FINANCE, COMMERCE AND MARKETS.

Auckland Star, Volume LVI, Issue 216, 12 September 1925, Page 6

FINANCE, COMMERCE AND MARKETS.

GRAIN AND PRODUCE. 1 POTATOES RECEDE IN PRICE. ' OATS SLIGHTLY FIRMER. (By Telegraph.—Own Correspondent.) CHRISTCHURCH, Friday. True to its reputation, the potato market is revealing vagaries that are \ puzzling operators. Business was done this week at prices up to £S 15/ a. ton, f.0.b., s.i., for coastal shipment; but yesterday theTe came a slump, and a few small parcels were thrown on the market at £8 5/. They were promptly taken up, but at the moment the .nominal quotations are from £8 to £8 5/. One reason that possibly contributed to market ''cold feet" is a report, freely circulated a few days ago, that there had been a slump on the Sydney market. Some little colour to this report was lent by a reduction of offers from Sydney from £9 10/ to £0 a ton, f.0.b., c.L However, a published cable to-day, showing that in Sydney Tasmanians are commanding from £14 to £17 and New Zealand £14, gives not the slightest indication of any market weakening. Reports in Christchurch are to the effect that j Auckland no longer has a large surplus ) of supplies, and the belief is nourished fondly that the Northern market will require an inflow from the South of stocks in fair quantity over the best portion of October. The Wanaka has just landed abotit 5000 sacks of table I potatoes in Auckland, and the Katoa left last evening with 7SOO sacks, but theee quantities should soon disappear if there is no surplus. It is likely that the' KaTetii will carry between 1500 to 2000 ! tons to Sydney. As to actual supplies j available from farmers, it is quite clear | that large quantities of potatoes will never see the market, because they have I been affected by weather conditions, and growers are proving hard sellers, not being tempted by any offer below £7 on trucks. Another indication of moderate supplies is that several operators who ■ have sold to Sydney are trying to buy back again, despite the weaken.. •» of the market. So far there is no inulcation of any surplus of supplies. Oats are firm, but there ie very little business liassing, and it is not clear that the purchases are going into consumption. There are plenty of A grade Gartons being offered in the South at 4/0 ■f.0.b., s.i., and a sale or two have been made at this figure. There i<s a dearth of A Gartons in Canterbury, and this is helping the firm holdinir which features the trade in the South. When the weather picks up sufficiently in Canterbury to permit spring threshing, offers of B grades may be expected. There are still r.iany stacks to be seen about the country. The wet weather has held up the demand for seeds. White clover is easier in price n t Home, and this ie reflected locally. Values for farmers' undressed on truck/3 are from 1/ to 1/1 a lb. Cowgrass is unchanged at 9d to lOd. Danish cocksfoot samples are of good quality, and are tending to keep down values of local cmiV, Peas maintain a firm tone, and are .worth .7/3 f.0.b.. e.i., for No. l's. Fowl r.liofl. is in brisk demand, a good deal of b:\.ir.ess having taken place at V/2i, f.o.b. ZE&ST SEASON'S WHEAT. HEAVY IMPORTS FORECASTED. Wy Y.'lejriMiih.—Press Association.) TIIIARU, Friday. In n regarding the price of the i;i.''i-lTii(j wheat crop at a meeting of fcl.e Wouth Canterbury executive of the Farmers" I' ll ion, Mr, J. Trotter, a mem'.icr of the Wheat Board, expressed the op'nion that the growing crop would ■not vied more than 3,000,000 bushels, and that there would be a shortage of at least i.'OOO.'Un '..iishel's. The meeting agreed that farmers could net. be blamwlfor'the shortage of the area sown in wheat, this being due solely to cont'nued wet weather. LONDON MARKETS. COMPAIUSOMS WITH LAST WEEK. LONDON, September 10. r-lior.T LOAKS A.M> BILLS. Short loans, 3J per cent, same as last week; three months bills, 3J per cent compared with 3} per cent last week. FOREIGN EXCHANGES. The following: rates on foreign exchanges are current to-day, as compared with the cabled quotations on September 7 and par:— Sept. 10. Sept. 7. Par. -New York (dol.) 4.84 11-16 4.84 10-lG 4.866 .Montreal (dol.) 4.841 4.35 4.860 .Paris (fr.) ..... 