COMMERCE AND FINANCE

Otago Daily Times, Issue 20287, 21 December 1927, Page 6

COMMERCE AND FINANCE

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE Insurances ■were active on the Stock Exchange yesterday. Two lots of Nationals were placed at 15s Bd, the quotations closing a penny on either side of that price. Business in South British at aio 9d was reported, inquiry being made at 57s 6d. Westports wore better with a buyer at 31s 6d. Sellers asked 325. New Zealand Drugs were in demand at 63s 6d without sellers Sales. —National Insurance. 15s 8d (two Sale reported.—South British, 57s 9d. The following are yesterday afternoons buying and selling quotations, which are subject to the usual brokerage: BANKING. Bank of Australia—Buy £l4 10s, sel £l4 15s. Bank of N.S. Wales—Buy £45 ss. Bank of New Zealand—Sel 59s 3d. Bank of New Zealand (D issue)— Buy 2&s Commercial Bank—Sel 29s 7d. National Bank of N.Z.—Sel £6 18s 6d. Union Bank —Scl £l4 13s. brkweries. N.Z. Breweries, Ltd—Sel 44s 6d. N.Z. Breweries Debent.—Buy 235, sel -5s Staple’s Brewery —Sql 39s 3d. INSURANCE. National Insurance Co—Buy 15s 7d, sel 15s 9d. _ . ... N.Z. Insurance Co.—Sel 41s. South British Insurance Co.— Buy 57s 6d. Standard Insurance Co. —Buy ozs. SHIPPING. Huddart, Parker (ord.)— Buy 47s 6d. Huddart, Parker (pref.i—Buy 20s Bd, =el 21s 3d. AT COAL. Westport Coal Co.— Buy 31s 6d, sol 3Cs. Kaitangata—Sel 2s disc. loan and agency. Dalgety and Co.—Buy £l3 2s 6d. National Mortgage—Set Ms N.Z. Loan and M. (, ord Wright, Stephenson (ord.)—Sel 21s■ M. Wright, Stephenson (pref.)—Sel lbs. MEAT PRESERVING. Gear Meat Co.. (ex div )-Sel 38s. N.Z. Refrigerating (pd.)—Buy 16s, sel l<s Refrigerating (cont.)— Buy 8s 2d, sel & 7<L MISCELLANEOUS. Auckland Amusement Park (ord.)— Buy Ewing (pref.)—Buy 2°s 6d. . Bruce Woollen Co.-Buy UsColonial Sugar—Buv £53. . D?LC. (ord.) —Buy 9s 3d prem, sol Us 6d prem. „ „„ , , D.I.C. (pref.)—Buy aOs 6d. Dominion Investments— Buy ii=. Dominion Rubber—Sel 47s 6d. Donaghy’s Rope and Twmo-8uy33,9d. Duncdin-Kaikora.l Trams-Buy 32s 9. d. Dun. Stock Exchange Ppy.-Sel 825 6d. ■Rcliose Petrol—Sel 10s on. Kaiapoi Woollen (ord.)—Bur 8s sd. Kaiapoi Woollen (pref.)—Sel 15s. Milburn Lime and Cement— Buy 325, Woollen Co.— Buy £6 12s. TvPLeofl Bros.-r-Ruy xi&o* .... N.SL Drug Co. (£2 paid)-Buy 68s 6d. N.Z. Express (ord.)— Buy 20s 6 • N.Z. Milk Products (bonds)—Buv 225. N.Z. Paper MiUs 3cL NZ. Sugar of Milk—-Sel 21s. Otago Daily Times— Buy 72s . Wilsons (N.Z.) Cement Sel 37 3 3d. , mining. Kawarau G.M, Co.-Buy 7d sel lOd. Nlokomai Sluicing—Sel 4tn. 2, ‘ 6 ” Big Beach—Sel 20s. WAR BONDS. 41 pot cent- Bondi, “^ls- - per cent. Soldiers' Bonds, 1933-Buy £l 4°i 1 per cent. Inscribed, 1933-Buy £96 15s. A S!' cent. Inscribed, 1939-Buy £96.155. ll % cent. Soldiers’ inscribed. 1933B s y pfr o ccnt. Postal Inscribed, 19251-Buy £9 si per cent. Inscribed Bonds, 1927-41-B S pToS Bond.

