COMMERCIAL.

Timaru Herald, Volume CXXV, Issue 18382, 28 September 1929, Page 19

COMMERCIAL.

LONDON MARKETS. (United Press Association—By Electric Telegraph —Copyright.) LONDON, September 26. Elour is dull; v Australian ex store 36s 3d. OATS. Oats are slow. PEAS AND BEANS. Peas and beans are steady. BEET SUGAR. Beet sugar, October 8s 6|d. BUTTER. Butter is firm, with a steady trade: Danish 2065. choicest salted New Zealand 182 s to 184 s; Australian 176 s t> 17tt»; unsalted New Zealand 180 s; \r.,' tralian 176 s to 178 s. CHEESE. Che ?se is firm; New Zealand white and coloured 03s to 945. RABBTTSKINS. At the TabbVtekin sales 3120 bale© were offered. There was fair competi tion from Home trade, and about half wer© sold generally at 10 per cent decline, except racks, which were firm and unchanged. WOOL SALES. (United Press Association—By nsetris Telegraph Copyright.) LONDON, September 26. At the wool sales 10.192 tales were offered, of which 4128 were New Zealand. There was a large and represen tati/e Beetion of merinos and a good offering of greasy crossbreds, with many Zealand greasy merinos. The last named were mostly withdrawn. There was steady general competition for all other sorts and prices were maintained. LONDON, September 26. At Bradford the tone is steadier, but business /is very limited ; 64’s 32d, 60’s 30 Jd, 60’s 24d, 46’s 21 id, 40’s 20d. NATIONAL ASSOCIATION. (United Prees Association —By Electrls Telegraph—Copyright.) WASHINGTON, Septembei 26. The Federal Farm Board announced to-day that it would confer with wool growers at Chicago on October 4 for the purpose of organising a nationatl association to handle wool. WHEAT STEADIER. (United Preaa Association—By Elactrle Telegraph- Copyright.) LONDON, September 26. Wheat cargoes are steadier, tending bin'llon the adverse Australian crop reports. jls are in good demand and steady. London futures—September 50s 9d, January 51s Liverpool, October 9s OJd, December 9s ssd, March 10s, May 10 s 3|d. Spot trade is quiet, and prices ar* most-1 v easier; Australian ex-ship 495. CHICAGO PRICES. (Uottad Press Association—By Electro Tel earar>h —Copyrlgh t.) NEW YORK, September 26. Chicago wheat—September 130 i cents, December 137 A cents, March 143| cents, May 147| cents per bushel. MELBOURNE MARKET ttJnlted Press Association—Bv BT.sotrlc Tel egraph—Cop yrt gh t. ) MELBOURNE, Sept. 27. Wheat 5s Bd. Flour. **l2 16s to £l3. Bran. £7 lOe. Pollard, £7 15s. Oats. 4s 2d. Barley, English 4s to /4 S Id. Maize, 5s 7d. CHRISTCHURCH GRAIN AND SEEDS MARKET. p*. ’TVTegraAfe—Prts> Association CHRISTCHURCH, September 27. The potato market has been dull during the week. Merchants are waiting to see what quantities are going north by the month-end boats. The Wingatui took 1400 sacks from Timaru, and is due to sail to-morrow from Lyttelton with approximately », 5,000 sacks, while the Kurow, leaving Timaru on Tuesday, is expected to take a similar number from that port. Operators are marking time awaiting the actual quantities. Values are better than the mid-week, Septembers being quoted at £B/5/-, and Octobers at up to £9/5/-, f.0.b.,5.i. However, there is very little business at these figures, and very few potatoes are being purchased from farmers.

Oats are firm, but business is next door t oa standstill. A. grade are worth 3/9 to 3/10, f.0.b.,5.i. Fowl wheat is a shade harder, being quoted at 5/11 i f.o.b. Seeds are moving slowly, as the weather is delaying orders for spring sowing. THE SHAREMARKET. It has been a week of falling prices and restricted business, especially fer those sections of the market which are readily affected by adverse o verse is influences. Early in the week there was a mild panic on the London Stock Exchange, owing to the failure of a big financial group with wide interests in the underwriting and investment worlds. Also, further heavy withdrawals of gold have again raised the Bank of England bogey, and in London most classes of stocks reacted unfavourably to the increase in the interest rate. Again, the Australian political situation, with an impending Federal election, the uncertain and weak markets for our primary products, and the probability of onerous demands on the money market in the near future, have contributed to a very much slacker market. A number of first-class stocks have eased very definitely, but the weakness is more apparent than real, and very little business is being done at the lower prices. It must be admitted that recent developments in the economic and financial situation are unfavourable, but there is no teason for too much pessimism. Investors should note that a number of the soundest stocks can be bought at reduced prices; but consideration should be given to only those stocks which will be less readily affected by overseas influences and financial stringency. Most of the Australian Banks have eased a few , points, pastoral companies have eased considerably; but the first-class in-

