COMMERCIAL.

Press, Volume LXI, Issue 18347, 2 April 1925, Page 10

COMMERCIAL.

BOOTH, MACDONALD, & CO. The Auckland "Herald" or. Monday printed the following telegram as from its own correspondent, Christchurch:— Another unfavourable result; is shown by the report of Booth, Macdonald, and Company for the y-\-ir ended December •list. The directors state thai, while it was anticipated that the turnover would at least equal that of the previous year, there was a fulling ofi' in sales, and a considerable amount of business had to be taken at inadequate margins, to keep the factories as busv as possible. The deficiency is £893!) 7s, but this includes depreciation, the actual loss oil trading having been £1227. Conditions in general showsigns of improvement, and orders in hand are largely in excess of last year. The selling organisation is being strengthened, and diligent efforts .'ire being made to reduce expenses, and there seems good reason to hope that the figures at this year's end may be much more encouraging. I'or the first time in its history the company had to announce an adverse balance for 192". The Joss on trading 'vas £35,.113, to which was added the •amount of £0.120 paid in interim dividends on preference shares, making a total of £40,53.!. Against this were set the credit balance from the 1921 account, £3.317, and the whole of the income-tax and general reserves, £20,005, leaving a debit balance of £17,310. Trading operations in 1923 showed a further loss of £54,1 Go. liialt- • ing a total deficit of £41,47.1 . In addition, there was the contingent liability in respect of cumulative dividends on preference shares for IS -months of £16,588. These liabilities were extinguished .as a result of the resolutions by a special meeting last July, bv which the ordinary capital was written down to a share, an 3 the preference shareholders agreed to relinquish their claims to dividends accrued up to December 31st, 1923, and, further, to accept a dividend at the iV.fi ot' Hi per cent., non-cumulative, until the *com.pany should be able to pay the full rates of 6 and (51 per cent., the increase to be made before any ordinary dividend is paid. lho year's revenue from trading account, transfer fees, and profits on sain of property was £5.1,073 lis 7d, against £60,514 in .1923. General administration expenses, including taxation and depreciation, amounted to £52,708 (£; 0,738), in addition to which interest on tax-free mortgage debentures absorbed £7908 (£3941). WHEAT POSITION. CONFERENCE OP GROWERS. The secretary', of the North Canterbury Executive'-of the New Zealand Farmers' Union (Mr A, E. G. Lyttle) has received advice from Mr J. B. Christian (secretary of the Mid-Canter-bury Executive), that a conference "'of Jsorth, Mid, and South Canterbury whoatgrowers is to be'held in the rooms ' t A e .&?V ur . to a A - and p - Association ou the loth nißt to discuss the wheat position. ' - •

WHEAT CROPS MENACED. .JOABLE—-PBMS, ASSOCIATION—COPYRIGHT.) \MJSS»ALrAN AND N.Z. CABLE ASSOCIATION.) (Received April Ist, 7.45 p.m.) SYDNEY/ April 1. The wheat areas between Culcairn and .Balldale-are - being overrun by myriads of mice._ The pest is>increasing in num. •>era' daily, and seriously threaten:)!" the crops. ° BARLEY-GROWING. THE TERMS OF THE CONTRACT. (MOIAI. TO "THE PJtIBS/') BLENHEIM, April 1. . The agriculturists of Canterbury will be squally interested with those of Marlborough in a statement published by Mr H. S. Hewlett, the Marlborough representative of New 24ealand ■Breweries, -Ltd., regarding the bar-ley-growing contracts. His reference is to tne report ot the conference held at Wellington recently between representatives of the barley-growers of thi3 district and New AealanU Breweries, Ltd.

Mjf Hewlett state's that certain "alleged obnoxious clauses had been "deleted oi modined. Included under this headin*- was clause 5 providing for the receiving, delivering, weighing and branding charges'' being paid by the growers. The lacts are that this clause was omitted from the 1925-6 contract fonna as a result of an arrangement made iij Janjmry .last between the representatives .of ,Now Zealand Breweries, Ltd., and numerous growers in the Marljiorough district. There- wsa; therefo.ro, no necessity for any discussion on this clause at the meeting. The chairman of tho Blenheim 'branoh of the Farmers' Union was reported to have said: that "tho gross profit was £300,000 ,odd and the Government taxation was .£200,000 odd." These .figures should be gross.-profit- £453,550 und. from this-amount had' to'v'bel; -oefaeted the sum ' of' £367,910, whichwaapiid to the Government in beer duty, alone;; from which the figures wertr taken, : dealt; with . nine months' only,->from Juiy .Ist, 1923, to Maxch 31st, 1924. The figures twolye -'months'. would ' show an increase, m practically tho some ' proportions. The amourit jpaid the Government of New Zealand 'Breweries, "Ltd., in beer duty alone is therefore "nearly £500,000 yearly in place of the £200,(100,'. which appeared in the leport of the conference.

The , lejjort further states that "last yeai New Zealand Breweries paid a dividend of 8 cent., which was less than usual." Tho facts aro that the Nev» Zealand Breweries,' Ltd., did no« pay eight per cent, and the company did not come into existence until'July,.l923. .Therefore, the "less than usual" does .'not apply. It is very evident that the chairman of the Farmers' Union branch has been misreported or that ho failed to tak«j sufficient notes at the time of the interview.

