FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 783, 2 October 1929, Page 10

FINANCE & MARKETS

Coals in Demand

Commercial Bank Firmer

COXSIDEKABLE activity is being registered in the bank section and many sales are being transacted. Commercial Bank of Australia have firmed to sales 2Ss fid. Coal shares have many inquiries, few sales recorded.

Bank of Australasia sold last evening at CM lls 6d, which, is slightly lower than last sale. Xew Zealand are unchanged, the D mortgage shares having steady buyers at 2Ss 3d. Union of Australia are slightly easier, buyers quoting £l4 10s, sellers £l4 13s Gd. Shipping is attracting considerable . ttention. Devonport Kerry are firm, with buyers 225, sellers 22s lOd. Nor4hern Steam changed hands this morning at 14s lid, the contributing issue also selling this morning at Gs lid. Union Steam have steady buyers at 30s 9d. Iri the miscellaneous section, Australian Iron and Steel sold last evening at 22s and 21s lid. leaving the market weaker, with sellers at 22s 6d, no buyers. There is a steady buyer for Clear Meat at 435, but fails- to attract a seller. A buyer has appeared tor Kcmplhorne-F'rosspr at 73s 3d, a seller quoting 75s Gd. 'WhittomeStevenson have again buyers at 4Gs, lowest seller 475. Wilsons Cement are quiet. There i<* less activity in mining shares.. Waihis are firm. Ohinemuri are unchanged. Junction are steady. Kuala Kampar now have buyers at 12s 7d. an advance of fourpence. A seller has reduced to 12s lid. Yesterday afternoon’s business. —

WAIKATO BULL SALE From Our Own Correspondent HAMILTON, Tuesday. The 14th annual sale of pedigree cattle under the auspices of the Waikato Combined Breeders’ Association was commenced today in the Olaudelands sale pavilion before a good bench of buyers. A? ore than GOO pedigree bulls, over 500 of which were Jerseys, were penned. The , >ale will be continued for another three days. Friesians, Shorthorns and Ayrshire* were sold today. They met with a dull market and only occasionally was the bidding spirited. The best price for the Friesians was 29gns, paid by Mr. A. K. Redshaw, tVaihou, for the bull Argyll Xetherland King-. The average price for •'0 lots sold was 14gns. Many of the Shorthorn.-, offered failed to reach the reserve. The 26 bulls sold averaged 2l\ guineas. The best price was 72 gns, paid by Mr. F. Brady, of Gordon, for Hillgrove Duke 56th. Four Ayrshires were sold for an average of lGijgns. The best price was ISgns. paid by Mr. F. Store', of Matamata. for Avalon General. MINING NEWS HAURAKI.—The manager reports: Tn j the stopes on the Stockwood reef at the , 400 ft level, the reef is being broken down, and a few pounds of specimen stone have | been selected from near the point where I ' the last gold was obtained. The general ore. front here is shaping fairly well at J the battery, rising at this point is under' way, and sloping in both directions is in progress. Mining operations at present are confined to stoping and rising in this block. TUl.—The mine manager reports that, during the week ended September 2S, ; work at No. 2 level was proceeded with. The ground is fairly heavy. Some stone underfoot near the end of the level,, about 65ft in, was tried and a very nice! , prospect secured. * AUCTION NOTES The Farmers’ Auctioneering Co.. Ltd., i j of Hamilton, will offer for sale at Rangi- ( J riri, on Monday next. October 7, 250 head | 1 of cattle and several trotting- horses, on - .’-■count of the estate of the late Samuel ' ] Hamilton. 1

