COMMERCE AND FINANCE

Otago Daily Times, Issue 20961, 26 February 1930, Page 14

COMMERCE AND FINANCE

/ the' share market. DUNEDIN STOCK EXCHANGE. A sale of New Zealand Milk Products bonds was reported on the Dunedin Stock Exchange yesterday at 22s 3d. No quotations had been made when the market closed. Union Banks were inquired for at £l2, but sellers were unwilling to do business at less than £l2 3s fid. Buyers of New Zealand Insurance offered 43s without attracting a seller. South Otago ' Freezing’wqre on the market at 80s, but ' buyers failed to come forward. The offer for New Zealand Breweries shares was Sis, sellers asking another 3s. Sale reported: New Zealand Milk . Products bonds, 22s 3d. The following are yesterday afternoon’s . . baying and selling quotations, which are subject to the usual brokerage:—i ’ . BANKING. Australian Bank of Commerce—Buy 24s Od. Bank of N.S. Wales—Buy £4O 2s fid. Bank of Australasia—Buy £ll 17s, Bank of New Zealand—Buy 575, sel 58s, Commercial Bank—Buy 225. ■ E.S. and A. Bank—Sel ffi 14s fid. National Bank of N.Z.—Buy £6: Union Bank—Buy £l2, sel £l2i 3s fid. INSURANCE. National Insurance Co.—Buy 14s 3d, sel 15b. N.Z. Insurance Co.—Buy 435. South British Insurance Co.—Sel 44s «d. SHIPPING. Huddart, Parker (ord.)—Sel 38s 9d. Huddart, Parker (pref.)—Buy 20s, U.S.S. Co. (pref,)—Buy 20s. i COAL. Westport Coal Co. —Buy 30s. LOAN AND AGENCY. Dalgety and Co.—Sel £l2 3s 6d, Goldsbrougb, Mort—Buy 325, sel 32s fid. N.Z. Guarantee Corp.—Sel 8s 3d. Perpetual Trustees—Buy 68s. Trustees. Ex and Agency—Buy 60s. Wright, Stephenson (ord.)—Sel 25s 3d. MEAT PRESERVING. N.Z. Refrigerating (pd.)—Buy lls fid, . Bel 13s, N.Z, Refrigerating' (cent.) —Buy 5s fid. >, gel 6s 2d: • 1 South Otago Freezing—Sel 80s,- ■; MISCELLANEOUS. ■ ■ British Tobacco—Buy 425, sel 42s fid. Bruce Woollen Co. (ord.)—Sel 18s 3d. Colonial Sugar—Sal £43 10s. ■ Crystal Ice Co.—Buy 22s fid, sel 27b. - „ D.I.C, (pref.)—Buy 21s 3d sel 225. SKI Dominion Rubber—Sel 28s Dunlop Perdriau Rubber—Sel 20s od. Kaiapoi Woollen (ord.)—Sel Xss. - '. Milburn Lime and Cement—Buy 35s 3d, * sel 365. National Electric—Buy 9a fid. N.Z.,Drug Co.—Buy 71s, pel 72s Od. ‘ V N.Z. Farmers’ Fertiliser—Sel 21s fid. N.Z, Paper Mills (ord.) —Buy 19s 3d, ! sel 20s: fid. •• Wilsons (N.Z.) Cement—Sel 40s. BREWERIES. ■ N.Z. Breweries, Ltd.—Buy i 81s, sel 84s. l N.Z,/Breweries Debent.—Buy 21s fid. N.Z. Breweries Stock—Buy ,21s fid. Staples Brewery—Buy 47s* 3d. . : MINING. Waihi—Sel 14a. Electrolytic Zinc (ord-)—Sel 30s. Mount Lyell—Buy 33s 3d, sel 34&/ Big Beach—Buy 4s fid, pel 5r fid, Mahakipawa—Sel 3d, . Kildare—Buy fid, pel Is 2d. Okarito—Sel Is 7d prero. Winding Creek—Sel fid prero. Stoney Creek—Buy 2d prero, sel fid • prero. Paddy'a Point—Buy 3a 6d, WAR BONDS. : 4| per cent. Bonds.l939—Sel £99 2s fid. 4} per cent. Inscribed. 1038—Sel £9fi Js fid, 4J per cent, 1 Inscribed, 1939—5 el £99 2s fid. NORTHERN EXCHANGES. (Per United Press Association.) ' The following business was done on 'Changes yesterday , Auckland.—Sales; War Loan (1033) 6J per cent., £99: Commercial Bank of Australia, 82a fid; Bonk of New Zealand, i 57g fid; Union Bank of Australia, £l2 1* j fid; South British, fils 1 Grey Valley Coal, 86a 9d; Pukemiro, 69s fid; Auckland Gas. • 23b id; Bartholomew Timber. 21s 9d; New Zealand Breweries, 82s fid; Wilsons '■ Cement. 38a fid; Mount Lyell, 33s fid. Wellington.—Sales: Goldsbrougb, Mort and. Co„ £1 12p 7d. Sales reported: National Bank of Australasia (£5), £7 Us; New Zealand Breweries shares, £4 2« fid; Bank of New Zealand, £2 17b fid; Sharland,and Co. (pref.), fl 0a 3d, , Christeburch.—Sale*; Dalgety and Co., £ll 18s, £ll 17s; Goldsbrougb. Mort, 32s : 2d; Beath and Co. (Is paid), 7s (two parcels); British Tobacco, 42s 4d; Colonial Sugar, £43 17s fid. Sates reported' Commercial Bank of Australia, 22s fid; Commercial Bank of Sydney, £2l 15s; South British Insurance, fils .fid; Goldstrough, Mort, 38s 3d; New Zealand Refrigerating (10s paid), 5s lOd; New Zealand Breweries, 82s fid;, South British ~ Insurance, 60s 9d. . ■ , l TARANAKI OIL REPORT. (Per United Pbcss Association,) GISBORNE, February 25. The Taranaki (Now Zealand) Oil Fields report for the week ended February 22 states:—At Gisborne No. 2 well we arc working on caved ground and fishing for lost .tools. Are how securing the outer springs of the casing with cement in order to control the gas pressure. Gas is still very active, and a slight show of oil continues intermittently. ELECTROLYTIC ZINC REPORT. . The following is the production statement of the Electrolytic Zinc Company of Australasia. Ltd*, for the four-weekly period ended February 5, tijo figures for, the previous four weeks being. given in parentheses;— Zinc 4235 tops (4251 tons); amount used at workg 70 tons (70 tons); lead 420 tons (400 tons); silver 55,000 ounces (49,500 ounces). BRADFORD TOPS MARKET. (TJnUei) Press Association.) (By Electric Telegraph—Copyright.) . LONDON, February 24. The Bradford market is very slow. Quotations are 'nominally unchanged. PRICE OF FINE GOLD. (Unjtctj press Association.) (By Electric Telegraph— Copyright.) ... LONDON, February 24. Fine gold IS quoted at £4 4a ll|d per oz.