northern exchanges. (Per United Press Association.) The following business was done on ’Changes yesterday: —- _ Auckland. —Sales: Bank of Zeai i too *srl • Union B&nk of IYI ios Gas, 2354 d; do (cont.) I];- Mo.sgiel Woollen. £6 lo?; Bnt.sh Tobacco, 39s Cd; Taranaki Oilfields 9d- Moanataian (cont.), Is 3d, kaici y fOq r,aid). Is 3d; New Waiotalu (cont.), 7id; Occidental Una United (C Welli ng t o n.—Sale: Bank of New Zealand, 595. Sale reported: Taranaki Oil, 9b Christchurch. —Sales; Bank of New Zealand. 58s. lOd (two parcels), Zealand Refrigerating (cont.). 8s 4d (two parcels); Stockton Coal (ord.),ls. bales reported; Bank of New South Wales, £45 10s; Bank of New Zealand, 59s British Tobacco, 39s 6d (three parcels). COMMONWEALTH BORROWING. /Pre«» vssociatioo —B> Telegraph —Copyright ) LONDON, December 20. (Received Dec. 20, at 7.35 p.m.) “ There is still a feeling in the city that Australian borrowing must be closely watched,” says the Financial News. “ The recent reforms in tne matter of the Loan Council and the sinking funds contained no guarantee that the money borrowed would be spent more effectively, but it is a relief to learn that drastic reductions in expenditure were agreed upon at Monday’s meeting of the council in Canberra. The task of making Australia’s credit secure is being tackled none too soon. So continuous has been the increase in the debt that it cannot be viewed with equanimity.”—A. and N.Z. Cable. AMERICAN WHEAT CROPS. (Press Association -Bj Telegraph —Copyright.) WASHINGTON, December 19., (Received Dec. 20, at 7,25 p.m.) The Department of Agriculture announces that it is estimated that the 1927 crop of winter wheat will total 652.384.000 bushels, valued at 645,091,000 dollars. The spring wheat is estimated at 319,307.000 bushels, valued at 329.603.000 dollars, and all wheat at 871.691.000 bushels, valued at 974,694,000 dollars. —A. and N.Z. Cable. LONDON METAL MARKET. (Press Association—By Telegraph—Copyright.) LONDON, December 19. (Received Dec. 20, at 9.5 p.m.) Copper; fjpot, £59 7s Od; forward, £59 11b 10R Electrolytic: Spot, £6O ss; forward, £66 15s. Wire bars, £66 15s. Lead: Spot, £2l 17s 6d; forward, £22 3s 9d. Spelter: Spot. £26 ss; forward, £26. Tin: Spot, £205 2s Gd; forward, £262 2b 6d. Silver: Standard, 26 11-1 Gd; fine, 28 12-lGd per ounce. —A. and N.Z. Cable. LONDON WHEAT MARKET. (Press Association —By Telegraph-Copyright.) LONDON, December 19. (Received Dec. 20, at 5.5 p.rn.) Wheat: Cargoes are steady, with the demand slow at 475. Parcels arc in moderate demand, at an occasional advance of 3d, to 51s Od. Liverpool futures: December, 10s lid; March, 10a 3|d: May, 10s 2gd.—A. and N.Z. and S.S. Cable,

LOCAL AND OVERSEAS MARKETS.

CANTERBURY MARKETS. (Peb United Press Association.) CHRISTCHURCH. December 20. Wheat is slightly easier. MUlere are not buying, and it is reported that supplies of Australian flour have been brought in heavily enough to affect the market for the local product. The annual statistical return of the stocks of flour and wheat on hand at November 30 should be published soon, and intormation will then be available as to the probable carry-over to the new season. The total yield this past season is recorded as 7,952,041 bushels, compared with 4,617,041 in the preceding season A little business has been done for next season’s crop at 5s lid, f.0.b., sacks extra, for April-June. Forward fowl wheat has been bought at 5s 9d, f.0.b., sacks extra. Oats are scarcely so firm, spread As bein'" quoted at 3s 54c1, and B s at 3s -a. Forward chaff is quoted at £o Is, or about £3 15s a ton. on trucks. Peas are also slacker, in sympathy with the Home market. Quotations are 6s lOd to 6s lid. f.0.b., s.i. , Forward potatoes are quoted at £4 12- 6d to £4 15s, f.0.b., s.i., or from £3 7s 6d to £3 10s, on trucks. As growers are confident that prices cannot recede much further than this, they are not anxious to sell. , Onions early last week were sold at £5 10s, f.0.b., sd., consequent on the cheap Melbourne quotation of £4. Melbourne quotation, however, cabled todav is £6 a ton, the market having jumped £3 a ton in a few days. Though, the effect of this advance is not reflected in the Christchurch market, the latter is now a little firmer in tone, on truck, quotations being about £4 12s 6d a ton, for early deliveries. The price of cornsacks has been reduced sixpence a dozen, the retail cost to farmers being Is 41d each.

