Farm and Commercial section LATEST REPORTS from ALL CENTRES

Dominion, Volume 22, Issue 48, 20 November 1928, Page 14

Farm and Commercial section LATEST REPORTS from ALL CENTRES

AUCTION SALES TO-DAY. 10S Cuba Street. 2 p.m.—Sale of furniture (Silverstone and Co.) 91 Dixon Street, 1.30 p.m.—Sale of furniture (C. W. Price). 98 Manners Street. 1.30 p.m.—Sale of furniture (R. Wilson and Co.) S Willeston Street, 1 p.m.—Sale of furniture (I'3. Johnston and Co.) TO-MORROW. 195 Hamilton Quay, sale Grange sites, 7.30 p.m. (Harcourt and Co.) . Johnsonville sale. 1 p.m. King's Theatre Buildings, 1.30 p.m.— Sale radio sets, etc. (E. Johnston and Co.) Clarkson’s Garage, 10.30 and 10.40.— Sale motor cars and cycles (la. Johnston and Co.)

FRUIT EXPORT DIRECT SHIPMENTS TO EUROPE It has been decided by the New Zealand Fruit Export Control Board to arrange for the direct shipment to the Continent during the coming season of 100.009 cases of apples. The shipments will go to Rotterdam, for distribution to other Continental centres. Of the 100,000 eases, 80.000 will be for the Dutch and German markets, and 20.000 for Norway, Sweden, and Denmark. The board also decided to place 30,000 eases in cool store at Southampton. Steps will be taken to ascertain the prospects of export of pears to the Continent. Mr. 11. E. Stephens, the board's London representative, in a report to the board, stressed the point of direct shipments of fruit to the Continent on the score of economy, and the condition of the fruit, which suffered from transhipment in British ports for the Continental markets. There is a limited market in Paris and Vienna; Belgium has a luxury tax on imported wrapped apples, but Mr. Stephens remarked: “I do not think we should do much business there, even if the tax were removed.” He emphasised the importance of the Government guarantee to exporters of Ils. per case for “extra fancy,” and 7s. per ease for “good” grades, gross market price, and stated: “Government guarantee. We could do nothing without the Government guarantee, which is far more than a simple matter of financing. It is the backbone of our whole scheme, making us completely independent ns to where we place our fruit. Once a broker finances a grower, he is in the broker's hands, and not a free agent. So the guarantee is the backbone of our scheme.” THE PRODUCE MARKET HIGH COMMISSIONER’S CABLED REPORT The Department of Agriculture has - received the following cablegram, dated November 17, from the High Commissioner for New Zealand, London :— 1 Hemp. Manila market dull and easier under bear influence. “J” grade quoted for De-cember-February and January-Marell shipment at the close. £34 10s. buyers. Sisal.—Market quiet, but firmer at the close. Tanganyika No. 1, best marks, for October-December shipment, sold £3B 15s. to £39 ; No. 2 quoted £37 sellers. New Zealand market quiet and buyers less interested. Closing values for No-vember-January shipments are: Highpoints, £33 10s.; fair, £3O 10s.; common, £2S 10s. Tow: Somewhat better demand ; No. 2 sold £2O 10s., No. 3 £lB. Eggs. Market well supplied ami demand somewhat slow. Prices steady. S.S. Corinthic consignment arrived in good condition, but not all sold yet. Present quotations are; English, 225. to 30s. per long 100: Danish, Dutch. 18s. to 275.; French, Belgian, 16s. to 245.; New Zealand, 18s. fid. to 215.; Australian, 18s, fid. to 195.; South African, Ills, to 16s. fid.; Argentine, Lithuanian, 12s. fid. to IBs. fid.; Polish, Russian, 10s. (sd. to 14s. fid. Apples. Market has been very slow, but now shows signs of improvement. Present quotations are: Oregon Newton, Ils. to 12s. fid. per case: Californian Newton, 7s. to Bs.: Jonathan, 7s. to 9«.; Snitzenberg, 7s. fid. to 9s. fid.; British Columbian Jonathan, Bs. to 10s. Tallow. No auction this week. Market quiet at last quotations. Wool. Bradford topmakers have adopted protective attitude in view of firmer tendency in raw materials. Little more doing in crossbred yarns. Present quotations for tops are: fi-I’s (merino), warp 4s. Old. to 4s. Id. per lb., average 3s. Hid. to 45.: 56's (super halfbred), 2s. 104(1. to 2s. lid.; 50’s, prepared, 2s. 44(1.; 40’s, prepared, Is. lOd. OTHER ADVICES. The Bank of New Zealand produce department has received the following advice from its London office as at close of business last week :— Butter.