DAIRY MARKET QUIETER

Taranaki Daily News, 14 October 1929, Page 15

DAIRY MARKET QUIETER

RECENT RISE MAINTAINED. DECLINE OF 10s IN DANISH. POSITION SAME AT LAST YEAR. The market for New Zealand butter remains quiet at the advance of a fortnight ago, states cabled advice received by Newton King, Ltd. Danish has declined. 10s to 12s during the week but has not affected the level of colonials. The margin in favour of Danish to-day is 10s. New Zealand is on the same level as last year at this date, with the market quiet. Quotations, with those for the previous week in parentheses, are: —New Zealand salted, 179 s to 184 s (180 s to 184 s); unsalted, IB6s to 190 s (184 s to 186 s); wheys firsts, J(os (170 s seconds, 166 s (1665). The cheese market has declined Is during the week and closed quiet; Canadian is commanding Is premium. Quotations are: Coloured, 93s to 94s (94s to 955); white, 94s to 95s (95s to 96s )| New Zealand creamery butter is selling at l<S4s and cheese at 92s Gd to 9.3 a Gd states advice received by Collett and Co., Ltd. The Anglo-Continental Company’s advice is:—Butter is firm but quiet at 184 s for New Zealand, while Danish is quoted at J92s f.o.b. Cheese is easier, white at 935, and coloured at 945.

STOCK EXCHANGE TRANSACTIONS. Wellington, Oct. 12.—Reported sales: Inscribed Stock,sJ per cent. (1933), £lOO 2s Gd, do. (1930), £101; English, Scottish and Australian Bank, £7 19s; Bank of New Zealand, 60s 3d; National Bank of Australasia (£5 shares), £9 3s ! 6d; Bank of New South Wales, 49s Gd; Wellington Woollen (pref.),' £6 15s; Staples and Co., 545; Colonial Sugar, £54 7s Gd; Wilson’s- Cement, 42s 6d (three lots); New Zealand Breweries, 89s 3d; English, Scottish and Australian Bank, £7 19s 6d. Sale on Exchange: Bank of New Zealand, 60s 3d. Christchurch, Oct. 12.—Sales on Exchange: Commonwealth Bank of Australia, 285.10 d (four lots); Bank of NewSouth Wales, £49 2s Gd; Golclsbrough, Mort., 45s 3d (three lots), 45s 4d; New Zealand Refrigerating Co. (10s paid), Gs (two lots); Grey Valley Coal, 295; New Zealand Breweries, 89s Gd. Reported sales: National Bank of Australasia (£5 paid), £9 ss; New Zealand Refrigerating Co. (10s paid), 6s; Grey Valley, 295. Dunedin, Oct. 12.—Reported sales: National Bank, £6 14s Gd; .Kildare, 3s. Auckland, Oct. 12.—Share market sales: New Zealand Breweries, debentures, 295; New Zealand Farmers’ Co-op. of Cancterbury, 1945, GJ per cent., £94 10s; Commercial Bank of Australia, 28s 9d; Bank of New South Wales, £49 ss; Union Bank of Australia, Melbourne register, £l4 14s Gd; New Zealand Insurance, 4Gs 3d; National Insurance, IGs 8d; Auckland Gas, 24s 9d; Colonial Sugar, £54 ss; New Zealand Refrigerating (con.), 6s.

THE WORLD MONEY MARKET. .. AN IMPROVING TENDENCY. (From Our Own Correspondent.) Wellington, Oct. 11. The week-end news from London respecting the security and money markets is more hopeful, but that is as much as can be said. The danger of further withdrawals of gold is over, for the exchange rates on Paris and New York have got well above the gold point. But this does not mean that money rates will ease. On the contrary, this month is a critical month, when Europe will have to pay for supplies of cotton and wheat, and this may again upset the exchanges. The immediate danger of further withdrawals of gold having ended, gilt-edged securities, particularly Government stocks, which are extremely sensitive, have responded promptly. But there appears to be trouble pending for industrial shares. The ramifications of the Hatry collapse seems- likely to pill) down other concerns. It is singular that newspaper companies should be so much depressed. British newspapers are now the properties of groups. There is the Rothermere group, the Berry group, the Inveresk Paper Company group and the Horne group. The latter owns sever,al foreign as well as British newspapers. The Carmelite Trust is associated with the Horne group. Almost every newspaper in England, Scotland and Wales is in. the maw of one of these groups, even the financial papers like the Economist and the Financial Times are so tied up. It is not quite clear why newspaper shares have fallen, for it cannot be that revenue has declined. It is more likely that shares have been boosted up by those in the syndicates and with bad weather in the money market, values have been wrecked. When the English mail of the present date conies to hand it will be interesting to read the details of this great newspaper collapse. There is very keen rivalry between the various newspaper groups and the methods adopted by some of them are somewhat peculiar. Recently the Northcliffe Newspapers, Ltd., started an opposition evening paper in Newcastle-on-Tyne and issued a challenge to the other evening paper to issue a net sales certificate. Tile latter refused, and pointed out that it was notorious that the sales claimed by the Northcliffe Press were the result of a policy of "buying” circulation on an extraordinary scale. In return for a promise to pay 3s to a news agent over a period of six weeks the reader was offered not only 36 newspapers and a free insurance cover, but also a free ticket to the exhibition (which was then being held), a free meal costing 2s Gd, a free ticket to one of the exhibition pavilions and three free advertisements in the paper.

WAIKATO FARMERS’ COMPANY. DIVIDEND OF EIGHT PER CENT. By Tcle£rapli.—Pres« Association. Hamilton, Oct. 12., At the annual meeting of the Farmers’ Co-op. Auctioneering Company a dividend of 8 per cent, was approved. The turnover was £2,016,161 and the net profit £51,069, showing an increase of £10,003. High tributes were paid to the retiring chairman, Mr. H. S. Hawkins and the vice-chairman, Mr. J. Barugh. Neither sought re-election and Messrs. A. E. Manning and J. S. Reid were elected to the directorate.