HOME MARKETS.

Press, Volume LXIII, Issue 18926, 15 February 1927, Page 10

HOME MARKETS.

A CHEERFUL TONE. MOST STOCKS FIRM. )*r CABt3—rltXfl ASSOCIATION—CJPT*IOHT.) (Avmutiur a>o *.*. cable association.) LONDON, February 12. The inherent strength of the Stock Exchange position has been shown (luring the past fortnight, for, despite several adverse factors, most sections have remained Arm with a cheerful tone. Even when the Chinese situation looked ugliest there was no sign of weakness, and now that developments in China seem favourable, as fhown by Sir Austen Chamberlain's reassuring statement, considerable firmness is apparent. It might have been expected that the reduced dividends of three great railway companies would have caused depression id home rails, but tho result was exactly the reverse. Ever since the dividends were announced leading rail stocks havo been in demand at advanced prices. Apparently tbo operators are glad that they know the worst about the post and tho nightmare of uncertainty has been remove!).

Activity In OIL A feature this week has been the great activity in oil shares, in which enormous business has developed. Even considerable profit-taking sales failed to check the advance of prices. With regard to the position of securities generally they now stand at the highest level since the war. . The "Bankers' Magazine," in its monthly valuation of 365 representative securities, shows that they appreciated during the four week* ending January 10th no less than £120,000,000.

French Wool Industry. Aeeording to a report received by the Oversea* Trade Department from its commercial counsellor in Paris tho French wool industry in its manufacturing capacity'has completely recovered from the severe damage suffered in the war. The report adds: The industry received a considerable accession of strength by the restoration of AlsaceLorraine. Several minor centres have undergone great development, and in many plaees new wool-working factories have sprang upV The last six years of prosperity have furthermore enabled manufacturers to lay firm foundations for, their enterprises and to write off considerable liabilities incurred for new construction and plant, and to form adequate reserves.

Better Market, The hotter position : shows -little change. There U only-a limited demand for .New Zealand,-'buyers apparently preferring Australian at about eight shillings a hundredweight less money. A satisfactory feature of the trade..!* the steady demand for stores and }ower grade butters, which has re.suited in a great reduction of the heavy stocks whieh< filled the.'eold stores at th*. commencement of the season. Arrivals from overseas are beginning to decline; tfnWts in January being 47*741 ewt erfqparod with 672,651 for th* pfeViou* Janffluy." Bo there}-doos in, values'for some time, especially as the Continental markets are very Arm. i -.Australian. -Wines. ' ">- The unfairness to Australia of the proposed restriction on the clearances ol wine, even in «an amended form, is ' illustrated-by the official statistics', of dtsrsneef ,in January, which amounted to 161,778 gallons, eompareftwith 1 $7,076 la.January, 1826. This great-increase is Undoubtedly partly due to the' high prf«e t ox", spirits, and therefore itNa.in-. tercstinglo note that Seb'tM dis'tfllers ar* eonndently anticipating a reduction In duty In the forthcoming Budget. .. IV la. said that; they expect the duty to Unreduced from 72s 6d to 50s a proof gallon. This would enable the retail met ol whisky to be reduced by about: half m erown a bottle from the present retail price, 12s 64.* reduction would probably cause a,. material ink ertsso fit the consumption, and the distinrrs*' view is that tb« Increase will result in a greater yield'to the revenue tbtu at present. It remains to be seen whether the Chancellor of the Exchequer accepts this view. 'Sarin Products/ The Empire Marketing.Board la. aotively pursuing a propaganda campaign with results which appear satisfactory. The latest '•darelojanent;4s the securing of rthe SHM^aM'most, central post tioa ffli.m'Advertising ExhftlUon at Olymtia fa connexion, with tho' Advertising As* •oclaUoni' ConTentlon, which will be attended bV2OOa experts from all parts of the world.' .The board is arranging to make the 'finest .display of Australian produce vet wen fkpufa, and the exsiblt Js.Ufery to obtain a great amount of publicity. ; \ '. DUMPING DUTY. CALLED. ■* - ummmmmm " : Mr ifcmnfc Stewart's reetnt detaHion ef the bush of computing tM dumping duty on Australian flour: Ws-not given general satisfaction tfra&e>ncefned„ Mr W*Maehin, ehairaaa,'6i,the special committee ed at the last conference: held in Christof arranging a deputatiik ta &elffrgtou,,is not at aU and Is anxtou* for atiojaer conference to be held at one* to consider what further steps 'should -be taken' in the matter. In order to save delay, the Chamber •f Commerce la tplng the. Initiative and fi calling a conference, to be held to-morrow at 2.45 pjn., in the Chamber Of Cpßuneree, when all concerned in the , question will be invited to attend. Invitations have been sent to the South Canterbury and Ashburton Chambers of Commerce to send representatives to the conference.

