FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 443, 27 August 1928, Page 12

FINANCE & MARKETS

Wilsons Cements Reach 39/-

N.Z. Refrigerating Active

THE heaviest Monday morning’s business for several months was registered on ’Change this morning. Interests were widespread.

Banks were active, although little change in the market was noted. New Zealand Insurances touched a lew. high level, seeing business at 445. Phe market closed firm with sellers at I4s 6d, supported by buyers at 43s 9d. Buyers of Devonport Steams improved to 24s at the mid-day call, to ind holders asking 24s 9d. Kauri Timbers were dealt with at Os 6d, and more were available at 20s id, at mid-day. Sellers of Bartholonews came in at mid-day at 21s. New Zealand Refrigerating, both issues, were active, several parcels •hanging hands on a very firm market. Wilsons Cements advanced to see

business at 395, a price—taking into consideration the distance off dividend —a record for the scrip. The market for Government and local body bonds is very firm. Business at this morning's early morning call: On ’Change—Wilsons Cements, 395; Kauri Timber, 20s 6d; Ohinemuri Mining, 7s 9d. Reported— Morris Hedstrom (ord.), 21s. Business at mid-day: On ’Change— Auckland Gas (con.), 17s; New Zealand Refrigerating (con.), 9s 6d; ditto, (paid), 19s. Reported—New Zealand Refrigerating (paid), 19s; Hayward’s Pictures, 20s; New Zealand Insurance. 445; Bank of New Zealand, 61s 3d: Bank of New South Wales, £SO 12s 6d.

TO-DAY’S QUOTATIONS

Closing quotations at to-day’s mid day call were:

SOUTHERN EXCHANGES SATURDAY’S SALES Press Association. Christchurch.—Australian Bank of Commerce, 33s lid; Commercial Bank of Australia, 30s 9d; Bank of New Zealand, tils 6d; Goldsbrough, Mort, 51s 4d; Kaiapoi Woollen (7s paid, cum. div.), 3s lid; Mahakipawa, 3s 3d. LONDON MARKETS FROZEN MEAT VALUES (United P.A. — by Telegraph — Copyright) (Australian and N.Z. Press Association.) LONDON, Saturday. Sheep.—New Zealand ewes, 6 l-Bd. Lambs./—Canterbury, medium, 10£d. Frozen Beef.—New Zealand hinds, s?d; Australian hinds, s£d. Chilled Beef.—Argentine fores, 4id; hinds, 72d; others unchanged. COTTON, RUBBER, HEMP, ETC. (Last week's prices in parentheses) Cotton. September delivery, 9.97 d (10.20 d) a lb. Rubber.—Para, 11 Jd (lljd), a lb; plantation and smoked,, 9Jd (9 7-16 d). Jute. August-September shipments. £37 (£39 3s 9d) a ton. Hemp. July-September shipments, £3O 10s (£3O) a ton. Copra. August-September shipments, £24 15s (£25) a ton. Linseed Oil.— £29 (£2B 10s) a ton. Turpentine.—42s (425) a cwt. MONE7 TO LEND.

SUN COMMERCIAL SERVICE A special section for readers seeking information on financial and commercial questions is included in these columns every Saturday. Names and addresses must be given in every instance, although not for publication, and inquirers are requested to send in questions early in the week addressed to the Commercial Editor, THE SUN.

