WELLINGTON STOCK EXCHANGE

Manawatu Standard, Volume XLVII, Issue 8, 7 December 1926, Page 5

WELLINGTON STOCK EXCHANGE

YESTERDAY’S BUSINESS AND PRICES. At the morning call yesterday on tho Wellington Stock Exchange sales wore reported of National Bank of Australasia shares £5 paid, at £9 Is, and Wellington Trust and Loan at £6 11s. There were no sales registered at the afternoon call. There was a good demand for tho 5i per cont. Government stocks and bonds at £IOO, 15s, and the 5 per cent, bonds were wanted at £99. Bank shares were steady, with buyers of National Bank of New Zealand at £7 Is, Bank of New South Wales at £44 ex quarterly dividond, Bank of Now Zealand rights at 6s 6d, and Union Bank at £ls 4s. Sellers quoted £26 10s for Commercial Bank of Sydney and 59s 9d for Bank of New Zealand ex dividend. There was a little business offering in financial shares,’ with bids of £9 2s 6d for Equitable Buildings, 10s 3d for Now Zealand Guarantee Corporation ordinary, and 10s 6d for Wellington Investment. Shipping shares were firm. There wore buyers of New Zealand Shipping preference at £9, and Union Steam preference at 20s 3d cum dividend. There was nothing doing in wool or coal shares. National Timber shares wero wanted at 14s. Browory shares were firm and in good demand, with buyers of New Zealand Broweries at 525, Staples and Co. at 375, and Ward and Co. at 42s 6d. In tho miscellaneous section there wero buyers of Burns, Philp and Co. at 395, Electrolytic Zinc ordinary at 365, preference at 375, Farmers’ Co-opera-tivo Auctioneering ordinary at £3 10s, and Howard Smith at 325. Yesterday’s buying and soiling quotations were as under:

and pref.) Smith & Smith (pref.) 0 19 0 Wairarapa Farmers’ (£5) Ditto (£1) 0 16 0 Ditto (prof.) 0 16 0 MINING— Waihi 0 17 0 SALES IN OTHER CENTRES. Per Press Association. AUCKLAND, Dee. 6. Sales. —National Bank of New Zealand, £27 Is; Moanataiari, 5s 3d; ditto (con.), 5s 2d, 5s 3d. 5s 2d, 5s Id, ss, 5s 2d, 5s 3d, 5s 3d; Kawarau, 3s 4d; Lucky Shot (con.), Is 6d; Waihi, 17s 6d. .DUNEDIN, Dec. 6. Sale.—Milburn Lime, 30s. Sale reported.—4£ per cont. Bonds (1930), £97 10s. CHRISTCHURCH, Deo. 6. Sales reported.—New Zealand Government 5 per cent. Inscribed (1927), £99; Electrolytio Zinc (pref.), 375. Sales.—New Zealand Government 5 per cent. Bonds (1927), £99; National Bank of Australasia (£lO paid), £lB. STRATFORD SHOW. At th'o Stratford Agricultural and Pastoral Association’s seventeenth annual show last week, in the pedigree Jersey section R. L. Horn, of Ohau. secured first and third awards and v.h.c. for cow calved prior to July 1, 1921, first for two cows in milk calved prior to July 1, 1924, and second for cow, any ago, in full milk. In the novice class of tho pedigree Jersey section, Allan Horn, of Ohau, secured a first award for heifer calved since July 1, 1925. The open hunters’ competition resulted: A. Merger’s Gilgai 1, S. Symes’s Wa verier, Osprey; Mrs V. Sutton’s, Feilding, Ivimoroa.

DAIRY YIELD. RECORD IN AUCKLAND PROVINCE LOW PRICES BALANCED. Improved methods of farming in the Auckland province have been responsible for effecting a saving of over £200,000 to the dairy fanners this season. It is true that on net results so far the farmers have lost by comparison with their returns for the first five months of last season, but were it not for the increase in production, due to the greater application of science and experience on the farms, they would have been over £200,000 worse off. In other words, greater production has helped to offset to a lavge degree the effect of the lower prices obtaining this year for the new season’s, butter. Altogether 569,807 boxes of butter, representing 26,733,9291 b of butter-fat, were received into store by tho Auckland Farmers’ Freezing Company during tho first five months of last season. Talcing the London prices for December as the market value of this produce, the average return to tho farmers was Is 5Jd a lb butter-fat, or a total of £1,949,000. ' The December prices are taken becauso in November of last year the London market was practically bare of New Zealand butter, due to the shipping strike. The high prices which wero quoted in November, 1925, were famine rdther than true market values. The position was eased toward the end of November and in early December, and the quotations for the latter month, although they showed a declining tendency, due to approaching heavy arrivals, can be taken as being nearer the true economic level. CURRENT SEASON’S PRODUCTION In the first five months of the current season, 650,929 boxes of butter were received into the grading store, the total representing 30,593,6631 b of butter-fat. Tho average of the prices obtained on the London market for the new season’s butter so far is 153 s to 155 s per cwt., tho butter-fat equivalent being approximately Is 3d per lb. Latest reports indicate that the market has an upward tendency following on the reduction of stored stocks, but'even

if no further improvement is shown, the return to the suppliers on the figures quoted would be £1,912,000. On a comparison with, tho corresponding period of last, year, the returns show a decline of £37,000 against the current season. Had production remained at the same level as that of the first five months of last season the loss would have been £241,000. Looked at another way, the increase in production of season of £3,859,7341b of butter-fat used in the manufacture of butter has pi iced a sum of £204,000 in the pockets of Auckland dairy farmers. MAKING UP THE LOSS.

