FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 644, 22 April 1929, Page 10

FINANCE & MARKETS

A Healthy Market Banking Group Quiet 15y “Noon Call.” THE week opened on 'Change this morning with most markets in healthy tone. The improved tone noted in the mining group last week was maintained, although there is no indication of an immediate improvement in the market for any shares.

FLUCTUATIONS Price movements shown by sales during the morning, when compared with the price at the time of the previous recorded sale, include:— New Zealand Insurance, fall of 3d. Lucky Shot Mining, fall of Id. Thu banking group is quiet. Commercials of Australia hold their improved rone r>f last week with buyers offering 30s I'd. New Zealands are ;< little firmer, sellers asking 62s 6d. Se llers of Unions of Australia at £l3 11s were unsupported. • • * In the insurance section A.P.A.’s were sought at 9s, but sellers could not be persuaded to make a declaration. New Zealands are weaker. buyers only offering 46s 3d at the mid-day call, compared with last week’s market price of 46s 9d.

j Kauri Timbers are quietly active, ! sales being put through outside the call ; l oom during the morning at 17s 9d, Id ( above last week’s market. The market dropped back Id at mid-day, however, i Other shares in the group are idle, with ; buyers and sellers wide apart in their ! ideas of value. * In the miscellaneous section, New Zealand Farmers’ Fertilisers are firmly held, buyers at 21s 6d failing to draw | a seller. Sanfords continue to attract ;i firm inquiry, and buyers of the preference scrip this morning at last week’s market price failed to attract sellers below 20s 9d. Business at this morning's early call: New Zealand Insurance, 46s 6d (four parcels); New Zealand Farmers’ Fertiliser, 21s 9d. Business at mid-day: On ’Change— Kauri Timber. 17s 8d (two parcels). Reported—Mahakipawa Mining. Is ljd: Kauri Timber, 17s 9d; Lucky Shot (paid), 9d.

TO-DAY’S QUOTATIONS

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

LONDON MARKET REPORTS 1 Australian and N.Z. Press Association) LONDON, Saturday. Sheep.—Canterbury, heavy, 5 3-Sd; North Island, heavy, 5 3-8 d; New Zealand ewes. 5 1-Sd; Australian, firsts 5Jd, seconds ;'»id; ewes, 5 l-8d; Argentine, heavy, 43d. Lambs.—Canterbury, medium, 9 l-8d: Australian, firsts Victorian, Bid; seconds, other States, B£d. Frozen Beef.—Australian crops, 5Jd; hinds. 6 l-16d. Chilled Beef.—Argentine, fores, sid; others unchanged. Cotton, Rubber, Hemp. Etc. (Prices on April 13 in parentheses.) Cotton.—. May delivery, 10.-lGd (10.60 d) a lb. Rubber.—Para, lid (12d> a lb; plantation and smoked, 9 15-16 d (lid). jute.—April-May shipments, £3l 15s to £3l 17s 6d (£32 10s) a ton. Hemp. None offering (April-June shipments, £33 15s a ton). Copra.—April-May shipments, £2l 15s (£2l 15s) a ton. Linseed Oil.— £29 (£29) a ton. Turpentine.—44s 3d (425) a cwt. The Price of Gold Cold is quoted at S4s 11 fd an oz compared with 84s 10id yesterday. MINING NEWS LUCKY SHOT.—The manager reports: The winze on the main reef north of No. 1 winze has been extended eight feet, making a total of IS feet. The reef is wider than the winze. We are taking 3ft 6in of the footwall portion. It is very heavily mineralised, and shows colours of gold at: each breaking-down.

WHEAT POOL SQUABBLE

ALBERTA AND MANITOBA FORCE ISSUE HEADS FORCED TO RESIGN (Australian and N.Z. Press Association) WINNIPEG, Saturday. The “Tribune” prints the following story to-day: “Unconfirmed but persistent reports here indicate that Mr. A. J. McPhail, the president; Mr. Mclvor, the sales manager; and Mr. Smith, the European representative of the Canadian wheat pool, have been forced to resign by the Alberta and Manitoba members of the pool. “Saskatchewan, which produces more than 50 per cent, of the pool grain, is the cause of the dissension. The Manitoba and Alberta growers have enjoyed a 6 cent in the cwt shipping premium over the rates paid by Saskatchewan, yet under the pool plan of fiat payments throughout, the former provinces must share this advantage with the Saskatchewan producers. “There ha* been friction in the pool for nearly five years on this issue. The pool leaders claimed that they could not operate effectively unless this advantage in shipping rates was distributed over the entire memberships. Manitoba and Alberta chafed at the ruling, and fought it tooth and nail.” The article continues: “It is only now. according to a rumour which is well founded, though unconfirmed, that Alberta and Manitoba have become strong enough to force the issue to a point demanding resignations among the pool's expert executives. Students of the situation believe, however, that while the future of the pool is clouded by this issue, and it is problematical whether Saskatchewan will surrender the right to a share in the shipping premiums, the members will ultimately patch up their differences. "The growers, as a whole, are alive to the realities of the position. They realise that the grain trade is only too anxious to see the pool break up in dissensions and recriminations, in order to again assert its dominance over the unorganised and largely defenceless individual producers.”