, Further, tho chairman of the New Zealand Breweries, Ltd. in replying to the deputation, stated "that "personally he held out no hope of an increase in prico, But intimated that the Board of Directors would duly consider the matter." The Board ultimately decided against any increase in price, but agreed to delete the clause charging the grower for use of sacks. The price now offered by New Zealand Breweries, Ltd.; for 1925-26 contracts is, therefore, 5s per bushel Ret, delivered at stores, Blenheim.

RABBITSKIN SALE

At the monthly sale of rabbitakins at Dunedin on Tuesday a medium-sized cata-

logue was submitted to a large attendance of buyers. Afi compared with last sales •lates, prices ehow a drop of from ad to 6d [all lound. The following are some of ' jthe quotations:—Runners and suckers, 29d to isid; light lacks, 43d to 45Jd; prime racks, ; 47d to SOd; summer does, 39dt041d; summer bucks, 39d to 42d; early autumn, 52d ' to 66id; autumn, 56d to 60d; winter bucks, ,Cod to 64d; winter does, 57d to 60d; first ' broken, 45d to 47d; second brdken, 35d to • -86 d; oummer broken, 32d to Sod; -weevily, SOd to 41d; summer, black, 36d to 38d; .••• autumn black, 40d to 44d; winter fawn, 60d 'if'.tb 74d; summer fawn, 44d to 46d. Harei skins, 20d to 30d. Horsehair, XBd to 20d.

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Sales Reported—Union Bank, £11; N.Z. Insurance, 31s 3d; Goldsbrough, Mort, 489 6d; Mason, Struthers (Us paid), 15s Gd. . Sales on 'Change—N.Z. Be/rig (contr.), 9s Bil (-2 parcels). LATEST QUOTATIONS. Bayers. Seller# £ s. d. £ a. d. N.Z. GOVT. DEBENTURES— * •fi per cent. Bonds, 1930 .. .. 96 10 0 96 12 G per cent. Bonds, 193S .. 96 7 6 4?> per cent. Bonds, 1939 .. .. 96 5 0 3 yer cent. Inscribed, 1929 .. .. j per cent. Bonde, „ 19-7 .. .. oh per cent. Inscribed, „ r _1933 ... .. 100 10 0 ICO 17 6 OTHER DELEFTURES— Christchurch Traimraya, 1$ per cent. 88 JO 0 Ciiristohurch City, 6J P® l ' cent. .. ..\orih Canterbury Hospital, per cent. AVaimairi County, GJ per i ccnt - • • " .. j Lyltelton Harbour, 4 r per cent. .. .. _ 93 0 0 A./. Breweries (Stock) ; N.Z. Breweries (Bond 9) 116 12 0 G'axo, 6>. percent., 1945 83 0 0 BANKS— Adelaide . .. 8 5 0 812 6 Australasia, (cum div.) . 14 0 0 14 2 0 Bank of Victoria .. GlB 6 73 0 Aational of Australasia (£lO paid) .. 15 16 (j 15 19 q ational of . (j g New South Wales .. 40 17 6 4! • 0 New Zealand 213 0 ■> 13 3 Royal (£1 paidi .. H 3 0 115 6 I*>va! (i' 4 paid! .. 613 6 GIG 0 <&&&£?■ ■■ Nation:..! .. .. 3 10 n _ New Zealand .. 110 9 111 3 South British . 2 5 0 o en Standard .. 0 1 (j " LOAN AND AGENCY— Dalgcty and Co. . _ 15 in 0 (roldsbroojrh, Mort .. National Movtasge i 0 o SHIPPING—- • Howard. Smith „ .. 115 3 lic 0 Huddurt-Parker 0 0 9 i o 0 Huddarf-Parkev (pref.) 10 3 3 0 9 Union (pref.) __ 1* 0 4 J'ROZEN MEATN.Z. Refrig. (paid) .. 019 0 0?9 6 0 9 7 0 <J 9 CUAL— Westpcrt .. .. ] ]B o , u 3 olccktoji ford.) _ 0 0 6 (prof.) _ 0 5 .9 Christchurch 714 6 7149 Napier (.€lO paid) 10 17 6 - - BREWERIESCrown .. .. 114 9 _ SPf** - -- - ' -118 G Ward .. • o -j- « CEMENTS— " ■ Wilson's , inn i 11 in TIMBER- 11 - - Bartholomew ..110 Kauri .. ... ]l2 9' _ National .. ' 130 MISCELLANEOUS— B.A.W.R.A. • ... 011 0 OHIO iSoatn and Co. (ex div.) 113 0 110 6 Bums, Philp .. il6 o IIG 9 Electro. Zinc. (pref.) 1 fro; 1 8 3 Electro. Zinc (def.) .. 17 0 17 6 H,ume Pipe (Auet..) .. 017 0 019 0 Mason, Struthers (£1 paid) ..126 Mason. Struthers . (14« ■ • -paid) .. 013 0 016 0 Mason, Struthers . (10s . „ r ,P a .. f) 11 3 012 0 a.Z. Dvu^, Co. (cum' . dir.) .. ' _ 376 N.Z. Express (ord.) .. Olfi 6 —' N.Z. Farmers' Co-op. ! . T J £3 „?»i d ) •• N.Z. Fnrmeis' Co-op. (6 pel- cent, cum tfref;) ... 3 0 0 y.Ti. Guarantee Corpni xr • 0 S 6 -0 10 6 N.Z. Milk Products .. 17 9 ■ N.Z. Sugar of Mill: .. Taranaki Oilfields 1" 8 6 110 0 "Weeks.. Ltd. (£2, 10s paid). 5 12. 6 Whitcomhe and- Tcmhs 3 9 0 311 0 MINING— Mt, Lyell 4 .'. 113 _ Wailli . ' 1:5-0 Grand Junction . .. 0 2 0

