COMMERCIAL.

Press, Volume LXI, Issue 18400, 5 June 1925, Page 10

COMMERCIAL.

TOBACCO LICENSES.

PROPOSED LEGISLATION. The wholesale and retail tobacconists of Wellington intend to press for the promised legislation which will impose a license of about £1 or 30s per year upon the tobacco retailers, said Mr B. L. Hammond, secretary to the Tobacconists' Association on Monday.

"Wholesalers, retailers, assistants, and the grocery trade are all in favour of 'he proposed legislation (say 3 tho "New Zealand Times"). The object is to compel those who have been selling tobacco after closing hours to come into line with the legitimate trade. The law in this respect has been practically openly flouted for a long time past, and the tobacconists feel strongly that it is time that those who are flagrantly breaking the law are made to comply with it or give up the tobacco business. The Minister, the lion. G. J. Anderson, promised some time ago that the request would rcceivo favourable consideration, but Owing to recent political changes the matter has been in abeyance, and the traders arc desirous that no time should bo lost in diverting the trade into legitimate channels. The present penalties are not considered to lie sufficiently severe to deter those who continue to sell tobacco and cigarettes after closing h,ours, and the proposed legislation -will have the effect of protecting those who depended upon the tobacco trade for their livelihood. In order to do this tho tobacconist traders aro willing voluntarily to tax thcmsolves to the extent of about & 10,000 a year by means of a license costing £1 to £1 10s, which they claim, will not, and cannot bo passed on to the consumer. PRICE OF SUGAR.

The reduction of 10s a ton in the wholesale price of all grades of raw and refined sugars will not make any difference to . the retail price. Brought down to ponce, the decrease means that the grocer will be making an extra l-18d per lb. NATIONAL BANK OF AUSTRALASIA Shires in the National Bank of Australasia huvo rocently been acquired in fairly largo parcels by Now Zealand investors, henco tho balance-sheet just isued will be of interest. For the year ended March 31st, tho net profit disclosed is £538,832, compared with £498,168 in tho previous year. With £108,342 brought forward there was available for distribution £6-17,174. •■ The. dividend at the rate of 10 per cent, absorbs v £IOO,OJO, tho sum of £32,471 i 3 transferred to "reserve account, making that Account, together with premiums, £2,300,000, and £40,000 is appropriated to writing down bank premises, leaving £114,704 to be carried forward. During the yehr tho bank increased its paid-up capital by the issue of now shares, and the premium received on tho shares has been added to tho reserve fund. The figures of the balance-sheet, with, those for last year, in are as follow:—Liabilities: Capital, £4,000,000 (£3,225,000); reserve, £2;30O,000 (£2,040,000); notes in circulation, £46,184 (£48,312); bills in circulation, £1,872,811 (£702,777); deposits, £31,916,543 (£ 31,213,989); 'interest accrued;' £330,537 (£389,448); balances due other banks, £244,995 (£320,109). Assets: Coin, bullion, notes, etc., £7,035,558 (£5,505,831); Government and other debentures £4,463,001 (£2,452,631); notes and bills of other banks, £109,451 (£94,429); balances duo from otheT banks, £112,672 (£101,107); remittances in transitu, £4,586,622 (£3,326,080); advances. £23,865,165 (£25,759,017); premisos, £745,259 (£716,500). Cmier assets, £260,127 (£255,220). . The deposits show an increase of £702,000,, and the advances a decrease of £1,900,000. Both movements nTO evidence of tho exceedingly prosperous season, ■ WAIRAKEI. . (FBESS ASSOCIATION MtLBGBAM.) AUCKLAND, June 4. At a meeting of shareholders in Wairakei, Limited, the directors reported that finality *iad boon reached, on the .question of litigation, and an agreement had been arrived it by which all differences had been settled by the payment of £l5O to Arthur Cleave, who had abandoned. all further claims and ■withdrawn his appeal to the Privy Council. : The following resolution was proposed:— ."That the capital of the company be reduced from £IOO,OOO, divided into 100,000 shares of £1 each to £50,000 dividod into 1'.0.000 shares of. 10s each, and that such reduction bo effected by cancelling the capital which has been lost or ia unrepresented by the available assets to the extent of 10s per share upon each.' of. the 67,546 shares, which have been. issued and are now_ outstanding, and by extinguishing the liability in respect of uncalled capital to the extent of 10s per share and by reducirg the rominnr capital from £1 per share to 10a each per share, but such reduction to be without prejudice to tho company's right to sue for and recover all arrears of calls now outstanding and due in respect of the said shores or any of them." The- Hon. G. McDonald (Sydney) moved as an amendment, "That it be an instruction to tho directors to adjust assets by writing off (1) on the building an. amount not exceeding £2500; (2) the whole of the debit on profit and loss account; (3) an amount not exceeding £ISOO. off tho' general assets, and (4) the remainder off the property account.

