FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 908, 27 February 1930, Page 12

FINANCE & MARKETS

Quiet Morning on 'Change COMMERCIAL BANK EASE THE market opened this morning with an easing tendency in, rflany stocks and no business recorded. Commercial Bank of Australia are again lower, buyers now qiioting 225, sellers 22s 3d.

Business on the Auckland Market Transactions on the Auckland market over the past 24 hours included: Yesterday afternoon: —Bank of New Zealand. £2 17s 6d; Auckland Gas, £1 2s sd: Electrolytic Zinc (ord.), £1 8s; Alburnia G.M. Co., 9d; Waihi, 13s 6d. •Vt the midday call: —New Zealand Insurance, £2 3s 9d: Alburnia, sd; Moanataiari (paid), 2s 2d; Mount Lyell, £1 13s 6d: City of Auckland, 1940, 51 per cent., £96. • * • Market at Midday Insurance scrip remains steady. National’s are unchanged. New Zealand have buyers at 43s 6d, sellers 44s and sales 43s 9d. Queensland are unsupported. South British are asked for at 60s, sellers holding for 61s 3d. In the miscellaneous, British Tobacco remain steady. Bycroft are unchanged. Colonial Sugar have keen buyers at £43 17s 6d. Dominion Pictures, ord., have buyers at 20s. sellers again appearing at 22s 3d. Farmers' Trading, both ord. and A. prof., have steady buyers and sellers. New Zealand Refrigerating, both issues, are in demand, no sellers

quoting. Local body debentures are continually being quoted, few buyers appearing in this section. Auckland Harbour, 6 per cent., have buyers at £101; sellers are steady at £lO3 10s. Auckland City, 1940, sold this morning at £96: the remainder of this section is unsupported. Government bond and stock in many cases have keen buyers, occasional sellers appearing. ♦ * * Mine Managers’ Reports Mine managers report as follow: Lucky Shot.—A telegram from the mine supervisor states:—When cutting out the chamber at the intermediate level to commence sinking we cut a reef in the footwall showing strong gold. * Dividends Payable Due. Bank of New South Wales, quarterly, 25 per cent Feb. 27 Carlton Brewery, int. 7 per cent. Mar. 1 Electrolytic Zinc—interim, ord. and pref.. 12 d.c. D.a Mar. 6 Huddart Parker, in termini, 3 per cent, on prefs. and 5 per cent. on ords Mar. 15 C. L. Innes, interim. 4 per cent. Mar. 31

TO-DAY’S QUOTATIONS

Closing quotations at today’* midday call were:—

DISTRICT STOCK SALES

AUCTIONEERS’ REPORTS Auctioneers report on stock sales held throughout the district during the past week as follow: The New Zealand Loan and Mercantile Agency Company, Limited, reports: —Sales of~ cattle were held during the past week at AVestfield. Pukelcohe, VVaiuku and Kaukapakapa. We also held a clearing sale on account of Mr. Alf. Doidge, Beachlands. All classes of dairy cattle and store cattle sold readily at late values, and we are able to report good sales. Sheep fairs were held at Clevedon and Kaukapakapa, when fully the advertised numbers were penned. There was a steady demand Cor all classes of sheep, late values ruling. At Pukekohe we held our fortnightly pig sales, values obtained being easily on a par with Westfield quotations. Best dairy cows and heifers made £lO 10s to £l4 17s 6d: other dairy cows and heifers. £6 lOs to £9 15s: aged cow s and inferior heifers, £4 to £6 7s 6d: bulls, £3 10s to £lO ss; store and boner cows, £4 to £6 17s 6d; weaner calves, heifers, £1 10s to £3 15s; steers, £ 2 to £4 15s; heifers, suitable for dairy purposes. £4 15s to £7 10s; yearling to 18-months steei*s, £4 10s to £6 10s; 2 to 2£-year steers, £6 15s to £ 8 ssj 3 to 35-year steers, £8 10s to £lO 10s; store wethers, £t to £1 4s 9d: store lambs. Ss to 16s 2-tooth ewes, £ 1 6s to .£1 9s; 4 and C-tooth ewes, £1 7s to £1 12s 3d; fresh full-mouth ewes, £1 to £1 6s 6d; sound-mouth ewes, 15s to 19s 6d: older ewes, 8s upward. Dalgety and Company, Ltd., report: —We held our second sheep fair at Coromandel last Monday, when about 1.300 sheep were yarded. Although the quality of the sheep was not as good as at our first fair, competition was keen throughout and values were about on a par with recent sales. The following prices were realised: —Ewe lambs, to 17s 6d: mixed-sex lambs, to 14s 3d: two-tooth ewes, to 21s: twotooth and four-tooth ewes, to 22s lid; six-tooth and fresh full-mouthed ewes, 19s to 21s sd: sound-mouthed ewes, to 20s 7d; fat wethers, 22s 9d to 24s 3d. W o also held our usual monthly stock sale at Tuakau last Friday, when an average yarding was penned. All clases of cattle met with keen competition and values throughout were well up to late rates.