I Reported: Bank of Australasia, £l4 11s Gd: English, Scottish, and Australian i Bank, £ S 3 s Gd: Bank of Xew South Wales (Melbourne register), £SO 2s j Gd; Union Bank of Australia. £l4 13s; i Australian Iron and Steel (pref.), £3. j 23; Australian Iron and Steel (pref.), ' £1 Is lid: Gisborne Sheepfarmers, | £9B. i Business at this morning's early call. Reported: Commercial Bank of Australia, £1 Ss 9d: Bank of New South Wales, £SO: Northern Steamship, 14s 3 Id: Northern Steamship (con.), 6s 3 Id: Auckland Hospital Board, 5i per cent., 1935, £IOO 10s. Business at today's midday call.—Pweported: North Auckland Farmers’ Coop. (ord.), 3s; Taupiri Coal, £1 9s 3d; Taupiri Coal, £ 1 9s 4d; Sanford (ord.), ISs 2d. Dividends Payable Due. Bartholomew Timber—4 p.c. (final) Oct. 3 Bank of Australasia—-7s a share (int.) Oct. 4. Carlton Brewery—l 4 p.c. for half-year Oct 5 Milne and Choyce—S p.c. p.a., shares and deb. stk Oct. 10. | Waihi. 3s a share (int.) .. Nov. 1 Farmers’ Co-op. Auct., 8 p.c. p.a. X.Z. Guarantee Corp.—lOd a share on fully paid ords. and 4ci a share on con. scrip . . ..

CAMBRIDGE STOCK SALE The Xew Zealand Loan and Mercantile Agency Company, Ltd., Hamilton, reports::—At our tri-weekly sale held at Cambridge on Monday we submitted a good entry of all classes of stock, and effected practically a total clearance. Seven extra choice yearling Jersey heifers, sold on account of H. Windsor, of Tamahere, realised £S 10s, being purchased by A. Rennie, of Hair ini. Fat cows, £lO lGs to £l2; medium fat cows, £9 to £lO ss; light ditto, £7 5s to £8 ss; young store cows, £6 to £6 15s; boner cows, £2 15s to £3 10s; best dairy heifers, £l2 to £ls; others, £9 to £3O 10s; backward sorts, £6 10s to £S; best dairy cows, £lO to £32. Light baconers, £3 2s to £3 8s; porkers, £2 12s to £2 ISs; stores, £1 15s to £2; slips, £1 10s to £1 3 2s; weaners, £ 1 Is to £1 Ss. COMPANY REGISTRATIONS The following private company is included among recent Auckland registrations: — Sanitas, Limited, manufacturers and dealers in toilet goods. Capital, £2,510 in £1 shares. Subscribers: John Thomas Russell Watson. 2.500 shares; Joseph j Solomon Emanuel, 10 shares. FOREIGN EXCHANGE RATES : British Official Wireless Reed. noon. RUG BY, Tuesday. The following rates on foreign exchanges are current today, compared with those of September 26 and par:—

AN INTERESTING MARKET

REFLECTIONS ON CHANGE AN EVENTFUL WEEK By NOON CALL. One of the most eventful weeks of the past year on ’Change has just closed. Influenced largely by factors outside the Dominion, it has been one in which falling prices have predo m i nated. Undoubtedly the outlook for wool is the biggest factor influencing the market a.t the moment, for the principal weakness is to be found in sections embracing scrip dealing- largely with the woolgrower. The Australian elections are having a bearing effect on practically all sections of the market over there, and this is reflected in slightly lower prices for Australian industrials and bank shares held in New Zealand. There is also the unsettled position of the overseas market, generally—all combining to create the impression that a period of lower prices and tighter money is not far away. Each week, in fact, the position grows more and more interesting, and the difficulties of selection become intensified for those who are not in close touch with the market. Chances for Careful Selection As far as the Dominion is concerned, there is little cause for alarm at the trend of the market. It seems, however, that the tendency is for prices in some quarters to fall below wliat might be termed reasonable levels, and that there will be good buying at a not-far-distant date for the careful selector. Certain bank and insurance shares did undoubtedly go too high. It is quite on the cards that the insurance group will see lower levels, and not without reason. It is hard to see, for instance, why A.P.A.’s were worth 14s; even at 3 os, on balance sheet showing, the scrip appeared to ihe writer highly priced. Nationals do not appear to offer too many attractions at present market prices, either. With New Zealands over 48s, as they were at one or two periods, it seems also that there was a big tendency to over-estimate the unearned increment, and to pay too little attention to actual balance sheet figures over the past year or so. Ample funds continue to come forward for investment in the gilt-edge market, and prices hold very firm, with sellers hard to locate.

