FINANCE AND COMMERCE.

Press, Volume LXVI, Issue 20084, 13 November 1930, Page 12

FINANCE AND COMMERCE.

MEAT BEARER IN SYDNEY.

.SLAUGHTERMEN'S STRIKE. LORSiY-DRIVEKS INVOLVED. rjrrriD a»Bccivj:3S —at i-ectkio Tr.L.'ZGc.Ai H —COFYP.TGHT.} Received November 12th, 8.30 p.m.) SYDNEY, November 'l2. I"3ii": lorry-drivers at Homebush have • uw declared meat "black." and reni,ve to assist in its distribution to the -üburb-. The immediate eifect of the • iaughtertnen strike is that the price uf meat has risen 3d to lid per pound. , The slaughtermen at the Homebush Oattoir went on strike for a 44-hour 1 r-'k. No .shi>ep or cattle sales were i-.'id yesterday at Flemington. The at Riverstone and Auburn joined ':i the dispute, making HOOO idle. Union i diciais f-tated that the strike may last months, in which event the meat sliortwill become serious. It was officially ?tafed that the Sydney cold storage supply would last oue month.]

SYDNEY WOOL SALES. record price for greasy MERINO. ■.CJfITTD IRESS ASSOCIATION —BY tLECTHIC TELEGRAPH COPYRIGHT.) • Received November 12th, 9.45 p.m.) SYDNEY, November 12. At the wool sales, 10,446 bales were ouered, 10.155 being sold at auction, %nd 1500 disposed of privately. Ail improved selection of fine wools elicited the keenest competition, prices being 5 per cent, above the rates ruling in the last scries.

Greasy merino fleece sold to the record price of "Sid.

AUSTRALIAN GOVERNMENT STOCKS. i'KZTKD 2ilKsz> ASSOCIATION"—i>Y ELECTHXC TKL K G U APH—CO P Y£LI GUT.)

{Received November 12th, 5.5 p.m.)

LONDON, November 11. Commonwealth Government stocks have again hardened. Dealings in 5 per cents ranged from £'Bo to £B3; 6 per cents., £B9 10s to £92. The States' ttocks arc mostlv unchanged.

DECLINE IN EXPORTS.

BRITAIN TO AUSTRALIA

.I'SITED PRESS ASSOCIATION—BY ELECTRIC TELEGRAPH—COPTRIGHT.)

LONDON, November 11

William Graham, answering a question, said that British merchan--1 dise exported to Australia for the quarter emle'i September 30th was v.i/ued at £7,605,000 or £400,000 less than the imports from Australia. The figures tor the corresponding quarter of last year were £15,145,000 or £l,'cJ6,o(]O more than the imports.

DROUGHT EST SOUTH AFRICA FIFTY PER CENT. OF LAMBS DEAD. (VKITED PRESS ASSOCIATION —BT ELECTBIC IHJECBAPH—COPYRIGHT.) CAPE TOWN, November 11. The president of the Free State Wool-Growers' Association states that owing to the drought thd lambing seaton has been disastrous. Fifty per cent, of the lambs are dead, and serious Josses in cattlo have been experienced. It is felt that the Government will be forced to give relief. ENGLISH, SCOTTISH, AND AUSTRALIAN BANK.

ANNUAL MEETING HELD. (vmrao mass association—bt ilectiic TZLEOEArn —COFTXIOHT.) (.Received November 12th, 10 p.m.) LONDON, November 12. At tho annual meeting of the English. Scottish, and Australian ,Bank, Limited, Mr Andrew Williamson, chairman of directors, emphasised that the bank's prosperity was interlinked with Australia's prosperity, therefore the present conditions must adversely affect the earnings of the current year; but lie hoped that by careful administration tbe directors would be able to present a satisfactory report at the next meeting. "* Mr Williamson said that if the resolutions passed at the conference in Australia with Sir Otto Niemeyer were faithfully carried out, and the Budgets balanced, then to-day's acute trouble might yet prove a rich blessing to Australia's future. Following are the bank's profits and allocations for 1930, compared with tho previous year : 1930. 1929. £ £ Net: profit ... 542,736 601,263 To reserve ... 80,000 80,000 To provident fund 10,000 10,000 To cont. account ... 70.000 50.000 Hank premises ... 50,000 50,000 Forward ... 305,477 347,741

