FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 416, 26 July 1928, Page 14

FINANCE & MARKETS

Colonial Sugars Decline r N.Z. Paper Mills Improve Quiet trading, with a healthy under current in the market for most of the better classes of securities, is recorded on ’Change.

Banks are steadier, and the upward movement registered over the past week or so in the market for several classes of scrip in this section has been checked. N.Z.’s are slightly easier with sellers at 60s, supported by buyers at 59s 9d. Tn the loan and agency section Ooldsbrough, Morts, continue firm, with sellers hard to locate. The market for Newton King preference scrip has slumped following the publication of the company’s annual report and balance-sheet, and sellers, fallen to 8s 6d, 3s 6d below the actual market of little more than a week or so ago, are unsupported. Slightly more attention is being paid to certain industrials. Colonial Sugars are decidedly weaker with sellers of £59 17s 6d„ buyers down to £ 58.

N.Z. Paper Mills show a slight improvement. buyers now offering 15s 6d to find sellers off the market. Electrolytic Zinc are firm with sellers holding for better money. Business yesterday afternoon.—On ’Change: Auckland Gas, 23s 2d; Sanford, Ltd. (ord.), 19s 6d. Reported: Mt. Lyell, 35s 6d: Colonial Sugar, £59 17s 6d; Bank of N.S.W., £SO ss; Bank of New Zealand, 60s; Westport Stockton Coal (ord.), 3s 85d; Devonport Steam, 245. Business at this morning’s early call.—Reported: N.Z. Inscribed Stock, 1933, 5J per cent., £IOO 17s 6d; N.Z. Breweries (deb.), 23s lid. Business at mid-day: On ’Change.— Waihi Junction Mining, Is 4d. Reported.—Bank of New South Wales, £SO ss; South British Insurance, 60s 3d.

TO-DAYS QUOTATIONS

Closing quotations at to-day 10 o’clock call were:

-< SOUTHERN EXCHANGES YESTERDAY’S SALES Press Association. Wellington. —Commercial Bank of Australasia. 30s; Mount Lyell, 35s 6d. Christchurch. —Bank of *N T ew South Wales, £SO ss; GoldsbrougTi, Mort. 50s JOd; New Zealand Refrigerating (10s paid), Ss 6d; Stockton Coal (pref.), 4s; «’hristchurch Gas (cum div.), 24s 6d: Mahakipawa, 3s 4d, 3s sd; New Zealand Drug Company, 695. Dunedin. —Bank of New Zealand. 60s ft wo): Bank of New Zealand. “D" issue, -6s 6d; New Zealand Drug. 68s 9d; Milburn IJme and Cement 32s 9d; Upper Nevis, 4s 6d. CHICAGO WHEAT MARKET (United P.A.—By Telegraph — Copyright) (Australian and N.Z. Press Association.} Rfcd. 9 a.m. CHICAGO, Wednesday. Wheat.—July. 1 dollar 19 5-8 rents a bushel: September. 1 dollar 22 1-s centsDecember, 1 dollar 26 cents. SYDNEY BUTTER MARKET (United, P.A.—By Telegraph—CopyrightJ SYDNEY, "Wednesday. Uocal butter supplies are decreasing, and the demand is keen. Quensland makes are being offered here at 192 s per