BRITISH MARKETS QUIET REVIEW OF FINANCE AND TRADE DOMINIONS’ LOAN BOOST {Australian and X.Z. Press Association) LONDON, Saturday. The Stock Exchange has entered upon a period of quiescence which is i likely to last until after the General Election, for business always becomes I dull at election time. The May Day holiday and Whitsun ! holidays will also interrupt business I uext month, so there is little prob- j ability of any activity developing until! the elections are out of the way. Some ! people were hoping for a little spurt I after the Budget, but, as a matter i of fact, the markets are quieter than ever, in spite of the fact that fears; of an increase in the bank rate have j Dassed, and money conditions have i been easy. Although dullness reigns in all the j markets, it is satisfactory to note that there have been no signs oi weakness in investment stocks, ana prices generally have been well main tained, although the Budget gave them no encouragement. The industrial market is almost lifeless. There is no appearance of anything like specu lative activity. Tea shares got a little fillip from the abolition of the duty, but other industrial stocks have been neglected. Even the cables and wireless companies, which recently were in full vigour, have relapsed into something like stagnation. Many newspapers at this week-end have a column advertisement on colonial issues, headed "The Sweet Security of 5 Per Cent.” The investment in the stocks of the Dominions and colonies, combined with the absolute security of the capital, and the certainty of having the income paid on the due dates, with a slightly higher j income than is obtainable on similar stocks at Home, are points that, are j being strongly emphasised. FRUIT AND WOOL The condition of the apple markets both in Britain and on the Continent is very unsatisfactory, and the prices realised are disappointing. The chief cause is undoubtedly the heavy supplies of American box apples, which are glutting all the markets. Importers are very pessimistic about the ; course of the markets for another ■ month at least. After that time there j may be an improvement, as American j supplies will be nearing an end. | It is satisfactory to be able to re-1 port a firm market for pears. Both ! Australian and New Zealand supplies made good prices, which should be maintained, as supplies from California, are finished, and South African arrivals are diminishing. A Bradford correspondent says the outlook for the next London wool I sales, which will be opened on April ; 30. is moderately good. “I see no- j thing to warrant anyone looking for j higher prices,” he says, ‘‘but I expect. | an all-round good demand for both j Merinos and crossbreds at last sales' j values.’* The conversion of the Peninsula and j Oriental branch liners into oil- | burners, as previously announced. Is proving distinctly successful. The j Baradine. on her maiden voyage after i conversion, reached Malta a day ahead ; of her schedule. LONDON MEAT MARKET SMITHFIELD PRICES !r> New Zealand Meat Producers’ Board has received the following- cable--1 ?n am I fl ‘. OJ . n lty London office, dated April i 19 » advising- Smithfield delivered prices | averaged for the week ending- that date i as follows: L, New Zealand Wethers and Maidens.— Canterbury quality, selected brands, 561 b ??\ d . X l-8d a Jb; 571 b to 641 b, bs ib to 721 b. o 3-Bd. Other brands, oblb and under. 7d; 571 b to 641 b. 6 1-Sd: ! bolb to 721 b, 5 3-Sd. - Zealand Ewes.—64lb and under, 1 d l-Bd. New Zealand Lambs.—Canterbury quality* and under, 9 5-8 d a lb; 371 b to a i *o ,9 431 b to 501 b. Sicl: seconds, r.-, i ° m-,, Selected brands, 361 b and under, Lib to 421 b 8 7-Sd. Other brands. flls Ki? ual o ty ’ and under, 9 Ad; 371 b to 421 b, second quality, 301 b to 321 b average. 9 l-Bd. Australian Lambs.—Victorian, fp-st quality, 361 b aYid under, 82d; 371 b to 421 b BJd. i Argentine Lambs.—First quality, 361 b and under, 7 7-Sd: 371 b to 421 b, 7Ad Argentine Chilled Beef.—Ox fores sldhinds, Sid. ’ New Zealand Frozen Pork —Porkers 601 b to SOlb, 9d: 811 b to 991 b, Bgd; 100li> 9d SAd; baconers, 1211 b to 1801 b., Lamb.—The market continues firm for light-weights and slow for heavy-weights. Consumption is satisfactory and is improving. Mutton.—The market is firmer, especially for heavy-weight wethers. There has been a better demand for ewes. New Zealand Porker Pigs.—The market keeps firm for the small supplies available. New Zealand Baconer Pigs.—The market is very firm owing to short spot supplies.

