FARMING & COMMERCIAL

Dominion, Volume 15, Issue 11, 7 October 1921, Page 8

FARMING & COMMERCIAL

NEWS AN© NOTO

AUCTION SALES FORTHCOMING FIXTURES. TO-DAY, 67 Abel Smith Street, Wellington, 10 30 a.m.—Furniture sale (Johnston and Co.). 137 Lambton Quay, Wellington, 130 p.m.— Furniture sale (Hodgkins, Carver). 141 Manners Street. Wellington, 1.30 p.m.— Poultry sale (Wheatley and Co.). 1 TO-MORROW. 101 Cuba Street, Petone, 2 p.m.—Sale of house lease and furniture (Vine and Wilson). THE W. F. C. A. ANNUAL MEETING HELD CHAIRMAN’S CONFIDENCE IN THE FUTURE By Telegraph.—Special Correspondent. Masterton, October 6. ..The annual meeting of the W.F.C.A. was held this afternoon. Mr J. Caselberg presided over a good attendance of shareholders. In moving the adoption of the report and balance-sheet, the chairman said that during the past year the earning power of the association had been seriously affected by the. slump in the market values of most primary products, the acute money stringency, the steady fall in values of merchandise stocks, and the consequent writing down of these stocks to replacement value. The last-mentioned item absorbed a very large sum. As the association did meet of its business with farmers, it was naturally feeling the effect of the slump equally with them. Though a dividend was not being,[paid on ordinary shares, a total of <£7395 12s. tel. had been paid out by way of bonuses on purchases and rebates on stock commissions. During the past year the paidup capital had been increased by £7589. Though the uncalled capital had decreased by £6048, the value of properties owned by the association showed an increase of £18,276 The total assets of the association, including uncalled capital and calls in arrears, were .0805,912, while the liabilities were 41387,488. This left a credit balance of £418,454, to which should be added the difference between the real values and book values of proIperties—a substantia] amount. The stock and land department had felt the full force of the slump in common with other similar businesses. The department had, however, been instrumental in, helping a great many farmer clients, brom the farming point of view the outlook was distinctly brighter than it was three months ago, and given normal seasons he had every confidence in the immediate future, both for the dairy farmer and the sheep farmer. The building programme for the present year was teiy small, namely, completing the alterations to the Pahiatua branch commenced at the beginning of last financial year, and which should be finished within the nest few months. The alterations to the Lambton Quay branch, Wellington, completed during the “ great success, and had fully justified expense incurred. The directors had in view a very largo building programme for Masterton and branches, which was being held up until the time was opportU''Before concluding," said Mr. CasetIxr" “I must make mention of the fact that’the taxing policy of the Government has been such as to prevent companies like this association fiem building up a dividend equalisation fund, so that when a lean year cornea along the usual dividend cannot be paid. A tax of piactieally 10s in the. pound, such as we are called upon to pay, completely, prevents such a fund being built up. The report and balance-sheet were '"'rhe appointment of Mr. J. F. Redmond to the board of directors was confiimed, and the following directors 'Y er ® re ' elected:—Messrs. R. C. Turnor, M. Elgar, and A. Caselberg Tho directors were voted a honorarium of £6OO and travelling expenses for Hull, Hunt, and Wheeler, and Mr. G. W. Sellar, wer re-elected auditors. , A vote of thanks to the staff, proposed by Mr D. Caselberg, was carried, and Mr. S Jago suitably replied In moving a vote of thanks to th directors, Mr. If. L. Robinson congratulated the management on presenting such a favourable balance-sheet, even though it had not been deemed advisable to |pay a dividend. The motion was carried. On the motion of Mr. P. F. Turnor, seconded by Mr. M Elgar a resolution was carried thanking tho chairman (Mr. T Caselberg) for the able manner in which he hud guided the association through times of stress during the past year. FREIGHT RATES ON WOOL DEDUCTIONS ANNOUNCED Sydney, October 6. The ovearsea freight rates on wool have been reduced as follow: —Greasy from l|d. to IJd. per lb.; scoured, from tjd. to l|d.—Press Assn. OCTOBER WOOL SALES WELLINGTON FIXTURE SEii’ FORWARD. On account of the cancellation of the Napier sale, the Wellington clearing-up wool sale, which was to have been held, on October 11, has been set down for Friday, October 14. Tbe : '-Napier sale has been called off owing to the fact that the quantity of wool offering was not sufficient The. forthcoming Wellington sale is limited to’'lo,ooo bales, and up to Tuesday evening last—when entries were to have closed—7soo bales had been catalogued. As the time for the closing of the catalogue has now been extended till Tuesday next, it is expected that further quantities of wool will come to hand. The Auckland sale will bo held on October 18 and the 'Wanganui sale on October 20. Tho Wanganui catalogue will comprise about 4000 bales. Up to the present time very little of this season’s clip of wool has como forward for the Auckland wool sales to bo conducted in the Chamber of Commerce on October 18, states an Auckland paper. If tho weather continues fine, however, there should bo an improvement. The catalogue to date comprises chiefly last season’s wool. As regards probable prices at the forthcoming sales an authority states that they will bo governed by prices obtaining on tho Homo market. Should the latter remain firm good prices would bo expected. PRICE OF FOWL WHEAT Mr. G. Witty (Riccarton) asked the Minister of Agriculture in the House of Itepi'eseutativos yesfievday if he could do anything to adjust tho difference in price between fowl wheat imported from Australia and tiie local article. A much better price was being obtained for tho imported article. Mr. Nosworthy replied that permission was given to import, a certain amount of Australian fowl wheat, and tho price was adjusted on a parity with the local article, but there was some misunderstanding in regard to shipping. The maximum quantity to be imported was 15,000 sacks. Ho would have inquiries made, ami ascertain what arrangements had been made in regard to the control of this wheat. If more was being charged for this wheat ho would take steps to noe that tho matter be rectified.