OTHER EXCHANGES. (press association telegramsj ' AUCKLAND, April 1. Sales—Baiiik -of New South Wales, £11; Bank of Now Zealand, 53s 3d; Union Bank, £l4; Taranaki Oils, . 29a - 6d, -29s ' 9d; Wilson's Cement, 31s. 10d; 'Waihi j 25s lOd, 263. WELLINGTON, April 1. Sales Reported—lnscribed Stock, 1938, £96 10s; New Zealand, Breweries, £iW., £1 2s; Bank of New Zealand, £2 13s; Bank of New South Wales, £4l 4a, £4l. ' UUNEDIN, April 1. Sale—Dominion Rubber; 28s 3d. Sale reported—New-Zealand Insurance, 3ls (two parcels). ■ ■ ! THE PRICE OF SUGAR. The 10s reduction per. ton .of sugar notified by £he Colonial Sugar Befining Company, Ltd., will not have any appreciable effect in the retail price per lb, the difference being too small to be taken off, according t<j city groceTs. . • BRISBANE WOOL SALE. (B* CABLE—PBESS ASSOCIATION—COPSBIGRT.) (AUSTBAIJAN AND N.Z., CABLE 'ASSOCIATION.) : •- BRISBANE, April 1. At the wool sales,, there was an average selection. Competition was keen. Prices compared with the February sale, were from 10 to 15 per cent, lower. BURNSIDE MARKET. (PRESS ASSOCIATION TELEGBAS4.) DUNEDIN, April 1." Sheep sold at higher prices at Burnside to-day. Fat cattle values wero but little changed. Fat pigs were up 2s or 3s, while young' store teattlo depreciated by from about 10s to ,15s per h»d. Fat Sheep—About 2100 were entered. The entry was comprised for the most part of ewes of fair to good quality. Comparatively few heavy wethers- wero i deluded. -At the opening of the. sale the domand was somewhat quiet. Th& drop in last weeSc's prices was soon recovered, and values of prime heavy sheep lifted ,2s 6d to 3a per head. The lone of thfe market' generally waß decidedly better, even if values were somewhat irregular. All classes met* with a betterssile, and as progress was made, prices hardened. Extra, primo wethers made up" to 543, prime heavy 48s to 465, lighter 34s to 41s, primo heavv ewos 36s to 40s 63", lighter 2Ss 6d to 345, - and medium from 265. Lambs—There_ was an eintry of 603. The quality was again somewhat mixed,, and the proportion of graziers' sorts- was large. There 'was a very fair demand for all killable larSbs or" scrts ■ suitable for export. There was little change in values. Prime. heavy made 37s 6d to 41s, medium 32s 9d to 34s 6d, and unfinished 22s 3d to 26s 6d. lat Cattle—There was a yarding of 330 head. The quality ranged from average to very fair, and there was a small proportion of prime heavy bullocks. Values were, about the same as last week. Cows were largely represented. An extra prime bullock made £l7 2s 6d. Other bullocks made £» 10s to £l2 ss, heifer.3 £5 15b to £7 10s, and cows £5 to £6 15s. Prime cx beef sold at Sss per 1001b, extra heavy P2s 6d, medium 30s, prime heifers 30s to 32s Cd, good cows 27s 6d, and aged and light 20s to 22s 6d. Store .Cattle —There were 440 in the yard. Tho animals were of all clashes, but there were very few mature cattle. Several yards contained nice eteers of from two to three years old in forward condition. Prices were steady, and following upon, the big entiy cf the previous week, young cattle were 10s to 15s cheaper. Other sorts made about last week's money. The Eteers mentioned sold at from £6 to £S. and two and r.-half year-old heifers from £3 15s to £4 Ss. .

Pigs—The entry consisted of 160 fats and a goodly number of stores. Light-weight fats fetched from £2 lis" to £3 ss, the priced being up 2s or 3s. EXCHANGE RATE AND FORD GARS. The continued improvement - in the' rate of exchange between London and 2Jew Zealand, and Canada, and London—now ' 4.80 dollars to the '£l—enables etal further reductions to be effected in the New ' Zealand prices of Ford cars, trucks and Fordson tractors. A special announcement appears in the' advertising columns. .