FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 784, 3 October 1929, Page 12

FINANCE & MARKETS

Healthy Trading

Heavy Volume of Business

By “Xoon Call.” i \ DECIDEDLY healthier tone is recorded on ’Change. ' A Although the falling tendency of the market in certain sections has not been entirely checked, steady trading is recorded, and a comparatively heavy volume of business has been put through over the past 24 hours.

Fluctuations Price movements, shown by a. comparison of sales over the past 24 hours with the price at the time of the previous recorded sale, include: Waihi Mining, fall of Id. Ohinemuri, rise of 3d. New Zealand Breweries (deb.), fall of 1s 2d. Union Bank, fall of 6d. Northern Steam, rise of sd. Business on Auckland Market Transactions on the Auckland market over the past 24 hours included: Yesterday afternoon.—Commercial Bank of Australia (new issue), 28s 3d: National Bank of New Zealand. .£6 !4s; New Zealand Breweries (deb.), 29s 4cl; Union Bank, £l4 12s Cd; Auckland ‘ las, 24s 9cl: Northern Steam, 14s lid; Electrolytic Zinc. 35s 6d; New Zealand Ref rigrerating (con.), 6s 3d; ohinemuri Mining, 9s 6d; Waihi Minins. 13s -Id. At this morning’s early call.—Goldsbrough Mort, 445; Mount Lyell Mining', 44 s. N.Z. Underwriting and Development Company The second annual report of the New Zealand Underwriting and Development Corporation for the 12 months ended June' 30 shows a profit of £2,280. The principal sources of income have been the underwriting and sale of debenture issues. No new issues of shares were underwritten by the company during the year. The policy of the company is stated to be bne which allows for the handling of shares in sound companies only. Regret is expressed that it has not been found possible to work in more with the Btock Exchange Association/ Revival of Scheelite Industry Recently it was announced that a company had been formed to make an early start to develop a scheelite claim at the head of Bake Wakatipu, Otago. Arrangements are now almost finished for the formation of another company to work the Golden Po' it claim at Macraes, Otago. This claim was worked from the middle of the 90’s to 1920, when the slump in world prices made further working meanwhile unprofitable. Now that the

COLOMBO TEA SALES Australian and N.Z. Press Associationj COLOMBO, Tuesday. At today’s tea sale in Colombo 2.010.0001 b were offered. The quality showed a falling off and this resulted in a decline in prices of 2 to 3 cents for all grades. Next week 2, 000,0001 b will be catalogued. CHICAGO WHEAT MARKET ('Australian a,id N.Z. Press AssccuzfiouJ Reed. 10.20 a.m. CHICAGO, Wednesday. Wheat.—December, 1 dollar 33 3-S cents a bushel; March, 1 dollar 41 7-8 cents; May, 1 dollar 43 7-8 cents.

value of scheelite lias taken a big jump the time is considered opportune to open the mines again. In January last the product was quoted at £7O a ton in New York; in June last New York advised that it was worth £2lO a ton, c.i.f. Scheelite is used principally for electric light filaments and to put the hardening in steel. * * * Quiet Market This Morning Little movement was registered on ’Change this morning, and the volume of business, possibly a reaction from the heavy trading of yesterday, was not heavy. No sales were recorded at midday, a most unusual occurrence for the Auckland ’Change. In the banking group Commercials are meeting with a steady demand on a market which allows a return approximately of 5£ per cent. Bank of New South Wales scrip shows a further fall, sellers at £49 15s this morning not securing support from buyers. New Zealands also show an easier tendency. G-oldsbrough. Morts meet with a steady sale at a price which allows a return of approximately £ 6 16s 4d per cent. Coals are steady, with only a small turnover recorded, however. The market for New Zealand Breweries has not recovered from its recent loss of strength, and a further easing tendency is indicated on today’s market. Buyers for both the shares and the debentures have withdrawn. Hauraki Mines The manager telegraphs:—“Selected 101 b loose specimen stone from hangingwall pug formation in stope north of Block Rise. Strong blotches of gold seen in stope on main reef nearing main rise on Stockw-ood reef 400feet level.” Dividends Payable Due. Bartholomew Timber—4 p.e. (final) Oct. 3 Bank of Australasia—is a, share * Oct. 4. Carlton Brewery—l 4 p.c. for half-year .. .. Oct 5 Milne and Choyee—S p.c. p.a., shares and deb. stk Oct. 10. Waihi. is a share (int.) Nov. 7 Farmers’ Co-op. Auet., S p.c. p.a. N.Z. Guarantee Corp.—lOd a share on fully paid ords. and 4d a share on con. scrip .. ..

