Farm and Commercial Section

Dominion, Volume 21, Issue 301, 20 September 1928, Page 14

Farm and Commercial Section

LATEST REPORTS from ALL CENTRES

AUCTION SALES TO-DAY. Sale farm, Sale Yards, Waerengtl Road, Otnki, 12 noon (Dalgety and Co.) Piilinersto.. North Saleyards.—Sale pedigree pigs, account J. A. Russell (Dalgety and Co.) 105 Lambton Quay, 7.30 p.nt.—Residential sites, city (Harcourt and Co. and E. I’alliser and Co.) Showgrounds, Claudelands —Jerseys (W. and S. and A. and B.) 39 Lower Cuba Street, 10.30 a.in. —Plant, etc. (E. Johnston and Co.) Otaki sale. Martinborough sale. —Stock, 1 pan. (Dal- - ety and Co. and others.) S Willcston Street, at 1.30 p.m.—Sale of drapery stock (E. Johnston and Co.) Sl-.55 Cuba Street, Petone. —Sale of furniture (Moat and Hicks). TO-MORROW. Todd Motor Co., Garage, at 10.30 a.m.— Sale of motor-cars (E. Johnston and Co.) , , e 71 Abelsmith Street, at 1 p.m. —Sale of furniture (E. Johnston and Co.)

THE PRODUCE MARKETS LONDON WOOL SALES Messrs. Murray, Roberts, and Co.. Ltd., are in receipt of the following wool market cablegram from their London agents, dated September 18: —Sales have opened. Good attendance of buyers; competition fair; all sections operating moderately. Greasy merino, best descriptions, declined 5 per cent, to per cent.; other descriptions declined 7* per cent, to 10 per cent. Scoured merino declined li per cent, to 10 per eent.; inferior declined 10 per cent, to 15 per cent. Crossbred greasy line declined li per cent, to 10 per cent.; medium and coarse declined 5 per cent. Slipe crossbred combing lambs declined 10 per cent.; other descriptions declined 5 per cent, to 7} per cent. Crossbred scoured declined 5 per cent, to li per cent. The Bank of New Zealand produce department has received the following advice from its London office under date September 18:—“The sales have opened with moderate competition and large attendance of buyers. There is a moderate demand for all kinds of wool. Compared with the closing rates of last series prices are lower as follows: Merino, 2d.; tine crossbred, l|d. to 2d.; medium and coarse crossbred, Id.: sconreds, 2d.” The Loan and Mercantile Agency Company, Limited, have received the following cablegram from their London house under date September 18:—“There was a good attendance at the opening of the sales today. competition by Home and Continental buyers being restricted, and prices as compared with the close of the preceding series ruled about 5 per cent, lower tor crossbred, 10 per cent, lower for scoured crossbred, crossbred slipe, and li per eent. to 10 per cent, lower for merino. There is some irregularity in the bidding. The opening catalogues were fairly representative.” Messrs. Dalgety and Company have received the following report from London, dated September 18:—London wool sales opened, large attendance, selection fair, competition fairly animated; but irregular. Withdrawals heavy. As compared with closing rates of last series, greasy merino ltd to 2d. lower; scoured merino. 2d. to 3d. lower; greasy halfbred, lid. to 2d. lower; greasy fine crossbred, ltd. to 2d. lower: greasy medium and coarse crossbred, Id. to lid. lower; scoured crossbred,2d. to 3d. lower; slipe, 2d. to 2Jd. lower. CANTERBURY PRODUCEMARKET By Telegraph.—Press Association. Christchurch, September 18. Except in potatoes the grain and produce markets are lifeless. Regarding potatoes, the position remains practically the same as at the week-end, with the qualification that owing to the difficulty of securing further supplies, prices have firmed still more to farmers. From £5 to £5 ss. have been paid. There are a fair number of inquiries from Napier and Gisborne in addition to those from Auckland. The Wingatui is exhausted, and will load potatoes at Lyttelton on Thursday, and the Waipiata on Monday. No movement is recorded in respect of wheat and oats. The market is also stagnant. AUCKLAND PRODUCE MARKETS Dominion Special Service. Auckland, September 18. There have been few material alterations in the local grain