A CHINESE MARKET. (T2ESS ASSOCIATION XELEOEAM.) AUCKLAND. November 12. Considerable opositij>n has been expressed by local bodies and individuals to tho leasing by the Auckland Harbour Board of sections for the purpose oE establishing a Chinese market. The Hoard, when granting the application, is said to have been unaware of all the circumstances, but yesterday the Board's solicitors stated that the Supreme Court would grant a decree for specific performance of the lease in favour of the company, and the Board therefore decided to execute a lease. The local bodies' protest has been generally based on opposition to peaceful penetration by Asiatics.

CHEESE QUALITY.

STANDARDISED ARTICLE, j MANUFACTURE TO CONTINUE. (PIIBSS ASSOCIATION TILEGRiU.) WELLINGTON, November 12. Concern at the possibility of a prohibition being placed on standardised < heese was expressed by a large deputation of farmers and factory directors representing the dairying districts of the North Island, which waited upon the Minister for Agriculture, the Hon. A. J. Murdoch, to-day. The deputation was introduced by .Mr \V. L. Martin, member for Raglan, and it was claimed by speakers that no justification existed for banning standardised cheese. A large financial loss to farmers was anticipated to result from any such action being made. The Minister promised that he would not take any action until the whole case had been investigated. Jlr D ync-s Fulton, a member of the Dairy Produce Control Board, congratulated the Minister on the fair and impartial attitude he had adopted in giving each Party a chance to state its case. The factories represented were responsible for an annual production of 4000 tons of cheese or about half the Dominion total. No complaints were received from England for some time after standardised cheese was exported under official permission. It was felt that if the word •'standardised'' were abolished, overseas consumers would not know the difference. The best experts were not able to detect one cheese from the other, as had been proved by actual tests. The prohibition of standardised cheese would mean a serious lose to dairy farmers generally. If Government control were carried out, a satisfactory N basis for the production of standardised cheese would no doubt be brought about. Mr Fulton said if l.cth sides of the case were known he believed three-quarters of the farmers in the country would favour the retention of the standardised product. Pair Trial Wanted. An appeal for a fair trial for standardised cheese was made by Mr J. B. Murdoch, of Hawera, who asked Minister not to take hasty action without a full investigaton. Mr P. J. Small, of Kairanga, said many Boards of Directors had induced factory managers to strive for yield. However, to-day factories were aiming for quality and not yield, and he was confident that there would be a great difference this year. lie was convinced that if the scheme were given a fair trial the position would work out satisfactorily. The Minister: What do you call a fair trial?

Mr Small: At least another 12 months with an investigation of the position in the Old Country on a more stable market.

Mr J. G. Brackon, of Pahiatua, aaid the Dairy Control Board had encroached upon a field which did not concern it. On the one hand, Mr lorns, an amateur and chairman of the Board, was telling farmers what sort of cheese was wanted, and on the other, Mr W. M. Singleton, an expert and director of the Dairy Division, was instructing farmers how to make better standardised cheese.

Mr C. J. Parlane, of the New Zealand Co-operative Dairy Company, estimated that if standardised cheese were abolished the annual loss to the farmers would be about £IOO,OOO. Mr H. B. Lepper, North Taranaki, said his factory handled only about 400 tons of cheese, yet the process of standardisation meant an extra £3714 for distribution to suppliers.

Safeguarding tbe Industry,

Other speakers were Mr A. V. Tait (South Taranati), Mr H. Bond (Manawatu), Mr D. Darrell (Waikato), Mr A. B. Muggridge (Taranaki), Mr W. Beid (Bay of Plenty), and Mr I*. H. Anderson.

Mr Murdoch said the question was really a domestic one affecting farmers and the Dairy Control Board. <The Board had gone to the Government, however, as a last resort, in order to bring abont the consummation of a course which it considered necessary to safeguard the industry. He -would tell the deputation quite frankly that he would not consider standardisation being rejected in the meantime with the object of raising the question in March. He was certain that the issue would be left unsettled Indefinitely. The whole issue seemed to be reduced to that of preserving the good name of the Dominion on overseas markets. If the Dairy Board did its duty it would look after tho country's reputation. It was perfectly clear that this disapproval had been brought about by the fact that eertain factories had supplied an inferior article.

