FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 874, 18 January 1930, Page 10

FINANCE & MARKETS

Quiet Week Closes MARKET ON ’CHANGE By “Noon Call.”

A DULL week closed with tli months today. Xo businei room and the market, general] r I uctuations Price movements, shown by a comparison of sales or: the Auckland market over the past 24 hours with the price at the time of the previrus recorded sale, include Commercial Bank of Australia, fall of 3d. • * * Rationing Tin Production Xo time has been lost, by some of | the Eastern tin producing companies i in applying the scheme, which was j formulated in London, with a view to j regulating supplies of tin to the sell- : ing markets. Alluvial Tin (Australia), Ltd., has received from Malaya a cabled intimation that, ‘acting in accordance with | recommendations of the Tin Produ- j reis’ Association,” the following com- ! panics are restricting their output as j from January 1 : Changkat Tin Dredg- J ing, Ltd.; Kundang Tin L>redging, I ' ,td.: Kuala Kampar Tin Fields, Ltd.; Kampung Li.njut Tin Dredging, I I Ad.: Rawang Concessions, Ltd.; Ra- j wang Tin Fields, Ltd.; and Kraniat Tin ; Dredging, Ltd. Victoria Nyanr.a Sugar A message from the head office cf the Victoria Nyanza Sugar Company tli is morning stated that to date this season the company had put through •i pproximately 390 tons of sugar more than at the corresponding date of last year. The weather this season was \ ery favourable to working. * * * Market This Morning A week-end holiday air was prominent on ’Change this morning. Xominal quotations were listed for most of the more popular stocks, but there was little life in the market in any section. In the banking group Commercials c*f Australia did not recover from yesterday's further decline: sellers at 24s ud failed to draw a buying offer above 24s 3d. Shares in the long-establi3hed insurance concerns attract more attention, although the actual volume of business is negligible. Taranaki Oils found a buyer this morning at 4s lOd, but sellers asked ~*s Gd. The market for most miscellaneous scrip is iffeless.

ic slackest morning for many ss was put through in the callly, lacked buoyancy. Moanataiari Mining Scrip Firmer The market for Moanataiari Mining scrip firmed slightly this morning following the receipt of news from the mine to the effect that “strong colours of coarse gold had been seen in different parts of the reef in the shaft.” The contributing scrip, which changed hands earlier in the week at Gd, was sought at 9d. Yesterday’s N.Z. Sales Sales on New Zealand Exchanges yesterday, showing the approximate return on investment based on the latest dividend, included:

DUNEDIN Staples’ Brewery .. 2 15 6 4 10 1 * * * Dividends Payable Due. N.Z. Insurance —interim, lid a share Feb. 12 Victoria Nyanza Sugar—interim, Feb. 25 Union Bank —interim, 121 P.c. —

TO-DAY’S QUOTATIONS

Closing quotations "at today's midday call were:—

BUTTER PRICES QUIET LONDON MARKET Reed. 12.50 p.m. LONDON, Tliurs. The butter market is quiet. Danish, 655, choicest salted. New Zealand, l5Ss to 1545: Australian, 148 s to 150 s. Cnsalted: New Zealand, 174 s to 1765; Vustralian, 158 s. Cheese is slow: New Zealand, coloured, 84s; white, 86s. Australian, coloured. S2s to 83s. BRADFORD MARKET LOWER LONDON, Thursday. Bradford is quietly steady on a lower Oasis, but little business is offering. Tops quotations: 04’s are 2s Gd, 60’s are 2/4’. 56’s are 1/11; 50’s l/7?<, 46’s l/o*, 40’s 1/42. jVt the rabbit skins sales 1.930 bales were offered, and 1,170 bales sold. There was a better tone all round. Furriers’ sorts advanced 5 per cent, to 10 per cent., compared with November 22 sale. Good hatters were firm. Low hatters are rather neglected, and the market is slightly easier.

