TO-DAY’S QUOTATIONS

Sun (Auckland), Volume III, Issue 895, 12 February 1930, Page 12

TO-DAY’S QUOTATIONS

METAL PRICES

LONDON QUOTATIONS united P.A.—By Telegraph—Copyright LONDON, Monday. (Quotations on February 6 are given in parentheses.) Copper.—Spot, £74 17s 6d (£74 7s fid); three months, £69 18s 9d (£69 Ss 9d). Electrolytic Copper.—Spot, £B3 10s (£B3 10s); three months, £B4 5s (£B4 ss). Wire Bars. — £S4 5s (£B4 ss). Lead. —Spot, £2l 10s (£2l lls 3d); three months, £2l lls 3d (£2l lls 3d). Spelter.—Spot. £l9 13s 9d (£l9 lls 3d): three months. £2O 15s (£2O ss). Tin.—Spot, £175 Cs 3d (£177 lls 3d>: three months, £l7B 3s 9d (£179 lls 3d). Silver. —Standard, 20 5-16 d (212 d) an ounce; fine, 21 15-16 d (21 9-16 d).

SLUMP IN AUSTRALIA CANBERRA, Tuesday. The Commonwealth trade figures for six months reveal a tremendous decrease iu the value of exports, an increase in imports and a heavier adverse trade balance by £25,000,000 than in 1925. The total value of imports exceeded that of exports by more than £16,000,000. The real adverse trade balance was much greater than this, because the exports included bullion and specie valued at £9,500,000.

SYDNEY WOOL SALES

* SYDNEY, Tuesday. At the Sydney wool sales today the offerings totalled 10.380 bales, of which 9,933 were sold, also 447 bales privately purchased. The market ruled firm at the previous day's rates. All sections of the trade actively competed. Greasy Merino sold to 153 d.

SUN COMMERCIAL SERVICE A speclak section devoted tc answers to readers on financial and commercial questions. Is Included In these columns each Saturday. While every effort Is mads to ensure accuracy In every Instance, no responsibility can be taken for the Information Given. All queries should bs addressed to the Commercial Editor. THE SUN. ir— —

HIGHER GRADE WOOL

DOMINIONS’ CO-OPERATIVE SCHEME

Reed. 10.55 a.m. LONDON, Tuesday. Speaking at Huddersfield, the president of the Wool Federation, Mr. Maurice Durrule, suggested the inclusion of Australia, New Zealand and South Africa in active co-operation on technical questions such as crossbreeding, fleece marking and packing. It was urgently indispensable, he said, to study distributive efficiency in conjunction with the growers. There were dangers in trying to hold wool back in the hope of starving the users into paying higher prices, as experience in connection with rubber and coffee had shown that wool should remain a free commodity, governed by the laws of supply and demand, and marketed and distributed in the best interests of the producer, user and consumer.

BETTER BULLS FOR N.Z.

PURCHASES IN CANADA i Commissioned to buy quality bulls for New Zealand Ayrshire breeders, Messrs. A. M. Weir, Menzies’ Ferry, Southland, and F. Mills, jun.. Hawera, left for Canada on the Niagara yesterday. Both the travellers are wellknown breeders of Ayrshire cattle. They have orders from several members of the Ayrshire Breeders’ Association of New Zealand to purchase purebred bulla on their account.

TUAKAU SHEEP FAIR

Dalgety and Company, Limited, report having held their first Tuakau sheep fair last Monday, when a record yarding of 18,000 came forward. Competition for all classes was very keen, and prices throughout were in excess of late rates. Two-tootli ewes realised up to 31s lid; four and six-tooth ewes, up to 27s 7d; four and five-year ewes, up to 27s 6d; aged and inferior, Ss 3d to 15s; two and four-tooth wethers, 25s 3d to 26s 4d: good mixed sex lambs, up to ISs 6d; wether lambs, up to 18s Id: woolly lambs, up to 15s 6d. Southdown rams, 3 guineas to 62 guineas; Romney rams, up to 52 guineas.