Mr Murdoch said he had enough evidence in his possession to damn a number of factories in the North Island. They had sent out a product they had no right to endeavour to place on the market merely for the purpose of "getting money both ways." The deputation could rest assured that nothing would be dono by the Government until the whole situation had been investigated. . A cablegram had already been sent to the Prime Minister asking him to get into touch with merchants at Home concerning the marketing of standardised cheese. . When he had all the evidence before him he would give a decision, and to the best of his ability it would be made in the interests of tho industry as a whole.

WHEAT FUTURES FALL.

LOW LEVELS IN CANADA.

(united phbbs association —sr electbic TELBGBAFH—COPTBIOHT.) WINNIPEG. November 11. Wheat futures broke four cents in all months except November. The first half-hour saw new low levels recorded all along the list. Shortly after prices sagged still further.

BRITISH MARKET WEAKER.

(UNITED PRESS ASSOCIATION —BT ELECTOIO TELEGBAI'H—COPTEIOHT.) LONDON, November 11. Tho "wheat market is weaker in sympathy with the North and South 'American decline. Cargoes are down 6d, and parcels 3d to Is.

LEYLAND O'BRIEN TIMBER COMPANY.

The directors of the Leyland-O'Brion Timber Company, Ltd., Auckland, report a net profit of £11,588 2b 6d for the year ended September 30th, compared with £11,961 for last year. The balance brought forward from 1927 was £49,043 4s 4d, totalling £60,631 6s lOd. The directors report that "the timber trade is still finding conditions very difficult.'l' They recommend the following appropriation:—Payment of a dividend of Is Bd' per share (free of income tax) 10d' of which was paid in April last, £10,000; to directors' honoraria, £600; and carry for. I .ward, 450,031 6a lot

BUTTER PRICES.

A LOW LEVEL. Quotations of the price of New Zealand salted butter in London at the end of last week as cabled to the Dairy Board and the New Zealand Co-operative Producers' Marketing Association are l(Ms to 1165,. unsaiteu 150s to 1645, a iatl of Us per cwt on this butter on the week. Australian salted is 106s to KOs, and unsalted 126s to 130s. and Argentine is the same price, but for exceptional lines 114s is commanded. Danish "spot" prices are 140s to 1445, a weaker market. It is interesting to compare the average prices of New Zealand and Danish butter in London for years prior to the war with those current to-day, the authority being Weddel:

New Zealand cheese is in rather better case in the comparison; the average price in 1910 was 58s 9d per cwt; Canadian, 60s 6d; and the average price for ten years ended June 30th, 1914, was: New Zealand 61s lid per cwt., Canadian 62s 6d. To-day the prices compare as follows:

Per cwt. Shillings. Now Zealand white .. 73 to 76 New Zealand coloured .. 6® to 71 Canadian white .. 76 to 78 Canadian coloured .. 76 to 78

The Dairy Board advises that the butter market is steady, retail prices for New Zealand standing at Is 4d per pound and for Danish reduced to Is sd. The cheese market is also reported steady, a report confirmed by the Marketing Association and Dalpety and Co. The retail price of New Zealand cheeae is unchanged at lOd to lid a pound. The board is also advised of the markets for Australian, Argentine, Dutch, Siberian, Latvian. Polish, and Esthonian butters. Latvian and Esthonian salted are 6s and 2s respectively above New Zealand. Polish is selling at 90s to 100s per cwt, and Siberian 100s to 101s. Stocks and deliveries of produce for the week- compared with that ended November 7th last year, compare as follows: JTEW ZEALAND BUTTER. 1939. 1939. Deliveries, tons 1050 885 In store, toes .. 4400 4050 The Empire Marketine Board estimates stocks of all butter as at November 645 boxes. CHEESE. K«w. Zealand. Canadian. Crates. Boxes. 1930. 1929. 1930. 1929. Deliveries .. 12.853 12,331 12,316 18,942 Stocks .. 40,605 29,740 248,432 222,770 English farmers' cheese is quoted 100s to 106s per cwt.

