Markets and Money

Sun (Auckland), Volume I, Issue 274, 9 February 1928, Page 16

Markets and Money

A Review for Business Men

ON THE ’CHANGE MARKET QUIET PUKEMIRO COALS FIRM Little movement is recorded on ’Change. Insurances and banks continue in good tone, with a firm demand registered for most shares. Coals are firm, and buyers of Pukemiros advanced their offers to 63s bd at the eary call this morning, dropping back to 63s at the mid-day call. The miscellaneous section is quiet. Mining Is depressed and pratically idle, with Mt. Lyellc practically the only scrip registering a healthy tone. A good demand is recorded for Government and local body debentures. A .seller of Wright, Stephensons 6 per cent, debentures came on the market at the early call: offering a parcel at £33. The quotation v.as reduced to £3O at the mid-day call. SALES REGISTERED Yesterday afternoon's business.— Reported: Bank of N.Z., 595; Union Bank (new issue), £l4 15s 6d; N.Z. Insurance (ex div.), 40s Sd. At this morning’s 10 o’clock <%JI. On 'Change: Auckland Gas (ord.), 22s sd. Reported: National Insurance, 15s 2d; Milne and Choyce (deb. stk.), 23s 9d. At to-day’s mid-day call on ’change.— Auckland Gas (con.), 16s 3d; Ohinemuri Mines, 7s. Reported: N.Z. Government inscribed stock, 5i per cent.. 1936, £lOl 2s 6d. MID-DAY QUOTATIONS closing quotations at to-day’s midday call were:

SOUTHERN EXCHANGES YESTERDAY’S SALES Press Association. Wellington.—Bank of Australasia, A'l4 14a; National Bank of New Zealand, £7; Westport-Stock ton (ord.). Is 2d; New Zealand Government Stock, 4i per cent., £97; Union Bank, £l4 14s. a .C”T‘** tch urch.—-National Insurance, 15a Staple*; Brewery. 41s, 41s Id. 41s Cd; British Tobacco. 39s lid, 39s lOd; 3J-s If".* C « m n^ rclal Bank of Australia, right* Is 3d (two).

| STOCK MARKET REVIEW DEMAND FOR EWES WESTFIELD MOVEMENTS With store hoggets in the saleyards making to 20s, and two-tooth ewes selling- to 32s 6<i, it can hardly be said that the dry spell has had much effect on the demand for sheep. W’ith the rams due to be put out at an early date, the trading season for breeding ewes is at its height, and fairs are being held in all parts of the province. This week big sales were held at Tuakau and Taumarunui, while at Tirau to-mor-row several consignments of Poverty Bayewes are to be offered under the hammer. There is a strong demand for breeding ewes and any store sheep that offer a margin of profit are eagerlysnapped up. Cattle are also in demand, and, though the shortage of feed and water is forcing many holders to send drafts forward to the market many weeks before what would otherwise be the case, there is little doubt that once the rains come fat cattle will be scarce, and the winter must see proportionately higher prices. At Westfield yesterday a heavy yarding of extra good quality ox beef and an average yarding of cow and heifer beef sawno improvement on the previous week’s reduced rates, though with exporters operating on the lighter weight sorts of steers steady competition was registered throughout. A yarding of under two and a-half rows of fat sheep saw prices for the better sorts of wethers for the greater part of the sale appreciably lower than those ruling at late sales. Values improved as the sale progressed, however, and at the close were on a par with late rates. This was no doubt due to