BRIGHTER TONE

Hawke's Bay Tribune, Volume XX, Issue 148, 12 June 1930, Page 9

BRIGHTER TONE

RISING MARKETS FOR WOOL AND BUTTER. SHARES’ UPWARD TREND. (Special to "Tribune). (By "NOON CALL”). Auckland, June 12. A more confident atmosphere is being recorded in financial circles. Less pessimism is taken, and there is a more general tendency to agree with the contention that affairs financially are not as bad as many would have had us believe. The forecasts made earlier in the year in this column have received further support during the week in the fact that there have been a number of further signs indicating that the darkest depths of the’ depression have been passed. ” • The outlook for wool continues to show improvement. The Irtitter market has strengthened slightly over the past day or so, and indications are that slightly better prices may rule over tho next few months, following an easing off of supplies from the Southern Hemisphere. To make any definite forecast relative to this market at the present juncture, however, is risky. The frozen lanlb and mutton market in London is also in better tone. It is interesting to note, also, that overseas cables about hide and similar markets occasionally record a rise, whereas a few months ago reports were but a repetition of reports of falls on dull markets. NO ALTERATION IN BANK RATE As yet the anticipated fall in the Bank of England discount rate to 2( per cent, has not taken place, but this cannot be regarded as anything in the nature of an unhappy augury. It may merely mean that the governors of that institution are exercising their policy of conservative caution, and, contrary to opinion in the city, do not think that the time for a reduction has quite arrived. There has been nothing of an unsatisfactory nature happen in financial circles overseas during the week which calls for special comment. In Australia there is a decidedly more optimistic spirit abroad; the recent rains in the wheat-growing area . and the sustained improvements in the outlook for wool combine to foster the impression that, although affairs could be in much better order, the position does not warrant the general pessimism of six weeks to two months ago. i ON THE N.Z. STOCK EXCHANGE With the end of tho financial year over, and most income-tax returns and other big items of expenditure adjusted for the time being, the man in the street 1 in New Zealand is now being given a little breathing space and the result is shown in the generally brighter tone of the market for all shares in well managed concerns which can show anything like satisfactory reserves. There has been a decided improvement in the banking group, the general level of prices having been lifted to an appreciable extent. New Zoalands, since the publication of that bank's balance-sheet and annual report, have moved up to a shade over 60/-., Commercials, the best register of New Zealand and Australian prosperity, are about 9d better than at the beginning of last week, and are meeting with a steadv demand.

Insurance shares, generally, meet with a very firm market and except! in isolated instances, it is hard to see justification for the comparatively high prices in this section at the moment in view of the general level for industrials and bank shares. It is interesting to note the demand for shares in New Zealand companies which can show records of progress under energetic yet conservative management, Wilson’s Cements are very firm, ex div., around 45/-, compared with sales at under 40/-, cum. div., a few weeks ago. Farmers’ Trading are meeting with a steady sale at around 8/9. but the troublous times experienced by this company a few years ago stick to the mind of the investing public and, even highly satisfactory balance-sheet showings fail to lift the price above a level which allows a return of little under 10 per cent, on investment. Below are half a dozen concerns the shares in which have been meeting with a steady inquiry during the week, and which have decided attractions from the dual point of view of immediate return and prospects of market appreciation. Approx, return Market based on price latest div. £ s. d. £ s. d. Commercial Bank of Australia ... 1. 2 5 6 14 4 E.S. and A. Bank G 10 0 5 15 5 Queensland Insurance 2 10 0 5 0 0 Electrolytic Zinc (pref.) ...... 2 6 9 9 00 Kempthorne Prosser 3 5 0 6 2 0 Australian Glass 2 3 0 5 16 3 With the exception of Electrolytic Zinc, which is slightly speculative, the above list contains stocks in which attention has been given in selection to soundness of management, and possibility of market appreciation rather than to immediate return. STORTFORD LODGE SALE. BROKERS’ REPORTS. 'Hie Hawke’s Bay Stockbrokers’ Association held its weekly sale at Stortford Lodge yesterday, when the following prices were realised:—Fat bullocks £ll. to £l4 6/-, fat cows £5 10/- to £9 10/-, weauer P A. heifers