LONDON MEAT MARKET . SMITHFIELD PRICES Under date August 24, the London office of the New Zealand Meat Producers Boai'd advised Smithfield delivered prices averaged for the week ended at that date as follow; — New Zealand Wethers and Maidens.— Canterbury quality, selected brands, 561 b and under, 7 5-8 d a lb; 571 bto 641 b, 7 3-8 d; 651 bto 721 b, 7 l-8d;; other brands, 561 b and under, 7 3-Sd; 571 bto 641 b, 7£d; Gslb to 721 b, 7d. New Zealand Ewes.—64lb and under, 6 1-Sd. New Zealand Lambs.—Canterbury quality, 361 b and under, lOJd; 371 bto 421 b, lOid; 431 bto 501 b, 9 7-8 d; seconds, lOd: selected brands, 361 b and under, 10 3-Sd; 371 bto 421 b, 10id. Other brands: First quality, 361 b and under, 10$d; 371 b to 421 b, 10 l-8d: second quality, 301 bto 321 b; average, 10 l-Bd. New Zealand Beef.—Ox fores, 3 7-8 d; hinds, 53d; cow fores, 3&d; hinds, s£d. Argentine Chilled Beef.—Ox fores, 4Jd; hinds, 72d. Frozen Pork.—Porkers. 601 bto 801 b, 7Jd; 811 bto 991 b, 7d; 1001 bto 1201 b, 7d; baconers, 1211 bto ISOlb, 7£d. Lamb.—Market is quiet but firm in spite of fairly heavy pitchings of home killed lamb. Mutton.—Wethers, marked firm, hut little doing. There has been a fair demand for ewes. Beef.—There has been a good demand for beef owing to present prices of Argentine chilled beef. MEAT FROM SOUTH AMERICA The board’s South American representative has cabled advising the following shipments to the United Kingdom for the fortnight ended August 16. from Argentine and Uruguay:—Chilled beef. 193,300 quarters; frozen beef, 2,450 quarters; frozen mutton, 45.043 carcases; frozen lamb, 99,860 carcases. The quantity shipped to the Continent of Europe during the same period was:— Frozen beef, 74,527 quarters; frozen mutton, 8,922 carcases. CHICAGO WHEAT MARKET (United P.A. — By Telegraph — Copyright) (Australian and N.Z Press Association.) Reed. 9.5 a.m. CHICAGO, Sunday. Wheat.—September, 1 dollar 10 3-8 cents a bushel; December, 1 dollar 152 cents: March. 1 dollar. 20 5-8 cents.

DAIRY PRODUCE BOARD

HIGH COST TO PRODUCER EXPENSES EXCEED INCOME Receipts of the New Zealand Dairy Prtoduce Control Board for the year ended July 31, 1928, fell short of expenditure by £1,693, according to the board’s annual report. This amount is exclusive of advertising, which accounted for £19,980 taken out of accumulated funds. In a short statement in its annual report the board says: “The export levy on butter and cheese for the 12 months yielded £33,373 8s Id, this, together with interest on investments, making a total income of £35,834 18s lid. As indicated in the annual report of July 31, 1927, the levy was reduced from l-16d to l-32d a lb. on butter and from 1~32d to l-64d a lb. on cheese. The total expenditure, exclusive of advertising, was £37,527 15s 2d. Of this amount approximately £6.250 will be non-recurring, as this expenditure was incurred in completing the work of the board under absolute control and in certain readjustment of office accommodation in London. The board at the commencement of the season again decided upon an expenditure of £20,000 on advertising. Of this amount £19.979 12s Sd has been expended, the accumulated funds being drawn upon to this extent. Assets and Liabilities The balance sheet shows reserves ac<s?S?Jn K S x tandlll f at £36,905 (last year, ±.0b,905), and accumulated funds at £.5., 51 , 5 < £27,187) The latter have been depleted chiefly by payments for advertising, on which £19.980 was spent' last year and £19,667 in the previous year n oon the account was opened with ~00,«569. Also on the liabilities side is S i\°, w 7^ sundry editors at £9,396, against £11,467, a reduction of £2,071. On the assets side are included the following items; Cash at bank, £8.565 (last year, £6,510); sundry debtors, £1,547 (£5,156); investments, New Zealand Government Inscribed Stock, £36,905 (£47,905); and bank deposits, £2,000 (£11,000). The heavy reductions in these two items were due to realisations for payment of advertising. High Personal Expenses A notable item is that the expenses of board meetings increased last year from £4,407 to £4,524. Members’ honoraria amount to £3,455, the payments being £250 a year to each member and £750 to the chairman. Members’ travelling expenses account for the additional £1,069. Not included in these expenses of board meetings is a further item, “travelling expenses, including chairman and members, and cost of passage to Great Britain of‘London manager,” which is set down at ££9o, divided between the head and London offices. Although the board has been relieved of the heavy responsibility of control, its personal expenses have actually increased.

