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Press, Volume LXVI, Issue 19888, 27 March 1930, Page 12

YESTERDAY'S SALES. CHRISTCHURCH.

WAIMATE RAM FAIR.

The annual ram lair under the auspices of the Waimato A. and P. Association, was hold yesterday, when there was a large attendance. Tho entry totalled 3-38, aguinst 271 last year, and 414 tho previous year. Following were M)u numDera in tho various classes, those for 1929 being given m parentheses:— Border Leictsters 20 < (1(«), English Leicesters 20 10), l/orriedales 15 lalJ. Bouihdown 14 (7J, Shropshire 6 (.J), unregistered 70 (75). Prices were down on those of last year, but they were higher than was anticipated. The price lor vhe only stud ram oft'ertd was 16gus, while flock rams brought up to lOjgns. The stud ram was sold on account ol Mr H. Ruddenkiau to Mr K Browa (Waihao Downs;. The flock ram lor lOggus was sold to Mr A. Copland, on account ol Mossrs J. and J) 1 , Gluyas. There were a number ol passings, especially in the • unregistered . sections. The majority ol th« Border lieiccßters were sold. Following are the sales:-; — tIUitUKH li£jJ.Ui^yrKKS.

Messrs ifyne, tioujti, Guinness, Ltd. sold— On account ol Mr il. Kudacniciau, 9 one-shear at 62gns; on account Messrs ii. J. and F. Uluyus, 4 one-suear at Vgns, 2 at t>4gnß, 1 at Signs; on account Mr J. Baikie, 4 one(hear at Bgns, 1 at 7£gns, 1 at 7gns, 1 at {Signs, 1 at tigus, 1 at oagns; on account Mr J. xi. Fleming, 1 one-shear at CJgns, lat Signs, 1 at signß, 1 at 4jgns; dn account Mr J. H. Mitcnell, 3 one-suear at 6£gns, 1 at s&gnk, & at 6gns, 1 at 4gns; on account Mr 12. Stokes, 1 one-shear at 7gns, X at 6|gns. The 0.F.C.A., Ltd., sold—On account of Mr J. Baikie, 5 one-shear at 6gns; on account Mr H. Ruddenkiau, 7 one-shear at 7gns, 2 at 7ign«, 1 at Signs; on account Mr J H. Mitchell, 8 one-shear at 6£gns, 1 at bigns, 5 at Signs; on aocount of Mr A. W. Barnett, 3 two-shear at Bigne, 1 at Bgns; on accoont Messrs R. J. and J l . Gluyas, 2 one-shear at 9gns, 2 at Bgns.. 1 at 7ggns, 1 at 72gns, 1 at Signs; on account Mr J. H. Fleming, 2 one-shear at 6]gns, 1 at Sgns; on account Mr T. Nolan, 1 two-shear at 2gua. Messrs Dalgety.'and' Co. soid—On acoount Mr A. W. Barnett,. 1 one-shear at Sgns, 2 at 6|gns; on account Mr 3. H. Fleming, 4 one-shear : at 4ggns, 3 at Sgns, 1 at 7}gns; on account Mr H. Ruddenkiau, 1 one-shear stud ram at 16gns, 5 one-shear flock at 7gna, 5 at ,7)gna.; „on account. Messrs Ri J. and 1 7. .Gluyas,. 3, one-shear at Bgns', X' at 10Sgns; 2 at 7Jgns,' 1 at 6Jgtis; on;accoujnt Mt Ji Balkle. .%■ one-shear. ;at. 'fiJen'si /S .at Sgns. • •,