and produce markets since the last report, though there is a tendency to firmness in several lines. Both on the spot and in the south potatoes are firmer, but local prices are unaltered at £8 15s. per ton ex store. Stocks held here arc barely sufficient for requirements, and although there arc fair quantities stored on consignment their southern owners are holding out for prices above present parity. Business in seed potatoes is not brisk and it is thought the area to be planted locally will be smaller than usual. The market for onions has advanced and holders of Canadian stocks have raised their demands from 225. 6d. per crate to 255.. and in some cases to 275. 6d. However, the Wairuna which is now at the wharf with a Californian consignment, will relieve the position in the meantime. There has been no alteration in the position of oats and chaff. Wheat is definitely firmer. Bran and pollard are in ample supply and prices are unaltered. Maize remains the same. Wholesale current prices are, mill prices: Sharps,. £9 10s. per ton; bran, £8 per ton. Merchants* quotations, ex store: Pollard, £lO 55.; bran. £8 10s.; oats, feed. B Gartons, 4s. 7d.; A Gartons, 4s. lid. per bushel; clipped Dunns, ss. 9d.; clipped Gartons, ss. fld.; seed Algerians, 65.; fowl wheat, 7s. 6d. per bushel: maize, new season, 6s. 6d., ex store Gisborne 6s. Bd.: barley, feed ss. 9d. per bfishel; Cape barley seed. 6s. Gd. per bushel; maize meal. 14s. per 1001 b.; barley meal, 13s. per 1001 b.; chaff, g.b.0.5.. £9 ss. per ton: for Blenheim or Canterbury potatoes. Canterbury £8 15s. per ton; seed linos. Arran Chief. Northern Star, and Gamekeeper. Bs. per cwt; Early 9s.; onions, Californian ex wharf. 225. 6d. per cwt. bag; Canadian, 255. per crate. LIVE STOCK SALES ADDINGTON By Telegraph.—Press Association. Christchurch. September 19. Yardings of all classes at Addington market to-day were small, but prices were well maintained. Entries for store sheep were smaller than last week’s, and the quality was again ordinary. Hoggets showed a decline of about Is. a head. There was little quotable change in adult sheep. Extra good 4, G, and 8-tooth crossbred ewes to 40s. 4d., extra good 4,6, and 8-tooth three-quarter-bred to 3!)5., ordinary s.m. halfbred ewes to 285., inferior halfbred ewes 19s. to 225. Gd.. ewes and lambs to 18s. 4d„ best hnlfhred wethers to 335., ordinary halfbred wethers to 28s. Gd.. shorn wether to 255., good halfbred ewe hoggets to 335., ordinary halfbred ewe hoggets to 285.. best three-quarter-bred ewe hoggets to 2Gs„ ordinary three-quarter-bred ewe hoggets to 275. Gd., ordinary three-quarter-bred wether hoggets to 275. Gd., ordinary crossbred wether hoggets to 225. Gd. Twenty-six spring lambs -were penned. There was a keen demand, and with the exception of one nil made over 405., top price being 445. 9d. The entry of fat sheep was of average size. The quality was £ood, there being many lines of excellently linished sheep forward. The sale opened well, with prices showing an advance of Is. a head on late rates. The demand was erratic, and this level was well maintained throughout, hut on the average prices were fully equal to those rilling a week ngo. Extra prime wethers made to 535. 7d.. prime heavy wethers 435. to 485., prime medium-weight wethers 375. Gd. to 425.. medium wethers 335. to 3Gs., shorn wethers 2Gs. Uhl. to 30s. lOd.; extra prime ewes to 475. 4d., prime ewes 365. to 415.; medium owes 295. to 345„ aged and Inferior ewes 245. Gd. to 28s. The entry of fat cattle totalled 443 head, compared with 372 last week. Had It not been for lines from the West Coast, the North Island, and Southland, the entry would have been very small. , The quality on the whole was good. The sale opened with keen competition, which was main-

