AUCKLAND WOOL SALE

Sun (Auckland), Volume III, Issue 828, 23 November 1929, Page 10

AUCKLAND WOOL SALE

BIG BENCH OF BUYERS MOST CENTRES REPRESENTED 1 Representatives of practically every fvool buying country in the world have arrived at Auckland over the past 24 hours, and indications are that there will be a heavy beuch ol' buyers ' at the sale which opens in the Town Hall on Monday evening. Monday's offering of approximately 17,500 bales will represent the biggest of the season to date, and should give j a good indication as to near future ! prices for New Zealand wools. The ! clip is opening up well in rather heavier condition than last year. Some of the principal buying countries represented among the buyers are England, Australia, Germany, France, U.S.A. and Japan. PRODUCE MARKET QUIET POSITION IN CANTERBURY Press Association C HRISTC H U RCII, Friday. The potato market apparently is ! practically ended for the season. The t Waipahi is leaving for Napier tomor- ! row, and may take a small consign - | ment, and the ferry boats may take . small stocks to Wellington for a few j days. After that it would appear that Itho market will be confined to local orders. Nominally the price is *£ 5 f.0.b., s.i. A few small lots have been bought from farmers at £3 10s. The prospects are that most classes of seeds will be short this season. The scarcity of pasture feed will have caused paddocks to be closed up for seed much more restrictedly than usual. The yield of cocksfoot and perennial and Italian ryegrass from the provinces I will probably be much smaller than | usual, as stocks of old season's seeds ! are scarce and held at high prices. This 1 would seem to point to a bare supply i for next season’s necessities. Informa- | tion from the south is to the effect ! that a good perennial ryegrass crop is I expected, so that in this branch of seed j the local scarcity may bo offset. The j dry weather, it is considered, is likely , to affect the oats yield very markedly. ! but so far this opinion is not reflected ; in any hardening of values. As a matter of fact nobody is disposed to sell j oats. Forward values for stocks on j hand are from 3s 7d to 3s 8d f.0.b., s.i. NEW ZEALAND LOAN COMPANY STAFF APPOINTMENTS From Out' Own Correspondent DUNEDIN, Friday. Mr. C. N. Draper, who is going to England early in the New Year, has resigned his position as manager of the Dunedin branch of the New Zealand Loan and Mercantile Agency Company, Limited. Mr. J. A. Cameron. Tyho is manager of the Invercargill office, will succeed Mr. Draper in Dunedin, and Mr. W. J. McKitterick has been : appointed manager in Invercargill ! LONDON MARKET REPORTS j t United P.A.—Dp Telegraph—Copyright t LONDON, Thursday. ! (Quotations on Nov. IS in parentheses.) 1 Copper.—Spot. £7O (£69 7s 6d); three j months, £69 10s (£69 6s 3d). Electrolytic Copper.—Spot. £SJ 10s f£Sl 10s); three months, £B3 10s (£B3 10s). Wire Bars. — £B3 10s (£B3 10s). Lead.—Spot, £2O 17s 6d (£2l 17s Gd); three months. £2l 2s 6d (£2l 17s 6d). Spelter.—Spot, £2O Is 3d (£2l ICs three months. £2O 10s (£22 ssl. Tin.—Spot, £ 1 SI. 2s 6d (£IBO 7s 6d); three months. £lB6 12s 6d (£lB3 7s 6d). Silver. —Standard, 223 d (22 11-16 d) an oz.; fine, 24 9-16 d (24$d). WHEAT, FLOUR AND PULSE Wheat. —Cargoes, in sympathy with closing weakness in America, opened 6d to 9d lower, but there was a partial recovery on further reports that rust had done damage in Argentina and on adverse news of the exportable surplus from Australia. Closing prices were 3d to 6d lower. By the City of Dieppe, 435. Futures—London: November, 47s lOd a j quarter; December, 48s 2d; January, 48s lid; March, 50s 7d. Liverpool: DecemI ber, 8s 10 7-Sd a cental; March, 9s 7 l-8d; I May, 9s 10 l-Bd. Spot, trade quiet, quo- : tations firm. Australian not offering: : nominally quoted at about 47s 6d. ex ship. Flour. —Firm. Australian, ex store, 25s , fo 35s Cd. , Oats and Barley. Steady. I Peas and Beans.—Firm. _ I Beet Sugar.—December, 7s Sid. COMPANY REGISTRATIONS | Recent company registrations at ; Auckland include the following:—PUBLIC The Golden Dawn Gold Mines, Ltd. | —Objects: To acquire mining proper - I ties in the Hauraki mining district and develop the same. The Rising Sun. Rising Sun Extended and Veritas are suggested as properties to be acquired. Capital, £20,000, in 5s shares. Subscribers: Charles Adams, William F. McCallum, F. S. Moorliouse, Montague H. Wynyard, John Farrell, George McKenzie, Robert Harold Montgomery and Daniel Boys Patterson, 500 shares each. PRIVATE Harvie Timber Company, Ltd., timber merchants. Capital, £4,000, in £1 ; shares. Subscribers: Walter L. D. j Harvie, 2,590 shares; Joshua Carder, ! on© share; Charles E. Harvie, .100 I shares: Horace S. Warner, 100 shares; ! A. E. Irving, 1.209 shares. FOREIGN EXCHANGE RATES British Official Wireless RUGBY, Thursday. j The following rates on foreign ex- : changes are current today, compared with | the cabled quotations on November 19 ;and par:—•

