FINANCE AND COMMERCE.

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

FINANCE AND COMMERCE.

AUSTRALIAN TRADE TREATY. OPPOSITION IN CANADA. COMPLETE ABROGATION URGED. <BNIIED PRESS ASSOCIATION— BY ELECTRIC TELE GRAPH —COPYRIGHT.) (Received March 26th, 7 p.m.) OTTAWA, March 25. The complete abrogation of the Australian trade treaty was urged in the House of Commons by Mr Robert Gardiner, leader of the United Farmers of Alberta, in an amendment to a Government motion to resolve the House into a Committee of Supply. Earlier in the session, the Conservatives had introduced an amendment calling for the rescinding of the Order-in-Council making the treaty applicable to New Zealand. Mr Gardiner's amendment was based on a resolution condemning the treaty, which was passed at the recent convention of the United Farmers of Alberta. He argued that agriculture was being used to secure markets for the manufacturing industry and he objected to any Canadian industry being used for the benefit of any other. He declared that Australian treaty discrimination, when the convention was applied to New Zealand, resulted in a great inflow of butter with a consequent depression of prices in Canada. The ouly reason why Australian butter did not enter Canada in great volume was because the dumping clause applied. REVISION OF TREATY SUGGESTED.

(Received March 26th, 10.15 p.m.) OTTAWA, March 26. Mr Stevens (Conservative) moved a sub-amendment asking the House to declare "that the operation of the existing Australian treaty indicates that the fullest development of the trade between Canada and Australia has not been achieved by either country and the Government should endeavour, as soon as possible, to secure a revision of the treaty to the mutual benefit of both countries." FARMERS' SALEYARDS, LIMITED. ANNUAL MEETING. The twenty-fifth annual meeting of the Farmers' Saleyards, Ltd., wan held yesterday, Mr W. Witte presiding. The annual report was as follows: — •The directors submit their twenty-fifth annual report to the shareholders for the year ended December 31st, 1929. The> profit for the year amounted ,to £.380 17s Bd, which the directors recommend be carried forward. .During the year the swn of £9OO was paid off the mortgage, reducing the same, to £I4OO. The directors retiring by rotation are Messrs H. E. Peryman and E. B. Webb, who are eligible and , who offer themselves for re-election. The retiring auditor . is • Mr Arn&iid McKellar, ■sy'ho offers Biroaplf lor , reelection." ' ■ , The chairman Inoved the adoption of the report' and/balance-sheet. • Mr F. Cusack seconded, "the motion. Replying to a shareholder, , the chairman said that no depreciation had been written off, J>ut the. matter would re- ■ eeive consideration from the directors. To another shareholder he said that the directors -would take into consideration the question of holding the annual meeting at 2 p.m. on the last Wednesday in March.' The report and Balance-sheet were adopted. • - .. The retiring directors, Messrs H. E. i Peryman and E. E. Webb; were reelected. Mr Arnaud McKellar was reappointed auditor. \ THE) WHEAT POOL. . SOUTHERN MEETINGS: Meetings of members _of the "Wheatgrowers* " Association will be, held m North Otago and South. Canterbury ;ta>-inori i ow arid- Saturday to discuss matters with officers of the Pool. The meetings'.will be open to all growers. The dates are as follow tomorrow afternoon: Saturday afternoon; Temuka, Saturday night. , : MUTUAL LIFE AND CITIZENS* ASSURANCE. : According to the report of the Mutual Life; and Citizens' Assurance Co., Ltd., for 1929, the company attained new high figures in several respects. New business in the ordinary branch was 11,283. policies for £4,526,696. of which £224,055 was reassured. Though ' the number of policies was 1290 lower than | for the previous year, the amount shows an: increase of £188,986, and represents a record; " for the company. Premium income at, £1,225,634 increased by £52,118. Income from; interest and rents was £766,921, against; £767,562 a year earlier. The total income l in the branch was £1,'997,015, compared with; £1,941,473 in 1928. Claims under policies,! with bonus additions, appear at £343,973, endowments and endowment assurances matured, with bonus additions, at £601,799; sur-. render of policies, together wtih bonuses, at £171,948; 7 and bonuses in cash at £52,970.' Ketexpenses were £157,101, an increase! of £12,475 The effective rate of interest earned; "was £5 16s 4d .per cent.; after the deduction of taxation it was'£s 9a 34 per cent., compared with £5 14s per cent, in 1928. Taxation, which is deducted from interest; receipts,' increased 'argely, being £48,644, against £15,-! 811 in 1928. Of the department profits of £624,210 to be divided, £523,544 js credited asbonuses to policy-holders, and the balance is paid as bonuses to shareholders. Funds increased by £498,229 to £14,499,631. Policies: .numbering 133,692, assuring £35,862;219, Were ,in force at December 31st.