the short yarding. At one time good sorts of wethers that three weeks ago would have brought 30s to 31s were sold for 28s Dd. Fat pigs met with strong competition and values for baconers advanced appreciably. The store pig market was easier. A heavier y-arding of calves met with a slightly easier market. Trade in fat stock throughout the province continues brisk, and full time is being worked at Southdown, Moerewa, and Westfield. Lambs are still coming forward freely, and beef killings continue heavy. Pigs are also offering freely-, and Southdown and Horotiu especially' report no diminution in killings The marketing associations are to be well supported by the farmers. With the exception of lamb, which has moved back to the extent of practically a halfpenny over tne past fortnight, there is little movement in overseas markets. Beef is in slightly better demand. PRICES AT WESTFIELD Prices received under the hammer at Westfield yesterday ranged as follow: Cattle.—Heavy prime steers, to £l3 15s; medium prime steers, £ll to £l2 ss; lighter prime, £lO to £lO 17s €d; light prime, £8 10s to £0 17s 6d; small and unfinished, £5 15s to £8 7s 6d; extra heavy' prime young cows and heifer 3, £7 10s to £9 2s 6d; heavy prime cows and heifers, £6 5s to £7 7s 6d; lighter prime, £5 to £6 2s 6d; other killable cows, £3 15s to £4 17s 6d. Sheep.—Extra heavy prime wethers made to 31s 3d; heavy prime, £1 6s to £1 8s 3d; medium to heavy prime, £1 4s to £1 5s 9d; light to medium prime, £1 2s 6d to £1 3s 9d; unfinished, 19s to £1 2s; extra heavy prime young ewes, 19s to £1 Is; heavy prime, 17s to 18s 6d; lighter prime, 15s to 16s 9d; other killable ewes, 14s to 15s; other ewes, 11s 6d to 13s 6d. Lambs. —Extra heavy prime lambs made £1 7s to £1 9s 9d; heavy prime, £1 5s to £1 6s 9d; lighter prime, £1 3s to £1 4s 9d; light prime, £1 Is to £1 2s 9d; small and plain prime, £1 Is to £1 2s 9d; small and plain, 17s 6d to £1; store lambs, 11s 6d to 16s. Calves. —Runners made £3 5s to £4 15s; heavv vealers. £3 10s to £4 9s; medium. £2 18s to £3 7s; light, £1 19s to £2 10s; rough and plain, 10s to £1 4s: small and fresh-dropped, from 3s. Pigs.—Choppers realised £1 10s to £3; extra havy prime baconers, up to £3 2s; heavy baconers, £2 13s to £2 18s; medium, £2 8s to £2 11s; heavy porkers, £2 5s to £2 9s; medium, £1 19s to £2 3s; light, £1 14s to £.l 17s; small and unfinished. £1 3s to £1 11s; values for stores were lower; best made £l. slips and small stores 9s to 15s, weaners 8s to 10s. • AUSTRALIAN WOOL SALES By Cable.—Press Association. — Copyright. SYDNEY, Wednesday. The fourth series of wool sales was commenced at Brisbane. There was a spirited demand for all descriptions, and prices were very firm at the highest point of the current season. Scoured touched 50d, and greasy Merino 30Jd. At the Melbourne sales competition was keen, particularly for comebacks and crossbreds, with a hardening tendency under an increasing demand for America, Japan and Russia.—A. and N.Z. RUBBER STOCKS r By Cable. —Press Association. — Copyright. LONDON - , Tuesday. The stocks of rubber are 65,882 tons. —A. and N.Z. WHEAT FROM E. R. STERLING By Cable.—Press Association. — Copyright. LONDON, Tuesday. About half the wheat cargo from the E. R. Sterling has been discharged. The surveyors estimate that the damage will be between six and nine per cent. —A. and N.Z.

