MONEY RATES EASIER.

New Zealand Herald, Volume LXV, Issue 19953, 23 May 1928, Page 9

MONEY RATES EASIER.

OVERSEAS SORROWING. DOMESTIC REFLECTIONS. The successful flotation of per cent, loans by' New Zealand in London, and by Australia in New York, is discussed iu weekly letters issued by Messrs. J. £, Were 'And Son, of Melbourne, who describe these operations as easily transcending all other recent events in the financial sphere. "They open, as it were, a new avenue," the firm remarks, "and give to the financial observer quite a different view from that obtainable even a week before." The Australian market immediately reflected the altered situation abroad and demand for Commonwealth bonds at improved prices was a feature of stockexchange business. Writing a week later, on May 17, the firm states:— All round buoyancy has prevailed 011 the stock exchanges during the past week. The market for Commonwealth bonds has been notable chiefly for the dearth of sellers, combined with a general uplift in quotations. " Prices are definitely stronger, and interest yields lower, not only than last week, but for a very considerable period. For instance—omitting the 5 per cent, loan maturing in September—the weighted average return from loans maturing before 1933 is now only £5 9s 8d per cent., and from loans due in 1933 and after, the average return is only £5 8s 5d per cent. The maximum average yield this year from issues due before 1933 was on March 29. when the average was £5 12s 9d per rent., and the maximum return from issues due after 1933 was on January 12, when the .average was £5 10s 5d per cent. After mentioning that, in the last week or two, there has been steady absorption of the balance of the last conversion loan left with the banks, the letter states that other departments of the stock exchange have reflected the buoyancy of the bond market. There has been sustained strength and hardening in bank shares, supplies of which have been comparatively scarce. Firm prices have again ruled for pastoral companies' issues and for such stocks as Colonial Sugar, British Tobacco and Australian Glass. The market for industrials generally, as well as for preference shares, has been tending steadily in holders' favour. I'ED [OR EE .JERSEY SALE. GOOD PRICES FOR HEIFERS. ONE REALISES 165 GUINEAS. [by telegraph,—own correspondent. I HAMILTON, Tuesday. A sale of pedigree stock was held on behalf of Mr. F. J. Saxby, Ohaupo Road, Hamilton, to-day, when Wright, Stephenson and Company, Ltd., and Abraham and Williams, Ltd., offered to a large bench of buyers 96 pedigree butter-fat Jerseys. Bidding in most instances was fairly brisk and good prices were obtained. In all, 50 heifers, eight cows and 38 bulls were offered for sale and 50 heifers, 2 cows and 25 bulls were cleared. The heifers Averaged guineas a head and' the bulls 29 guineas. Holly Oak Darling, a heifer with a great pedigree, realised the top price at 165 guineas, Mr. E. E. Robertsteih, of Rukuhaia, being the buyer. Other heifers wbich realised. prices over 50 guineas were;— Clara Vivandiere, 140gns.; Holly Oak Sungleam, 10£gns.; Mistress Clara, 103gns.; Hoval Oak* Eileen, 102^gns.; Verdlea Fontaine, 95gns.; Alfalfa Mistress, 90gns.; Gem's Merry Girl, 87gns. $ Runnymead Jean, 86gns.; Empress Golden Queen, 80gns.; Passion's Princess, 80gns.; Golden Favour, 62gns.; Perontie, 54gns.; Alfalfa Maggie, 63gns.; Alfalfa