COMMERCIAL.

Press, Volume LIX, Issue 17741, 18 April 1923, Page 10

COMMERCIAL.

REPUDIATION OF SHARES.

DISALLOWED BY SUPREME COURT.

(PSZSS ASSOCUTIOX TELEGBAM.) HAMILTON, April 17. At tito Supreme Court the Farmers Co-operative Auctioneering Co. sued the W'uikato Shipping Co.. claiming, refund of £-1600 paid in for shares, and also asked for the recuiicutioii of the sharo register by the removal o'i meir name and recession of a contract to take shares. The ueiendant company counterclaimed lor iivM, or sn.ue money uue, uud interest at o per cent. lno plaintiff company stated that they hau to ta..e up to £.;/aAI worth oi bn«jrus in Ue ueleiuiaiit company it g.nen representation on tne hoard oi unvetora oi the snipping l_o., ami an equal number of sum us Wvie taUen up oy Kalian and Kauiaa settiers. f».ey were subsequently informed that li.e latter shares had been taken up and so earned out the agreement. Ihey now claimed that the conditions had not been carried out, and bo asked to be relieved of respom-uoiiuy.

'liio (snipping Company claimed tnat the conditions had heen carried out.

His Honour said that the auctioneering company's lepresentatne had been an active member of the shipping Company directorate for lb month's, and apparently was satisfied that the conditions had Loon carried out. There was no fraud in the present _ case. Countervailing equities made it impossible now for the plaintiff company to repudiate the shares. Plaintiffs would bo therefore nonsuited with costs, and judgment would be given for the Shipping Company on the counter-claim.

NOTES FROM WELLINGTON.

(TltOlt A SPECIAL COBBESPONDENT.)

WELLINGTON, April 17,

Tho London dairy product) market is reported to be in a deplorable state. Both butter and cheese have been falling, particularly butter, which, according to latest private cablo messages, was quoted at 160s to 1645, and difficult to quit at tho price. On February 24th butter was quoted in London at 210s to 214s for finest salted. By March 3rd there was a drop of 2s, and values continued • to fall,'- and on March 17th the quotation was 204s to 208s. In the following week there was a sharp fall to 190s to :1965. Since the end of March tho fall-has been very rapid. Since February 24th butter has fallen 50s per cwt, and the market continues weak, and it is evident that supplies aro increasing. Just before Easter, New Zealand cheese was quoted at 148s to 150s for coloured, nad 144s to 146s for white. Privato cable messages received on Monday givo the prices as 116s for coloured and 112s for white. This is a very heavy fall, and will bo severely felt, as there is now about 20,000 tons of New Zealand cheese on the water. The private cable messages also state that early Canadian cheese is being offered on the basis of 110s c.i.f. London for prompt shipment, so that a further fall in the pilce of New Zealand cheese seems inevitable.

The balance-sheet of Waipa Railway and Colleries, Ltd., for the year ended January 31st shows a net profit for tho year of £4914 6s Bd, which, with the balance brought forward, £6407 3s lOd, makes available £11,321. 10s 6d. The dividend for the year, at the rate of 8 per cent, absorbs £6392 Bs, leaving £4929 2s 6d to be carried forward. The company is in a strong financial position. Besides the railway roiling stock, plant, etc., the company has on fixed deposit £11,452, New Zealand inscribed stock £12,483, and cash £3894.

AUCKLAND CITY PROPERTY A SENSATIONAL PRICE. f ■:. (press association temobam.) AUCKLAND, April 17. There has just been concluded the most sensational sal© of city property ' recorded, aa far as price is concerned. The property is the site occupied by Cooke's soda fountain and tea rooms, in Lower Queen street near Fort street, with a frontage of 33 foot, and running back to Fort street lane. The price (taking into consideration the fact that the lease had 3i years to run) works out at-about £47,000 over £MO a foot. The site was purchased about ten years ago as a4heatre site for £30,000. ASHBURTON MARKET. ' The' ontry of shoep at the TinwaM yards yesterday comprised 1070 fat ewes, 4 wethers, , 8298 lambs, and over 6000 stores There was again a large attendance and spirited bidding for all fat stock. .' 'lho mutton mariot was firm at about last weeks rate.?, though a number of hues ol owes, which ware o£ extra prime quality, showed an upward tendency as regards the prices per head realised. Extra, xuiuio made !23s lid to '2os, and second quality 18s 6d to 20s 3d.

