FINANCE AND COMMERCE.

Press, Volume LXIV, Issue 19212, 19 January 1928, Page 8

FINANCE AND COMMERCE.

COTTON TRADE. EMPLOYERS MEET MEN. CONFERENCE ENDS DRAMATICALLY. (BY CABLE—PP.ESS ASSOCIATION—COPYRIGHT.) (AUSTBALIAN AND X.Z. CABLE ASSOCIATION-.) LONDON, January 17. The first meeting of importance at the round table conference of cotton manufacturers and employees ended in etartling fashion. The employers had not made any secret for some days of their ideas of improving the trade outlook, which entailed a 25 per cent, reduction in wages and an increase in hours to fifty-two instead of fort. • iglit a week. At the end of to-day's meeting the employers' secretary wanted ths employees to agree to a communique jnerely stating that the parties had conferred and adjourned, but the employees' representative promptly announced that the unions had informed the employers that in 110 circumstances would they even consider increased hours or reduced wages, though they were willing to cooperate in any effort to improve the trade and to discover the root causes cf the prolonged depression. They suggested that a request should be made for a Governmental enquiry..

TARIFF POLICY. tI.S. SENATE'S PROPOSALS SHELVED. (BT CABLE—PBESB ASSOCIATION—COPYRIGHT.) (ACSTBAXiA* AND N.Z. CABLE ASSOCIATION.) WASHINGTON, January 17. The House of Representatives practically nullified the Senate's tariff poiicy when it side-tracked the MacMaster resolution urging tariff revision, laying it on the table, where Republican leaders are determined it shall stay. A motion by the Republican floor leader, Mr Tilson, tabling the resolution was carried by 183 votes to 164, after the Democratic floor leader, Mr Garrett, had attempted to send the resolution to the Ways and Means Committee. . i Mr Garrett's motion did not come to the vote, owing to Mr Tilson's motion to table the matter.

INDUSTRIAL RESEARCH.

manufacturers interested. Information is to be .gathered by the "ofganiser (Mr E. H. Marriner) ot the Canterbury Manufacturers' Association, as to industrial problems that the Department of Scientific and I dustrial Research could assist in solvit last night's meeting of -the executive of the Association a letter was wnd from Mr J. Sutherland Ross, pre StaA? the New Zealand Manufacturers' Federation, who wrote that h© had received a letter from Dr- „ «tan secretary of the Department Scientific and Industrial +iinino i the lollowing: Jwe K,t. nun. the Prime Minister and the chairman of mv Council have authorised ng to discuss with you the S eneral quest on of research associations associated vuth New Zealand manufactures, and i hj& ifSl « ?•» fflw weeks lour assistance and cooperation as president of the New Zealand Manufacturers' Association is cordially invited." He had expressed his willingness to give any assistance ui his power, but stating that until he got specific data from the .Manufacturers Associations in the centres the interview could not be of any g practical benefit. He asked the Canterbury Association to forward any information which he could use profitably in discussing the question with W*. Marsden. He was aware that various firms and companies had their own laboratories for research, and Preferred that the results of their investigation should accrue to themselves alone, but there were many , problems concerned with what he might as general principles' (as opposed traae secrets) where the spread of further information among the members ol a given trade would be beneficial to one The : president (Mr A. W. Beaven). eaid that the Department evidently, was anxious-to help manufacturers. . Mr Willis moved : '|That the organiser wait on firms and discuss this matter, and' receive 'suggestions to forwarded .to the New Zealand president." x -, . • . ■ Mr D Colquhoun said that an investigation in connexion with the boot trade was on a slightly different noting from that indicated iu the letter before the meeting. The Government desired the boot trade investigation to be more The council as set up included representatives or the Department of Scientific and Industrial Research, the Department or Industry and Commerce, and a lending engineer of the Railway Department, wild, was tfn authority on factory organisation and. layout. These members were co-operating with members of the boot industry to plac« their problems before the council of the Department ■with the view of the council appoint-, ing experts to help in the solution ot the' problems of the industry. The Department was assisting the tanners of the Dominion, who were endeavouring to form an association comprising members of the industry who would contribute a comparatively small amount towards the expense. A research chemist who had 12 years' experience in England would assist the association when it was formed. The Department was also taking up the question of the improvement of the treatment of pelts and was seeking the co-operation'of the freezing companies. If an improvement representing Is to 2s per dozen were effected it would mean a big thing for '.lie dominion. The motion was agreed to.