AUCKLAND WOOL SALE The first of the buyers for the Auckland wool sale, which opens- in the Town Hall on Tuesday next, arrived at Auckland this morning. Valuing was started almost immediately. The general quality of the clip is not Lip to last year’s. There is a big percentage of stained wools, while much of the offering of hogget wools is tender, and not in the best condition for sale. The total catalogue comprises approximately 20,000 bales. The sale will open at 9 o’clock, and be carried on through the day until the close, the only breaks being for meals. PAPAKURA STOCK SALE From Our Own Correspondent PAPAKURA, Friday. There was a yarding of from 350 to 400 cattle at the Papaltura Loan and j Mercantile stock sale today. All stock sold readily and changed hands at fully Westfield prices. Best dairy cows and heifers, close to profit, made £lO tc £l4 15s; others, £ 8 to £lO. Backward springers met with a dull demand; those sold brought £ 6 to £B. Prime four-year-old fat steers to £l4 17s Gd; fat cows, £ll to £l3 12s Gd for extra prime fat cow from J. S. Fitch (Karuka); prime heifers, £S to £ll 10s; killable cows, £6 to £7 15s; boners, £4 to £5 15s; weaner steer calves, £4 to £5; heifer calves, £3 10s to £4 ss; Jersey weaner heifers, to £5 ss; bulls for potting, £4 10s to £10; one heavy working bullock, £l2. utes. —19. CHICAGO WHEAT Reed. 1 p.m. CHICAGO, Friday. j Wheat. —March, 1 dollar 22£ cents a j bushel; May, 1 dollar 26i cents; July, ! 1 dollar 28i cents.

THE NEW LOAN HEAVY WITHDRAWALS FROM BANKS SMALL INVESTORS RESPOND Keen interest is being taken by all sections of the community in the new Government per cent, loan launched on the New Zealand market last week. Inquiries made at the Government Treasury Office at Auckland elicited the information that it was meeting with a very satisfactory reception. For many months now it has been apparent mat large sums oi money have been held on deposit at the various bunks, mostly on account of small investors who have not been prepared to Invest in miscellaneous securities, investors who have even been afraid of mortgages, it is from this section of tho community that the loan is securing its greatest support. Although oliiciai announcements are not available, it is understood that there have been heavy withdrawals from the banks, particularly from institutions such as tho Auckland Waving s Bank and the .Post Oifice Savings Hank. Extensive inquiries, in fact, have elicited tho information that tho bulk of the money coming forward for the loan represents a transfer from the savings banks to the Treasury .Department. Several members of the Auckland Stock Exchange interviewed this morning expressed surprise at the class of investor who was giving the loan the greatest support. The more seasoned investor, who could be counted amon 0 the more consistent of brokers' clientele, was not responding to the increased rate of 5i per cent, as the circumstances appeared to warrant. For the most part, they were taking advantage of the low prices ruling at the moment for most stocks on the Exchange list or were holding off in the hope that near future developments would see even better bargains in the investment market. Even the money being put through sharebrokers’ hands was mostly on account of small investors. Auckland business men, particularly those with their finger on the pulse of City finance, express much uneasiness as to the near future effect of the issue on the general prosperity of the country. A leading banker this morning, in referring to the heavy withdrawals from the savings banks, said the position was serious. Undoubtedly a Government loan at per cent, was attractive, and to compete with it the rate of interest on mortgages would requrio to be raised above its present level. This would have a serious reaction on tho spending power of the community.

CEREAL MARKET QUIET POSITION IN CANTERBURY jPress Association CHRISTCHURCH:, Friday. Although a little wheat is now in stock, the rain this week has delayed harvesting operations, and it will be two or three weeks before grain is on the market in any appreciable quantity. Contrary to what some people thought would bo the case, the heavy rain on Wednesday last did not great 13' damage the crops. In view of the fact that millers lia.ve bought forward to a substantial extent, there is a question as to whether there will be a demand lor the new wheat when it comes on the market In the early part of the season. Today's nominal quotations tor wheat are 5s 9d for Tuscan, 6s for Hunters, and Gs 3d for Pearl, on trucks at country stations. There are plenty ot sellers of forward wheat, but few buyers at the moment. Fowl wheat is moving off steadily at 6s l£d to Gs 7t ’ S- *‘’ demand coming from the South Island as well as the North Island. As far as oats are concerned, merchants are waiting for some to reach the market. There are very few oats in store, and a lot of oats are now in stook, and reports from Marlborough are to the effect that the rain was much heavier there than in Canterbury. and that it did a lot of harm to the oat and barley crops which are now m stook. The barley and linseed crops in Canterbury are looking fairly well, but it will be some time yet before either will P Q ® n . the market. Oats, which are intended for chaff, promise to give a bet-? ter financial return than oats, especially as it will be difficult to get good bright chaff from the Marlborough district this season. Old chaff is today quoted at £5 10s to £5 12s 6d a ton on trucks, while new is worth £4 to £4 os on the same basis. There is very little doing in small seeds, and some sales of Italian ryegrass were made this week at 4s Gd a bushel for new season’s seed, and Western TV olths seed is the same value. Red clover nominally is worth 4d to 5d a lb. white clover is worth about lOd Cocksfoot is quoted at 13.td a lb for machine-dressed, farmers’ undressed lines being worth 8d to 9d for heavy weight, 13-141 b Akaroa seed. Plains cocksfoot is quoted at Id to l£d less. The North Island has plenty of potatoes to supply the demand there until the end of February, and it will be March before shipments to the North Island are made from Lyttelton. The quotations for April, May and June delivery are £4 17s 6d for Whites and 2s 6d more for Dakotas, and the July, August and September quotation is £5 12s 6d to £5 15s. COMPANY REGISTRATIONS The following private company was j registered at Auckland yesterday:— j Shoecraft, Limited, footwear manufacturers and dealers. Capital, £4,000 in £1 shares. Subscribers: L. J. Shrubsall and E. W. Whiteley, 1,300 shares each; S. E. Marler, 900 shares; A. J. H. Goodwill, G. H. Katterns, R. Katterns and G. Kayll, 100 shares each; Ivy Gibbons and R. C. King, 50 shares each.