LONDON QUOTATIONS

llessrs A. H. Turnbal! and Oa. rapply the following report:—

The following are the London mean quotations for the month: — Oct. 17. Oct. 34. Oct. 81. Nov. 7. Danish butter 151/- 157/- 151/- 142/N.Z. unsalted 147/- 147/- 154/- 152/N.2. salted 115/- 115/- 112/- 111/Market steady slow. slow steady K.Z. cheese, white 75/- 75/« 73/6 74/N.Z. cheese.

coloured 71/6 72/- 71/- 70/Market firm «low quiet steady Estimated shipments from New Zealand to the United Kingdom during November-Decem-ber, 1930, and shipments during NovemberDecember, 1923-29: '

BUTTKB. 1928. 1929. 1930. November .. 6,300 <619 7,420 December .. 7,200 6,720 9,400 In both 1928 and 1929 considerable quantities of batter were shipped to Canada. ' CHEESE. November . 7,800 3,500 8,150 December .. 8,340 8,800 8,290 Grading* and Stocks la Vvw Zetland (in tons). 1928. 1029. 1980. Batter (raded during October ... 9,900 11,171 11,492 Batter graded threo months ending Oct. »l»t . . 18,700 20,200 51,951 Butter in store end October .. 0,200 B,SCO 4,488 Cheese graded during October . . 9,000 8,021 9,826 Cheese graded three months ending Oct. 31st . . 14,150 12,700 15,308 Cheese in store end October . . 4,400 3,850 8,K90 BUTTER. Throughout October the butter market has been weak and depressed, more particularly Colonial. Tbe main cause (or the depression in Colonial butters has been the cheap offering of Australian Kangaroos. The Australians are offering their finest butters for shipment in November-December at as low as 94s o.i.f.e. It is reported that there is difficulty In arranging advances on consignments, which creates the tendency to sell, and Australian importing houses are ready buyers of butter in order to assist them in the transference of their credits to London.

London buyers are also somewhat nervous owing to tbe heavy production In Australia and New Zealand. Consequently there has been little Interest shown in forward business. During the last few days there has been an enquiry on behalf of London buyers at 101 d per lb net f.o.b. ocean steamer. Although lower retail prices have undoubtedly increased the consumption of butter, there is still lack of confidence, and large buyers are only operating as supplies are required. GHEEBD. The market has been steady throughout the month, but Canadians are offering their cheese forward at rather lower figures. There are fairly big stocks of old season*! New Zealand still to be cleared, and as a proportion of this eheese Is not in first-class condition, it is causing a somewhat weaker market.

ADVICE TO INVESTORS.

SACRIFICING STOCKS.

"Do not sacrifice gilt-edged stocks" is the advice a leading Melbourne financial house is giving to all its clients. If gilt-edged investments are to be regarded as unsound there can be no other investment in Australia which is worth discussing." The firm states that it is impossible to disguise the fact that the nature of the financial policy propounded by ' Mr Lang in New South Wales wifl cause many people to expect his success to be followed by a substantial slump in the value of securities, but it points out that in such periods of mental agitation there are not. wanting persons who speculate in public securities who will seise the opportunity of depressing the market to make a profit out of the fears of others. It expresses the view that Mr Lang, despite his boastings. will not be able to free himself from the Loan Council as the controller of Australian borrowing, and that his Government will be just as much pledged against repudiation as any other Government in the country. "An orgy of selling at the present time would be a short-sighted and stupid thing," savs the firm, "unless contrary to our own belief the vote last Saturday is to be taken as a vote in favour of national repudiation . . . The financial interests of the whole community require that at this •noment of emergencv Australians should maintain their in the credit of the country in which they

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS.

Business on call yesterday was chief]v confined to New Zealand Breweries' shares, in which there was more activity than usual. Transactions, exclusive of ,vestibule business, included:— 100 Goldsbrough, Mort. 1250 New Zealand Breweries. 200 Tooths Brewery. 2300 Mahakipawa Goldfields.