In the industrial branch premium, income amonOted. to £615,079, ' compared witli £594,076 in 1928. , Interest, less taxation,! £11,506, was £171,036,' and total income £786,542. against £774,992 in the', previous . year.-. Claims come to £79,127, endowment! . assurances .to £252,639, 'and surrenders'' to £lB2lO. . Net expenses at £211,587 increased: by £6702: " In the ordinary branch total assets are' £14,996,511, including Government securities £6,159,005. Assets in the indnstrisl branch * total £3,328,504. of which Government securities' acconnt for £2,886,587.' Of assets of. in the general branch, GovernKent: securities constitute £883,725.. The assets total of the aggregate balance-' ■heeHt stands at £19,363,198, of which' £9,929.317 comprises Government securities. Together securities and local government (securities account for 83.55 per cent, of the total. BREWERY PROFITS. For the . twelve months ■ ended February 88th the South Australian Brewing Company, Ltd.,. sho.ws a net profit of £60,944, compared with £62,761 for 1928-29. Dividend is maintained at 10 per cent, for the year, £IO,OOO is written off: plant, rolling, Stock, etc.' Paid-up capital Is unchanged at £500,000. Sundry creditors : and provision lor ' taxation appear at £167,999, against £150,178 a year ago, and' insurance reserve is £12,647. Assets aggregate £733,582, and Include freehold and properties, machinery,plant,' etc., £376,866; stocks in hand, £26,365; sundry debtors, £46,749, against £48,769; secured' and other advances, £2.58,M 4, against £209,575; and cash, £24,530.

THE DIAMOND INDUSTRY. AN AGREEMENT REACHED. (UHITED PRESS' DISSOCIATION —BT ELECT3IC TELEGRAPH—COPYRIGHT.) CAPE TOWN, March 25. A conference between the Control Board and the diamond producers reached an agreement fixing the quotas allotted to the Government, the mines, and alluvial diggers, with respect to the carats of gems to be offered for sale. The Minister of Mines (Mr A. P. J. Fourie), in a Budget speech, said the decision greatly relieved Kimberley and other centres dependent on the diamond mines, where retrenchment was proceeding. The largest cutting factory 'n Cape Town had given all its employees a month's notice. Cutters from Antwerp fear they will be boycotted on their return home because they disregarded the union's warning not to touch diamond cutting in a foreign country. THE COMMONWEALTH BANK. EXTENSION OF FUNCTIONS. (UNITED PRESS ASSOCIATION —BT ELECTRIC TELEGRAPH—COPYRIGHT.) (Received March 26th, 7.55 p.m.) MELBOURNE. Marc.h 26. Important extensions of the functions of the Commonwealth Bank are being made to increase the volume of credit for the primary industries. All the available resources of the bank are to be utilised for advances to State and other banks to enable farmers and other producers to be adequately financed ovei" the coming season. This policv was decided upon to lead the wav to the recovery of national prosperity. « AUSTRALIA AND ITALY.