WAIKATO HERD TESTING

From Our Own Correspondent HAMILTON, Wednesday. The New Zealand Co-operative Herdtesting Association tested 86.150 cows last month. The average yield was 7341 b of milk and 32.671 b fat.' The test was 4.4. In January. 1929, the association tested 73,921 cows, which gave an average yield of 7181 b milk anil 31.471 b fat. The test was 4.3.

STEADYING PRICES

ASSISTANCE IN U.S.A. WASHINGTON, Tuesday. ■\.fter a conference with the President, Mr. Hoover, Mr. A. Legrge, of the Federal Farm Board, issued a statement indicating that the Administration lias no intention of lessening its activities in aiding farmers, in spite of the objections to the Farm Board s Policy bv private grain dealers. Mr. Legge’s statement compared the measures being taken to help agriculture with those that Mr. Hoover initiated to help business after the slump on the Stock Exchange last autumn. He said both these activities would be continued in the interests of business and agriculture as an emergency measure. ... , . Although he declined to amplify his prediction. Mr. Legge stated that he had no fear that the co-operative concerns would not be able to mai het their wheat satisfactorily. When asked to define the measures the Farm Board was taking, Mr. Legge said it was making available unlimited funds to farmers, the National Grain Corporation and its stabilisation subsidiary, for the purchase of wheat, to be held until the price reached a reasonable level. . . , Mr. statement is accepted as an indication that the Administration will throw its full resources into the effort to keep wheat prices from dropping further. Leaders of the Farmers’ Party in Congress expressed approval of the action of the Farm Board. Members of the Senate said they were willing to appropriate whatever additional funds might be necessary.

WOOL MARKET

FIRM SYDNEY PRICES SYDNEY, Wednesday. At the wool sales the offerings were 7.575 bales, of which 7,552 bales were sold, also 177 privately. The market was again very firm for all finer descriptions of Merinos. Greasy Merino sold to 22d.

STEADY PRICES

N.Z. STOCK MARKETS WESTFIELD YESTERDAY Reviewed by R.W.C. Influenced by a steady overseas demand, the market for practically all classes of fat and store stock within the Dominion holds very firm. Tlio Smithfield lamb quotations of the last week or so have eased by up to Id a lb, but this is only in accord with the normal course of events as it was never thought that the high prices of January would hold once supplies of this season’s killings reached the market in big. numbers. Prices held longer than usual owing to the lateness of the season out here and the delay in getting shipments away. Exporters are operating freely cn all classes of fat stock at the moment with prices showing practically no change. Good beef is sought on a basis of 37s a hundred; lamb is selling at up to 72d a lb for first-grade under 361 b; wetliers range up to s|d a lb. The fat market throughout the Auckland Province is now little different to file export parity, only specially well-finished lines selling at premium prices. Yesterday's Westfield Market At Westfield yesterday a beef yarding of 6SO head came forward to meet steady demand in spite of the fact that the attendance of smaller butchers was well below normal as a result of the Epsom trotting meeting. Good beef met with a particularly firm sale at up to 42s a hundred for specially well-finished young steers; good young cow and lieifer beef made to 36s a hundred; secondary cow, 35s to 31s a hundred. The quality of the ox beef offering, generally, was slightly above that of most recent yardings, medium-weight steers predominating. In the cow and heifer section there was a bigger percentage of station - bred sorts than usual; more indiffer-ently-finished arid poor dairy cattle that a fat sale calls for were still in evidence, however, helping to cause the beef sale to drag on till nearly three o’clock. The absence of the smaller butchers at the trots was particularly noticeable in the calf section where, although the market opened firm at late rates, it eased considerably as the sale progressed. There was a big yarding. Best runners made to £9 10s; ordinary choice prime runners made from £ 5 to £7; heavy vealers, to £-4 15s; medium, £2 5s to £3 10s. Fat sheep were yarded in average numbers; the quality was a little better than last week’s, but several pens were included among the “fats” which would have had difficulty in passing a critical grader as “average stores.” Prices were very firm at late rates. Heavy prime wethers made to 29smedium, 24s 6d to 20s 6d: heavy prime young ewes made to 225; ordinary prime ewes, 18s to 19s Gd. Lambs met with a firm sale at around the export parity of up to 7i£d for best quality under 361 b. Pigs continue to meet with a very firm sale, special butchers' lines making up to 9Ad a lb. Large stores made to 435. Addington Market At the Addington market yesterday there were heavy entries in practica Call the departments. Values generaliv remained firm, with, the exception of fat cattle, which sold at prices below those of last week by from £1 to £1 10s for steers and £1 to £1 5s for cows and heifers.

