FINANCE AND COMMERCE.

Press, Volume LXVIII, Issue 20729, 14 December 1932, Page 12

FINANCE AND COMMERCE.

A SATISFACTORY YEAK. CANTERBURY FROZEN MEAT COMPANY, LTD. CHAIRMAN'S ADDRESS TO SHAREHOLDERS. fee anr.uuJ general meeting ol the Canterbury Frozen Meat and Dairy Produce Export Company, Limited, was beld at. the office of the company yesterday afternoon. All -the directors -Me«r.s .li'lui Beans (chairman). Herbert Elworthy, John Grigg, Norton Francis, and Gordon Fulton—were pre--enr. also th" general manager and secretary (Mr ].». .1. Shea'/ and about 20 shareholders. The chairman moved the adoption of tho annual report, which read as follows: ■ "The directors have pleasure in presenting to the shareholders the balancesheet aud profit and loss statement for the year ended November 30th last. "Tlie net profit for the year is £13,734 -"'S 7d, which, with the amount brought forward from last year, makes the amount, at credit of profit and loss account ri-1.t'70 Ss o'd. Out of this fur-"-ber addition has been made to the Kenewals Reserve Fund, and after such apportionment, there remains a sum of £]2,'J7e> 8s fid." The directors propose that this surplus should be dealt 'with as follows: £ .-. il. To payment, of a dividen i of 6 per cent, on the preference shares . o,ouv 0 0 To payment of a dividend of 5 per cent, on the ordinary shares . . 0,0-o 0 0 To carry forward . . 1,35] S t5 £12.970 8 d Chairman's Address. The chairman's address read as follows: "The result of the year's working will, it is hoped, bo considered satisfactory, despite the fact that a slightly reduced dividend on the ordinary shares is recommended. The year lias not been an easy one for those engaged in tho meat trade, and it has only been by the exercise of the greatest care and economy in working, and some good fortune in the sale ol part of our produ<|ts, that it has been possible to show a profit. The innumerable difficulties in running freezing works and the business of an exporter of meat, wool, skins, tallow, and other products must be experienced to be believed. With this Company they are possibly less than is usually met with, throughout new Zealand, on account of the loyalty ot so largo a number of our shareholders and supporters over a very long period. "All assets have been taken into the balance-sheet on a conservative basis, rund our works and plant .have been maintained in good running order. Wo are in a position to deal with ail the stock our friends can send to us for treatment. Our works and plant have been written down, and a sum sufficient to keep them in good order has been provided. Our resources generally are in a more liquid form than has been tho case for some years, a position which. I think, you will agree witfl roe, is desirable in theso times of stress. "Shareholders may wonder why in riew of the recent legislation authorising the reduction of dividends on preference shares by 20 per cent, to a minimum rate of 5 per cent, per annum vour Board is recommending payment "at the rate of 6 per cent. The reason is that as the Company's year ends on November 30th, no deduction is legally possible this year. His Visit to England. 4, ' As most of you probably know, A have just returned from a short visit. to London, where most of my time was spent in making the acquaintance of many of our friends in the meat, wool, and other trades in which we are interested—men whose names have been household words with us for many years. It was a great pleasure to me to meet them, aud I believe the personal contacts formed during my short stay there will be of much value to the companv in the future. "I am satisfied that the policy of the Company when disposing of its meat and other products in England is in the best interests of its clients who entrust their consignments to us, and also of onr shareholders. Our brands are well-known as a guarantee of quality and of good workmanship, and constitute a most valuable asset which must be jealously guarded. "I was able, through the courtesy of the owners, to inspect thoroughly one of the most up-to-date topmaking plants in Bradford; also a modern and well-run spinning factory. These plants showed tho care and skill necessary to turn out yarn of even and good quality. I also spent a most interesting afternoon at the Wool Research Station at Torridon, where problems of all sorts in connexion with the wool industry, from the breeding of the sheep to the production of the finished goods, are carefully investigated. Much valuable work has been done there, a great deal of which has already led to practical results; and this should broaden tho use of some grades of our slipe wool. "Another centre where interesting and valuable work is being done is at the low temperature, research station at Cambridge University. Problems connected with refrigeration are investigated there, and some very interesting results ar. being obtained. The authorities there are closely in touch with any new processes for the preservation of loodstuff,, and believe thev are on the eve or discoveries which 'will be of great use later on, though thev are not a. present m a sufficiently advanced raeat trade of New Zealand. Those in charge of these stations, and als? levoral others, were most courteous and painstaking in showing me methods, and explaining the results of tueir investigations. Necessity for Improved Quality Lambs. "My visit to London confirmed the opinion, expressed more or less forcibly at our annual meetings for the past few years, that in order to maintain the reputation built up for Canterbury lamb in the past wemust pay far more attention to the breeding of our lambs for .export.; The. consensus' of Sniithfield opinion was undoubtedly that the quality of lamb from Canterbury had definitely gone back in the past few vears. T examined lambs- of various brands on the market, and came to the conclusion that apart altogether from the question of condition, we were not breeding the right carcase for the re-

