FINANCE AND COMMERCE.

Press, Volume LXI, Issue 18550, 27 November 1925, Page 10

FINANCE AND COMMERCE.

N.Z. MEAT WORKS. LONDON TRADE'S SUGGESTION. (»I CABLE— PRESS ASSOCIATION—COPYRIGHT.) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) SYDNEY, November 26. Mr J. B. Cramsie, chairman of the Australian Meat Councii, addressing the New South Wales Advisory Meat Board, referring to the question of New South "Wales, with, practically the whole of its killing being done in Sydney, being able to compete with New Zealand, said that the existence of so many works in New Zealand was now exercising a good deal of thought in meat trade circles. Men well tip in the trade in London had told him that they were hoping to secure co-ordination of reorganisation of the meat industry in New Zealand, as at present the many works operating affected in many cases both the treatment and shipment o.f meat. AMERICAN DAIRY PRODUCE. Exports of cheese from the United States during the first half of 1925 were more than three times those of the corresponding period in 1924. While exports of butter were slightly larger, import!) declined to less than one-third. The largo increase in exports of cheese was dno -chiefly to the great expansion of shipments to Germany, which, rose from 33,1321b in January to June. 1024, to 3,201,8601b in the 1925. period; by exports to Canada, which rose from 56,52011) to 1,217,1401b; and by shipments of 2G5,9231b to Belgium, which took no cheese from the United States during the first half of 1924. Mexico, most of the Central American countries, and the West Indies increased their purchases of United States ■ cheese; larger quantities were sent to Colombia, Peru, British Guiana, and Venezuela, and exports to the Far East ai:o increased. There was also an increase in imports of special types of cheese from the Continent, but imports of Cheddar cheese from Argentina, Canada, and Australia declined, none being taken from the Commonwealth. The most striking features of the import trado in butter are the decrease in .shipments from Denmark to the United States from 6,695.9281b in the first half of 1924, to 343,1431b in the first six months of 1925; declines in. imports from Argentina from 8,005,1771b to 231,4181b in the period under review; and decreases in imports from New Zealand from 3,789,6751b to 1,462,6641 h. -Tho smaller imports from 1 these three cbun- . tries may be attributed in part to the greater demand in European markets (principally in Germany) and the diversion of supplies which ordinarily would have gone to the United Kingdom, with the consequent heavier demand on the British market for butter from other ■ sources. This condition also .brought about a reduction in the imports of butter into the United- States from •' the- United Kingdom from 642,2401b in. the first half of 1924 to 25,7021b for the 1925 period. Im ports < from Canada rose' t0T2,557r5"351b for the first' half'of U925,is compared with 1,776,4651b in„the J924,; period. A shipment of 20,5911b from Russia also arrived in the . United..States, in-May, the-first?-direot shipment butter to 1 the United' States for many" year*. NJiLSON FREEZING COMPANY. For the * year .ended' September 30th last, Jthe Nolaon Freezing Co., Ltd., secured a net profit £835, which contrasts with JE2OB3'-secured . last year. . The gross profit: amounted. to £5013... 'against-- £ and the*, -.expenses';under- all ■* heads, including - repairs:: and- maintenance,' : totalled £4178,' against. £3735 last year,' an increase *if-:£:44-3, due to increases of £325 : in intereat : and; London .exchanges, £95 in main- - tenance and repairs, and £33 in insurance.(Tb, the ; net profit of £835 must be, added £375 hrovgVt; forward from -.the previous year, making a credit balance to £lllO, wliich has been carried forward. The shareholders receive no dividend this year, while . . last'year, the distribution was 6 per cent., absorbing- £2OBO. The quantity of stock •" i killed snowed •an increase as compared 1 with the*. preceding .twelve months. • The sheep slaughtered totalled 3645, against 367, lambs 14,59!T«gainst 14,582, cattle 547. against 45, calves 71 against nil, and pigs 492 against 106, Tho quantity of fruit handled was also ' • considerably larger than in tho previous ,- year; the number of cases of fruit for ex-