Tho amendment was accepted as in addi-> tion to the motion, which, was then carried. / TALLOW. . Dalgety and Company, Limited, have received the following cablegram from their London office, dated June 2nd:— "Tallow—There will bo no publio sales of tallow this week." LINSEED. The Department of Agriculture has received tho following cablegram, dated Ist instant, from Calcutta. "Linseed—Juno shipment quoted at £2l 15a per ton net, c. and f., Sydney. Market is steady." DAIRY PRODUCE. Dalgety and Company, Limited, have re--1 ceived the following cablegram from ' their London office, dated June 3rd : "Dairy Produce—Since our . last advice prices fo.r cheese aro 2s higher, and for butter 7s higher. The advance is principally caused, by transport strike in Denmark curtailing exports." AUSTRALIAN MARKETS. (W CAM*— TBXBB] ASSOCIATIOir—COPYMOST.) (AtWTBAUAX AID'S.*. CAMS ASSOCUTIO*.) (Received June 4th, 10.55 p.m) . „ , m - SYDNEY, June 4. Oats-TaSnianian Algerian 3s. Bd, white Maiie-Local . yellow 4s, white 3s 9d" Queensland white 3s lid. . Potatoes—Tasmanian £9 to £ll Onions-Victorian JEIS to £ls ios, New Zealand £l4 10s. ' ADELAIDE, June 4. Oats—2s to 2a 3d. OCEAN ACCIDENT COMPANY. The report of the Ocean Accident and Guarantee Corporation for ' the year 1924 shows that revenue amounted to £6,494,797, and the total premium.!, less reinsurances, etc., to £6,228,355. Income from, investments and other assets, after making provision for depreciation of leaseholds, was '£266,442, and claims paid and outstanding amounted to £3,548,501. - Assets now total £8,501,690. ;In tho-fro department, operations resulted in a. profit of £40,000, while £60,000 was transferred to profit and Ims ten the accident department.

THE WOOL TRADE.

AUSTRALIAN'S ENQUIRY.

HIGH PRICES OVEREMPHASISED.

(bt cable—press association - — copyright.) (australia!,' axd s.z. cable association.) NEW YORK, Juno 3.

The Australian Trade Commissioner, Mr J. A. M. Elder, has concluded his investigation of tho wool trade. He declares that undue emphasis still is .being given to the recent high prices of Australian wool in an attempt to justify the unsatisfactory condition of tho manufacturing business in the United States. Mr Elder is still more convinced that this lias little or nothing to do with tho situation, the cause 3ci which are almost entirely local. He rinds tnat wool pasßes through a great many hands on its way from raw conditions to a suit of clothes, each middleman requiring a prorit which materially increases the cost, particularly as "pyramiding" now is excessive and out of proportion to the original profitß made. It i-3 a rare thing to discover a retailer engaged in all operations, but a beginning now has been made in that direction.