MARTON A. AND P. SHOW.

(press association telegram.) MARTON, January 18. Hie Marlon A. and P. Association's fifteenth annual show was held to-day in splendid weather. There was a record attendance. All classes of stock an increase in entries except fat sheep. It was "the best exhibition of pigs yet seen, according to tile judge. The following were the championship awardsSHEEP.

Romney Marsh—Ram, A. L. Wheeler; ewe, H. B. Johnston; reserve, D. P. Beachamp. Sliropshir&—Ram, Sir J. Wilson; also ewe. Southdowns—Ram, C. E. Vile; also ewe. CATTLE. Friesianß—Bull, J. P. Morrison; cow, S. J. Gibbons. Champion cow in milk,. R. Laird. PIGS. IBerkshires —Sow, J. A. Russell and reserve; boar, A. Yardley; reserve, J. A. Rub•elL Tamworthfl—Sow, J. A. Russell and reserve; boar, J.'A. Russell and reserve. '• . ' HORSES. Light Harness—C. 'x. Appleby. Draughts—J. KcCooL

N.Z. REFRIGERATING CO., LTD. ANNUAL REPORT. Following is the report and balance-sheet iof the New Zealand Refrigerating Company, Limited, for the year ended October J 31st, 1927, to bo presented at tho annual meeting on February Ist: "The directors have pleasure in presenting to shareholders the balance-sheet and profit and 1033 account for the year ended October 31st, 1927. , "The balance available for appropriation as shown by the balance-sheet is £75,031 7s sd, which the directors recommend should be disposed of as follows: £ s. d. To pay a filial dividend oi 2J per cent, upon the paid-up share capital, making 5 per cent, for the year c-nded October 31st, 1927 .. •; 33,90." 1j 0 To pay a special bonu3 of 21 "per cent. upon th-s paid-up share capital .. 13,907 15 0 To carry forward .. •• 43,218 17 5 75,034 7 5 "The directors arc pleased to bo able to recommend the payment ox the bonus of 2i per cent, this year as some compensation to shareholders for the non-payment ot a dividend last year. "The director retiring by rotation is Jlr J. Montgomery, who, being eligible, o(ler3 himself for re-election. "The auditor, Mr J. V. K. Lawrence, also retires, and offers himself for reelection." Balance-sheet. LIABILITIES. £ £ s. d. Capital, 1,000,000 shares at £1 each 1,000,000 Less unallotted 63,690 shares at £1 each 63,030 Subscribed capital 930,310 Less uncalled 600,000 shares nt 10s each 300,000 Paid-up capital .. 636,310 0 0 Secured debentures 150,000 0 0 Reserve account .. 110,000 0 0 Sundry creditors, advances against shipments and provision for depreciation of investments ' and for contingencies .. .... 358,481 12 10 Balance • at credit profit and loss .. 75,034 .7 5 £1,359,826 0 3 ASSETS. Land, buildings, machinerv, nlant, etc. ... .. 770,871 1G 9 Secured debentures on Pukejri Freezing Works .. , 132,500 0 0 Interest in shares of Wanganui Meat Freezing Co., Ltd. .. 24,206 13 .4 Less- written off this year .. 12,103 6, S Sundry debtors, investments, con- " signinents nn- ' ' realised • and stocks in works 444,350 16 10 £1,359,826 0 8 • -PROFIT AND LOSS ACCOUNT. Dr. . £ b. d. To interim dividend .. 15,907 15 0 To amount written off interest in shares of Wanganui Meat Freezing Co., Ltd. .. 13,103 6 8 Balance ; .. 75,034 7 5 103,045 9 1 Cr— £ b. d. By balance brought forward from last 7oar .. .. 42,456 i 6 By transfer lees . .. 43 10 0 By profit after making provision for repairs, renewals, taxation, and sundry contingencies .. .. 60,545 14 7 103,045 9 1

WOOL SALES.

(BT CABLE—PBES3 ASSOCIATION—COPYRIGHT.) (APSTBALIAN AND N.Z CABtJ ASSOCIATION./ LONDON, January 17. At the wool sales 8439 bales were offered, of which 6871 were Australian and 1868 New Zealand. There was a large attendance. In all sections there was strong all-round competition. Yorkshire was most active, Continental buyers wero rather less active than" recently. There was an excellent selection of merinos. Prices for greasy merino ruled from par to 5 per cent, above December closing rates. Scoureds were practically unchanged, but occasionally a shade easier. Crossbreds showed the keenest competition, and an allround advance of 10 per cent. Lambs were firm. New Zealand lots sold as follows: —Tarata, 23Jd top price, 22d average. P.A.R.E., 26d and 23d. T.T.0., 40d.