DAIRY PRODUCE MARKET SEASON 1927-28

REVIEW BY BOARD An interesting market review of the 1927-28 dairy produce season is contained in the annual report of the New Zealand Dairy Produce Control Board. “Corisiderable f.o.b. selling of both butter and cheese took place in the early months of the 1927-1928 season,” states the report. “Up to the end of November sales of butter were made to both Australia and Canada, rising to Is 6d f.o.b. 1 The quantities sold to these markets are shown in the statistical tables included with this report. There have been indications that Canada over-bought, and that in the early Canadian spring there was a corgested market in that Dominion. The market, however, has absorbed the surplus, and sales are again being made to Canada for shipments August to February of the present season at prices ranging from Is 6 l-8d f.o.b. for early shipments to Is 5d f.o.b. for shipments on to the end of February, 1929. In Australia the producers raised considerable agitation against the importation of New Zealand butter, eventually succeeding in persuading the Government to increase the duty from 2d a lb to 6d a lb on New Zealand buttter imported into the Commonwealth. Undjer the treaty arrangements between Australia and New Zealand it was necessary for the Australian Government to give six months’ notice of this increase in duty. The six months expired on June 15, 1928, and the increase is now in operation. “In Canada, where the import duty on New Zealand butter is a halfpenny a lb, producers have been urging the Government there to’ take the same course as that taken by the Commonwealth Government. The present indications are that there will be no alteration. “It is cheering to note that as a result of negotiation with the Japanese Government the duty on New Zealand butter imported into that country has been reduced from 6.695 d a lb to 6.088 d a lb, puling this Dominion on the same basis as Canada. “Sales of cheese manufactured to the end of December, 1927, were freely made, commencing at B£d and finally reaching 9d for these months. At the beginning of 1928 further sales were made at similar prices, and in June and July a number of consigning factories sold the unsold portion of their outputs at 9ld and 9 5-8 d f.o.b. Movements in London “The prices on the London market have shown more or less the usual fluctuations, although it is safe to say that there are indications of a stabilisation of prices. “The season opened for butter in August with the London market at 3 64s to 168 s for salted. The price gradually advanced, reaching its peak at the end of September, namely, 180 s to 184 s, receding again until at the end of January, 1928, it reached 151 s to 1545, rising again in February to 164 s to 168 s in March to 172 s to 1765, and ruling in April and May at 164 s to 170 s. June and July showed a steady rise, with the market at 184 s to 186 s, by July 14. “The difference between Australian and New Zealand prices is an interesting study. While on occasions almost equal, the difference has ranged from 2s to 12s a cwt. “Danish butter, which in November of 1927 was quoted at an advance of 30s over New Zealand, was in June and July, 1928, practically equal with New Zealand, and in a few cases two shillings lower. “The London market in* August quoted New Zealand cheese at 925, 935, and by the end of September the market had advanced to 106 s. Gradually falling, it reached its lowest point early in January, 1928, at 90s! 91s. With the exception of a. slight fall in April and May, the market gradually advanced till it reached 110 s, 112 s in July, 1928. The difference in favour of Canadian cheese was from Is to 2s up to late in December. From then onward the competition was between New Zealand new cheese and Canadian matured cheese, the difference in price rising to as much as 14s a cwt in favour of the Canadian produce. In June and July. 1928, the position was reversed, when New Zealand cheese was quoted at from 2s to 3s in advance of Canadian. The 1928-1929 season is opening with a firm market, and buyers are keen. Offers are being made of 9 9-16 d for cheese to the end of December make, and 9|d for rthe whole season.” DRAUGHT HORSES IN DEMAND The New Zealand Loan and Mercantile report holding their annual horse fair at Te Puke on Friday; 250 horses were sold. Two of the best lines were brought forward by R. King and C. O’Driscoll. Buyers were present from Wanganui, Auckland, Cambridge, Hamilton. Rotorua, Whakatane, and all parts of the district. Prices realised were:— Unbroken 3-year-old draughts, £2O to £27; broken, £25 to £32 (keen demand); milk cart horses, £ls to £25.