CULVEBDEN MARKET. tfinjiw* at .lb* Onlterden mi*Mj#t*rj.Vim wtr boo*. The yarding conaUtad a*| Mi el tfcaaa only 188 were dUpoaed of,

FRENCH FRANC. STABILISATION PROPOSALS. (ST CABLE -ir.IS.I AS3orlvrt..'S COPY.-ttOstT.' (ACSTBALIA.H AJfD !».Z. CABLE ASSOCIATION] (Received February Utli, 11.10 p.m.) PA IMS. February 12. ''Le Preese' 1 says it is reported that M. Poincare is aiming" at tixing the franc at 120.1.3 to the pound, exactly rive times the pre-war rate. A now franc, to be c.tile'l tin- ' tlumard,'' uili then be introduced. N.S.W. LOANS. A MINISTER'S MISSION. [THE PKESS Special Service.] AUCKLAND, February 14. En route to the United States and Britain on a legal and financial mission from the New South Wales Government, Mr W. J. McKell, Minister for Justice in the New South Wales ] Cabinet, is a through passenger by the Niagara, which arrived from Sydney to-day. With him is Mr E. R. Chapman, permanent head of the Treasury of New South Wales. Mr McKelly expects to remain a fort, night in New York, where he will atteud to matters connected with the flotation of the New South Wales loan the first Australian loan floated in the United States. In London a number of State financial matters will come under his notice, including details connected with two conversion loans, totalling approximately £11,000,000, which fall due in London at the end of the .vear. White in London, Mr McKell will also arrange for the defence of the New South Wales Government in an appeal which the Commonwealth Government is bringing to the Privy Council against the decision. of the Hieh Court of Australia respecting the control of Garden Island in Sydney Harbour. WEST COAST MARKETS. PROPOSED STOCK SALES. (SPECUI. TO THE (BESS.) GREYMOUTH, February 14. A proposal on foot to hold a fortnightly stock sale at the Greymoutli, Preston road, yard is receiving good support from farmers and. representatives of stock agencies' firms. During the .present season the transport of live stock to Addington, especially lambs, lias shown a phenomenal increase, and it is stated that a fortnightly sale at Greymouth would eliminate numerous difficulties that are involved under the firesent system of transportation. A arge percentage of the stock for the east coast is brought from the South WestJand and Murohison districts, and long distances have to be negotiated before the rail-heads at Ross and Reefton are Teachod, with the result of consequent .loss of condition and suffering to the animals before they reach Canterbury. ' ( GERMAN LOAN OVERSUBSCRIBED (mt cable—mess abbociatiok—combxobt.) (ivmiuut aw' w.s cast* association.) (Received February 13th, 11.10 p.m.) BERLIN, February 12. "<Mie -Government's internal loan of oversubscribed. WOOL SALES LONDON MARKET. NOVEMBER-DECEMBER BERIES. (noit ou» ow> coßaasroEDKrr.) LONDOK/Uebember 15. Uassrs Charles, Balms and Co- report that during the acnes of wooTsjsJes, vending on December 10th,-119,728 bales were/catalogued lnelwung N 4oi3tß bale* facia, l ; Hew. Zealand. The quantity sold amounts to about 98,000 baits, of which some 49,000 bale*-have bean taken for export, inoluding 3000 bales purchased for shipment to America; ■• After the strong demand .from all quarters and buoyant market experienced at the filth series, there; was a reaction ;dttring the intenalboth at' Home and abroad. No doubt disappointment at the failure*of all attempts to settle the. coal strike during' October, and the high pries of coal, were the causes of the depression >in ' the 'English mannfacing districts, while the, rapid appreciation of the frano and uncertainty as to its future value again disorganised business in France. Aa the result, prices fell in the Australian selling centres to a level quite 10 per cent, below London September parity, and the New Zealand sales opened on a similar low basis. Fortunately, the strike was in process of settlement and the tons of the market had improved before onr sixth aeries started, and values at the opening were more satisfactory than had been anticipated. There was a good demand from the Home trade throughout the auctions, and during the earlier part French and German buyers also operated freely; towards the close, however, foreign competition slackened and prioes fox merino wools consequently suffered. The market for greasy merinos was disappointing. Values for wools of fine quality were not more than 5 per cent, lower, superior descriptions at times reaching practically last sales level,' but average combings,' after opening with a decline of 6 per cent., closed 10 per cent, cheaper, while on inferior .and faulty lots the fall was from 10 to 15 per cent. The demand for scoured merinos was. better maintained,, and prices for them 'd|3 not recede more than 5, per cent, except -in tbV case of carbonising sorts, which were difficult to .sell at a deline of 10 per cent Fins greasy crossbreds were very scarce and so'd at unchanged rates. There was, on the.other hand, a large selection for the time of the year of New Zealand medium crossbreds, and- the beat of these slso realised September parity, but ordinary medium and coarse wools closed 5 per cent, below that level. For scoured erossbreds of fine and medium quality, quotations showed no alteration, while the coarse grades declined 5 per cent New Zealand stipes opened 5 per een| 'cheaper, but. values for medium and coarse qualities soon begsn to harden. and recovered the initial fall early in the second week; this improvement, however, watnot maintained, and st tbe cloae these sorts most be quoted in average 5 per cent, down. Inferior washed pieces suffered throughout from lack of French support, and were- from 10 to 15 per cent, cheaper. As compared with last series' closing rates, Messrs Balme quote:—