.*. Pyne, Gould, Guinness, Ltd., have received thofollowing cablegram from London, dated : January 17tel :—"The sales opened to an excellent attendance and strong : competition'with the: Continent buying freely. .Mostly merino was offering. 'As compared with the. November series, prices for merino are 5 per cent, .fine cross, 5 per cent, to'7J per'cent. • medium, 10' per cent, slips, about 6 per cent. • all • dearer." The Bank of New "Zealand has received the following advice from 1 its; London office, dated January • 17th"The sales opened with strong competition and a large attendance of buyers.' There is an active demand from all branches of tho trade. The selection of crossbreds is very limited compared with the close of last series. Merino are Id to ljd, fine and medium crossbreds 2d, and coars% crossbreds lsd per lb higher.' The New Zealand Loan and Mercantile Agency has received the following cabled advice from London:—At the London wool sales there was a full attendance at the opening' to-day, competition by Home and Continental buyers being keen, and prices as compared with the close of the preceding series ruled par to 5 per for merino wool, 10 per oent to 15 per cent, higher for medium greasy crp3sbred, and 5 per cent higher for fine greasy crossbred, other descriptions being inadequately represented. The opening catalogues were fairly representative. The National Mortgage and Agency Company of New Zoaland,, Limited, has received the following cable from their London office concerning tho wool sale:—"The auctions opened here to-day with a large attendance of buyers. Compared • with the closing rates of last sale, we quote: Greasy merino, best id to Id, average Jd to Id; halfbreds, 50-56's Id; crossbred®, 48-Wb 2Jd, 46-48'b ljd, 44-46's ljd, 40-14'e ljd, and 3S-40's ljd, all dearer Home buyers and Continental buyers operated freely. Slipe wools were generally 5 per cent, dearer." Dalgety and Company has received the following cabled advice from its London office, dated January 17th:—"Tlie wool sales have opened. I'here is a large attendance of buyers and competition is very animated. There is a good selection of wools, and a strong Continental demand. As compared with the closing rates of the last series, prices for merino and halfbred are from par to Id higher, fine crossbred Id to lju higher, medium crossbred Id to 2d higher, coarse crossbred, none offered so far, and slipe Id to lid higher."

TO TffE EDITOS OF TOT PBISS. Dear Sir, —I am afraid we rather anticipated things a little when we said' the London sales had opened. We made an error and we are very sorry. We have received the correct cable this morning touching on the opening of the sales, and it is as follows: —' "Wool sales opened to-day and prices compared with last London series. Greasy merinos 5 per cent, up, ecoureds par to 5 per cent up, fine crossbreds firm, medium cross and coarse crossbred? 5 per cent, up 10 per cent up." Tliere is a remarkable similarity as you have seen between the first and second cables, and I am enclosing an office copy as confirmation of the cable.—Yours, etc., THE N.Z. FARMERS' CO-OP. ASSN., LTD.

MELBOURNE SALES. MELBOURNE, January 18. At the wool sales late rates were fully maintained. Comebacks of all grades were in good supply, and were meeting strong competition. Crossbreds wore also in good demand. The top price wai 33d.

