FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 909, 28 February 1930, Page 10

FINANCE & MARKETS

Commercial Bank Weaker

Loan and Mercantile Selling TIIE market opened this morning with the usual depressed feeling and little movement is registered in stocks. Commercial Bank of Australia have fallen slightly. New Zealand ljo;m and-Mercantile ford.) changed hands dt £IOO, leaving a firm market.

Business on the Auckland Market Transactions on the Auckland market over the past 24 hours included: Yesterday afternoon: Commercial Rank of Australia, .€1 2s: Bank of New Zealand, £2 17s 6d: Moanalaiari (paid), 2s 2d: Waitemata County. 6 per cent., 1962, £lO2. At this morning’s early call: Commercial Bank of Australia, £1 2s; New Zealand Insurance. £2 3s 9d; New Zealand Loan and Mercantile lord.), £100: Wilsons Cement, £1 18s 6d. At the midday call: Electrolytic Zinc (ord.), £1 7s TOd; Wilsons Cement, £1 18s 6d; Mount Lycll. £1 13s 4d. Market at Midday "Little activity is registered in bank shares. Australasias remain un- • hanged. English and Scottish have improved •lightly. Wales also have a firming tendency. New Zealand continue to change hands at market rates. Union of Australia are steady. Insurance shares are closely watched by investors. National are inclined to

f'u.se. Now Zealand sold this morning at 43s 9d. leaving buyers at 43s 3d, sellers holding for 445. South British are steady. More activity is registered in the mining section. Moanataiari (paid) have firmed slightly, both the contributing issues are asked for. Lucky Shot (paid) have also improved 6d. Waihi and Junction are steady. Mount Lyell are a fraction easier. V * * * Moanataiari Mining Progress The manager of the Moanataiari Mining Company wired yesterday:—“Bored eighteen inches into solid quartz; did not reach wall.” ♦ * * Dividends Payable Due. Bank of New South Wales, quarterly, 2i per cent Feb. 27 Car Ron Brewery, int. 7 per cent. Mar. J electrolytic Zinc—interim, ord. and pref.. 12 o.c. p.a Mar. 6 Huddart Parker, internum, 3 per cent, on prefs. and 5 per cent. on ords Mar. i 5 C. L. Innes, interim, 4 per cent. Mar, 31

TO-DAY'S QUOTATIONS

Closing quotations at today’s midday cal) were:—

WHEAT MARKET

IMPROVED TONE EVIDENT United P.A.—By Telegraph—Copyright CHICAGO, Wednesday. Wheat prices at Chicago and Minneapolis rose today as a result of assurances of Government support for the wheat market. Grain dealers in the Kansas City area have protested to the President. Mr. Hoover, against the Federal Farm Board’s action in buying wheat only from co-operatives. This they say is confiscation of business. PRICES AT WINNIPEG - nited I*. A.—By Telegraph—Copyright WINNIPEG, Wednesday. Wheat prices which fell to record low levels yesterday started to rise again today on a nervous market which reacted to unexplained advances at T.i verpool ami Chicago. Quotations dosed 2} to 12 cents up. May wheat was quoted at 1 dollar 14 cents; July l dollar 15J cents; October, 1 dollar 1« 1-8 cents. HAWKE’S BAY STOCK MARKET Special to TUB SI X I HASTINGS. Thursday At the Stortford Lodge sale, values in all sections were very firm. A large yarding of sheep consisted of at least 25.000: the whole yarding changed hands at recent values. Fat ewes made to 20s; fat wethers to 275; 5-year ewes to 265. Lambs were easier; wethers were very firm with a rising tendency.

LUCKY SHOT MINE

Tli*' Lucky Shot Gold Mining Companv report having received the % 1 ! 1S telegram from the mining ' -'’j;) V*5 r • “Selected another 20 pounds from ,hp cutting out of ‘ hamber in the Intermediate level."

HUDDART, PARKER CO.

HALF-YEAR DIVIDEND Press Association DUNEDIN, Today. The directors of the HuddartParker Company have declared a dividend for the half-year ended December 31, 1929, of 3 per cent, on preference shares and 5 per cent, on ordinary shares.