Messrs Fraser and Co,, sell ins agents for Otago apd’Oamaru Egg Circle, report a.s under Poultry farm eggs, Is fid; others. Is 4d to lg sd, Putter: Sena. Tutor pats. lg to la Id; bulk, Is Id to Is 2d. Tallow: Market steady at 18s to 2Cs for best quality. Pigs; Good bacon weight, fid to Od per lb; overweight, 3d to 4d; poykerg, fid to fid. Potatoes: Oafflarp, fis per cwt. Chaff, £6 to £G 10s P®r ton, sacks 'extra. Whole, fowl wheat, fia 104 to 7s per bushel. Bulk honey, 4Ad to 5d per lb; 101 b tips, 4s 6d. Poultry: Supplies are lighter. White Leghorn bens, 3a to 4s; heavy breeds, 5s to 7s; cockerels, fig to 12s; roosters. 2g fid to 3s; ducks, 4a to ss; ducklings. 5s to 7g 6d=per pair; turkeys. Is to la 2d per lb; gobblers, is ?d to lg 4d per lb, live weight. W® stock P. chick food, Perfect tiqn meat meal, leg rings at Is per dozen (special quotes for quantities),. Consignors please note that all pigs apd poultry must arrive not later than Wed, oesday morning of each week. Wa have * stock of poultry crates op hand for the Vsc of our clients.

LOCAL AND OVERSEAS MARKETS.