The heaviest entry of store lambs of the year met with a rather erratic demand. Best rape lambs sold to 235. The sale of store sheep dragged; extra good 4-tooth N.I. Romney ewes' made to 375; good 2-tooth Romney ewes, to 335; ordinary young Romney ewes to 245. Fat Lambs averaged from Sid to Bgd a lb. Extra prime fat wethers made to 345; extra prime ewes, to 27s lOd Best medium-weight beef made to 41s a hundred; jnedium weight, from 34s 6d to 37s 6d; heavy steer, from 34s to 375; good cow, to 34s Gd; secondary, 26s to 295; and rough, down to 235. Bacon pigs averaged 8d to S?:d; porkers, B£d to 9£d. WAIROA DAIRY COMPANY From Our Oxen Correspondent DARGAVILLE, "Wednesday. „ The total payment made by the Northern Wairoa Dairy Company for January supplies was. less than the total for January, 1929, owing to the rate of payment having been Is 2d a lb, as against Is 4d. The butter-fat received last month showed a substantial increase, as also lias the amount of butter-fat handled for the season to date. The current season’s payout, including January, is nearly £2,400 ahead of that for the corresponding period of 1929. The figures are as follow: January, 1930, 664,4041 b butter-fat; rate of payout, Is 2d a lb; total, £39,725. January, 1929, 613,7521 b butter-fat; rate. Is 4d; total, £41,053. Season 1930, 3,067,0031 b butter-fat; payment, £194,655. Season 1929, 2,859,275*1b butter-fat; payment, £192,264. AUCTION NOTES William A. Horne, Limited, will offer by auction at their rooms, Horne’s Buildings, corner High Street and .Vulcan Lane, tomorrow (Friday), at 12.30 p.m., under conduct of the Registrar at the re-’ quest of the mortgagee, house property situated in Hastings Parade, off 'Victoria Road, Devonport, and approximately 10 minutes’ walk from feri*y. The section has a frontage of 45ft bv a depth of 156 ft, and the dwelling contains 6 rooms in addition to bathroom, passage and large back verandah, washhouse and workshop in basement. Fittings include electric light, range and gas stave, sink and cupboards, washhouse, bath, elc. Also, at 1 p.m., house bargains, comprising:—City: 10 Brunswick Street, off Napier Street, cottage 4 rooms, gas stove, gas lighting, p.w.c., etc. City: 8 Suffolk Street, off Newton Road, cottage of 3 rooms, scullery, washhouse, etc. City Union Street, Nos. 93, 95, 97, 99, four attached houses, each 5 rooms and convs., gas lighting, coal ranges, etc. Point Chevalier: 34 Huia Road, house 4 rooms, pantry, bathroom, porcelain bath and basin, e. light, washhouse, etc. Messrs. Robert C. Carr and Son will sell by auction at their rooms, 20 Swanson Street, tomorrow, at 12 noon, a fiveroomed wooden villa with conveniences, at Runnell Street, Ponsonby. The section is 33ft x 103 ft. The sale is under instructions from the Public Trustee as administrator of the estate of Isaac Bailey, LUCKY SHOT MINES Lucky Shot Mines, Limited, advise that they have received the following wire from their mine supervisor: “Selected 151 b. of picked stone when cutting out chamber in intermediate level.” GOLD YIELD The Alburnia Gold Mining Company, Limited, reports that a crushing at the Thames School of Mines has resulted as follows:—From one ton of colours and dabs of gold and general dirt. 16oz. Gdwts. melted gold; from 1841 b. picked stone, 330 z. 15dwt. melted gold, making a total of 50oz. ldwt. melted gold.

