COMMERCE AND FINANCE

Otago Daily Times, Issue 20283, 16 December 1927, Page 14

COMMERCE AND FINANCE

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. Only 2s 6d separated the quotations for Bank of Australasias on the Stock Exchange yesterday, buyers offering £l4 12s 6d. There was no inquiry for the new issue of Union Banks, which were on offer at 645. Staples were wanted at 38s 3d. New Zealand Insurances had a buyer at 40s 6d and a seller at 41s 6d. None of the ordinary issue of Kaiapoi Woollens was an offer, buyers quoting at the firmer price of 8s 6d. . , , , The following are yesterday afternoons buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of Australasia —Buy £l4 12s 6d, sel £l4 15s. , ~ Bank of New Zealand —Sel 59s 6d. Bank of New Zealand (D issue) —Buy 9 65. Commercial Bank —Buy 29s 2d, sel 29s 6d National Bank of New Zealand —Buy £6 17s 6d, sel £6 18s. Union Bank —Sel £l4 14s. Union Bank (new)—-Sel 645. BREWERIES. N.Z. Breweries Debentures —Sel 23s 9d. Staple’s Brewerv —Buy 38s 3d. INSURANCE. National Insurance Co. —Sel 15s lid. N.Z. Insurance Co. —Buy 40s 6d, sel 41s 6C *South British Insurance Co. —Buy 575. Standard Insurance Co. —Buy 625. SHIPPING. Burns Philp—Buy 355. Huddart, Parker (ord.)— Buy 47s 3d. Huddart, Parker (pref.)—Buy 20s Bd. U.S.S. Co. (pref.)—Buy 20s 3d. COAL. Westport Coal Co. —Buy 31s 6d, sel 32s 3d. Kaitangata—Sel Is dis. LOAN AND AGENCY. Dalgety and Co. —Buy £l3 Is. National Mortgage—Sel 745. N.Z. Loan and M. (ord.) —Buy £9l. Perpetual Trustees —Buy 61s. Wright, Stephenson (ord.) —Buy 20s, Wright, Stephenson (pref.)—Sel ,16s. MEAT PRESERVING. N.Z. Refrigerating (pd.)—Buy 16s 6d, sel 17s 6d. N.Z. Refrigerating (cont.) —Sel 8s 9d. MISCELLANEOUS. Brown, Ewing (pref.)—ißuy 20s 6d. Bruce Woollen Co.—Buy Us. Colonial Sugar—Buy £53 10s. D.I.C. (ord.) —Buy 9s 3d prem. D.I.C. (pref.)—Buy 20s 6d. Dominion Investments —Buy 225. Dominion Rubber —Sel 47s 9d. Donaghy’s Rope and Twine—Buy 33s 9d. Dundein-Kaikorai Trains —Buy 32s 9d. Dun. Stock Exchange Ppy.—Sel 83s. Eclipse Petrol—Sel 10s. Kaiapoi Woollen (ord.) —Buy 8s 6d. 1 Kaiapoi Woollen (pref.)—Buy 13s 9d, .' sel 15s. Mosgiel Woollen Co. —Buy £6 12s. M'Leod Bros.—Buy £2B. National Electric —Sel 13s 6d. N.Z. Drug Co. (£2 pd.)—Buy 67s 9d. N.Z. Milk Prods, (bonds)—Buy 225. N.Z. Paper Mills (ord.) —Buy 16s 3d. N.Z. Sugar of Milk —Sel 21s. Otago Daily Times —Buy 72s 6d. Wilsons (N.Z.) Cement)—Sel 38s 6d. MINING. Kawarau G.M. Co.—Buy 6d, sel lOd. Nokomai Sluicing—Sel 40s. Waihi—Buy 22s 3d. Electrolytic Zinc (pref.)—Buy 31a 9d. Electrolytic Zinc (ord.)—Buy 30s 9d. Mount Lyell—Sel 29a 3d. Upper Nevis —Buy 225, sel 25s 9d. Big Beach —Sel 20s. WAR BONDS. 4J per cent. Bonds, 1930—Buy £97 15s. 4$ per cent. Bonds, 1938 —Buy £96 17s fid. 44 per cent. Bonds, 1939 —Buy £96 17s fid. ” 5$ per cent. Soldier's’ Bonds, 1933 —Buy £lOl. 4$ per cent. Inscribed, 1938 —Buy £96 155.” 44 per cent. Inscribed, 1939 —Buy £96 155.” 5J per cent. Soldiers’ Inscribed, 1933 — Buy £lOl. 5 per cent. Postal Inscribed, 1929 —Buy £9B 10s. 5i per cent. Inscribed Bonds, 1927-41 Buy £9B 10s. 51 per cent. Bonds, 1930 —Buy £9B ss. 54 per cent. Bonds, 1936 —Buy £lOl. 5| per cent. Inscribed, 1930 —Buy £lOl. NORTHERN EXCHANGES. (Peb United Press Association.) The following business was done on ’Changes yesterday: Auckland.—Sales: Commercial Bank of Australia, 29s sd, 29s fid; National Bank of Australasia, £l7; Bank of New South Wales, £45 15s; Bank of New Zealand, 59s 3d; Union Bank of Australia (new issue), £l4 fis; New Zealand Insurance, 40s 9d, 40s 9d; Hikurangi Coal (A pref.), fis sd; Sanford, Ltd., 20s 3d; Moanataiari (paid), 2s Id, 2s 2d; (cont.), Is 3d; Occidental Una United (cont.). Is. Wellington.—Sales reported: Bank of New Zealand, 59s 3d, British Tobacco, 395. Christchurch.—Sales: Commercial Bank of Aust, 29a 4d (five parcels); Dalgety and Co £l3 ss; Westport-Stockton Coal (pref.), 2 S ' Ud, 3s; Staples Brewery, 395. Sales reported: New Zealand Government 4$ per cent. Inscribed. 1938, £97 (two parcels); New Zealand ’ Government 6 per cent. Bonds, 1931, £lOl ISs; Commercial Bank, of Australia, 29s fid; Staples Brewery, 395. CHICAGO WHEAT QUOTATIONS. (Press Association -By Telegraph—Copyright.) NEW YORK, December 14. Chicago wheat: December, 126$ cents per bushel; March, 1295; May, 130$. —A. and N.Z. Cable. CANADA’S FIELD CROPS. (Press Association—Bt Telegraph—Copyright.) OTTAWA, December 14. (Received Deo. 15, at 5.5 p.rn.) Canada’s principal field crops for 1927 arc valued at 1,141,367,100d01, an increase of 05,839,000 over last year.—A. and N.Z. Cable. SYDNEY WOOL SALES. (Pres* ' ssooiatinn Br Telegraph —Copyright.) SYDNEY, December 15. (Received Dec. J 6, at 0.30 a.m. The sixth series of wool sales was concluded. The market closed with exceedingly keen competition for all wools showing quality, and for evenly classed lines of good length but of only average quality. The only hesitancy shown was for short, uneven length and very burry parcels. All skirtings were eagerly competed for at prices equal to the best rates of the season, and the demand for all grades of crossbreds was pronounced, prices being exceedingly firm. Greasy merino sold to 344 d. The sales will be resumed on January 3. MELBOURNE HIDE MARKET. (Press Association—By Telegraph-Copyright > MELBOURNE, December 15. (Received Dec. 16, at 0.30 a.m. Hides are strong, and all parrels sold readily in sellers’ favour at last week’s best rates. | DAIRY PRODUCE. The New Zealand Loan and Mercantile I Agency Company, Ltd., has received the i following cablegram from its London i house, dated the 14th inst.: New Zealand butter: 158 s to 1625. The market is bad. Cheese: 90s to 925. The market is I slow. | j TALLOW SALES NOT HELD. I 1 ( r Pre=s‘ Association—By Telegraph—Copyright.) i LONDON, December 14. • (Received Dee. 15, nt 5.5 p.m.) The tallow sales were not hold.—A. aud N.Z. Cablfi.