port being 27,534 against 5656, and fruit for local requirements 35,850 against 30,939 >' case*. The items- of .the balance-sheet, with those., for last year in parentheses, are as follows:—Liabilities: Capital,. £34,785 (£34,785); forfeited share account, £l5O (£150); bank overdraft, £9926 (£5758); incometax reserve, £SBO (£696); N.Z. Government debentures, £6OOO (£0300); reserve account, is7OO(£5O00); sundry creditors, etc., £18,598 (£8521); profit and loss, £lllO (£2855); total, £74,799 (£63,265). Assets: Buildings, plant, etc, less depreciation,. £49,032 (£49,631); "War • Bonds, £2400 (£2400); advances to owners, stocks on hand, sundry debtors, and consignments, £23,867 (£11,284).

AUSTRALIAN CONVERSION LOAN.

'' "The Test of tfie loan •will simply fall into our .•lap,''^d-the Secretary to •.the 'Federal Treasury,' Mr J. H: Collins, last - week, in announcing, that the Australian " ' 6$ per cent, conversion loan had reached -». a. total of £61,269,990. Cash subscriptions had amounted to £18,919,060—* record lor ' internal post-war loans—and ■ conversions* to £42,350,980. The total 1995 holding*,.that had, been; neither con-, Verted into the new loan nor redeemed, still amounted to about £1?;000,000. The Joan would be closed as soon as an addi- " tional £2,731,000 conversions and new ' cash had been received. The total for the ; loan is £67,000,000. TRADE DECLINE ifr RUSSIA. The inability of Itussia to consume its own meagre output of coal is a reflection of the lamentable state of Industry in that country. According to a report forwarded to the British Department of Overseas Trade by a member of the British Mission in Moscow, the output of\the Russian mining industry has , shrunk to one-half of pre-war production, "'the- mumber of •. employees has been steadily diminishing, and the output per man la barely it was before the war. - Yet over-production, is so serious owing demand that the foreign trade'monopoly .under., its licensing system had effectively stopped the import of British eo»l;a&c*vtbei\end/'Pfrl924.; This policy is .pursued, .although ' it necessitates < the sending to Leiihgrad and. other consuming, centres, at-prices, which involve••a loss to as a--1 charge on the (National ' .PRUDENTIAL BUILDING SOCIETY ',, r\ v, _ i The Prudential' Building and Investment Society of Canterbury held. its third ballot meeting for £SOOO last night, which resulted as follows:—G 24, £500; C 32, £500; R 8, £3oorß 2, £900; B 28, £500; B 41, £200; V H 37, £1500; F 15, £SOO. The Society since its inauguration on April Ist, 1925, has distributed to its mem- ' hers by ballot £15,000. ' PRpPERTYSALE. . Jones, .McCrostae Company,. Ltd., sold by xrablio auction yesterday, on account of Mr J. Clarke, the property situate No. 85 Opawa Mad, Opawa, comprising bungalow of six rooms and all conveniences, together with, about quarter-acre of land, to .Mr Allison, at the price of £I9OO.

GERALDENE STOCK SALE.

There was a small entry of sheep for ' tho current week's sale. A iine" of 133 wether heggete made 29s and'a'smaller lot 80s. Ewes and lambs, all counted, realised 16e 9d to 26fl 6d. A email pen of shorn ewes sold *t 19a. Fat cows made up to £8 10s, springers to £5, heifers to £3 10s. 1 and steers from £8 5s to £5. A bull sold at 40a and a Jersey bull at 3J guineas. ..Weaner pigs .sold at 2*B to 88s. A. seven- -, r year-old diaught mare realised £l9. *,% { - HAWARDEN STOCK SALE. gaL ;v t Tbii Hawarden sale yesterday was an unsmall'"one. The yarding- included MsSßTOßsfciJhrthies^. Twelve fat wethers, sold at iat ewes, in the wool, at 34s fid, Store pigs made 425, good