BIG BUTTER-FAT FIGURES

N.Z. CO-OP’S SEASON NEW RECORDS LOOKED FOR From Our Oxen Correspondent HAMILTON, Wednesday. Advance payments made to suppliers of the New Zealand Co-operative Dairy company. Limited, for the flush months of October, November and December totalled £1,777,502. Very heavy payments were also made for January and February. The company’s turnover last season was £6,602,646, and the output totalled 39,133 tons of produce. The general manager, Mr. C. J. Parlane, stated today that great though these figures arc, it would appear that owing to the prolific growth of grass and a large increase in the number of suppliers the' present season would eclipso all previous records. The number of cows whose milk was dealt with by the company’s plants totalled 319,635, the average number of cows a supplier being 37.

WHEAT MARKET

CANADIAN OFFICIALS RETURN ASSURANCE FOR FUTURE NEW YORK,, Tuesday, Officials of the Canadian wheat pool reached New York on their return home from a conference in Britain with Government officials and representative of the British millers regardins' the situation confronting the Canadian wheat growers, through the failure of European buyers to take Canadian wheat at the prevailing prices. They were non-committal as to the outcome. They said they found that the millers still preferred Canadian ■« heat and were prepared to pay more for it than for wheat from other sources. They have no doubt that ultimately the market will right itself.

DANISH COW-LIC

INVALUABLE FOR HEALTH Everybody interested in cattle should make a point of visiting the stall at the show (near the secretary’s office), which is demonstrating the use of Banish Cow-lie. The Victorian Government has officially stated that abortion has caused the loss of £300,000 per annum to the primary producers of that State. We have no official records kept in New Zealand, but it must be nearly as great, seeing the large number of dairy cows we have and the great loss we experience by it. It is thus forced upon us to recognise that the great essential requirement for our dairy cattle is the necessary mineral salts in their food, and any deficiency or continuous undersupply of one or all is certain to show itself in constitutional delicacy with susceptibility to disease. In Cow-Lie, which is sold by Domestic and Chemical Supplies, Newmarket, these mineral ingredients Hire so incorporated as to -produce the maximum physiological effect, making it the ideal addition to our succulent New Zealand pastures, and thus, by so giving it, we can eliminate the scourges of tuberculosis, abortion and red water from our herds and, at the same time, increase the milk returns, prolong the milking period to its full term and get healthy calves at the proper period. Remember, that for your herd Cow-. Lie time is all time—spring, summer, autumn and winter—so see that your cows are always kept well supplied.—6

MODERN FARM IMPLEMENTS

DISPLAY BY BOOTH MACDONALD AND CO., LTD. A display that should not be missed by any farmer is the remarkably interesting collection of up-to-date farm implements made by Booth Macdonald, and Co., Ltd. It is easily located by the huge swinging stacker that has been made locally, and will be demonstrated during the progress of the show. Other features are an up-to-date double drive top-dresser, a hydraulic ram, “Albion” English mowers with single- and double speeds, Ransome’s hillside disc plough (double furrow, reversible), an interesting hay-presser, and a tractor disc harrow named the “Steel King,” which is a big brother to the famous “Steel Queen,” and various other implements such as ploughs, scoops - , sweep rakes, steel wheelbarrows and sawbenches. Special interest will doubtless be centred in the motor top-dre'feser, which can be fitted behind a light motortruck. Practically all implements sold by Booth Macdonald come from their own factory a’t Penrose, and both in workmanship and material are a credit to New Zealand. —3.

