COMMERCIAL

Greymouth Evening Star, 10 December 1927, Page 8

COMMERCIAL

NAPIER WOOL SALES. (Per Press A«8ooiatlon.) NAPIEB, December 9. The second Napier wool sale of the season turned out as was generally expected, a decline in values on medium and coarser grades of wool, with the finer sorts quite holding their own; with the prices ruling in November, and at times perhaps showing a slight improvement. To take recent values ruling at Wellington as a guide, today’s market at Napier- was one exactly on the same level, with the exception of 44/46 preparing wools, which showed a drop of from |d to £d. It was more than the growers could hope for that the market of November should be maintained, and generally it was recognised that those values were brought about by the demand on the part of some operators for wool for immediate consumption. With those requirements fulfilled, naturally the market would find a truer level, whilst at the same time it had to be recognised that now that wool supplies are more plentiful there is not the same reason for feverish buying. Still, quite a number of growers were optimistic enough to expect the high level of the month to be maintained, and values were placed on their clips accordingly. However, in those cases opinions of buyers were at variance with those of the growers, and reserves were not reached, and in consequence several lots were passed in. If the few whose lots were passed in were disappointed there were many others who had fixed values to give them a reasonable return, but had received agreeable surprises at an offer of 2d to 3gd over those values. One noticeable thing about the sale was that it lacked allround keenness of operations in November. In such lines as lambs wool there is no denying there was good competition and keenness, but at other times the sale seemed to drag. The official range of prices was not available to-night. WELLINGTON WOOL SALE. Messrs Dalgety and Co., Ltd. report: The second sale of the season in Wellington saw 25,700 bales catalogued and for a few- days before the closing, brokers had a strenuous time in taking delivery from rail and boat and having the rush deliveries stacked and catalogued in time for the sale. The rush was phenomenal and we can safely say that it is many years since such a large quantity of wool was received into store in such a short space of time.

The sale just concluded must be considered satisfactory. Rates in November opened at the peak, and al though the present London sales showed, as expected, a considerable appreciation on closing prices of September series, still Dominion prices today leave no margin on a top basis. A solid selling basis can only be established when English buyers can secure requirements here at a price which is going to give and allow a fair business profit on the top in Bradford. Unless the English' top market improves it is our opinion that medium crossbreds must come back a little further —about jjd per lb —and if this happens, Home buyers will lift a heavy weight of wool with confidence.

The offerings to-day wete more varied than in November, a greater bulk of medium wools being included, still, many super parcels of merinos, halfbreds and Romneys were offered. Low and medium crossbreds, when compared with November can be quoted generally at id to Id lower. Super Romneys, especially carding hoggets wool were very firm at late rates, English, U.S.A, and Continental buyers holding high limits for such wools. Halfbreds and Merinos sold well, the former being about Jd below November and Merino id to Id lower. , At the time, it was recognised that November prices were inflated. There was only a small offering then and mills being caught short, were forced to buy at extreme prices. To-day we are pleased to report that buying was well spread, all sections being keenly interested with Bradford, the heaviest buyers. A fair quantity of the textile will go tft U.S.A, and France and Germany were also well in the market. Australia was keen on lambs’ wool and the. few’ parcels offering were eagerly snapped up by that trade. , As growers mostly meet the market we had a good clearance at auction selling 97 per cent. We cannot, in the near future, see any prospect of crossbred prices improving, the tendency at the moment being for a further slight fall.

BUTTER AND CHEESE. Copy of a cablegram received by Dalgety and Company, Ltd., from their London Office, dated December 9. — Butter: Market slow. Danish 196/to 198/- (192/- to 194/-); New Zealand Finest Salted 166/- to 170/- (164/to 168/-): Finest Australian Unsalted 180/- (176/- to 178/-); Finest Australian Salted 166/- to 168/- (164/- to 168/-). Cheese: Market slow. New Zealand White and Coloured 92/- to 94/(White 98/- to 100/-, Coloured 97/to 99/-); Canadian Spot White and Coloured 98/- to 102/- (98/- to 104/-). STOCKS AND SHARES. AUCKLAND, December 10. Sale, on ’Change: Auckland Gas, Con. 16/11. Reported: Ohinemuri Mines, 6/8, Commercial Bank 29/5.

(By “Insider.”) The past week has not been marked by any great change in prices of shares or stocks and I do not anticipate any before the Christmas vacation. The coming year augers well for investment shares as the increased price of wool and dairy produce must have a good effect, and in wool alone the Dominion should reap an additional two million Bank shares continue to attract investors and sales are mostly confined to this section. Bank of New Zealand are now quoted ex dividend of 1/4 per share, sales have been made this week at 59/3 and 59/2. against last week’s sales of 60/5 and 60/3. (cum dividend). Bank of New South Wales are very firm at £45/1/6 and show a rise over last week. .Union’s are standing at. last week’s price of £l4/10/-. National of New Zealand haVe had sales at £6/17/-, Commercial of Australia ordinary shares are slightly firmer with buyers at 29/1. National of Australasia are better. Buyers are offering £l6/18/- for the £lO shares.

