COMMERCIAL NEWS

Ashburton Guardian, Volume 55, Issue 125, 8 March 1935, Page 7

COMMERCIAL NEWS

THE RESERVE BANK. THE WEEKLY STATEMENTS. (Per Fres» Association.) WELLINGTON, March 7. The “Gazette” issued to-night contains a statement of assets and liabilities of the Reserve Bank of New Zealand as at the of business on March 4:—

Proportion of reserve to notes and liabilities, 97.10 per cent. CHRISTCHURCH SKIN SALE. PRICES RULING YESTERDAY. CHRISTCHURCH, This Day. The Christchurch Woolbrokers’ Association report having held their weekly skin sale yesterday, before the usual bench of buyers. The following is the range of ruling prices:— , . d. d.

WOOL SALE AT DUNEDIN, LOWER PRICES EXPECTED.

DUNEDIN, March 7. Present indications for the third wool sale on Saturday do not appear to give much hope 'for an, encouraging market, there being no apparent reason for the expectation of higher prices for the remainder of the season. Generally it is conceded that there may be a drop of a full penny on the prices ruling at the second local sale. The offering " which comprises 24,662 bales, is mostly heavy in condition. It contains a fair proportion of station clips. In a number of bales there is a fair amount of seed) showing but as is usual for the third sale', the quantity of extra super wools on offer will not be so great as in previous, sales. Since the second Dunedm sale on February 6, there has been a gradual decline in prices, and more specially from the time of the depreciation of sterling values. It has been fine wools of 50's count and oyer that the drop has been more apparent, because it is this grade of wool that is purchased the most freely by Continental agents. Cross-bred values have not been affected to the same extent, so that in other centres, such as Invercargill and in the North Island, where the offerings are principally cross-breds, the decrease has not been so obvious. At Dunedin, however, a greater proportion of finer wools is put up for auction, and it is therefore easily' realised that the decline in this market will be more marked. Of course, the extent of the fall will be dependent on what limits buyers have received from their firms, and it is felt almost certain that whatever buying is done at the sale will be in accordance with instructions which will doubtless give strictly defined limits. It is on account of these probable restrictions which have been apparent at the sales elsewhere, that there is a'tendency on the part ot some growers to withdraw their clips from the sale. Pieces of fine quality are almost certain to be among those that will bring lower values. BEATH AMD CO. HALF-YEARLY DIVIDENDS. OHRISTCHURCH, This Day. At a meeting of directors of Messrs Beath and Co., Ltd., held yesterday, it was decided to pay the usual haltyearly dividend of 2£ per cent, on preference shares, and 4 per cent, on ordinary shares. The dividends will be paid on April 2. BOOTH, MACDONALD, LTD. OHRISTCHURCH, March 7. In submitting the annual report of Booth, Macdonald. Ltd., the directors state that they have pleasure in reporting a substantial improvement in business for the year. The turnover

considerably increased, and this is reflected in the gross> profit. The sales department has been, and is being, further strengthened with satisfactory results. Newt lines have been taken up, and these are expected to yield good returns in 1935. The loss for the year, after providing for depreciation at full rates (£4868) and debenture interest (£5816), is £7585, against £14,471 last year. The mortgage debenture liability has been reduced by £3300. DAIRY PRODUCE. The South Island Dairy Association, Ltd., has received the following report from the New Zealand Produce Association, Ltd., London: — Butter—Weak. 75s to 775. Danish, 110 s. Cheese—Quiet. White, 45s 6d; coloured, 45s 6d to 465.

MINIMUM PRICES FIXED. WELLINGTON, March 7. The Dairy Board has fixed the minimum f.o.b. and c.i.f. prices on the basis of 9£d and s£d, equivalent to butter at £3 15s lid c.i.f.e. and cheese at £2 6s lid. AUSTRALIAN PRODUCE. SYDNEY, March 7. Wheat —New season's, on country sidings s Bagged 2s s*d, bulk 2s s£d, equal to 3s o*d and 3s Hd ex trucks, Sydney. Flour—£lo 17s 6d. Bran —£4. Pollard—£4 10s. Potatoes—Tasmanian, £9 10s to £lO. Onions—Victorian Globes, Brown Spanish, £lO 10s to £ll ■ white, £lO. Maize—Prime 'lnland, 3s 4d to 3s 6d. ADELAIDE, May 7. Wheat—Growers' lots, new season's, 2s 10£d; old season's, 2s B£d. Flour—Bakers' lots, £ll. Bran—£s. , j Pollard—£s 2s 6d. Oats—Algerian, Is lOd to Is lid. Barley—2s 7d to 2s Bd. THE SH/(RE MARKET. j The following sales were mane on the Christchurch Stock Exchange yesterday : LISTED STOCKS. Sales on 'Change.

UNLISTED STOCKS. Sales on 'Change. £ s. d. 400 Jones Nevis 0 0 9 200 Upper Watut (2s paid) 0 5 10 300 Woolworths (Syd.) ord (4) 4 11 9

LI ABILITIES— Paid-up capital . General reserve .. Bank notes ... . Demand liabilitiesfa) State ... (b) banks ... (c) other Other liabilities £ s. d. 500,000 0 0 .. 1,000,000 0 0 .. 9,181,120 10 0 T 11,110,812 14 10 .. 5,256,321 9 1 4,208 14 1 46,250 16 4 ASSETS— Reserves: (a) gold ... . (b) sterling exch. Subsidiary coin Investments Other assets '£27.098,714 4 4 .. 3,001,731 0 0 21,810,210 15’ 10 .. 183,530 15 9 ..' 2,046,971 1 6 56.270 11 3 £27,098,714 4 4

PeltsSound ... . ... 2 to 3 Faulty 02 Crossbred — Faulty 4 to 4-woolled ... 14 to 24 Faulty 4 to full-woolled... 2* to 3 Sound 4 to £-woolled ... 2 to 3 Sound £ to full-woolled ... 3i to 4 Three-quarterbred— Faulty 4 to 4-woolled ... 2 to 3 Faulty 2 to full-woolled... 3 to 3i Sound 4 to ... 32 to 4 Sound I to full-woolled... 44 to 43 Halfbred— Faulty 4 to 4-woolIed ... 22 to 4 Faulty | to full-woolled... 4i to 7 Sound 4 to i-woolled ... 3| to o Sound 2-woolled 6 Strong ... I Super 8 . Lambs — Faulty 44 Sound , ••• 5i Hoggets— Three-quarterbred faulty 44 v Halfbred faulty oi Three-quarterbred sound 44 Halbred sound , 5£ Black —■ . Pelts — 9 Three-quarterbreds 1/3 to 2/5 Halfbreds ... •■■ 2/- to 3/6 Lambs 1/8 to " 2/5

125 Bank of N.Z. "D" Moz - t. shares 1 12 0 50 Standard Insurance ... 3 12 0 200 N.Z. Breweries (2) 2 10 6 200 Tooths Brewery (3) 2 9 0 100 Broken Hill Prop. .» 2 It 3 100 Wilson's Cement 1 14 0 25 Woolworths (N.Z.) ord. 9" 16 0 1000 Bis River ... (3) 0 2 2 1000 Mahakipawa (2) 0 0 9 400 Nokomai 0 2 2 0 2 3 Sales Reported. £ s. d. 50 National Bank of N.Z. 3 8 6 1*5 Reserve Bank of N.Z. 6 10 0 50 Standard Insurance ... 3 12 0 200 N.Z. Refrig. (10s pd.) 0 9 0 4 Colonial Sugar 41 5 0 100 "Wilson's Cement 1 14 0 3000 Lawson's Flat (2) 0 0 :)