Australian and Hew Zealand Merino. Grease, superior, par to 5 per cent, cheaper; . grease, arerage to good, 71 to 10 par cent: cheaper; grease, poor condition. 10 to 15 par cant, cheaper; grease, inferior place* sod-lock*, 10 per cent, cheaper. Sccrarod, tuperior. 5 per cent, cheaper; «c«ni-<-« *r»—•-«. to rood. 5 per cent, cheaper; teoured, inferior, 5 per cent, cheaper; leoured, ituny p.ccej sod locks, 10 per cent, cheaper. ITaw Saalaad Crossbred. Grease, line, tuperior, par; grease, fine, ordinarr, par; greaie,-medium, taperior, par; Seas*., medium, ordinarr, 5 per.. cent, caper; graaae, eoarae, inperior, par.' to 5 per cant, cheaper; grease, coarse; ordinarr, 5 per cent, cheaper. Scoured, fine, superior, par; scoured., fine, erdiaarr. par; scoured, , medium, superior, par; scoured, medium, ordinarr, ; par; scoured, coarse, toparlor, par io 5 per-eent. .cheaper; aeaarad, eoarae, ordinarr, 5 per cant, cheaper. •iW* 4 ! *»<»t.*»tf«l«f. «.P«r ««»t. cheaper; •Jfpti, *na. inferior. ,6 per cant, ehaaper; Wiajaar; sUpaaVmdiaat. inxaitar. aTpar east. IfflffifttjWP** 0 *"*' Wtfn.lS Io 7| par ;! ; '" «*• epoUoat;. of **•

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. Siles on 'Change:— Bsnk of Adelaide, t3 8* Cd-: Western Auet. Bank, SS» sd, 55» 6d i'.'-vo parcels. l ; .N'.Z. Insurance, 36« 3d; Mil!.i*.rii Lime \npwl, 43 prero.; British Tob.trro. • 33i. 33s 3d: Waihi, 17s 6d; Royal Ba:;k i£« pjid:, JS7 lis. LATEST QUOTATIONS.