• Insurance shares show very little change. Nationals have had several sales at 15/9. New Zealand’s at 40/- are on a par with last week. South British have buyers at 57/-. Colonial

sugars have buyers at £54/5/ and sellers at £55. British Tobaccos are firm at 52/8 with a seller at 53/-. Shareholders of British Tobaccos will shortly receive a bonus issue of two for five shares held. Under the reconstruction scheme shareholders’ interests will be transferred from the present company (which is registered in England) to a company registered in Melbourne, in order to reduce taxation. In the new company ordinary shareholders will receive seven shares for every five now held. CHCH. STOCK EXCHANGE QUOTATIONS.

Buyers. Sellers.

DEBENTURES- £ 0. d. £ s. d. 4i p.c. Inner., 1938 96 15 0 97 0 0 4J p.c. Inner., 1939 96 15 0 97 0 0 4% p.c. Bonds, 1939 96 15 0 97 0 0 5 p.c.. 1927 99 10 0 100 0 0 5J p.c. Inner., 1927-41 98 10 0 54 p.c. Inner., 1928 101 0 0 101 5 0 5i p.c. Bonds, 1933 ... 101 5 0 101 10 0 p.c. Inner., 1936 101 5 0 101 10 0 54 p.c. Bonds, 1933 101 5 0 101 10 0 52 p.c. Chch. Gas, 1934 100 10 0 6? p.c. Chch. Hospital 99 0 0 99 10 7J p.c. Gisborne Sheepfarmers 1931 85 0 0 89 0 0 N.Z. Breweries 1 3 8 I 3 10 BANKSAdelaide 8 12 0 8 13 0 Adelaide rights Aus. Bank of Commerce 1 12 3 1 12 7 Australasia 14 7 6 14 14 0 Comm, of Australia ... 1 9 0 1 9 2 do. (pref.) 6 19 0 7 0 0 Comm, of Sydney 24 10 0 24 15 0 E.S. and A. 7 10 0 7 12 6 National of Australasia 8 7 0 8 7 6 New South Wales 45 2 6 45 5 0 . N. S. Wales (Bights) ... 25 2 6 25 10 0 New Zealand 2 19 1 2 19 4 Union of Australia 14 10 0 14 13 0 Western Australia 2 19 3 3 0 0 B.N.Z.L.T. Mortgage ... 16 7 Bank N.Z. Mortgage ... 16 9 do. (fully paid) ... 1 6 0 1 6 National of N.Z. 6 15 6 6 18 0 INSURANCE— National of N.Z. 15 8 15 10 New Zealand 1 19 9 2 0 3 South British 2 17 0 2 17 3 Standard 2 19 3 3 0 3 Queensland 2 15 3 2 16 6 LOAN AND AGENCYDalgety and Qp 13 1 0 13 2 6 National Mortgage 3 12 3 3 18 0 Goldsborough Morts ... 2 6 9 2 7 6 N.Z. Loan and M. Co. .. 94 0 0 98 0 0 SHIPPINGHoward Smith 18 4 19 0 Huddart Parker 2 8 4 2 8 9 Union (54 p.c. Cum Pref.) 10 0 10 6 P. and 0. Stock 266 0 0 278 0 0 FROZEN MEAT— Canterbury 8 5 0 8 10 0 N.Z. Refrigerating 8 8 8 9 do. 20s paid 18 0 18 6 WOOLLENS— Kaiapoi (pref.) 8 6 8 9 COAL— Westport 1 11 6 1 12 6 Westport-Stockton 2 6 3 6 GAS— Christchurch 14 6 14 8 Timaru 12 6 1 3 Ashburton 5 10 0 5 17 6 Wellington 17 2 17 6 Auckland 12 7 1 3 BREWERIESCrown 13 0 13 11 Manning 19 9 1 0 0 New Zealand 2 4 9 2 u 3 W ard 1 13 6 1 18 9 Staples 1 17 9 1 18 6 Monteith 19 9 110 CEMENTS— Wilson’s 1 16 9 1 17 3 TIMBERKauri 1 3 6 14 0 MISCELLANEOUSBeath and Co' 1 12 4 1 12 9 British Tobacco • 2 12 11 2 13 3 Burns, Philp 1 17 0 1 18 0 Colonial Sugar 54 12 6 54 17 0 Dunlop Rubber 15 8 16 9 Elect. Zinc Pref. 1 11 8 1 12 6 Holdens 1 If 9 1 13 0 N.Z. Drug Co 3 6 7 3 8 0 N.Z. Farmers’ Co-op. ... 78 10 0 79 0 0 N.Z. Sugar of Milk ... 1 2 6 1 10 0 Whitcoihbe and Tombs 3 7 6 3 10 3 j)om. Home Bldgs. 1 6 6 0 D.I.C. (pref.) 1 3 0 13 6 D.I.C. (ord.) • N.Z. Guarantee Corp, ... 19 3 8 10 9 4 Quill Morris 110 Crystal Palace ... ... Auckland Amusement 16 0 17 0 MINING— Mt. Lyell 18 6 1 9 0 Waihi ••• Blackwater — Alexanders (fully paid) 5 t 15 0