(UVITE9 PRESS ASSOCIATION —BY BLICTSIO TK.EGBAPH—COPTJIIGHT.) ; . LONDON, March 35. A message from Canberra, intimating that the Commonwealth Government is considering an Italian trade treaty granting Italian goods an intermediate tariff is unfavourably commented on by British manufacturers, who maintainthat foreign tariff ameliorations automatically lessen British preferences. GOLD-MINING INDUSTRY. (TJRTTEO PRESS ASSOCIATION —BT ELECTRIC TZLSGRAPH —COPYRIGHT.) SYDNEY, March 26. Five hundred men employed at Captain's Flat goldfield are affected by the company's decision to close the mines this week-end, continuing only with a section of underground development pending an arrangement being made with the Government for the construction of a branch railway to Bunendoie. Transport at present costs £9OOO to £IO,OOO weekly. JOHNSON VILLE STOCK SALE... [THJJ PJUBOB Special Sertice.] WELLINGTON, March 36. ' A large yarding .of all classee of stock came .forward 'at. JohnsonviJle , to-day. "j-—® cattle comprised mostly bullocks, the quality of wljioh was exceptionally good.' T"®. ° 3 "' r "' ket as compared with late rates was decidedly eaeier,' ; fieavy > bullocks -showing * decline; of 15s .to 20a per head. The • Bheep.; yarded,, were of 'avcirago quality 'and .a good sale. *«-: suited; at pjioea . showing; a deoline on last week's rates of Is, for withers and Is 6d for owes. , Lambs yarded _,iij- larger numbers- than 'of' late, and .met with ft. keen; demand at prices above; export , parity. Extra, heavy bullocks locks to £ls ;;10sj others to «14 15s, vealers £2 to £4.45, heavy' welbere ;35b 3d to 28«j othersto 24s 6d. ewes 14« 9d/to 16s 6d, lambs 15s 6d;lto 2.3s BdV TEMUKA STQCK SALE. The fat sheep pans we(re' well filled at the Temuka ■ live stock sale •on Tuesday, and' the entry of, stores was the -largest this season. Good fats were in strong demand, but the sale of inferior sorts draggtu, consequently prices eased somewhat. The bulk of the stores comprised travelled sheep, and the demand was practically confined to local two-tooths. Prime beef sold well, but the price of inferior quality dropped about 20s a head. The, following sales were made Pat Sheep—rLambss 37 at 80s 4d, 87 at 23s lOd, 6 at 23s lOd, 22 at 19s Bd, 22 at 20s, 28 at 13s 3d, 82 at 20s 2d, 62 at 19s, 10 at 23s Id, 13 at 20s, 18 at Sis 2d, 14 at 21s 7d, 14 at 21s 3d, 50 at 23s 6d. Fat ewes: 23 at 14s 6d,i12 at 16s, 7 at 16s, 7 at 25s 3d, 1 at 18s 6d, 8 at 14s lOd, 4 at 10s, 60 at 4s Id, 77 at 4s Id, 40 at Bs, 20 at Bs, 23 at 10s Bd, 6 at 14s, 28 at 17s, 6 at Ids Bd, 26 at 10s Id, 46 at lis, 8 at 15s, 21 si 15s lid, 10 at 15s 3d, 32 at 13s lOd, 19 at 13s 10d, 21 at 13s lOd, 17 at 13b, 3 at 12s 6d, 19 at 12s 3d, 20 at 13s Sd, 23 at 14s Id, 28 at 12s 3d, 24 at 13s, 5 at 16s 6d. Wethers: 25 at 19s fid, 9 at 235, 9 at 23s 6d, 60 at 24s Gd, 26 at 235, 4 at 23s 6d. Stores—ll two-tooth ewes at 245, 40 at 275, 27 at 24s 9d, 79 at 295, 107 at 295, 100 at 28s 9d, 43 at 28s 6d, 42 at 27s 3d, 11 at 24s 6d Six and eight-tooth ewes: 154 at 17s Id, 40 at 16s 9d. Gull ewes: 36 at 4s 2d. . Rams —2 Shropshire at 10s 6d, 4 E.L. at 31s 6d, 1 B.L. at 425, 1 B.li. at 21s, 2 B.L. at £5 ss, 1 B.L. at £4' 4s,- aged rams at 10s 6d, four-shear rams at li to llgns, oneshear B.L. rams from 4 to 4Jgns. Cattle—Fat cows: £8 7s, £9 7s 6d, £6 7s 6d, £6 17s 6d, £0 15, £7 7s 6d, £7 17a, £lO 10s, £8 10s, £9 17s, £9 2s 6d, £9 1.7s 6d, £8 15s, £8 2s 6d, £7 2s 6d, £7, £lO 2s 6d, 2 at £lO, 2 at £9 2s 6d, 5 at £6 6s. Heifers: £7 sb, £9 7s 6d, £ll. £9 2s 6d, £5 3s each. Steers: £l4 7s, £l3 10s, £l2 15s, £9, £8 15s, and £l2 10s each, 2 at £l3 12s 6d, 1 at; £10; 1 bull at £lO 10s Dairy cows: Springers £5 15s, £8 17s 6d, £6 17s fid, £8 15s, and £lO 7s 6d each; heifer £3 2s 6d. BURNSIDE MARKET. ... (PBXSS ASSOCIATIOK TStiKOBAK.) DUNBDIN, March 26. Prices generally were firm at late rates at the Bnmside stock sales to-day. The supply of most classes of stock was good* ana quality was for the most part very fair. • The fat sheep pennings totalled 1890 head, comprising very largely pwes of varied quality, the proportion of wethera being very small. The best ewes came from Wai* V#W and realised an average of 24s per head for the whole track, and an outstanding line of wethers from Fortrose made up to 84s per head* The best 9f the other wethers made from 26s to 28s, or about 4Jd per lb. Ewe mutton varied from 3id to Zd per lb. Values were ,- on' a par with those ruling at last week's sale. The quality of the fat lamb entry was better than has. been the, case for' some weeks past, but this fact did not have any Appreciable effect as a price-raiser. Values were unchanged from last treek* The best sorts made as much as 27s per head, but freezing lines were-worth from 23g to 24s v or from 7Ji to 8H per* lb . The fat cattle yarding consisted of 178 head of mixed quality lines* There wad a particular shortage of anything really prime and heavy. , The sale opened very dull, and it was generally expected that there would be "a drop, but after a very erratic sale it was found that values for the most part were not changed to any degree. The store cattle entry included Bome good lines, one in particular from the Hunter Valley' bringing from £0 to per head, and another line ol 20 head from a Stirling grazier reached £l2. Young stock with any hint of quality and breeding found ready sale at payable prices. The pig entry comprised 93 fats and 56 stores. There was no change in values, porkers being worth yp to 9Jd per lb and baconera up to did.