—Steady: 1725. to 178 s. per cwt. Cheese—Quiet; 104 s. to 108 s. per cwt. Frozen Meat—The market for wether mutton is inclined to be weaker, supplies being more than sufficient to meet demand. The market for ewes is depressed owing to absence of demand. The market is weaker for second quality lamb, first grades remain firm. (New season’s Australian and Argentine, lambs are quoted at 84d. to 10d. and <4d. to SJd per lb. respectively.) The market for beef is steady. Quotations: Wethers, light Old. to 7d. per lb., heavy 5Jd. to 64d ’ owes. 4-}d. to 5t1.: lambs. L s Ojfd. to lOld.. B's 95(1. to 10d.. 4's Old. to 9Jd seconds B}d. to Sid.; ox hinds, 4Jd. to 4M.: ox fores, 3}d. to 4d I: cow hinds 4jd. to 44d.; cow fores, JJd. to 3|d. LONDON WOOL SALES The sixth and closing series of Loudon wool sales will begin this evening, and no change of any consequence is to be anticipated. At the Antwerp sales, held on November 9, out of 3974 bales offered only 806 were sold, notwithstanding a large attendance and good competition. The latest quotations for Bradford tops show no alteration in values. London doos not now control wool prices. The Bradford correspondent of the “Financial Times” thus sums up the position: The wool textile industry the world over is in a disturbed and unsettled condition, which makes it difficult to form an opinion on what the future bns in store for those engaged therein. There is much doubt with regard to the volume of business which will be available in partially and fully-manufactured goods for next season's'trade. At the moment purchasers of piece goods and all those engaged in the process of manufacture, are buying from hand to mouth, in the belief that raw material will decline to a still lower price level, and they are not likely to increase the size of their stocks until they nre convinced that wool has touched lowwater mark. Importers who arc holding a "ood deal of raw material for which they paid high prices at the centres of production in the first half of this year, hoped the delnv of shipments from Australia would operate in their favour by causing anxiety about supplies for some weeks ahead. But against any possibility of that kind consumers are able to set the statistics of stocks of tops which have accumulated on the Continent of Europe. Although the downward movement of prices for tops, varus, and piece goods continues, the turnover in the aggregate has increased somewhat. The adjustment of prices has been so marked that spinners and manufacturers have covered their requirements for tho immediate future. It may be some weeks yet before anything a nnro.i citing normal conditions nre res', wed in the spinning and manufacturing sections. but once confidence in wool prices has been restored, it is hoped that the lower basis of values will put the wool textile industry of this district— Bradford —in a more healthy condition than it Ims boon for many months past. The future largely depends on wool growers realising that they have been misled by their friends nbont the ability of those engaged in the manufacture to continue paying the exorbitant prices for their raw material, nnd on them nromntlv accenting economic prices which will leave those who use their wool a profit, instead of , causing them further loss.