Steady Demand for Coals The coal group is one of the most favoured at the moment. There is a steady demand for most shares in that section, but for the most part they are firmly held by investors with faith in the future of -the industry as far as New Zealand is concerned, and there is not a heavy volume of business going through. Woollens are depressed, and practically neglected, with a decided tendency for prices to drop to lower levels. The speculative element appears to have withdrawn its attention from the group following recent balance sheet showings. Breweries are not meeting with the demand of last month, and there is a tendency as far as New Zealands are concerned for the market to ease following the withdrawal of support from speculative interests. Return on Investment Below is a summary of sales made on New Zealand ’Changes over the past week, giving the approximate return based on the latest dividend. In the case of debentures the return includes redemption.

♦Owing to the rearrangement io take place in the capital of the New Zealand Breweries shortly, we do not work out the return on the latest dividend rate of 3 5 per cent., as it would not give a correct estimate of the return. LONDON METAL MARKETS Australian and 2f.Z. Press Association LONDON, Monday. (Quotations on September 26 in parentheses.) Copper.— Spot, £74 Is 10id (£73 16s 10ad); three months, £74 13s l£d (£74 9s 4?jd). Electrolytic Copper.—Spot, £S4 5s (£B4 10s): three months, £B4 15s (£B4 3 ss). Wire Bars.—£S4 15s (£B4 15s). Lead.—Spot, £23 32s 6d (£23 13s 9d); three months, £23 10s (£23 IJs 3d). Spelter.—Spot. £23 30s (£23 3ls 3d); j three months, £23 18s 9<i (£23 ISs 9d). Tin.—Spot. £203 3s 9d (£203 6s 3d); j three months, £207 8s 9d (£207 Ss 9d). Silver.—Standard. 28 x-l6d (23 ?-36c1) an oz.; fine 23£d (23 5-Sd).

FRANKTON STOCK SALE

LATE RATES MAINTAINED (From Our Oicn Correspondent) HAMILTON, Tuesday. There was a good attendance of buyers at the stock sale at Frankton today. All classes of stock were yarded in good numbers and prices were well up to last week’s quotations. The auctioneers report as follow; New Zealand Loan and Mercantile Agency Company, Ltd.;—Heavy bullocks, £ls 5s to £l6 is; lighter, £l2 16s to £l4 Is; heavy fat cows, £l3 to £l6; lighter, £7 8s to £lO 7s; light, £6 14s to £7; fat wethers, to 38s 8d; good hoggets, to 245; heavy baconers, £3 17s to £4 8s; light baconers and heavy porkers, £2 7s to £3 8s; light porkers, £2 Is to

Farmers’ Co-operative Auctioneering Company, Ltd.:—An average yarding of beef and a good yarding of fat sheep. Keen competition throughout for good quality beef, while mutton sold at late rates. Store cattle and dairy cows were penned in more than average numbers and good quality cows and heifers, close to profit, were keenly sought after. There was an average yarding of fat and store pigs, which sold under keen competition. Baconers averaged 7ld to Sd a lb; porkers, 6ad to 7d a lb. Stores and weaners showed a. slight advance. Prime fat bullocks, £l7 to £18; medium fat bullocks. £l6; prime fat cows, £ll 12s to £l2 16s; medium fat cows, £S 13s to £9 17s; lighter, .£7 12s 6d to £8 10s; forward conditioned cows, £6 17s to £7

12s; store cows, £5 2s to £5 11s Gd; yearling Jersey heifers, £4 17s to £5 Is; small heifers, £3 10s; fat wethers, 32s to 355; forward conditioned ewes, 23s 9cl to 26s 10d; fat hoggets, 21s 3d to 265; heavy baconers, £4 9s to £4 3 ss; medium, £3 17s to £4 ss; light. £3 5s to £3 10s; heavy porkers, £2 15s to £3 3s; light, £2 Ss to £2 12s; slips, 30s to £3 6s; weaners, 22s to 295.