Moreover, in tho avcrago suit of clothes Australian merino forms only a part, tlie balance of the cloth being made up of other Australian or foreign wools,. American domestic wool, rags, etc. Very few worsteds aro made mainly of Australian merino. These r at present aro out of fashion occaujo they do not lend themselves to manipulatkm of this character in the same way as so-jailed woollens. When worsteds are re-established in public favour there will be a hea-'icr demand for wool.

The proportion of wool in some suits now is relatively small, aa the substitution cf reworked wools from rags, etc., is done to a considerablo extent, and is growing, such growth being stimulated by the higher wool prices. The practice of using tailors' clippings in cloth tends to limit wool consumption, and it is anticipated that the present heavy demand for re-worked wool will continue. . '"•'..« Another factor in the situation ia that lor many years tho retail trado has purchased its potential requirements a long time ahead, but the practice is entirely different since tho bad slump in 1922. , The retailer is not now prepared to anticipato the public demand, to anything liko the same extent, and prefers to cater for that demand whon it arrives. Theso altered conditions Boriously affect tho manufacturer, who no longer has an ever ready market, and therefore ia unwilling to accumulate stocks. Mr Elder anticipates changes in clothing trade methods in the immediate future. He expects that there will be more direct dealing between retailer and manufacturer. He also expects that the manufacturer will nflsume larger risks, financially and otherwise. Mills will eventually co-operate and adopt a collective method of carrying this now burden. Summing up the situation, Mr Elder say 3 he feels that, though unsatisfactory, it 13 only a phase through which business is passing. Tho country ia prosperous and wagcß are more likely to increaso than decrease, bringing added prosperity. Concentration in one hand of various manufacturing processes and more direct dealing will geatly reduce costs and have a beneficial effect upon {£e Australian wool situation. AUCKLAND MARKETS. (PRESS ASSOCIATION TELEGRAM.) AUCKLAND, June 4. Business has been disappointing during the week in both the wholesale • and retail irade. ' • ". !

good many potatoes were distributed to-day from southern steamers. Merchants report a very good demand. The quotation is £7 15»j ex store. The quality is first-class.

Onions—Australian are selling at 19s to 20s per cwt, and these have been helped this week by arrivals from Canterbury, which are quoted at 15s per cwt, ex store, i These are not equal in quality ■to Melbourne onionß. Chaff—Good supplies havo arrived from.. Canterbury and Picton, and are in steady demand at 10s 6d per cwt, ex store, for good quality. The market for best quality is' distinctly firmer. Good local ia quoted at 9s 6d per cwt, ex store. Wheat—The southern market for fowl wheat is firmer, but merchants, are taking no interest in it,' as they can import ..Australian to sell at 8s 3d to 8s 6d.; • ■■•■ Maize—Shipments from Australia' are selling at 7s 8d to 7s Cd,. ex store. Coast maize has realised 6s 8d on the wharf in wholesale lines; • I ._ ■ SOUTHLAND MARKETS. A ; »"• (IPICIAL TO "TBZ'FBIIS.") INTERCARGILL, June 4. Oats—There is not much change to report in the market during the past week. Some cheap quotations havo come through for oats for spread delivery from July to December, but these are' not being taken very seriously by looal merchants, and it is doubtful if merchants wanted to buy whether any great quantity could be obtained. These quotations are regarded more. as an attempt . to "bear" the market. Considerable quantities of local oats are finding an outlet for milling purposes, and some fairly extensive sales have been reported. Sales have been made during ' the week at 4a 3Jd for B grade, whilo A's are worth 4s 7d, f.0.b., s.i., for prompt or June shipment. Very few oats are now being, offered by farmers, aid it seems that practically the whole of the Southland crop has been turned over to tho merchants locally, who are vory firm in their ideas of value, and are. not prepared to sell except at a price which will show them a turnover on their, purchases. ■Wheat—Very little iB now offering. The quantity grown in Southland this«6eason has been small. One or two farmers who hold supplies: are not inclined to realise them under 7s per bushel, and this figure is above the milling price, but the available stock will probably be absorbed later on for fowl feed purposes. Chaff—The supply is fully equal to the demand. Merchants are ' buyers of • prime linos at prices up to £5 per ton on trucks at country stations, but light and' inferior lines aro not sought after.