PATEA FREEZING WORKS ANNUAL MEETING OF COMPANY BIG LOSS ON YEAR’S OPERATIONS By Telegraph—Press Association. Hawera, October 6. The annual meeting of the Patea Freezing Company was held yesterday. The profit and loss account showed a loss of £58,383. This is mainly attributable to loss on cased meats and tallow from the previous season's working. It was moved: “That this meeting of shareholders requests and empowers tho directors either to obtain further capital or financial assistance for the carrying on of the company’s operations or enter into arid complete negotiations for the sale or disposal of the company’s works or other assets or parts thereof to the best possible advantage, and with this end in view resolve that this meeting stand adjourned until October 26.”

On an amendment the words “such sale to bo subject to the confirmation of an adjourned meeting of shareholders after the full financial position has been explained” were included in the motion. The motion, as amended, was adopted. In the course of discussion the chairman (Mr. C. J. Hawken) said the banks held security over the whole of the assets with the exception, of the store-room, on which the Government had advanced £7500. He could assure tho shareholders that the directors were not going to throw tho works away. He was quite willing that the shareholders should be consulted before negotiations we.ro finally completed. If they got a good price they would sell, but otherwise would not. They understood .where they had made losses in the past, and a gain might be marie there later. They had good works, in a good district, and what they wanted was good management and finance. Much interest is being taken in the matter in this district. The tono of tho meeting was distinctly optimistic, and the outlook is regarded as much brighter. Recently, rumours wero current that the works were going into liquidation, but the tone of tho meeting suggests that this courso may be avoided. MEAT EXPORT TRADE WAR OFFICE DUMPING SUPPLIES 4 ON LONDON MARKET. Sydney, October 6. Mt. Arthur Kidman, the Australian “meat king,” on returning to Australia from a world’s tour, has predicted a gloomy future for the meat-export trade, principally because tho War Office is dumping frozen and tinned meat on to the market, and the cold stores at London are full, necessitating shipments of meat, particularly New Zealand lamb, being detained at the docks for two months.—Press Assn. ANTWERP WOOL SALE HIGHER PRICES RECEIVED (Rec. October 6, 5.5 p.m.) Antwerp, October 5. At the wool sale 5000 bales of La Plata wool were offered, and 1500 were sold. Prices were 15 to 20 per cent higher than at the June sales—Aus.-N.Z Cable Assn MEAT IN FREEZING WORKS REQUEST FOR MONTHLY REPORTS. The possibility of issuing monthly reports of the amounts of beef, mutton, and lamb in the freezing works was suggested to tho Minister of Agriculture (Hon. W. Nosworthy) in the House of Representatives yesterday by Mr. D. Jones (Kaiapoi). Periodical reports were issued during tho period of the Imperial commandeer, remarked Mr. Jones, but the issue of them had since ceased. It was essential to the producers that they should kiio.w the amount of meat stored in the freezing works. If the Minister had not the authority to-issue tho reports, would he obtain it. Mr. Nosworthy replied that during the period of the commandeer