KEEN DEMAND FOR WOOL CHRISTCHURCH SALE PRICES STILL HIGHER Press Assoctafian. CHRISTCHURCH, Wednesday. Compared with the January sale prices at the third Christchurch wool sale which commenced to-night were 2d to 3d higher, while values, generally, were 1d in advance of those ruling at Timaru last week with the market in exceptionally strong tone. The sale will be continued in the morning when the balance of a total catalogue of 24,000 bales will be offered. Back country clips were well represented in the offering. The wool opened up moderately, but there was an unusual proportion of tender and a fair amount of dusty and seedy. There was a full bench of buyers* representing British, Continental, Australian, American and New Zealand houses. From the outset it .was obvious that a very keen market was to ensue. Bidding was in broadsides and some operators apparently were not very much embarrassed with limits. Continental and Home buyers secured the bulk of the offering. As an indication of the keenness of the market only four bales were passed in the first catalogue of 2,000 odd. The passings in the 10,000 bales disposed of were under 25 bales. The top price of the evening was 273 d, secured for the first classing of two clips. Several other prices ranged from to 27id. Halfbred pieces touched 231 d and Corriedale fleece 26id. Lots described as three-quarter and crossbred made 24$d and 22£d respectively. The average price of halfbred throughout the evening was 22d to 25d, Corriedale 22d to 24£d, and crossbred 16d to 185 d. ADDINGTON STOCK SALE DEMAND FOR EWES BEEF VALUES EASIER Press Association. CHRISTCHURCH, Wednesday. The entry of store sheep at Addington to-day was smaller than usual, but practically all other sections showed an increase. There was recovery in store sheep values, but other sections showed a tendency to ease. Store Sheep.—Lambs numbered about half last week’s total and the quality was inclined' to be poor. A pronounced recovery occurred in store lambs. Poverty Bay ewes were forward and they sold under good competition. Good twotoothed Romney ewes made 32s to 36s 3d; four, six and eight-toothed halfbred ewes, 28s 3d to 32s 9d; six-toothed Romney ewes, 32s 6d; four-toothed Romney ewes, 29s 7d to 34s 7d; four, six and eighttoothed crossbred ewes, 24s 8d to 28s; two-toothed halfbred ewes, 27s 6d to 28s 2d; aged halfbred ewes, 13s 6d to 18s; forward four, six and eight-toothed crossbred wethers, 22s 6d to 25s lid; four, six and eight-toothed crossbred wethers, 20s to 225; four, six and eight-toothed halfbred wethers, 19s 6d to 21s 6d; specially good two-toothed halfbred wethers, 20s 9d to 22s 9d; ordinary two-toothed halfbred wethers, 15s lOd to 19s; sound and failing-mouthed halfbred wethers, 16s to 18s 6d; forward three-quarterbred lambs, 21s 6d to 22s sd; forward halfbred wether lambs, 20s 6d to 22s 6d; medium halfbred wether lambs, 17s to 19s 6d: small and inferior wether lambs, 13s to 16s 6d; halfbred ewe lambs, 23s 6d to 23s lOd; crossbred ewe lambs, 225; cull lambs, 10s 8d to 14s 9d; shorn wether lambs, to 17s 6d. Fat Lambs. —A total of 4,550 head was entered, Including several large and prime lines from the coast. There was a keen sale for heavy lambs. Extra prime heavy lambs made 32s to 33s lOd; prime lambs. 