A BRIGHTER TONE

MARKET ON ’CHANGE

CONFIDENCE REVIVED : By NOON CALL. The week just closed has been one of the most eventful In what has been the most momentous period of recent years. The announcement of a reduction of the Bank of England discount rate to per cent, marked the return of j cheaper money to the world’s main ! centre, and the reaction has been immediate in both Australia and New Zealand. 1 There has been, a general revival of | confidence over the past week, fol- : lowed by a steady upward movement j of prices for all the beter class stocks, j The movement has been most marked in the banking and insurance groups. ! where substantial price increases have • taken place. The advice of the morej long-sighted has taken effect, and inj vestors have realised the foolishness iof sacrificing sound investments be- ! cause of a temporary depression. There has been a big rush to get in on the ground floor during the past week, and as a result, prices are firming. How much higher the market will go the near future it is hard to say. No doubt it will be called upon to suffer setbacks before a real recovery is registered. It is certain, however, that several plums are still available to the long-sighted investor. The reduction of the Bank of England discount rate has a greater' significance than the average man in the street realises. To the keen student of world finance, who has studied the cause and effect of previous world slumps and booms, the decrease of last week, and the steady increase in gold reserves held in London, forecasts a period of cheap money for industry. This must bo reflected by greater industrial activity and increased cont sumption. The effect will be felt out ; here in the increased demand fo.r primary produce. One sign that the trend is already that way has been 1 indicated by the firming tone of the i wool market. j- Although ready money may be scarce in this Dominion for the j next nine months or so, we: may be assured that the turning of the corner toward better times has already been forecast by the Bank of England in the decision of the directors last week. History will repeat itself.

Interest in investments on New Zealand stock exchanges over the past week has been confined principally to bank and insurance shares. Commercials have been active, showing an improvement of 2s on the market of a week ago. New South Wales have also improved appreciably to sell at prices which allow an immediate return of just under 5 per cent, on the latest dividend basis. New Zealands have been moving steadily to higher levels, and even yet offer one of the safest and best buys on the list for the investor who places safety before 1H2J.1 ratio of return. There has been a little dabbling in mining scrip, but this market is receiving less and less attention, and unless something worth while is struck somewhere, will drop right out of favour even as a speculation in the near future. Very few believe the highly coloured reports which are handed regularly to the Press by some of tne companies. There has been a moderate turnover in sound industrials during the }y®? k > , but prices in this class arc * little irregular, and although several Sf have undoubted attractions, theie are others which will need to come a little lower than present sellers’ ideas of value before they can be re-rmu-ket aS “°° d buyins on today’s „„Y i ?' ved aU round > the market today b ? regarded as in decidedly better tone than at this time last week There are still many plums to be picked by the long-sighted investor. investments; of the week Below- is a summary of the i c t sales made on the New Zealand Dx 12' gfvfnSTth thG WGek ended February approximate return on dend:L C ‘ °" the latest div.-