Serena, 56gns.; King Holm's Mistresspiece, 60gns. j Crofton Polly, 60gns.; Glenview Cynthia, 50gns.; Glenview Delightment, 60gtis.; Glenview Ringlass, 55gns.; Brookfern Madam, 55gns.; Precious of 0.K., 55gns.; Holly Oak Fatina, 65gns.; Holly Oak Pelican, 55gns.; Holly Bank Sunbonnet, 51gns.; Holly Oak Gaiety, 57gns.; Holly OakNeat Rose, 56gns.; Royal Oak 'Lorna, 53gns,; Alfalfa Zenith,' 70gns. A champion heifer, Alfalfa Supremacy, wa? offered on behalf of the estate of A A. Wagstaff, but was passed in at 190gns. Waivalo Masterpiece, a bull bred by Mr. Saxby and sold on beh»lf of Mr. R. E. Robertstein, realised the top price in the bull section, 70gns., the buver being Mr. W, Preston. Other, bulls commanding prices over 30gns. were:—Waivale Master, 66gns.; The Flute of Dilkusha, 60gns.; Young Masterpiece. 4Cgns.; Fern Glade Master Maycar, 38gns. STOCK SALES. GOOD DEMAND AT HAMILTON. HIGHER PRICES FOR MUTTON. [BY TELEGRAPH.—OWN CORRESPONDENT.] HAMILTON, Tuesday. The Farmers' Co-operative Auctioneering Company, Dtd., reports:—At the Hamilton stock sale to-day beef was in good supply with demand equal to last week's rates. Light steers made from £lO 2s to £l2 2s tid; heavy cows. £lO to £11; mediumweights, £3 10s to £9 17s 6d; light-weights, £7 to £8; unfinished, £4 16s to £5 15s. Mutton advanced in value, all classes of sheep participating. Medium wethers made to 35s 3d; good ewes to 36s 2d; lambs, from 26s to 803. Pigs again drew a strong bidding, last week's rates being maintained. Heavy bacon era made from £4 8s to £4 16s; medium, £3 15s to £4 6s; light, £3 3s to £3 8s: heavy porkers, £2 10s to £2 15s; light, 30s to 375; slips, 13s to 16s; weaners, 6s to 10s. CAMBRIDGE AND RANGIRIRI. The Farmers' Co-operative Auctioneering Company, Ltd., reports having held its usual stock sale at Cambridge on Monday, when there were good average yardings of beef, sheep and pigs. No extra good beef was penned. White pigs were slack in demand, but a clearance of all classes was effected. Quotations: Light, porkers, 31s to 345; stores, 18s to 23a; slips, lis to 14s; best weaners, 6S to 9s; small weaners, 2s fid to 4s. Sheep: Light fat lambs, 21s to 235; light fat wethers, 30s sd; forward conditioned wethers, 27s 6d to 29s 6d. Beef: Light fat cows, £6 to £6 Es; forward conditioned cows, £5 Is to £5 12e; fresh stores, £3 15s to £4 7s 6d; others, £SS 15s to £3 10s; boners, 30s to £2; 2i-year to 3-year Shorthorn steers, £6 10s; Shorthorn heifer calves, £2 Is to £2 3s. The Fanners' Auctioneering Company reports having held its Rangiriri stock sale on Monday, when a large entry of cattle came forward. Prices were:—Sheep: Fat 2-tooth wethers, 30s 6d. Cattle: Medium fat cows, £6 16s to £7 13s: lighter. £5 Is to £f> ss; unfinished and fresn condition, £3 10s to £4 15s; store cows, £2 2s 6d to £3; bulls, £2 16s to £4 143; in-calf Jersey heifers, £5 15s to £7 7s 6d; in-calf heifei-8, £6 ss; in-calf Shorthorn heifers. £6 to £6 ss; choice Jersey heifer calves, £3 19s; Shorthorn and Holstein dairy cows, £5 15s to £6 10s-, heifers, £5 15s to £7 ss. RATES AT TAUMARUNUI. [BY TELEGRAPH. —OWN CORRESPONDENT. ' TAUMARUNUI. Tuesday. There was only a small attendance of farmers at the Tanmarunui stock sale today and the yarding was a small one. Prices were:—Cull lambs, lis 3d: good springing heifers. £5 ss; cows in milk. £3 14s to £4 8s; empty cows, £2 10s to £5; bulls, £3 5s to £4. 15s. *