Ryegrass—The local market continues firm, and there is a good deal of enquiry for dressed seed. Merchants' supplies, however, are now considerably reduced., It appears likely that thero will be a further finning »»foro tho spring demand sets i:a. Very little 13 now offering by farmers, but the price is nominally about 4s to 4s 3d for heavy, clean samples of good type. - Potatoes—The market is Tully supplied, and merchants are notv keen buyers until their present stocks are considerably.reduced. Tho position in Canterbury seems to be weakening, and even now the price paid to Southland growers is considerably in, advance of that being paid in Canterbury. The price to farmers is nominally about £4 per ton on trucks at country stations. Fruit-Supplies of fruit ate coming forward in. very small parcels. . The demand for choice dessert apples exceeds, the sup-' ply, and all lots coming, to hand are placed on arrival. The same Temark applies to pears. A few. .Coles and Nelis are arriving, and these are realising high prices. Heavy consignments of quinces have come to hand, but the demand is poor. Current prices arc as follows .-—Apples, best desserts to 14s Gd, cookers from 5s to 9s; pears, eating 3d per lb, cookers 2d to 2Jd; quinces, choice samples to 2Jd, green and inferior le 6d to 2s 6d per case; lemons, 355; Island orange 3, 23s (repacks); bananas ripe 40s, green-to--27a 6d;. passion fruit, to 16s. OXFORD MARKET. The yarding of sheep at the Oxford market yesterday consisted of 742 fat lambs, 201 tat ewes, 91 fat wethers and 153 stores._Tho fat lambs sold up to the scheduled rate of lid per lb, and full ruling values were realised tor the fat sheep. 'JL'Ue sales were:— Pat Lambs—For W. and J. Ivory, 10 at 83s Id; W. and M. J. Ivory, 6 at 28s7d;« McCann Bros., 29 at 30s; W. Byde, 4 at 33a 3d; E. Lassen, 57 at 28s Id; U. Askew, 5 at 295; H. Prichard, 33 at 30s Bd, 11. at 26s 6d; Estate F. Fenwick, 62 at 335, 6 at 265; C. Tritt, SO at 31s lOd; J. Allen. 46 at 275; A. -h. Cederman, 20 at 29s 7d, 26 at 26s 4d; D. J. Hawke. 30 at 28s; W. Wright, 30 at 265; B. S. Mirfin, 83 at SOB Id; H. J. Feutz, 24 at 27s 7d; W. Waterman, 19 at 28s 2d; T. N. Monk, *7 at 80s Id. Fat Ewes—For McCann Bros., 02 at 245; E. Lassen, H at 235, 16 at 22a 3d, 3 at 23s 6d; Estate F. Jenwick. 30 at 26s 83; R. P. Meyers, 6 at 18s; F. J. Harding, 28 at 21s lid; T. Inch, 10 at 20s 3d; B. S. Mirfin, 23 at 21s 6d; J. Gundry, 16 at 21s 3d. Fat Wethers—For A. Harper,' 91 at 34s 6d. The only sales of stores were: 16 wethers at 28s 6d and 42 lambs at 245.

A few head of'cattle and pigs were Bold at nxesent values.

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. Sales reported:—National Bank of Australasia (£lO paid), £l6 4s 6d,'£l6 2s 6d: Whilcombc and Tombs, Tls.

Sales—National Bank (right's), 26s;' Goldsbrough, Mort, 47a 3d; New Zealand Refrigerating (con.), 9s 7d (three); Dominion Rubber, 275; Nokomai Hydraulic Sluicing Co.', 3s (three).