CHRISTCHURCH STOCK EXCHANGE. The market for all classes of 6iocks was again dull, but there was good enquiry for most, and prices in several show an upward tendency. In the stock and bond market the 03 per cent, bonds duo 1936 was the only stock showing improvement, with buyers at £lOl 7s 6d, no sellers. Other stocks held at late rates. In tho banking group, .Bank of Adelaides are much stronger on buyers' offers £8 17s (id, sellers at i-'U '23 txi; laßt recorded business was at £8 14s. Australian Bank of Commerce arc firmer, with buyers 335, sellers 33s -id. Commercial Bank of Australia are a shade easier ou closing quotes, sellers 29s 4d, buyers 29s Id. .For National Bank o; Kew Zealand sellers want £6 16s, with buyers offering last business price of £6 15s 6d. New South Wales show marked improvement; buyers advanced their bids on the afternoon call to £46 15s, which is 7b 6d a.bove last turnover, callers asking £l7 ss. Bank of Xew Zealand were fractionally weaker, with sales at 59s 2d, market closing 59s buyers, 59s 3d sellers. quotations showed little variation. 111 the miscellaneous investment- stocks, South British Insurance had dealing at E6s lOd and 575, closing quotes being buyers 56s lid, sellers 57s 3d. Other insurance sliares were firm at late prices. Dalgety and Co. shares changed hands at £l3 10s. Goldsbrough, Morts remain unaltered, with business at 475. A parcel of N.Z. and River Plates changed hands at 27s lOd, s rise 01 4d, market closing 27s 9d buyers, 28s 3d sellers. Union Steam preference shares sold at 20s, with further buyers at that price, no sellers offering. P. and 0. Deferred (rights) were dealt in at £27, closing quotes being £27 buyers, £3O sellers, N.Z. Refrigerating shares were steady. Canterbury Frozen Meats entered the buying list at £7 .15s, but sellers wore reticent. Woollen Company shares were not quoted. Sellers of Brewery Company sliares were more in evidence than buyers, and their quotes did not reveal any easin?. Wards Brewery, cx dividend of Is per share, were offered at 36s 4d, no buyers quoting; 38s was paid for Wilson's Cements, which is 5d more than they brought on Tuesday, with closing quotes 38s sellers, 37s 9d buyers. Sellers of Kauri Timbers receded to 22s lid, but no buyers are offering. British Tobaccos iiavo support at 39s 9d, sellers at 48s, and Henry Jones Co-op. shares are wanted at 37s 9d, with sellers at 395. Buyers of Victoria Jfvanza Sugars advanced their bids to 53s 9d, sellers holding for 555. Mt. Lysll's market was stronger on buyers' offers 28s 2d, sellers asking 2d more.

YESTERDAY'S TRANSACTIONS.

Sales on 'Change—Bank of JCew Zealand, 59s 2d (two parcels); South British Insurance, 56s lOd; Goldsbrough, Mort, 475; P. and O. Deferred Stock (rights), £27 (two parcels). Sales reported—South British Insurance, 575; Dalgety and Co., £l3 10s; Goldsbrough, Mort, 475; N.Z. and River "Plate, 27s 10d; Union Steam (pref.), 203; Wilson's Cement, 3Ss.

LATEST QUOTATIONS.

OTHER EXCHANGES. (PRSSS ASSOCIATION TELEGRAMS.) AUCKLAND, January 18. Sdles—War Loan, 1938, 4 j per cent., £97: War Loan, 1936, 5J per cent., £lOl 7s 6d; Inscribed Stock, 1927-41, 51 per cent., £99; Auckland Harbour Board, 1937, 5J per cent., £96 ss; Breweries Debentures, 22s 7d, 22s 7d; Commercial Bank of Australia, 29s 3d; Bank of New South. Wales, £46 12s 6d; Bank of New Zealand, 59s 4d; South British Insurance, 57s 3d; Auckland Gas, 23s 4d; Auckland Gas (contributing), 17s; Wilson's Cement, 37s lOd; Lucky Shot, Is 4d; Oliinemuri, 7s 3d; Waihi, lis 2d; Mount Lyell, 28s.

WELLINGTON, January 18. Sales Reported—Bank of New Zealand, 59s 3d; Staples and Co., 37s 3d. DUNKDIN, January 18. Sales Reported—E.S. and A. Bank, £7 13s; National Bank of New Zealand, £6 15s 6d; Mount Lyell, 28s; Upper Nevis, 255.

RABBITSKIN PRICES. The National Mortgage and Agency Co. realised the following prices for rabbitskins at their sale on Tuesday:—Runners and suckers 23|d; light racks 39Jd; autumns and incomings 59id; summers* 29} d; milky 27d; broken 22Jd; fawn 623 d; black 38d; spring does 4old; spring bucks 43Jd; outgoing bucks 60Jd; outgoing does 84d; outgoing and springs 353 d; hareskins 39d; weevily 233 d; winters 60} d; winter broken 533 d; winter bucks . 1083 d; winter bucks 793 d; outgoing black 60d; winter black 751 d; winter does 100} d; horsehair 24* d; cowtips 2d.