28s 6d to 31s 6d; medium lambs, 25s 6d to 28s; light lambs, 23s to 25s 3d. Fat Sheep.—A heavy entry of 115 races. The bulk were ews. Rates were within exporters* limits and the factories took the bulk. Extra prime wethers brought up to 34s 4d; prime wethers, 29s to 325; medium wethers, 26s to 28s 6d; light wethers, 21s to 255; extra prime ewes, to 28s 3d; prime ewes, 19s 6d to 245; medium ewes, 17s to 19s; light ewes, 14s 6d to 16s 6d; aged ewes, 12s 6d to 14s. Fat Cattle. —Good beef was slightly easier, but the Inferior quality was down by 2s per 1001 b. Best medium-weight made from 35s to 39s per 1001 b, a few pens to 40s; medium quality, 32s to 345; heavy beef. 30s to 32s 6d; medium cow beef, 26s to 28s; inferior, 22s 6d to 255. Extra heavy prime steers made up to £lB 12s 6d; prime heavy steers, £ls to £l6 10s; medium-weight prime steers, £l2 to £l4 15s; light steers, £7 to £11; extra prime heifers, to £l4 12s 6d; prime heifers, £7 15s to £l2; medium heifers, £7 15s to £9 10s; light heifers, £4 10s to £7 ss; extra prime cows, to £l2 2s 6d; prime cows £9 to £11; medium heifers, £6 to £8 10s; light heifers, £4 to £5 15s Vealers. —A good sale for good quality. Twelve to 18-months* sorts rna.de £7, vealers, £3 to £5 15s; others, 15s to £2 ss: calves, 4s to 10s. BRISBANE CITY LOAN FLOTATION IN NEW YORK By Cable. — Press Association. — Copyright. NEW YORK. Tuesday. Contracts were signed to-day for a loan of 7,500,000 dollars (about £1,500,000), for the Brisbane City Council. „ _ _ The New York agency of the Commonwealth Bank acted as the fiscal agent of the borrower and Messrs. Lee, Higginson and Co. are the underwriters. The loan, which is unconditionally guaranteed as to principal and interest by the Government of Queensland, is in 5 per cent, bonds, with a currency of 30 years, and a sinking fund provision. The bonds may be redeemed by the borrower at any time after 20 years. The price of issue is 94i per cent., yielding 5.35 per cent, interest over the full term. It is interesting to note that the previous Brisbane loan, issued last March, is now selling at 94 1-8. Observers stress the fact that the issue price of the new loan is higher and this is regarded as indicating that the underwriters are prepared to give the loan substantial support in the open market, if necessary. Some comment is also current relative to the fact that the Lee, Higginson Company are the underwriters. Market observers confidently expected that the National City Company would get the issue, as it did the previous one. That a change has been made is believed to indicate that Australian financing probably will be more widely spread than in the past. It is understood that the Commonwealth Bank for the first time appears as fiscal agent in a flotation abroad.— A. and N.Z. MINING NEWS HAURAKI.— The manager wired yesterday as follows: Breaking down seaward face; nice splashc-s <_f coarse gold coming from main portion.

