FINANCE AND COMMERCE.

Press, Volume LXII, Issue 18724, 22 June 1926, Page 10

FINANCE AND COMMERCE.

N.Z. BUTTER. . TOPS DANISH PRICE. RISKS OF LONG STORAGE. ■' (MESS ASSOCIATION TELEGEAM.) WELLINGTON, June 21. The cabled news that New Zealand butter has topped Danish on' the Home market must be read in relation with the-strike effect* noted in the-cable-grain. ' It ia still an encouraging fact, especially when comparison of the first live months of this year with the first months of last year shows that throughout 1926 the average margin between Danish prices and New Zealand prices has been much smaller than in Uio. Notwithstanding the relatively hlgn price of New Zealand butter, in authoritative circles it ia felt that there has 'been too much storage lately, and • that companies which have been storing , from' six to ten months are overdoing it • Despite quoted cases to the cotitrary, it is feared that as a rule New • Zealand butter which has been held so long loses its freshness, and in some cases opens out stale, thus damaging New Zealand's name in the market. Somfc November butter is still in New Zealand. A'local buiness man states that New Zealand butter has on a previous occasion equalled Danish in price, but so far 'as he can remember has never topped it, but prices should not be allowed to suffer by deterioration 'from' speculative storing. . This season too large a proportion of New Zealand's butter has: been held much longer than usual, even Tip to ten months. There should be n shorter time between the churn and the consumer of butter. NATIONAL BANK.

A YEAR'S PROFIT, £333,088. . (POTSS ASSOCttTIOH TSLZORAU.) WELLINGTON, June 21. Pablo advice has been received by the!'general manager of the' National Bank of New Zealand, Ltd., that the •net profit for the year-ended March 31st last, after providing for bad and doubtfuFaeMs, and after paying a bonus to the : staff, absorbing £14,000, amounted to' £333,088, which, with £167,697 br6ught forward from the -previous year; leaves available for distribution £500,785, which It is proposed to allocate as follows: -?:;. ' ' • £. In payment'of dividend at rate • , of. 12 per cent, per annum, and bonus of 2 per cent. per annum '...'. •• 277,741 Eund, which will .then standJjt-£2,000,000 .. 20,000 To,Pr/Bmises Account .., 20,000 To-Pension Fund."....'■ • • 10,000 Balance to be carried forward 173,044 ■'-■■'■ Total .. > . - -'• £aW BS The dividend is at" tnensame rate as hut year, but it absorbs £69^0541 more because of the increase of capita) during, the year. 'INSURANCE CLAIM. '

