FINANCE AND COMMERCE.

Press, Volume LXV, Issue 19669, 12 July 1929, Page 12

FINANCE AND COMMERCE.

ADVERTISING.

TRUTH AND SERVICE. REV. GARDNER MILLER'S ADDRESS. Vha ethics of advertising were analysed by the itov. IX Gardner Miller, speaking at the Canterbury Advertising Club's luncheon yesterday. He postulated playing the game as the fundamental rule, because it was the greatest Christian virtue any man could possess. It might not make a trader a millionaire, but it would make him a good man. Service and truth he regarded as two other essentials. Mr Miller established his qualifications for discussing such a subject by stating that in his early days he was head of a department in a big grocery Arm in Glasgow, and had sold hundreds of tons of New Zealand produce before | ever ho cam© to the Dominion. i Advertising, he said, was the first point of contact between buyer and seller. New Zealand newspapers were to be congratulated on their live blocks, but ho would like to see them pay more attention to colour printing. Some of the firms had not learned the advantage of white space. They crowded their type and crowded their mar£ins. The speaker also urged that greater attention be paid to literary form and literary matter. They should introduce a touch of romance into their advertisements, so that the question mark subtly suggested itself to those who read it. He always liked to see a literary flavour and good worded sentences in an advertisement. '' It pays to advertise," added Mr Miller, "but do not insult the intelligence of the public or their eyesight." Ho proceeded to explain the sections •f the public to which advertisers must appeal. It was not good buyers whom they wanted to interest, but those w "0 were afraid to buy because they feared It was extravagance. It was the duty of advertising men to tell them that true economy was not hoarding, but wise spending. Those kinds of buyers would •tick. The extaravagant buyer was a butterfly -who fluttered round from shop to shop and often suffered from a touch mf kleptomania. "Tbo advertisement that nnsrepre■ento will have a short life," «ntinued Mr Miller. "It will n timately have its effect on the advertiser s pocket. Ha quoted Wells's "Tono Bungay, to show that, in the days when this was written, the firmswhodid a big advertising business sold a thing which was common by repreaentmg that it was uncommon. To-day no business firm of repute would ever dream of on such lines. They would tell the troth because when a man advertised he was selling more than his goods, he was selling his character. "was°ot tru# to say that goods sold themselves by themselves without the contact of eonn«*ion * between fug. Profiteering was merely P ro Jf ru and it always seemed to him a serious moral problem to know just where profit stopped and P rofiteeri w can. The unscrupulous profiteer shoum fc« put into quarantine and allowed €ie. _

AUSTRALIAN BEEF.

AN OUTLET IN CALIFORNIA. M«ars F. L. and A. L. Bragg, graziers, of New South Wales, lately visited North and South America to tbnis th® beef raising , ind^7'sOOO ■**_ v 1, Bragg, who runs eUw cheep and iOOO head of cattle said that he wae of opinion that California offered a good outlet for the best Aus- ♦ b&L The best beef products of the United States weresent to the bin central market# of Chicago and Kansas City, and from those centres the choicest quality round its way to the Atlantic coast cities. grade boef vu distributed in western "IpSpreeentatiTes of big meat companies and also of several of ® " eip&l cattle agents along the Californ ian coast, Mr Bragg said, had told him that people America | would rathar eat good £ro«m t»|f from Australia than s««ma-g r *Qe chilled beef from the States. Mr Bragg said he spent two months in the interior or , P ®J U '. the Andes at a height of 16,000 ft on Suleback to the waters of the Amaaon river to ascertain the paatoral P Mitiea of the country, but he found ih&t the country was too rc«ky and momttainous to carry stock. INTERNATIONAL TRADE. SLOWER RATE OF INCREASE. According to the eatimaiea of the Economic and Financial Section of the League of Nations, the aggregate j value of international trade continued to increase in 1928, but the rate oi advance was slower than in 1927. in that year the recorded value of trade increased by 4 per cent., while in 1928, according to preliminary information covering about 85 per cent, of the world total, the corresponding rise •mounted to some 3 per cent. The decrease in the general level of gold prices, if any, was probably small, and It may therefore oe concluded that, although the actual quantity of goods •xohanged internationally increased, the rate of growth was less than in the prewdins yw, when the increase in the quantum was estimated at 8 per cent. The rate of growth in Europe appears to have lagged somewhat behind that achieved in North America, and in the world as a whole. Indeed, the tendency which manifested itself in 1927, when European trade developed by not less than IS per cent., seems to have been reverted. LONDON WOOL SALES. (osm» mil ASSOCIATIOX —-BY KUSCTAIC ■najKoura—coftbioht.) LONDON, July 10. At the wool sale* 8642 bales were Offered, of which 1612 bales were from New Zealand. There was a good, representative selection of merinos suitable for topmakers and spinners, and s poor offering of other descriptions. The market was quiet, with frequent withdrawals. Opening prices were conftnMd. New Zealand lots sold as follows: Aeland, greasy halfbred, top price 17d, average 16d. —Australian Press Association. GOLD. (Jtecemd July 11th, f.S ».«.) LONDON, July 16. At price of gold is 84s Hi ?« «». Asstrsliaa Prai AssectiMw. Uaited Bsrrlss.

