Quiet Tone on 'Change

Sun (Auckland), Volume II, Issue 430, 11 August 1928, Page 14

Quiet Tone on 'Change

KEMPTHORNE PROSSERS IMPROVE

A QUIET tone was registered on ’Change this morning, but ** the market closed with all the better class securities meeting with a steady demand.

Commercial Banks are slightly easier. An easier tone is also registered in the market for New Zealand Insurances. Practically no movement is registered in the market for industrials. In coals, Renowns were dealt with yesterday at 10s, practically 4s below the market parity at the date of the last recorded sale.

Kempthorne Prosser’s N.Z. Drugs, although not listed this morning, are firmer with a sale at 70s 6d. Business yesterday afternoon:—On ’Change.—British Tobacco, 435. Reported.—British Tobacco, 42s 9d; Leyland O’Brien, 325; Renown Collieries, 10s. Business this morning:—Reported.— Kempthorne Prosser, 70s 6d.

LONDON MARKETS BANK OF ENGLAND RETURNS (United P.A.—By Telegraph — Copyright) (Australian and N.Z. Press Association.) (United Service) LONDON, Thursday. The Bank of England, returns for the week ended August 9, as compared with

Proportion of reserve to liabilities .. 48.80 48.50 SHORT LOANS AND BILLS Short loans, 3£ per cent., same as last week; three months’ bills, 4£ per cent., compared with 4 7-32 per cent, last week. CONSOLS AND COLONIAL STOCKS

FOREIGN EXCHANGES The following rates on foreign exchanges are current to-day, as compared with the cabled quotations on August 2 and par:—

THE METAL MARKETS (Quotations on August 7 in parentheses.) Electrolytic Copper.—Spot, £6B 15s (£6B 15s); three months, £69 5s (£69 ss). Wire Bars.—Spot, £69 5s (£69 ss); three months, £69 5s (£69 ss). Copper.—Spot, £62 8s 9d (£62 19s 4Jd); three months, £62 18s lid (£63 Is 3d). Lead. —Spot, £2l 2s 6d (£2l 2s); three months, £2l 5s (£2l 7s 6d). Spelter.—Spot, £24 8s 9d (£24 12s 6d); three months, £24 13s 9d (£24 17s 6d). Tin.—Spot, £215 7s 6d (£213 10s); three months, £212 12s 6d (£212). Silver.—Standard, 27 5-16 d (27 1-Sd) per oz.; fine, 29£d (29£d). BRADFORD TOPS. The market shows a slight improvement in inquiry, but on a lower basis, and no business is passing. 64’s are quoted at 4s 4d a lb; 60’s, 4s 2d; 56’s, 3s 4£d; 50’s, 3s Id; 46’s, 2s 2d; 40’s. 2s l|d. WHEAT, FLOUR, PULSE, ETC. In spite of the Washington bearishness, wheat cargoes are steady, with an undertone of more attention. Pacifies showed 6d decline. Parcels are quiet at 3d to 6d easier. Liverpool futures: October delivery, 9s 2£d per cental; October 9s 4d; March, 9s 53d. The spot trade is dull and easier. Australian, ex ship, 48s 6d. Flour. —Slow. Australian, ex tsore, 35s to 365. Oats. —Weaker. Australian and Algerian, 28s to 295; A Cartons, 30s to 335. Peas.—Quiet. Blue Tasmanian, £2O to £2l; New Zealand, £l9 to £2O. Maples, Tasmanian. 75s to 80s; New Zealand, 65s to 70s. ’ Beans.—New Zealand, 48s to 50s. THE PRICE OF GOLD Gold is quoted at 84s Had per oz. SOUTHERN EXCHANGES YESTERDAY’S SALES Press Association. Wellington.—Ward and Company (cum. dividend), 41s; New Zealand Government Stock, 5£ per cent., 1936, £lOl 6d; Bank of New South Wales (cum, div.), £SO ss; Gear Meat, 41s; Wilsons Cement, 38s 3d; Mahakipawa, 3s 4d. Christchurch.—Australian Bank of Commerce, 33s lOd; Bank of New Zealand, 60s 4d; Union Bank, £ls 0s 6d; Mahakipawa, 3s 3d (two), 3s 2d (eight); New Zealand Breweries, 48s Id; Holden’s Motors, 31s 6d. TE AWAMUTU STOCK SALE The New Zealand Loan and Mercantile Agency Company, Limited, Hamilton # report: At Te Awamutu sale on Friday last we had a good yarding of 83 head of beef, a small entry of store cattle, and a large offering of springers; also sheep and pigs. Beef sold under very keen competition, and realised high values, and good quality dairy heifers close to profit sold exceptionally well. A strong, demand existed for all classes of stock. Fat steers, light to medium weights, made £lO 15s to £l3; prime heavy fat cows and heifers, £l2 2s 6d to £l4; lighter prime do., £9 15s to £ll ss; medium fat cows, £7 17s 6d to £9 10s; plain fat cows, £6 5s to £7 10s; grown store steers, £8 3s; empty cows in forward condition, £6 7s to £6 15s; boner cows, £4 to £4 10s; small Jersey do., £2 13s to £3 2s; best quality Jersey heifers at profit, £l2 10s to £l4 10s; 2 extra choice do., £18; others, £9 10s to £ll 10s; small and backward heifers, £6 10s to £8 10s; dairy cows, £9 to £l4 15s; fat hoggets, £1 10s; store m.s. woolly hoggets £1 9s; empty store ewes, 17s 6d; fat porkers, £1 9s to £1 15s; store porkers, 18s to £1 3s; weaners and slips, 7s to 14s.