LOCAL AND OVERSEAS MARKETS.

THE RAILWAY SERVICE. RETURNS FOR FOUR-WEEKLY PERIOD. (Peb United Association.) WELLINGTON, December 15. The following is the railway working account for the four-weekly period ended November 12 (shillings and pence being omitted): NOETH ISLAND. Expen- PcroeutEevennc. diture. age of £ £ Eov. Kaihn *3B 731 164 "'° Gisborne 2.110 2,814 141.04 North Island main lines and branches 221,290 263,935 86.23 Tota l £323,839 £272,531 86.77 SOUTH ISLAND. South Island train lines „„ „ and branches 193,134 1,4,829 98-'9 Westport 10,652 7,618 73,0_ Nelson 1,310 2.692 205.48 pfeton - 2,147 3.200 123.10 TnfTj £207,245 £203,340 95.57 Opeating totals £531,085 480,872 91.62 OTHEE ACCOUNTS. Miscellaneous 21,084 Lake Wakatipu steamers 633 1,19 a 210.54 Beireshmenfc rooms, advertising, road motors, and other subsidiary serDepartmental dwellings 7,227 12,480 181,84 Grand total £574.638 £508.638 89.31 AUSTRALIAN MARKETS(Press Association —By Telegraph Copyright.) STDNBT, December lb. (Received Dec. 15, at 10 p.m.) Wheat; At country stations, 4s Oid to 4s lOd ;ex truck, Sydney, 5s 5d to 5s 5Jd. Flour: There was no export business; local £l3 15s. Bran £6. Oats: Tasmanian Algerian 6s 3d; white, 4s Od. Maize, 4s 9d. Potatoes ; Tasmanian old season s, £3 los to £5; new, £7; local, £5 to £O. Onions: Victorian, £4 to £lO. ADELAIDE. December 15. Wheat: Growers’ lots, December -January, 5s 2d to 5s 3d; parcels nominally 6s 4d. Flour; Bakers’ lots, £l3 13s Cd. Bran, £6 ss. Pollard, £6 17s Od. Oats, 3s 7d to 3s Bd. LONDON WOOL SALES. HIGH COMMISSIONER’S CABLEGRAM. (Special to Daily Tim'"S.) WELLINGTON, December 15. The Department of Agriculture has received the following cablegram-, dated December 14, from the High Commissioner for New Zealand in London; — Wool sales closed yesterdav with competition well sustained. There were very good offerings of Australian clip woo and a large'supply of second-hand woo generally of good quality. Compared with September closing rates, medium merino were 5 per cent, higher, and others were firm, but unchanged. New Zealand greasy crossbred (chiefly secondhand wool) attracted keen competition. Bradford led, with the Continent strongly supporting. Compared with the September closing rates, fine crossbred were 14 per cent., medium 10 per cent., and coarse 74 per cent, to 10 per cent, higher. Shped wool also met with a strong demand, closing 5 per cent, to 10 per cent, higher. The average closing rates were: Greasy, 60/04’s (nominal) super, 2s 2d to 2s 4d per lb —average, Is 8d to 2s; 50/58 s, 2s Id to 2s 3d; 66’s, Is lOd to 2s; 48/50 s, Is 7d to Is. 9d; 44/40's, Is 44d to Is sid; 36/40’s, Is 3Jd to Is 44d. There were 121,000 bales offered, of which 43,000 were New Zealand. There were 107,000 bales sold, the Continent talcing 58,000, the Home trade 47,000, and America 2000. The next scries will commence on January 17.