quirements of ihe trade, 'there a.re far too many badly-shaped and poorlycovered carcases being exported, and I suggest to tho farmers of Canterbury that to maintain the high reputation of the province they must breed a better class of lamb —one that will restore the brand "Prime Canterbury" to its time-honoured description ot "the best lamb in the world." We are not breeding such high-class lambs as we did 20 years ago. "The number of lambs consigned to London on owners' account ior tho past season shows a great increase. This was no doubt due to the_ rise in prices for a short period during the 1931 season, when owners consigning I to London received better prices than '■ those shipping early or selling 'ovor- ; all at the works.' Unfortunately ior ; the bulk of the shippers this year there • was a disastrous fall in prices when \ their consignments reached the London market, and instead of benefiting bv shipping as was the case in 1931 the returns have been disappointing. "From what one could gather in Loudon there were three main causes tor the low prices for meat this season:"1. Reduced purchasing power in. England. "2. Increased shipments. In .1913 the total number of lambs imported into England from Australia, South America, and New Zealand was five and a halt million, in 1931 sixteen and three-quarter million, and in 1932 approximately eighteen million. "o. Weak selling, not only by a multiplicity of shippers which" is dangerous enough in itself: but also by largo importers. Value of the. C.F.M.C. Brand. ! "As has been said before this Company welcomes consignments for London' on behalf "1 : growers when the latter are of opinion that tho market may improve as the season progresses. On the other baud, we cannot emphasise too strongly the necessity for orderlv marketing. A multiplicity of shippers of New Zealand meat, and particularly of Canterbury meat, is the surest method to force down prices on a glutted market, and 1 urge growers to give most careful consideration to this aspect of their trade. Tho decision made last year to confine theuse of our C.F.M.C. brand to those who entrusted us with the realisation of their meat has been amply justified by results. I think it is safe to say that lambs sold under our C.F.M.C. Mark realised a substantial premium on the London market. "We have again to thank our Canterbury farmers" for their loyal support which, as 1 have already mentioned, is not only greatly appreciated but realised to be the greatest asset of tho Company. "Our killings this year show a slight increase, which one feels justified iu attributing to the satisfaction of our [ numerous clients with the handling of I their produce. We are a farmers' company, concerned only in the products of this province of Canterbury, and any success we achieve immediately reacts on our local farming community. Your Board therefore has no hesitation in urging the well-wishers of the Company not only to support it with their own "killings," but to induce their friends to assist in the carrying on of one of their important local institutions in the successful, independent manner ■which has been of such value to the province in tho past half-century. Lower Freezing Charges. "We are pleased to bo able to advise that in Canterbury, owing to reductions in wages and other costs, it has been possible to bring down the freezing charges by one-tenth of a penny per lb, and it is* neeossary to point out that this concession amounts approximately to twice the reduction provided by the [freezing Companies' amended wages and conditions. We Tecognise, however, that our interests and those of the farmer are identical, and hope that the policy of reducing costs to the producers will help them in these hard times, and also result in increased support from them. "It is a matter for regret that owing to the unfavourable weather conditions the stock entered last season for the district lamb competitions instituted by the Meat Producers' Board wore not of a high enough standard in Canterbury to allow of their being shipped. The competition was, however, an interesting one from the breeders' point of view. We were very pleased to welcome so many of the leading producers at our Works, and to be able to show them how the various types of lambs entered for competition compared when alive and dressed for export. Thanks are due to our staff for the excellent arrangements mado for carrying out this function, and I hope that if it is continued we shall have the pleasure of again welcoming a large gathering of breeders and others interested. Belfast Works Jubilee Year. "As you know, tris Company attained the jubilee of its foundation last year, and we had hoped to celebrate this, but felt that tho financial situation did not warrant the expendiI tnre of the company's funds in any such way. However, it will be fifty years in January next since tho opening of the Belfast works, and if conditions aro favourable it may be possible to arrange a function of some sort then or at some later date to mark the occasion. "Since I last had the pleasure of addressing you world conditions have not materially improved, though many events have taken place which wo all hope will tend towards a revival of prosperity. "Whilst perhaps not so serious as with many in the North Island, the position of the Canterbury sheep-farmer to-day cannot continue indefinitely. Parliament has realised that some relief to the farming industry is necessary and it is anticipated that legislation to that end will be introduced for the consideration of members early in the New Year. Some means to raise the price level and at the same time further to reduce the farmers' production costs are imperative if this country is to carry on successfully. The Exchange Problem. "Although the proposal for a higher exchange to be arranged by the banks was considered unworkable, if the Government consider the financial situation warrants their accepting the responsibility of fixing an increased exchange on London then the policy adopted in Australia last year can be followed. This might necessitate the Government taking over from the New Zealand Associated Banks any excess London cash balances and paying the latter in New Zealand plus the increased exchange for all moneys taken over in London. Under some scheme of this sort, provided a guarantee is given that any fall in exchange rates would be gradual and subject to reasonable notice, then the farmer would benefit by an increased exchange. This arrangement would have to continue until tho gap between selling prices and the costs of production is narrowed. Something of this sort, with a determined effort to reduce still further the farmers'costs, which is too great a subject to be discussed here to-day, would iu my opinion help to solve our difficulties. Ottawa Conference and the Old Country. "The wonderful response to the efforts of Great Britain to reduce her huge interest bill shows what the people of the Old Country can do when convinced of the necessity for effort and sacrifice. One can only hope t"a± other nations will rise to the oo-