tained until the end. The sale was one of the best at Addington for many months. On an average prices showed an advance of from 10s. to 20s. a head on late rates. Prices per 1001 b. were: Choicest beef to 52s average prime 445. to 485., medium qiiality 395. Gd. to 425. Gd., i lain heavy steer 355. to 405., prime cow and heifer 455. to 475. Gd., medium 395. to 41s. Gd., rough down to 30s. Extra prime steers made to £25 7s. -Gd., prime steers £lB 10s. to £2l 10s., medium steers £l6 10s. to £lB, ordinary steers £l3 to £l5 10s.; extra prime heifers to £l7 17s. Gd., prime heifers £l4 to £l6, ordinary heifers £lO 15s. to £l3 55.. light heifers £G 7s. (id. to £9 10s.: extra prime cows to £lB 17s. Gd., prime cows £l3 to £l6 10s., medium cows £9 10s. to £l2 10s.. aged and inferior cows £5 12s. Gd. to £8 10s. There was a small entry of vealcrs, mostly small calves. Twelve to eighteen months sorts made to £9 3s. 6d., good vealers £G 10s. to £8 155.. medium vealcrs £3 ss. to £5 15s.' small calves 20s. to £2 10s. There was a small entry of store cattle consisting almost entirely of cows, which sold firmly at late rates. Good cows made £5 to £6 17s. Gd. medium cows £3 ss. to £4 10s.. inferior cows 20s. to £2 15s. A comparatively small entry of dairy cattle was forward, cows forming the bulk of the entry. Best second, third and fourth ealvers made £9 to £l4. medium sorts £6 to £B. inferior £3 10s. to £5 10s.; best heifers £6 to £8 10s.. inferior heifers £3 to £5. c There was a medium entry of tat pigs, baeoners meeting with good demand at into rates and porkers being easier. Choppers made 50s. to £6 3s. Gd., light baeoners £3 7s. to £4, heavy baeoners £4 10s. to £4 18s. Gd., extra heavy baeoners to £5 2s Gd (average price nor lb.. Old. to 7d 1 ' light porkers 355. to 475., heavy porkers 50s to 595. Gd. (average price per lb. 7d. to Sd.l. , There was an extra large yarding of all classes of store pigs, and prices showed a decline in latter stages. Small weaners made 10s. to 125.. extra large to 175.. small stores 14s to 17s. Gd„ medium stores ISs. to °ss large stores 265. to 325.. extra large to 405., sows in pig 20s. to 575. 6d. BURNSIDE By Telegraph. —Press Association. Dunedin, September 19. Both beef and mutton sold well at improved rates at the Burnside sales to-day. A small entry- of store cattle met with a good sale and firm prices, but pigs were There" were about 150 head of fat cat tle entered, comprising mostly good bullocks and cows, with a few heifers and a small proportion of extra heavy stuff. The quality was high, and a good demand was experienced for all sorts. A allies rose easily £1 per head and more for certain lines. Prime ox beef made up to 50s. per 1001 b., plain 475. 6d., prime heifer 455., and cow and light heifers 355. to 40s. . There was good average quality in the yarding of about 2000 fat sheep. Extra prime heavy wethers and ewes were in good supplv and the demand was uncertain at the opening of the sale. Heavy wethers remained firm at late rates, but ewes advanced about Is. per head. Medium prime stuff was worth from 2s. to 2s. Gd. more than last week, and all lighter sorts were eagerly sought. Special lilies of wethers went at 665., and ordinary prime heavys made 50s. to 555.; extra prime maiden ewes were worth up to 535., and others sold at prices ranging from 30s. to 455. Prime wether mutton was worth up to 7Jd. per lb. and ewe up to (Ud. New season’s lamb has not yet found Its way on the Burnside market. Store cattle were in short supply, but the quality was very good. Medium yearling steers, of which there were a good many, made up to £3 10s. All sorts were in good demand. The pig entry consisted of about 110 fats and an equal number of stores. The demand was fair, but there was no appreciable change in prices. JOHNSONVILLE Messrs. Wright, Stephenson, and Co., Ltd., and Abraham and Williams, Ltd., report on the Johnsonville sale held yesterday as follows :— “We submitted to a good attendance of butchers a large yarding of prime quality sheep and cattle. Sheep sold freely at late rates. The bullocks yarded were heavy and of a particularly good quality, and met with ready competition at prices showing a slight advance on last week's rates. Cows did not meet with such keen inquiry, but a total clearance was effected at prices satisfactory to vendors. We quote—Bullocks: £l5 12s. 6d., £l7 10s.. £l7 12s. 6d„ £lB 2s. Gd., £lB 10s., £lB 155., £l9 2s. Gd., £l9 55., £l9 7s. Gd., £l9 155., £2O, £2O 15s. to £2l. Cows: £l3 10s., £l3 12s. Gd., £l3 55., £l4 to £l4 ss. Cows, light: £6 to £9 15s. Wethers: 425., 435.. Gd., 455., 455. 