BUTTER AND CHEESE

BOARD’S MARKET REPORT Under date August 24, the London office of the New Zealand Dairy Produce Control Board cabled the following market report. Last week’s figures are given in parentheses:— BUTTER New Zealand. —Salted, ISOs to 184 s, up to 186 s a cwt (182 s to 186 s); unsalted, lS4s to 190 s (186 s to 190 s). Deliveries New Zealand this week, 900 tons; in store New Zealand this week, 5,800 tons. Australian.—Finest salted, 166 s to 1725, up to 174 s (168 s to 1745); unsalted, ISOs to 182 s (174 s to 184 s). Argentine.—Finest unsalted, 16Ss to 174 s (170 s to 1765). Irish creamery.—Salted, 176 s (176 s to 17Ss); unsalted, ISOs (180 s to 182 s). Danish. —Spot, 18Ss to 190 s (190 s to 1925); f.0.b., 179 s to 180 s (184 s). Dutch creamery.—Unsalted, lS4s to 186 s (17Ss to lS2s). Esthonian.—Salted, 172 s to 174 s (172 s to 1745); unsalted, 174 s to 176 s (174 s to 1765). Latvian.—Salted, 170 s to 172 s (170 s). Siberian.—ls6s to 15Ss; exceptionally, 160 s (158 s to 160). Ukranian.—l64s to 16Ss (166 s to 16Ss). Polish.—Salted, 145 s to 158 s (146 s to 15Ss); unsalted, 150 sto 1625. Lithuanian.—lsSs to 164 s (158 s to 1645). French baskets.—Salted, 146 s .to 170 s ,156 s to 1725). Market slow. Retail prices unchanged. CHEESE New Zealand. —White, 112 s to 113 s (Ills to 112 s); coloured, 110 sto Ills, up to 112 s (Ills to 112 s). Deliveries New Zealand this week, 15,500 crates; in store New Zealand this week, 64,000 crates. Canadian.—White and coloured, 13 0s to 112 s (110 s to 112 s); c.i.f., 109 s (106 s). Australian.—White. 110 s; coloured, 109 s to 110 s (IOSs to Ills). Market quiet. Retail prices unchanged. .English finest farmers.—l2Ss to 132 s (128 s to 130 s). OTOROHANGA SALEYARDS COY. (From Our Own Correspondent.) OTOROHANGA, Saturday. The annual meeting of the Otorohanga Saleyards Company, Limited, was held yesterday. Mr. Robert Green, chairman of directors, presided. A dividend of 6 per cent, was declared. Messrs. J. Cre.an and J. Williamson, retiring directors, were re-elected. Mr. Crean was re-elected secretary and Mr. Green chairman.

Sellers. Buyers. £ d. £ d. BANKS— Aus. Bank of Com. 1 14 3 1 13 6 Adelaide 9 1(5 0 Australasia 14 17 6 Com. of 9ustralia .. 1 11 0 1 10 6 Ditto (pref.) .. .. 7 8 0 7 3 6 Com. of Sydney 26 7 6 Eng., Scot.. Aus. . . S 10 0 Nat. of N.Z 7 T 0 Nat. of Australasia IS IS 0 Ditto (con.) .. .. 9 10 0 New South Wales.. 51 0 0 50 7 6 New Zealand .. . . 3 1 6 3 1 0 Ditto, D mort. (20s paid) . . . . — 1 7 6 Union of Australia . INSURANCE— 15 2 0 A.P.A 0 9 0 National 0 16 8 0 16 3 New Zealand .. .. 2 4 6 3 9 South British .. .. 3 3 6 3 G Queensland 3 4 6 2 9 United LOAN & AGENCY— Abraham & Williams 11 0 0 (pref.) Farmers’ Co-op — 4 3 6 Auctioneering3 0 0 2 12 0 Ditto (A pref.) 0 16 Ditto (B pref.) .. 0 Goldsbrough, Mort . . 12 0 Newton King (pref.) 0 6 N.Z. & River Plate N.Z. Guar. Corp. — 1 10 6 (ord.) 0 9 1 N.Z. Loan & Merc. 110 0 Ditto (pref.) .. N. Auck. Farmers* — S2 0 0 Co-op. (ord.) .. .. 0 6 0 0 2 0 Ditto (A pref.) 0 12 0 Ditto (B pref.) .. Farmers’ Trading — 0 8 6 (ord.) 0 8 0 0 6 Ditto (A pref.) 0 16 0 Ditto (B pref.) .. — 0 9 0 COAL— Hikurangl . . 0 6 2 Ditto (pref.) .. .. Ditto (A pref.) . . 0 9 3 Pukemiro Collieries, Renown 0 12 0 Taupiri Ditto (pref.) .. . Waipa 0 14 Westport-Stockton . 0 10 Ditto (pref.) .. .. — 0 4 0 GAS— Ditto (con.) .. .. 0 16 9 SHIPPING— Devonport Steam .. 1 4 9 Howard Smith .. .. 1 8 0 11 uddart-Parker , .. 2 9 Northern Steam 0 14 ,8 0 Ditto (con.) .. .. 0 6 10 P. and O. (def. stk) 230 Union Steam (pref.) — 1 0 0 TIMBER— Bartholomew .. .. 1 1 0 0 15 Kauri Timber .. .. 1 0 Leyiand-O’Brien 1 16 0 1 12 9 National 0 11 0 0 7 Parker-Lamb .. 0 17 6 WOOLLEN— Kaiapoi 0 12 6 Ditto (con.) .. .. c 4 4 0 3 10 Ditto (pref.) .. .. 0 14 6 Mosgleld — 7 3 0 Wellington 6 4 0 Ditto (pref.) .. .. — 6 6 0 BREWERIES— C. L. Innes 0 18 0 Ditto (rref.) .. .. — G 18 6 N.Z. Breweries .. .. — 2 7 6

