FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22491, 27 August 1938, Page 15

FINANCE AND COMMERCE

[WORLD WHEAT

HARVEST

INCREASE OVER LAST

YEAR

ECONOMIES'- BUREAU ISSUES WARNING

(•UNITED FRES3 ASSOCIATION—COPYRIGHT.) (Received August 26, 9.20 p.m.) WASHINGTON, August 25. The Bureau of Agricultural Economics estimates that the wheat harvest of the world in 1938 will be 4,255,000,000 bushels, 495,000,000 more than in 1937. The bureau issued a warning that only a reduction of acreage or an improvement of economic conditions would improve wheat prices in the 1938-1940 period.

COMPANY NEWS

AIR TRAVEL (N.Z.)

NET PROFIT INCREASES SLIGHTLY

Net profit of £984 for the year ended June 30, 1938, compared with £917 in the previous year, is shown in the accounts of Air Travel (N.Z.). Ltd., who operate on the West Coast. Receipts from passenger fares, freights, and mail contracts rose from £6233 to £8762. The dividend recommended is 6 per cent, against 5 per cent, last year. The; company's shareholders will consider a to increase nominal capital from £IO,OOO to £20,000, as * the whole of the present capital, has been issued and the company '• wishes to be prepared for developments which may require the issuing of fresh shares. The directors' report states that from the balance of £1192 in the appropriation account, they have paid £: balance of 1937 income tax, transferred £9l to income tax reserve for , 1938, written £IOO off preliminary expenses, and added £SOO to insurance reserve. After payment of the dividend a balance of £199 will be carried . forward. .'•.•' Balance-sheet items are:— LIABILITIES

KEMPTHOBNE, PROSSER DIVIDEND

(»»H» YwOCHTIOII TKIaaBAU.) \ '■ r; ;; ? DUNEDIN, August 2& At a meeting of the board of directors of Kempthorne. Prosser and Com?!5 y * **Sfc2Jealand Drug Company, Ltd., IhlsT'artetnpon, an interim dividend of/3}per cent: for: the half-year ended Jury 31 was" declared. *

boxes

[THE PttESS Special Service,]

AUCKLAND, August 26. A slight decline in net profit from £5999 in the previous year to £5200 In the.year ended. June 30 is shown in ttie accounts of K.D.V. Boxes, Ltd. A : dividend of 2J per cent, is recommended. This is the first distributi6n" sin Ce 8 per cent, was paid in 1935.'

BANK OF AUSTRALASIA

(TOTTED PBESS ASSOCIATION—COPXBIOHT.)

_V_ ■' "■ LONDON, August 25. The Bank of Australasia announces an interim dividend at the rate of 7 Per= cent, per annum for the six months ended April, 1938, payable in October. The. dividend, in sterling and subject to British income tax, is at the same rate as last year's interim payment. ♦ W^l- 0 ' 4 £ Per cent, brought the distribution for the year ended October 11, 1937, to 8 per cent.

£QMPANIES REGISTERED

Parle (A. D.), Ltd. Registered as a private- company August 16. Office, 162 Manchester street. Capital: £2300 into 2000 Preference and 300 ordinary of £1 each. Subscribers: A. D. Park 150. Belfast: R. 4 fo 200 ° Preference. Little Akaloa: / G A lbe rt 150. Objects: Garage service ® nd t te sting station proprietors and inci- _ McKay's Hardware, Ltd, Registered as a private company August 5. Office, Mac* S?y .street. Greymouth. Capital: £3OOO into.3ooo shares of £1 each. Subscribers—greymouth: c. McKay 2800, A. L, McKay *n?2u£' an ? L. Grooby 100. Qbjects, Ironmongers, ironfounders, etc.

CHICAGO FUTURES

FROZEN MEAT

SMITHFIELD VALUES

"LAMB PRICES ADVANCE AGAIN

(press association telegham:) '

WELLINGTON, August 26. The latest report on the Smithfield market says that lamb is very firm with.prices again advanced. Consumption continued good. Trade in wethers and ewes, except light-weights, is slow. Prices are tending easier. Chilled beef prices, with lighter supplies, have improved substantially. Light-weight New Zealand porker pigs are firmer, but trade is slow because of warm weather.

Baconer pigs are easier because of a poor demand.

The New Zealand Meat Producers' Board advises that the following are the ruling prices of wholesale quantities of the descriptions of frozen meat mentioned and are for representative parcels of the goods, sold on Thursday, August 25. Chilled beef prices are averages of the week on which this list is issued. All prices -are on the basis of delivered to Smithfield market (previous prices are also shown): —

VEGETABLES AND

FRUIT

CHRISTCHURCH MARKET

Fair supplies of all varieties of tables 1 have come forward during the week.

Values are as follows:—Cauliflowers up to 12s a doz; cabbages from 5s to 10s 6d a doz; lettuce from 2s 6d to 4s lid a doz; spinach 3s 6d to 8s 6d a doz; rhubarb, local up to 16s 6d a doz; sprouts lOd to Is per lb; leeks 3s to 5s 6d a doz; celery up to 12s 6d a doz; potatoes: market oversupplied, realising up to 2s a sugar-bag;. onions, best quality up to 8s a sugar-bag. Fruit—Apples: Good supplies are available, and values remain unchanged, Delicious: Extra choice 7s 6d to 8s 6d a case, others 4s to 6s 6d a cae. Jonathans: To 9s a case. Sturmers: 3s 6d to ': a case, a few extra choice higher. Cooking apples 4s 6d to 6s a caße. Pears: Dessert to 5s a half case, cooking 2s 6d to 3s 6d. New Zealand passionfruit: Supplies scarce, and values high. New Zealand lemons: Steady supplies available, realising to 17s 6d a case. ■lmported fruits—A t shipment of Queensland pineapples arrived at the beginning of the week, and realised up to 17s 6d a case. Shipments arriving: A shipment of Samoan and Niue bananas, also Niue kumeras is due on Monday. Eggs—First grade Is 4Jd to Is sd; seconds Is 3d to Is 4d; duck eggs to Is 3Jd a doz. ~

DUNEDIN

[THE PRESS Special "Service.]