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. Sales Reported—N.Z. Govt. 4* per cent. Inscr., 1938, £96 2s 6d (2 parcels); National Bank of N.Z., £6 las; Bank of New Zealand. 57s £d, 57s 3d; Manning Brewery, 38s; Beath and Co., 3'2s 6d (.2 parcels); N.Z. Breweries, 59s Od; Electro. Zinc (pref.), S3s 6d; N.Z. Sugar of Milk, 25s 3d, 25s 6d; Kawarau Gold Mining, Gs, £s 6d; Colonial Sugar, i's2. Sales on 'Change—Coram. Bank of Aust., 32s 9d, 32s Sd; Startles Brewery, 41s (C parcels); Electro. Zinc (pref.), ?.3s Gd (2 parcels); K.Z. Breweries, 60i "d (3 parcels); N.Z. Breweries (deferred), 32s Id. LATEST QUOTATIONS.

"* OTHER EXCHANGES. (PSXAS ASSOCIATION TELEGRAMS.) AUCKLAND. November 26. Sales—Soldiers' Inscribed. 1933, £99 ss: New Zealand Breweries, debentures, 24s lOd (two wdesV; Commercial Bank of Australia, 335; HTKldart-Paricer, 43s 9d: Colonial Sugar, £52; Kawaran. 6s sd: Waihi, 235. . WELLINGTON, November 26. Sales: —N.Z.. Breweries' bonds £1 ss; Bank of New, South Wales £42 3s; Union Steam Ship Co. (pref.) £1 0s Id. DTJNEDIN, ■November 26. Sales—Dominion Rubber, 61s 6d, 61s 3d; Mount Lyeli, 25s 7d; Kawarau, 6s 6d (two sales). Saie reported—Breweries, debentures, 235. STOCK EXCHANGE ASSOCIATION OF N.Z. ANNUAL CONFERENCE.

On* of the many- conferences coincident with the Exhibition was held last week, when the New Zealand Stock Exchange Association met in the Dunedin Stock Exchange. Mr R. Wynn Kirkby presided, and there' were delegates present from all over New Zealand, as follows:—Messrs <J. C. Creagh, and H. Alien (Auckland Exchange), Mr H. G. Gillespie (Thames Exchange), Mr R. Wynn Kirkby (Wellington Exchange); Messrs' F.' E. Graham, V. Agar, and A. F. Scott (Ohristchurch Exchange),, Messrs E. B. Smith. W. ViTiah. and 1 H. Reeves (Dunedin Exchange}, and Messrs W. Jones and T. H. Watson (Invercargill Exchange). Gisborne and Taranaki Exchanges were present by proxy. After the adoption of the annual report and balance-sheet, officers were elected as follows:—President, Mr R. Wynn Kirkby (Wellington); vice-president, Mr Prank E. Graham (Ckristchurch); auditor, Mr A. M. Adams. Full consideration was given to a long list of remits, -dealing mainly, with various suggested amendments to rales and proposed new rules, all of which were fully discussed. A resolution was passed approving of the principlo of advertising by -Exchanges in certain oases, the. names oi their members and their dissociation with- flotations concerning which the Exchanges may consider that a ndto of warning should be struefc to jprotecji the-nublic. ~