SYDNEY WOOL SALES

MARKET VERY FIRM.

(Rec. November 19, 9.40 p.m.) Sydney, November 19

At the wool sales to-day he market was very firm, with excellent clearances, 11,283 bales being sold. There was a particularly strong demand for stylish comebacks’ and crossbreds, which ruled in sellers' favour. Greasy merino sold to 27Jd. per lb. The following new records for the season were made: Greasy crossbred fleece. 2-44(1.: crossbred lambs. 19.1 d.; comeback fleece, 20d.; scoured crossbred lambs, 264 d.

WELLINGTON STOCK EXCHANGE

YESTERDAY’S BUSINESS

AND PRICES

Sales of New Zealand Government 5} per cent, bonds (1933), at £lOl 10s., and N.Z. Breweries bonds, at 255., were reported at the afternoon call yesterday. There was a moderate demand for Government securities with buyers of the 4J per cents., at £99 us., and the 54 per cents, at £lOl ss. Wellington Racing Club debentures were wanted at £lOO 10s.. and New Zealand Breweries bonds at 245. 9d. , . , „ Bank shares were slow with more sellers than buyers. There were bids of 30s. 3d. for Commercial Bank of Australia, and 61s. 4(1. for Bank of New Zealand. There were sellers of National Bank of New Zealand at £7 45., National Bank of Australasia, £5 paid, at £9 13s. fid., cum dividend, Bank of New Zealand, “D” shares, at 28s. 5d., and Union Bank nt £l5 9s. National Mortgage shares were wanted at 87s. fid., New Zealand and River Plate at 325„ Wellington Investment at 10s. 8(1., and Wellington Trust and Loan, at £6 19s. There were sellers of N.Z. Loan and Mercantile, ordinary, at £l2O, and N.Z. Guarantee Corporation, ordinary. nt Bs. 9(1. .... , Insurance shares were quiet, the demand being confined to South British, for which 03s. fid. was offered. Christchurch Gas were steady at 255. 9d., and Napier Gas, £lO paid, at £lO 7s. (id. There were bids of £9 2s. Cd. for Canterbury Frozen Meat, ordinary, and 9s. sd. for N.Z. Refrigerating, 10s. paid. There were buyers ot Huddart Parker Shares at 475. 9d., Wellington Woollen at £0 195., Hikurangi Coal, preference, at 10s fid.. Westport Coal, at 31s. 3d., Kauri Timber, at 19s. fid., New Zealand Breweries, at 565„ Staples and Co. at 41s. Cd., British Tobacco at 445„ Electrolytic Zine ordinary, at 345., and preference nt 355.. Wellington Queen's Theatre, at 225. 9d., Wilson’s Cement, at 40s. 4d Gasco Bricks at 235. 11.. Mount Lyell nt’ 385.,’- cum. dividend, and Blackwater Mines at 3s. fid. Yesterday’s buying find selling (juota-

SALES IN OTHER CENTRES By Telegraph.—Press Association. Auckland, November 19. Sales —Auckland Harbour Board Debentures. 1937, 5} per cent., £97 10s.; Auckland Harbour Board Debentures, 1939, 5J per cent., £97 10s.; Borough of New Plymouth Debentures, 5 per cent., £97; Commercial Bank of Australia (pref.). £7 Bs.; National Insurance, 175.; Hikurangi Coal, 65.; Renown Collieries (pref.), 2s. lid.: New Zealand Breweries, 50s. Cd.; Australian Iron and Steel (pref.), 20s. 4(1.; Electrolytic Zinc (ord.), 345. fid. Christchurch, November 19.

Sales.—N.Z. Breweries (bonds). 255.; Australian Bank of Commerce, 335. sd. (three parcels) ; E. S. and A. Bank (ex div.), £8 10s. fid.; Bank of New Zealand, fils. Cd.; Union Bank of Australia, £l5 7s. (two parcels) ; Dulgety and Co., £l5 ilg._: Goldsbrough, Mort. 525. 3d.: N.Z. Refrigerating (10s. paid). 9s. 7d. (five parcels) ; Kaiapoi Woollen (17s. paid), 13s. lOd.: Kaiapoi Woollen (7s. paid), 4s. 3d.; N.Z. Breweries, 565.; British Tobacco. 445, Cd.; Holden's Motors, 295. Sales ronorted —National Bank of New Zealand, £7 2s. fid.; British Tobacco. 445. 6<lDunedin, November 19. Sales reported.—New Zealand Breweries. debs.. 2t>s.. 255. Id. (two) ; Dominion Rubber. 275. COMPANY ACTIVITIES ABRAHAM AND WILLIAMS, LIMITED The twenty-seventh annual meeting of the members of Abraham and Williams. Ltd., was held at the head office of the company, 34 Customhouse Quay, Wellington, yesterday. The profit and loss account, ineluding £14,,059 10s. 2d. brought forward from last year, showed a credit balance of £30,834 13s. fid., from which has to be deducted the interim dividend paid in Xpril last, amounting to £7766 25., Icavin" a balance available for distribution £23.0(58 Ils. fid. A dividend of 2J per cent, for the halfvenr was declared on the ordinary shares, which, together with the 2} per cent, paid in April last, makes 5 per cent, for the year, leaving a balance of £15,302 9s. fid. to be carried forward. Messrs. R. 8. Abraham. W. D. Hunt. J. T. Martin, and O. Monrad, the retiring directors, were re-elected. Messrs. Rutherford and Connell, and Mr. P. L. Sim. were reappointed auditors for the ensuing year. NEW REGISTRATION There has been a lull in company registrations at Wellington during the last ten days. , , . , Longbush Lime, Ltd.. Masterton, lias been registered as a private company. Ob-