LONDON METAL MARKET. (United Press Association.) (By Electric Telegraph—-Copyright.) LONDON, February 24’! (Received Feb. 25, at 10 p.m.) Copper: Spot, £O9 lls 3d; forward, £OB 16h 10id. Electrolytic: Spot, £B3 10s; forward, £B4 ss. Wire bars: £84,55.

Lead: Spot, £2l 3s Od; forward, £2l.' Spelter: Spot, £l9; forward, £l9 7a Od. Tin: Spot, £172 Is 3d; forward, £175 Is 3d. Silver: Fine; lOJd; standard, 21 7-lfid per oz, WALLACETOWN STOCK SALE. (Special to Daily Times.)’ INVERCARGILL, February 25. There were full yardings in all sections at the weekly Wallacetown stock sale today, when there was a good attendance of local buyers. The quality of the yarding in all sections was: on a par with the previous offering, and values remained firm at last week’s rates in all sections except that for fat cattle, in which a decline took place. The. competition of an outside buyer, who was present last week, was missed in this section. The entry in the fat sheep section was not quite up to that,of last week, and showed a slight falling off in the fat lamb section. Prices for fat lambs were about on a par with those ruling last week. Fat ewes eased slightly, but not to any great extent, and wethers sold on a par with late rates. The bulk of the yarding was sold at auction, which is a fair indication that the sale was a firm and satisfactory one. There was' a large entry in the store sheep section, but prices in many cases fell below those anticipated by vendors. There was, however, a demand for good lambs at prices within purchasers’ limits. Store lambs appeared to be very cheap; good forward mixed sexes selling at up to 16a fid and 17s with medium-weights in fair condition at from 13s to 14s fid, and small. lines at from 8s to Us. The fat cattle' entry was slightly above that of last sale, and prices opened about on a par with those of a week ago, but gradually eased) and towards the end of the sale values had receded to about 15s per head. Store cattle were offered in increased numbers, and met with a fair sale. A special lino of Hereford bullocks from the Te Anan Downs station realised £lO 10s. with the tops up to £l2 17s fid.

Fat Sheep.—This yarding was slightly less than the previous week, and was comprised chiefly of lambs and fat ewes. A small entry of wethers was forward. Prices lor fat lambs were firm at last week’s rates, but' in the fat ewe section a slight reduction was noticeable. Wethers sold on about a par with the prices rating a week ago. The bulk of the yarding was sold by auction, which is a fair indication of a firm and satisfactory sale. Extra prime wethers sold up to 28s fid; medium weights, from 25s to 27s fid; lighter sorts, down to 24a fid; prime ewes, up to 20s; good freezing ewes, 16s to 18s; lighter sorts, down to 14a fid; prime heavy butchers' lambs, up to 295; good freezing lambs, from 24s to 26s 0d; lighter sorts, down to 20s,