/■ ■ . XOSiSES ON. HIRE PURCHASE . BUSINESS. ....,.; ' j (MUM ASSOCUTIdit TELEGBAir.)' WELLINGTON, June 21. A, judgment of interest^tbvlhsurance, Companies w;as.given by Mr. Justice Gst- i lor A firm had insured its losses.; on the hire ptoeha'se;system, with an! insurance eojinpany tinder an . agree-; ment.by which;-the'.. latter paid 75 per. ' cent, of the'loWes ; incurred;when the , firm had to take repossession or motor; vehicles; for which payment could not; : be obtained. The' firm elaimed on' one; ' transactions22o, but included in their' loss was,the They had 21 insurances, in one documqnt, and the defence, was that the npi-ilißclosnre of material facts in any 053 case, invalidated all. v • i.The judge not only held that this ■was/wrong, but that the non-disclosures alleged were, immaterial, or not proved. H^-disallowed the inclusion of the in- , suVajice premium, and gave judgment fgr-jthe plaintiffs for £2OO, with costs. '£y sale of Motor-cars. ■ ■ •• 'ftlessrs W. E. Simes and Co,, Auctioneers, fceld- k very successful sal* of motor-vehicles ql:behalf of the Post and Telegraph Departiji&pi'on Saturday. There was-a large attendance of the public, and competition wae , very'keen. Every can put up .was 1 sold utriai very satisfactory figure. Among the prices ■ realised, were;-TjEree Ford chassis up, to; £2O each, Ford track, ,«7 rt os. Ford, can £3O, three Overland cars up to, £4l eacn.j Dndgp"£64 lOsJ 1 Sunbeam £4O, Dennia lorry! Stof 'four Enfiold motor-cycles £8 10a to 1 JJli'-Me each, spare parts £ll. I'; 1; AMERICAN DEFAULTERS.,- ' The Council of Foreign Bondholders in' London recently determined that the amount of money owing by eight defaulting Southern Slates of the United Btstes should be brought to .the. notice of the Government at Washing-, ton. The New York correspondent of the London "Daily Telegraph," reporting on the attitude which the Washington Government .-was likely to take on the matter, stated that the reply ic.the.demand would be that the Government. has no responsibility for debts of States whieb at'the time were in rebellion against the Union. On this announcement the-City editor of. the London "Daily Telegraph" comments:—"lt is really astonishing that such a protenee should still be put forward. Year, after year the Council of ' Foreign •Bondholders Tisa pointed out that the loans, 1 aggregating about £15,000,000, without any allowance-for rinterest, which has. been ' in arrear for from 55 to 65 years, were not contracted to carry on - the struggle against the Federal Government,- but were made for industrial purposes either before or since ,thß -Civil -War.' .In,.the;.Council's, last r* • porrextraftt were quoted from an articli • pribflshed in the 'NorthJVmerican Review' nV long ago as 1884, in which the American /writer^af^ 'Mississippi's bonds have.been in default since 1842. . • .most of Loulsana's liabilities preceded the war, as did a large portion of : those of Alabama, Georgis, Florida, and .the , two C"oHnas. 1 "r" 8 "' proceeds were mostly invested 'in'railroads, and other public improvements greatlydeeded,.-and at..?*•,«»• JJ»«J ally demanded' by citirens of all shades oi poHtical opinion? Then the ] writer wen ton to urge that since the delinquent States could notbe,,made. > tO pay by the usual processes of la,w. tbTNational Government should take Bteps to'cpmpeY This article, wWctt is. beadeS, 'Are.We "Nation of Kascalsf should be *<«B h tcntion of Washington, and * h e present^ time, when the United States is insistingonthe repaTment of the'debts of foreign eonnlTiet malnlv incurred for the purchase; of war material from American manufacturers, seems particularly appropriate. ' .. WOOL SALES. <rr akxvt-vitsa AssociATios-copratGHT.). li*CSTBAI.ttH'AHP V.X- CAMS ABSOCUTIOK.) (Received June 21st, 10:i5 p.m.) SYDNEY, June 21. 1 A three days' series of wool sales'ihas commenced,! and .will-.conclude'the 1025-26 sea-, son. Tho ruled about -equal to last sales, with stronger competition from the Continent and Yorkshire. Autumn-shorn fcools met with a keen de- ,. SuuidL Skirtings and lambs' wool sold well r £rjrtrfa«tlat« rates, while wasty.de.. V aWrßtlens met with • poor demand, and were; to sell. * , ftmu merino sold at 26 Id » Ik.

i CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Salea reported—X.Z. Government per cent Inscribed, 1935, iVG 12s Cd (two parcels); Wtstf-ort CoaJ, 373; Burns, Philp, 30s 6d. Sales on' 'Change—Union BanJc, £ls 68 (two parcelß); Goldsbrougb, Mort (cum div.), 48s7d; Burns, • I'iiilp, 3Cs Gel; British .Tobacco (mm div.), 22s Cd. ' ' LATEST QUOTATIONS. Buyers. Sellers.