jects: To purchase the rights, privileges, and certain other properties of A. E., E. O. W .Brooks, and the goodwill of the business of lime burning carried on by him at Longbush, and general incidental. Capital, £5OOO. in £1 shares. Subscribers: A. E. Brooks, Longbush, 250 fully paid up; D. Buchanan, sheepfarmer, ' Masterton, 1000 ordinary; J. W. Buehanan,Masterton. 500 ordinary; A. C. Gawytji, sheepfarmer, Longbush, 500 ordinary ;’Ann Buchanan, Masterion. 500 ordinary. FARMERS’ TRADING COMPANY IMPORTANT PROPOSALS. Dominion Special Service. Auckland, November 19. At a special general meeting, to be held on December 5, shareholders in the Farmers’ Trading Company are to be asked to sanction a proposal to increase the dividend rate. In a circular the directors state that they are desirous that shareholders should participate in the continued prosperity of the company. The proposal is to increase the dividend on both classes of preferential shares from fi to 7 per cent., and to lift the limit on ordinary shares from 8 per cent, to 10 per cent. It is further proposed to take away from “A” preference shareholders the wide powers at present hold by them in regard to the company's authority to deal with mortgages, capital account, and the general policy of tho firm. Their rights will be so restricted as to deprive them of the right to vote at any meeting of the company, except where their interests as to capital or dividend are prejudicially affected. It is the intention of the directorate in tho near future to place a further issue of shares to the value of £109.000 on tho market, and to retire a like amount of debentures, which at the moment are a first charge on the assets of the company. BANKRUPTCY PROCEEDINGS PETONE FISHMONGER’S ESTATE A surplus was shown in the bankrupt estate of Athelstan Higson, a fishmonger, of Petone, at the meeting of creditors held before the Official Assignee (Mr. S. Tansley) yesterday Those present were: Messrs. 11. Cleary (appearing for the landlord, 11. Webster), Gramshaw (representing IV. J. McCartie), and M. G. Findlay (appearing for the first mortgagee, Mr. A. Davis). Total debts were given as £97 Bs. 3d., total assets as £2Bl 19s. Id., making a surplus of £lB4 10s. lOd. Stock-in-trade was set down as £75 135., furniture as £45. and the .surplus from securities iu the hands of secured creditors, £l6l 6s. Id. Secured creditors were shown as claiming £913 13s. lid., the value of the securities as £1075, thus making a surplus for creditors of £lOl Cs. Id. The principal unsecured creditors were: 11. Webster, a picture framer, of Taranaki Street, Wellington, the landlord, £22 7s. 7d.; H. Mould, Molesworth Street. Wellington, an estimate clerk, £2O; Acme Auction Mart, £4 ICs. 9d.; T. O’Rourke. Elizabeth Street, Petone, £7 95.; Sandford. Wellington, Ltd., £7 16s. 4d.; Digby, Perrctt and Co., £5 165.; IV. G. McCartie, printer, Wellington. £4 3s. fid. f , . Bankrupt gave as his reasons for his bankruptcy lack of sufficient capital to carry over the present trade depression, not sufficient population in Cuba Street at present to support a fish business, high rent, scarcity and dearness of fish, which made a profit on selling'it almost an impossibility. , . Questioned by the Official Assignee, bankrupt said he had been in the business about six months. He lived on the premises was married, and had two children. ’ The business yielded an average of about £l4 a week. Rent amounted to £4 week. Mr. 11. Cleary, solicitor for Mr. H. M ebster, the landlord, questioned certain items given in the fittings. The Official Assignee said that a fair discount would have to be taken off some of the fittings. A number of them were put in by bankrupt . Mr. G. Findlay, acting for the first mortgagee, said the house, tha principal asset, was quite worth the value set down. The Official Assignee said that if that were the case, tho estate would realise 20s. in the £l. “I think the bankrupt was very wise to shut up shop after six months.” lie added. “Many a man goes on hoping that things will brighten up.” Mr. Webster thought he was unwise to take up the business at all. The Official Assignee replied, stating that he still thought bankrupt was wise. In another six months it would have probably been worse. This was not a case of tlie man filing to get out of his debts. Mr Webster said Mr. Higson was more to bo svmpathised with. Tho failure, in his opinion, was just lack of business experience, . , The meeting was ad.iurned sine die. tnc Official Assignee to realise on the estate. STOCK EXCHANGE SPECULATION The “Hoover” boom on the New York Stock Exchange was at fever heat last week, and the turnover of shares on 1 nday, which exceeded 6,700,000 in number, was easily a record for a single day s business. On the New- York Stock Exchange a tally is kept of the number of shares and bonds that are bought and sold each day, and not only that, the stocks and shares are classified, the average prices, changes, and the total dealings are recorded in the respective groups, besides other information. Prior to the outburst of this latest boom the day’s record of dealings was on June 12. when just over 5,090,000 shares changed hands. This intense speculation movement could not be carried on without country-wide support, and it is obvious that money has been pouring into New York partly for investment in shares and partly to be used as loans to brokers, call money ruling at very attractive rates. The fierce buying has pushed up the value of shares, and quite a number of millionaires have grown up like mushrooms. In the meanwhile the demand for credit in New York is causing a tightness in European money markets, especially in London. Last week the Bank of England lost gold to the amount of £2,308,000, and the New York exchange rate is down to 4.54 13-16d01., which is practically the export gold point. It is probable that the gold withdrawn from the Bank of England is on American account.. As the reserve to liabilities is still over 40 per cent., a change in the bank rate is unlikely unless unforeseen circumstances arise. At the same time the heavy withdrawal of the yellow metal just now is rather awkward as the bank will from Thursday take over control of the Treasury note currency. It is difficult to say when the “Hoover” boom on the New York Stock Exchange will have run its course. The country is extremely prosperous ; both the internal and export trade are good, and that encourages keen optimism. The forecasts of the professionals, and of Harvar’ University, have all been more or less encouraging, but one American forecaster submits the Harvard curves to an original mathematical treatment, and obtains a key diagram which he claims enables him to give long-term forecasts. According to this authority a critical period, which will in some measure correspond with that of 1907, will develop in the United States next year. That is not a very extravagant prediction, for the boom must burst, and the reaction will be terrible, because of the magnitude of the boom. On October 2 last the record price of £85.000 was paid for a seat on the New York Stock Exchange. Less than three weeks prior to that date a seat was sold for £82,000, while the price a year ago was £40.000. In 191(5 a scat cost about £14,000. CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled £17,837.