TALLOW. (BT CABLE—rHF.SS ASSOCIATION— COPYRIGHT.) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) (Received November 26th, 7.25 p.m.) LONDON, November 25. Tallow—ls34 casks were- offered and 751 sold. Prices arc unchanged. Messrs A. H. Turnbiill and Co. are in receipt of the following cablegram from \V. Weddel and Co.. Ltd., dated London, 25th insi.:—"At 1a:Iow auctions to-day, 1500 casks were offered, of which 650 were soid. Market unchanged." Dalgety and Company, Ltd., have received the following cablegram from their ixindon oßice. dated November 25th: "Tallow—At the weekly auction, 1410 casks tallow were offered and tbU sold. Price* uncharged.'' • LONDON WOOL SALES. LONDON, November 25. A! the wocl sale 3 there was more general competition in al! classes. Opening rate 3 were iul'y confirmed. Tho New Zealand clip, Mairoa, brought lSd, lop price, and averaged 17Jd. WHEAT. (Received November 26 lh, 7.?3 p.m.) LONDON". November 25. Wheat cargoes are unsteady. Buyers r.re. holding off. Argentine, advices arc lc3s pessimistic. Parcels' arc dull and show "d decline. AUSTRALIAN MARKETS. (Received November 2fith. 5.50 p.m.) SYDNEY. November 2G. Wheat—"is ind per bushel. Oaats—While- Giants <>>, Algeriin is 6d to 4s !*<i per bushel. Maize—-Yellow tn Bs per b;ishc!. Potatoes—Tasmnnian i'ls, local (new) £l7 to i'lS per ton. Unions —is to £-\S per ton. ADELAIDE, November 26. Wheat—Growers' lois (old) 5s Sid, new 5s 8d to 5s 6hd per bushel. Oats —3s 3d per bushel. HIDES. (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) (Received November 26th, 11.50 p.m.) MELBOURNE, November 26. Hides are irregular; kips have declined id to id, mediums ad to .Id.

TIMARU MARKETS. (SPECIAL TO "THT I'KESS.") TIMAEU, November 26. The local grain and produce markets have experienced another quiet week, and little business has been done. The past few days have seen a jrood rain throughout the district, and root crops will benefit considerably 'as a result, but warm weather is now needed to promote growth. There has been a small enquiry for fowl wheat from the north, and merchants have disposed of- the bulk of their remaining stocks, little now being- held. The nominal value is 7s f.o.b. for good! whole quality, down to 6s 8d for inferior lines. Oats have also met with some enquiry. B grade are steady at 4s 6d f.0.b., s.i., and A. grade at about 4s Bd. Some speculation js taking place in nexlt season's oats at about 4s to 4s 2d f.0.b., s.i., equal to 3s 6d on trucks to growers, hut the business has not assumed! very large proportions. A few lines of old potatoes shipped' on consignment realised fair prices, and there is rather a shortage in supplies of new season's, bo that no doubt small quantities of old potatoes will be required for some weeks yet. The crops which are through the ground are looking well, but the buli of the sowing will be late. . The demand . r or Italian and "Western Wolths seems to have quietened off, and sampies of a good type are offered at 4s 6d. Perennials are wanted for the retail trade, and fiia worth up to 5s 6d for good heavy samples. Other seeds are unchanged. Linseedl is, cheaper in sympathy with the overseas market, and is now quoted at £l6 on trucks to growers. '