NAPIER WOOL SALE DEMAND EASIER DECLINE OF *d A LB. NAPIER, Friday. Special to THE SUN Bidding at the third Napier wool j sale of the current season opened with I the market showing a decline of id a lb on prices at the Wellington sale; a further decline of id a lb was registered toward the close. The restriction of buying limits was most noticeable in the bidding of buyers for Bradford. A representative bench of buyers operated freely last night in average to good fleece wools, but the limit was not a very extensive one. For faulty and inferior sorts of fleece, pieces, bellies and lambs’ wool competition was emphatically poor, especially in lambs’ wool. There were a number of super classes of wool offered. These occasioned a show of spirit from buyers. Up to the limit competition was active, but when that limit was reached not a rise of a farthing would be made. When the sale was resumed this morning there were a number of vacant seats on the benches and toward the end of the sale not a few of the buyers left. The condition of the wool was not of the best and this accoLinted for a certain amount of the decline in price. Much of the wool was muddy and dirty, the result of the wet season and interrupted shearing operations. The official range of prices was follows :: Merino. —Up to lid. Southdown.—7d to lOd. Medium Half bred.—Super, up to 12d; average, 92d to 10£d. Extra Fine Crossbred.—Super, up to lid; average, 9d to 10id. Fine Crossbred.—Extra super, up to 132 d; super, 10£d to 115 d; average, 82d to lOd; inferior, 7d to Bd. Medium Crossbred.—Extra super, up to 13id; super, lOd to lid; average, 8d to 9|d; inferior, to 7id. Coarse Crossbred.—Extra super, lid to 12d; super, 9£d to 10Sd; average, 7£d to Sgd; inferior, 6d to 7id. Low Crossbred.—Super, 9|d~to 10id; average, 7d to Bid Hoggets.—Extra super, 13d to 14d; ordinary, 3£d to lid; 46-48’s, B£d to 10*d; 44-46’s, B£d to lOd; 40-44’s, up to 9d. Lambs.—Fine, 9d to 12d; medium, Sd to lOd; seedy and inferior, 33;d to 7£d. Necks.—62d to 9d. Pieces. —Good to super, Gd to Sd; low to medium, 3d to sd. Bellies.—Good to super, 5d to 65d; low to medium, 3d to 4d. Crutchings.—Medium to good, Gd to 8d: inferior and seedy, 2id to 4£d. Locks.—Crossbred, 2d to 3£d.

