COMMERCE AND FINANCE

Otago Daily Times, Issue 20591, 14 December 1928, Page 15

COMMERCE AND FINANCE

THE SHARE MARKET.

NAPIER WOOL SALES,

“ DUNEDIN STOCK EXCHANGE. New Zealand Breweries shares were dealt in at 57s 6d on the Stock-Exchange yesterday. The closing buying offer was 57s 6d, but sellers required threepence more. A sale of the debenture issue was reported at 25s 9d, quotations ' closing with a buyer at 25a 7d and a seller asking 25s lOd. Business was also done in National Insurances at 16a 3d, the market closing ; with a seller responding with 16s 4d to a buyer's offer of 16s 2d. For Kaitnngata Coals buyers were prepared to give 9s discount, but sellers would notiaccept less than 5s diacount. .Regent Theatres were in. demand at 20s, but sellers would not quote below . 24s 6d. Sales: New Zealand Breweries shares, 57s 6d; National Insurance, 16s 3d. Sale reported: New Zealand Breweries debentures, 25s 9d. , The following are yesterday afternoon’s buying and selling quotations, which arc subject to the usual brokerage: BANKING.. Bank of New Zealand—Buy 61s 3d, sel 61s' 9d. Commercial Bank—Buy 30a 6d, sel 30s Od. National Bank of New Zealand —Buy £lB 10b. Union Bank—Buy £l6 Os. BREWERIES. N.Z. Breweries, Ltd.—Buy 57s 6d. sel 67s Od. N.Z. Breweries Debentures—Buy 23s 7d, sel 25a lOd. INSURANCE. National Insurance Co.—Buy 16a 2d. sel 16s 4d. ' Standard, Insurance Co.—Sel 05s, , SHIPPING. Howard’ Smith—Buy 24s 6d. Huddart, Parker (ord.) —Sel 48s 9d. Huddart, Parker (pref.)—Buy 21s Union S.S. Co. (pref.)—Buy 20a od. COAL, Kaitangata—Buy 9a disc., sel 5a disc. Westport Coal Co.—Sel 30s 6d. LOAN AND AGENCY. Goldsbrough, Mort—Buy 61s 9d, sel 52s 6d. -National Mortgage—Sel 90s, Wright, Stephenson (pref;)—Buy IGs 9d. MEAT PRESERVING.' Canterbury Meat—Buy £9 ss. sel £lO. N.Z. Refrigerating (paid)—Buy 19s 3d. NIZ. Refrigerating (cont.)—Buy 0s Id, sel 9s 7<L South. Frozen Meat (ord.)—Buy 38s. MISCELLANEOUS. Auckland -'Amusement Park ford.)— Buy, 3s, sel"Bs. Auckland Amusement Park (pref.)-r Sel: 20s. ' British Tobacco—Buy 44s 9d, sel 45s 6d.' D.I.C. (pref.)—Buy 20s 9d. Dominion Investments—Buy 235. Donaghy’s Rope and Twine—Buy 33s 6d. ' Kaiapoi Woollen (ord.)—Buy 13s 6d. 'Kaiapoi Woollen (cont.)—Buy 4a. sel 4a 9d ; Kaiapoi Woollen (pref.)—Buy 14s 6d. Milburn Lime and Cement—Buy 35s sel 365. ’ Mosgiel Woollen Co.—Buy IT 3s. National Electric—Sel 12s. ' N.Z. Drug Co. (£2 paid)—Buy 71s. N.Z. Guarantee Corp.—Buy 8s 4d, sel 8a 7d. Otago Daily Times—Sel 78s. Regent Theatre—Buy 20s, sel 24s Od. MINING. Kawarau G.M, Co.—Sel 6d. Waihi Grand Junction—Buy 9d. Electrolytic Zinc (ord.)—Buy 34s 6d Mount Lyell—Buy 38s 6d, sel 39s 6d. Upper Nevis—Buy ss, sel 10s 6d. Kildare—Sel 2s 3d. Okarito—Sel Bd. Mahakipawa—Buy Is 3d, sel Is sd. WAR BONDS. 