LATEST QUOTATIONS. Buy< ;rs. Sellers. a- g# d. £ 6. .1. N.Z. GOVT. DEBENTURES— 4£ per cent. Inscribed, 1939 97 0 0 ih per cent. Bonds, 1938 96 13 0 ""97 0 0 4J per cent. Bond=. 1933 9G 12 6 S\ per cent. Inscribed, 1933 101 5 0 101 12 G OTHER DEBENTURES — CLristchnrch City, 4} per cent., 1925 _ 99 0 0 South Canterbury Electric Power, 5J p.c, • 1962 — 101 0 0 N.Z. Breweries, Bonds 1 1 9 . Glaxo. O'j per cect., 1945 SI 10 0 90 0 0 Booth, M3cdonakl 6i per cent., 1902 . 73 0 0 BANKS— Adelaide 8 7 '6' 8 15 0 Australasia 14 4 6 14 7 0 Comm. of Australia 1 9 6 1 10 2 Comm. of Australia (pref.) 6 11 0 G 13 6 Comm. of Sydney — 25 0 0 National of Australasia (£10 paid.) 16 1 6 16 6 0 National of AustraH-siu-(.£5 paid) _' 7 19 0 Nation.il of N.Z.

(right?) ' .. 1 6 1 1 G 4 New South Wales U 2 6 41 - 7 G Kew Zealand 2 17 6 New Zealand (new) 2 1G 5 2 16 7 Union it Aust. 14 13 6 14 15 0 INSURANCE— National 3 11 0 3 12 »o Kew Zealand 1 13 9 Standard 2 1 D 2 3 0 LOAN AND AGENCY— GoHsbrough, llort 2 7 9 2 8 3 National Mortgage — 3 18 0 N.Z. Loan and Merc.

(ord. stool:) . 93 0 0 — SHIPPING— iioward, Smith — 1 15 9 Huddart-Parke? 2 4 3 — FBOZEN MEAT— X.Z. Eefrig. (paid) — 0 19 9 N.Z. Itefrig. (contr.) ., , 0 9 5 0 9 9 COALWestport — 1 12 9 BHEWERIESCrown .. .. 1 14 G — Manning — 1 18' ' 0 New Zealand 1 19 6 2 0 0 "Ward —' 3 0 3 TIMBER—

Kauri (cum div.) • .. 1 12 6 1 13 0 MISCELLANEOUS— B.A.W.R.A. Oil 1 — Beath and Co. 1 12 6 1 13 6 British Tobacco 2 3 0 2 G 0 Burns, Philp 1 16 0 1 16 C Electro. Zinc (pref.) .. 1 8 3 19 0 Electro. Zinc (deferred) 1 7 .0 17 9 Mason, Struthcrs. . (£1 paid) .. 1 3. 0 1 4 0 Mason. Struthers (14s paid) 0 15 6 ■ — N.Z-. . Farmers' Co-op. (£2 10a paid) — 0 11 6 N.Z. Sugar bi Milk .. — 15 0 Taranaki Oilfields — 14 0 "Whrtcombo • and Tombs S 10 0 8 12 0 MINING— Mt.'Xiyell (cum div.) .; 1 1 9; 12 0 OTHER EXCHANGES. (PKES3 ASSOCIATION TELSOSAMS.) AUCKLAND, . June 4. • Sales.—New Zealand Breweries Debentures, 21s lid; National Bank ,(rights), 26s ; Bank of New Zealand (new issue), 57s; New Zealand Insurance, 34s 6d; j iuckland Gne, 23s 7d; Northern,- Steam, 15s; New Zeaiand Farmers'. Fertiliser. 1)6s; Waihk 27s. . WELLINGTON . Jt ine 4. Sales reported—Inscribed Stock, 1933, £101 5s (cum div.); Union Bank of Australia, £14 15a. ■■■ DUNEDIN. June 4.