Buyers of National Bank of Australasia £5 paid shares raised their bids to £6 Is '-idi sellers at £6 6s 6d. National Bank or New Zealand shares, cum dividend, were stronger, with buyers at £5 13s, no sellers offering. Buyers of Standard Insurance shares raised their bids to 49s lOd, sellers firm at 525. Goldsbrough, Mort« were firmer with business at 22s sd, sellers staying in at that price, buyers at 22s 4d. Buyers of Dalgety and Company shares advanced their offers to £8 9s. sellers at £8 12s 6d. New Zealand Breweries shares were fractionally firmer, with dealings at 465. and there were further sellers at that tigure, buvers at 45s lid. Buyers of Australian Glass shares raised their bids -to 26s 4d, sellers nt 26s lid. Buyers of British Tobacco shares moved up a couple of points to 33s _6d, sellers at 34s 6d. Electrolytic Zinc preference shares were stronger on buyers' offers, 17s Bd, sellers at 18s 3d. Mt Lyells, cum dividend, showed further recovery, buyers offering 19s sd, sellers asking 20s. Neiv Zealand Drug Company shares moved up to 61s, sellers at 60s Mahakipawa Goldfields shares remained unaltered with dealings at

Sijd, buyers stayine in at that figure, sellers at 9d Placer Development shares wero firmer on buyers' offers. 50s, sellers nt 54s

YESTERDAY'S SALES. CHRISTCHURCH. Sales on 'Change—- £ s. A. Goldsbrough, Mort . . 12 5 New Zealand Breweries (8) 2 fi 0 Mahakipawa Gold fields (4) 0 0 8J Sales Reported—.Tooths Brewery ... ... 16 1 New Zealand Breweries (3) 2 6 0 AUCKLAND. Sales on 'Change—- £, s. A. Cambridge Borough, 1932, frj per cent. .. .. 100 10 0 Mt. Eden Borongh, 1964, per cent. .. .. 97 10 0 Commercial Bank ~ 0 17 1 0 17 2 N.Z. Insurance . . 22 6 N.Z. Breweries (2) 2 6 0 Australian Glass . . 17 0 Bycroft .. 112 9 Waihi Mining .. . . 0 13 10 Waihi Grand Junction . . 0 22 WELLINGTON. Sales Reported—- & s. d. Australian Bank of Commerce ... .. O 19 104 1 0 ° £•>. S., and A." Bank ... 512 6 L'nion Bank of Australia 914 0 N.Z. Guarantee Corpora^tion (ord.) ... ... 0 7 3 N.Z. Government 4$ per cent. Stock, 1938 ... 98 17 6 Wellington Harbour Board . 5J per cent., 1940 ... 98 10 0 Chrißtchurch Gas Company 1 e 0

SHAKLAND and CO., LTD.

ANNUAL ACCOUIs

DIVIDEND OF SEVEN PER CENT

The annual report of the director* land and Co.. Ltd., Wellington, states lour directors, in presenting the balancesheet and profit and loss account for th ■ ended August 31st, 1930, reDort tw providing for all bad and doubtful debts'iuU depreciation o£ plant, taking stock at „ i' ki prices, and payment of remains a balance of £10,874 4 a Hh'A w? dealt with, including the sum of 15350 s« aa brought forward from last year'* » ♦ t | propriation is recommended as follows? In payment of dividend, 7 per ~ S d cent, for tho year, interim dividend of "1 per cent., paid May 10th last . . s fl n To carry forward to neat year's account (providing for income tax) .. 5 249 4lx £10,874 4 11 The thanks of the shareholders are due to the general manager and staff for the efficient srev.ee rendered durmg the year in the discharge 01 their general duties In terms of the Articles of' Association the retiring director Is Mr A. E. Mabin, who, being eligible, offers himself for re-election The auditors— Mr James W. Jack! in S i' DS l o ,"' J rr l™ A " and J " GCierson, in H S hPr7tf er the " selv ®» (or re-election, and there are no other nominations.