4i per cent. Bonds, 1938—Buy £99 Sa 4£ per cent. Bonds, 1930—Buy £99 ss’ 44 per cent. Inscribed, 1938—Buy £OO ss. 4J per cent. Inscribed, 1939—8uy £99 OS. 5J per cent. Bonds, 1936—8uy £lOl 5s 54 per cent. Inscribed, 1936—5 el £lOl 10s. NORTHERN EXCHANGES. (Per United Press Association.) lf J Ue lowing business was done on ohangea yesterday:— ' Auckland.—Sales: War Loan (1938) no'&T 5? nt - £S9 * Os >' Ins cribed Stock (1033), 54 per cent., £lOl 10s; New Zealand A Breweries Debentures, 25a 9d: Bank of. Adelaide, £10; Commercial Bank of Australia, 30s 0d; National Bank of Australasia (contrib,-)., £9 7e; Bank of New Zealand 61s 3d, 61s Cd, 61s 6d; Union Bank of Australia. £ls la 6d; Renown Collieries (ord.), 15s 3d; Devonport SteanoFerry, 25s (two sales); New Zea-‘ !and Breweries Shares, 57s 6d (three sales); Sanford Ltd.,l7s 6d; Taranaki 5 5.4 d, 5s 4d, 5s sd; Waihi, 14s 6d. Wellington.—Sales reported-. HuddartParker, 48s 6d; National Bank of Australaeia (£5 paid), £9 7s; Bank of New South Wales, £SO 7s 6d; Bank of New Zealand, 61s 3d; Union Bank, £ls - 11s 6d; Auckland. Gas, 23s 7d; Southland hrozen Meat (pref.), 38a 9d; Hikurangi Coal (pref.), Us 2d; New Zealand Brewerics, 57s ••6d, 57s 9d; Howard Smith, 255. Christchurch.—Sales on 'Change: Commercial Bank of Australia, 30a 9d (two parcels); Bank of New Zealand,'6ls 3d (odd Iote); .New Zealand Breweries, 57s 6d, 57s 7d (two parcels), 57s 8d (eight 2 ea l a nd Farmers’ Co-op. > " P re f-)j 50s; Mahakipawa, Is 4d (two parcels), la 3d. Sales reported: Bank of Adehide, £10; Howard Smith, 15s; lNew ( Zealand ’ Breweries, 57s 6d (three parcels)Victoria Nyanza Sugar, 475. SHEEPSKIN SALES. (United Press Association.) (By Electric Telegraph—Copyright.) ~ , LONDON, December 12. At the sheepskin sales about 900 bales were sold. Very few merinos were offered. and for them late rates were barely maintained. Ful]-wooled New Zealand skina advanced from 5 to 10 per cent, compared with' October. Shortpolled were from par to 5 per cent advance—Australian Press Association. FOREIGN EXCHANGES. (United Press Association.) (By Electric. Telegraph—Copyright.) LONDON December 11. Par- Deo. 7. Deo 11. Pans, fr. to £1 25.231 12A15 Vi IS . Bmeseln, belgas to £1 ... 25 34.885 34 Oslo, kr to £1 18-81 * 18.19 ig.n, Stockholm, kr to £1 ... 10.103 18.15 1814 Copenhagen, kr. to £l ... 18.150 18.19. IS-18 Berlin, reichmkn to £1 3.13 20.355 20.355 Montreal, dot to. £1 ... 4.43 4.33 New York, dot to £1 ... 4.851 4.85 3-32 4.85 5-33 Yokohama, pence to yen 24.83 22 25-33 22 23-33 Hongkong, pence to dolf 24.3 24 24J Calcutta, pence to rupee 23 18 1-32 IS 1-32 Batavia, guild to £1 .. 22.331 _ i2 io gj Borne, lire to £1 25.32 i 93.65 Amsterdam, guild to £1 12.103 12.07; 12.07) Prague, kr. to £1 ... 12.107 163 J 163 J —Australian Press Association. CHICAGO WHEAT MARKET. (United Press Association.! (By Electric Telegraph—Copyright.) NEW YORK. December 12. Chicago wheat quotations: December, 115 5-8 cents per bushel; March, 118$; May, 121 J Press Associa- ' tioa—United Service.