• ' The .National -Mortgage.,and Agency .Gov Ltd., sola—On accaunt~of'"Mr 3. Baikie, 8 one-shear''at 6Sgns,' : l at 7|gns, lat 7gns; on account-Mr A. \V. Barnett, 3 one-shear at B}gns;< on< account Messrs ; R. J.~ and . I". Gluyas, .1 one-sjiear at. Bggns, 1 at Bignß,' 2 at Sgns, 2 at 7}gns, J' at GJgits; oh account Mr J.' H. Mitchell, "• 5 one-shear at sJgns, 6 at Signs; on account Mr E. Stokes, 2 one-; shear at 7igns, •l «t 7gus. . < ' : The N.iS. Loan and Mercantile Agenoy Co., Ltd., sold—Oh: amount of jMr H., Ruddahr Iclau, 1' one-shear- at' -Bgns, ' 1 at '7lgris; on account Mr 3, Baikie, 2 one-shear -at 7igns, 1 at H. Fleming, 1 one-shear at s?ns, 1 at 4}gns. ENGLISH LEICESTERS. . , : - Messrs Dalgety and Co., Ltd., . sold-r-On account of Mr J. O. Coop, 5 one-shear at Sgns, 3 at' 4Jgns. The N.Z. Loan and Mercantile Agency Co., /Ltd., sold—Oa account of Mr J. O. Coop, 3 one-shear at sgns, 2 at 4igns, 1 at Signs, 2 at 4}gns. CORRIEDALES. The National Mortgage and Agency Co., Ltd., sold—On account of Mr M. L. Elliott, 1 one-shear at Sgns. SOUTHDOWNS. The C.F.C.A., Ltd., sold—On account of Mr 3. H. Hodgen, 8 one-shear at 6&gns. The National Mortgage and 'Agency Co., Ltd., sold—On account of Mr J. McFarlane, 1 one-shear at 4gnß, 1 four-shear at lgn. UNREGISTERED SHEEP. Messrs Pyne, Gould, Guinness, Ltd., sold—' On account of estate late Mr S. J. Bailey, 8 one-shear Southdown cross at Sgns, 1 oneshear Corriedale at }gn, X two-shear English Leicester at Signs. The C.F.C.A., Ltd., sold—On account of Mr R. M. Sharp, 1 four-shear Southdown cross at lgn. Messrs Dalgety and Co., Ltd., sold—On account of Mr A. J. Kelman, 4 two-shear Romneys at 6gns, 1 at 4igcs. The National Mortgage and Agency Co., Ltd., sold—On account of Mr W. Jackson, 2 three-shear Corriedalea at lignß.

A MELBOURNE MERGER.

With a capital of $500,000, a company to be known as Lucullus, Ltd., has been registered in Melbourne to control the' merged interests of the Hotel Australia, Collins street; the Ambassadors Cafe, Swanson street: the interests of the Daisy Pel group of shops; and the 14 Melbourne shops and the Carlton bakehouse of Sargents,* Ltd.- The now company will pay £162,000 for the Hotel Australia, £60,000 for the interests of the Daisy Del cafes, and £160,000 for Sargents's shops and bakehouse, including the freehold of the Swao--Bton street and Elizabeth street premises. An aggregate cash transaction of £282,000 is involved In the merger. All the capital of the company has been privately subscribed in Melbourne, a preference' issue of £50,000 already having been made. WOOLLEN PIECE GOODS CHEAPER. Undoubtedly the reduced price for wool hag had considerable effect in reducing prices abroad for materials made from wool. According to the "Monthly Bulletin" of the British Wool Textile Delegation, Bradford, in December, 1924, the mill price of standard 16oz indigo serge was Us 9d per yard. In July, 1928, it was 8s lid, January, 1929, 8s Id, but by November last was 6s 9d, and in December 6s 7d. The reduction in prices for materials overseas Bhould, • eoonbr or later, considerably stimulate the consumption of the sheep's staple. That view is apparently held by authorities in Great Britain. In a leading article, the "Textile Argus," of Bradford, states: "Lower prices for the manufactured article are expected to follow the fall in wool, and there has been a general holding back with a view of getting the maximum advantage out of it, and so we have one section waiting for another to make a move and everybody is afraid to give a lead. One favourable factor in the outlook is that the low price level, which has now been reached, is bound in the long run to stimulate the demand for wool fabrics of all kinds. The production of synthetic fibres, which have definitely been regarded as wool substitutes, has been checked by the fact that real wool' has become as cheap as the substitute. There is going to be a greater inducement to use wool wherever possible because of its cheapness.