9d., 465., 48s. (Id., -Ills, to 50s. 3d. Ewes: 355., 375. (Id., 385., 3Ss. 3d.. 38s. 9d., 30s. 8d„ 395. 9d., 40s. 3d. to 41s. Gd. Itunuers: £5 ss. MASTERTON. The New Zealand Farmers’ Co-op. Distributing Co., Ltd., report on their Masterton sale yesterday as follows:—We had a small entry of sheep and cattle and a large entry of pigs, which sold as follow:—Ewes with over 100 per cent. b.f. lambs. £2 to £2 7s. Gd.; cull hoggets. 21s. to 225. Gd.: forward wethers, 30s. 6d.; fat wethers, £1 165.: fat hoggets, £1 145.; late springing heifers. £5 155.: dairy cows, £8 to £8 10s.; wcaner pigs, 15s. to 18s.; slips, 21s. to 225. Messrs. Dalgety and Co.. Ltd., report "as follows on yesterday’s Masterton sale:— A good yarding of fat cattle and a small entry of sheep were submitted to a good attendance of buyers. There was keen competition throughout the sale, particularly for fat cattle, the bulk of which were taken bv Taranaki and Manawatu buyers. Following is the range of prices:—Account estate late A. G. Pilnier.: eight heifers £l3 10s.; 9 cows and heifers, £l2 17s. Gd * Account H, J. Lord: Nine fat cows, £l2 155.; 8 do.. £lO 10s.; 8 forward cows. £9 ss. Account other vendors: Coloured steers. £5 165.; empty dairy eows, £5 10s. to £6 155.; 64 empty ewes, 275. SALE OF HORSES Messrs. Dalgety and Co., Ltd., Palmerston North, report having held a very successful sale of horses and contractor's plant on account of Mr. T. Andrews, on Tuesday. Quotations: —Aged draught mares. £33 to £34; mares, 7 years, £34 to £43 I()s.: aged geldings. £26 to £35: 4-year gelding. £37 10s.: aged light draughts (account another vendor), £l2 to £l5 10s.; dravs, £5 10s. to £11; roller and harrows, £3l- drill. £35; hayrake, £9; ploughs, £(>. 08 10s.. £l2: swamp ploughs, £l4. £25 ills.; discs. £l2, £l3. A quantity of harness, etc., sold at full market rates. WELLINGTON STOCK EXCHANGE YESTERDAY'S BUSINESS AND PRICES At the afternoon call yesterday a sale of Westport Coal at 30s. Gd. was made on 'Change and a sale of 5} per cent. Government stock (1933) at £lOl ss. was reported. , , There was a poor demand for Government securities. The 44 per cents. (1938) were wanted at £9B 155., and the 5J per cents. (1936) at £lOl ss. There was a bid of 245. for New Zealand Breweries, 10 per cent, bonds. Bank shares were firm and in good demand With buyers of Australian Bank of Commerce at 335. 9d., Commercial Bank of Sydney at £27 10s., English, Scottish, and Australian Bank at £8 National Bank of New Zealand at £* 2s. Gd National Bank of Australasia, £lO paid at £l9 2s. Gd. and £5 paid at £9 Ils 9d„ Bank of New South Wales at £5l and Bank of New Zealand at 61s. Sellers quoted 30s. 9d. for Commercial Bank of Australia, and £l5 7s. Gd. for Union Bank of Australia. New Zealand Guarantee Corporation were steady, the ordinary at Bs. lid.. and the preference nt 21s. Wellington Deposit were wanted at 9s. 10d., Christchurch Gas at 255. 3d.. Gisborne Gas at 9s Gd., and Wellington Gas, ordinary at 2fls 3<1.. and preference at 17s. Insurance shares were quiet, and a bld of 445. 3d. for New Zealand Insurance was all the business offering in that group. Gear Meat shares were in good demand nnd steady at 40s. 9d. Southland Meat were wanted at 345. 9d. There were buyers of Huddart-Parker, ordinary at 48s. (hl and preference at 21s. 3d., both cum. dividend. Kaiapoi Woollen, ordinary at P’s (Id., Wellington Woollen, ordinary at .C6* Ils., Westport Coal at 30s. 3d., and Levland-O’Brien Timber at 345. Brewery shares were firm, with bids ot s‘>s for New Zealand Breweries, and 41s. 6d ’ for Ward and Co. There were buyers of British Tobacco at 435. Sd.. cum. dividend. Electrolytic Zinc (preference) at Ils Gd , Wilson's Cement at 3Ss. 9d.. Australian iron and Steel (preference) at 20s. 3d., and Mount Lyell mining at 345. lid. Yesterday’s buying and selling quotations were ns under:NZ. GOVT. LOANS— £ 6. d. £ s. d. 41 p.c. Ins. Stk., 1939 - 99 5 0 ■li P.C. ditto, 1038 ... — 99 2 b GJ p.c ditto. 1933 ... - 101 10 0 51 P.C. ditto, lIKIG ...101 5 0 - 5j- p.c. ditto. Il«2 ... 99 £ I; 44 p.c. Bonds. 193 S .. 98 15 0 09 5 0 5} p.c. ditto, 1933 and 1936 101 5 0 —