303.03 103.45 25.225 Brussels (fr.) .. 110 . 108.05 23.225 Kpme (lire) ... 1174 134J 25.22S Berlin (r.m.) .'. 20.37 20.37 20.43 Stockholm (kr.) 18.09 10.09 18.i09 Oslo (kY.) 22.20 22.75 18.150 Copenhagen (kr.) 10.50 18.55 18.159 Calcutta (d.) .. 101-32 18.3 l>4 Hongkong (d.) .. 204 301 — Yokoliama (d,) 20i 20 8-113 24J Amsterdam .... 12.06 i 12.04J — Uaravia 12,03 12.02 — CONSOLS AND NEW ZEALAND . STOCKS. The following , table gives quotations Tor consols and.New Zealand stocks, compared ..■yvltn those of September 3:— : . , - Variat ~ . ■ .Price, tion. Consols, 2$ per cent 55J g* British 3J p.c. war loan 96J i* -Britieh 5 p.c. war loan ........ 101 j J* British Conversion, 3* p.c. ...'. 764 &* New Zealand 4 p.c, 1929 ...... 97 i* New Zealand SI p.c, 10J0 ...... 84J . Jt New Zealand 3 p.c, 1945 76 — New Zealand 6 p.c, 1936-51 ... 10SJ it t Higher. ♦ Lower. — Not quoted last week. THE METAL MARKET. (Quotations on September 7 In parentheses.) Copper.—Spot, £68. 18/9 (£62 13/9); three months, £62 18/9 (£63 13/9). Lead;— Spot, £38 (£3B 10/); three months, £35 15/ (£36 5/). ' Spelter.—Spot, £36 18/9 ( —); tnree months, £36 8/9 ( —). th^" 1 —Spot, £255 11/3 (£257 2/6); «n., mOnth , s ' £a 5« 3/9 (*259 12/6). TIPr n»n r ;l~ S n tanaarCl ' 33 (33 5-lM) per ounce; line. 35 13-I6d. (35 5-16 d). BRADFORD TOPS. and rh litu£ a £ls, rt l t0 P s market is very quiet, ?ions m are c Sne^ed. 683 1S offer,n * Quota - WHEAT, FLOUR, AND PULSE %SS&&S? l £'J3? fife?* Ar. a Flour—Quiet. 'Australian, ex c^pQ^t; MELBOURNE HIDES SALES. MELBOURNE, September 11 CHICAGO WHEAT MARKET. NEW YORK, September 10. k^^ 1 ? Wheat.—September, «1.501 Der

NORTH AUCKLAND FARMERS. IMPROVEMENT IN BUSINESS. PROPOSED REDUCTION OP CAPITAL. TO WRITE DOWN LOSSES. The statement of the chairman of directors, Mr. M. Harding, to shareholders of the North Auckland Farmers' Co-operative at Whangarei on Wednesday indicated that the company had 1 substantially improved its position during the past twelve months, but in order to stabilise the financial position it was proposed to -reduce capital, thus enabling the directors to write down losses sustained in previous years. The chairman analysed the balance-sheet in detail, showing that after a drastic allowance as bad debts reserve the company had improved its position during the year by £10,452. The total turnover for the year had increased by £98,2C5. He claimed that the figures he had quoted were satisfying evidence that the affairs of the company were now definitely on the up-grade. They had weathered the worst of their j troubles ami all they needed was the I loyal support of all shareholders. They were getting this in a large measure, but there were still many shareholders, who for no good reason were not giving the company as much business as they should. Dealing with proposed reconstruction Mr. Harding said:— "Your board have given much j thought to the question of dealing with 'our accumulated losses, and have dej cided to submit, the following proposals ;to shareholders: — I "(1) To write the ordinary shares . down to 8/ each. j "(2) To ask preference shareholders to waive the arrears of their dividends for the four years to June 30, 1925. "(3) To ask preference shareholders to accept a reduction of dividend rate from 7 per cent to G per cent in future. "The legal preliminaries in connection with these proposals are now in hand, and we hope to be able to submit them for approval in the near ■ future. An informal meeting of the preference shareholders hold hi Auckland on August 7. considered the 6cheme and there was only one d'ssentient; it being generally recognised that our proposals are necessary and also fair to everyone. If we. can I get these proposals carried through <lur- ■ ins? the current year we hope to be I able to come before you next year with a very improved balance-sheet, and with results wlr'h vHI further encourage our shareholders." The auditor in a letter, which confirmed the chairman's statements, em- ; phasised that the bad debts written otl ] this year had all been incurred prior to June! 1F154. Seconding the adoption of the r-ennrt and balance-sheet Mr. Crane asked where the north "would harp been to-day if it had not been for th'S company. He remembered the day when there was only one bank north of Auckland and 1 that was in Whangarei. and without I the a«"i!stance that settlers received i from this eonrnanv. which was formerh I the Auckland Farmers , Union, the riortr. j \vo"ld not have progressed in the saint J Tafin a« it had done. In tho old dav< 1 v.