v MARKETS AT HOME METALS AND PRODUCE LONDON, Friday. (Quotations on January 1 3 are given in parentheses) Copper.—Spot. £7O 16s IOJd (£7l 17s 6d); three months, £6B 8s 9d (£69 6s 3d). Electrolytic Copper.—Spot, £B3 10s (£B3 ss); three months, £B3 10s (£B3 15s). AVire Bars.—£B3 15s (£B3 15s). Lead.—Spot, £2l 10s (£2l 12s 6d); three months, £2l 10s (£2l 12s 6d) Spelter.—Spot, £l9 7s 6d (£l9 7s Gd); three months, £2O (£2O). Tin.—Spot, £176 6s 3d (£174 18s 9d); three months, £179 11s 3d (£l7B 3s 9d). Silver.—Standard, 21 7-1 6d (21 7-16 d) an ounce; fine, 222 d (223 d). WHEAT, FLOUR AND PULSE Wheat.—Cargoes arc dull and have declined 6d to 9d owing to lower American advices. Parcels are obtainable at 6d to 9d down, but closed steadier. Futures: London; January, 47s 6d a quarter; March, 47s 6d; May, 47s 9d. Liverpool: March, 9s 2d percental; May, 9s 53d; July, 9s 7Jd. Spot trade slow. Australian, ex ship, 49s Gd. Flour.—Dull. Australian, ex store, 36s 6d. Oats.—Easier. Peas and Beans.—Slow. Beet Sugar.—February, Cs lid. PRODUCE PRICES MELBOURNE REPORTS MELBOURNE, Friday. Tho following are today’s quotations on the Melbourne produce market: Wheat.—ss 2Jd. Flour.— £l2 10s to £l2 15s. Bran.— £7 ss. Pollard.— £8 15s. Oats.—3s Gd to 3s 7d. Barley.—English, 4s. Maize.—6s Gd. FEILDING STOCK SALE Press Association FEILDING. Friday. Competition at the Feiiding stock sale was not as good as usual. Prices were:—Sheep: Fat two-tooth black faces, prime. 275; good, 24s 9d to 25s 6d; light, 23s to 24s 6d; fat ewes, 15s lo 17s 4d; fat wethers,22s; stores, rape lambs, 12s 6d to 15s 6d; two-tooth wethers, 21s 6d to 23s Sd; two-tooth ewes, to 30s; wether lambs, 12s 6d to 14s; woolly wether lambs, 14s 6d. Fat cattle: Jersey cows. £8 12s 6d; Shortkojn cows, £8 2s Gd; light fat heifers, bulls, £7 to £9 10s. Store cattle: Jersey weaner heifers, £2 3 s to £3 6dPolled Angus heifers, £7 7s 6d; Polled Angus steers, £9 8s Gd; steers, mixed colours, £7 12s Gd; poor steers, £3 8s Gd; store cows, £5 15s. Dairy cows in milk, to £5 15s.

BUTTER AND CHEESE Merchants report receipt of overseas cables as follows: Joseph Nathan and Company, from Trengi-ouso and Nathan. Ltd., London: "Butter. 155 s to 1565. Cheese, white. 87s; coloured. Both markets firmer.” Dalgety and Company, Ltd.. from their London house, dated January 17: —“Butter market firm. New Zealand Messrs Samuel Page and Sons, report finest salted. 152 s to 1565: Australian finest unsalted, 14Ss to 1525. Cheese market firm. New Zealand white, S6s to 87s; coloured, S4s to Sss. DISEASED SHEEP VACCINE ANTIDOTE MELBOURNE, Friday. Experiments made with the object of finding an antidote for black disease tn sheep, one of the most active scourges among Australian flocks, are reported to have been succssful. A vaccine is now being used which is described as most effective. The Baker Research Institute and the Council of Scientific and Industrial Research are co-operating in the matter.

Banish old-fashioned flypapers. Spray rooms with Flyt-ox. Ends fly and mosquito nuisance in five min-

Sale Price. Be turn on Investment .0 d £ d. Coin. Bank of Aus. 1 4 9 G 1 2 Ditto 1 4 6 6 5 Bank X.Z 2 17 6 4 19 S X.Z. Insurance .. .. 2 4 G 4 4 South British 0 G 4 4 Auckland Gas .. .. 1 a Ditto CCOn. y .. .. 0 IS G 10 4 X.Z. Breweries . . . . 4 S s 0 Wilsons Cement (late sale Thurs.) 2 1 0 4 17 6 Ohinemuri Minins . 0 o 0 CHRISTCHURCH Com. Bank Aus. .. 14 7 6 0 1 4 9 1 E.S. and A. Bank (2) 6 17 0 5 9 5 Union Bank 12 0 0 4 12 2 6 1 Goldsbrougli, Mort . 1 lb 0 S b X.Z. Breweries (2) . 4 British Tobacco (2) 2 4 (i 5 X.Z. Drug O 13 6 5 WELLINGTON Ins. Stk., 1933, 5* .. 98 5 0 r 19 1 E.S. and A . Bank . 6 1G 6 5 10 Union Bank (2) 12 1 G 6 Bank X.S.W. (Sydney 41 5 0 4 1G 11 Gear Meat 1 G 8 X.Z. Breweries .. .. 4 8 6 3 ‘