SALES IN OTHER CENTRES By Telegraph.—Press Association. k Auckland, September 19. Sales.—lnscribed stock, 1933, 51 per cent., £101; Bank of New Zealand, 61s. 3d.; Loan and Mercantile, £115: Westport-Stockton, 3s. fid.: Auckland Gas, 235. Id.: Iluddart, Parker, Ifis.; Waihi, 12s lOd. 135.; Mount Lyell, 3us. 6d. Christchurch, September 19. Sales —Christchurch Trains, per cent., 1944, £99 10s.: National Bank of Australasia (£lO paid), £l9 55.: National Bank of New Zealand, £7 3s. 6d.; Union Bank, £l5 65.; Dalgety and Co., £l5 25.: New Zealand Refrigerating (£1 paid), 19s. 3d. (2 parcels), 19s. 2d.: Carlton Brewery, 465. 6d.; D.I.C. (10s. paid). 215.; Electro Zinc (preference), 335. 7d.: Haywards’ Pictures, 19s. fid.; Kaiapoi (7s.paid), 3s. fid. Sales reported—lluddard-Parker. 495. Dunedin, September 19. Sale reported—National Mortgage, 82s. 6d. COMPANY ACTIVITIES BREWERY PROFITS Although the turnover of Arthur Guinness, Son and Co., brewers, declined from £11,504,604 for 1926-27 to £10,731,190 for 11)27-28, the net prolit increased by £4G,908 to £2,098,482. This was due to smaller excise duties and taxation needs and an increase in income from investments. Prolit was struck after allowing for all charges and depreciation. Dividend was maintained at 24 per cent., and ordinary shareholders in addition received a bonus of 4 per cent, A sum ot £206,000 was transferred to reserve and £728,969 was carried forward, against £837,368 brought into the accounts. Issued capital at June 30 was £9,500,000, reserve £2,100.000, and sundry creditors stood at £3,482,395 against £3.787,368 a year ago. Properties, plant, goodwill, etc., appeared at £5,749,534, stocks £3,218.758. against £3.768.38a; casks £615,014, investments £3,460,465, against £2.491,234, eash items £1,969.138, while sundry debtors owed £2,064,019 against £2,647,544 a year ago. For the twelve months ended July 31 Toohey's, Limited, brewers. Sydney, earned a net protit of £183,449. which contrasts with £174,101 for 1926-27. With £34,091 brought forward the directors have available £217.540. Interim dividend at tlie rate ot 10 per cent, per annum was paid in Marell last and a final dividend at the same rate lias been declared requiring in all £120,000. A sum of £15,000 is written off for depreciation and £45.000 is added to the reserve, leaving £37.540 to be carried forward. Machinery and plant have been maintained efficiently and expenditure in connection therewith has been defrayed out of current revenue. The capital is £1.200,000; reserve fund £458.500, and sundry creditors £403.655, the balancesheet total being £2,309.695. Assets include brewery plant, rolling stock, freeholds. etc.. £1.546,053, stock £156.343. sundry debtors £581,896, and cash £25,402. HUME PIPE COMPANY Increased profits were earned by the Hume Pipe Company, Ltd., for 11)27-28, the net revenue being £69,229, compared with £60,884 for the previous year. Tlie directors state in their report that although trade depression existed, tlie company's business was well maintained in that period. As £11,037 was brought into the accounts, tlie sum available was £80,265. Interim dividend at the rate of 8 per cent, per annum was paid in March, and tlie final dividend is at the same rate. To provide for taxation £16,000 has been set aside, and £lO.OOO has been written off patent rights, leaving £14.265 to be carried forward. The associated company, the Singapore Hume Pipe Co., Ltd., tho report states, completed a record year on March 31, a net profit of £11,301 being shown and a 10 per cent, dividend paid. Good progress had been made in extending the business of Hume Steel, Ltd., and valuable orders