easion and take a broad view of what is necessary to restore confidence and I stimulate the trade of the world. I I firmly believe the results or' the Ottawa J Conference will help us in the long run, ! but we must recognise that the prosI perity of Great Britain is the essential preliminary to our own recovery. From my recent personal experience I can assure yon that the '.Buy British' sentiment is very strong in the Old Country, and we must do all we can to help them and at tho same time ourselves by buying British yuotk when available. I have rather wandered from the business for which this meeting was called, but feel very stronirly that nothing I can say which would stimulate in the slightest the prosperity of the Mother Country should be leit unsaid. Invaluable Work of the Staff. .. '•J cannot conclude without paying a tribute to our staff, both ollice anu works, during the year. Jt is largely due to their efforts that we have been able to show such a favourable result, and our thanks are due to them all for their untiring efforts on the company's behalf." Mr Herbert El worthy seconded the motion, and endorsed the chairman's remarks in respect of the work of the management and the stuff. In times like the present, he said, it was pleasing to come out en the right side of the roar's working, and if it had not been" for tho ability of the manager and the loyalty of the staff, this would not have been possible. Some questions wero asked and answered by th<> chairman. Various Tributes Paid. Air J. U- Benton congratulated the management and the staff on the bal-ance-sheet, and on the year's working, other shareholders endorsing his remarks, and also complimenting the chairma.j on his able address. ! Messrs Elworthy and Grigg were i'e- : elected to the directorate. On the motion of Mr Benton, seconded bv Mr Jl. Francis, Messrs Stew:ut. Beckett, and Co., were re-elected auditors. Returning thanks. Mr J. Mav.son Stewart said there was not tho slightest doubt but that the Company had otic of the finest staffs in New Zealand. lb was an achievement to have the bal-ance-sheet ready on the day after tho books were closed. It must bo gratifying for shareholders to get their copies "of the balance-sheet so promptly. Mr IT. IT. Louglman said the Company must bo congratulated on the efficiency of its staff and its directors. He proposed a vote of thanks to Hie directors, whose services, hesnid, had been conspicuously successful in tho face of unprecedented difficulties. due to the state of the world's markets. _ i Mr V. Morrison seconded the motion, and endorsed Mr Loughnan's remarks. Mr W. G. Jamieson moved a vote of thanks to the staff. He thought the vote of thanks to tho directors had been well earned, and he thought the staff also well deserve! a tribute. Mr J. Tait seconded tho . motion, wlii"h was carried. Mr Deans returned thanks on behalf of the directors. He s:»id the freezing business was not an < v one: it had its difficulties and its ops and downs, I which could not bo anticipated. | [Extended report published by nrrangcI ment.] j WOOL SALE. | TO-DAY'S AUCTION. A large number rvf pastoralists arc in the City to attend the wool sale today. Particularly keen interest is being shown in the sale, as so far in New Zealand this season there has been little on which to form an idea of probable values. However, tho healthy market for halfbred at the English sales supports the belief that there will he a widespread buying elemont, and consequently better prices than the trend at recent sales indicated as probable. Tho sale will commence at 2 o'clock. A progress report of the wool sale will be broadcasted from Station 3ZC at 5.30 p.m. to-day by Mr 0. Hohlsworth, wool auctioneer. To-morrow, at 32 noon, Mr Holdsworth will give from 3ZC a full analysis of the sale. LONDON SALES. FIRM RATES MAINTAINED. CUKIT>:» Ptt-ESS ASSOCIATION- —BV ELECTBIO TELEGRAPH— COPYIXKIET.) LONDON, December V2. At the wool sales 7041 bales were offered, including 2967 from New Zealand, and about 5680 were sold. There was brisk Home and Continental competition at firm rates. New Zealand greasy crossbred, London Hill, made 9*d top, 84d average; slipe halfbred lamb, Fairfield, 12id, lljd. The Bradford market showed slightly more activity in. fine tops. Pyne, Gould, Guinness, Ltd., report having received the following message from their London brokers, dated December 12th :- The sales, which close to-morrow, are of firm tone. Compared with the October series, we quote halfbreds (50's58's) as id dearer, whilst three-quarter-*brods and crossbreds (40's-50's) are Jd to Jd cheaper. There is good demand from both Home and foreign buyers. Prices for individual qualities we quote as follows: — » d. d. 50-s(>'s 10} Hi 48-50's 6J -7 J 46-48's oS G§ 44-46's 51' 6j | 40-44's 4i 5i Prices for hogget wools: medium ! hogget are lid dearer, coarse hogget Id | dearer. SYDNEY SALES. STRONG COMPETITION. (UXI'JJSD PiIESH ASSOCIATION —31 ELtC'I'iUC TELE CiBAPH—COPYRIGHT.) (Received December 13th, 9.50 p.m.) SYDNEY, December 13. At the wool sales, 11,948 bales were j offered, 11,338 were sold, and 1314 were ' disposed of privately. There was strong competition, especially from Japan and the Continent. Tho market was very firm. Greasy ! merino made 163 d per lb. TINWALD STOCK SALE. Prices at the sale held at tUo Tiuwr.ld yurds yesterday showed a riso of about Is Cd per head on those of the previous sale. There' was a smaller yarding than that penned last week. All the ewes and wethers were shorn. _ Tho top price for the tovmer was 9s, obtained for a single sheep which was sold on account or Mr W. At. Ansto.v, of Lowclifl'e. A pen of eleven sold on behalf of Mr Howell (Lagmhor) brought 8s lOd. Light to medium ewes Eold from -1s lOd to 7s 4d, hea\y up to 9s. Shorn wethers brought up to 12s Id, Mr R. D Robinson (Tinwaldi securing this price for a pen of three. Prices ranged from 7s' 6d to 12s Id. Fat lambs sold up to 14s Id, this figure being obtained by Mr J. M. Oakley (Willowby) with a pen of two. Prices ranged from 8b 7d to 14s Id.

CHRISTCHURCH STOCK EXCHANGE.