Fat Cattle.—There wao a reduced yard* ing, comprising a fair proportion of well* finished beef. A few peps of good steers were forward, also a largo number of prime heifers. The sale opened on about a par tVith last week’s rates, but prices showed 'an easing tendency. Extra prime bullocks sold up to fid; medium-weights, from £ll to £l3; lighter eorto, down to £9 XOs. Extra prime heavy cows reached up to £l3 10s; medium-weights, £8 10s to ,£10; lighter sorts, down to £6 XOs; extra prime heifers, up to 111 10s; mediumweights, £9 10s to £lO 10s; .lighter sorts, down to £B. A few .vealers were forward, and sold at current rates. Store Cattle.—There was a smaller entry than last week, made up chiefly of a very fine line of Hereford cattle from Te Anau Downs Station. The sale was quite up to recent ones. Prices may be quoted as follows:"—Three and a-balf year old and aged Tc Anau cattle made £l2 17s" 6d. Two and a-balf year olds realised £ 10 TOs; forward conditioned empty cows, from £6 to £0 Ids; Hereford, heifers in calf, £6 15b; good yearling steers, £5 10s; smaller calves, from £2 to £3, ' Store Sheep,—There was a large yarding, mostly of lambs. The sale for these was dull, prices, if anything, being easier than at the country sales. Decent ewe lambs sold up to I7s; forward conditioned mixed-sen Jambs, ISg 6d to 17b; medium, 12s Od to_ 14a; smaller, down as low as 8s; ,freeing conditioned aged ewes, from lls to 13s; poorer sorts, from about 0s to Bs. i CHICAGO WHEAT MARKET. A FURTHER collapse. (United Press Association,} (By Electric Telegraph— Copyright,) . _ NEW YORK, February 24. Chicago wheat collapsed to-day, due to the depression of the stock market and bearish news from all sides. Kansas City and Winnipeg declined, and further weakened the local market. The wheat glut at ‘Kansas City will force co-operatives to suspend buying there, unless more storage room is provided- Local wheat closed. March, 1035 cents; May, 108 g: July, 1103; September, Il3i. LOW LEVELS AT WINNIPEG. (United Press Association.} (By Electric Telegraph—Copyright.) VANCOUVER, February 24. Winnipeg advices state that continued lack oL export demand for North American wheat and the weakness of the Liverpool and Chicago markets chiefly accounted for the liquidation of the old crop. Futures were showing a bearish tendency, and wheat dropped to new low levels to-day. However, scattered but determined buying during the closing minutes of the market brought values up, a cent; but at the actual close wheat was 3i to 23 cents down on the tlav. May closed afc mg cents; July, 113. J; October, 1151. SYDNEY WOOL SALES. (United Press association.) (By Electric Telegraph—Copyright.) SYDNEY. February 25. (Received Feb, 25, at 11 p,m.) At the wool sales the offerings totalled (350 bales, of which (39-1 were sold, in addition to 397 privately. The market was again very* firm, with special inquiry for superfine lots. All sections of the ■ trade operated freely, and greasy merino brought 25d. LONDON WHEAT MARKET. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 34. Cargoes, opened at 3d to 6d down, and are very quiet. Parcels arq in small demand at a decline pf 3d to Ofi, Futures:— London; March, 36s Id; May, 39s Gd. Liverpool: March. 7s 75d; May, Ss; July (net cash), 8s 3ld, CANTERBURY MARKETS. (Pea United pukss association.) CHRISTCHURCH, February 25. For some ' reason there is a lessened demand for Velvet and Pearl wheat this season. ' There are those who attribute it to_ the fact that the improved milling machinery and better baking methods now make it possible to convert Tuscan wheat uitp bread of first-class quality, and, as Tuscan is cheaper than Velvet or Pearl, it is more generally sought by iphlers. Against this, however,' there are miliary who say that it is impossible to make the best bread from Tuscan alone, and they buy Hunters and Pearl to mix with It. Wheat ig now coming op to the market fairly, .rapidly, but some of it is out of condition. Prices remain unchanged at 5a for Tuscan, 6s for Hunters, and 6g 3d for Pearl, on trucks. There is an occasional sale of Tuscan at 5s Sd, on

trucks. Fowl wheat , has firmed a little, and is to-day quoted at 5s lOd, f.0.b,, for prompt. The market for oats is not quite so firm as it was. and, though there are not a great many offerings from farmers, and the on-trucks price is 3s 9d for A's, 3s fid for B’s. 4s fid to 4s 9d for Dung, and 3s 3d to 3s fid for Algerians, there is some forward business being done on the basis of 4s lid, f.0.b., s.i., spread delivery April to September for A’s and 3s Bld for B’s.

The North Island is now buying chaff from Tasmania, though it is not getting it for less money than it would have to pay the South Island for it, and Tasmanian chaff is not of better quality than that obtainable in Marlborough and Canterbury. To-day’s quotation for Canterbury chaff is_£s to £5 5s a ton, on trucks, while the North /Island is paying Tasin_ania £5 5s a toh for best quality and £5 lor second quality, f.0.b., Tasmanian ports.

No change has occurred since the previous report in the values of barley, peas, or clover.

During the past few days cocksfoot has been offered freely, hut merchants for the most part have sufficient for their immediate requirements. The value today ig Sd to Od. for Akaroa seed and 7d to 8d a lb for plains seed. It is too early yet for new cowgrass, but a httjc old has been selling at 4d to J d_a lb, on trucks, country stations. The potato market is easier than it was, and sales were made yesterday at lo 5s to £3 10s a ton. on trucks. Forward business has been done at £4 12s fid tor April May. June delivery, and at £5 1-s 6d_ for July, September delivery, f.0.b., s.i.