THE WOOL SALES. LONDON QUOTATIONS. (tnOTZS F&ES3 ABSOCUTION—BS BLTCTBIO TELEGRAPH —COPSE.ICMT.) LONDON, March 25. At tho wool sales 9716 bales were offered, including 2600 from New Zealand. About (5300 were sold. There was a large selection of greasy merinos, chiefly Yorkshire style, a, few Gcoureda, and a moderate lot of crossbreda. Prices were maintained, the Home trade taking the bulk of the disposals. PRICES FOR NEW ZEALAND • WOOL. (Received March 26th, 7.25 p.m.) LONDON, March 25. Uew Zealand greasy crossbred made up to ISJd, halfbred Blip© lambs l4d. The National Mortgage and Agency Co. ot N e w Zealand, Ltd., have received the following cablegram under date the 24th inst., from their London office: — The following prices are current: —Merino, super lid to 12Jd, average 9Jd to 10id; fine halfbred, 6uper 56-58 12d to 13d, average lid to Hid; medium halfbred, super 5056 10ld to 11 jd, average 9Jd to 101 d; coarse quarterbred, super 48-50 10Jd to lid average 9d to 9id; fine crossbred, super 46-48 lOd to 10Jd, average 9d to 9Jd; medium crossbred, super 44-46 9id to lOd, average Bid to 9d; coarse crossbred, super 40-44 9Jd to 10d, average BJd to 9d; low crossbreds, super 36-40 9d to 96d, average 7id to 8d; pieces 7d to 81d, bellies 6d to 74d, locks 3Jd to 4Jd. Greasy crossbreds: There is a weakening tendency ! n the.market. Slipe wools generally and scoured wools about unchanged, with good' general competition. As st present arranged the sales will close on April 10th. UPWARD TENDENCY AT SYDNEY (Received March 26th, 9.5 p.m.) SYDNEY, March 26. At the wool sales 8601 bales were offered, and 8378 were sold, also 479 privately. There was a strong general demand, and the market generally showed a distinct upward tendency and closed firm. Greasy merino sold up to 25jd.

FOREIGN EXCHANGES.

SILVER. (BBITISn OFFICIAL ' WIEELBSB.) RUGBY, March 35. Quotations for silver are Spot, 19Jd per ounce. Forward, 19 7-16 d per ounce. CHICAGO WHEAT QUOTATIONS. (Received March 26th, 7 p.m.) NEW YORK, March 26. ; Chicago quotations: Wheat, March 105; May 108}, July 103} cents a bushel. BANK OF AUSTRALASIA. (UJfITJBD PRJ6BS ASSOCIATION— BT' EIiSCTUO •rawsoaAVH- -cop^iwoaT-) LONDON, March 25. •?The ; Bank-of Australasia's nit profit it £677,188. • GOLD. . ' .{■>; , T - i —~ : ■ v- ~ LONDON, March 25. Gold is quoted at 84s lOd a flno ounce. SHARE QUOTATION. LONDON, March 25. • Dalgety and Co.'u shares are quoted at £ll. Debentures £7O. IMPERIAL TOBACCO CO. A HUGE CONCERN. Net pro&t, as mentioned briefly in a previous issue, of £9,967,095 was made by the Imperial Tobacco Co. (of Great Britain and Ireland), Ltd., - for the year ended October 81st, 1929. This sum compares with' £9,599,706 for the previous year, and is the largest appearing in the records of the compaDy. Preference dividends again require £852,209, and the ordinary dividend at 23 per cont., tax free, takes £8,619,594, compared with £7,787,441 .for 1927-28, when 26 per cent, was paid on less capital. In all, dividends amounting to £9,471,808 are being paid on ordinary and preference capital of £50,530,561. Last year the pensions fund, which stood at £3,141,015, was rearranged and a contributory pensions fund was started. The sum of £3,141,015 has disappeared from the liabilities, and on the assets side a reduction of a similar amount is made in Government and other securities. There is a widows" and orphans' fund of £247,168. During 1929 a free 'issue of £7,487,925 was made from the reserve. The directors, of whom Lord Dulverton is chairman, in their report repeat the assurance that the market value of investments in associated companies is largely in excess of the book value. They further say that no credit has been taken for profits earned by subsidiary companies for the period covered by their last audited accounts, except in so far as such profits have been received in the form of dividends and included in profit and loss account. To illustrate the magnitude of the operations of the company, whose assets &t> October 31st last represented £76,544,233, a few- of the leading balance-sheet entries are given be-

ONIONS AND RETALIATION. Onion growers of "Victoria have been agitating for some time for an increase in the duty on New Zealand onions, so as to keep the Australian market for locally grown onions. The Acting-Minister for Markets (Mr Forde), however, has reminded growers that under the tariff preference agreement with New, Zealand the duty on New Zealand onions imported into Australia was £1 a ton and Australian onions imported into New Zealand were similarly admitted at that rate. During the five years ended 1928-29 the exports of Australian onions to New Zealand averaged £9822 yearly, while during the same period the average yearly imoort of New Zealand onions into Australia was £4613. The increased duty was imposed to meet competition on foreign grown onions. If the new duty of £8 a ton was applied to New Zealand onions after the prescribed six months* notice, it was possible that the New Zealand Government might adopt retaliatory action. Mr .Forde added that it was considered inadvisable at present to take steps to apply the increased duty to New Zealand onions.