YESTEUDA Y»S TRANSACTIONS. ALarkoua were dull on cull yesterday, and prices of several stocks showed a furUier weakening. Dealings were restricted to a Vow stocks in which there was a moderate turnover. Sew Zealand Government, 5J- per cent, issues, duo YJ'67, showed a haruenmf-, tendency, with buyers at £9B. 'lran suctions, exclusive of vestibule bus] ness were: 500 Bank of Mew Zealand. Goltlsbrough. Mort. 1100 New Zealand Ilefrigerat-iujc (Ms paid). 100 Wellington Gas. 300 Golden Sands. 1000 Mahalnpuwa. '250 Nokoniai. 100 Okarito. Commercial Bank oi Australia, siiares were easier, with sellers at 13s wl. buyers at 13s 4d. Sellers of National of Australasia, £o paid, reduced thenlimits to £5 ss, buyers at -I. 18s. National Bank of New Zealand shares, cum dividend, were easier, with sellers at £3 7s Gd, buyers at £3 5s Gil. Bank of New Zealand shares changed hands at prices ranging from 4.1s •■■*- to 41s, market closing 40s 9d buyers, 41s 3d sellers. Sellers of Union .Bank of Australia shores came down to £«, buyers at £0 ss. Miscellaneous. Goldsbrouy,h, Moils remained unaltered with dealings at 20s 6d anclosed lirmer, with buyers at 20s od, sellers at 21s. Nimv Zealand her fvigeratiiiii, 10s paid shares, were iirui, with dealings at 3s 2d and 3s lu, buyers staying in at tho lower price, sellers at 3s 'id. Chr.stchurch b.as shares were easier, with sellers at &>> lOd, buyers at '23s Gd. Wellington Gas realised 295. Colonial Sugars declined to C 45 15s sellers, £44 as buyers. Mount Lvells, cum dividend, eased to 18s lOd sellers. 18s 7d buyers. Golden Sands wore weaker wi business at-2s, market closing Is 1W buvers 2s 3d sellers. Sellers of Alexander 'Mines, partly paid, cum dividend came down to 21s. buyers at -0b Holder. Dawn were easier with sellers at 4s 9d. buyers at 4s 6(1. Malinkinawas showed an easing tendency, with business at 3d. closing quotations *U on either side. changed hands at 5s lid and <3s. bnvors stavirnr i„ at the higher price sellers at Gs Id. Okaritos were /rnetmnallv weaker at Bs. market closing 'id on cither side. LATEST QUOTATIONS. I'iuyei'fi. Sellers. £ a. <J. £ »■ d. N.Z. Government Debentures—■ln pit cent. iv.rcn'ued, 3 jaM .. 83 0 0 63 10 » 11, )>«r cunt. Bonds, 193S and I'JSJ .. OH 0 0 4-i iKsr cent. Bonds, Alt .. •■ 92 0 0 61 nor cent. Inscribed, 1933 ■■ •• ' 99 0 0 5} per cent. Inscribed, 103J .. . .- - 97 W 0 s>i per cent. Inscribed, ' 193;'. .. .. 100 0 0 5$ per cent. Bonds, JW« .. .. 100 2 6 5i per cent. Inscribed, Fob., 1937 .. 87 10 0 Hit ver cent. Bande, Feb., 1937 v » 0 « u?> -\<ct cent. Inscribed, Sept., 19:17 .. » 0 0 88 10 » ah per cent. Bonds, Sept., 1»37 .. D 8 0 0 96 16 0 Banks— Coram, of Aunt. ft IB * 0 18 C Comm. of Au»t. (pref.) 7 0 0 7 4, 0 Coram, of Byduey .. 13 0 0 U 0 0 National of" Australasia. (£lO paid) ■• 10 0 0 11 5 0 National of Australasia (£o -paid) .. . ■ 4 18 0 5 J 0 'National of N.Z. (cum div.) .. .. 3 S 6 •"» 7 0 New South Vales 25 10 0 2C 1« 0 Kov Zealand .. .. '.» 0 9 8 1 " Union of Aunt. .- (5 5 0 7 0 0 Insurance — National .. • • 0 14 3 South British .. 2 J2 fi 2 14 0 Standard • •• - - C Loan and Agency— Dalfc-ety and Co. « ' *• 7 0 0 (Soldsbrouidi, Mort .. JO 8 1 1 " United Building Society - 0 15 0 Shipping— P. and O. 'Deferred Stock 0 15 0 Frozen Meat— N.Z. Kef rig. (AM Baidi 0 9 9 0 10 G N.Z. Kefrig. <JOs paid) 0 3 1 0 3 2 Woollens — Kaiapoi (17s paid) .. 0 1 t Kaiapoi (prcf.) .. •-- 0 6 9 Coal— Westport ~ 0 10 0 Stockton (ord.'i .. 0 0 5 0 0 10 Gas— Christohurch • .. I 8 6 I 4 10 Christchurch (10a paid) 0 10 0 0 11 6 Wellington 19 0 1 10 0 Breweries— Carlton I 9 0 1 10 G New Zealand (cam div.) 16 6 1 6 2 Tooths .. ..190 Miscellaneous— Australian Glass -■■ 1 16 9 British Tobacco (cum div.) .. .. 1. 7 6 1 9 G Colonial Sugar • • 44 5 0 45 15 0 Electro. Zinc (ord.) .. 0 15 0 Electro. Zinc (pref.) ... Henrv Jones Co-op. .. 1 11 0 1 13 0 Kauri Timber .. 0 9 0 0 11 0 Moturoa Oil .. -- 0 5 0 Mount Lyell (cum div.) 0 18 7 0 18 10 N.Z. Farmers' Co-op. m per cent. Stock. 1940) .. .. N.Z. Farmers' Co-op. (4J per cent. Stock, 1939) .. .. - 10 10 0 N.Z. Farmers' Co-op. (4i per cent. Stock, 1945) .. .. *3 0 0 N.Z. Farmers' Fertiliser 0 IS 0 o 15 0 N.Z. Paper Mills .. 0 19 9 Taranaki Oil .. 0 10 0 2 9 Weeks, Ltd 5 I'2 C C 13 0 Whitcombe and Toihljm '.3 12 0 "Woolworths (N.Z.), prof. 1. 8 0 I 11 0 Mining— Big Eiver .. 0 0 10& 0 1 0 Blackwater (cum div.) 1 in 115 Consolidated (cum div.) 0 8 9 0 9 9 Gillespie's Beaoli . ■ 0 0 '2 0 0 '£ prem. prem. Golden Sands 0 1 10 0 2 3 Alexander (confr., cam div.) .. .. 10 0 3 10 Cornish Point , ■ .. 0 0 ij Golden Pawn .. 0 4 6 0 4 9 Golden Point- .. 0 0 2?.- 0 0 " King Solomon .. 0 2 2" 0 2 6 Mahakipawa .. . . 0 0 21 0 0 ">h Mahakipawa (prof.) .. 0 0 '!■' Nokomai .". .. 0 6 0 0 6 l" Paddv's Point .. 0 4 7! 0 5 3 2,'™".*° , ■ V . • ■ " 7 10 0 8 2 Wailii Grand Junction 0 3 4 0 S 10 "Waitahu .. .. 0 0 7?; 0 0 9 prem. prem. YESTERDAY'S SALES. CHRISTCHURCH. Sales on 'Change—- £ s. d. Bunk of New Zealand 2 10 Gojdsbrougli. Mort C 3) 10 6 New Zealand Refrigerating (10s paid) ... (2) r> 3 '2 0 3' Golden Sands 0 2 0 Wellington Gas ... .[] ] \) 0 Mnlirildpava ... 0 0 3 Nokoniai ... (1 o 11 '3) 0 6 0 Okarito ... 0 8 0 Sales ReportedBank of New Zealand .. •> 1 H y 1 0 2 1 3