BRITISH WHEAT MARKETS Australian and N.Z. Press Association (United Service) Reed. 10.37 a.m. LONDON, Wednesday. Wheat.—Cargoes are steady. despite lower quotations in America, but with firm Argentina cables at an occasionally higher level. The demand, however, is quiet. Parcels are fairly active at late rates. Sold: Liverpool, ex Elpenor, 43s 6d; Calcutta, 1,300 tons of Australian, October, 49s 6d. on a United Kingdom basis. Futures.—London: September. 51s 2d; October, 50s lid; November, 51s; January, 51s lid. Liverpool: October, 9s 1 3-Sd; December, 9s 6 3-8 d; March, 10s 0 7-Sd; May, 10s 4 7-Bd. NORTHERN WAIROA DAIRYING Production figures of the Northern Wairoa Co-operative Dairy Company’s Mangawliero factory show a small increase for the period to the end of September. This year the output was 293 tons, while in the same period last year the output was 289 tons. The September output was .167 tons, compared with 161 tons in September last year*

BEEF MARKET STEADY YESTERDAY’S STOCK SALES WESTFIELD REVIEWED By R.W.C. Prices at the principal stockselling centres throughout the Dominion yesterday showed little ' notable change. The market for ] cattle holds firm at late rates, but j there is still an easing tendency noted in the sheep market. At “Westfield yesterday a specially choiee quality yarding of approximately 315 head of fat steers came forward, some of the best-known breeders in the province contributing to the entry. Medium-weight cattle predominated, and prices held steady at late rates, best ox making up to 44s a hundred. The offering of cows and heifers was mixed, but well-finished lines of young cattle met with a steady demand at up to 41s a hundred; special pens in isolated instances made slightly over . that price. Calf Market Easier The calf pens were again well filled; ! the market showed a marked decline on late rates, especially toward the close of the sale. Small and freshdropped calves, suitable for the “bobby” veal export trade, sold at late rates, but vealers for the local butcher did not meet with the keen demand shown at recent sales; the increasingnumber of spring lambs is no doubt affecting the demand for veal. The offering of fat sheep was not quite as large as at recent sales, but there was no sign of a recovery in the market and prices were, if anything, slightly easier for inferior-finished sorts. An entry of approximately 140 spring lambs came forward to meet with a steady demand at up to Is a lb for choicest quality. The feature of the fat pig section was the big percentage of exceptionally heavy prime choppers yarded. A line of 28 penned by one firm made up the heaviest line seen in the yards for many months. One maiden Berkshire sow was reckoned to be the heaviest pig ever yarded at Westfield. Prices, generally, were very firm to slightly in. advance of late rates. Stores met with a steady demand. Waikato Cattle For Wellington During the past week or so the Waikato has been visited by a representative of a Wellington freezing- company in the market for beef, mostly with a view to shipment to the South, where there is a ready market among the retail . butchering concerns. At least one line of P.A. steers was railed South, and reports to hand indicate that it proved a good purchase for the buyers. Whether this consignment will be followed up by others depends on set ei ai factors, the principal one being that of comparative costs. At the moment the Wellington utehermg firms are sending regular consignments of dressed beef across to Christchurch, where there is a decided shortage of fat cattle. Stortford Lodge Market At the Stortford Dodge (Hastings) market yesterday prices held practiCa ~ -.