dustrials have held their prices well, and most of our sound New Zealand stocks have been little affected. New Zealand Government stocks and local body debentures retain their strength, and nearly all issues are now at a price level where the interest yield is a low one, allowing for redemption. The turnover on the various Exchanges this week has been small, and buyers have been disinclined to operate, although a healthier tone was noticeable at closing. Stock and Bond Section:—Four and a-half per cent, tax frees due 1930 sold at £99/7/6, and 4 h per cent. 1938 at £IOO/7/6 and £IOO/5/-; 5 per cent 1946 stock had a sale at £97, and oth?r issues held at late rates. Auckland Harbours, 51 per cent. 1939 sold at £99/10/-, and 5i per cent. 1940 at £lOl/10/-. New Zealand Brewery debentures were taken at 30/3, and closed firm. New Zealand Refrigerating debentures, 61 per cent. 1935, were available at £lOl, no buyers offering. The interest return at this figure is over 64 per cent, allowing for redemption. Banking Section: —A.B.C's. sold at 34/7 and 34/6, closing easier at 34'-, 34/6. Commercial Banking Company of Sydney, after business at £26/5/-, are quoted at £25/15/-, £26/10/-. E.S. and A’s. fell 3/-, to a sale at £B/6/6, more available at this figure, ‘ buyers offering £B/4/6. National of Ns';/ Zealand sold down to £6/16/3; Bank of New Zealand fell 8d to 62 4, and 28/9 was paid for the long term mortgage issue. Queensland Nation xls had a sale at £9/14/6, and Unions dropped 2/6 to sales at £l4/18/6, closing weaker with buyers offering £l4/12/6, sellers at £l4/16/-. National Bank of Australasia were dull, and the contributing shares fell 2/-, to a sale at £9/10/-. Insurance Section:—There is no enquiry in this section, and buyers are not offering, although the sellers’ quotations show little variation. Nationals had some business at 16/9 and 16/8, and New Zealands at 48/-, bat other insurance stocks were neglected. Loan and Agency Section:—Goldsbroughs, which sold last week at 46/-, sagged to 43/10 this week, recovering fractionally to 44/1 at closing. About three thousand shares were taken on the various Exchanges, and although this stock had dropped nearly 10/- in the last three months, sellers are still forcing the market down. Goldsbroughs have a record of sound progress for many years, and they have built up a huge broking and merchant dise business, apart from their pastoral interests, and it does not look as if any further recession in price is warranted. New Zealand Loan Coy. ordinary stock had a sale at £125/10/-; Dalgety and Coy. weakened to quotations of £l4/10/6, £l4/17/6, unsupported sellers of National Mortgage appeared at £4/10/-.

Miscellaneous.—New Zealand Guarantee Corporation sold at 9/10, Electrolytic Zinc preference sold from 37/10i to 36/9, and the ordinary shares eased from 37/4 to 36/11. Mount Lyell.? had a sharp drop to 43/10. Westport Coals were steady at 34/3 and 34/4; Grey Valley Collieries sold at 29/1. New Zealand Breweries had an easier market with odd sales at 90/- and 90/3, and Staples sold at 54/- and 55/-, closing easier. Gas company shares show no sign of weakness; Christchurch sold at 26/6, and Auckland at 24/8 and 24/9. New Zealand Refrigerating were sold on a weaker market, at 14/- for the paids, and 6/7 and 6/6 for the contributing shares, sellers remaining in at these figures. Huddart Parkers recorded a sale at 44/6, P. and O. stocks at 5/9. Henry Jones Co-op. changed hands at 34/3 and 34/-, and appear weaker at closing. Colonial Sugars dropped a point to £57/5/-; New Zealand Farmers’ Co-op. 6i per cent, stock, due 1939 firmed to £95/10/-. Wilson’s Cement fell 6d to 43/6: New Zealand Drugs had a sale at 73/9, which is a drop of 2/-. Taupiri Coals were steady at 29/3; Beaths 1/- paid brought 9/9, and Burns, Philp had a sale at 47/3. The turnover for the week has been the smallest for some considerable time, and the announcement this morning of the increase in the Bank of England rate to 6i per cent, will tend to restrict business further. SHARE MARKETS. r? Telegraph—Press Association. AUCKLAND, September 27. Sales on ’Change: New Zealand Breweries, debentures, £l/10/6; Australian Bank of Commerce £l/14/-; Commercial Bank of Australia £l/9/6; Union Bank of Australia (Melbourne register) £l4/16/-, £l4/15/-; Farmers’ Co-op. Auctioneering £4/10/-; Auckland Gas Coy. 18/2; Devonport Steam 22/6; Farmers’ Trading 9/2; New Zealand Refrigerating (con.) 6/6; Wilson’s Cement 43/6 (two sales); Ohinemuri 9/3; Waihi 13/4 (two sales). CHRISTCHURCH, September 27. Sales on ’Change: Commercial of Australia 29/- (2 parcels), 28/10; National Bank of Australasia (£5 paid) £9/10/-; Goldsbrough Mort 44/- «.2 parcels), 44/1 (6 parcels), 44/- (3 parcels); New Zealand Guarantee Corporation (cum. div.) 9/10; New Zealand Refrigerating (10/- paid) 6/-, 6/2, 6 3, 0/2; Beath and Co. (cum. div.) 32/t’; Burns, Philp 45/3; Mount Lyell 43/b; Kildare 2/6 (2 parcels). Sales reported: Mount Lyell 44/-; Goldsbrough Mort £2/4/- (2 parcels); Milne and Choyce (debentures) £l/7/3. DUNEDIN, September 27. Sales on 'Change: Big Beach 5/(two parcels). Sale reported: New Zealand Brewer - ies (shares) 90/-.