had been received by Hume Pipe Co. for the concrete lining of steel pipes. At September 30 tlie accounts of Hume Steel, Ltd., showed a net profit of £30,183, and a 10 per cent, dividend was paid. The Hume Pipe Company holds 165,000 ordinary shares in Hume Steel, Limited. Issued capital is £500,000, reserves amount to £15,000, provision for taxation and contingencies is £39,024, while sundry creditors and hills payable amount to £26.670, against £45.450 a year ago. On June 30, 1927, there was due to bankers £21.817, but this debt has been wiped out. Assets of £615.157 comprise freeholds £48,727: buildings, £29.611; machinery and plant, £152,707, against £164,936: manufactured stock, materials. etc.. £60,025. against £76.393: sundry debtors. £121.761, against £141,609; shares in other companies at cost. £55,005; patents, £68,000; and cash, £50.692. BANKRUPTCY PROCEEDINGS A‘ BUILDER’S TROUBLES TOO MANY CONTRACTS. That careful supervision must he exercised over building contracts was made evident during proceedings in bankruptcy yesterday, when George Herbert Newson, builder, of Wellington, whose liabilities exceeded £l6OO, attributed his failure to taking more contracts than he could personally supervise. x The Official Assignee (Mr. S. lansley) presided, and there were also present: Bankrupt and his solicitor (Miss Hopkins), Messrs. R. M. Morgan (E. Thomas), J. C. Moore (Granlite, Ltd.), M. Rowell (Rowell Bros.), A. S. Todd (Francis Holmes, Ltd.), D. J. Ryan, G. J. J. Feil. and G. 11. Newson, jun. ' , The amount owing to unsecured creditors was shown as £1606 Is. 6d., and to secured creditors £B9O 10s. 10d., the estimated value of securities being £S3a, leaving a deficiency of £55 10s. 10d., the total debts thus being £1661 12s. 4d. The principal unsecured creditors were: Evans Bav ’Timber Co.. Ltd.. £BOB fis. fid.; E. W. Mills nnd Co.. Ltd., £l4B 4s. 5(1.; D. J Ryan, £lO6 Is. 4d., Granlite, Ltd.. £77 2s. Gd.; Plumbers, Ltd., £54 10s. Id.; Hewitt. Miller, and Co., £35 13s. Bd.; Francis Holmes, Ltd., £34 6s. 6d.; G. 11. Newson, jun., £45 125.; .1. M. Reid, £lO 10s.; Smith and Smith. Ltd., £23 2s. lld.j .1. Ivory, Ltd., £2l 55.: IL R. Vile, £2o os. 7d.; Briscoe ahd Co., Ltd., £l5 14s. Gd.; Wellington Gas Co.. Ltd.. £26 3s. id..* Standard Insurance Co.. £5l 6s. lid.: E. Thomas, £3O; M. Rowell. £53 45.; G. .1. J. Feil. £35. Bankrupt’s Statement. Bankrupt, in his sworn statement, explained that he started in business in October, 1923. He had no capital, and paid for all materials out of moneys from the contracts. In June, 1925, he took a contract for the Kaiwarra School, but it rained for six months on end. and the work was delayed. The timber was either atTeeted by the weather or was green, as 7000 ft. of match-lining shrank and had to be removed and cramped up again and repainted. He lost considerably on this job. but was able to recover some of this loss on two or three following jobs. About June,

1926, he had things nearly square. At this time six contracts came through within a week or two, and, as he coiihl not be in ail places at once, he asserted that he had been left more or less at the mercy of the men. Unnecessary delays occurred in the completion of these contracts through the workmen not being under strict enough supervision. To this, he attributed his severe losses during the latter part of the time he was in business. During tlie time that these six contracts were in hand, four more contracts came through, so that part of the time he had actually ten contracts in hand. He also suffered losses on these last four contracts. Be was at. present supporting six children, whose ages were 8,9, 14, 16, 17, ami 18 years. The last two were apprentices earning a small wage. ‘‘During the whole time I have been in business.” bankrupt proceeded, *’l have tried to be faithful to the various wholesale bouses I have been doing business with, perhaps too faithful. If I had dealt with other people, I might have been able to shade the prices a bit.” In July, 1927, the statement proceeded, finding