° n a par with late rates. Extra c a«le in some instances S 5,' vll . a sbshtly better market. ewo boggets also ! bull '! hsr t improvement in price, vvi bullocks made from £l3 10s to ±lB, fat cows, light, up to £l3 10s; »!«f' Srown r <att,e were easier; young V ver ? firta er; good forward fouroual'itv e rtm rd i bdll ocks > - 11 10s; same quality Polled Angus cattle, £l2 5 S - Sos- eV^n S ’i 2lS to_ 255: extra prime lot, t"®Y sro ° cl e i ve '' vo °Hy hoggets, 335; wether hoggets, 23s to 27s 4d; no wethers were offered; fat or store ewes, with 100 per cent, lambs, 25sTd? Sheep Easier at Johnsonville j town,l h ,? J °b«sonvllle stock sale yesof buvrrft the usual attendance ol Du> ers and a. lull yarding of nil classes of stock. The qualUy of the Cattle^om not UP to the usual standard, rates ™ par with last week's stn! vealers met with a ready a 'ivl. eeP 7 m slightly easier than ke S enTemand SPrmS laa,bs met with a tn E cio a heavy bullocks made £lB 10s “ £1S ' heavy bullocks, £1« 15 S to £l7 2s i and lisbt bullocks, £l3 zs bci to £ lo; heavy cows, £l2 to £l3£ll ss: helfers . £l2 to 10 ’ heavy wethers, 39s to 40s; Ts C Vo UI^ ther -\ 37s ® d; heavy owes, 54s to 375, hoggets, good, 34s 6d to 35sspnng lambs, 32s 6d to 34s 6d. Beef Advances at Addington , J llo feature of the Addington mar- ! fat y e ®t erday 'vas the small entry of w Sf* 11 ®' i A ' S i a resu,t values advanced D} oos a head on an average. Other S 6S t ° £ Et . ock m ore than maintained catti» n e , ntry ot 230 head of fat cattle the smallest for many years was drawn largely from outside the province. Good prime steer beef made up to oas a hundred, wfitli occasional lines as high as 60s. Extra heavv prime steers made to £26 7s 64- extra prime heifers to £l9 17s 6d; eiti-a prime cow, to £2O 12s 6d. Medium calves made from 50. s to 70s; IS-months calves made up to £.ll 3 os' A short yarding of fat sheep met a market. Extra heavy prime wethers made to 525; extra heavy prime ewes, to 465-4 d. Baconers were in short supply, and values showed an advance on last weeks rates. Choppers made £2 15s to £5 12s 6d; porkers, £2 10s to £3 Ids 6d; average price a lb., 9d to 10d* baconers, £3 16s 6d to £5 12s 6d; averl age price a lb., 7d to Bd. Stores, 30s to 345; large stores, 35s to 425; slips, -3s to 275; good wcaners, 20s to 28sothers, 15s to 19s. Westfield Prices as Ifono 1 fonow a i- WeStfield yesterday ranged heavy prime steers, to 7s 6d; heavy prime, £l6 10s to £l9 os; medium, £l4 to £l6; light and small, from £lO. Heavy prime } oung cows and heifers, to £l4 10smedium. £S 10s to £lO 10s: light and small. £6 10s to £8 ss; unfinished and ' camTers,” from £4 10s. Sheep.—Extra heavy prime wethers i to 41s 9d: heavy prime, 36s Gd to 39s 6d; medium, 33s to 365; hoggets, from 255. ITeavy prime ewes, to 345: medium, 25s to 2Ss: small and unfinished, from ISs. Heavy prime big-framed shorn wethers, to 31s; shorn ewes, to Lambs.—Best, to 29s 6d; medium, j 24s to 26s 6d; small, from 15s. i Calves.—Extra heavy prime runners i made £7 10s to £9 16s; lighter run- | ners, £4 5s to £6 ss; heavy vealers, I £4 12s to £5 ss; medium. £3 10s to £4 4s; light. £2 18s to £3 ss; small, £2 4s to £2 10s; good bucket-fed calves, £1 15s to £2 2s; rough and unfinished, £1 to £1 7s; fresh-drop-ped and small, 5s to 17s. Bigs.—Heavy choppers made £4 15s to £5 16s; lighter, £2 10s to £4 4s; I extra heavy prime baconers, £4 14s to ; £5 Is; medium baconers, £4 9s to £4 12s; light, £ 4 to £4 ss; heavy pork- ! ers, £3 2s to £3 ss: medium. £2 14s to £2 18s: light. £2 6s to £2 10s: j small and unfinished. £l ISs to £ 2 ss. i Good-framed stores made £ 2 4s to £2 i 12s: smaller, £1 14s to £l. ISs; best! slips. £1 8s to £.l 10s: others, £1 4s' to £1 7s; good wean ers, £1 2s to £.l ss; small and weedy, 12s to 18s.