Sales on 'Change— & 8. d. Australian Bank of Commerce ••• 1 5 4 Natl. Bank of Australasia (£o paid) 7 6 6 Golclsbroufrh, Mort ... 1 12 0 (2) 1 12 1 New Zealand Guarantee Corporation (cum div.) 0 8 8 Kaiapoi Woollen (7s paid) ... 0 8 5 Grey Valley Coal (2) 1 7 0 New Zealand Breweries (cum 4 0 div.) 2 4 1 11 Sales Reported— d. £ 3. E S and A. Bank (lato *' sale 25th) ... 6 11 0 New Zealand Guarantee Corporation 'cum div.) 0 8 4 British Tobacco (cum div.) 2 2 4 Bank of New Zealand O 16 9 AUCKLAND. Sales on 'Change— £ 8. d. Commercial Bank of Australia "«) 1 2 0 National Bank of New Zear0 land (2) 6 11 0 Paigety and Co. ••• 2 6 Hikurangi Coal ( A pref.) 0 4 3 Electrolytic Zinc 1 t Y* Electrolytic Zinc (pref.) ... 1 8 9 Sales Eeported— £ 8. <L Farmers' Trading A preference 0 16 3 Grey Valley 1 7 0 Mount !«yell 1 14 0 Renown (pref., new issue) 0 O 10 WELLINGTON. Sales Eeported — £ d. B Hank of New Zealand (3) ... 2 17 0 N.Z. Govt. 44 per cent., 1939 97 7 6 British Tobacco (Aust.), ord. 2 2 3 Sharland and Co. (pref.) •• X 0 8 Big Beach Mining 0 5 5

(bbitigh official wireless.) RUGBY, March 25. Par. Mch. 20. Mch. 25. Paris, fr. to £1 124.21 124.31 124.25 Brussels, belgas to £1 85 34.685 84.88 Oslo, kr. to £1 18.189 18.17 18.17, Copenhagen, kr. to £1 18.159 18.165 18.16 Stockholm, kr. to £1 18.159 18.905 18.10 Amsterdam, fl. 12.10? 12.125 12.12& Berlin, Reichmarkcr. to £1 .. 20.43 20.385 20.385 Montreal, dol. to fl 4.866 4-86? 4.87 1-16 New York, dol. to £X 4.866 4.8811-82 4.88 81-82 Batavia 12107 12.13 12.12 J Prague, kr. to £1 .. 24.02 164| 164 8-16 kr. to £1 .. or,.99.5 «>5 1?', "3* Milan .. .. 92.46 92.875 92.OT Vienna 34.585 34.125 34.07 i HelBingfow 193.23 193| 198J Madrid 25.225 •88.55 89.00 Lisbon •4.50 106.30 108 80 Athena 875 875 875 Bucharest, lei to £1 813.0 818 818 Bio do Janeiro 16 5 23-32 6 25-32 Buenos Ayrc» .. 47.62 42J 42] Bombay .. .. 18 17 13-16 17 13-16 Shanghai .. ~ Hong-Kong — 241 24 22} 18 23* 18i Yokohama .. ~ 21.58 242 24g

neath: — 1028. 1929. £ £ Liabilities — 42,809,633 Issued capital .. 50,350,861 Creditors A credit 14,628,828 balances 13,393,410 General reserve 11,500,000 4,500,000 Assets — 4,922,664 Properties 4,969,692 Goodwill Bnd 9,422,582 patents 9,422,582 Investments in 3,811,034 al, 855,123 associated comb8,406,275 panies Stocks 30,495,433 29,340,787 Debtors 6,606,771 6,789,806 Government 10,062,441 securities, eto. 13,189,952 Cash . 4,766,561 4,426,579