himself in serious difficulties, bankrupt called a meeting of his creditors, who arranged that he should carry on under the supervision of Mr. Feil, public accountant, for twelve months. During the year certain of his creditors had determined not to allow him any further credit, and the Valuation Department, hearing of the condition of his financial affairs, would not allow him to take any further contracts under them. A few weeks ago. certain of his creditors issued summonses and obtained judgment against him, while tho mortgagees of his house gave notice of intention to sell him up. He attributed his bankruptcy to having tendered too low for certain contracts, and having taken on too many contracts at a time. Nothing in the Estate. Mr. Foil stated that Mr. J. J. Clark, of the Evans Bay Timber Company, one ot the largest creditors, had requested him to apologise for his absence, and inform the meeting that he saw no reason why the discharge should be opposed. The Official Assignee said that there was nothing in the estate, except, liabilities. In reply to the Official Assignee. Mr. Foil said that bankrupt had drawn £7 a week while supervising the contracts. Bankrupt had offered to hand over his house to the two largest creditors, the Evans Bay Timber Company and E. XV. Mills and Company, but these firms had stated that they preferred to write the amounts owing off rather than be bothered with the house. The Official Assignee: It. is evident that the bankrupt took the contracts at too low a figure. , Mr. Feil: Yes: hut it was a question of taking the contracts or of doing nothing. The Official Assignee: That moans that he was living on his creditors. Mr. Foil: Ho would have been living on his creditors in either case; you can have it either way. Sympathy for the Bankrupt. “It is clear,” said Mr. Feil, “that bankrupt is honest, but is not capable of carrying out large contracts.” He moved that the bankrupt be advised to apply for his discharge at the earliest possible moment. This was seconded by Mr. Morgan, and carried. , . Mr. Moore: I object to bankrupts being granted discharges in this manner. Creditors are making things far too easy for builders, and anyone will be tempted to run up accounts, feeling that they will be sympathetically dealt with. ‘The Official Assignee: I asked if any of the creditors had any questions to ask, and no one had anything to say. My opinion is that if firms go on giving credit, they deserve to lose money. If a man cannot pay in two months, it is scarcely likely that lie will be able to pay in six. It‘was agreed that bankrupt should be allowed to apply for his discharge in February next. . The meeting was adjourned sine die. UNITED STATES TRADE BUSINESS CONDITIONS IN AUGUST ' The American Trade Commissioner (Mr. Julian B Foster) yesterday received the following- cable message from the United States Department of Commerce regarding business conditions in the United States during August:— “Business and industry generally has had an upward trend in August. Steel mills throughout the country are operating at S 3 per cent, ot' their maximum capacity. The automobile industry continues at a high rate of activity. Railway earnings are much higher. Construction contracts decrease slightly. Record volume Stock Exchange transactions. Brokers’ loans renew upward swing. Money rates higher. INSURANCE SHARE VALUES One of the features of investments in Stock Exchange securities in recent years has been the consistent steadiness of insurance shares. Whether other shares rise or fall, insurance shares maintain their steadiness. Those people who buy insurance shares do not buy them for the immediate return but as a permanent investment to put awav. with the practical certainty of substantial capital appreciation after a period of years. A peculiar feature about British insurance companies is that dividends are only to a very small extent dependent on Hie underwriting profits of the vear, being almost entirely covered by tlie interest earnings on the invested