WALLACETOWN STOCK SALE. SHEEP VALUES APPRECIATE. good sale of fats recorded. (Special to Dailj Tim-s.) INVERCARGILL, December 20. Although the yardings of fat cattle and fat sheep were small for a Christmas sale, the values realised at to-day’s, fortnightly stock sale at Wallacetown were much better than for some time past. Sheep values appreciated to the extent of 3s per head on last sale, when a rise was also recorded. Fat lambs were forward in fairly large numbers, amongst them being some very prime sorts. Buyers operating on behalf of local works secured fully 90 per cent of the yarding at prices fully up to schedule rates, and in some cases •over that. Sheep sold very well, whilst good sorts amongst an .inferior yarding of cattle made excellent prices. Fat Lambs.—There was a fair yarding of 530 head. Some very excellent quality lambs were offered, but some others again were not in condition at all- Freezing buyers were active, but the bulk of the yarding was bought by the local works. Prices were good, an all-over average of about 9gd being paid. Small tots of heavy extra prime butchers’ lambs made up to 35s 9d but freezing sorts realised from 36s to 28s, with some light sorts as low ‘Vat 3 ’ Sheep.—A small yarding was forward which included some prime shorn wethers. Prices opened fair, but improved considerably as the sale progressed. Prime shorn wethers made from 37s 6d to <us, medium quality sorts from 32s 6d, woolly wethers made up to 48s 6d, shorn ewes made from 29s to 51s for prime sorts, and from 20s 6d for unfinished woolly owes, from 31s 6d to 36s 6d for medium qualities, and to 44s for prime. ... Store Sheep—The yarding here consisted largely of aged ewes and lambs. Ewes in the wool with lambs sold at 10s 3d 16s, 18s 4d, and 19s all counted. Fat Cattle—This was the poorest yarding of fat cattle seen at Wallacetown for some years, and was not at all like a Christmas yarding. The bulk of the ya ing consisted of medium to poor cow and heifer beef. Prime heifers sold particularly well and easily eclipsed some prime heavy-weight steers as far as price per 1001 b was concerned. Fat cows selling a basis of 30s per 1001 b, made up to £lO 16s; prime speyed heifers made up to £l2, equal to 42s per 1001 b, with meAumquality sorts about 37s 6d per 1001 b, ex prime heavy-weight steers made up to £ll 10s, equal to 30s per 1001 b. Store Cattle.—This was a very mixed yarding with nothing outstanding forwartt A pen of nine yearling heifers made £3 fs- yearling steers £3 and £2 19s, two-year-okl stfors £5 17s and £5 13s; two year and a-half old steers £6 16s, empty cows from 20s to £3 12s 6d.