OTHER EXCHANGES. (ntus issocunos m»otua.) AUCKLAND. February 14. Share market •»]««;—J" crl , ,i? 10 * 1983. £111;. Bank of Australasia. £l4 lis 6d; South British Insurance 56i>; Auckland Qh 235, 22i lid; Detonpart Ferry 24b 6d; Taranaki Oil 9» 9d; Alburnla 8b 6d; Moanatalari 4s 6d, (con.) 4t 6d; Walhi 17i Bd. WELLINGTON, February 14. Salo:—Waihl Mining 17s. Sale reported:—Tanpiri Coal (ord.) 22«. PUNEDIN. February 14. Bale»:—rWalhl 17n 3d; St.- Bathan* (A liane) 3a discount. Sales reported:—Kawaran 8o 6d; 4| per cent. Bonds (1938) £96 10s. CITY PROPERTY. PASSED IN AT AUCTION. - One of the best-known corners in the City, Baxter's corner, was passed in at auction yesterday for £2500. The corner has a frontace to Victoria street-of 83 feet, and to Durham street of 120 feet, and has • briek and stone building with shop and dwelling. The property was offered'by Messrs Jones, MeCrostie Co., with Messrs H. S Bichards and Sons. FROZEN MEAT. The ' New Zealand Loan and Mercantile Agency Co.. Ltd., has received the following cabled advice from London:—New Zealand froien meat—Lambs, lOd per lb (average); mutton, wether and maiden ewe, light 6|d per lb, heavy 6d; ewe, light 4|d per lb, heavy 81d per lb - Tbe market is quiet.