Sellers Buyers. £ s £ d HANKS— 1 Aust. of Com 1 16 G 1 15 ft ! Australasia 31 17 c»»m. of Australia .. 1 10 b 1 1ft I >itto (con. > 14 I>itto (pret. > . . . . 7 6 Eng., Scot. Aust. S IS ft S 16 ft National of N.Z. 7 3 7 0 National of Australasia 0 14 ft 11 0 New Sou th AV ales 51 5 New Zealand .. .. 6 0 Ditto (D Mort.) .. 1 G Union of Australia . 15 11 — INSURANCE— — ft ft 0 National % .. ft 16 0 16 New Zealand •• .. 2 7 ft 2 6 3 0 7 0 South British .. .. 3 5 6 4 LOAN AND AGENCY— Abraham and Williams (pref. ) 0 farmers’ Co-op. Aue. • loldsbi ougli. Mort . 2 14 13 Newton King (pref.) N.Z. and River Plate 1 12 0 1 13 1 N.Z. Cuar. Corp. .. N.Z. Loan and Merc. 128 ft Ditto (pref.) . . . . 2v. Auck. Farmers' Co-op, (ord.) 0 Ditto, B (pref.) .. COAL— Urey Valley 1 4 0 1 Hikurangi I »itto (pref.) . .. Ditto A (pref.l .. 0 5 6 4 Renown 0 17 0 Ditto (pref.) .. .. o :*» Taupiri 6 Ditto (pref.) .. .. . — GASAuckland 1 4 4 1 4 2 1 >itto (con.) . . .. 0 IS tlisboMfrie 0 13 b 0 9 SHIPPING— Devon port Steam .. 1 4 3 — Howard Smith 1 5 — Huddart-Parker . Ditto (pret.) Northern Steam ' ' Ditto (con. > . . . . 0 2 P. and O. (clef, stk.) 6 — Union Steam (pref.) — TIMBER — Kauri Timber .. .. ft 17 S ft 17 6 f ,eviand-O'Brien 1 1 4 6 1 National Parker-Lamb .. .. 0 — WOOLuENKaiapoi 0 14 6 0 14 0 4 Ditto (pref.) .. .. — 9 BREWERIES— C. U. Innes (pref.) — 1 ft 0 N.Z. Breweries 3 .i - MISCELLANEOUSAuck. Amus. Park . o 3 ft — Ditto (pref. > . . — Aust. Iron and Steel (pref.) —• 9

s elle Buyers. f s d £ s d British Tobacco .. . 8 <> Bycroft, Ltd 1 13 < Checker Taxi . . Colonial Sugar .. .. Dominion Pictures (ex div.) .... 60 0 0 1 0 Ditto (pref.) •• 1 0 Donaghy's Hope 1 13 6 Electrolytic Zinc (ord.) 1 5 9 1 15 0 Ditto (pref.) . . Farmers’ Trading 1 17 0 1 16 0 8 9 0 8 4 Ditto, A (pref.) Ditto, B <pref.) . Gear Meat Grey & Menzies 0 0 17 3 14 0 3 6 0 10 9 1 1 0 1 K.M. Arcade Theatre (pref.) 1 1 9 0 Holden’s Motors Lewis Eady, Ltd. (pref.) Milne and Choyce . 0 19 3 1 -g 9 Ditto (pref.) Ditto, B (pref.) 1 9 Ditto (deb. stk.) 6 Farmers’ Fort 1 X.Z. Paper Mills.. IS X.Z. Refrigerating . Ditto (con.) . . 0 7 6 Robinson Ice Cream Sanford, Ltd Ditto (pref.) . . . . 1 0 9 1 Taranaki < »i 1 Fields 10 Thames Theatre « o. ITnion Oil Wiseman and Sons (ord.) 9 5 0 10 0 4 6 Wilsons Cement — 3 MINING— Alburnia (2s Sd pd> 0 o o 0 1 6 Moanataiari (paid) . 0 1 4 0 0 6 0 1 0 Ditto (eon.) .. .. 0 0 Maori land (con.) Occident al- Una (2s paid) 0 0 0 7 0 0 3 Oliinemiiri (ord.) . u 8 Ditto (pref.) . . . . 0 13 10 Wathi Grand June. Moun t Lyell - . • • 0 1. 14 9 1 14 0 Mahakipawa . . . . DEBENTURES — 1 Auckland Gas. 1932, 5 p.c 1 Ditto. 1935, 6* p.c. 103 0 0 U Auckland Haro. 13d. 100 0 0 Auck. Fire Board, 6 Bor. of Mt. Eden. 6 104 103 0 0 X.Z. Breweries, Ltd. 6 Gisborne Sheepfarmers 97 30 0 96 10 0 GOVERNMENT BONDS War Loan, 193S, 4& 100 0 0 99 10 0 Ditto, 1939. 4i p.c. 0 Ditto, 1941, 4i p.c. 5 0 Ditto, 1933, 5£ p.c. 101 10 0 Ditto, 1936. 5i p.c. . — 5 INSCRIBED STOCK War Loan, 1938, 4 4 Ditto, 1939. 4 i p.c. Ditto, 1933, 5£ p.c. 100 100 2 6 2 6 99 0 Ditto, 1933. p.c. 101 0 Ditto, 1936, 54 p.c. — 101 *