Acting-Chairman's Statement. Addressing the annual meeting of shareholders, the acting-chairman, Mr J. H. Owen, said:—

la the absence in England of your chairman, it is my privilege to preside over this unnual general meeting, which, in accordance with procedure, is called for the purpose of placing before you the balance-sheet and pro* fit and loss account of the company for the year ending August 31st last. Reviewing the Jig urea in the balance*sheet, the total amount due to our bankers and for open liabilities is less by £15,000 than in the previous year's accounts. On the other side, the credit balance at our bankers fs also £6OOO less, showing a net improvement of £IO,OOO. Stocks have been reduced by nearly £6OOO, and book debts by £SOOO. whilst goodwill, £1952, is a new item appearing in the balance-sheet as a result of a cash payment made to Youngs' Chemical Co. in April last. It has been deemed advisable by your directors to write £IOOO off this figure which has been made possible by the profits earped. In common with all other bouses the company has had to contend with difficult trading conditions and intensity of competition, which have been added to ,by the onerous burden placed on importers by the amendments to the Customs tariff and by the continued rise in exchange. Also the legislature has now seen fit to increase income tax by 10 per cent, and to remove the allowance of 5 per cent, on the capital value of buildings which is inadequately replaced by the allowance on unimproved value, so that the lot of the trader becomes harder year by year. Owing to the amalgamation with Youngs' Chemical Company the accounts show that despite the depressed condition of industry the company has made commerdable progress, whirh I have reason, to believe will be maintained during this aext financial year. In the directors* report you will note that stock is stated to have been taken at "saleable prices." It has been our custom for many years past to use this term in the report, but I think it well to explain that we have always taken stock at cost price or market value, which ever is the lower, and this same practice has been followed in the year just closed.

JOIINSONVILLE STOCK SALE.

[THE PRESS Special Service.] 'WELLINGTON, November 12. At the Johnsonville fat stock sale to-day a medium yarding of cattle and « large yarding of all classes of sheep was offered. The cattle comprised mostly good quality bullocks and a few pens of heavy-weights Prices showed « decline of 10s to 15s per , 48 compared with those of last sale. Woolly wethers sold at a decline of 2* to 3s per head on last week, and shorn wethers were slightly easier. Prices for ewes were down by Is to la 6d per head. Sprinp lambs were yarded in larger numbers than in previous weeks, and found a ready sale.

BURNSIDE MARKET. (mass ASSOCIATION tiLEoajut.) _ DUNEDIN, November 12. There was keen demand for prime quality C k j Burnside sales to-day, and prices showed an advance of 7e 6d per head as compared with last week's rates. The sheep sale was not so buoyant, heavy wethers in" the wool being easier to the extent of 2s 6d per head in the early part of the sale, but firmed by Is per head later. Ewes sold at a reduction of 2s per head, while shorn wethers, which showed a decline in values in earlier sales, firmed to some degree later. There was a very keen sale for fat lambs, and prices advanced is per head. Store cattle met with a fair demand. Pat and store pigs were In short supply, Bn d both classes met with a brisk sale at advanced rates. The yarding of cat cattle comprised 206 head of fair to prime bullocks and a sprinkling of good cows and heifers. The demand for prime quality cattle waß very brisk. Heavy bullocks sold up to £23 medium to £2O, light to £l7; heavy heifers to £l3 ISs, medium to £l2 15s, light £11; heavy cows to £ls 7i, medium to £l2 ss, and light to £9 17s 6d. Choice .light prime bullocks sold on the basis of Gls per 1001b. The sheep entry comprised 2300 head, which included a good number of heavy wethers and ewes. Prime wethers and a few medium to good ewes were included in the entry. There were 450 shorn sheep and about 100 hoggets. Extra prime woolly wethers sold up to 445, ewes to 29s 9d, best shorn wethers to 83g, and shorn ewes 24s 6d. Good hoggets sold up to/31s 3d. Fair to prime quality and a number of indifferent sorts comprised the entry of 105 lambs. Extra heavy lambs sold np to 35s 6d, prime heavy to 31s, mediuln weights to 27s 9d, and light sorts to 24s 6d. The prices realised for prime lambs were equivalent to 10Jd per lb. About 270 store, cattle were offered, ineluding 50 three and four-year-old steers. The balance of the entry consisted of poorlybred cows and young cattle. Medium three-year-old steers gold up to £lO lis, medium 15-year-old to £5 7s 6d, and medium yearling steers to £3 15s. _ The pig entry comprised 40 fats and 38 stores. Fat pigs sold at an advance of 5s per head, and stores were also disposed of a* advanced rates. Prime porkers sold on the basis of 0d and prime baconers of 8d per lb. DUNEDIN. gale on 'Change—■ £■ s. d. Okarito 0 5 6 gale Report«d—Okarito ** »» 8 £ 6

DOMINION FRUIT.