KEEN DEMAND FOR JERSEYS WAIKATO BREEDERS’ SALE From O'.r Oicn Correspondent HAMILTON, Wednesday. Two and three-year-old Jersey bulls Were offered at the second day of the Waikato Combined Breeders’ Association annual sale held at Claudelands today. There was a large attendance of buyers and a keen demand for quality animals. Top price of 62gns was paid by Mr. W. G. Boyd, of Paterrjrgi, for J. J. Goodwin’s Restholme Bachelor. Animals which sold at SOgns and over included the following: JT. Moreland’s Beechland's Soumise Cord, to C. E. Foote, Te Aroha, SOgns; ; n. S. Tuck’s Sunshot’s Supreme, to Lissington Bros., Kiokio, 34gns; Mrs. M. H. Johnstone’s Rippleglen Brelad King, to H. MacLachlan, Te Kowhai, Signs; J. B. Earlier's Merton’s Harvester, to W. Curtis, Rukuhia, 37gns; T. Church’s Jersey Brae Silver King, to W. J. Orr, Whakatane, 33 S ns; T. Church’s Jersey f*rae Gold Seal, to G. E. Falkner, Oangatete, SSgns; T. Church’s Jersey Brae cavalier to S. Armstrong, Franlcton, 50 gns; C. Parker’s St. Clare’s Chief, to W. i-. Bow, Te Puke, 36gns; Mrs. If. Hale’s I not boxes Beautiful, to A. Lapp, Ngaruawahia, 34gns; J. Rickard’s Linton Enterprise, to M. Cowley, Kaipai. rZf- A c * Flex man's Bonny Glen Gaietv, to A. TV. Playell, Tauwliare, 31 J. Wilson’s Ebor Derby, to L. Whistle, Walton, 32gns; A. J. Davison’s Stallenge Thomas Pen, to W. Davies . ana-waru, 42gns; W. Dunn’s Premier , Santa Claus, to W. Darrall, Tatuanui, 53 B'ns: A. j. Edwards's Jewell’s Wliaka of I Molvoia, to G. W. Vercoe, Hamilton, 37i ! gns; A. J. Edwards’s Blizzboy, to J. t> Maroney, Walton, 30gns; A. H Clark’s Brotvil Joe of Tamahere, to Low BroWhakatane, 46gns; H. G. Dingle’s Pennance Day Dawn, to A. Brindle, Te \wa- ! mu tu, 37gns; A. Hazelton’s Pet’s Valet I to R, M. Barr, Kaipaki, 32gns; L. and l 1- Griffiths’s Kimberley Trumpeter, in j J. Aixon, Bureka, 35gns; R. K. Garland's | Tyntesfied Autumn King, to R. Levis, i Tsewstead, oOgns; J. J. Goodwin's Rest- j holme Bachelor, to W. G. Boyd, PateGoodwin’s Restholme Hart, to W. J. Luxton, Matangi. 35gn^; L J. Goodwin's Restholme Bobs, to native Trustee, Wellington, 36gns; J. Shaw s Joy’s Goldfinder, to D. S. Smith Pi ako, SOgns; Johnson Bros.’ Manga pi ko Laddie, to W. J. Orr, ’Whakatane, 42gns: ' v • .B. Boot s Mosshill Romulus, to A. Robins, Ohura, 322,gn5. , DISTRICT STOCK SALES AUCTIONEERS’ REPORTS i ( Stock auctioneers report on sales held j throughout the district during the past i week as follow: x ] Alfred Buckland and Sons, Ltd., report: * —y. the W€ek we held sales at Westheld, Wai taka ru ru, Maungaturoto, and < Tahekeroa, horse sale at Pukekohe and i our annual bull sale at Pukekohe. There < were full yardings of cattle and i all classes continued to be in demand. . Lpwards of 300 bulls were penned at Pu- ' kekolie and the sale was fully up to ex- ’ pectations. Best dairy cows and heifers ' made £l4 to £l7 10s; good cows and heif- ' evs, £ll 10s to £l3 15s; other dairv cows , and heifers, £5 10s to £11; cows with calves, £7 to £ll 10s; empty young cows and