REFLECTIONS ON CHANGE

Sun (Auckland), Volume III, Issue 777, 25 September 1929, Page 10

REFLECTIONS ON CHANGE

GILT-EDGE MARKET FIRM PUKEMIRO COALS REACH NEW HIGH LEVEL By "Noon Call" Several factors at the moment are more or less working in unison to give an air of uncertainty tc the near future trend of the stock market. There has been a slight easing in the volume of business handle on New Zealand ’Changes over the week and prices in certain groups have shown a tendency to drop to I'ower levels. Peculiarly enough, the gilt-edge market is very firm, with prices on the highest levels for several years. During the week sales of short-dated taxable Government bonds and stocks have been made at prices allowing for a return of slightly under «£ 5 per cent, when redemption is taken into consideration. Free-of-income-tax bonds and stocks return slightly under 4i per cent, on the present market. That this state of affairs will not j continue, however, has been indicated | by the somewhat hazy summary of the | Dominion’s conversion loan proposals I given by the Prime Minister last week. I He gave very little definite information as to exactly where the balance above the £ 5,000.000 was to be found, and) referred to a certain sum available in j London and the possibility of raising money in New Zealand. If the inter)- 1 tion is to transfer funds from loan ; money held in London it will require ; to be replaced, presumably, by money j to be found in the Dominion, and must, therefore, have the same effect which the raising of the balance within the ! country prior to November 1 would I have, namely, increasing the demand i for funds and automatically raising i the domestic general interest level. Effect of Australian Elections The elections across the Tasman are j given as a probable reason for the j slight weakness in the banking and insurance groups shown over the past ; week. There, has been a slight falling i away in the volume of business dealt i with on Australian exchanges as a : result, the market showing uneasiness | as to possible results. Apart from i this, there is the general outlook of the j meat and wool industry, which gener- i ally indicates considerably lower returns over the next season; this factor is affecting the market for banks, loan and agency, and other groups allied with the man on the land. On the New Zealand market the speculative element is strangely quiet, considering the amount of surplus funds which are available for investment. Mining scrip, with the exception of that in dividend-paying concerns, is practically neglected. Banking Group Comparisons The banking and insurance groups 1 make interesting watching at the ! moment, even though both appear to ! be passing through a period of do- I pression. It is worth while noting that i the general level of the market for bank i shares is now slightly below that at j this time last year, when a buoyant j and rising tone was registered. Insur- 1 ance shares, although quiet, have-not fallen back to the extent of banks. The following table, showing the approximate price on September 24 this year with that of last year, covering six of the more popular banking shares gives some idea of the position.

The banking group has not been the only one to register a tendency to drop to lower levels during the past month or so. When we consider the old truism in connection with the Stock Exchange that “coming events cast their shadows before.” the whole outlook becomes most interesting. The coal group continues to register a very firm tone. The market for Grey Valleys is not showing quite the same activity of a week ago. but nevertheless Is bolding very firm. Pukemiros moved to new high levels yesterday, when they touched 77s 6d, a price which allows a return of approximately £ 9 per cent. I The mining section is lifeless. Return on Investment 1 Below is a summary of sales made on New’ Zealand exchanges over the ; weak ended September 24, giving the j approximate return on investment I based on the latest dividend:

BUTTER AND CHEESE Newton King. Ltd., have received the. following cable from its principals, R. and W- Davidson, Ltd., dated September 24. 1929: —Butter: Market firm; salted. 375 s to 182 s: exceptional quality, 184 s: unsalted, 176 sto ISOs. Cheese: Market firm: white and coloured, 93s to 945.