FARMING IN ENGLAND WHEAT ACREAGE LOWER (United P.A. —By Telegraph — Copyright) (Australian and N.Z. Press Association.) LONDON, Friday. Official returns show that the acreage under wheat in England and Wales in June was 239,000 acres below the area sown in 1927, this being, with two exceptions, the lowest on record. In arable land, the decrease amounts to 199,000 acres. The area under crops and permanent grass shows a decrease of 86,000 acres. Sugar-beet shows a decrease of 47,200 acres. Increases are reported in barley, oats and vegetables. There are decreases in the number of cattle and sheep. The number of sheep recorded is 16,386,100, a decrease of 686,200. DAIRYING INDUSTRY RANGITAIKI COY. PROGRESS (From Our Own Correspondent) WHAKATANE, Friday. The annual meeting of shareholders of the Rangitaiki Dairy Company was held at Whakatane yesterday, Mr. W. A. McCracken, chairman of directors, presiding over a large attendance. The chairman, congratulated the shareholders on a very successful year. The output of butter had been 1,618 tons, an increase of 16 per cent, on the output of the previous season. Sufficient plant had been installed to cope with a similar increase for the next two or three years. Messrs. W. R. Boon and S. C. Spence were reelected to the directorate. The chairman announced that the ballot of shareholders on the qLiestion of transporting the company’s produce either by rail or boat resulted as follows: For rail transport, 1,241 votes; for boat transport, 1,065 votes. N.Z. CO-OP. PAYMENTS ORINI, Friday. In an address at a meeting of the New Zealand Co-operatice Dairy Company’s suppliers in the Orini hall, Mr. Dynes Fulton, chairman of directors, quoted the company’s payments to suppliers for 1927-28 season, ended on May 31. For butter-fat for the manufacture of butter the advance payment over the season’s output to date is 15.243 d a lb, and the bonus to be paid at the end of this month, 2.253 d a lb, will make the total payment for the season 17.496 d a lb. ORURU-FAIRBURN COMPANY MANGONUI, Friday. The twenty-seventh annual report of the Oruru-Fairburn Co-operative Dairy Factory Co., Ltd., states that the total output last season was 281 tons—an increase on the previous season of 8 tons 18cwt. The number of suppliers increased from 150 to 187, and the number of shareholders from 163 to 203. The average advance a lb of butter-fat to the time of the annual balance was for choice grade 15.75 d. A final payment of onehalfpenny a lb will be made at the annual meeting, bringing the average payment to 16.25 d, or with cream carting added, to 17.14 d. The Mangomii County Group Herd-testing Association, the formation of which was under discussion at last annual meeting, has been formed, and has had a very successful season’s operations. The manager, Mr. G. J. Grant, and his staff, are to be congratulated on the splendid grades obtained for butter. Frizes were gained at various shows.

COMMERCIAL BANK SHAREHOLDERS’ RIGHTS At the recent annual meeting of the Commercial Bank of Australia, dissatisfaction was expressed by some shareholders at the change of policy in regard to the allocation of surplus shares in the last new issue. Mr. Llewellyn Evans stated that he had purchased a parcel of rights to the new issue in the open market on the understanding that he would also be given the option of applying for surplus shares. On approaching the bank to lodge an application he was informed that the policy of the directors had been changed, and that he could only apply for the unallotted shares with the consent of the party from whom he purchased the rights. Consent was refused by the vendor, ;*pd he was accordingly debarred from participating in the div - ision of the surplus shares. He thought that the directors should have informed shareholders and the Press of their decision to alter the established policy, so that investors contemplating purchase of rights would have been aware of the position. In reply the chairman, Mr. J. L. Webb, stated that the directors had given the matter mature consideration before deciding to change the policy. The decision had been conveyed to the Stock Exchange, and, in view of what shareholders had said, he regretted that it was not given fuller publicity. There were now 9,750 shareholders of the bank, Mr. Webb stated, representing all classes of people, the average holding being 328 shares. When the balance of calls on the new shares were received, paid capital would be increased to £3,617,350 and reserves to £1,663,962. MORE MOTORS FROM U.S. (United P.A.—By Telegraph — Copyright) (Australian and N.Z. Press Association.) WASHINGTON, Thursday. Australia, which occupied fourth position in May, 1925, as a market for American passenger motor-cars, assumed second position in June. Canada was first. The value of motors exported from the United States in June totalled £9,170,200. This is an increase of nearly five per cent, over the same month last year. BRITISH HONEY EXPORTS (United P.A.—By Telegraph — Copyright) (Australian and N.Z. Press Association.) LONDON, Thursday. An Order-in-Council, requiring that all containers of imported honey shall be marked with an indication of their origin, will come into force in January, and the order relating to imported apples in November.