TIMARU WOOL SALE. CHRISTCHURCH LEVEL MAINTAINED. (Peb United Peebs Association.! TIMARU, December 15. The first wool sale of the season for South Canterbury was opened here tonight before the largest bench of buyers which has attended a Timaru wool sale, all the wool-consuming countries in the world, including Russia, being represented. Ten thousand bales were offered, and nearly all were sold under very keen competition. Though lighter in condition than usual, owing to a super-abundamce of ram, the wool was in good condition, and opened up attractively. Buyers considered the sale equal to the Christchurch sale, though it is generally considered that the South Canterbury wools hardly reach the quality of those grown in North Canterbury The top price of the sale, 25gd, was paid for merino and the best price for halfhred was 243 d, the grower of this obtaining 20d for the clip from the same flock last year. The following was the range of prices:— MerinoExtra super, to 253 d. Super, 23d to 24id. Average. 21d to 22d. Fine Halfhred— Extra super, 24d to 24Jd. Super. 22jd to 24d. Average, 20d to 22d. Inferior, 18d to 20d. Coarse Halfhred — Extra super, 19id to 203 d. Super, 18d to 19id. Average, 16id to 173 d. Inferior. 15d to 18d. Fine Crossbred — Super, 18d to 20d. Average, 15d to 17d. Inferior, 13d to 15d. Medium CrossbredSuper, 15d to 15|d. Average, 14d to 143 d. Inferior, 12d to 133 d. Coarse CrossbredSuper, 12£d to 14d. Average, lid to 12la. Bellies and Pieces— „ , Merino, good to super, 18d to EUid. Low'to medium. 16d to 18d. Halfhred, good to super, 19d to 21Jd. Low to medium, 15d to 18d. Crossbred, good to super. 13d to 15Jd. Low to medium, 12d to lad. CALCUTTA TEA SALES. (Tress Association —By Telegraph Copyright.) CALCUTTA. December 14. At the tea sales the general quality of offerings showed a falling off compared with the recent sales. The market was weaker, and prices for all poor classes declined six to nine pics, and good liquoring teas three to six pies. Clean, common brokens and well-made leaf were firm at about the previous weeks rates. Dusts were strong and active, and advanced half to li annas. Prices: Broken orange Pekoe, common, 14 annas: medium,_ 14 annas 3 pies; good, 13 annas 6 pies; medium, 13 annas G pies; good. 14 annas 6 pics; fauniugs, common, 13 annas; medium, 14 annas 6 pics; good, 17 annas.— A. and N.Z. Cable. THE MONEY MARKET. HIGH STANDING OF DOMINION’S CREDIT. (Special to Daily Times.) WELLINGTON, December 13. The recent experiences of the Commonwealth Government in the London market and the reception given to New Zealand loans in that market were referred to to-day by Mr T. Haetie, of Messrs J. B. Were and Son, Melbourne. Mr Hastie, who has just returned from London, and is passing through New Zealand, said that unquestionably New Zealand stood very high in the estimation of “ the city.” The Dominion had a very good name there, because it was recognised that New Zealand was progressive

and sound. In regard to the later loans of Australia which had been floated in London, it should always be remembered that in these, as in other things, the law of supply and demand operated. Australia, as a whole, still stood very well in the London market, but is was a large country, requiring large amounts, and it had of late made, perhaps, too frequent applications. Nevertheless, it had, with New Zealand, a very hign reputation among investors. So far as New Zealand was concerned, added Mr Hastie, it might be news to many people in the Dominion to know that it stood well in New York. It was not likely that New Zealand would go to America for loans, Mr Hastie thought, but if it did he felt quite sure it would meet with a very favourable reception.