BLENHEIM OIL BORE

DRILLING HELD UP Press Association NEW PLYMOUTH, Today. The Blenheim oil report for the week ending February 22 is as follows:—No drilling has been done during the period, the time having been occupied in fishing for a twisted-off drill stem. The fishing was successful, the drill rod being brought up.

BUTTER IN CANADA

IMPORTS FROM NEW ZEALAND OTTAWA, Wednesdaw The Government leader, Mr. Raoul Dandurand, stated in the Senate today that the Australian trade treaty was receiving the earnest consideration of the Government, particularly with regard to reduced tariffs on the importation of butter from New Zealand. It wits felt that the treaty could best bo reviewed at the forthcoming Economic Conference, when many trade problems of the Empire would be considered.

PRODUCE IN SYDNEY

United P.A.—By Telegraph— Copyright SIDNEY, Thursday. The following; are today’s quotations on the Sydney produce market: !leat ' —Bulk. 4s 7d; bagged, 4s 6d. Flour.—£ll 10s. Pollard.— £8 10s. Bran.— £7 10s. Potatoes.—Tasmanian. £lO to Si!. Onions.—Victorian Globe £5: Spanish. £5 1 Os. Oats.—White. 3s: Algerian. 4s Gd. Maine.—Gs: South African. Gs Gd. Adelaide prices are: Wheat.—4s 7d. Flour.— £ll 10s. Bran.— £ 7 15s. Pollard.— £8 ss. Oats.—3s 3d.

TRADE IN PRODUCE

POTATO MARKET WEAK HEAVY SUPPLIES The Sun Office, 9 a.m. Trade in produce continues quiet with little movement in prices. The potato market is a little easier with heavy supplies continuing to come to hand. Through store, Auckland, the tubers are selling at around 7s a cwt, subject to the usual trade discounts and terms in respect to delivery. The f.o.b. position in the South is unchanged. Forward quotations there indicate that a big crop is expected and March shipments are offered at around £5 a ton f.o.b. At the moment, on account of heavy local supplies, Southern potatoes are no* attracting much attention. Onions Continue Weak The onion market continues weak, with little or nothing* in it for the growers. At the moment good sound onions are being offered in wholesale lots to storekeepers at 95s a ton f.o.r. Pukekohe. Auckland merchants ask around 6s 6d a cwt, while, in the marts, the price ranges from Is Gd tv; 2s Gd a bag. There is still no prospect of export. I'he first sizeable parcel of new season's wheat will arrive by the lir;<t boat in March. This is now being offered to storekeepers at from 7s Gd to 7s Sd a bushel, according to whether it is delivered ex the ship or through store. This price represents a drop of 2d to 3d a bushel on late rates. The maize market is quiet and not exciting much attention. There is a steady retail demand, but traders seem fairly well stocked up meantime, and can choose their own time for replacing stocks. Through store, Auckland, the price ranges from 7s to 7s 3d a bushel. Oat Market Firm The oat market is extremely firm, and an advance has taken place an the price of A Gartons over the past week. ,-The new season’s crop should become available in about 14 days’ time. At the moment, old season’s B Gartons sell through Auckland merchants’ stores at 5s a bushel; A’s are quoted at 5s Id a bushel. Chaff meets with rather a weak demand at the moment and is not engaging much attention. Through Auckland stores tli© price is firm at £ll a ton. The autumn demand for grass and clover seeds is proving disappointing, owing no doubt to the fact that the wet weather this summer has not favoured burning off.