BUTTER AND CHEESE.

INCREASE 11 PER CENT. Returns of the quantities of dairy produce graded for export for eleven months ended June 30th show substantial increases in both butter and cheeso. They are as follows: 11 months, 11 months, 1929. 1928. Tons. Tons. Butter ... 80,860 73 ; 8^ Cheese ... 86,136 ' 3,389 Increase in butter, 9.48 per cent.; increase in cheese, 14.25 per cent. Of the butter dealt with in the eleven months, figures for 1929, 78,693 tons were salted, and 2167 tons were unsalted. Of the cheese for the same period, 58,822 tons were white cheese and 27,314 were coloured. Converting the production for the eleven months into butter-fat equivalent, there is an increase of 11 per cent, in butter-fat production for the eleven months compared with the corresponding period of 1927-28. Stocks of Butter and Cheese. The Dairy Division reports stocks of butter and cheese held in New Zealand grading stores as at June 30th last, as compared with holdings at the same date last year, were as follows: June 30th, June 30th, 1929. 1928. Tons. Tons. Butter ... 3812 3073 Cheese . ... 4370 2301

SCHEELITE INDUSTRY.

REVIVAL IN N.Z. I | [THE PRESS Special Service.] DUNEDIN, July 11. Prior to the war an important Bcheelite industry was carried on in Otago, notably at Macraes, in Central Otago, and at Glenorchy, at the head of Lake Wakatipu. From 1900 to 1913 the value of scheelite exported from New Zealand increased from £2365 to £22,933. Prior to the war the bulk of the world's output of tungsten ore went to Germany, but the outbreak of hostilities closed this market for New Zealand, and for 12 months production practically ceased. As tungsten was essential for war purposes, the Imperial Government decided to commandeer all scheelite and wolfram produoed in the Empire. Some months after the Armistice all contracts were cancelled and the market became open again. Unfortunately, for some years after the war, the consumption of tungsten and its alloys fell much below that of pre-war days, and this, added to increased exports of cheap Asiatic wolfram, kept the market price at a level much below that at which scheelite could be profitablv mined in New Zealand. But in 1923 the market began to improve again, and at the beginning of the present year the reopening of the Glenorchy mines was undertaken, thus reviving the industry. # By the end of the present year the mines will, it is hoped, again be in full operation. The present price of New Zealand scheelite is equivalent to about £125 a ton.

NATIONAL BANK OF NEW ZEALAND.

POLICY DEFENDED. (irai?*l> PSI9B ASSOCIATION—BT EIECTRIO TBLI OSt AJ>H —COPTBIOHT.) LONDON, July 10. At a meeting of the National Bank of New Zealand, Mr W. Pember Beeves (chairman) said he regretted to notice attacks on the bank's trading in the Dominion. He had no authority to speak for other banks, but it had been the settled policy of the National Bank to help the primary producers in New Zealand in every legitimate way. The National Bank had a large connexion with the primary producers, and very many solid and valued members of that section of the people were among the bank's clients. It was altogether incorrect to suggest that its dividends mainly came from the profits i made out of its business with farmers and farmers' companies.—Australian j Press Association, United Service.

U.S. TARIFF BILL.