SOUTHLAND MARKETS. (special Ttf "the press.") INVEBCARGILL, November 26. Oats.—rThe market remains quiet but firm. Occasional orders for shipment are being received, and sales have also been made to millers. Sales of a fair quantity of B Grade oats have been reported at 4s 8d per bushel, f.0.b., s.i, while local merchants are asking 5s f.o;b., s.i., for A Grade. There are no offerings from 1 farmers, but prices to them are nominally 4s for A Grade and 3s 9d for B Grade. Heavy, dark Duns are worth up to 4s 3d a bushel. . Merchants are already negotiating regarding the purchase and sale of forward oats for spread delivery next year. The current quotations are 4s 6d. fo.b., s.i., for. A Grade, and 4s 3d for B Grade. A. sale of B Grade is reported at the price mentioned. • Wheat. —There is very little business doing except in local salts for fowl feed purposes. Supplies are being drawn from outside markets, principally Canterbury. Chaff. —This is now offering more freely, and some good samples are on offer. Quotations to farmers are on a basis of £5 5s on trucks, country stations. .It is unlikely that the price will improve, as good prime quality from Canterbury, can be brought down at about the loeal market equivalent. Ryegrass.—There is now a fairly sharp demand for shipment. Invercargill stocks have b'een on the light side for some time, and the retail trade is accounting for a large portion of the stocks. With the sales being effected for shipment, it is likely that merchants' stocks will shortly all be absorbed' There are now enquiries for the new season's crop to be delivered in the earlv months of next year, but local merchants - are not inclined to sell at ths prices offering, which are below the value for prompt delivery. There is nothing offering from farmers, and the small stocks now available seem all to be in merchants' hands. Prices to farmers are nominally 4s 3d to 4s 6d for clean, heavy-weight lines, and proportionately less for light and inferior stuff. Prices for Italian have not improved a great deal but a better demand is noticeable on the. basis of about 4s 6d a bushel, f.o.b. Bluff, sacks extra. - . Potatoes. —These are in fairly short supply, bnt occasional lines are coming forward from Canterbury. There are not, however, a great many lines of Southland potatoes in either merchants' or farmers' hands. Fruit.—Business has been particularly brisk in the fruit marts during the week. Shipments to hand comprised oranges, lemons, and pines, ex Manuka. The market was bare, and a big proportion of the fruit passed immediately into retailers' hands. Canadian apples, ex Niagara, also came forward. Prices at present are decidedly in favour of buyers, and there is every prospect of the market taking a sharp advance in the near future. Hothouse tomatoes from Christchurch are arriving more freely, but prices are still being maintained. Strawberries and cherries are now coming to hand daily in small quantities. Current prices are:—Apples (Canadian) 22s to 22s 6d; oranges (repacked), to 265, lemons to 30s, cherries to. Is lid per lb, strawberries to 2s 8d per pottle, Christchurch tomatoes to 2s 6d per lb, ripe bananas to 45s per case.

QUEENSLAND SUGAR PROSPECTS

The Taw sugar production, in Queensland for tho • current season has been increased from 500,000 tons to 515,000 tons. The chairman of the Sugar Board, Mr Short, states that the mills' estimates early in the year indicated a. yield of approximately 500,000 tons, with a. prospect of this not being realised. It now seemed certain, however, says the Brisbane correspondent of the Sydney "Morning Herald," that the original estimate would _ not only be realised, bat exceeded, allowing for the possibility of some sugar not being manufactured on account of. the early wet season, there was little doubt that the surplus sugar available {or export would amount to at least 200,000 tons.