£3 8/-, do. steers £4, fat ewes I'3/to 18/9, fat wethers 22/6, 5-yr ewes in lamb 15/-, shorn ewe hoggets 9/6, woolly 13/6, 4 and 6-th wethers 16/11 to 19/6, store ewes 3/6 to 5/6. The various brokers report sales as under:—

N.Z. Loan and Mercantile Agency Co., Ltd.—l steer £3 5/-, 2 store cows £2, 1 do. £3 2/6, 1 fat cow £5 7/6, 2 2-yr steers £6 15/-, 15 fat ewes 15/-, 27 do. 14/-, 3Q do. 13/9, 70 do. 13/-, 32 do. 12/-. 29 do. 13/9, B’B shorn ewe hoggets 9/6, 1 cull hogget 5/-. De Pelichet, McLeod and Co., Ltd. —5 fat bullocks £ll 5/-, 4 do. £ll 18/- 1 do. £l3 8/6, 2 do. £ll 12/-, 2 do. £ll 7/-, 1 do. £l2, 4 do. £9, 3 do. £7 7/6, 1 do. £9 12/6, 3 do. £ll 1/-, 2 do. £l2, 6 do. £6 7/6, 2 do. £8 8/-, 2 do. £7 17/6. 1 fat cow £6, 2 do. £7 7/-. 1 fat heifer £4 19/6, 1 do. £8 1/-, 24 weaner heifers £3 8/-, 1 do. £2 14/-, 3 18-mth heifers £4 2/6, 19 weauer steers £4, 3 do. £2 6/-, 29 fat ewes 14/6, 42 do. 13/'3, 35 do. 18/-, 85 fat lambs 14/-, 226 wether hoggets 11/7, 147 ewe hoggets 13/-, 252 5-yr ewes in lamb to S.D. rams 16/2, 8 store ewes 7/1. Murray. Roberts and Co., Ltd.—2 fat bullocks £l4 6/-, 2 fat cows £9 17/6, 3 do. £8 5/-. 1 do. £9, 1 heifer £6. 23 fat ewes 14/-, 9 do. 13/7, 30 fat'wethers 21/6, 15 fat ewes 14/4, 1 do. 13/6, 35 fat wethers 19/-, 149 m.s. lambs 3/6, 100 5-yr ewes 15/6, 18 m.s. iambs 3/6. 100 5-yr ewes 15/6, 18 m.s. lambs 8/6,'38 do. 8/-, 23 ewes m lamb 15/0. Dalgety and Co., Ltd.—2 fat bullocks £B's/-, 1 fat cow £5 10/-, 1 do. £8 2 springing heifers £4, 28 fat ewes 14/3, 25. do. 13/6, 27 f.-auid f. lambs 11/-, 60 do. 15/9, 96 4 and 5 v rewes (S.D. rams) 15/-, 61 f. and f, ewes 8/9, 1 huntaway dog £3. Williams and Kettle, Ltd. —180 fat owes 18/10, 308 wethers 16/11, 24 fat ewes 14/6, 101 store ewes 3/7, 43 fat lambs 17/9, 2 fat ewes 13/-, 111 b.D. cross lambs 6/10, 1 wether 10/-, 3 2-tb S.D. wethers 10/-. 3 2-th S.D. wethers 10/-, 24 fat wethers 23/5, 1 lamb 3/-, 30 fat ewes 11/-, 2 fat bullocks £l2. 4 do. £l4 1/-, 2 do. £l4. 4 do. £l4 2/-, 2 do. £l2 17/6, 4 do. £l4 2/-, 3 do. £l3 15'-. 3 do. £l2 14/-, 4 do. £l2 2/- 1 do. £l4, 1 do. £l3 5/-. 1 do. £ll 5/-, 1 fat cow £6. 3 fat bullocks £ll 10'-. 3 do. £ll 5/-. 2 fat cows £9, 3 fat bullocks £l2 15/-,, J do. £.ll 10/-, 2 fat cows- £8 5/-. 1 fit bullock £lO 5/-. 4 do. £l3. 3 do. £ll 7/6, 2 do. £l3. 6 do. £ll, 3 do. £lO 2/6. 4 do. £lO 7/6,‘ 3 do. £ll 5/-, 2 do. £ll- „ \ Ti , Hoadley, Son and Stewart. Ltd.—lJ fat ewes 18/4, 18 do. 14/9, 40 do. 13/9, 32 do. 15/3, 16 do. 17/3, 6 fat lambs 15/-, 31 ewes in lamb 16/-, 48 store ewes 3/-. 4 weaner heifers £2 4/6, 1 chestnut gelding £l5. H.B. Farmers’ Co-operative Association, Ltd.—l fat bullocks £lO 18/6, 2 do. £lO 17/-, 2 do. £lO 12/6, 4 do. £ll 16/-, 3 do. £ll 7/-, 4 do. £ll, 3 do. £ll 1/-, 1 fat cow £6 5/-, 1 at £8 6/-, 1 fat heifer £9 10/-, I do. £7 17/6, 1 vealer£ 1 3/-. 2 store cows £4 1/-, 1 do. £2, 1 Shorthorn bull £4 5/-. 12 fat ewes 13/1, 13 do. *l4/-, 21 do. 14/1, 26 do. 14/4, 28 do. 13/6, 62 do. 11/-, 14 fat lambs 16/7, 1 do. 20/-, 47 do. 17/-, 5 do. 15/-. 15 do. 13/-, 4 do. 17/-, 1 tat wether 18/-, 22 do. 22/6, 12 D.Cwethers 17/6. 27 do. 20/1, 200 fat wethers 22 4,2 fat D.C. ewes 15/6, 137 forward wethers 20/-, 203 ewes in lamb R. rams 13/-, 103 do. S.D. rams 11'-, 74 forward ewes 5/6, (4 do. 6/6 2 do. 2/-, 9 wether lambs 8/iO, 10 do. 2/6, 1 hack £3 15/-, 1 saddle £2 5/6.