AUCKLAND. Sales on 'Change—a is. d. 5f per cent. Stock, ISJ37 ... o 0 AucKland Gas, Qi per cent., 1935 ... ..: 98 0 0 National Bank of New Zealand (2) 3 5 0 Bank of Nerr Zealand ... % l ?* New Zealand Insurance ■ 2 10 Auckland Gas (eon.) ... 010 3 Golden Dawn ... ... t)4b 0 4 y Waihi ... ... 018 « WELLINGTON. jj. s. a. Sales Reported—i\ per cent. Stock, 1936 ... '>2 lo 0 iij per cent. Sept.. 1937 ... 9B 0 0 r>i per rent. Bonds, Feb., 1937 ... ... 98 0 0 DUNEDIN. Sales on 'Change—- .<; ;. d. Nokoniai .. .. 0 0 0 0 G 1 Kav,-arau .. n 0 6 Mount David . . ('J; l) 3 G Sales ReportedBank of! New Zealand .. - I 0 CkarU-o- . - . . . • 0 S 2 Nokoniai. . . .. 0 <5 0 Paddy's Point . . . . '' •"> •'■ SYDNEY. On tiwi Sydney Stock Exchange yesterday investors showed little inclination to enter into fresh commitments and much of the business transacted was of a clearing-up character. Morning Sales — .■C .-?. d. Commonwealth Bonds--4 per cent., 1938 ... 103 0 0 4 per cent., 1941 ... 101 2 6 4 per cent., 1944 ... 101 15 0 4 per cent., 1955 ... 103 2 6 4 per cent., 1957 ... 101 12 6 4 per cent., 1959 ... 102 0 0 New Zealand Debentures, oj per cent., 1937 ... 105 0 O National Bank ... ... H 15 0 Bank of New South Waies 30 12 0 Australian Glass ... 2 3 3 Broken Hill Proprietary ... 1 5 10i Closing SalesBank of New South Waies 30 J2 G National Bank (£lO paid) .11 15 0 Australian Gas (A) ... Gl9 0 Australian Gas (B) ... CI!) (i Dunlop Perdriau ... 016 3 Goldsbrough, Mort ... 1 4 3 Millaquin Sugar ... ... 17 6 Australian Glass ... ... 2 3 3 British Tobacco ... .. 1 13 0 British Tobacco (prof.) ... 17 8 Tooth's Brewerj ... ... 111 6 Mount Lvell 117,} Broken Hill Ptv. ... 15 7$ South Broken Hill 2 5 9 MELBOURNE. £ s. d. National Bank (£lO paid) 11 38 0 Commercial Bank of Aust. ' 0 15 9 Metropolitan Gas . 11 17 0 Dunlop Pcrdriou ... 016 G South Broken Hill ... 2 fi 0 P. AND O. STOCK. (rmrMD ?t«;<3B association—*t smsctjhc % TBtSOSAPH—COPYTHGHT.) (Recerred December 13th, 7.30 p.m.) LONDON, December 12P. and O. deferred stock is quoted as follows: — s. d. December 10th ... ... 14 4J December 12th ... ... 1* 31 PRICE OP GOLD. (Received December 13th, 5.5 p.m.} LONDON, December 12. Gold (per fine onnco) is quoted as follows: — £ s. d. December 12th ..662 December 10th . . <"> 6 8 Decembor £>th ..67 11 December Bth . . 6 6 S PRICE OF SILVER. IBKITTSH OFTICIAI. WIHELJESS.) (Received December 13th, 5.5 p.m.") RUGBY, December 12. Silver (pence per ounce) is quoted: Dec. 10. Dec. 12. Spot .. 17 9-16 17* Forward .. 17f 1< 9-K» FOREIGN EXCHANGES. (B&ITISH OFSICIAI -WIRELESS.) Received December 18th, 5.S p.m.) RUGBY, December 12. Par. Dec. 10. Dec. 12. Paris, JEr. 10 £1 .. 124.21 63 5-16 83i New York, dol. to dt'l 4.86(5 3.a5i 8-26 Montreal, do! to HI 4.866 3.78 i 3.78J Brussels, l-olgastofl 35 M.474 23.45 a Geneva, fr. to £1 .. 35.2215 16.SW 16.95 h Amsterdam, fl. to £1 12.107 8.09 i B.loi Milan, lire to £1 .. 93.43 635 6311-16 Berlin, reiclimarlten to £1 .. •• 20.43 13.67J 13 21-30 Stockholm, kr. to £1 16.15 a 15.82& 18.304 Copenhagen, kr. to £1 18.159 19 9-32 19.28J Oslo, kr. to £1 .. 18.159 19.40 18.37 i Prague, kr. to £1 .. 164.26 109S 110J Warsaw, par zlotya to £1 .. .. 43.36 Vienna, schgs. to £1 34.565 27i 2/-1 (nom.) (nom.) Helsingfors, marks to £1 .. .. 193.28 228 228 Madrid, pesetas to £1 .. .. 23.2215 39 15-16 40 Athens, dracli to £1 375 595 393 Lisbon, escudos to £1 .. .. 110 IWA- < o7 ij Bucharest, lei to £1 81S.G _ 530 ( 567J Belgrade, dinars .. 25.2215 Rio de Janeiro, pence to milreis .. Z. 592 oh 5i (1101 a.) (nom.) Buenos Aires, ponce to dol. .. .. 47.577 nom. nom. Montevideo, pence to dol. '.. ..51. 30 30 (nom.) (nom.) Bataria, guilder .. J2.K7 ' BomTjay, pence to ruoeo .. ..18 18 3-16 18 1-16 ShanflrKai, pence to tael .. .. * 20 15-16 '2l Honsr Kong, penes to dol * 16 1-16 16 Yokohama, pence to yen .. .. 34.50, 15 5-1 C ta3 * Determined by price of silver. HIGH COMMISSIONER'S REPORT. The of Agriculture has received the following message, dated December lOtl), from the High Commissioner for New Zealand, London:— TALLOW. Auction will ho held on December 11th. Market quiet but steady at about last quotations. lIKjIP.' Maui!" —Market quiet but steady. Small business has been done at last rates quoted. Sisal —Market steady and fair business has been done at last rates quoted. New Zealand—-Small business has been jono early this week at last rate 3 quoted. Buyers' requirements satisfied and market Mused quiet. ttGG.B. Market steady, with firmer tendency. .t-OR-luh national pack, 16s to 225; Bnglish, ordinary pack, 16s to 17e; Danish. 13a 0d to 18s 6d; Australian, 141b to 171b, per long hundred, lis 3d to 13s; New Zealand sold loib to 171b per long hundred, 12s fid to 1-3 li 6d.

WHEAT TRADING.

J CARGOES, PARCELS, AND FUTURES. (usiirn I'Jtsss association—sr elecikio TELEGRAPH—COPYRIGHT.) (Received December 13th, 7,30 p.mr) LONDON, December 12. Wheat cargoes are dull and slightly easier. Thero is a poor request for parcels. Manitobas, occasionally dearer; Australians, unchanged; La Platas, steady. Futures are quoted:— Dec. 10. Dee. 12. s. d. a. d. London (per quarter)— December . . 23 0j 22 9 February .. 23 4* 22 3 April .. 23 Si ■ 22 2 Liverpool (per cental) — March .. 4 llf 4 31JMay .. 5 0J 5 0* WHEAT FROM SYDNEY. SHIPMENT FOR DOMINION. (O-n'MJ MESS ASSOCIATION -B\ ELECTaIC TELEGRAPH—COPYBIGHT.; SYDNEY, December 13. The first full cargo of wheat from Sydney to New Zealand for a number of years is being loaded on the Kairanga, which will sail for Auckland tomorrow. The shipment totals 4200 tons. I EGG SALE. JNlessro Harris Bros., Ltd., report thai the usual -weekly sale of "Feather Brand" guaranteed new-laid eggs -was held yesterday afternoou. The prices realised we're:—Hen eggs, first grade (2oz or over), lid; hon eggs, second grado (under 2oz), lOd. 6 POULTRY MARKET. i 6-. 11. Bradford, Ltd.. report that, iarge yardings of poultry came forward for their markets. Thero ivas a distinct shortage of really high-class table chicken and good goslings. The following prices were realised:—Tahle chicken, light, i)s to 7s, heavies 7s to lis 6d; hens, light, 2s to Ss 9d. heavies 8s 9d to 5s 6d; ducks, old Is Od to 4s. ducklings 5s to 7b, goslings 5s Gd to 9s 6'd, geese 4s to 5s 6d. All at per pair. Eggs—First grado and duck lOd, seconds 9d. _ 6

THE CUT MARKET.