STRONG PROTESTS RECEIVED. (rorrun rasas assoctatio*—*t I TSUOBATK—COFYSISST.) WASHINGTON, July 10. The Senate Finance Committee disi closed that 25 foreign Governments, including Australia, had protested against | the increased duties proposed in the House of Bepresentatives' Tariff Bill. Some of these notes were couched in strong' language, particularly the Australian note, which leaves a suggestion of "a general tariff war, with no quarter to be given or accepted." Spain threatens the cancellation of the existing method under which trade with the United States is now conducted. The most embittered communications came from the smaller nations, such as Switzerland, Denmark, Holland, and Belgium. The Committee received no communication from several of the larger countries in which it has been reported that resentment had been especially high. These included Canada and Argentina. —Australian Press Association. I RABBITSKIN SALE. At*rax* «ixed catalogues were submitted it this week's Dunedin sale. Bidding was vary keen sad values were firm for all grades, except incomings and early winters, which were 2d per lb easier. Quotations: —Wsevily 85Jd to 44} d, second broken 90|d to 40d, autumn broken 45] d to Sid, first winter broken 523 d to 55|d, runners and suckers 24Jd to 39} d, summers. S2Jd to 351 d, light racks 47d to 48} d, prime racks 47Jd to 47} d. dawny autumns 46|d to 48d, early autumns 50d to 551 d, autumns 60d to 66Jd, second incomings 60d to 57d, incoming winters 751 d to Slid, early winter bucks 86Jd to 104 d, early winter does 82d to 90id, first spotted winters SSd to 74id, second winter bucks 74|d to 78Jd, second winter does 88) d to 98d, first winter bucks 104|d to 106Jd. first winter does llljd to 115 d, prime bucks 105 id to 108|d, prime does 120Jd to 122|d, second spotted winters 47d to 55d, outgoings 45£ d to 76Jd. springs 42|d to 46d, milky 323 d to 43id. lawn 56d to 86Jd, winter fawn IOOd to 114Jd. summer black 34d to 44d, autumn black 48d to 87d, first winter black 88Jd to 99d, second winter black 67d to 71Jd, hare skins 89 Jd to CBd. horsehair 18d to 30J<L TALLOW. D»lgety and Company, Ltd., have received the following cablegram from their lionoo* offlee, dated July 10th:—Tillowi Market lotninally

SANFORD AND CO., LTD. ANNUAL MEETING. [TBS PRESS Special Service.] AUCKLAND, July 11. There was a fair attendance at today's annual meeting of shareholders in Sanford and Co., Ltd. Mr Jagger presided. In moving the adoption of the annual report and balance-sheet for the year ended May 31st, the chairman said the past year's trading had not been so good, largely accounted for by the loss of the trawler Thomas Bryan. This occurred at the beginning of the financial year, and they had to provide for the loss made, namely £2401. The loss did not end there, as they were short of supplies during the winter months, the store-ships not turning out up to expectations. They had now replaced the Thomas Bryan by the trawler Humphrey, and he was pleased to say that in the last two months of the financial year they were able to pick up a good deal of the lost ground, and also since the close of the financial year this increase had still continued. The directors felt sure that the outlook for the coming year wag good. The fertiliser business was progressing satisfactorily, the demand being far in excess of the supply. The report was adopted.

DAIRY PRODUCE.

BETTER MARKETING METHODS NEEDED. (P88r39 ASSOCIATION TELEGRAM.) WELLINGTON, July 11. Mr Dynes Fulton, chairman of Directors of the New Zealand Co-operative Dairy Company, Limited, interviewed to-day, stated that his company had just completed a very successful season. The total output for the year was 39,040 tons of dairy produce. This output exceeded last year's returns by 3702 tons, the increase in butter-fat being 3,339,6051b. Mr Fulton stressed the necessity of a marketing organisation such as was being undertaken under a voluntary system by Amalgamated Dairies in conjunction with Australia, for the increasing outputs from the Southern Hemisphere. "It is obvious," he said, "that to meet the world's competition and to eliminate competition between ourselves some better system of marketing has to be undertaken. The recent Empire dairy merger is a big move in the direction of combined selling and distributing in many other parts of the Empire, and has the unanimous support of my company.

