. ft 0 10 Mount Lyell . . . . 4 9 9 Kuala Kampar Tin 0 15 0 0 14 ft

DEBENTURES— Auckland Gas, 1932. 94 0 0 Ditto. 1933. 65 103 0 0 Auck. Harb. Board, 51 per cent 100 0 0 Ditto, 6 p.c 103 0 City of Auck. 1940. 51 p.c 9S .13 0 Ditto, 1943. 51 p.c. Auck. Hosp. Board, 51 p.c 100 10 0 100 0 0 Bor. of Devonport, 6 p.c 1 03 0 ft Ditto, 41 p.c 10 Bor. of Mt. Eden, 6 103 0 0 N.Z. Breweries . . 1 GOVERNMENT BONDS 6 1 6 - War Loan, 1930, 41 — 99 0 0 Ditto, 1938, 42, p.c. 100 0 0 99 15 0 Ditto, 1939, 41 p.c. 99 lb 0 Ditto, 1941, 45 p.c. 99 0 Ditto, 1933, 5* p.c. 99 0 0 Ditto, 1933, 55 p.c. 101 30 0 101 6 Ditto, 1936, 55 p.c. — . 101 5 0 INSCRIBED STUCK — War Loan, 1938, 45 100 R n 99 15 0 Ditto, 1939, 45 p.c. 100 b 0 99 la 0 Ditto, 1933, 5£ p.c. 99 0 0 Ditto, 1933, 55 p.c. 101 H Ditto, 1936, 55 .. — 101 0

Montreal dol.. 4.S8g New York, dol. 4.85} Paris, fr. ... 124.325 aP Geneva, fr. . . 25*22 as 12.11:7 m Rome, lire’ . . 92.725 Berlin, r.m. . . 20.465 92.62} 20.45} 92.46 ?SM5D Oslo, kr. .’ . .' ! is!20 Copenhagen kr. 18.21 is! 21 IS.20 18.159 18.159 Vienna, sch. . 34.56 Prague, kr. . . 164 34.56 164 34.58} 24.02 Helsingfors, mk. 192* .Madrid, pes. . . 32.125 T-isbon, escu. . 108} 193 32.02} I08i_ g 192.23 25.22} Athens, dr. . .375 Bucharest, lei. S14} Rio de Janeiro, ml. 5* °25!22} Calcutta, rupee 17 31-32 4 ' 1 Sd Hong S Kong? dll 2:5? Yokohama, yen . 22 1-16 Batavia, fl. .. 12.15 237 22 1-16 12.12} 24l8d 12.10