funds of the companies. During the past few years an ever-widening circle of now investors has come into tho insurance share market. Tim supply of such shares is restricted, and many New Zealand investors are now taking up Australian insurance shares. AUTOMOBILE OUTPUT The favourable condition of the automobile industry in the United States continues. Production of passenger cars and trucks in July in tlie United States and Canada slightly exceeded 400,000. bringing the total for the seven months ot the vear to about 2,725.000 units. Production in Julv last year totalled 279,456, and the total for the first seven months was 2 475,150. In 1926, the industry's record year. July output totalled 374.483, and for the first seven months 2,857,930. It is stated that factories which have recently introduced new models are in several instances more than a month behind with deliveries. The Ford Company, now building 4000 cars daily, is still several months behind orders. Dealers' stocks of both new and used ears are low. Used cars were being kept low by active demand in practically all centres. . Operators of motor vehicles for strictly commercial purposes can now be insured against loss sustained in the conduct ol business by reason of theft of motor vehicles or their damage by fire. This new form of protection, known as automobile use and occupancy insurance, has been introduced in the United States by the National Liberty Insurance Company. The policy has been developed for truck, van, and bus fleet operators, for whom temporary suspension of business might mean fina'neial embarrassment or disaster regardless of equipment loss. Under the agreement, policy-holders receive net. losses due to business interruption, as well ns additional expenses incurred in maintaining the business until equipment can be replaced. CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled £12.237. FOREIGN ITEMS LONDON STOCK EXCHANGE. (Australian Press Association.) London. September IS. Bank of Australasia (ex div.). £l5: Bank of New South Wales, £49; Union Bank of Australia, £l5 Ils. 3d.: National Bank of Australasia (£5), £9 55.: English. Scottish, and Australian Bank, £8 17s. Gd.; National Bank of New Zealand, £7 6s. Gd.; Bank of New Zealand. 4 per cent.. £94; Bank of New Zealand shares. £3; N.Z. Loan and Mercantile, first: mortgage, 4 per cent, debentures, £75: N.Z. Loan and Mercantile, ordinary stock, £llB. PRICE OF GOLD. London. Septenibei' IS. The price of gold is £4 4s. 11 3-Sd. per ounce. CHICAGO XX-HEAT QUOTATIONS. (Rec. September 19, 5.5 p.m.) Chicago, September IS. XVheat futures: September, 1 dollar 9 1.-8 cents per bushel; December, 1 dollar 13 5-S cents; March, 1 dollar IS.} cents; May, 1 dollar 21 cents.

DEBENTURES— — N.Z. Breweries ibonds) 1 1 0 BANKS— Australian Bank of Commerce 1 13 9 1 11 0 Commercial of Aust. (ord.) — 1 10 9 Commercial Banking Co. of Sydney .... -1 10 0 — English, Scottish, and Australian S 13 b •— National of N.Z 7 G — National of Australasia (£10) in — Ditto (£.>) 9 11 9 New South Wales .... «>1 11 11 New Zealand . > 1 0 .3 1 6 Union of Aust •—- 15 financial— N.Z. Guarantee Corp. (ord., 8s.) O S 11 9 - Ditto (pref.) 1 1. 0 — Well. Deposit and Mortgage 0 9 1(1 — ( j A S - """ Christchurch 1 ——• Gisborne f . (I 9 (5 — Wellington (ord.) ... 1 9 3 —— Ditto (pref.) () 17 0 ——■ INSURANCE16 6 National V New Zealand 4 ■ > — MEAT PRESERVING— Gear 0 9 19 N.Z. Kelrigerat. (Dll 11 0 6 Southland Meat 1 9 — TRANSPORT8 tluddart-Parker (ord.) 9 —— Ditto (pref.) 1 1 i> —• WOOLLENKaiapoi (ord.) (i 12 t) — Wellington (ord.) .... G 11 (> — COAT.— Westport 1 10 1 10 9 Wai pa —— 0 14 0 TIMBER-Leyland-O'Brien .... 1 14 0 — National — () 12 0 BREW ERIES— New Zealand •> 12 () Ward and Co J G — MISCELLANEOUS— British Tobacco (Aust. (ord.l ... — G Burns, Philp, and Co. - — 5 D.I.C. (ord.) — 0 11 0 Electrolytic Zinc (pref.) 1 13 0 — Howard Smith (ord.) 1 0 W’airarapa Farmers’ (pref.) Wilson’s Cement. ... 0 11 b — 1 18 y — Australian Iron and Steel (pref.) 1 0 t> 1 1) s MINING— Mount Lyell 1 14 9 —•