LOANS NO TRADE RESULTS In the latest copy of the “Electrical Review,” England (June), appears some interesting comment, which will appeal to all those interested in trade and finance. It refers to a recent Tokyo loan, and remarks:— “According to the daily Press, the British Electrical and Allied Manufacturers’ Association issued a statement last week in connection with the loan being raised in London by the Tokyo Electric Light Co. It was said that in the past the Tokyo company had raised loans in this country to the extent of £3,600,000, and so far as the association knew not a single order had been placed in this country by the company. “Thus, from the point of view of British industry, that issue of capital had no value whatever. ‘lt supplied a Japanese electric-power company with financial resources which benefited foreign manufacturers and was, therefore, a direct loss to British trade.’ The view was expressed that in return for the additional capital supplied to it by the British investor the company should undertake to allocate a corresponding proportion of its orders for generating plant and equipment to the British electrical industry. ‘At a time when every possible incentive should be given to. industry to improve its manufacturing and competitive equipment the diversion of capital away from the British industry must be regarded as against the national interest.’ The statement concluded with. an expression of the ability of British electrical manufacturers to carry out any power plant contracts efficiently and satisfactorily. “ ‘The Times,’ in its editorial financial comments, criticised the statement suggesting that the association might have found a better case upon which to base its claim, seeing - that the present issue is so largely a purely financial operation.’’ AUCTION NOTES George Walker and Co., in eonjunchOT mUi W. V. Quane and Co., will sell at their sale-rooms, 3S Queen Street, tomorrow, at 11 a.m., a substantially built kauri residence of 6 rooms and conveniencies, situated at 3 Hector Street, Herne Robt. C. Carr and Son, in a deceased estate, will sell by auction at their rooms, -0 Swanson Street, on Friday, August 3, at 12 noon, a cottage of five rooms and washhouse, situated at 29 Hastings Parade. Dovonport, Alfred Buckland and Sons, Ltd., advise that the auction sale of the improved iaun of 89 acres at Pokeno, which was to have been held to-morrow, has now at3o°p t m >ned UnUl Friday ’ Au S ustt 3. Wiliam A. Horne. Ltd., will offer by P ~’9 auction at their rooms, Horne's Buildings, corner of High Street and Vulcan Lane, to-niorow (Friday), at 1 p.m., wooden shop and dwelling of 5 rooms and every modern convenience, on section by 104 ft .% containing 19.4 perches, situated corner of Hinemoa Street, Har* bour \ iew Road and Hauraki Street. Birkenhead. Ideal for conversion into garage, bowser or general store.

STOCK MARKET REVIEW GENERAL UPWARD TENDENCY BEEF VALUES ADVANCE JULY 26. 9 a.m. A firm tone continues to be re- & gistered in fat stock circles. The general tendency is upward, and values for both sheep and cattle throughout the Dominion are on the highest level of the season. Beef showed a distinct advance at Westfield and Addington yesterday. Several factors contributed toward a short yarding of beef at Westfield yesterday. The recent heavy rains held back several consignments ot stock that had been booked to come forward. One firm had eight trucks of cattle held up in the Thames district. In addition to this many graziers who had intended sending stock in would not feel attracted to the idea of getting a draft ready in the rain. Another contributing factor to the smaller offering is the fact that supplies of grass-fed cattle must be tightening up and vendors, even where they have them ready, do not appear overanxious to quit their turnip cattle at the moment.

The quality of the offering was good, the ox beef section including several lines of exceptionally well finished young steers. Light to medium weight cattle met with a very keen demand, competition forcing values at times to little short of 20s in advance of last week’s levels. The cow and heifer section comprised mostly light to medium weight cattle, mostly all showing a fair amount of finish. There were no exceptionally weighty cows or heifers, and, realising this, it can be seen that the top price of £l3 which was secured for a line of choice prime but not over-weighty young cows on account of Jas. Taylor. of Cambridge, indicated the market at a level easily the highest of the season. The top-priced steers of the day sold on account of G. Vosper, Maungatautari, for £lB, went to Thos. Baster. Ponsonby Road. Sheep Market Holds Firm

One of the shortest yardings of sheep seen in the yards this season was noted at Westfield yesterday. The quality, generally, was better than that seen at one or two late sales, and several well finished lines of wethers came forward. The quality of the ewes offerings lately, however, leaves much to be desired. Yesterday proved no exception. Only one line of heavy prime young ewes came forward. This was a line on account of Mr. Frank Vosper, Hinuera, which made from 35s to 38s 6d, the tops selling to F. D. Parsons. The ewes were certainly wellfinished, big-framed, and carried a good weight of wool, but better finished and weightier ewes have been seen in the yards frequently this season. The market had a very firm tone and. despite the fact that the buyer for one of the biggest firms in the district for some reason unknown was not operating and did not even follow the market, last week’s high levels were fully maintained. Exporters were apparently forced to silence by the high prices. One of the biggest buyers for overseas was not even present at the close. The market toyched 51s for a small pen of show wethers on account of F. Vosper. Hinuera. Tho line, which was of particularly choice quality, went to J. Rowe, Newmarket. Bobby-veal Buyers Operating