The lambs were nil eagerly bid for, and the average all round price was 9.id to fljd pox lb. Primo sorts mado 3'2s ad to Mi Id, second quality 27s 7d to 303 lOd. The principal sales ■wore:— Ewes—so at 20s Id, 10 at 16s lOd, 13 at 17s 7d, 13 at 17s 3d, 16 at 19s Id, 16 at 19s, i'2 at 17s, 29 at 17s Cd, 17 at 255, 17 at 245, 85 at 24s od, 22 at 22* Cd, 14 at ISs 6d, 19 at 20s Id, 11 at lGs lOd, 11 at lGs 9d,. 10 at 18a Id, 10 at 15s 6d, Id ut Lis, 20 at 9s Id, 20 at IS3 4d, 77 at 18s 4d, 53 at 16s Bd, 18 | at ISs lOd, 23 at 17s Id, 100 ut 18s lid, 18 at 19s Hd, 11 at 10s 7d. 23 nt 17s Bd, 12 at 19s 4d, 12 at 18s, 13 at 20s 9d, 11 at 19s 4d, 11 at 17s Sd, IS at 17s Gd, 14 at 17s 2d. 19 at 16s 7d, 20 at 17s 2d, 16 at 20s, 18 at 245, 19 nt 2Cs, 2S at 17s 9d. Lambs—4 nt 31s Id, ,31 it 27s Gd, 33 at 29s 6d 19 at 2Gs Gd, 30 at 295, 34 at 28a Gd, 35 at'23s lOd, 75 at 2Sa lCd, 44 nt 27s 7d, 99 at 28s Id, 42 at 32s 3d, 30 at 32s lOd, 49 at 83s Cd, 70 at 31s, 65 at "0s 10d, 45 at 29s Id, 65 at 26s 4d, 259 at 29s 4d, SI at 31s Sd, 43 nt 2Ss 3d, 39 at 31s 3cl, 141 at 29s M, 53 at 82s Bd, 224 at 30s 7d, 123 at 09s Gd, 20 at 30s 6d, 210 at Sis Sd, 43 at 295, 59 at 30s Cd, 51 at'3ls Id, 90 at 80s 9d. 55 at 2Gs 4d, 92 nt 29a Id, IGI at 31s 2d, 77 nt 30s 7d, 70 nt 2Ss 6d, 122 at 30s lOd, 53 at 29s 2d, 107 at 81s 4d. Stores--Out of the 5000 odd yarded, 3330 had been offered tip to ]ate in iho afternoon, and out of theso 1019 were parsed at auction. Tire ealo was a one, though satisfactory prices were obtained for a rood class of breedins ewea. The principal sales were: ,Thirty-ei?ht failing month crossbred ewea at 10s, 170 crossbred wether ho;r<rcts at 10s

7d, 124 mixed sex crossbred hoggets at 16a Sd, 10 fniling'-mouth crossbred ewes at 10s 3d, S6 full and failing-month threo-ouarter-bned ewes at lis 4d, 63 two, four, and sixtooth crossbred ewpa at 18s Id, 151 full and thrpe-onnrterbrcrl owes at 15s, 113 two-tooth halfbred ewes it 335. 51 sound and failinsr-month crossbred ewes at lGs, 72 sound and failing-mouth hnlfbred ewes at 14s 3rl, 238 full and failiiiff-maiith hal/bred ewe? Nt 22s 3d, 26 tiro-tooth halfbred wethers nt 21s. 100 ditto at Ms 3d. 100 oijrht-teoth halfbred wetlisrs at 245, 347 hnlfbred wether ho?Tet? at 103 Id, 2CO two-toofh crossbred wetbers nt 29s 4d, 70 two-tooth halfbred eiVr-3 nt 3!.» Cd.

Cii.Hlo—There vas a fnrrly entry of cattle Go"d forward steers brought £3 7s Gd fo £7 Hs. fat cows £~, f.i £6 7s nd. cows in piefif V.-o"g'ht utj to £ll 7s 6d; and springera X'G 12s Gd.