Buyers. Sellers. £ 8. d. £ 8. d. N.Z. GOVT. DEBENTURES— 4j per cent. Inscribed, 1938. and 1939 9G IS 0 — 5 per cent. Inscribed, 1929 98 15 0 — 5£ per cent. Inscribed, 1941 98 15 0 _ 5j per cent. Inscribed and Bonds, 1933 .. 101 2 6 — 51 per cent. Inscribed, 1936 101 5 0 — 5J per cent. Bonds, 1936 101 7 6 — OTHER DEBENTURESChristohurch Trams, 4-1 per cent., 1934 Christchurch Trams, 5i — 92 0 0 per cent., 1941 .. — 99 15 0 N.Z. Breweries, Bonds 1 2 0 1 3 0 Glaxo, 6J per cent., 1945 90 0 0 9G 0 0 Golden Bay Cement, A, 7 per cent., 1931 .. 0 15 0 1 0 0 Golden B&7 Cement, B, f 7 per cent., 1931 .. 0 15 0 — BANKS— Adelaide 8 17 6 9 2 6 Auat. • of Commerce .. 1 13 0 1 13 4 Australasia U 11 0 14 14 0 Comm. of Aust. 1 9 1 1 9 3 Comm. of- Sydney ■ .. 2G 7 6 26 1-2 6 E„ S., and A. — 7 13 0 National of Australasia. (£10 paid) 17 1 0 17 3 6 National of Australasia (£5 paid) .. 8 9 6 8 10 6 National of N.Z. ,6 15 6 G 16 0 NVw South. Wales46 15 0 47 5 0 New Zealand .. 2 19 0 2 19 3 New Zealand Mortgage Sbare3 (15s paid) .. — 1 2 0 Union of Aust. (cum div.) 14 1-2 0 14 13 6 INSURANCE— Mercantile Mutual — 1 7 9 National 0 15 2 0 15 5 New Zealand (cum div.) 2 1 4 2 1 10 South British 2 1G 11 2 17 3 Standard 3 1 0 — United 10 0 0 10 15 0 LOAN AND AGENCY— Dalgety and Co. 13 7 e 13 12 6 Goldsbrough, Mort .. 2 6 10 2 7 0 National Mortgage 3 11 9 3 IS 0 N.Z. and River Plate 1 7 9 1 8 3 SHIPPING— Howard, Smith 1 8 «5' 1 9 0 Huddart-Paifeer (pref.) 1 0 G — P. and 0. Deferred Stock (rights) 27 0 0 30 0 0 P. and 0. Deferred Stock (London Register ex rights) .. — 2140 0 0 Union (pref.) 1 0 0 — FROZEN MRAT— Canterbury 7 lo 0 > — N.Z. Refrig. (£1 paid cum div.) 0 17 6 0 17 11 N.Z. Refrig. (10a paid 10 cum div.) 0 8 7 0 8 COALWestport 1 11 7 1 12 3 Stockton (ord.) 0 1 1 0 1 6 Stookton (pref.) 0 2 11 0 3 5 GAS— Auckland — 1 3 9 Auckland (contr.) — 0 17 4 Christchurch — 1 4 9 Christchurch (5s paid) — 0 .6 6 . Timaru — 1 3 0 BREWERIES— Crown .. • • — 0 15 0 Monteith's — 1 0 0 New Zealand .. — 2 2 0 Staples 1 18 10 1 19 3 Ward (ex div.) — 1 16 4 White Star — 0 18 0 Tooths 2 4 6 2 3 0 CEMENTS— Wilson's .. 1 17 9 1 18 0 TIMBER— Kauri — 1 2 11 MISCELLANEOUS— Beath and Co. 1 12 0 3 12 6 British Tobacco 1 19 9 2 0 0 Colonial Sugar 54 12 6 Electro. Zino (ord. cum div.) 1 10 10 1 11 6 Electro. Zinc (pref. cum div.) 1 12 1 1 32 5 Henry Jones Co-op. 1 17 9 1 19 0 N.Z. Drug Co. 2-7 6 2 9 0 N.Z. Guarantee Corpn. 0 8 8 0 8 11 N.Z. Sugar of Milk .. — 1 5 0 Taranaki Oilfields 0 10 3 Victoria Nyanza Sugar (cum div.) 2 13 9 2 15 0 Greater Crystal Palace 0 17 9 0 13 0 Quill, Morris 1 1 0 1 1 9 MINING— ' Mt. Lyell 1 8 2 1 8 4 Waihi 0 11 0 0 11 6