Buyers. Sellers £ 8. d. £ £. d. X.Z. GOVT. DEBENTURES— 4£ per cent. Inscribed, 1038 96 i 6 96 13 0 *k per cent. Inscribed, 1939 06 0 0 96 10 0 4£ per cent. Bonds, 1939 — 96 10 0 oi per cent. Bonds, 1933 99 10 0 OTHER DEBENTURESChristchuich Tramways, oil per cent., 19it 97 0 0 North Canlerbury Hospital, 3J r>;r cent., . 1932 — 98 0 0 N.Z. Breweries, Bends __ 15 0 Booth, Macdonalri, 6 J per cent., I9T2 ' .. — 78 0 0 Gisbovno Shoepfarmers '7i ]>cr cent., 1931 .. — 01 5 0 Glaxo, 6£ per cent., 1945 83 0 0 X.Z. Refrigerating fij wr cent., 1935 97 10 0-1 00 0 0 BANKS— Australasia 13 19 0 Comra. of Ai.-stralia, .. 1 12 9 i 13 6 Comm, of Anst. (pref.) _ 6 IS 0 Comm. of Sydney 23 5 0 National of Australasia (£10 paid, ex div.) 1G 13 0 _ National of N.Z. 6 15 0 6 17 0 New Soutli Wales (cum div.) 41 0 0 42 5 0 New Zealand .. 2 17 2 2 17 4 ■P.: and 0. Bank 9 0 0 9 12 6 Royal (£1 paid} ' .. 1 11 3 1 15 9 Royal {£i paid) — 7 0 0 Union of Anst. 14 IS 6 13 0 0 Victoria (ord.) 7 10 0 7 13 6 "Western Australian 2 13 3 2 11 0 INSURANCE— National .. .. 3 17 9. 4 0 0 Now Zealand .. 1 16 9 South British 2 11 0 Standard 2 8 0 LOAN AND AGENCY— * Dalgety and Cj. 15 0 0 15 15 0 GoldBbrough, Mort 2 8 0 2 8 R . Goldsbrough, Mort (new) 2 7 0 2 7 5 Nat). Mortgage, Ixind. .' Beg. and Delivery • — 3 18 6 N.Z. Loau and Merc. i • - ■ (ord. stock, cum div.) . " 93-10-0 100 0 0 N.Z.-Loan and Merc. (pref. stock cum : div.) .... 79 0 0 — N.Z. and Biver Plate 1 1 6 12 3 SHIPPING— Adelaide, Steam —; 12 6 Howard,: Smith . 1 13 0 — Hu,ddart-Parker 2 3 6 2 4 3 HiiddartrParker, (pref.) 1 .0 0 10 6 P. and 0. Deferred (cum. div.) ; 250 0 0 — iOnibn (pref.) ,. — 110 FROZEN MEAT— « ' ; .-Canterbury 11 0 0 11 IS 0 Gear 1 17 « 1 19 6 : N.Z. Kefrig. (pd.) .. 0 16 11 — N.Z,. Eefrig. (contr.) .. 0 8 0 0 8 2 WOOLLENS— , Ka : .apoi "(17s rlaid) — 0 9 0 COAL— Taupiri, (ord.) •<- — 0 19 0 Westport • 111 0 1 12 0 Stockton (?ref.) • — 0 4 6 GAS- * Ashburton ' .. 4 8 0 — Auckland (€s paid) — 0 6 9 Christdrcrch ... f . ■ — 7 11 0 •. Timaru . — 7 10 0 BREWERIES— Crown ... .,.;' 0.19 0 ■• —' Manning ' .* 1 17 9 1 18 9 . • New Zealand — 3 0 0 3 0 4 Staples .- -v 2 0 10 2 10 Ward .. 3 16 0 4 0 0 CEMENTS— Wilson's (cum div.) .. 1 15 0 1 15 6 TJMBEEKaiiri (cum div.) 1 14 0 — Leyland O'Brien (ex div.) 2 18 0 — MISCELLANEOUS— Australian Glass (cum div.) 1 14 0 1 14 8 Beath and Co. 1 12 3 1 13 0 Beath. Schiess 0 11 0 0 11 5 British Tobacco 2 4 0 , ■ — Burns, Philp (South Sea) 1 1 0 — Colonial Sugar 51 16 0 52 0 0 Dominion Rubber ' 3 1 0 — Electro. Zinc (pref.) .. 1 13 3 1 13 8 Electro. Zinc (def.) .. • — 1 IS. 0 Glenmor* Brick, and Tile ' ' 1 8 p ' ■-, — Henry Jones Co-^op. . (cum div.) - ... , 2 3 9 — Hume Pipe (Anst.) .. — 0 16 3 Mason. Strutters (10s • ■ ■ ' . P»W) .. . •• 0.10 0 0 11 0 Mercantile ■ Finance Corpn. (5s paid) . ■'.— 0 4 6 N.Z. Drug Co. .. • ,— 3 7 0 N.Z. Farmers' Co-op. (£5 paid) —• 2 2 0 N.Z. Farmers' Co-op. (1st pre{.,- cum div.) — 3 14 0 ' jN.Z. Farmers' Co-op. (6J per cent. Stock, 1930) 85 0 0 — N.Z. ; Guarantee Corpn. 0 9 6 0 10 0 N.Z. Milk Products .. 1.11 0 . — N.Z. Malay Rubber . (ord.) . .. •• 2 3 8 — . N.Z., Sugar of.,Milk .... , 1 5 .0 ': 1' 9 6 "Taranaki Oilfields* (cum rights) 1 0 0 12 3 Weeks, Ltd. (£210s pd.) — 6 0 0 Whitcombe and Tombs 3 8 0 — MINING— Blacks Gold ~ ■ — 0 5 0 prem. Mt. : Lyefl (cum div.) .. 1 5 7 — Kawarau 0 6 3 0 6 11