CANTERBURY MARKETS.

Tuesday Evening,

The wheat market ia very dead. Millers are holding substantial stocks, and are evincing little disposition to add to them. In regard to the matter of "paying out" the agreement price it ia stated that millers are awaiting an official pronouncement. So far they have nothing further to go on than the newspaper report that the Government would not interfere.

Fowl wheat steadied up in price temporarily as a result of the pronouncement regarding milling prices, but as the milling standard is fairly high as a consequence of the plentiui'le of wheat, the- tendency is for fowl wheat to ease. Quotations are from -is to 4s 2d, f.0.b., to farmers.

Outs are unaltered, and the same may lie said of chuff. From £-1 us tci £4 7s o'd is the quotation for thy latter.

The brightest branch at present is polaioes. Values have advanced about I'J.s per ton during the past three weeks and a good deal of business has taken place at £3 15s to £-1 per ton, at country stations, for prompt delivery. Vields in mid-Canterbury continue to turn out lower than expected, but on the other hand despatches to the North Island are not heavy enough to justify the. sharp advance that has taken place. Enquiries continue to come in from the North, but generally for small quantities. The Katoa, due to leave last night, would take approximately from 2500 to 3000 sacks. The Opihi leaves on Thursday or Friday for Auckland with further supplies, and the "Wingatui is due to sail to-day for Napier with a consignment. It is understood that business at £5 15s per ton, f.0.b., has been declined for July-August-September shipment, but this is not so good as the present-day price of £4 15s to £5, f.0.b., when the cost of pitting, loss of _ weight, etc., are taken into consideration. In regard to seeds, white clover and cocksfoot continue "sick." The former is worth lid to 12d to farmers, and cocksfoot 4id to sd. Red 'clover is quoted at Bd, up to 9d for good stuff.