The New Zealand Loan and Mercantile .Agency Co., Ltd., hare received the following cablegram from London, under date July 10th:— Butter —Choicest salted, 170s to 1725. Cheese—White 90s, coloured 925. Markets dull. SHOPS SOLD. Two Armagh street shops have recently been sold, the price paid being up to the values of properties changing hands in recent months in this thorougnf are. When the existing lease expires, the purchaser will rebuild.

GRAMOPHONE BOOM.

IMPOSSIBLE CLAIMS.

Reviewing recent flotations in Britain of gramophone companies, the London "Financial News" says that 16 of these concerns went to the public for capital since the beginning of last year, representing an aggregate nominal capital of £4,500,000. According to the prospectus, estimates of 14 of these companies, the annual output on a full year's working was to be 120,000,000 records, to which should be added the capacity of fie two concerns which gave no estimates. in only one instance, a company, whose profits have actually been in excess of prospectus estimates, has performance been comparable with promise. Other concerns are known to be in difficulties, or to be unable, for one reason or another, to manufacture on anything like the scale which their activities should have reached by now. In the majority of instances the records of the new companies are not yet on market to any considerable extent. The industry is highly competitive, and even if they were in a position to make 120,000,000 odd records a year, it seems extremely doubtful, to say the least, whether there is a large enough public to absorb so considerable an output, in addition to that of the older companies. Comment is also made on the remarkable disparity of profit ratios exhibited in the prospectus estimates. Thus, while one company anticipated a net annual profit of £50,000 on a capital of £300,000. another budgeted for £60,000 on only half that capital, though both these concerns based their calculations on the same annual output, namelv, 5,000,000. A third company estimated" a profit of £57,890 on a capital of £IOO,OOO, this being on the basis of a yearly output of only 750,000 records. AUSTRALIAN MARKETS. (TOI» PK.es S ASSOCIATION—3Y BLXCTBIC TZIJSOKAFB —COPYRIGHT.) (Received July 11th, 8.30 p.m.) SYDNEY, July 11. Wheat quotations are: At country stations, t* 2d per bushel; ex trucks at Sydney, 4s 9d. Flour—(£ll 10s a ton. Pollard—£B a ton. Bran —£1 5s a ton. Potatoes—Tasinaniaa, £lB to £lB a ton; Victorian, £l6. _ . , Onions—Victorian®, Spanish, £±6 % ton. Oats—"White, 4s 9d per bushel. Maize—ss 4d per bushel. ADELAIDE, July 11. Wheat—Growers' lots, 4s 6sd per bushel. Flour—£ll 10s a ton. Bran-r-£7 a ton. Pollard—£7 10s a ton. Oats—Algerian, 3s 3d per bushel.—Australian Press Association. HIDES. (TJKIT3D P&ESS ASSOCIATION—BY ELXCTaiC TEIBGBAfH —COPTRIGHT.) (Received July 11th, 9.80 p.m.) MELBOURNE, July 11. The hides market is irregular, and values are generally Jd to id lower.—Australian Press Association. GERALDINE STOCK SALE. There was only a small entry of sheep at the Geraldine stock sale this week. Cattle were penned in fair numbers, and b Isrge number of pigs realised improved prices. The following sales were made!— Sheep—Pat ewes: Thirty at IP Jd, 5 at 12s 6d, 6 at 17s 3d, 19 at "o- at 15s 4d; 6at 17s Bd, 2at 12SJ n - - s 9d, 11 •t 20s. Wethers: Twep , 30s 9d, 26 at 31s. Lambs: Sixt. js 6d, 6 at 225, 7 at 20s, 88 at 22s 23 at 235, 10 at 265, 78 at 22s 3d,*s* at 235, 1 at 26s sd. Stores: 113 ewes' at 235, 40 w. lambs at 19s 4d, 40 ewe lambs at 23s sd, 59 two, four, six, and eight-tooth ewes at 20s 7d. Dairy cows made up to £ll 10s, porkers to 48s, and weaners to 21s. LONDON WOOL SALES.