Buy Sellers. £ s. d. £ s. d. BANKS' — Aust. of Commerce 1 7 0 1 S 0 Vustralasia . . . . •. • — 12 10 0 Com. of Australia.. 1 4 Ditto (pref.) .. .. f, io 0 7 l 0 Mug.. Scot., & Aus. 15 National of X.Z. . . 10 Now South Wales 40 10 0 41 N ♦ • w Zealand 17 0 Ditto ( D Mort.) Union of Australia. 11 IS o 12 3 INSURANCE— National ... . * . . — 0 13 G NVw Zealand .. .. 4 4 6 Queensland 12 r. 17 6 South British .. .. 3 0 0 3 c LOAN AND AGENCY— Dalgety and Co. .. — 12 10 0 Dominion Invest, and Bank 1 1 0 Farmers’ Co-op. 4 1 0 Ditto (A pref.) .. 0 IS T>itto ( B prof.) . 0 17 0 Goldsbrough Mort . 15 6 Nat. Mort and Ag^Li 4 0 Newton King (pref.) 0 10 N.Z. & River Plato 1 0 N’.Z. Guar. Corp. . 0 9 0 Co-op. (B pref.) . . 0 10 0 0 12 6 COAL— Grey Valley .. .. I f, 0 1 7 9 llikurangi *u 1 t> 0 3 0 Ditto (pref.) .. .. 0 4 0 Ditto. A (pref.) .. 0 3 0 Pukemiro Renown 0 Ditto (pin.) 0 r l'aupiri 1 9 3 — 0 14 GAS— Auckland 1 4 10 1 5 0 Ditto (con.) .. .. 0 IS 0 0 IS S SHIPPING— Devonport Perry .. l 2 6 — Wuddart-Parker . .. — 2 Northern Steam 1 t 10 Ditto (con.) .. .. Union Steam (pref.) l 0 3 — TIMBER — Kauri Timber . . . 0 l r. 0 — Leyland-O’Brien 1 s 0 — National 0 s Parker-Lamb .. .. — o 17 G WOOLLEN— Wellington — 6 2 6 BREWERIES— C. L. lnnes 1 1 0 — Ditto (pref.) .. .. 1 1 — N.Z. Breweries .... 4 4 8 6 J. Staples — 2 15 0

Buyers. Sellers. £ s . d. £ s d. MISCELLANEOUS— Australian Glass — 2 7 0 British Tobacco 5 Bycroft, Ltd 1 It Colonial Sugar .. .. Dominion Pictures .. Ditto (pref.) .. .. 1 0 0 Electrolytic Zinc (ord.) 1 12 9 Ditto (pref.) . . • • Farmers’ Trading . Ditto A (pref.) 6 Ditto B (pref.) .. Fullers’ Pictures .. 1 fay ward’s Pictures Hill &= Plummer . . H.M. Theatre Arcade (pref.) .. 1 1 N.Z. Drug: Milne and Choyce, (.deb stoc k) . . . . Morris Uedstrotft 0 IS 0 N'.Z. Express (pref.) N.Z. Paper Mills . NRefrig. (con.) 0 Robinson Ice Cream 5 Sanford, Dtd IV Ditto (pref.) .. . Sharia nd & Co. 0 4 6 0 9 0 Taranaki. Oil Fields 0 4 10 0 G Union Oil sons • • 5 0 Wilsons Cement 2 0 6 2 1 0 MINING— Alburnia 0 0 21 0 1 0 Moanataiari (paid) . 0 1 Ditto (2s 4d paid) 0 0 9 Ditto (Is 6d paid) 0 0 Ducky Slio.t (4s pd.) 0 2 0 Ohinemuri (ord.) .. 0 3 6 WalM .. 0 13 4 0 14 0 Waihi Grand June. 0 1 0 1 6 Mount Dyell 1 lb 9 1 17 9 Kuala Ivampar • Tin 0 9 JS Kampong 1 3 0 Kawong — DEBENTURES— Auck. Harb. Bd., 5i — ■ 98 0 0 Ditto, 6 p.c. 100 0 0 City of Auckland, 98 0 0 Audi. Hosp B(l., 51 0 0 W iiliamson s Films 104 0 0 Gisborne Sheepfarmers’ — 96 0 0 GOVERNMENT BONDS— War Loan, 193S, 41 — 100 2 6 INSCRIBED STOCKWar Loan, 1938, 41 99 30 0 Ditto, 1939, 41 p.c. 99 10 0 100 5 0 Ditto, 1933, 51 p.c. — 100 0 0