H. C. Smith, reports the following sales at the Farmers' Saleyarda last two weekly auctions:—Bay gelding £2 6s, bay gelding £5, bay mara £4 ss, bay gelding £6 15e, bay mare £6 12s 6d, bay gelding £3 15s, bay gelding £7, bay mare £ll ss, brown gelding JES, grev maro £7, aged and light horsee to £■2, Jersey heifer £6 15s, box cart £2 15a, grass-mower £6, dray £2, eet harnesa £2 15s, set harrows £3 10s, gig £3, cultivator £3 las, grass-mower £2 30a, gig £5 15s, chaff 3s 6d bag, oats 10s to 13s, wheat 15* to 17s. Private sale 3 include the following: Plough £6 Its, set harrows £4, giass-mower £9, hay rake £6, grass-mower £B, R.T. gig £7, tank £3 7s 6d, Planet hoe £2 10e, set harness £3, hay rake £lO. —6 PROPERTY SALE. Ford and Hadfleld, Ltd., .report barine sold on behalf of Mr John i'leminp his property situated Hanson's road, Bieearton. The property comprises very fine modern house together -with 50 acres of land, and Is one of the oldest and best-known properties in and around Christchurch. —6

WgffiM PRODUCE LETTER. I BRITAIN'S MEAT 1 CONTROVERSY. ggfBIGEBATIGVS PROSPECTS. % Oi T B Smcial Cobebbponbekt.) LONDON, November 10. The world's cables have been bo JUt occupied -with the plans that t British Government lias been so ' ILwiß.lv making to revise the proSoning of their national larder m tho L«eats of home industry, that the ZLrt is apt to tire th« ordinary &r But in order to gam a birds--T ieiv of the present situation, it j>e of interest to condense in a .-J? wo rds arrangements as they at pre"'Et stead and, to cite a few important ■' *B«aeTStions that escape public at- * feiiSflH. It i» true that the wholesale '.'ggttm&Tket has quickly responded to 4: jit attainment of a firm prospect of ic'mthitted meat import.. South 'ltWiea hj" a S reed t0 send us , "1 per •IIST tees mutton and lamb, and 10 per ; 1S less chilled beef in the coming 'WEStop * nd P osßiblv 20 P er cent- lcss Tjf]£j| if found necessary. The DoPfi&nu are also understood to have f'iSreed to a voluntary reduction of 10 fIM i n their mutton and lamb con- •?'£■»*■■ Bacon and ham, which form k Jfcmortant essential of the national *™> i 4 ia bo P ed ' immediately to 'J"»Sjw P er wnt * in their rate of im * 4si|arta*iaß. This -will mean that perhaps pounds of imported meat •Iqgirfa be available for the citizens i'm-QuMi Britain each week, and it is .ySift tender that Smithfield Market's ' i 'liiiiVitllln prices have immediately re|;»«arf inta » "se of from dto 2d f ! '«r lb in consequence. 111? ■#?,'• Home Farmer's Aims. [fNF-Sto achievement of the above ; Arrangements must be held to i'f'llra einkt and important step, and when '■' ijt fe supplemented by a doubled import h V-iix, namely of 40 per cent., on Irish . fifw fctete cattle entering Britain on *#► boo?, and the consent of the prinpork and bacon exporting eounof Europe to curtail their supplies •WUitry, it is hard to see how i; ; fttr-mefcing the effect of the gigantic fjNJtttß* of msrket-rigging may prove to Jt is to be noted in passing -JLat ,r ffs&y coinplieations are likely to arise '* la more than one section of the over- > ten trade, in consequence of the ' i| i&eme, Fox instance, it is stated that the Argentine Government itself will ♦eradicate as to allocations between the l i»reral exporting frigorifico companies, and it ma? well be that in retaliation ' for the restriction, that the Government >"H*jr resolve t« take a much larger pan ■is the export business itself. Further. ' r it has yet to be decided as to how the \~ - various South. American Governments '1 trill fix the export share among themselves. "That, however, concerns the more distant parties. Sot at home Govftasentaj trraßfsment has precipitated *mm fwenrf cSaos. Now that a ~' &>et& aekem» i$ formulated, we have lists of the home farmer tiis oppressed member of ly will not be benefited estriction arranged. Such ampion as Lord Beaverdamning the quota, and Tor a lax on foreign meat, irs, it would seem that the have to pay. But there les. The forty thousand s of Great Britain who last, been accredited with sering, are now admitted ©sition of having to raise m the rise in wholesale lome farmer, on the other )t agree, and in various and there has been a eak of what is known as mer sale of meat off the tice as likely to survive any other move devoid of At the back of all the cross-currents of feeling this great rveolutionary national food industry, rowing conviction on the s generally that the hand meat is really directed toitiation of another and a of Government control il meat trade. Already it the Ministry of Agrieulmulated a , complicated 3 control of meat markett the country by the regue cattle markets, the crealised slaughtering depots sntres, and the elimina>us traditional channels of I meat marketing as beaer and retailer. A quota btedly brings the country learer the successful reais object, planned by far- * in certain departments Jr. If this were for the J trade and the country t would probably be reess suspicion than at in many quarters. But it it the "fear existing in that the gradual progress realisation of this new e scheme coincides with ing advent of the next ie of national government. s ait present going, there any issues converging for the cast-iron plan into es of Great Britain. It is t will largely depend upon tending the present regutional quota whether those mind the further Statereferred to, will find their ichievement. iLS MARKET. December 13th, 5.5 p.m.) LONDON, December 12^