OTHER EXCHANGES. (rncss issocuTioß ielsqbahs.) AUCKLAND, June 21. .'Sal'ee—Barik}>f New Zealand, 62s 3d; South British, 60s; National Mortgage and Agency.' 76s 8d;, British Tobacco, 62s 6d, Kaiwaran, 7s 8d; Majestic, Is 3d. .. , ; ' .! WELLINGTON, June 21. ' Sales-New Zealand 4i per cent. Inscribed Stock, 1938,.£96 19s 6d; 4J per cent. Bonds, 1930' £97 10s; Huddart-Parker, £2 ss; Manning and Co! Brewery, £1 19s 6d; Staples and Co., £1 19s; Wilson's Cement,.£l, l4s 3d. . > '. • DUNEDIN; June 21. ' Sales-Kawarau, 7s 3d, 7s 4d; Bank of New Zealand,-62s 6d. FROZEN MEAT. The New Zealand Loan and Mercantile Agency Co., Ltd., have received the following cabled advice from London:—Lamb: no. per lb (average). Mutton: 6J per lb, wether and maiden ewe, light; s»d per lb,'wether and maiden owe, heavy; 4gd per .lb,. ewe, light; 4&d,per. lb, ewe, heavy. The market i» slow. • WEEKLY SCHEDULE OF PRICES. The following is the schedule of prices for •killings for -the week beginning,.June Woolly Lambs—First quality to 361b, 9Jd; 87 to 421b, BJd; 43"t0 - 50lb, 7gd; over 60 b, 7Jd; second quality t0.861b, BSd;_ oy.er.S6lb, 7<jd. Shorn lambs Id per lb loss than'above quality to 861b,.6id; 67-641b sjd; 65-721b, 4Jd; over 721b, 4d; second quality '43 d iSwes-Under 48lb, 3Jd; 48-641b 3Jd; 65-72 lb, 2Jd;. over 721b, 2Jd. PROPERTY SALES. Joncsi McCrostie Company, Ltd., ''. held a sale of sections in tho Wcsiholme subdivision last evening. ' The section's' are situate in WestKolme-street, just .off Bligh'S road, the areas being about 28 perches. The followine are particulars of the sales made:—' ' Lot 1, price £225. to A. V. Olemence; Lot 2 £175, to W. Bateman; Lot 3, £175, to W. ■Bateman; .Lot ,4..'£1.60,...t0, W,^ McLean; Lot 5, £l6O, to B. McOleave; Lot 6. £l7O. to Mr Franklin; Lot 7, £l7O, to J. J.. Weatgarth; Lot 8, £l7O, to J. J. WestgaTth; Lot 9, £l7O, to C. Derritt; Lot 10, £l7O, to H. Blamirep; .Lot to H. Ockleshaw; Lot 12. £165,, to H.. Birch; Lot 13, £l6», to L. Pollock;' Lot •I' 4,:' £165, A. L. Mcßeth Lot 23. £l9O, to W.(E.;Bateman; Lot 24, £l9O. to W. E. Bateman.; Lot 38,. £16,5. Q. A. Saunders; Lot 39, £l7O, W:. D. Watson; Lot 40, £220, to.A. V. Olemence; ' Lot la, £l6O. to W. Whitelaw; Lot ; 16, £155/ to J. J. Westgarth: Lot 17. £155. -to. J. J. Westgarth. Total realisation, .£3815.