WESTFIELD MARKET. Auckland, Juno 11. At the weekly Westfield fat stock market ex beef were offered in numbers well up to the usual. The quality was first class, and with a steadj demand "last week’s values remained linn. No extra heavy bullocks were termed. Primo heavy weight bulloeks realised £l4 12s 6d to £l4 17s (>d medium prime £l3 7s 6d to £l4, light prime £ll 17s 6d to £l2 15s, fight and unfinished £lO 5s to £l.l. Cow and heifer beef was yarded in average numbers, the quality hardly being as good as last week’s offering. All 'veil finished' young lorts were in good demand and values were on a “ar with late rates. No extra prime heavy cows and heifers were offered. Primo heavy cows and heifers realised £9 to 15s, medium prime £7 17s (id to £8 10s, light prime £6 2s 6d to £7 os. light and unfinished £4 5s to £o 2s 6d. Extra choice ox sold to 38s per 1001 b, choice and prime 36s to 37s bd, plain and secondary 33s to 355, pr.me voung bow and heifet 31s tc 33s I'd, just killable 25s to 30s. Sheep were offered in barely up to the usual numbers. There was an im proved'demand and values hardened appreciably on late rates. Heavy prime wethers realised 30s 9d to 31s Gil medium 38s 6d to 29s 6d, light anil unfinished 25s 6d, heavy prime ewes 225, lighter 19s 9d to 20s, other owes 17s 6d. Lambs came forward in lesser numbers than usual and sold steadily at full late rates. Heavy prime lambs made 21s to 22s 6d, medium 18s to 19s, light 16s to ifs. Calves were yarded in rather larger numbers and in the early part of the sale sold at well up to last week’s rates, but the demand tended to slack en towards the end of the sale, this being most noticeable in sales of late entries. Runners brought £4 10s to £6 ss, heavy vealers £3 8s to £4 9s, medium £3 to £3 7s, light £2 10s to £2 18s, rough £1 to £2 ss, small £2 2s to £2 Bs, small and fresh dropped 6s to 18s. Pigs of all classes were yarded in smaller numbers and in consequence all round showed a slight advance, on last week. Choppers made £2 6s to £3 12s, heavy baeoners £3 10s to £3 17s, medium baeoners £3 4s to £3 10s, light baneoners £2 15s to £3 3s, heavy porkers £2 10s to £2 17«, piedium porkers £2 2s, light porkers, £2 10s. I