Dalgety and Company, Ltd.:—An average yarding of fat cattle, which sold at late rates. Prime beef realised equal to 40s a 3 001 b. Heavy fat cows sold at up to £l3 12s 6d: medium-weight cows. £lO 5s to £ll 12s Gd; light cows and heifers, £6 10s to £7 15s; inferior, £4 10s to £5 15s. A moderate yarding of store cattle, which sold at late rates. Hereford steers, £9 12s to £lO 15s; light Jersey-cross cows. £4 6s; Shorthorn yearling heifers, £4 9s: I-lolstein yearling heifers, £4 Ss: yearling mixed steers, £3 6s; Jersey steer calves, £2 ss. A fair yarding of fat sheep and prices inclined i to be a shade lower. Woolly fat wethers made up to last week’s rates. Shorn ! heavy wethers, 28s lid; woolly hoggets, i 275; shorn fat ewes, 20s. Large yarding of fat and store pigs. Baconers improved on last week’s rales, while stores i sold at late rates. A line of medium j baconers averaged £4 9s 4d: heavy prime t baconers, £4 10s to £4 15s; medium, ! £3 16s to £4 12s; heavy porkers. £2 16s j to £3 ss; light. £2 6s to £2 9s; unfin- i ished. £2 to £2 8s; large, stores. £1 ISs i to £2 4s; slips, £1 13s to £1 15s: best i weaners, £1 Ss to £1 12s; small, 19s to j POTATO MARKET QUIET POSITION IN CANTERBURY Press Association CHRISTCHURCH, Tuesday, j There is very little movement in the potato market. The Wingatui left Lyttelton on Saturday night with a cargo of 5,600 sacks, rather more than expected, making, with the Timaru complement, a shipment of 7,000 sacks. The Kurow will load this week at both ports, and is expected to take a fairly substantial quantity from Timaru. Potatoes for drompt delivery are quoted at £ 8 5s to £8 10s, fo.b., s.i., and Octobers at £9 to £9 10s. There is little disposition to trade in this delivery. Farmers are being' offered £6 15s to £7 a ton, on trucks. There is much difference of opinion as to growers’ holdings. It is generally believed that they are light in the central district, but a few fairly solid holders are still reported from the Ashburton district. The chaff market is not so firm, consequent on the heavy shipment, approximately 750 tons, arriving from Australia. Values, f.0.b.. s.i., are £6 5s to £6 10s, and, on trucks, to £ 4 3 os. Oats are firm in price, but very little The seed market is unchanged. LONDON WOOL SALES LATE RATES MAINTAINED (Australian and N.Z. Press Association) Reed. 10 a.m. LONDON, Tuesday. At the wool sales, 8,925 bales were offered, of which 1,709 were New Zealand. There was a large offering of greasy scoured Merinos and a small offering of greasy crossbreds. There was a fair demand, with some withdrawals. Late rates were maintained. TARANAKI OIL REPORTS GISBORNE AND KOTUKU WELLS Press Association GISBORNE, Today. The Taranaki oil report is as follows: — Gisborne No. 2 well: The excavation is completed but progress has been hindered by bad weather, which is now improving. Kotuku No. 1; A test hole has been drilled to 50ft, the last 25ft being through sandy shale. TAUMARUNUI STOCK SALE TAUMARUNUJ, Tuesday. Cattle yarded heavily at the fortnightly sale today, particularly in young lines. Good qualities met with a ready sale. Prices.—Fat cows, £6 17s 6d; fat heifers, £5 7s 6d to £6; fat steers, £D Is; empty cows, £6; empty heifers, £5 Is to £6 Is; old dairy cows, to £5 7s; cows and calves, £5 10s; two and a-half year steers, £6; 18-months steers, £3 17s 6d; ! two-year-old heifers, £4 to £5 6s; Shorthorn heifers, £3 ISs to £5 Is; rough Jersey bull calves, 335; Jersey bull, £5; Jersey heifers and calves, £6 15s to £8 15s; springing Jersey heifers, £6 10s to £9 ss. Fat ewes, 31s; ewe hoggets, 2Ss 4d; wether hoggets, 245; pigs, slips, to CHICAGO WHEAT MARKET Australian aucl N.Z. Press Association j Reed. 11.0 a.m. CHICAGO. Tuesday, j Wheat.—December, 1 dollar 34 cents a j bushel: March, 1 dollar 40 5-8 cents: June, 1 dollar 44 i cents.