FRANKTON STOCK SALE

PRICES SLIGHTLY EASIER HALIILTOX, Tuesday. There was a good attendance at the stock sale held in the Frank ton saleyards today. There were larger yardings in most classes. The auctioneers report as follow: Xew Zealand Loan and Mercantile Agency Company. Ltd.:—Prime fat bullocks, £l7 15s to £l9 7s 6d; heavy fat cows, £l2 10s to £l4* lighter fat cows, £lO Ss to £l2 ss; light fat cows, £7 Ss to £9 15s; fat wethers, to 3Ss; ewes, 325; hoggets, to 27s 6d; baconers. £3 10s to £4 9s; porkers, £2 5s to £3. The Farmers’ Co-operative Auctioneering Company, Ltd.:—An average yarding ot fat and store cattJe and a good yarding of fat sheep. Good quality beef met with keen competition, and sold at late rates, but. owing to heavy yarding of fat sheep these were slightly easier. Store cattle came forward in average numbers and sold at late rates. There was a heavy yarding of all classes of pigs, which sold under keen competition at late rates. Quotations: Medium fat steers, £ls to £ls 9s; heavy fat cows, £ll 10s to £l3 2s; medium fat cows, £9 Ss to £lO 19s; light, £0 lGs to £S 10s; stores, £4 to £6 12s 6d; vealers, £2 15s; Jersey and Jersey-cross yearling heifers £6 2s: fat wethers, 39s to 39s 3d; fat and forward wethers, 30s to 335; prime fat ewes, 2Ss to 325; fat and forward ewes, 23s 6d to 25s 6d: fat hoggets, 2f»s to 80s 4d; heavy baconers, £4 2s to £4 9s; medium baconers, £3 14s to £3 ISs: light, £3 5s to £3 10s; heavy porkers, £2 15s to £3 2s; light. £2 5s to £2 10s; good stores, £2 4s to £2 Ss; slips, 28s to 335; weaners, 16s to 275; sows in pig, £3 to £4 15s. Dalgety and Company. Limited:—There , was a fairly large yarding of beef, and prices generally were lower. Prime ox sold at equal to 40s a hundred. Prime cow and heifer at equal to 36s to 39s a hundred. Light-weight prime heifers sold at up to £l3 2s 6d. Heavy fat cows, to £l3. Medium-qualitv cows and heifers, £ 710 sto £9 15s. Runners, to £4 15s. The store cattle yarded were an indiffeernt lot, excepting a few pens of yearling heifers. Best store cows made up to £7 10s. Medium-quality cows, £5 10s to £6 ss. Inferior store cows and heifers, £4 to £5 ss. A pen of Hereford steers. 2 and 3-year-old, made £S. A pen of Jersey cross yearling heifei-s sold at £5 19s. Inferior ditto, £3 10s to £4 ss. There was a large yarding of fat sheep, which met with a dull sale, and prices generally were 2s to 3s lower than late rates. Prime heavy fat wethers sold at up to ohs; medium-weight wethers, 345; me-dium-weight fat ewes. 24s to 265; fat hoggets, up to 2ss; store hoggets, 245: cull ditto, 13s 9d. There was a large yarding of both fat and store pigs Fats sold on a par with previous sale, while stores and weaners advanced. In prices. A line of 35 medium baconers on account of a client realised £4 Is. An extra choice line of 40 weaners on account Tokanui Mental Hospital, avera S' e d £1 11s. Best baconers, £ 4 2s to ! £4 Ss; medium baconers, £3 12s to -e d - heavy porkers, £2 15s- to £3 Ss"; medium porkers, £2 6s to £2 10s; choppers, £3 to £4 12s; large stores. £1 15s to x ‘i Ss to £1 12s; weaners, to ISs t 0 smaJl -n ’ eanei, s, -16 s i WHERE ANGELS FEAR TO TREAD! “BAXTER'S” IS THERE! These days, when Parliament is sitting. there is always a feeling of awe when passing through the Parliament Grounds. That even the members have their weaknesses was proved the other day when a large empty Baxter’s Lung Preserver bottle was spied on one of the lawns near Parliament House. “Baxter’s” played a great part in the well-being of this country, and not the least of its duties is evidently to assist the members to overcome hoarseness, sore throats, coughs and colds, which might prevent them from voicing their opinions and suggestions in th** House. This fine old specific is invaluable for coughs and colds, rawness of the throat, that annoying tickling sensation, influenza, and other complaints of a like nature. Baxter’s Lung Preserver also possesses splendid tonic : properties that help to build up the I system. Get your "Baxter's" and keep fit! j All chemists and stores sell it. Gener-ous-sized bottle 2 s tld, economical family size 4s 6d. and bachelor's bottle t eighteenpence.—4.

This Yeor. Last Tear Cora, of Aust 1 10 0 1 10 5 Nat. of N.Z G 17 0 7 7 0 New Zealand . . .. 3 2 3 3 1 0 Ung-., Scot. & Aust. » S 8 0 S 17 0 Union 14 IS 6 15 6 0

I .latest A pprox. BANKS— Price. Return. Com. of Australia . 1 10 o 5 0 0 Com. of Sydney . . 0 4 15 Eng:, Soot.. & Aus. X 8 0 4 9 National of N.Z. . . G 17 0 Nat. of Australasia 3 1 6 4 New South Wales.. 51 15 0 4 16 7 Bank of N.Z 4 4 11 11 Ditto (D mort.) . . 1 8 4 4 Queensland Nat. •J 16 0 0 Union of Aust 1-1 IS G 0 G INSURANCE— National 3 6 S 4 10 0 New Zealand - 8 0 3 16 4 LOAN AND AGENCY— Dalgety 15 0 0 13 4 Goldsbrough, Mort . 8 G 17 Nat. Mortgage .. . . •1 7 0 14 31 N.%. Guar. Corp. .. 0 9 3 0 G 15 N.Z. Loan & Merc. 125 30 0 G Wright Stephenson . 1 6 0 a 7 8 COAL— Grey Valley 1 f) 4 4 1 8 Pukemiro 5 17 G 9 0 S Renown (new issue. pref.) Taupiri 1 % 16 V estpori 1 14 5 G 11 5 GAS— Auckland 1 -1 s 6 9 9 Christchurch .. .. 1 6 G G 0 9 SHIPPING — Devon port. Steam .. 1 2 0 6 16 6 Huddart-Parker . . 2 4 6 4 0 11 BREWERIES— New Zealand . . 4 10 0 6 S Staples 2 15 0 10 11 Swan -1 17 0 4 1 2 9 Queensland l 13 G i 9 3 MISC ELLA NEGUS— British Tobacco 2 f* s 4 S 7 Burns, Philp .. 7 o 4 4 S Colonial Sugar . . . . 57 0 4 4 Dunlop-Perdriau . . 1 8 0 6 39 Electrolytic Zinc (pref.) 1 17 0 6 9 9 Farmers’ Trading . . 0 4 11 Kempthorne-Prosser 15 G 11 N.Z. Farmers’ Fert. 1 6 2 N.Z. Refrigerating . 0 14 0 7 2 10 Ditto (con.) . . . . 0 6 Robinson Ice Cream 1 4 G S Sanford 0 IS 0 lb 7 Wilson's Cement 2 4 0 4 10 11