Buyers. Sellers. £ d. £ d. EANKSAust. of Commerce . I 5 G Vustralasia 1L 12 ‘ orn. of Australia 1 1 Ditto (lights) I>itto (prei.> . . . . 14 Dm;.. Scot. Aust. ir> 0 G .Nat. or X.Z G 0 -Nat. of Australasia. 1 In 11 Ditto (con. » 10 14 6 New South Wales. 40 13 41 0 New Zealand . . . .1 s G IS 9 Di t to ( D niori. ) 1 X G t nion of Australia . 11 17 0 12 5 0 INSURANCE— National 0 14 0 0 14 D N. Zealand <ex div. > « *ucensland 12 13 fi South British .. . . 3 1 0 3 3 0 LOAN AND AGENCY— Dalgety and Co. .. 12 5 0 *s»rmers* Co-op. 4 1 • Ditto A (pref.) 0 17 0 Ditto B ( pref. > . . 0 10 0 • loldsbrough, Mort I 13 1 14 0 Nat. Mortg. & Agency IS G Di: to ( rights) 0 0 Netvtor. King (pref.) 0 11 0 -Dom. Bank & Investment 1 0 Ditto CB shares} . 0 19 ♦i N.Z. A-. River Plato 1 lo X.Z. Guar. Corp. 0 S 9 Doan and Mercantile 100 0 0 N. Auck. larmers* Co-op. (ord.) .. .. 0 Ditto (B pref) 0 0 0 0 11 0 COAL— Orey Valley 1 5 0 llikurangi 1 t; 0 2 « J >i r to ( pref.) . . . . 0 4 0 Ditto (A. pref.» T’ukemiro 1 0 12 0 lienotvri 0 IS 6 Ditto (pref.) . . . . 0 8 8 Ditto (new Issue) 0 S 2 Tauplri .. . . . . . 1 S "Waipa 0 14 G Westport 1 1 10 "Westport Stockton. — 0 2 0 GAS— Auckland 1 r. 7 1 3 9 Ditto (con.) .. .. — o SHIPPING— Devonport Steani .. 1 2 9 1 4 G TTowaru Smith.. — 1 1 0 Huddart-Parker Northern Steam 14 0 Ditto (con.) .. 0 0 I*. & O. (def. stock) 2 6 — timber— Bartholomew . . . . l 1 0 — 1 — National 0 •S 2 0 Parker-Lamb .. — 0 17 WOOLLEN — Kaiapoi (pref.).. .. 0 13 8 — BREWERIES— C. L. Innea 1 1 0 — Ditto (pref.) .. .. 1 1 — N.Z. Breweries .. .. 4 4 J. Staples — 2 10

Buyers. Sellers t s. d. £ s. d MISCEDDAXEOUS— Australian Glass 2 4 *> Aust. Iron (pref.i Booth. Macdonald (pref.) British Tobacco 2 Burns, Philp .. .. 1 1 6 I 19 Bycroft, Dtd 1 Colonial Sugar .. .. 44 44 6 Dental and Medical 0 10 0 Dominion Pictures . 1 0 ft Ditto (pref.) .. . . 1 0 0 Dunlop Perdriau 1 1 Electrolytic Zinc (ord.) 1 11 f, 1 12 0 Ditto (pref.) .. .. 1 11 u Farmers’ Trading.. 0 s 9 0 Ditto (A pref.) .. 14 fi 0 1 1 6 Ditto (B pref.) 0 12 0 0 13 0 Fullers’ Pictures 0 18 0 Gear Meat 0 0 Hayward’s Pictures 0 13 0 Henry Jones Co-op. 1 10 0 Milne and Choyce (deb. stock) . . . . 1 6 1 7 0 Morris, Hedstrom (pref.) 0 18 0 Farmers’ Fertiliser . 1 0 N.Z. Paper Mills 1 0 b N.Z. Refrigerating . 0 10 fi Ditto (con.) . . . . 0 0 Sanford, Etd ft 16 0 Ditto (pref.) .. .. 1 0 u S. R. Maxwell . . . . 0 4 9 0 (i Taranaki Oilfields 4 2 Union Oil X u Whittome, Stevensons . , . .• 2 fi Wilsons Cement 1 18 6 2 0 0 MINING— Alburnia ft 0 3i ft 0 f) Moanataiari (pd. > 0 1 8 0 1 I)itto (con., 2s 4d P»‘l.) ft 1 Ditto (Is 6d pd.) 0 1 0 Ducky Shot (4s pd.) Ohinemuri (ord.) 0 G Waihi 0 13 13 4 Waihi Grand June. . 0 1 0 1 Mount Lyell 1 lb 0 l lb Kuala Kampar Tin . 0 s 0 0 Kampong Lanjut .. 1 2 0 1 4 DEBENT U RES— Auck. Har. Board. 5} per cent — 97 0 0 Ditto, 6 p.c 102 0 City of Auck, 1040, 10 0 Bor. Mount Eden. G 102 0 0 Bor. New Plymouth. -1933, p.c 99 0 0 Bor. of Hamilton, 6 . 100 0 0 Bor. Mt. Albert. 52 100 0 0 102 0 0 Williamson’s Films 103 0 0 Gisborne Sheepfarmers GOVERNMENT BONDS — War Doan, 1938, 4* 99 0 0 Ditto, 1939, 4i p.c. 99 0 0 — Ditto, 1941, 4* 99 0 Ditto, 1933, i»i .. 9S Ditto, 1933, 5i yy Ditto, 1936, 5i .. 9S 10 0 — INSCRIBED STOCK — War Doan, 1938, 4i — 100 0 0 Ditto, 1939, 4i .. — 100 0 0 Ditto, 1927-41, 5i 98 0 0 Ditto, 1933, 5-t .. 98 0 Ditto, 1933, 5& .. 9S 10 0 99 0 0