MINING, OKARITO G.M. CO. ANNUAL MEETING. The fourth annual meeting of shareholders in the Okarito Five Mile Beach Gold Dredging Company was held on Minday night at Dunedin, Mr J. E. Wheeler (ehairman of directors) presiding. In moving the adoption of the annual report and balance-sheet the chairman said that at the time of the i&st 'annual meeting they had been working for about five months, and the dredge was then working north along the lagoon side of the beach, and goou returns, up to about 1340z a week, were being obtained. The last return of the year was a record one of 183oz. Continuing on this cut trouble was met with in a peat bench. Buried timber was also the cause of delay. It was then decided to narrow the face and cut oui the peat, and this narrowed the return face. The directors were not satisfied at this time with the efficiency of the dredge, which was handling only CO yards in the time in which it should handle 75 yards. Mr F. \V. Payne was asked for an opinion, and he recommended alterations to the float line, Hie elevator, and the hydraulic pump, in May returns were down to about 40oz a week, and it was decided to turn the dredge south and work down the sea side of the beach. It was then decided to commence making alterations to the dredge, and Mr E. Lee was appointed supervising engineer to oversee the work. On the cut south hard ground and heavy stones were encountered, and while about 80 per cent, of the material had been gold-carrying on the other side of the beach, here only about 20 per cent .could be put over the tables. The alterations to the dredge were carried on, and were found to be vrey successful. In about five weeks the dredge would be back at the point where it had turned, and it was confidently hoped that better returns would then be obtained. The motion was seconded by Mr J. M. Stewart, who said that he was confident that the returns would improve going south, and they could look for an improvement in the near future. In rcplv to a shareholder, who asked how the results obtained compared with the values shown by the test bores, the chairman said that in the past six months no bo.es had been encountered, and if the proposed route of the dredge were followed none would be met with for about 18 months. It was reported that £6 15s an ounce had been obtained for the last shipment of gold. x TUr J M. Stewart, the retiring director, was re-elected, and Mr B. H. Nees was appointed. .... it A shareholder enquired if it would not pay to bore the portion of the claim •which it was proposed to work. The chairman said that the question had been considered, but no decision had been reached as yet. He explained what expense would be necessary. Another shareholder expressed the opinion that it would be better to go to the expense of boring rather than to gamble on what was ahead of the dr K g was agreed that the matter should have further consideration by the directors. _. MATAKI GOLD DREDGING. 4 progress report by directors of the Mataki (Murchison) Gold Dredging Co. states that the dredge is ike y to be launched this month,- and diedgina operations will commence m March. Two boxes put down for tes£ ing purposes on the company's area gave encouraging results. WAIHI COMPANY. The following information has been cabled to London by the Waihi Gold Mining Co. as additional to the cable of December Bth: "No 3 leveL Maxtoa lode, crosscut to north at UGft west, at 90ft in the crosscut has intersected a mixture of quartz and country u*-' wide, assaying £2 9s 3d per ton. j SOUTHLAND SUMMER SHOW. CHAMPIONSHIP AWARDS. (mass msocutjok tilbosmc.) INVERCABGILL, December 13. The* Southland Summer Show opened to-day in excellent weather with a magnificent display of stock, cattle, Td sheep. Championships *ere awarded as follows: SHEEP. osssre /^s Border Leicester-Ram, XT.*££ nedy (Otautau); ewe, R. J- Anderson (Kauana). . s j^_ woXfTiSr^^^lfyand and ewe, H. * *£© and ewe, A. S and ewe. O. Sutton ( °£s2d-B.m and ewe. 8. T. Evan6 ' CATTLE. jer-wy-Bull, N. Moore (Tapanvu); Co w DM. A.' Cameron (^nda^. Ayrshire-Bull and cow. R. S. Weir (S S?— W J. Dickie and °\li i lkln g a) ' Shorthorn-Bull, David Murpliv and Sons (Kenmngton); cow, John Bateman (Invercargill). Red Poll-Bull and cow, G. bYoung (West Plains). RANGIORA MARKET. There waS a small yarding at the Xtangioro , I J»*r ß rday and the sale was a dull """""About 350 "heep were forward one. About -ou *» * fl 13 medium u»bf £*£"£Sftit «•• ••« to 9B Pt.. were r> - Z were- Baconers £2 os 6d to 42 lis &"£*"» =B 6d to 4! 9. 6d. stores 14. t0 'We wo*, an offering of 17 held* Heifers made 41 16. to £6, spring, 1 ?* 10s Jersey cows 45 10s and 45 TVs fid .tore coJs- 10., fat cows 45 10., made 14. to 18s , w ortTlO. to 14s. raeal 5s 6d pe.. ?= n«t«heaf chaff 3a 6d, .traw chaff Is 9d. "L«9b c«oU M bundle, onions 6d. ? ot , a , M eschallots 3d. rhubarb 3d, lettuces id each/ P«b is peck) cabbage. Id, «ul»b large entry of poultry. Boost.Za to 7s a pair, hens 3s 6d, ducks 2s S" duoAi S» «* «"« 7 °- turkey g°b- "%£"• mad, 4 JrJ, s« 6d to 5«, crossbred Ba, hogget 1» S? Ml". 1* " 3d. calfskin. Is, hides 8d to fd' per lb, «utcbi»js *H *«r»b»J? **• fat 3d-