One of the shortest yardings of calves seen for many months was recorded at Westfield yesterday. Well doifj medium to heavy weight vealers were practically non-existent. Among the bigger calves mediocre finished vealers predominated, and there was a large percentage of small and fresh dropped calves yarded. The market registered a sharp advance on last week’s levels, and even small and fresh dropped sorts met with a keen demand at advanced rates. Buyers for the export trade were operating up to 11s a head for calves that last year when the season opened would, have drawn perhaps 6s. Even rough and ill-nourished calves that appeared to have absolutely no chance of passing the graders at the works, if the regulations are to, made 7s and more. Well-nourished calves a few days old, particularly those well into the Shorthorn breed, made well over 20s. On these sorts, of course, bidding was left to the local butchers. Pigs met with a keen demand, and, although baconers sold at late rates, the market for porkers and stores advanced slightly. Lambs came forward in average numbers, extra prime sorts meeting with a very keen demand. Smaller Entries at Addington

At Adding-ton, except in the case of fat sheep, entries in all sections were smaller. Store sheep had the smallest entry of the season and hoggets made up the biggest portion of the section to meet with a very ready sale. Only a few lines of nondescript ewes came forward to meet with a very slack demand. In the fat pens heavy prime sheep sold at slightly higher rates, but lighter sorts, particularly older ewes, were easier. Extra prime wethers made to 51s Id; prime heavy wethers, 42s 6d to 455; prime wethers, 39s to 425; medium wethers, 34s to 38s; light wethers, 28s 335; extra prime ewes, to 45s lOd; prime ewes, 34s 6d to 395; medium ewes, 30s to 345; light ewes, 27s to’ 295; aged ewes, 22s to 265; good hoggets, 30s to 36s 4d; light hoggets. 25s to 295. There was a small entry of 355 head of fat cattle, compared with 620 last week, and 60S the week before. There was a sharp rise for best beef of 35s a head, medium 30s. and inferior 20s. Best beef made 41s 6d to 44s per 1001 b; extra, to 465; medium to good, 38s to 41s; heavy, 36s 6d to 40s; medium quality, 34s to 37s 6d; best cow, 35s to 395; indifferent, down to 27s 6d: extra prime heavy steers, to £2l 2s 6d; prime heavy steers, £l7 to £2O. Firm Market in Hawke’s Bay At the Weekly stock sale held in the Stortford Lodge yards yesterday there was a medium yarding of cattle and sheep. The market for fat sheep was better. Values for fat cattle and store sheep were on a par with last week's. Fat bullocks made from £l2 to £ls 6s: fat cows, £7 to £ll ss: fat heifers, £8 7s 6d to £ll 10s; prime ewes, 33s to 35s Sd: fat ewes. 25s to 335: fat wethers, medium, 32s 6d to 37s 6d: fat lambs, 2Ss to 345: wether hoggets. 25s 9d to 30s; fat and forward wethers, 36s 6d; two-tooth wethers, 29s 3d to 30s 6d: aged ewes, in lamb to Romney rams, 23s 9d to 27s 6d: ditto, in lamb to Southdown rams, 30s; stud Southdown ewes, in lamb, 2gns to 6\gns.

Sellers Buyers. £ a. d. £ s. d. BANKS— Aust. Bank of Com. 1 14 3 Rank of Australasia 14 18 0 — Com. of Aus 1 1 L 0 1 10 Ditto (con.) .. .. 0 19 Ditto (pref.) . . . . 7 b « Eng., Scot. & Aust. 8 12 6 8 9 0 National of N.Z. . . V 4 6 2 0 Nat. of Aus IS 9 0 Ditto (con.) . . . 9 7 0 4 0 New South Wales . . 50 0 0 New Zealand . . . . 3 0 0 19 9 Ditto. D Mort. (20s paid) Union of Australia 15 INSURANCE — National 0 2 ft 15 10 New Zealand .. 6 3 South British .. . . 3 L 0 2 19 9 DOAN AND AGENCYDalgety and Co. 14 17 6 Farmers' Co-op Auctioneering 3 0 0 12 0 Ditto B (pref.) . . 0 lb Goldsbrough, Mort. . 11 6 10 G Nat. Mort and Ag. 3 its 0 Newton King (pref.) 0 8 6 N.Z. & River Plate N.Z. Guar. Corp. 0 8 8 N.Z. Loan Merc. Ditto (pref.) .. . . 82 0 COAL— Hikurangi 0 6 3 0 5 10 Ditto (pref.) .. .. 3 u 10 0 0 8 Pukerairo 3 G Taupiri 1 6 6 Ditto (pref.) .. .. 1 0, Waipa 0 14 9 — Westport-Stockton . 0 3 Ditto (pref.) .. .. 0 4 2 0 3 10 GAS— Auckland 1 3 2 1 3 1 Ditto (con.) .. .. — 0 17 1 SHIPPING — Devonport Steam .. 1 4 0 l 3 0 Uuddart-Farker 9 8 G Northern Steam 0 14 9 Ditto (con.) .. .. 0 7 0 P. and O. (def stik) 239 0 0 Union Steam (pref.) — 1 0 0 TIMBER— Bartholomew .. .. — 0 15 0 Kauri Timber .. .. 1 0 0 0 18 6 Leyland-O’Brien 1 US 0 1 0 y National . . .. 0 10 0 0 7 G Parker-Lamb .. 1 0 G — WOOLLEN— Kaiapoi 0 10 3 Ditto (con.) 0 3 0 Wellington 6 6 0 Ditto (pref.) .. .. — 6 S 6 BREWERIES— C. L. Innes .. .. .. 0 IG 0 Ditto (pref.) .. .. 1 1 0 ft 17 0 N.Z. Breweries 5 0 J. Staples and Co... 1 17 3 MISCELLANEO US— Auck. Amuse Park 0 7 fi British Tobacco 0 2 6 Bycroft, Ltd 1 10 6 Checker Taxi .. — 0 5 0