in the Market Place

BANANAS ARRIVING NEW SHIPMENT FROM SAMOA More bananas are to reach Auckland tomorrow by the Maui Pomare from Samoa and Niue, From 3,000 to 4-,000 cases are to be landed here, the remainder of the shipment being for Wellington and the South Island. A slight increase was revealed at today’s sales for the better grades of bananas in the City Markets. Peaches are maintaining the small improvement apparent in their rates. A firmer inquiry is ruling for several lines of apples. Californian oranges are still at high prices—prohibitive to some buyers. A new shipment is expected at Auckland shortly. A few lines of Te Kauwhata grapes have been offering at rates reaching in the vicinity of 10s for 161 b lots. Good dessert plums are selling well, and tomatoes continue to show an improvement. Potatoes, onions, cabbages and lettuces are particularly heavily supplied in the vegetable market. All killable classes of poultry are being keenly sought. Cockerels; heavy hens, and young, well-finished drakesare being cleared under good competition. Quotations: FRUIT Peaches.—Choice, coloured, 4s to 6s 6d; medium and small, 2s to 3s Cd. Plums.—Purple King, 5s to Ss; Doris. 4s to 6s. Tomatoes.—Outdoor, No. 1,5 sto Ss* outdoor, medium and small, 2s 6d to 4s! Nectarins.—Bs to 11s. Apples.—Gravenstein, choice coloured 4s to bs; medium and small. 3s to 4s; Albany Beauty, 4s to 7s; cookers, 3s to us; AAillie Sharp. 3s to 4s; windfalls, 2s. Pears.—Bon Chretien, 7s to 10s; Fertdlty, 3s to 4s; Louis Bons, 7s to 10s. Grapes.—Hothouse, Hamburgs, is to Is 5d a lb; Gros Colman, Is 6d to 2s; Golden Queen, Is 6d. Cape Gooseberries.—7d lb. o7. Ba . nan , as ,- —Repacked, ripe No. 1,16 sto -Os bushel case; medium and No. 2,9 s to 14si Lemons.—Local, Ss to Its. Oranges.—Californian. 40s to 42s 6d. FIELD PRODUCE Potatoes.—New, 2s to 4s bag. Onions.—ls 6d to 2s 6d bag. Ivumeras.—New season’s, to 2c i in Cabbage.—is to 2s 6d sack. Cauliflower.—ss to Gs 6d sack. Swedes.—ls 9d to 2s 6d bag I’umpkins.—4s to 7s cwt Green Peas.—4s to 8s bag. Beans.—3s to 7s bag. Lettuce.—2s to 4s case. Cucumbers.—ls 6d to 5s dozen, v egetable Marrows.—is dozen Rock Melons.—9d to Is Pel each. Cabbage.—On benches.—is to 2s dozen Celery.—2s to 4s 6d bundle. Rhubarb.—is dozen. Spinach.—is dozen. Radish.—6d to 9d dozen. Pumpkins.—3d to Is each. Carrots, Parsnips, Beet and Turning Gu to Is dozen. Spring Onions.—3d to Sd bundle. POULTRY la H Bd nS tT? S e 28 M l ° 58 Sd: lisht ’ Cockerels.—Prime heavy, Gs to light, os 6d to 4s l)d. Roosters.—2s to 3s Gd. Pullets.—Black Orpington and YVhitf Leghorn, 5s to 7s 6d; small and backward, 2s 3d to Ss. Ducks.—Old, Is Pd to 2s 4ch Muscovy.—3s 3d to 4s 3d. Drakes.—Young, 2s Pd to 3s Sd. BUTTER AND CHEESE Merchants report receipt of overseas cables as follow: Dalgety and Company, Limited, from their London house dated February 26: Butter prices are 2s a cwt. lower. The New Zealand Loan and Mercantile Agency Company, Limited, from its London house, dated February 26: New Zealand Dairy Produce—Butter: Choicest, 146 s to 1475; the market is quiet. Cheese: Coloured, S6s; white, 87s: the market is steady. Joseph Nathan and Company, Lim- j ited, from its London house,” Tren- ; grouse and Nathan, Limited: Butter, 1455; market weaker. Amalgamated Dairies. Ltd., from its : London house under date February 27: "Butter. Anchor. 14Ss: other finest. 144 s to 1465: market very quiet: Danish butter. 155 s f.o.b. Cheese, white, 87s; : coloured. S6s; market steady.”