[ CANTERBURY !■ MARKETS. i (.B* t'Ca COMHBBCIAIi EDITOR.) Tuesday Evening. Merchants have practically ceased operating tor the season, and little movement is expected in the market until the middle of January, when tho new season's produce will commence to come in. _ I'or anv odd parcels of fowl wheat os f.0.b., s.c., is beiug offered. A substantial Australian shipment is understood to bo on tho water for the iSorth Island. This will be tho last of the Australian purchases of fowl wheat to arrive. uats have receded in value. '1 he South is offering the cereal at substantially reduced rates. Tho prospect ot a heavy crop, which will be commencing to come on the market early m the new year, has made holders anxious to quit, but buyers are not about. With practically all the old crops gone into use and nobody prepared to quote forward for new season's produce any estimate of values is practically useless. AUCKLAND. [THE PRESS Special Service.J AUCKLAND, December J3. The local market is fully supplied with potatoes, which come to hand daily fr°rn a multitude of sources. Prices have eased further and merchants aro quoting oa per cwt through store. Kveii lower prices are ruling for direct deliveries to shopkeepers, and Pukekohe dealers ore quoting 3s 6d to 4s per cwt on trucks. Potatoes are cheaper here than they have been for twenty yeare. The market is over-supplied with Canadian onions, and these are now bavins to compete with Pukekohe grown, which are available several weeks earlier than usual. Canadian are fetching 13s a bug or case. A fresh shipment of wheat has just arrived from Australia and is being distributed. This will be the last importation under the special arrangement made hy the Government to meet the Dominion shortage. The. wheat is very popular with consumers and sells readily at from 6s to Cs 2d a bushel through store. There is no change in the maize position. A fresh shipment of South African crushed has arrived and this is selling 6d cheaper at 4s 6d per 501b bushel. Maize menl is slso lower at 0a per lOGlb. Tho market for horse feed is very quiet. Quotations are unchanged at 3s 7d a bushel for B Garton oats, and £8 5s a ton for chaff. DALGETY AND COMPANY. ANNUAL REPORT. SMALLER INCOME AND DIVIDEND. (7HOM OUB OWN COBRESrONDENT.) LONDON, November 11. Tho accounts of Messrs Dalgety and Co. to June 30th last, show that, after providing for bad debts, current expenses, depreciation, debenture interest, and taxation, the net profit was £54,107, as compared with £128,470. After adding £212,357 brought forward, and charging the dividend on the 5 per cent, preierence, £25,000, and the interim at 3 per cent, on the ordinary paid last May, £45,000, there remains £196,461. The directors recommend £30,000 m payment of a final on the ordinary ot 2s, free of British tax (2s less), making 5 per cent par annum (against 7 per cent.), payable November 23rd, £IO,OOO (£25,000) to staff provident fund, and £156,464 forward. v The Balance-sheet. Assets total £10,044,408, as compared with £10,073,122 at June, 1931. Tho principal items of tho balance-sheet are compared below: — June, June. 1931. I»3'J. £. £ Captftl -. •• 2,000,000 2,000,000 Irredeemable deb. .. 2,475,454 2,475,454 Redeemable deb. .. 500,000 500,000 Term. deb. .-• 605,150 <"8,900 Deb. interest accrued 41,384 41,«» Reserve funds .. 1,500,000 1,500.000 Staff prov.'fund .. 341,000 360,000 Bills payable .. 34,28'J 101,170 Creditors, etc. .. 2,200,794 2.0U.2M Cash -. •• 408,936 414,390 Investment .. 20,809 33,00« Bills receivable .. 97,640 7 3,80 l Advances .. .. 6,010,983 6,784.2 dl Debtors •• •• - 935,833 917,11 Merchandise ■ . 505,108 462,241 Premises, plant, and furniture . . 308,827 . 329,0-1 Reserve fund invest- ' ments . . 1,000,000 1,000,000 I * The chairman writes:— "The wool year bristled with difficulties from start to finish, affecting in turn the .grower, the selling broker, and tho wool buyer. The not result, however, was an almost complete disposal of a clip of record proportions, the price to the grower in Australian currency being during a great part of the season a shade better than the previous year. This was due more to the increased production than to material market developments. In New Zealand there was a slight decrease in production, with unfortunately a disastrously low level of prices." It is estimated that a heavier clip still will bo grown in the Commonwealth this season, but in the Dominion it is not expected the production figures will show much change. A total of well over 200,000,000 bushels of wheat should be harvested unless the unexpected happens. TAUPOTOTARA TIMBER ANNUAL REPORT. The slump in the timber market, whicli has involved most companies engaged in that industry, dealt severely with the Taupo-Totara Timber Co., whose accounts for the year ended April 30th have just been circulated the accounts disclose a loss of i«»««» compared with a lossJast .year of £,QM and a profit in 1929-30 of £9214. Ihe allowance for depreciation is £/094 on Si and machinery and for bush cut , ai& £5606 on the capital value of %h ihe 'Sunt brought into the account was £BOOI. Out of the carry forward a dividend of 34 per cent, was paid on preference shares absorbing £4146 leaving a balance ot £fioo. as against the loss for the year, theresultw debit balance to be carried forward w-S £7553. No dividend could be paid oTeSer class of shares. The directors state that the late presentation of the balance-sheet was due to the absence of the chairman abroad. Stocks had teen still further reduced in value, and short time had been worked in all departments during the vear The new steel bridge over the Waikato river was completed at a total K of £10,097, of which £8273 was naid in the twelve months ended April 30th, without seriously encroaching on the company's investments • The principal items of the balancesheet are as follows: Liabilit es—-Paid capital, £JIM,.**, sundry creditors, £1767; reserve for ta A?setf~Pro P ertie,, £63.362: bnildines £4502: mills, railways, and plant, SffiiK; stocks, debtors, £l6 690; investments, *.b2,t&i, tasn, £1265.

GREAT BRITAIN'S TRADE. FIGURES FOR NOVEMBER. YEAR'S DECLINE IN IMPORTS. (UHITEP PSESS ASSOCIATION—B* ELECTJHC TELEGRAPH—COPYRIGHT.) (Received December 13th, 7 p.m.) LONDON, December 12. The United Kingdom trade returns for November show a slight increase both in imports and exports compared with the previous month. Compared with November of last year, the improvement in the trade balance is indicated by a decline of over £21,000,000 in imports against a decrease of about £750,000 in exports. For eleven months of the J e ar imports show a decrease of £142,500,W0, and exports a decrease of £24,000,000 compared with the corresponding period of 1931, the figures being: £ Imports 642,575,000 Exports 332,6-11,000 The Board of Trade returns set out the figures for November as follows: — £ Imports ... ... 81,550,000 Exports 31,093,000 lte-eiports 4,059,000 Decreases Over November, 1931. The principal decreases in_ imports and exports, compared with November of last year, are as follows:—Imports. Grain and flour ... ... 1,1(52,000 Food and drink 2,768,000 Iron and steel and manufactures thereof ... 2,163,u00 Electrical goods and apparatus ... ... 833,000 Machinery ... ••• 884,vaa> Cotton yarns and manufactures 806,000 Woollen yarns and manufactures ... ... 1.407,(100 Apparel 1,332,000 Chemicals 1.115,000 Leather and manufactures thereof ... ••■ 1,083,000 Exports. Iron and steel and manufactures thereof ... 326.000 Machinery • ■ 471,000 Increases Over Same Period. The principal increases are as follows : Imports. Tobacco ... ■•■ m %-- Wool ... -38,000 Exports. Cotton Tarns and manufactures ... ••- 272,000 Vehicles NATIONAL ELECTRICAL COMPANY. THE YEAR'S OPERATIONS. The year commenced with the proht and loss account showing a debit balance of £1825 2s Bd, which was eliminated by transferring an equal amount from the reserve account, reducing it from £IO,OOO to £5174 l«s 4d (states the annual report. ot tho directors of the National Engineering Co., Ltd.). After paying land tax (£35 0s 2d). writm ft d ° n shares held in N.Z. Insulators, Ltd , bv £IOOO, and charging losses on trading for the year of £B7BO 10s 6d, the profit and loss account, stands at £9815 10s 8d in debit against wnitu it is proposed to apply the balance ot reserve account, leaving an adverse balance in profit and loss account ot £4040 13s 4d. The company s assets have been valued conservatively, and ample provision has. as in previous y*"\™** made for depreciation of plant, build ings, stocks, and furniture.