DISTRICT STOCK SALES Auctioneering firms report on country stock sales as follows: Alfred Buckland and Sons, Ltd.:— “During the week we held sales at Westfield, Pukekohe, Waiuku and Kumeu, also a pig sale at Waiuku. There were average yardings for the time of year, and good clearances were effected at ruling values. Best dairy cows at profit made £lO to £l4; second-grade cows, £7 to £9 10s; others, £3 to £6 15s; best springing heifers. £9 to £ll 15s; good heifers, £7 to £8 15s; others, £4 to £6 10s; empty young cows and heifers, £3 to £4 10s; store cows, £1 10s to £2 15s; heavy prime young cows and heifers, £6 to £9 10s; heavy fat cows, £5 to £6; light heifers and boner cows, £3 to £4 17s 6d; fat steers, £9 10s to £l2 2s 6d: yearling to 18-months-old heifers, £2 10s to £5 ss, according to quality; grown steers, in forward condition, £7 5s to £8 ss; three to four-year-old steers, £5 15s to £7; two to three-year-old steers, £4 15s to £5 15s; yearling to 18-months-old steers, £2 10s to £4 10s; good calves, £1 15s to £2 8s; smaller calves, £1 Is to £1 13s; heavy bulls, £5 10s to £8 ss; sound young herd bulls, £4 4s to £8 8s; other bulls, £1 10s to £4. There was a heavy entry of pigs at Pukekohe and an average yarding at Waiuku. Values at each centre were an improvement on recent sales'. The New Zealand Loan and Mercantile Agency Company, Ltd.: — “We held sales of cattle during the past week at Westfield and Papakura. There was a keen demand for dairy cows and heifers close to profit. Other classes of cattle sold at late quotations. At Papakura for the time of the year we had an extra large yarding and report a good sale. The dairy herd of cows sold on account of Mr. D. V. Mayer realised extremely good values. We held sheep fairs at Clevedon and Warkworth. At both places more than the advertised numbers came forward, and we report most successful sales. We also held our fortnightly Waiuku pig sale, with values firm at late quotations. Best dairy cows and heifers close to profit made £lO to £ls 10s; others, £7 to £9 15s; backward springers, £5 to £7 15s; bulls, £2 10s to £9, according to weight and quality; boner cows, £2 10s to £4 7s 6d; store cows, £1 15s to £3 12s 6d; yearling others, £1 5s to £2 15s; heifers suitable dairy purposes, £4 to £6 10s; yearling to 18-months steers, £2 10s to £3 15s; 2 to 2£-year steers, £4 to £4 17s Xd; 3 to 3J-year steers, £5 to £5 15s; 4 to 41year steers, £5 17s 6d to £6 7s Gd; grown steers in forward condition, £G 10s to £7 10s; beef at fully Westfield quotations; 2-tooth ewes, £1 6s to £1 12s; 4 and 6-tooth ewes, £1 3s 6d to £1 8s; f.f.m. ewes, 18s to £1 5s 9d; f.rn. ewes, 14s to £1; failing-mouth ewes, 8s to 13s 6d; forward and store wethers, £1 to £1 4s; forward and store lambs, best, 12s 6d to 18s 9d; others, 7s to 12s; Romney rams, 3gns to sgns; English Leicester rams, 2gns to sgns; Southdown rams, 3gns to Bgns; aged rams, 10s to ligns. The New Zealand Loan and Mercantile Agency Company, Ltd., Hamilton, reports: At the Hamilton sale on Tuesday last there was a short market of beef, which sold under brisk competition at late rates. Fat and store sheep met with good demand, and lambs sold well. We quote:—Prime fat cows and heifers, £“3 2s to £S 9s; killable cows, £5 2s to £6 ss; boner cows, £3 to £4 4s; light fat wethers, £1 3s 6d; fat ewes, 15s 6d; good shorn lambs, 14s lid; small do., 11s Id: medium woolly lambs, 12s lOd to 13s lid! Pigs: A medium yarding of fat and store pigs came forward. Fat pigs showed a good rise on last week’s prices, other classes selling on a par with late rates. We quote:—Heavy baconers, £2 13s tc £2 16s; light baconers, £2 7s to £2 10s; porkers, £1 18s to £2 4s; others, £3 12s to £1 15s; stores, £1 2s to £1 7s; slips, 12s to 16s; weaners, 5s to Bs.