Dslgety and Company, Ltd., have received the following cablegram from their London office, dated July 10th:—Wool sales continue, with competition irregular. Withdrawals heavy. Improved selection of merinos offered to-day, bat no improvement on opening rates. The following are the opening dates for London wool sales next year:—January 21st, March 18th, May 13th July Bth, September 15th, tad November

CHRISTCHURCH STOCK EXCHANGE. The turnover on call yesterday, apart from vestibule business, included : —• £SOCO per cent. Inscribed, 1938. £SOOO 4J per cent. Bonds, 1938. £SOO 51 per eeut. Bonds, 1933. 50 Commercial Bank of Australia *2O National Bank of Australasia, £lO paid. 100 Bank of New Zealand. 10 Dalgety and Company. 350 New Zealand Breweries. 50 Tooths Brewery. 400 Beath and Company, Is paid. 250 British Tobacco. 300 Electrolytic Zinc (ordinary, cum dividend). 50 New Zealand Drug Company. 150 Mt. Lye 11. 900 Winding Creek, Is paid.

Business in Government issues extended to 4i per cent., 1938 Stock and Bonds, and the 5h per cent. Bonds, due 1933, with dealings at recent rates. Commercial Bank of Australia preference shares changed hands at £7 10s, market closing £7 10s sellers, £7 8s 6d buyers. National Bank of Australasia fully paid shares realised £l9 14s 6d. Bank of New Zealand shares hardened to 61s 6d, sellers _ staying in at that price, buyers offering 61s 4d. Union Banks were weaker with sellers at £ls 13s 6d, buyers at £ls 10s. New Zealand Insurance shares appeared easier, with sellers at 48s 3d, no buyers. Dalgety and Company shares moved up to £ls ss, buyers and business, sellers at £ls 7s. New Zealand Breweries shares changed hands at 78s on the morning call, and at 78s 3d and 78s Id on the afternoon call, with further buyers at 78s Id, sellers at 78s 2d. Staples Brewery shares appeared weaker on sellers' quotes, «>3s, buyers at 51s. Tooths were taken at 62s 6d, and more were wanted at that price, sellers at 63s 6d. Beath and Company Is paid shares remained at 9s 6d. Electrolytic Zinc ordinary shares had dealings at 36s and 36s 3d. Mt. I<yells jumped to 43s 3d and 43s 2d, market closing 43s buyers, 43s 6d sellers. Winding Creek Is paid shares were firm at 2s Bd. closing quotations 2s 7d buyers, 2s lOd sellers. Victoria Nyanza Sugar shares showed recovery, with buyers at 46s 6d, sellers at 475. Australian Iron and Steel preference buyers moved up to 22s 6d, but sellers wanted 235. Carlton Brewery buyers raised their offers to 49s Id, without attracting sellers. British Tobaccos were firmer, with dealings at 48s Bd, and New Zealand Drug Company .shares were 3d up, at 7os. YESTERDAY'S TRANSACTIONS. Sales on 'Change—National Bank of Australasia (£lO paid), £l9 14s 6d; Bank of JN'ew Zealand, 61b Cd; Dalgety and Co., £lu ss; New Zealand Breweries, 78s (2), 78s Sd (4), 78a Id; Tooths Brewery (cum bonus issue), 62s 6d; Electro. Zinc (ord., cum div.), 36s (2); Mt. Lyell, 43s 3d (2), 43s 2d; Winding Creek (Is paid), 2s 6d (2). Sales Reported—N.Z. Govt. 4£ per cent. Inscribed, 1938, £100; 4} per cent. Bonds, 1938, £IOO, Bj per cent. Bonds, 1933, £lOl 10s; Comm. Bank of Aust. (pref.), £7 10s; Beath and Co., (Ift paid), 9s 6d; Electro. Zino (ord., cum dir.), 3&J 3d; British Tobacco, 48s 6d (2); N.Z Drug Co., 755. (Figures in parentheses after sales indicate number of parcels.)