Approximately 130,000 boxes of the new season’s produce from Auckland have reached the London market or are due to arrive there within the next few days. Very little of this butter will have been sold at the low rates which have been obtaining, and the question asserts itself : What price will be necessary to obtain to wipe out the apparent loss of this season and place the farmer on the same footing financially as he was last year? Is it too much to hope that a shade over 180 s a cwt. can be obtained for 300,000 boxes of the butter which has already passed through the grading works. An additional Id per lb butter-fat on last December’s prices for this quantity of butter would extinguish tho debit and leave a credit balance. The three factors which have been responsible for tho increase in the output this year are the favourable nature of the season from the point of view of the weather, herd testing and judicious culling and the more extensive use of fertilisers. Gulling and feeding the pastures are being carried out more and more each year. That the expenditure of the time and money involved is worth while becomes self-evi-dent from tho figures which has been quoted.—Auckland Herald. WHEAT CARGOES QUIET. LONDON, Dec. 5. With adequate world’s shipments and featureless markets on the other side, wheat cargoes are quiet and nominally uncharged. Parcels are quiet at late rates. Liverpool futures: December, 11s 4-Jd; March, 10s 7§d; May, 10s sd. A. and N.Z. cable.

e BUTTER AND CHEESE. e y (Per Press Association.) e WELLINGTON, Dec. 6. The New Zealand Dairy Produce “ Board advises having received the fol- ” lowing advice from the London office s Jof tho board, dated London December 3rd, 1926: i Butter: New Zealand finest, 1665; ’> first’grade 1645; stored, 150 s to 1665, according to arrival and condition. ' The market is firm. Board sales am- • ount to 4033 boxes. Australian 160 s r to 1625; exceptional, 1645; stored, 3 1525; Canadian, 156 s to 158 s; Argen- ? tine, 144 s to 150 s; Dutch 178 s to ISOs; 1 Siberian 146 s to 150 s; Danish, 182 s. Retail prices aro advancing and on Monday were: Colonial I 3 7d; Danish 1 Is 9d. 1 Cheese: New Zealand finest, 945; first grade 935; white and coloured 1 Canadian 92s to 965; exceptional 98s, 3 according to make. Tho market is i firm. Retail price lid. The board’s 1 sales amount to 1254 crates. ’ The board also recoived the follow- _ ing advice from its agents in Canada: " Butter, New York 54 cents. (2s 3d). The market is firm. Montreal 38 f " cents. (Is 7jd). f CANTERBURY SHOW. r (Per Press Association.) , a . CHRISTCHURCH, Dec. 6. F The Leonard White Shield for the 3 most points in stud classes at the Can- ’ terbur.v Agricultural and Pastoral 3 Show, has been won by Mr J. A. John- - stone, of Bushey Park, Otago, who . gained 91 points. Mr H. J. Andrew, ; of Malieno, was second with 88 points, i five other exhibitors being fairly close 1 up.

Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ s. d. 4£ p.c. Ins Stk. 1939 — 97 0 0 4j- p.c. ditto, 19i58 ... — 96 15 0 5A p.c. ditto, 1933 ...100 15 0 — 51 p.c. ditto, 1936 ...100 15 0 — 5s p.c. Bonds, 1933 ...100 15 0 ■ 51 p.c. ditto, 1936 ...100 15 0 — 5 p.c. P.O. Bonds, 1927 99 0 0 — DEBENTURES— Petone/Lower Hutt, 54 p.c., 1927/1952 — 96 0 0 Pahiatua Borough, 5 p.c. 1935 — 95 10 0 Malcerua Drainage ... — 101 0 0 BANKS— Commercial of Sydney — 26 10 0 National of N.Z. ...7 10 — National of Australasia (£5) - 9 2 6 New South Wales ... 44 0 0 — New Zealand — 2 19 9 Ditto (rights) 0 6 6 — Union of Australia ... 15 4 0 15 6 0 FINANCIAL— Abraham & Williams (ord.) — 4 2 0 Equitable Building ... 9 2 6 — N.Z. Guarantee Corp. (ord.. 8s) 0 10 3 0 10 6 N.Z. and River Plate — 1 5 0 Wellington Invest. ... 0 10 6 Wellington Deposit ... — 0 10 4 Wright, Stephenson (ord.) — 1 4 6 Ditto (pref.) — 0 17 6 GASAshburton — 5 0 0 INSURANCE— National — 3 15 0 MEAT PRESERVING— N.Z. Rcfrigerat. (10s) — 0 7 0 TRANSPORT— N.Z. Shipping (prof.) 9 0 0 -iUnion Steam (pref.) ... 1 0 3 — P. and 0. def. slock — 250 0 0 WOOLLEN— Wellington (ord.) ... — 6 12 6 Ditto (pref.) — 6 15 0 Ditto (now issue) —• 6 10 0 COALWestport — 1 16 3 Waipa — TIMBER0 15 6 I.eyland-O’Brien — 2 2 0 Rotoiti — 1 0 0 Taringamutu — 1 6 0 National 0 14 0 0 16 0 BREWERIESManning and Co. ... — 1 1 0 New Zealand 2 12 0 — Staples- and Co 1 17 0 1 18 3 Ward and Co 2 2 6 — MISCELLANEOUS— Burns, Philp and Co. 1 19 0 — Electrolytic Zinc (ord.) 1 16 0 1 17 0 Ditto (pref.) 1 17 0 — Farmers’ Co-op. Auct. (ord.) 3 10 Howard Smith — 1 12 6 Sharland and Co. (ord.