LOCAL AND OVERSEAS MARKETS.

GENERALLY, SATISFACTORY.

{Per United .Press Association.)

NAPIER, December 12. The second wool sale of the season was held in Napier to-dfty. On the whole, the prices offered were satisfactory to vendors. Finer lots, brought prices equal to those ruling at the November sale, but, coarser lots" dropped . slightly,* and shabbier sorts showed a three-farthings decrease. The total, offering reached 27,610 bales, and a good clearance was effected. A full bench of buyers was present, representing England, America, and the Continent, as well as Dominion mills. ’Bidding started well, but was not consistent, and fed off - towards the close with a consequent increase in-the passings as compared with the previous sale —Pieces, bellies, anl locks were in the keenest demand* the prices offered for super, lines in- these classes being relatively better than for fleece' wools. The clip opened up in excellent condition. The recent weather conditions and an abundance of feed had • had their effect, and, on the whole, a splendid showing was made, calling for some high , praise. The best price of the day was secured for a fine Corriedale fleecy wool.. Lambswool. was not in great quantity, hut the quality was good, and. it was taken at satisfactory figures. On the whole, the sale can .be regarded as quite satisfactory, the sellers generally having nothing ■to complain, about. The. official, range of prices was:— Merino.—Average, nil; inferior, nil. Corriedale.—Super., up to 2IJd; average, 18d to 20d; inferior, 16Jd to 17idSouthdown. —Super., up to,2l|d; average, lOd to 20id; inferior, 17d to 18d; MedFum, Halfbrnd (50-56’s). —Super., up .to 213 d; average, 19d to 20Jd; inferior, nil. " Extra Fine Crossbred (48-50’s) . Super., 19d to 20d; average, 16d to 18id; inferior, 13Jd to 15|d. Fine Crossbred (46-48’s). —Super., 17Jd to 19d; average, 16d to 17d; inferior, 13il to 15d. Medium Crossbred (44-46’s). —Super., 17d to 18jd; average, 15Jd to 16Jd; inferior. 13d to 15d. - Coarse Crossbred . (40-44’s) .—Super., 17d to 18d; average, 15£ to 163 d; inferior, 12d. to 14d. Low Crossbred (30-40’s) .—Super., nil; average, 14d to 15d; inferior, 10|d to 13d« Hoggets (48-50’s).—18d to 21d; fine (46-48’s), 18d. to 19Jd; medium (4446’s), 15|d to 18|d; coarse (40-44’s), nil. . Pieces.—Neck pieces, 14Jd to 19d; pieces, good to. super., 15Jd to 17id; low to medium,, IOJd to 144 d; seedy and inferior, BJd to 10id. Bellies.-—Good to super., lid to 13jd; low to medium, 9Jd to 10Jd; seedy and inferior, Od to lid. Lambs (46-SO’s). —Super., ' 19Jd to 21d; average, 16d to 183 d. Crutchings —Good to super., 13d to 14Jd; inferior and seedy, 5d to lOd. Locks.—Crossbred, CJd to 9|d. AUCKLAND WOOL SEASON. SUCCESS OF OPENING SALE. (Special to Daily Times.) AUCKLAND, December 13.. The first sale of the season of Auckland’s wool clip. was recognised to have been eminently satisfactory, and details now made available by . the Auckland Wool- Brokers’ Asociation - confirm that opinion. . The average price -realised was over fl per bale in excess of the figures recorded in November, 1927, with the result that the total receipts were very close to those of the.- previous year, though the offering was substantially less. Details, with comparisons, are shown in the following table:— Total bales sold (1926). 17,255. Total amount realised, £263,634.* Price- per lb, 10.91 d. Price per bale, £ls 6 S 7d. Total bales sold (1027), 23,095. . Total amount realised, £496,271. Price per lb, 14.81'd. Price per bale, £2l 9a 9d. Total bales sold (1928), 21,091. Total amount realised, £495,876. Price per lb, 15.64 d. Price per bale, £22 Us. OTAGO FRUITGROWERS. EXPORT FACILITIES AT BLUFF. (Special to Daily Times.) INVERCARGILL, December 13. , Some time ago the Otago Fruitgrowers’ Association communicated with the Bluff Harbour Board with regard to the facilities at Bluff for the export of fruit. Inquiries were made to ascertain if it would be profitable to provide additional facilities to those already available. A second letter was received from the association at the monthly meeting of the board on Wednesday night. It stated, inter alia: —"The position so far as we are concerned is that at times. steamers with a suitable loading date for our fruit,, may not be calling at Port Chalmers, but are available at' Bluff or Lyttelton. ‘ With such a contingency in view our council wishes to be in a position to advise which outside port would he most suitable for us. Our shipments last year ranged from 10,000 to 25,000 cases per ship, but it is impossible toMorecast anything for next season so far ahead. Assembling stores or sheds which would require more than a' minimum of haulage and handling to the ship’s side would not be very suitable.” The letter was received. Another communication was received from the secretary of the Southland Cool Stores, Ltd., stating that he was getting particulars from the association of the service renuired, DAIRY PRODUCE. The New Zealand Loan and Mercantile Agency Company has received the following cablegram from its London house, dated December 12;—■ Butter.—New Zealand choicest salted sold from 182 sto 184 s. The market is firm. Cheese. —White sold to 97e; coloured, 995. The market is steady. LONDON WHEAT MARKET. (United Press, Association.) . (By Electric Telegraph—Copyright.) LONDON, December 12. Wheat cargoes opened fully steady, thanks to the Indian -demand, but closed Quiet,_ owing to lack of support from America. Cargoes by three unnamed steamers for Indian (May, August) were sold at 435. . Parcels are inactive and unchanged. Liverpool futures: December, 9s Oid; March, 5 a IJd; May, 9s 2d; July, 9s 3Jd.—Australian Press Association, OTAGO STARR-BOWKETT BUILDING SOCIETY. A meeting of members of the Otago Mutual Starr-Bowkett Building Society was held' in the society’s registered office last night, Mr W. H. Adams presiding. The chairman reported that the meeting had been called to dispose of a loan of £SOO in the No. 2 group, which resulted in the loan being drawn by a shareholder holding five shares. The chairman reported that shares were being freely applied for in the No. 4 group, and the directors hoped to hold a ballot in this group early in the year. AN IDEAL PLACE FOR A HOLIDAY. There is no place in New Zealand like SUNNY OAMARU for a holiday. Perfect climate; beautiful surroundings; sport of every description. Excellent accommodation at reasonable tariff. Splendid facilities for sight-seeing tours.—Write R. Malcolm. Box 34, Oamaru, for full particulars.—OAMAßU FOR HEALTH AND HAPPINESS.—Advt.