Sellers. Buye Colonial Sugar, Aus 59 17 58 0 6 Dunlop Rubber.. .. 1 b 6 Electrolytic Zinc 1 13 6 1 12 0 Ditto (pref.) .. .. 1 13 0 Gear Meat 1 19 6 Henry Jones .. .. 1 16 3 Hill and Plummer . . 1 1 H.M. Arcade (pref) 1 0 3 N.Z. Drug S 6 Lewis Eady, Ltd. (ord.) . , 1 7 0 1 3 0 Milne and Choyce .. — 1 4 6 Ditto (pref.) .. .. — 1 4 6 Ditto (B pref.) . 1 4 6 Ditto (deb stock) 1 4 0 National Pictures . . 0 13 0 Farmers’ Fertiliser 4 7 0 4 0 0 N.Z. Paper Mills . . — 0 15 6 Morris Hedstrom .. 1 1 1 0 6 N.Z. Refrig. (con.) 0 8 10 0 8 6 1 3 0 Sanford, Ltd 0 19 6 Ditto (pref.) .. .. l 0 6 Sharland and Co. . . 1 1 0 19 6 Taranaki Oilfields . . 0 9 9 0 8 0 Thames Theatre 1 0 0 Tonson Oarlick 0 11 6 Union Oil .. .. 2 3 6 0 Vic. Nyanga Sugar 4 0 Whittome Stevensons 6 6 Wilsons Cement 1 19 0 1 18 0 MINING— Moanataiari (paid) . 0 0 Ditto (con.) .. . . 0 1 Golden Age (paid). 0 0 0 0 1 New Waiotahi (4s paid) 0 0 4 Ditto (con.) . . . . 0 0 Si Occidental Una (con.) 0 n 5 Ohinemuri (ord.) • - 0 7 0 6 10 Ditto (pref.) .. .. 0 7 0 Waihl 0 12 11 0 12 6 Waihi Grand June. 0 1 6 0 l 4 Mount Lyell 1 16 0 1 15 6 DEBENTURES— Auckland Gas, 1932, 5 — 93 0 0 Ditto. 1935, 61 .. 103 0 0 102 5 0 Auckland Harbour Board, 54 p.c. 99 0 City of Auckland, 1940, 96 0 0 Ditto, 1943, 51 p.c. 99 5 0 Borough of Devonport, 6 p.c 100 0 0 Borough of Mt. Eden, 51 p.c 100 Ditto, 6 p.c 102 0 0 Borough of Hamiltor 6 p.c 100 0 7 p.c 105 Ditto. 8 p.c •6 0 1 Glaxo 9 b 0 0 90 0 GOVERNMENT BONES War Loan, 1930, 41 — 9S 0 0 Ditto, 1938, 44 p.c. — 9S Ditto, 1939, 41 p.c. 98 12 Ditto, 1941, 41 p.c. Ditto, 1933, 54 p.c. — Ditto, 1936, 51 p.c^ — 100 12 6 INSCRIBED STOCK- — 98 12 6 Ditto, 1939, 41 p.c. — 12 Ditto, 1927-41, 5i Ditto, 1933, 51 p.c. 100 12 Ditto, 1936, 51 p.c. —