Sellers Buyers. MISCELLANEOUS— Auck. Amuse. Park 0 7 0 A. J. Entrican .. .. 0 19 0 British Tobacco 2 4 0 2 3 0 Burns, Philp .. .. — 2 4 9 By croft, Ltd — 1 10 9 Checker Taxicab 0 10 0 0 5 0 Colonial Sugar (Aus.) — 59 10 0 Dental and Medical 0 14 3 Dominion Pictures Ditto (pref.) .. .. — 1 1 6 Gear Meat — 2 0 6 Grey and Menzies Hamilton Theatres — 0 Hayward’s Pictures 1 0 3 Henry Jonea Co-op. 1 17 3 Hill and Plummer H.M. Arcade (pref.) Holden’s Motors 12 Ivemptnorne, Prosser Milne and Choyce 1 4 Ditto (pref.) . . .. 1 4 6 Ditto (-B pref.) Ditto (Deb. Stk) .. 1 4 0 N.Z. Farmers’ Fert. Morris, Hedstrom . . 1 1 6 Ditto (pref.) .. .. 0 1.8 9 N.Z. Refrigerating . 0 19 6 0 19 0 Ditto (con.) .. .. 0 9 8 0 9 5 Sanford (ord.) .. 0 19 9 Ditto (pref.) .. .. 1 0 0 Sharland (pref.) 1 0 0 Taranaki Oil .. 0 10 6 0 9 0 Thames Theatre .. 1 0 0 Tonson, Garlick. . . 0 13 3 0 11 9 Union Oil 2 3 6 2 6 Whittome, Stevensons 10 0 Wilsons Cement 1 19 0 1 18 9 MINING — Moanataiari (paid) 0 1 8 Golden Age (paid) 0 0 3 New Waiotahi (con.) 0 0 4 — Occidental Una (2s paid) 0 1 0 — Ditto (con.) .. .. 0 0 6 — Ohinemuri (ord.) 0 8 3 0 9 Ditto (pref.) .. .. 0 9 0 Waihi . . 0 13 0 0 12 8 Waihi Grand June. 0 1 4 Mount. Lyell — 1 14 0 DEBENTURES— Auckland Gas, 1932, 5 per cent 93 0 0 Auck. Har. Bd., 5£ 96 0 0 Ditto, 5 h P-c. 99 lb 0 Ditto, 6 p.e 105 10 0 102 10 0 City of Auckland, 1040,' 5$ p.c 96 0 0 Ditto, 1943, 53 p.c. 99 15 0 Hamilton Fire Bd., 6 104 0 0 Bor. of Devonport, 6 101 0 0 Bor. Mt. Eden, 52 100 0 0 Ditto, 6 p.c 102 0 0 Bor. of Hamilton, 6 101 0 0 Hamilton'Theatres, 7 99 0 0 N.Z. Breweries 1 4 3 1 4 0 N.Z. Milk Products 107 0 0 Glaxo — 90 0 0 GOVERNMENT BONDS — War Loan, 1930, 43 99 5 0 99 0 0 Ditto, 1938, 43 p.c. 99 0 0 Ditto, 1939, 4} p.c. 99 10 0 99 0 0 Ditto, 1941, 43 p.c. 98 lb 0 Ditto, 1933, 53 p.c. 101 10 0 100 10 0 Ditto, 1936, 53 p.c. — 101 0 0 INSCRIBED STOCK— War Loan. 1938, 43 99 0 0 Ditto, 1939, 43 P-c. 99 0 0 Ditto, 1927-41, 5i 99 0 0 Ditto, 1933. 53 P-c. 101 10 0 101 10 0 Ditto, 1936, 53 p.c. 101 0 0 Ditto, 1930, 5£ p.c. 99 10 0 98 10 0