DEVELOPMENT OF MARKBTS.

[fUMfl jJCOdiTIOS T*I^O*AK.I WELLINGTON, November 12. After a Burvey of the markets of Great Britain and Europe, Mr J. kBrown, chairman of the New Zealand Fruit Export Control Board, is firmly convinced that there is a good future for Dominion fruit overseas. Mr Brown, who attended the Freight Conference in England, and also made an investigation of markets, returned from England to-day by the Tamaroa. Mr Brown said he could not make any definite statements until he had met the Board. He was impressed with the necessity for wider marketing on the Continent as well as in England, and in this connexion he was going to put before the Board certain proposals which he hoped, would not only improve the market on the Continent, but also stabilise the English market. New Zealand fruit last season, with the exception of one shipment, arrived in England in excellent condition, and was favourably received on every market. Undoubtedly Now Zealand apples were recognised as the standard for English markets, but the position cauld only be maintained by continually watching for, and accepting, any improvements. At the present time other countries were following just behind New Zealand, and were paying more attention to marketing than the Dominion had done. At the forefront N of the present season a good price was obtained on the English market, but low values ruled from halfway through the season until the end. This was duo to the exceptionally large quantities placed on the English market from all over the world. Australia, for instance, supplied England with about 4,500,000 bushel cases, and, in addition,— there were phenomenal crops of plums and strawberries in England and the Continent. Plums were selling at as low as Is 3d per 201b. "The future," said Mr Brown, "may seem a little doubtful, but with proper marketing methods, and wider distribution and control of various markets, I still think fruit export will be a fine proposition.'' At the Freight Conference, Mr"Brown said he had been successful in obtaining an extension of the present contract for a further three years.

Sstp Zealand. Daman Per cwt. Per cwt. Average. s. d. E. d. 1908-9 .. Ill 9 118 8 1909-10 .. 115 5 132 2 3910-11 .. 109 1 116 8 1911-12 .. 125 8 132 2 1912-13 .. 117 4 127 3 1913 11 .. 116 3 115 2 Xov., 1930 .. 112 0 3 U 0

LATEST QUOTATIONS. Buyers. £ a. d. Sellers. £ s. d. N.Z. Government Debentures— 3J per cent. Bondjs, 1933 .. .. 99 IS 0 64 per cent. Inscribed, 1936, and Bonds, 1938 .. .. 90 0 0 - Banlcs— Aust. of Commerce Comm. of Auet. .. E., S., and A. (cum div.) .. .. National of Australasia. (£5 paid, cum div.) National of N.Z. (cum div.) New South Wale* New Zealand (cum div.) Union of Aust. 0 19 » 0 16 11 5 11 0 6 4 6 6 18 0 31 17 6 2 16 0 9 12 0 1 0 0 17 5 16 * 6 10 0 6 1 0 6 0 Insurance— National (cum dir.) .. New Zealand South British Standard 0 14 5 2 16 2 15 0 2 9 10 0 IS 2 12 0 0 Loan and Agency— Dalgety and Co. (cum div.) Goldsbrough, Mort .. Mercantile Finance Corporation (pref.) N.Z. Guarantee Corpn. United Building Society 8 0 1 2 0 14 0 1 0 15 0 4 9 8 8 12 1 2 0 15 c 5 3 SMpplng— Huddart-Parker (prcf.l P. and 0. Deferred Stock (cum dir.) .. 0 19 2 6 9 0. Frozen Meat— Canterbury (ord.) N.Z. Refrig. (£1 paid) N.Z. Refrig. (10s paid) North Canty, Fieerins 0 8 0 3 S 0 6 0 0 9 0 8 0 1 0 3 C Woollens— Kaiapoi (Ts paid; 0 3 0 0 4 8 Coal— Weetport (cum div.) Stockton (ord.) Stockton (piei.) 1 7 0 0 0 D 8 8 9 1 10 0 1 0 2 0 6 0 Gas— Auckland Christchurch Christchurch (10s paid) Tirnaru .1 8 1 6 1 0 e 0 0 1 4 1 * 0 12 0 3 6 Breweries— Carlton Now Zealand Staples Timaru (oum div.) Tirnaru (5s paid, cram div.) Toohcys Tooths White Star .. • 14 0 2 5 11 - 1 18 6 0 6 0 0 16 10 1 4 10 0 6 0 1 "a 2 & 0 13 0 17 1 s 0 13 0 0 9 11 1 0 Miscellaneous— Allied Motors Australian Distillery Australian Glass (cum div.) Amalgamated Wirelees (contr.) Australian Iron and Steel (pref.) Beath and Co. Beath and Co. (la pd.) British Tobacco Electro. Zinc (pref.) .. Henry Jones Co-op. (cum div.) Evans Atlas Flour Mt. Li yell (cum div.) N.Z. Drug Co. N.Z. Farmers' Co-op. (1st pref.) N.Z. Farmers' Co-op. (6£ per cent. Stock, 1940) N.Z. Farmers' Co- on. (84 per cent. Stock, 1945) Quill, Morris North Canty. Co-op. Flour ~United Pictures Wilson's Cement (cum div.) 0 9 1 6 0 11 0 4 1.13 0 17 1 3 1 8 n 19 3 1 TS 0 74 0 0 f 0 11 0 12 1 19 s 4 0 11 6 8 0 0 s 0 0 0 9 0 0 0 116 i e ii lie 0 14 0 1 5 11 0 5 3 1 14 6 0 18 3 10 0 8 5 0 3 15 0 79 ft 0 0 14 9 Mining— Mahakipawa Stoney Creek (6d paid) Winding Creek (1« pd.) Winding Creek (9d pd.) Cornish Point (1b paid) King Solomon Placer Development .. North Broken Hill o e 0 0 0 0 2 10 8* 2* 74 0 0 0 9 o o 04 0 0 6 0 0 34 0 10 0 0 10 2 34 0 2 0 0