SUN COMMERCIAL SERVICE A special section devoted to answers to readers on financial and commercial questions, is included in these coU umns each Saturday. While every effort is made to ensure accuracy in every instance, no responsibility can be taken for the information given. All queries should be addressed to the Commercial Editor, THE SUM. "Broker/' —Write to the secretary of the Auckland Stock Exchange. “A. 8.," Remiera, —The psychological element is entering so much into the situation at the moment that it is difficult to make definite forecasts as to the future of any shares. Commercial Banks were considered good buying at GOs when the scrip returned only D per cent, on a 15 per cent, basis. On yesterday’s market the scrip showed an approximate return of £5 Ss 5d per cent. Even if the market did drop back further in the next few months, we think the shares are good buying at today’s prices. The great factor about Commercials is that the management has been tested and proved sound and progressive. There is a distinct possibility of a further new issue in the near future. We believe with a writer in the latest mail edition of the English “Economist" when he wrote, inter alia: “There can be little doubt that, in the long run, when a return to cheaper money has taken place, the general level of bank shares Is likely to stand at correspondingly high levels." Grey Valleys could not be termed a safe investment: it must be remembered that, soon after the mine started when it was thought that big dividends would soon be going the way of shareholders, an explosion very nearly sounded the death-knell to the company. At the moment it must be admitted that the company has made a good recovery, and is on a sound profit-earning basis with a ready market for its coal. At current prices it seems that the shares have attractions as a speculative investment. East year, the fifth for the company. the net trading profits amounted to a shade over 20 per cent, of paid-up capital: this, after payment of interest at 10 per cent, on £22,950 in debentures, raised to help the company surmount the difficulties eoinoident to the explosion In.tlic mine. At this morning's selling price the return, based on S per cent, dividend paid for last year, is approximately Ca Its 3d per cent. Tfigrher dividends in the future are not improbable.

Nov. 21 Nov. 19 Par. Montreal, dol. 4.93* Now York. doi. 4.87 1S-3* 4.96 4.S66 4.875 4.866 Paris, fr 123.875 123.S6 124.21 Brussels, belga 34.86 34.865 35.00 Geneva, fr. .. 25.13 25.135 25.22 Amsterdam, fl. 12.082 3 2.08* 12.10 Rome, lire .. 93.155 93.14 92.40 Berlin, r.m. .. 20.39 20.39 20.43 Stockholm, kr. . 18.145 IS.145 18.159 Oslo, kr 3 8.20 18.205 IS.159 Copenhagen, kr. 3 8.20 Vienna, sch. .. 34.055 13.205 34.67 IS.159 Ei-gf-Prague, kr. .. 3 641 164 5-8 Helsingfors, m. 191 Madrid, pes. .. 35.075 3 93 7-8 192.23 34.8 25.225 Lisbon, escu. .. 108.25 108.25 Athens, dr 375 li! 375.00 Bukarest, lei. . SIS 25.225 R. de Jan., m. 5 25-32 5 25-32 B. Ayres, dol. . 46 3-16 46 7-32 47.57d Calcutta, rupee 17 7-S 17 7-S ISd Shanghai, tael . 26 j Ui Hong Kong, dol. 205 Yokohama, yen. 24 5-32 24 L-16 24.5Sd Batavia, 11. .. 12.124 — 12.10