FOREIGN ITEMS ENGLISH "WHEAT MARKETS. (Australian Press Assn.—United Service.) London, November 16. Wheat cargoes, following an improved inquiry, are steadier, mostly 3d. higher. The cargo by an unnamed vessel due in December, from Calcutta, sold at 455. per quarter. Parcels, bettor request, advance 3d. to fid.; ex Port Sydney, 475. fid.; ex Zealandic. 475. 9d.; ex Themistocles. 475. 74d. Liverpool futures —December, 9s, 3 3-Bd. per cental; March, 9s. 4 1-Sd.; May, 9s. 4jd.

tions were as under : — N.Z GOVT. LOANSBuyers. Sellers. £ s. d. £ S. d. p.c. Ins. Stk.. 1939 09 5 0 — 4 A p.c. ditto, 1938 ... 09 5 0 — 5* p.c. ditto. 1933 ... —» 101 10 0 C>i p.c. ditto. 1930 ...: 101 2 6 — 44 p.c. Bonds, 1938 and 99 5 0 ■ . 51 p.c. ditto, 1931! ...i 101 5 (1 — DEBENTURESWell. Racing Club . ■ ■ ■ 106 10 0 — N.Z. Breweries (bonds) 1 4 ! i 1 5 2 Ditto (inscr. stock) . 1 4 G 15 2 BANKS— Commercial of Aust. 1 10 3 — National of N.Z 7 4 0 National of Australasia (£5) .—~ 9 13 0 New Zealand 3 1 4 3 1 8 Ditto, long-term mortg. —— 1 8 <> Union of Aust ■ • • — 15 9 0 FINANCIAL--National Mortgage .. 4 7 6 4 10 0 N.Z. Guarantee Corp. (ord., 8s.) — 0 8 9 N.Z. Loan and Mere. Agency Co. (ord.) .. — 120 0 0 N.Z. and It Ivor Plate 1 12 0 — Well Invest.. T. & A. 0 10 8 X — Well. Trust and Loan 0 19 0 — GAS1 5 1 1 ■ ■■■- Napier (£10) 10 7 6 — INSURANCE— .— 0 17 0 2 7 0 3 3 6 — MEAT PRESERVING- ■ « 2 4 0 Canterbury Frozen Meat (ord.) 9 2 fl — N.Z. Refrigerat. (10s.) 0 9 , t 0 9 8 TRANSPORTII uddart-Parker (ord.) 2 7 9 2 8 3 WOOLLEN— Wellington (ord.) ... G 19 0 — CO A L— Ilikurangi (pref.) ... 0 10 9 — 1 11 3 1 11 8 Westport-Stockton 0 3 10 Waipa — 0 13 3 timber0 19 G ■ ■ ■ Levland-O’Brien 1 14 fl National — 0 10 0 BREWERIESNew Zealand 2 1G () 2 18 0 Staples and Co 2 1 0 •— MISCELLANEOUS— British Tobacco (Aust.), 2 4 0 ■ ■■■ Electrolytic Zine (ord.) 1. 14 (I — Ditto (pref.) 1 15 0 —— N.Z. Express Co. (ord.) — o r.t o Well. Queen’s Theatre 1 2 9 — Wilson’s Cement .... 2 0 4 2 12 Gasco Bricks 1 3 11 __ MINING0 3 fl — — Mount Lyell 1 18 0 —-