Balance-sheet CAPITAL AND LIABILITIES. Capital— ~ * d Authorised and subscribed 125,000 0 o 37,500 preference shares of £1 each, fully paid 37,500 0 0 87,500 ordinary shares of £1 each, fully paid 87,500 0 0 125,000 0 0 Mortgages 23,000 0 0 Amount owing to bank, open liabilities, bills payable, etc. 88,800 10 5 Reserve for doubtful debts 600 0 0 Reserve 12,000 0 0 Balance, profit and lose 10,874 4 11 £209,774 15 4 Contingent liability 5,800 0 0 ASSETS. Stock in hand 100,257 2 8 Book debts 54,809 18 6 Plant and fixtures . . 7,876 4 7 Freehold proportion 43,210 2 10 Cash at bank 57 8 10 Bills receivable on hand 2,611 6 11 Goodwill Y.C. Co. £1952 lis, less written off £1000 952 11 0 £209,774 15 4 Profit and Xioss Account. To salaries, interest, " discounts, taxes, travelling and general expenses 45,027 3 0 Bad debtB 1,075 3 8 Doubtful debt reserve .. 600 0 0 Depreciation 522 2 1> Goodwill Y 0. Co. written off 1,000 0 0 Interim dividend . . 3,125 0 0 Balance 10,874 4 11 £62,223 13 10 By balance at August 31it, 1929 10,975 8 4 Less dividend paid November 7th, 1029 5,625 0 0 5,350 8 4 Gross profits for year ended August 31st, 1930 56,873 5 6 £62,223 13 10 Auyuct 31st, 1930— By balance £10,874 4 11

SHARE QUOTATIONS. (TXXTZD PRESS ASSOCIATION —8* BLECTBIO TZLVOBAPH—COFTBIOBT.) (Heceived November 12th, 5.S p.m.) LONDON," November 11, Following are current share quotations ia London:— * 1 8. Bank of Australisia .. 9 18 a. 9 Bank of New South Wales .. 08 10 0 Union Bank of Aust. .. .. 8 18 0 National Bank of N.Z. .. .. 6 18 9 Bank of New Zealand, 4 per cents. 05 0 0 Bank of New Zealand, shares .. 2 13 9 Loan and Mercantile, 4 per cents. .. .. 63 10 0 N.Z. Loan and Mercantile, vtfi. •few®® ». « » • a