LATEST QUOTATIONS Buyers. Sellers. £ s. a. £ e. a. N.Z. Government Debentures — 4} per cent. Inscribed, 1938 90 17 6 100 0 0 4j per cent. Boode, 1933 99 17 6 — 5$ per cant. Inscribed, 1932 99 10 0 w 5i per cent. Inscribed, 1941 99 13 s aj per cent. Inscribed, 1933 .. ' 99 10 0 5J per cent. Inscribed, 1933 101 7 6 ■— Si per cent. Inscribed, 1936 101 7 6 — 5J per cent. Bonds, 1936 101 10 0 -— 5J per cent. Bonds, 1932 — 99 15 0 Other Debentures— N.Z. Breweries, Inner. 1 « 9 1 7 0 N.Z. Brevreries, Bonds 1 6 10 1 7 0 Banks — Adelaide .. . < 9 f9 6 10 1 0 Aust. of Commerce .. 1 16 1 1 16 4 Comm. of Aust. 1 9 e 1 9 11 Comm. of Aust. (pref.) 7 8 6 7 10 0 Comm. of Aust. (new, contr.) 0 18 6 0 19 2 Comm. of Sydney 27 4 0 27 12 6 E., S., and A. — 8 10 3 National of Australaeia (£10 paid) 19 14 6 19 16 ft National of Australasia (£5 paid) .. 9 14 0 — New Soutii Walea 51 8 6 51 15 0 New Zealand 3 1 4 3 1 6 Queensland National .. 9 17 6 — Union of Aust. 16 10 0 IS 18 6 Insurance — A.P.A. 0 12 8 _ Mercantile Mutual 1 12 0 — National 0 16 2 0 16 4 New Zealand ., — 2 8 8 Standard 8 5 6 3 7 0 Loan and Agency— Dalgety and Co. 15 5 0 15 7 0 Croldsbrongh, Mort 2 7 6 2 7 9 National Mortgage — 4 10 0 N.Z. and River Plate 1 11 8 — N.Z. Guarantee Corpn. 0 9 3 0 9 f Newton King (pref.) .. 0 11 0 — Shipping— Devonport Ferry — 1 8 0 Huddart-Parker % 6 8 2 6 0 P. and O. Deferred Stook 2 15 0 8 2 0 "Union (pref.) 1 0 10 1 1 3 Frozen Meat— Cantsrbury 6 2 0 S 6 0 N.Z. Refrig. (£1 paid) 0 16 4 0 16 8 N.Z. Refrig. (10s paid) 0 7 s 6 7 7 Woollens — Kaiapoi (I7s paid) 0 13 9 0 14 3 Kaiapoi (7s paid) 0 4 8 0 5 0 Kaiapoi (pref.) 0 15 6 0 17 0 Coal— Pukemiro 3 5 6 ■ Westport 1 12 6 1 14 0 Stockton (ord.) — 0 8 4 Grey Valley .. 1 8 e — Gas — Auckland 1 4 6 — Christchurch 1 7 0 1 7 9 Napier (£5 paid) 0 io e 5 0 Gisborne . • •. e — Breweries — Carlton 2 9 l — New Zealand .• 3 18 i 3 18 2 Staples 2 11 0 2 13 0 Timaru 0 14 6 — Tim&ru (5s paid) 0 8 6 0 8 7 Tooheys — 1 18 0 Tooths (cum bonux issue) 2 2 6 3 3 6 Ward 1 13 3 White Star 0 12 0 0 15 0 Miscellaneous — Australian Distilleries (cum div.) 1 0 10 1 2 0 Australian Iron and Steel (pref.) 1 2 6 1 3 0 Beath and Co. 1 11 7 1 12 0 Beath and Co. (Is pd.) 0 9 3 0 9 6 British Tobacco 2 8 8 2 9 0 Colonial Sugar 57 15 0 57 17 6 Dunlop Rubber 1 7 6 1 S 0 E'ectro. Zinc (ord., crm div.) 1 16 0 1 16 1 Electro. Zinc (pref.) .. 1 16 11 1 17 3 Henry J ones Co-op. 1 14 7 1 15 0 Glenmore Brick and Tile 1 10 0 — Holden'tf Motors 1 7 0 — Howard Soitli 1 2 9 1 3 £ Mfc. Ly e11 2 3 0 2 3 6 N.Z. Drug Co. 3 14 6 — N.Z. Farmers' Co-op. (£2 10a paid) — 1 0 0 jf.Z. Farmers' Co-op. (10s paid) — 0 8 0 2. Farmers' Co-op. (6| per cent. Stock, 1940) — 82 0 0 2. Farmers' Co-op. (6J per cent. Stock, 1933) 90 0 — x z. Farm**' "WmMaam 1 % • X s f