Montreal, dol. .. New York, dol. . Oct. 1 Sept. 26 Far. 4.905 4.89 4.866 4.85 3-16 4.87 7-16 4.866 Brussels, belga . Geneva, fi Amsterdam, fl. .. Home, lire .. Berlin, r.m Stockholm, kr. .. Oslo, kr if 34.875 25.165 II:$3_ 92.S55 20.39 If 92.695 20.365 If 92.46 20.43 IP? Vienna, sell*. . . 34.545 3L425 163:? 192 7-8 32.795 108.25 3L5S1 Helsingfors, mrk. Madrid, pes Lisbon, escu .. . . 193432.765 108.20 193p23 25.221 Bukarest, lei. Rio tie Janeiro, 817 817 25.221 5 7-S, 5 7-8 — Calcutta, rupee . Shanghai, tael . . Ilong-Kong. dol. 17 27-32 22*S-S__ 17 27-32 a.„ I8d Batavia, fl. •• «. 12- 1U 12.107

Latest A pprox. r price return. £ d. BANKS— Aust. of Com. . . .. 1 13 8 4 15 Eng., Scot. & Aust. S 1 6 4 12 10 Nat. of 'Asia (con.) 9 10 0 5 5 « New Zealand .. .. 0 4 12 5 N.S.W. (Jfelb.. res'.) 50 4 19 9 Queensland Nat. .. 9 14 6 Union of Aust. 14 13 0 5 - 4 INSURANCE— New Zealand 2 7 6 3 17 2 LOAN AND AGENCY— Golcisbrough. Mort. 2 4 o 6 1 6 4 N.Z. Guar. Corp 0 9 10 6 15 7 COAL— Grey Valley * 1 9 4 4 1 8 Pukemiro :i 1.0 Westport 3 14 6 6 10 GAS— Auckland . 1 4 8 6 Ditto, (con.) . . . . IS 12 1 Christchurch (con.) 0 13 4 6 0 0 SHIPPING— Devonport 1 2 6 6 13 Northern Steam (con.) 0 0 8 0 0 P. & O. (def stk) . - 19 0 4 1 4 Union Steam (pref) 1 1 0 o •i 9 TIMBER— National 0 8 0 — BREWERIES— New Zealand .. 4 r* 6 Staples 13 6 4 13 f; Carlton 2 6 0 6 1 9 MISCELLANEOUS— Aust. Iron and Steel (pret.) 1 0 6 16 4 Beath and Co 1 13 6 British Tobacco s 4 10 9 Burns, Philp . . 6 4 7 11 Dunlop-Perdriau 1 6 6 10 11 Electrolytic Zinc 1 15 10 6 14 0 Ditto (pref.) 1 16 6 10 Farmers’ Trad. 0 9 8 Henry Jones T 14 16 0 Kemp. Pros., N.Z. Drug 14 10i 6 Milne and Choyce (deb) 17 N.Z. Farmers’ Pert. . 1 6 1 N.Z. Paper Mills 1 4-i 7 N.Z. Refrig0 13 8 4 Ditto, (con.) 0 S 1 Northern Boor. .. . . .— Victoria Nyanza . . 4 6 :i« 4 Wilsons Cement 2 4 12 6 Wairarapa Farmers 0 0 — DEBENTURES— Grey Electric, 1965, o i p.c i on 0 10 0 Auckland Har. £d., 940, 101. 10 6 •N.Z. Breweries .... J 10 « N.Z. Ins Stk., 1930, ->5 P-C-99 10 0 N.Z. Ins. Stk., 1933, 101 6 5 S N.Z. Farm. Co-op., 1940, 6j p.c So 0 0 'i 3 6