heifers, £5 to £6 15s store and ! boner cows, £2 10*s to £6; heavy prime fat cows and heifers, £lO to £l3 15s* I lighter fat cows and heifers, £7 to £9 liS 6d; fat steers, £ll 10s to £ls 15 S: grown steers in forward condition, £lO 10s to £ll 15s; three to four-year-old steers £S 15s to £lO os; two to three-year-old steers, £7 10s to £8 12s 6 cl; yearling to two-year-old steers, £5 5 S to £7 10s; well-bred yearling to 15-months-old heifers, £5 15s to £7 17 s* other heifers, £3 15s to £5 14s; pedigree bulls, £lO 10s to Signs.; best young grade bulls, £l2 12s to £IS 18s; other young grade bulls, £7 7s to £ll lls* heavy bulls, £S Ss to £l3 13s; inferior bulls, £4 4s to £6 6s. The New Zealand Loan and Mercantile Agency Company, Ltd., reports:—Sales were held during the past week at Pukekohe, Westfield. Papalcura, Waiuku, Clevedon and Kaukapakapa. At all centres we had large yardings and we report good sales, with values on a par with late quotations. The special cattle sale at Kaukapakapa was most successful and the 741 head yarded changed hands to buskers from all over the Auckland district. At Papakura on Tuesday , we had a large yarding. Cattle in for- ! ward condition were in demand, the advertised store bullocks from Otioro Estate realising up to £l2 16s. Cattle not so forward in condition did not sell so read- j ily, this no doubt, being due to the back- ! wardness of the season. We quote:— Dairy cows and heifers, close to profit, best, £l2 to £l7 10s; others, £S to £ll ! 17s 6d; backward springers, £6 to £lO 10s; aged cows and inferior heifers, £4 10s to £7 15s: bulls, £4 10s to £l9 19s. according to age, breed, etc.: store and boner cows. £4 to £7 ss; yearling heifers, best. £5 10s to £7 17s 6d; others, £2 10s to £5 os; yearling to 18-months steers, £3 10s to £6 17s 6d; two to two and a-half-year steers. £7 to £8 10s; three to three and a-half-year steers, £8 15s to £9 17s Gd; four to four and a-half-year steers and forward-conditioned steers, £lO 10s to £l2 16s. Beef and pigs of all descriptions sold at fully Westfield quotations. The advertised shorn wether hoggets at Clevedon realised 17s to £1 Is 9d, the 240 averaging £1 Is. LONDON WOOL SALES MARKET REMAINS STEADY Australian and X.Z.* Press Association Reccl.' 9.25 a.m. LONDON, Wed. At the wool sales, 9,774 bales were offered, of which 4,70 S were New Zealand. There was a moderate selection of Merinos, principally Continental style, and an excellent selection of New Zealand slipes and scoured Crossbreds. The market was steady, with prices unchanged. New Zealand slipes: Halfbred, lamb, Belfast, 21£d. WOOL SALES AT SYDNEY SYDNEY, "Wednesday. At the Sydney wool sales today, 11.154 bales were sold. There was improved inquiry from the Continent for all average descriptions showing fineness. Greasy Merino sold to 18dBUTTER AND CHEESE Merchants report receipt of overseas 1 cables as follows: Dalgety and Company, Limited, from their London house, under date Ist instant: —Butter. New Zealand finest, 179 s to 183 s; cheese, New Zealand, 95s to 965.