-pnt out very freely to assist the settjors, but' then the hanks cs.mr a'onir ajvl opened branches all throiiTli flic Tinrth. and that was the salvatior of the farmers and this eompanv, in that the money that was owinsr tr j the cnmpanv was repaid. from advances ■ r"adp hv the hanks. He referred to i thp temptation to do businpss outside !+ii-niirrh another company hv share- : holders for the sake of a trjviwl evtra j prirr-. which he deplored. He felt that thp proposals put forward by thp director ought to be put through, but tpI CTPttPrl tho proposed reduction o* inI tprpst on preference shares from 7 per ; cc"* to fi per cent. j )Tr. Dvsart r>oi"ntpd out that many of the shareholders had been unable to j secure finance from their own company. J «nd hid to sro elsewhere, and this was I the explanafon of their dome business 1 nwav from the company, which, how--1 eypr. had their sympathy. I The jnotinji was then carried. ' The retiring directors. Messrs F. ! Holder. E. Harding and D. C. Snellin?, ! were re-elected, as were also the aiirlii tors, Messrs Pinker and Boyd. The chairman's honorarium was fixed at £100. j tONDON PRODUCE MARKET. i ' . DAIRY PRODUCE. . Messrs. Norden and Co. have received , the following- cable rrom their London • principals, Messrs. Andrew Clement and : Sons, dated September i New Zealand Butter.—Salted, 202/; unsalted, 204/. Market quiet. > New Zealand Cheese.—White. 107/: I coloured. 107/. Market quiet. Arrivals: > lonic and Port Melbourne. Messrs. Dalgety and Company, Limited, report having: received the rollowing- cablegram from their London liouse, dated September 10:— Butter. —The market is steady but quiet. .We quote: New Zealand salted. 202/; . Danish butter, 220/; finest Australian i salted 196/, unsalted 198/. Cheese.—The market is very quiet. . New Zealand, white 108/, coloured 107/; . Canadian, spot 107/, c.i.f. 105/. FROZEN MEAT. Messrs. Dalgety and Company, Limited, report having: received the following cablegram from their London house, dated the 10th inst., regarding the rrozen meat market: — New Zealand Prime Crossbred Lamb.— Canterbury, heavy 9id, light Hid: North Island, heavy Qfd, light ligd. The demand Tor New Zealand lamb better; the market is firmer.' New Zealand P-rime Crossbred Mutton.—Canterbury, light 8d; North Island, light 7£d. The demand for New Zealand mutton Is better and the market firmer. New Zealand Prime Ox Beef.—Hinds, s*d; fores, 3£d. The demand for Ne.w Zealand beef Is moderate. The market is nominal. Owing- to shipping trouble in the Dominions, holders of lamb and mutton have advanced their prices. pork.—The market for shipments to arrive is very firm. Owing- to short supply there is a good" demand. Quotations: Dutch and English, 12d to 12id. Frozen: Nominal quotation, lOd to io*d, spot. WOOL AND SHEEPSKINS. Messrs. Dalgety and Company, Limited, report having received the rollowing cablegram from their London bouse, dated September 10, 1925: — Wool Sales.—.The attendance of buyers is good, and the competition. Is rair. American and .Continental buyers are the principal operators. Home trade quiet. Sheepskins.—As compared with last sales, closing rates crossbred combing skins 5 per cent to 7f per cent lower. Clothing slclns nrm. Merino eombingskins par to rather easier. 1 MATAMATA STOCK SALE. ._J£ c New Zealand Loan and Mercantile «£« £ V?- Ltd - h * m t,)el,, monthly stock uaf^nnV lo^,* Bß sow - P'*»: There quite uutn 1~l* in . c ' but P rJcos were not 38/' snos tl/ Ce^^^ a - stores - Si / t0 lan