DAIRY PRODUCE. Messrs A. S. Paterson and Co. have received the following cablegram from their London principals, dated the 19th inst.: — Butter. —Steadier; 158 s, 160 s. Cheese. —Weak; 89s, 90s. ONAKAKA IRON COMPANY. NET LOSS OF £7099. The annual report of the directors of the Onakaka Iron and Steel Company states, inter alia: —“In certain respects the company’s operations have been very encouraging and highly satisfactory, but at the same time we have met with disappointments. It has been encouraging in so far that our works have run smoothly, cost of production has been appreciably reduced, and the quality of our product has been excellent. The support given by local consumers has considerably increased, and these facts lead the directors to believe that the company is making a slow but sure advance. On the other hand, we feel that we have not received the full support of all users of iron in the Dominion, and we think this support should be given us, seeing that our company has been directly responsible for the reduction in cost of pig iron to !’■ consumer’. Our efforts to obtain a protective tariff against imported pig iron were not successful, though we now have the assurance of the Government that it will impose the provisions of the Dumping Act on iron which is exported to New Zealand at a lower price than the home consumption price in the con in which the iron is manufactured. This in itself is very encouraging, and yoe directors are confident that it will help to’relieve the competition of our chief competitor. India.” The profit and loss account shows a net loss of £7099. The gross profit on trading account was £3574. and the bounty in pig iron £5834, of which £4376 has been transferred to the debenture redemption account. Freight and cartage cost £6274, debenture interest £2394, and penscs, interest, and other items £3578. The balance sheet shows paid-up capital £104,079, and debentures £29,919. Chief assets are: Buildings, plant, and machinery, £83,226; property, £13,323; stock, £3522; sundry debtors, £5336; cash, £IBSO. Total losses to date are £17,207.

BUTTER FOR CANADA. (Pee Uk’tfd Pp.ess Association.) AUCKLAND, December 20. The Aorangi, winch sailed last night, took 35.000 boxes of butter for Canada, a proportion of which is for transhipment to Japan and China.

TARANAKI OILFIELDS. (Per United Press Association ; GISBORNE. December 20. The Taranaki Oilfields report is as follows: —Waiapu No. 2 well is at a depth of 2810 ft, B,fin diameter, casing to 2800 ft. no change. Gisborne No. 1 well is at a depth of 1925 ft in sand, 84in diameter, casing to 1905 ft, At Gisbo: c No. 2 well transport is in progress, but is delayed by rain.

NEW SOUTH WALES LOAN. tPrco* association—Bj Telegraph—Copyright.) LONDON, December 19. It is expected that the underwriters will be saddled with a fair proportion of the New South Wales loan. —A. and N.Z. Cable. BRADFORD QUIET. {Press Association—By Telegraph—Copyright ) LONDON, December 19. Bradford is quiet, with very little business passing.—A. and N.Z. Cable. CHICAGO WHEAT MARKET. (Pre«« Association —By Telegraph—Copyright.) NEW YORK, December 19. (Received Dec. 20, at 5.5 n,m.) Chicago wheat quotations; December, 127 i cents per bushel; March, 129 J; May, 13l|.—A. and N.Z. Cable.

REDUCTION IN PRICE OF BUTTER. (Special to Daily Times.) AUCKLAND, December 20. A reduction of one penny per lb in the retail price of first grade butter and of twopence for second grade will operate in Auckland as from to-day. The new price for first grade null be Is 7d and for second Is sd. The fall in prices for New Zealand butter on the London market is the cause of a similar movement here. The last reduction of one penny was made on both grades on December 9, and prior to that there was a similar concession on November 17. Tlrtis little more than a month ago butter was retailing in Auckland at Is lOd and Is 9d, figures at which it had held for two months. The difference of 3d on first and 4d on second grade is very substantial, and will be greatly appreciated by the caterers and' housewives at the Christmas season.

FOREIGN EXCHANGES. (Press Association—By Telegraph—Copyright.) LONDON, December 19 The exchange rates on London are as follows: Par. Dec. 15. Dec. 19. Paris, fr to £1 21.22} 124.00 12-1.00 Brussels, belgas to £1 5 91.90 34.90 Oslo, kr to £1 ... .. 18.81 18.35 18.34 Stockholm, kr. to £1 .. 18.159 18.08 18.07 1-12 Copenhagen, kr to £!•• 18.159 15.20 18.90 Berlin, reichmkn to £1 0.10 20.44 20.43 Montreal, dol tc £1 ... 4.455 4.883 4.88} New York, do! to £1- 4.895 4.881 4.83 7-32 Yokohama, st to yen.. 24.45 22$ 22 11-16 Hongkong, at. to dot... * 243 24| Calcutta, et to rpe. 16 to gold £ ISJ 18 3-32 Batavta, guild to £1 . 22.221 12.085 12.08} Amsterdam, guild to £1 12.107 Romo, lire to £] 25.22} 89.05 89.84 •Governed by price of silver. —A. and N.Z. Cable.