Buyers. Sellers. * s. d. i 3. d BANKSAusr. of Commerce 1 4 9 1 5 6 u : 18 6 12 5 0 (,'om. of Australia . i 0 l Ditto (pref.) . . . . (» 17 0 Eng., Soot, and Aus. 6 9 0 lb 0 .National of N.Z. . . 19 0 1 6 Nat. of Australasia lb 0 15 10 0 Ditto (con.) . . . . 0 New* South "W ales (ox div.) 39 17 fi 40 19 0 New Zealand . . 17 0 17 9 L>itto < T> mort.) 1 <» Union of Australia 12 0 0 12 4 0 ( INSURANCE— National 0 14 0 0 14 6 New Zealand .• G Queensland 12 6 South British .. .. ° LOAN AND AGENCT— Dalcety ami Co. .. — 11 17 Farmers’ Co-op. Ditto (B pref.) .. 0 Ooldsbrough, Mort 1 11 9 Newton King (pref.) 0 11 0 0 13 Dominion Invest, and Banking N.Z. & River Plate N.Z. Guar. Corp. .. N.Z. Loan Merc. 98 N. Auck. Farmers’ Co-op. (ord.) .. .. - — COAL— Grey Valley .. t 6 0 1 7 3 Hlkurangi G 2 •> Ditto (pref.) .. .. Ditto (A pref. i .. 8 3 14 3 Ditto (pref.) .. . . Ditto (new issue) 9 -* Taupiri Westport ■— Westport-Stock ton — 0 w GAS— Auckland 1 3 o «> Birkenhead and NorUicotc U 1j b SHIPPING— Devonport Steam . 1 2 G 1 tluddart-Parker G 0 G Union Steam (pref.) TIMBER— Kauri Timber .. ., — l .evland-O’Brieu . — National ° BREWERIES — C. 1*. Innea 1 1 — Ditto (pref.) .. 6 — N.Z. Breweries .. .. — ** \t1SCE LL ANKOU S— Booth, Macdonald (pref.) 0 5

Buyers. Sellers. . d. e d -British Tobacco 2 2 0 2 2 9 Burns, Philo 1 1. 9 By croft, Ltd 1 12 0 1 lo 9 Colonial sugar 4:*. 1. 6 Dominion Pictures . 1 0 0 1 Ditto (pref.) .. .. 1 0 0 0 Dunlop Perdriau .. Electrolytic Zinc 1 1 (ord.) Ditto (pref.) .. .. f. 1 8 0 14 0 0 37 6 Ditto (B pref.) Clear Meat Hayward’s Pictures Morris. Hedstrom (pref.) N.Z. Farmers’ Fert. 18 0 1 1 0 N.Z. Paper Mills.. N.Z. Refrigerating . Ditto (con.) .. .. Sanford. Ltd Ji 6 0 16 0 Ditto (pref.) .. .. 6 0 P. R. Maxwell .... 4 Taranaki Oil Fields . 0 10 Wairakei, Ltd 0 Whittome-Stevensons Wilsons Cement IS MINING— Alburn la 0 0 3 0 0 9 Moanataiari (paid) . Ditto (2s 4d paid) — 9 Ditto ( Is 6d paid) Lucky Shot (4s paid) 6 Ditto (con.) .. •. 0 0 0 8 Ohinemuri (ord.) . - Ditto (pref.) .. -• 0 13 4 0 0 1 Waihi Grand June. Mount Lyell Kampong Lanjut debentures— Auclt. Har. Board, 0 0 103 10 0 Chch. Drainage, 102 0 0 Hamilton Fire Board 102 0 0 Borough Mt. Albert, 5S p.c. . . Waitemata, G p.c.. - / - 101 103 lb 0 0 Ciisborne Sheep0 0 Williamson’s Films. — 102 government bonds 9S 10 0 99 10 0 Ditto. -1030. 45 p.c. 98 10 Ditto. 1933, 55 p.c. Ditto, 1936. p.c. 0 INSCRIBED STOCKWar Loan, 193S, 4i 99 5 0 Ditto, 1939. 45 p.c. 95 0 Ditto, 1933, 5i p.c*. Ditto. 1936, 51 p.c.