the meat in store belonged to the Imperial Government, and therefore the issue of the reports was easily possible. He was not sure that he should take the same course now, as the meat in store was the property of private individuals in most coses He was not certain whether tho Government would have the power now to give the information. He was prepared'to make, inquiries and see what could bo done. It might be necessary to obtain tho consent of the owners of the freezing works. WHOLESALE PRODUCE PRICES Messrs. Laery and Co., Ltd., Wellington, report wholesale prices as follow:— Ground barlev. ss. bushel, sacks in; Chevalier, ss. bushel, sacks in; peas, seed 6s. Bd. bushel, sacks in; oats, seed Algerian, fanners’ dressed, 4s. 2d. bushel, sacks in; machine <1 rosed, ss. Id. bushel; feed Algerians, 4s. bushel, sacks in; oats, Weetoats, for poultry feed, ss. bushel, sacks in; shelled oats for chickens. 6s. 9d. bushel, sacks in; oats, heavy duns, choice. 4s. Bd. bushel, socks in; crushed oats, 4s. 10d. bushel, sacks in; rolled oats for chickens, 225. 6d. per 106; oats, B Gartons. 4s. 6d.; A Gartons, 4s. 7d. bushel, sacks in; hay, choice meadow, £6 10s. per ton; lucerne hay, £8 per tori; chaff, oaten sheaf, Blenheim prime bright, ton lots, £7 10s. per ton, sacks in, free on trucks Wellington, lesser quantities 7s. ton extra; ricemeal. £9 per ton; wheatmeal, for poultry feed, 19s. 6d. per 1001 b. bag; peameal, ton lots, £ll 10s. ton, sacks in; barley meal, ton lots, £lO 10s. ton, sacks in; pigmeal, £9 per ton; Farro food, ton lots, £9 per ton; shell grit, choice quality, in I.oolb. bags, Gs. 6s. per bag; chicken grit, 7s. per bag; fowl w’heat, ten sack lots 9s. 2d., lesser quantities 9s. 3d. bushel, sacks Is. Bd.; mixed fowl feed. 7s. bushel, sacks in; poultry mash, £l2 per ton; linseed oil meal and linseed oil nuts, Ils. 3d. per 1001 b. bag; fowls, hens Bs. 6d. to 12s. per pair, heavy roosters 9s. to 12s. per pair; ducks. 12s. to 14s. per pair; geese, 125 1 .. 13s. per pair; turkeys, Is. 5d., Is. 6d. per lb.; eggs, fresh, crates. Is. fid. dozen; chicken raiser, 225. fid. per 1001 b. bag; mutton birds, Tasmanian in casks, 7d. each, N.Z., in kits, cooked, lOd. each; maize, whole 75., crushed 7s. fid. bushel, sacks in; onions, Victorian choice brown Spanish,’ £8 10s. per ton, sacks in; potatoes. Canterbury table, ion lots, whites, £5 12s. fid. ton: Red Dakotas. £5 12s. fid. ton, eacks in ; lesser quantities, 7s. 6d. ton extra; molasses, in casks, each about scwt., 455. per cask; seed potatoes, Canterbury grown Arran Chief. Up-to-dates. Gamekeepers. Northern Stars, Scotias, all at 7s. per sack; dressed pork, choice, keen demand, lOd. to lOld. per pound. iONDON MARKETS The Now Zealand Loan and Mercantile Agency Co., Ltd., have received the following cablegram from their London house, under date October s:— Tallow.—We quote present spot values for the following descriptions: Fino Mutton, £2 15s. 9d. per cwt.; good beef, £2 13s. Cd. per cwt.; mixed, £2 ss. per cwt.; market dull, with downward tendency- for good mutton. Now Zealand Frozen Moat —Lamb, Rid. per lb. (average); wethers and maiden owes, light Gid. per ll>- lieavy 4’d. per lb.; ’owes, light 4RI. ri r lb., heavy Hd. per lb.; ox beef, hinds 51<1. per lb., fores 3Jd. per lb.; cow beef, hinds 4-ld. per lb., fores 2fd. per lb. Market depresed, and has a downward tendency.