3uver' Sellers. E s. d f £ s. d. N.Z. GOVT. DEB^NTURES4J per cent. Inscribe:!, 1313 96 5 0 96 10 0 4J per cent. Inscribed, !339 36 5 o IJ per cent. Bonds, IMS 96 10 0 96 15 0 4> uer cent. Bends, liwi 06 10 0 — 5 pc;- cent. Inscribed, 1927 33 0 0 — a per cent. Inscribed, 153 98 10 0 99 0 0 5 per cent. Bonds, 13-27 99 5 0 — 54 per cent. Inscribed, 1933 — 101 5 0 5} per cent. Bonds, 1933 101 0 0 101 5 0 Sj per cent. Inscribed, 1336 — 101 5 0 OTHER DEBECTURESAuckland Citv, 51 per cent, 1937 — 98 10 0 New Brighton Borough, 5] per cent., 1935 .. — 101 0 0 Gisborne Borough, Si per cent., 1946 — 99 0 0 Christchurch Drainage, 5J per cent., 192878 101 0 0 New Plymouth Borough, oj per cent., 1933 99 0 0 100 0 0 New Plymouth Borough 5 per cent,, 1933 — 96 0 0 Christchurch Trams, 5§ per cent., 1944 98 10 0 100 0 0 K.Z. Breweries,' Bond* 1 4 3 1 4 9 Booth. Macdonald. 6J per cent., 1932 .. — 73 0 0 Glaxo, 6J per cent., 1915 87 10 0 Wcstporl-Stockton,. 6| per cent., 1933. .. — 85 0 0 BANKSAde|aido 9 8 6 9 11 0 Aust. Bank of . Comm. 1 13 7 1 14 2 Australasia 14 9 6 14 13 6 Comm. of Aust. 1 10 9 1 11 0 Comm. of Aust. (rights) 0 9 7 0 9 9 • Comm. of Sydney (rights) 12 0 0 13 8 6 E., S., and A. 8 6 6 8 8 6 National of Australasia (£10 paid) 18 3 6 18 9 0 National of Australasia* (£5 paid) 9 2 6 9 5 0 National of N.Z. 7 1 6 7 2 6 New South Wales (cum 4r div.) 49 0 0. 49 10 0 New Zealand 2 19 9 3 0 1 New Zealand (Mortgage Shares) 0 11 9 0 12 0 Royal (£1 paid) 1 18 9 1 19 3 Royal (£4 paid) 7 11 0 7 13 6 . Union of Aust. 15 5 0 15 6 6 Victoria (ord.) ~ — 10 0 0 Western Australian M 2 18 .6 2 18 8 INSURANCEMercantilo Mutual. >. 1 6 3 17 3 National .. ~ - 3 13 8 8 14 3 New Zealand »• 1 16 6 1 16 10 Queensland .. — ■ 2 16 6 3 0 0 South British «. . 2 15 8 3 16 I Standard .. .. 2 16 6 2 18 0 LOAN AND AGENCYDalgety and Co.. .. 15 8 6 15 12 6 Goldsbrough, Mort «».; •2 10 8 2 11 0 National Mortgage .. 3 6 0 8 10 0 8HIPPING— Huddart-Parker 2 7 4 2 7 9 Huddart-Parker (pref.) •■ 1 0 9 119 P. and 0. Deferred Stock .. .. : B3 10 0 268 0 0 . -Union (pref.) *. 1 0 1 10 6 FROZEN MEATCsnterbury .'. .. — 8 10 0 Canterbury (pref.) .. 4 16 0 4 17 6 N.Z. Refrig. (£1 paid) 0 13 0 0 14 0 N.Z. Refrig. (contr.) .. 0 6 •1 0 6 3 WOOLLENS- , . Ksiapoi .(17a paid) «. 0 9 s 0 110 Kai'apoi (7s paid) .*. 0 8 3 0 8 6 Kaiapc-r rpref.) . ' *. GAS-- "-'J0 14 6 0 16 0 Auckland .» •» — 1 8 0 . Chririohifrch ' •» 1 4 0 1 4 10 BREWERIES- , Crown .. fm 0 14 6 0 16 6 Manning •• -4 O 19 a .1 o s Mouteith's .. *. 1 1 9 13 0 New Zealand '». 310 9 311 9 Staples .. •• 1 16 8 1 17 8 , Timaru .. >•• 0 14 6 — Ward .. • ~ 2 2 0 3 5 0 CEMENTSMilburn (new) -. 0 8 10 — Mjlburn (righto) w 0 3 9 0 4 0 Wilson's •• 115 6 1 16 0 MISCELLANEOUSAllied Motors - — 14 9 Beatb and Co. * Ill 6 1 13 3 British Tobacco *. 3 13 8 3 18 8 Bums. Philp a i 3 3 3 0 Electro. Zinc. (ord. cum div.) 116 8 1 17 0 Electro. Zino (pref. cum diT.) 117 0 117 8 Glenmore Brick and Tile (cum cUt.) 18 0 111 0 Henry Jones Co-op. .. — 3 10 .0 Hmne Pipe JMason, Strutheis (10* paid) - :. 0 18 8 0 18 6 ,0 W 0 0 10 8 Mercantile linanee Corporation (5s paid) 0 4 1 0 4 8 N.Z. Drug Co. .. 3 7 .6 8 8 9 N.Z. Farmers' Fertiliser .. t • • — 410 0 N.Z. Guarantee Corpn. 0 10 a 0 10 '5 Wbitoombe. aad Tombs' 8 11 9 3 13 6 N.Z. Malay Bobber .. "• — S 10 0 MINING— Alburrria w - .0 8 8 Blackwater • ~ •» — 0 8 6 'Kawarau ***'*• Mt. Lyell - «- Waihi " — *• Grand Junction — 0 8 6 1.8 8 0 17 6 0 8 9 1 8 10 0 19 6 0 3 6 St. Bathans "A" >. — par.