DUNEDIN, August 28.

There has been a better inquiry during the week for dessert .pples, but there are not many lines of best quality on the market. Fos inferior lines, low prices have to be accepted to quit, as the apples are beginning to show signs of waste. Cookers have been in better supply. Supplies of pears are now on the short side. Australian oranges, which arrived by the Waitaki, were not in uniform condition, and most brands had to be repacked before selling. The quality of Australian oranges is not up to the standard of previous years. A large proportion of the consignments is coming from Sydney. Previously only South Australian-grown oranges were allowed to be imported to New Zealand, and these were generally ot superior quality to those now arriving from New South Wales. A shall shipment of mandarins which was oh board the Waitaki, were in fair condition. It. is understood that there wiil be no further supplies, from Australia this season. Foorman oranges are slow of sale. New Zealand-grown lemons are in over-supply with low prices ruling. A shipment of ba.iana £ •is due on Tuesday.

Change from June 30, June 30 , last 1937. 1938. •year. S. 4-614 Paid capital 4,687 5,301 Calls V paid' li advance 105 172 4-67 National Sank _ 471 4-471 Sundry creditors .. 776 452 —324 Insurance reserve .; 500 1,000 4-300 Income tax reserve 80 91 4-11 Profit .'and loss 418 499 4-81 ASSETS Cash and bank 3,593 78 - -3,515 Sundry debtors 369 685 4-316 Investments ... 100 100 ,-' Planes, hangers, etc. 2.224' 6,723 4-4.499 i Stocks •■.•.-. 130 350 4-220 **"Prelimin. expenses 150 50 4-100 •'.-." June 30. 1937 . 1938. Gross revenue - , .-. • • . . 6,233 £ 8.762 Net profit 917 984 ' Balance available > • "■ . 1,044 1,192 Appropriations '." 626 693 Dividend (per- cent:) . ; -5 6 Dividend (amount ) ''.'■ . .209 : -300 Carry- forward . 208 j/199 The expansion of the company's 'activities since, the first yea ir of onerationun4935 is revealed in the following table:— (BUSINESS A MONTH) Increase Hours flying 193S 70 i. 1938. 138 p.C 97.143 Flights .;...■ . 151 284 88.079 Passengers * 145. 393 I 171.034 Mails carried (lb) . .. 8915,319 496.969 Freight carried (lb) 633 1.421 : 124.486

NEW YORK, August 25. Aug. 22. Aug. 25. September ., 638 623 December .. 65g 643 May.-. .. 68J 67J BRADFORD TOPS MARKET _ LONDON. August 25. Quotations on the Bradford tops market are:— Meririos— d. 70's .. 28 64's .. 26J Crossbreds— .. 23J 58's ..22 56'§ '■■■.. ' '.. ..20 • S(ft :-."•■.;■■' .. • .. 17 -48V.. : .. .. *164 -•.. '.. *16i <: 'Nominal.

Aug. Aug. Aug 11. 18. Per lb 25. d. d. 'd. New Zealand Sheep— Crossbred wethers and/or maiden ewes: 481b and under 5 5 51 49-561b 45 4J 4'3 57-641b 5g 51 5g 65-721b .; 42 42 42 Ewes: 481b and under 31 38 38 49-561b 31 31 SS 57-641b 34 3 3 65-721b 3 25 25 N.Z. Lambs— Canterbury: » 361b and under 74 78 75 37-421b 74 7| 75 43-501b 7i 71 73 Second quality: Aver, about 311b 65 65 7 Other South Island: 361b and under 7i 7g 75 37-421b 7§ 71 72 43-501b 7g 73 7g North Island Downs: 361b and under 7& 72 8 37-42lb 78 72 75 43-501b 7g 73 74 First quality: Aver, about 301b iii 74 73 37-421b n 7§ 72 Second quality: X Aver, about 311b ii n 7i Australian Lambs — Victorian first quality 29-361b .— — — 37-421b — — — Argentine Lambs — First quality: 361b and. under 63 62 63 37-421b 74 74 ■74 N.Z. Porker Pigs— First quality: 61-801b 68 6g G?, 81-1001b 6S 63 6? *01-1201b 61 6g' 6? N.Z. Baconer Pigs— 121-1601b 63 64 6? CChilled beef prices are approximate average prices rea week.) N.Z. Chilled Beeflisec I for the Ox hinds. 145-2101b 42 54 5A Ox fores. 145-2101b 23 3 3J Australian Chilled Beef — Ox hinds. 145-2101b 4* 41 5g Ox .crops weights ' corresponding n 25 3f Southern Rhodesian Chilled beef:— Ox hinds. 145-2101b 4g 4J ; M Ox fores. 145-2101b 2i 21 34 Argentine Chilled BeefOx hinds. 145-2101b 6£ * 6* 6i Ox fores. 145-2101b 3i 3§ 32 Uruguayan Chilled Beef— Ox hinds. ' '' *) 145-2101b 5i 52 52 Ox fores 145-2101b 3 3i 3J Brazilian Chilled Beef- — Ox hinds. 145-2101b 5 5i 52 Union of South . Africa Chilled beef:— Ox fores. ' 145-2101b 23 34 34 Ox hinds. 145-2101b 41 9§ 58