Peas are quoted at from 5s 6d to 5s 9d. A good few cover orders are being filled by boats leaving shortly, which is temporarily buoying up the market. The following are quotations for produce to be paid to farmers at country stations, sacks extra, unless otherwise stated: — Wheat—Tuscan 5s Id, Hunters 5s da, Pearl 5s od. Oats—A and B grade 2s 8d and 9d, Algerians and Duns 2s 9d to 3s. Chaff—Bright oatsheaf £4 5s to £4 7s Cd. White Clover—lid to 12d. Italian Ryegrass—4s 6d to 5s per bushel. ' Perennial Ryegrass—4s 6d to 5s per bushel. Cowgr'ass—Bd to 81d. Potatoes —April-May delivery, £3 15s to £4 per ton. Onions— £3 10s to £3 15s. Cocksfoot —4id to sd. Linseed—£l4 to £l4 5». Barley—6s per bushel. Peas—ss 6d to 5s 9d. Flour—£ls 10s per ton. Pollard—£7 per ton, f.o.b. main ports, 10s extra for smaller packing. Bran —£5 per ton f.o.b. main ports, 10s extra for smaller packing. RANGIORA MARKET. There was an entry of 8831 sheep at the Rangiora market yesterday, 1424 being fit kmbs, 486 fat ewes and wethers, and 1921 stores. There was practically no demand for store sheep, and the bulk of the entries were passed irt. The sale for cattle was also a very poor one and the Sales mad J /were much below the ieal values'. The sales were as follow: — Fat Lambs—T. Croft, 49 at 2Js lid; J. Hide, 62 at 295; J. Inch, 18 at 28s 4d; I Leech, 39 at 27s 2d, 10 at 26s 4d; T. Eder, 15 at 27s lOd; Fitzgibbon Bros., S3 at 27a 7d; H. Watkins, 13 at 30s 6d; J. Ponaoiiby, 63 from 26s Id to 31s Id; olient, 10 at 23s lOd; H. George, 36 at 27e 6d; x. Eder, 64 at 29s id; Wood Bros., 52 at 80s 3d, 48 at 28s 6d; F. Lowe, 111 at 80s 6d; client, 16 at 30s; Mrs Martin, 32 at 28s Id; Scott and Griffiths, 108 at 24s 6d and 120s at 225-, W. Power, 63 at 80s; olient, ISO at 30s lOd and 34 at 28s; L.'and M. Fitzgibbon, 63 at 28a lid; Giles, 12 at 295; R. Smith, 23 at 575; T. 0. Cerroll, 117 at 25s lOd. Fat Ewes—Wood Bros., 19 at 16s 6d, 22 at 15s 6d; T. Leech, L2 at 16s lOd; R. Judson, 84 at 16s lid; Scott and Griffiths, 26 at 18s 8d; client, 22 at 15a 8d and 68 at 13a; H. George, 22 at 16s 4d; L. and M. Fitzgibbon Bros., 12 at 17s; R. Smith, 23 at 15s Id; T. Hughes, 22 at i7s 6d. Wethers—Client, 28 at 27s 4d to 27s Bd. Stores—Lambs: 60 at 12s 6d, 86 at 7s 7d. Ewes—s9 S.M. at 265, 200 four-tooth at 245, 76 halfbred S.M. 16s sd, 58 at 16b, 43 two four and six-tooth at 21s 3d, 60 aged 9s, 24 S.M. at 10s Id, 20 at 10a, 88 aged at 6s 6d, 84 S.M. 24s 6d. Wethers—l 34 at from 22s 6d to 22s 9d, 26 at 25s lOd. There were 30 head of cattle yarded. Springing heifers made up to £lO, springers £4 to £lO, good empty hoifers- £3 12s 6d to £4 12s €d, dairy cows £1 10a to £4 10s, stor? cows £1 12s 6d to 40s, 12 months heifers £1 7b 6d, 12 months steers £ll. Figs—There was an entry of 80 pigs. Best stores made up to -408. Smaller sorts mada from 28s to S4s; best weaners up to 12s, and smaller 6s to Bs. Poultry 'Market—Hens, 6o pair; pullets, 9s pair; ducks, 8s pair. Skins—Tiree-quarterbred, 7s; crossbred, 5s to 6s; pelts, Is to 2b: rough skins 2a to 2b 6d; calf skins, 3s 4d: dry skins 2a. Fat, l|d lb; hides, 4Jd lb. Produce Yards—Chickwheat, 15s bag; oats, 15s; barley, 15s; oatshenf chaff, 2s; potatoes, 8s to 10s; bag carrots, 6s to 6j bag; marrow, 2s to 4s a doz -tomatoes, Id to 2d lb; onions, Id lb; apples, 2s to 4s a case. EGG AUCTION, Messrs Harris Bros, report that the usual weolfly auction sale of Feather Brand guaranteed fresh eggs, on behalf of the Canterbury Egg Farmers' Co-operative Association, was held 1 in their rooms, 15S Hereford street, yesterday afternoon. Owing to _ short supplies, there was another sharp rise, and all lots were quickly sold at the following prices:—Hen eggs, Ist grade (2oz or over), 1 2s 7d; ben eggs, 2nd grade'(under 2oz), 2s sd. 6 BRADFORD WOOL MARKET. (EI CABLE—PEESS ASSOCIATION—CpFTBIGHT.) (AUSTRALIAN AND K.Z. CABLE ASSOCIATION) LONDON, April 17. Quotations for tops are unchanged Holders are vpr? firm. There is beV ter e»M)'»vrv_atid mot* business. RAIN IN N.S.W. (BI cabIs—PRESS ASSOCIATION—COPTBIOHT.) (AUSTRALIAN AND X.Z. CABLE ASSOCIATION.) SYDNEY, April 17.

Heavy rain is reported in the dairying districts of the North Coast, but the South Coast and inland are still dry, in consequence of which owners are sending cattle to the market, which is over-supplied. RAILWAY FREIGHT ON MEAT. EXTENSION OF CONCESSION. {PEBSS ASSOCIATION TELEGBAM.) WELLINGTON, April 17. As a result of representations made b? the New Zealand Meat Producers' Board, the Railway Department has agreed that tne concession in freight gra.ntc<l izr rospect to frozen mutton and lamb, may be extended to frozen pork consigned for export, i.e., class "C" pluß 10 per otnt., ia«tead of class "C" plus 40 per cent.