Lates t banks— ~ s. ~ s. d. ■'a US F‘ , of Commerce Australasia. . 1 11 6 0 5 7 S 9 0 0 0 6 G Eng., Scot., & Aust. National of N.Z 6 15 7 rsat. of Australasia Ditto (con.) .. . New South Wales . ’ 11 11 6 6 8 12 10 17 11 4 7 0 IVew Zealand . . Queensland National 18 9 4 7 Lnion of Australia . . 12 0 0 5 2 INSURANCE— New Zealand South British .... 3 DOAN AND AGENCY 1 11 4 4 8 Dalgety and Co 1 0 14 19 3 11 1 3 Goldsbrougli, Mort. N.Z Guar. Corp. .. rs. Auck. Farmers' 1 0 13 8 2 S S Co-op. (B pref.). 0 1 0 n COAL— Grey VJUlev.. .. 12 0 W estport .. . 6 GAS— Auckland 9 9 0 Christchurch . . . 6 6 Wellington SHIPPING— Devcmport Steam .. 6 S S 9 Northern Steam 0 13 S TIMBER— Bartholomew .. ,, 10 WOOLLEN— Kaiapoi (pref.).. .. BREWERIES— 0 14 3 7 2 4 N.Z. Breweries .. .. 0 11 4 r J. Staples 8 0 5 *> MISCELLANEOUS— British Tobacco 10 13 4 Colonial Sugar.. rj ,r Dominion Pictures .. 0 Dunlop-Perdriau Electrolytic Zinc 1 1 6 D 6 (ord.l .. .. ... .. 1 11 7 Ditto (pref.) .. .. Farmers’ Trading (B 1 12 0 7 10 0 pref.) 0 12 6 6 9 Gear Meat 1 IS 0 Henry Jones Co-op. 1 10 N.Z. Drug Milne and Choyce 3 13 0 5 9 7 (deb. stock) . . . . 1 n 18 6 Mount Lyell 1 16 N.Z. Paper Mills . . 0 19 6 6 13 N.Z. Refrigerating . 0 10 7 Ditto (con.) . . . . 0 5 4 ■Victoria Nyanza 2 1 4 7 5 W ilsons Cement 1 19 6 5 1 3 DEBENTURES— N.Z. Farmers’ Co-op. 1945, 65 p.c.. . S7 0 0 S 0 6 GOVERNMENT BONDS War Loan, 193S, 4?: 99 5 0 4 0 Ditto, 1939, 45 p.c. 99 2 6 4 12 5 INSCRIBED STOCKInscribed Stock. 193S, 99 a 4 1° Ditto, 1927-41, 5; 9. 0 0 12 fi Ditto, 1933, o\ p.c. 98 0 0 6 0 0