THE DAIRYING OUTLOOK

LOWER PRICES COMING MR. GOODFELLOW’S VIEWS Special to THE SUX HAMILTON, Thursday. The opinion that the dairy industry in New Zealand will be faced with falling prices for the next lo years was expressed by Mr. AY. Goodfellow. managing director of the New Zealand Co-operative Dairy Company. Ltd. speaking at the dinner given to the Australian dairying delegation at tile Hamilton Hotel last night. Fir. Goodfellow referred to certain propaganda already appearing in the New Zealand country Press to discredit the efforts of Amalgamated Dairies in the eyes of the producers. This, ho believed, was only the forerunner of an extensive campaign which would develop as the season advanced. He had no doubt that similar tactics would be adopted in Australia by interests which were not sympathetic to the welfare of the dairying industry. Commenting on the future, Mr. Goodfellow stated that the country had experienced a period of rapidly rising • prices over eight years front 1914 to 1922 and eight years of declining values, the latter largely as a result of a return to the gold standard. If economists were correct in their forecasts. a l'ui'ther decline must be anticipated during the next decade. This problem of falling prices in the past had been more than countered by an increase in production as the result of more fertilising- and herd-testing. It was estimated that the Auckland Province would produce at the present rate of production a further 50,000 tons of butter in lo years’ time, provided prices remained at a payable figure. “Where are we to lin'd a profitable market for this ever-increasing quantity of butter?” asked Mil Goodfellow. “It is true that the Dominion is shipping butter this season to Eastern Canada, but that market can only be regarded as a temporary one and may disappear at short notice if the TJ.S.A. Government suddenly increases the tariff on the large quantity of milk and cream imported from Canada to the States. If this occurs the Canadian Government will be compelled to shut out Australian and New Zealand butter, as the milk and cream in question will be sufficient, if converted into butter, to supply the total locaj requirements. Other markets remaining open to us are not capable of development to any extent and the industry, therefore, has to depend almost entirely on the United Kingdom to purchase the major portion of our butter and cheese exports.” Although the outlook was certainly not very encouraging, added the speaker, the position couild be easedconsiderably if Amalgamated Dairies marketed 60 per cent, of the butter and cheese of the Dominion and if, at the same time, a determined effort were made to develop markets for* our produce in England other than London. Most of the dairy companies failed to appreciate the fact that 92 per cent, of New Zealand butter and cheese imported into the United Kingdom was shipped to London, whereas London only supplied approximately half the population of the United Kingdom. IT this were realised it would be possible for New Zealand, on a weak market, to obtain a price for its butter more nearly approximating Danish values “The only Remedy so far as I can see is the gradual development of freer trade within the Empire,” Mr. Goodfellow continued. “If the Old Countrv would agree to tax foodstuffs there is no doubt to my mind that the producers of both Australia and New Zealand will support a demand for a substantial reduction in the duty ori all British manufactured goods. Such a policy will in the first place discourage foreign importations of dairt produce and thus provide a wide* market for Empire goods. It will also have the effect of greatly stimulating the sale of British manufactured goods in the Dominions, resulting in more employment in England and a greater consumption of Empire produce.”

OHURA RAM FAIR GOOD PRICES, COMPLETE CLEARANCE From Our Own Correspondent TAU MAH UN UI, Th ursday. A large entry of rams at the annual fair conducted in conjunction with the show at Ohura saw a complete clearance at satisfactory prices. The principal breeders offering were G. E. Allen (Masterton), J. Holden (Dannevirke), and Voss Bros. (Feilding). Romneys on account of G. E. Allen, one-shear, fetched from 153gns to 20g gns; two-shear. Signs to 15gns; flock rams, sgns to Signs; on account of J. Holden, 21gns to.stgns. On account of Voss Bros., 23gns to Signs.