Sellers. Buyers. £ d. £ A. BANKS— Bank of Australasia 14 15 0 14 12 0 Com.. Bank of Aust. 1 7 4 1 7 1 Ditto (con.) rights 0 7 6 ft 7 0 Nat. Bank of N.Z. 7 0 0 6 18 0 .Vat. Bank of Aust. 8 14 0 N>w South Wales . 48 0 0 New Zealand 2 19 0 L 8 if T>ltto (15s paid) . . 1 1 0 Ditto (20s paid) .. 1 6 ft Union of Australia 14 18 0 14 13 6 INSURANCE— National 0 15 6 ft 15 0 New Zealand .. 2 1 0 0 6 South British . . . . 2 18 0 2 17 3 Standard — 3 3 0 LOAN AND AGENCY Farmers' Co-op. Auc A (pref.) 0 17 0 — Ditto B (prof.) 0 14 3 Goldsbrough, Mort . 2 8 6 Newton King (pref.) 0 12 6 N.Z. & River Plate 1 7 6 N.Z. Guar. Corp. .. 0 9 0 ft 8 6 N.Z. Loan and Mere. — ft Ditto (pref.> .. .. — 81 0 0 COAL— Henown (con.) .. .. 0 15 0 ft 12 6 Hikurangi 0 4 2 0 3 8 Ditto (pref.) . . .. ft 7 6 Ditto A (pref.) . 0 6 9 0 6 3 Pukemiro 3 3 0 Tauplri — 1 3 Ditto (pref.) .. .. 1 3 0 Waipa — 0 16 8 GAS— Auckland 1 2 6 1 2 3 Ditto (con.) 0 16 6 0 16 Birkenhead & Northcote 0 16 0 Thames 0 11 6 0 7 0 SHIPPING— Dfvonport Steam . 1 5 0 1 4 0 Huddart-Farker 2 12 0 1 10 6 Ditto (pref.) .. .. 1 0 9 Northern Steam 0 14 1 ft 14 Ditto (con.) .. .. 0 7 4 0 6 9 P & O. (def. stk.) 245 0 0 235 0 0 Union Steam (pref.) 1 0 6 — TIMBER— Kauri Timber .. . • 1 2 0 1 0 6 Leyland-O’Brien .. 1 18 0 0 12 6 0 19 0 Taupo Totara .. .. 0 15 0 Ditto (pref.) .• .. 0 15 0 — WOOLLEN— Mosgiet .. •• •• •• 7 0 0 6 12 6 BREWERIES— N.Z. Breweries. Ltd. 1 18 6 J. Staples and Co. (ex. div.) 1 1) 0 — MISCELLANEOUS— Auckland Amusement Park .. .. 0 13 9 — A. J. Entrlcan (pre f .) 0 19 0 British Tobacco 2 0 0 1 19 9 Burns, Philp - . •• 0 6 Bycroft, Ltd 1 10 0 Checker Taxicab Colonial Sugar .. .. 56 0 0 54 15 0 Dental & Medical .. 0 16 0 — ft 19 6 Ditto (pref.) .. .. — 0 19 b Electrolytic Zinc (pref.) 1 13 1 12 3 Hayward's Pictures 1 0 0 0 18 3 Henry Jones Co-op. 1 17 0 Hill and Plummer .. 1 2 6 Arcade Theatre (pref.) 1 0 0 Kempthorne Prosser 9 6 8 0 Milne & Choyce .. 1 0 Ditto (pref.) .. .. 1 4 0 Ditto (“B** pref.) 1 4 0 Ditto (deb. stock) 1 2 3 N.Z. Farmers* Fertiliser Co 4 0 0 Northern Boot.. .. 0 18 0 Robinson Ice Cream 1 2 0 Sanford. Ltd 1 0 0 Ditto (pref.) .. .. 0 3 Taranaki Oilfields .. 0 11 0 0 9 G Thames Theatre 0 18 6 0 17 6 Tonson Garllck 0 12 0 Union OH 2 0 0 Wairakei, Ltd 0 10 6 Wilsons Cement 1 18 0 1 17 6 MINING \lburnia 0 1 8 Moanataiari (paid).. 0 2 0 — Kawarau 0 1 0 ft 0 7 Lucky Shot (2s pd.) 0 1 ft 0 0 G Maorlland (con.) 0 0 9 Mt. Welcome (con.) 0 1 0 New Waiotahi (4s paid) ft 0 8 Ditto (con.) .. 0 0 9 0 0 Occidental-Una (2s paid) ft Ditto (con.) .. 0 1 1 ft 0 10 i >hlnemuri 0 7 3 0 7 Ditto (pref.) .. .. 0 9 6 Waihl 0 11 0 0 10 0 AUSTRALIAN— Mount Lyell .. .. 1 9 6 1 9 0 DEBENTURES— Auckland Harbour Board. 6 p.c 104 10 0 103 10 City of Auckland, 11*40, 51 97 0 0 Borough of Dtvonpore 6 p.c 100 0 Bor. Mt. Eden, 55 102 0 0 lftft ft Ditto. 6 p c — 102 0 0 N.Z. Breweries .. .. Glaxo — 90 0 0 Hamilton Theatres . 105 0 0 N\ right Stephenson. 6 90 0 0 GOVERNMENT BONDS— NV ar Loan. 1930, 4ft . 97 16 0 Ditto. 1938, 4} .. Ditto, 1939, 4J .. 97 0 Ditto, 1941. 41 .. 96 12 6 Ditto, 1933. 51 . — 101 0 Ditto. 1936, 51 . — 100 15 0 INSCRIBED STOCK— IN ar Loan. 1938, 4i ft Ditto. 1939. 41 .. 97 Ditto, 1927-41, 5j .. 93 10 0 Ditto. 1933, 51 .. 101 0 lftO 15 0 Ditto, 1936, 51 . . — 100 15 0