WHEAT MARKET DEPRESSED HEAVY POTATO SHIPMENTS Press Association. CHRISTCHURCH, Friday. The wheat market is depressed. The July threshings indicate fairly plainly that a heavy yield is assured when the total crop has been threshed. Most millers have bought all they want for some time, and their activities are confined to second grade lines, ranging from 5s 2d to 5s 5d a busliel on trucks. Best milling is not inquired for, and offers of 5s 7d on trucks are not meeting with buyers. Oats were the subject of some inquiry to-day, but quotations show no difference. From 3s lid to 3s ll*d, f.0.b., s.i., covers quotations. The small seed market shows no difference since last report. Practically everything remains firm. The potato market is somewhat depressed, due to the exceptional shipments north, which to date this season from Lyttelton aggregate 222,000 sacks, of which nearly half have gone to Auckland. Auckland is not ordering at present, but there is some inquiry from other North Island ports. The Katoa is sailing to-night, but her cargo is not sufficient to further depress the position, and it is expected the Kaitoke, leaving toward the middle of next week, will also be lightly laden. Farmers in the meantime are not offering many tubers, and any are being bought on a basis of £4 15s a ton.

WHEAT VALUES DROP AMERICAN MARKETS (United P.A. —By Telegraph — Copyright) fAustralian and N.Z Press Association) Reed. 9.5 a.m. CHICAGO, Friday. Publication of the Government crop report, which estimated the yield of spring and winter wheat at 891,000,000 bushels, an increase of 20,000,000 on the previous estimate, caused early excited selling, and a break of cents, the market closing 4 cents lower. A Winnipeg message says that the following Chicago wheat prices broke badly, final prices being four cents lower. Chicago prices:—September, 1 dollar 9 1-8 cents a bushel; December, 1 dollar 14 1-8 cents; March, 1 dollar 173 cents. FEILDING STOCK SALE Press Association. ' FEILDING, Friday. At the Feilding stock sale to-day a . medium yarding of sheep consisted mainly . of hoggets with a fair entry of fat sheep. : All classes were in good demand and ; sold well up to late rates. Fat shorn ’ black-face hoggets made 24s to 32s Id; ' fat ewes, 31s 6d to 38s 3d: fat wethers, 35s 7d to 42s 8d; ewe hoggets, 28s 3d ' to 35s 3d; wether hoggets, 295; four : and five-year ewes, with lambs, 45s 9d. There was a big yarding of dairy cows and heifers, which sold at late rates. Springing heifers made £6 s 7 6d to £10; dairy cows, £6 to £10; Jersey weaner heifers, £3 11s to £4 12s; prime fat cows, £l2 15s; fat bullocks, £lO to £l4; fat heifers, £3 to £9 10s; fat cows. £6 5s to £9 10s; store cows, £3 7s 6d to £5 10s; Polled Angus and Hereford weaner heifers, £4 4s; Polled Angus weaner steers, £4 15s.

those for the w< eek ended August 2, are as follows:— August 9 August 2 £ Note circulation 136,778,000 137,216,000 Coin 174,432,000 173,659,000 Reserve 57,404,000 56,193,000 Govt. deposits 12,914,000 12,171.000 Other deposits 104,531,000 103,540,000 Govt, securities 29,061,000 29,201,000 Other securities 49,099,000 48,424,000

The following table gives quotations for consols and colonial inscribed stocks, compared with those of August 2:— Price Variation £ s d s d Consols. 25 p.c. .. .. 55 10 0 2 6* British 5 War Loan 102 5 0 Same Conversion Loan, 35 .. 77 15 0 2 6* Com’wealth, 55, 1922-27 98 13 9 3 9t Com’wealth, 6, 1931-41 101 5 0 — New Zealand, 4, 1929 99 17 6 Same New Zealand, 35, 1940 87 15 0 2 6t New Zealand, 3, 1945 SO 0 0 1 3t New Zealand, 6, 1936-51 f Higher. 106 17 6 ♦Lower. 1 3*

Aug. 9 Aug'. 2 Par. Montreal, dol. .. 4.85 5-8 4.86 4.866 New York, dol. .. 4.85* 4.85 9-16 4.866 Brussels, belga .. 34.91 34.90 5.045 Paris, fr 124.22 124.10 25.225 18.14 IS. 15 18.159 18.19 18.20 18.159 Copenhagen, kr. 18.19 18.19 18.159 20.36 20.35 Rome, lire .. .. 92.SI 92.81 25.225 Prague, kr 163 7-8 163 7-8 24.02 Calcutta, pence . 17 15-16 17 15-16 24 Yokohama, pence 22 7-16 22 3-8 24* Hong Kong, pence 24* 24 5-8 12.104 Batavia, fl 12.102 12.10