Buyers. Sellers. £ s. ci. £ a. d. BANKS— Aust. of Commerce 1 4 6 1 Australasia 11 17 < ’om. of Australia . 1 1 8 Ditto (pref.) .. . . 6 10 0 6 18 Kng\. Scot, and Aus. 6 f* 0 National of X.Z. . . 5 17 6 Xat. of Australasia 15 0 0 15 Ditto (con.) .. .. New South Wales . 40 0 O N -'w Zealand 17 0 17 Ditto (D mort.) .— Union of Australia . 12 0 0 12 0 INSURANCE— National 0 13 o 0 New Zealand .. .. Queensland South. British .. .. 3 0 0 3 1 I.OAN AND AGEXCIDalgrety and Co. . . 11 17 6 farmers’ Co-op. 0 Ditto (B pref.) .. 0 «Joldsbrough, Mort . 1 1 1 1 12 Newton King- (pref.) 0 1L 0 0 Dominion Invest, and Banking 1) N.Z. & River Plate X.Z. Loan & Merc. 9S 0 0 106 ■X. Auck. Farmers’ Co-op. (ord.) .. .. 0 2 Ditto (B pref.) — 0 11 6 COAL— Grey Valley .. 1 fi 0 <7 2 Hikur*nKi 0 1 •» 2 Ditto (pref.) .. .. 0 4 0 Ditto (A pref.) .. 0 0 0 Pukemiro :? S 0 Renown 0 15 0 Ditto (pref.) .. .. 0 0 Ditto (new issue) 0 Taupiri 8 Walpa 13 0 Westport 1 3 L 0 Westport-Stockton — 0 4 GASAuckland 1 •» 1 6 Ditto (con.) .. .. — 17 6 SHIPPING— Devonport Steam .. 1 t 0 Howard Smith . . . . Huddart-Parker 1 3 5 Northern Steam 0 Ditto (con.) . . . . 0 <; o Union Steam (pref.) 1 0 0 — TIMBERBartholomew . . .. 1 Kauri Timber .. .. 0 13 National 0 s 5 0 6 BREWERIES— C. T* Innei Ditto (pref.) .. .. 1 1 X.Z. Breweries .. .. — 4 6 MI3CELLANEOUS— Australian Glass Aust. Iron and Steel (pret.) - Booth. Macdonald <pref.) 0 4 0 0 5 0 if*.. _

Buye: Sellers. £ s. d. £ : s. d British Tobacco 2 *> •> o Bycroft, Ltd 1 1 1 6 1 s Colonial Sugar 44 10 0 Dominion Pictures . 1 0 0 1 Ditto (pref.) .. .. 1 0 0 Dunlop Perdriau . . 1 Electrolytic Zinc Corel.) 1 1 s Ditto (pref.) .. .. 1 Farmers’ Trading . s 6 0 s 9 Ditto (A pref.) .. 0 14 0 0 17 Ditto (B pref.) 0 0 Fullers’ Pictures 0 18 0 Gear Meat 1 19 0 Hayward’s Pictures n Henry Jones Co-op. 1 10 N.Z. Drug 13 0 Milne and Choyce, deb. stock 1 6 Morris. Hedstrom (pref.) 0 LX 0 X.Z. Farmers' Fert. » 0 6 N.Z. Paper Mills . . N.Z. Refrigerating . n 11 6 Ditto (con.) .. .. 0 9 Sanford. Ltd Ditto (pref.) .. .. 1 0 0 S. R. Maxwell . . . . 0 4 0 s Taranaki Oil Fields . 0 0 4 Union Oil 1 l> Wairakei, Ltd 0 6 6 0 10 0 W hittome-Stevensons 1 0 \\ ilsons Cement 1 IS 0 1 19 3 MINING— Alburnia 0 n 7 Moanataiari (paid) . 0 2 0 5 Ditto (2s 4d paid) 0 .1 11 Ditto (Is (id paid) 0 1 4 0 l 10 Lucky Shot (4s paid) 0 1 0 0 6 Ditto (con.) . . . . 0 i 6 Ohinemuri (ord.) 0 Ditto (pref.) 0 3 0 Waihi 0 13 4 0 13 7 Waihi Grand June. (i 1 l Mount Lyell i 13 1 13 6 DEBENTURES— Auckland Gas, 1932, .» per cent. 99 10 0 Ditto, 1935, 61 p.c. 100 0 Auck. Har. Board, 6 p.c 101 0 0 103 10 0 Chch. Drainage, 5:i 102 0 0 Hamilton Fire Board 102 0 0 Borough Mt. Albert. 101 0 Gisborne Sheepfarmers 93 0 0 W illiamson’s Films. — 102 0 0 GOVERNMENT BONDS War Lean. 193S, -U 98 0 99 Ditto, 1939, 4i p.c. 9.8 0 99 0 Ditto, 1933, 5A p.c. 9S L> 0 Ditto, 1936, 5’. p.c. 98 17 0 100 0 0 INSCRIBED STOCKWer Loan. 193S, 4i 98 5 0 - Ditto, 1939, 4'. p.c. 98 5 (1 Ditto, 1937. 5 1- S Ditto, 1927-41. 96 0 0 Ditto, 1933, 5i p.c. 98 10 0 Ditto. 1936. 51 p.o. 98 17 6 —