£ 8. <i £ s. d. ( N.Z. GOVT. DEBENTURES— 4j per cent. Inscribed, 1058 — " DG 15 • 0 1 4% per cent. Bonds, ia-;a % 5 o ; — l 4J per cunt. Bond3, 1320 97 0 0 — . , 4% per cent. Bonds, 193S and 1933 .. 96 10' 0 ' — ' 5 per cent. Inscribed," 19-27 96 5 0 — ; 5 per cent. Inscribed, 19C9 96 0 0 — ■ 5 per cent. Bonds, •" ■ 1927 - ... • • 98 15 0 — • 54 por-cent. Inscribed, 19.33, and Bonds, 193.3 99 12 6 100 0 U | 1 5J per cent. Inscribed, _ 99 7 6 COMPANY DEBENTURES16 9 N.Z. Breweries, Inscr. — ■ N.Z. Breweries, Bonds 1 6 4 1 6 6 < Booth, Miicdonald, 6J 1 per cent., 1332 — 79 0 0 Glaxo, G£ per cent., _ i 1945 85 0 0 BANKS— Adelaide 8 16 3 9 10 Comm. of Aust. 1 11 0 1 11 6 Coram..-of Aust.. (prof.) . 6 15 0 7 0 .0 E., S.; and A'. .8 0 0 8 2.'6 National of Australasia (£10 paid) 17 17 0 — ■ National of Australasia (£5 paid) •■ sis: 6 9 0 0 , National of N.Z. (cum div.) 6 17 6 7 0 0 New Sooth Wales 45 2 G 45 5 0 - New Zealand (ex div.) 3 2 3 3 3 0 Royal (£1 paid) 1 16 9 1 17 9 7 5 0 Royal (£4 paid) 7 1 0 Union of AnBt. *. 15 5 0 15 7 0 Victoria (ord.) «- 8 14 0 8 19' 0 •'Western'Australian - 2 17 3 2 17 9 INSURANCE— - National .. ■ ••. • •». 3.19 0 3 19 9 New Zealand .. ' ' ■•' 2 : 0 6 — '■ South British -- 2 19 6 8 16 i Standard .'. 3 0 0. 3 0 6 LOAN AND AGENCY3 16 0 National Mortgage — Goldsbrough. Mort (cum div.) .. ' 2 9 6 2-9 7 SHIPPINGHoward, Smith 1 13 6 1 14 9 Huddart-rarker 2 4 7 2 5 0 • jfuddarfcParker (pief.) -1 0 9 ■ • —. FROZEN MEAT— •'■ ' Canterbury. .. t 9 8 6 —" N.Z. Refrig' (paid) '.. — 0 17 10 N.Z. Refrig. (conlr.) ~. 0 8 2 0 8 4 WOOLLENS— ' Kaiapoi (7« paid) *- 0 4 8 0 4 9 COAI*.,y7estport •• <•• 1 16 7 1 16 11 0 23 Stockton (ord.) 0' 1 3 Stockton (pref.) 0 2 6 0 4, 6 GASAsbDurton .. ~ 4 5 0 1 4 5 Christehntch .. ■ ■<** 1 4 8 Timani •;• •— 6 17 6 . ■ BREWERIES— Manning .• ';• New Zealand •... ■.■■>< Staples Ward ■':.■ .« 1 19 2.17 1 18 ; 2 0 0 6 6 0 2 0 0 2 19 8 1 19 3 CEMENTSWiteon's ' ' ... . - 114 S 1 14 9 MISCELLANEOUS1 12 6 \ Beatn and Co. •• 1 11 3 British Tobacco (ord. ,. ,cmn div.) , . Burns; PMp ; ■'■■•• -Colonial Sugar , •; Dental and Medical ... 'E1e«tro. Zinc (pre?.) ■• 2 12 1 16 54 5 " 0 15 . 1 15 6 8 0 0 9 2 12 8 1 16 8 54 10 0 0 17 3 ' 1 16-2 1 16 "6 Electro. Zinc (ot3.) .. 1 IS 1 Henry JoniB .-• , Hume Pip,* (Aust.)' , ■■ 2 6 0 16 6 6 0 17 6 .-. .Mason, ■ Startlers ■:. (£1 paid>' •■ ■■ :1 '8 6 ■■■ :-i'':\ Mason, Struthere (10a paid) ....... 1 N.Z. Drug. Co. 0 10 9 Sll o N.Z. Guarantee Corpn. — 0 10 1 MINING— Kawaran y 0 7 0 1.5 7 0 18 11 0 16 Mt. Lyell (ex div.) .. Waihi ••■•, •• Grand Junction 1 5 0 18 0 1 5 6 1