FINANCE and COMMERCE.

Dominion, Volume 23, Issue 82, 31 December 1929, Page 12

FINANCE and COMMERCE.

DAIRY PRODUCE LONDON MARKKET REPORTS BUTTER PRICES STEADY The butter market la steady. Retail prices were reduced on Monday, December 23 to 1/8 for New Zealand and 1/9 for Danish. The cheese market is steady, and retail prices are unchanged. The above report, dated December 2,. was received yesterday by the New Zealand Dairy Producers’ Board from its . London cilice, which reports that deliveries of New Zealand butter for the week were 750 tons, the quantity in store being 3250 tons. Deliveries of New Zealand cheese totalled G69G crates, the quantity in store being 26,553 crates. Deliveries of Canadian cheese for the week were 2524 boxes, as against 1791 boxes a year ago, the total in store being 184,767 boxes, compared with 105,330 boxes a year ago. Tbq Raranga from New Zealand started discharging her butter and cheese in London on December 21, and finished the che’se on December 23, and the butter the following day. The Remuera finished discharging her butter on December 26. This vessel started unloading her cheese on December 23. „ Market quotations as at December 27 are given by the board’s London office as follow:— BUTTER. New Zealand, salted 158/- to 162/-, exceptionally 164/-; unsalted, 180/- to 184/-; exceptionally, 186/-; first whey, InO/-; second whey, 150/-. Australian salted, lu4/- to luS/-, unsalted, 158/- to 164/-. Argentine, unsalted, 100/- to 106/- to 158/-. Danish, 176/- spot. Siberian, 150/- to luS/-. Polish, 142/-, 150/- to 102/-. The board has also received the follow- ' Ing advice from its agents in Canada:— Butter: New York, 40 cents (1/8); Montreal, 38J cents (1/7 3-8). Market quiet. CHEESE. •New Zealand, white, 89/- to 90/-; colouredCamujian>, white, 90/- to 100/-: coloured, ■ 90/-- to 98/-; exceptionally, 100/English finest farmers, 110/- to 116/-. BROKERS’ REPORTS. Dalgety and Company, Limited, have received the following market advice from their head office, London, under date December 28:—Samuel Page and Son report: Butter, 1/- to 2/- higher for exceptional brand. . , A. S. Paterson and Co., Ltd., report having received the following cablegram from J. and J. Lonsdale and Co., Ltd., London —Butter: Market is steady. Danish, 176/-; New Zealand, 158/- to 162/-; Australian, 154/- to 158/-; Argentine, 150/to 156/-. Cheese: Market Is quiet. White, ' 89/- to 90/-; coloured, 87/- to 88/-. FRUIT AND VEGETABLES WELILNGTON VALUES Values of fruit, vegetables, etc., sold in their markets yesterday are reported by Market Gardeners, Ltd., of Wellington, as follow:— , Fruit.—Californian oranges, 3u/- per ease; Californian lemons, 60/- per case; Hutt tomatoes, 9(1. to 1/t per lb.; Nelson tomatoes, 15/6 to 16/6 per case; local lemons, 20/- per case; plums, 1/6 to 5/6 per case; local cucumbers, 7/- per case; Dougherty apples, 8/9 per case; Stunner apples, 13/6 per ease; loganberries, 6/- per box; raspberries, 9/- per box; apricots, 9/9 per case; peaches, 9/- per case. Vegetables.—Auckland potatoes, 4/- per bag; local potatoes, 7/- to 8/6 per sack; swedes, 3/6 to 4/6 per case; cauliflowers, 5/5 per ease; broad beans, 5/- per case;, lettuce, 2/6 to 5/6 per case; French benns, 12/- to 18/6 per case; cabbage, 1/6 to 4/6 per case; marrows, 4/9 case; green peas, 15/6 to 17/6 per sack; spring onions, 1/1 to 1/6 per bunch; carrots, Bd. to 1/- per bunch; cucumbers, 2/6 to 7/9 per dozen; parsnips, 7)d. to B}d. per bunch; fat hens. 12/6 per pair. AUCKLAND COMPANIES YEAR’S REGISTRATIONS Dominion Special Service. Auckland, December 30. The total capital of the new companies registered in the Auckland district during the year 1929 was more Hian double that for the previous twelve months, exceeding £5,000,000 by some thousands. This great increase, is, however, more apparent than eal, as there have been several amalgamations, or mergers, during the past twelve months, and the new companies naturally included the capital of the ones absorbed, though in some instances there is also provision for certain new capital should it be needed in the future. This means that the actual hew capital to be provided under the registrations for 1929 is not anything so big as it appears at flrst. The amalgamations arranged this year included one combining a number of brick and tile works. Out of the 314 new companies, there are 14 with capital ranging from £160,000 up to, in one instance, £1,000,000. The company with the largest registered capital was New Zealand Newspapers Ltd., of £1,000,900, and the smallest had a capital restricted to three shares of £1 each. A marked feature of the registrations is the . large number of private companies, there being 244 as against 70 public ones. A. & N.Z. INVESTMENTS LD. In his annual report to shareholders of Australian and N.Z. Investments, Ltd., at the annual meeting in Sydney, the managing director, Mr. U. L. Wilson, stated that boud sales for the year were very satisfactory, being three times the amount of the previous year’s business. The work of developing the various properties had also progressed satisfactorily. It was confidently expected that the “A” Issue area would- be completed in 1930. Approximately one-third of the “B” issue bad also been completed, and was expected to be wholly completed early in 1031, while a commencement with the preparatory work on "C” . issue area had also been made. The nursery at Gordonton had been an unqualified success, and’provided the basis for the company’s planting operations. The net amount of funds held by the Public Trustee at October 31, 1929," was £16,28.3/17/2, and he had expressed his written satisfaction to the company on the carrying out of its obligations. Continuing the policy of conservatism, ample reserves had been made to meet the company's liability for interest to bondholders, and for the balance of development expenditure. Allowance had also been made for income tax, directors' and auditors' fees, and legal costs. ’ After allowing for the above there was a net profit of £1748/10/-, to which had to be added the balance brought forward from last year, making a total of £2152/17/3 available for distribution. From this a dividend for the half-year ended April 30. 1929, at 5 per cent., amounting to £877/3/5, was paid, leaving net £1276 13/10, from which the directors recommended a further half-yearly dividend of 5 per cent., making 10 per cent, for the year. This would absorb £893/17/6, leaving £3Bl/19/4 to carry forward to next year. The directors had decided to call up the final 2/6 per share, so as to make the present capital fully paid, and this call is payable by December 31. The report Was adopted. During the year the managing director, Mr. C. L. Wilson, visited London with the object-of-interesting English capital in the development of the N.Z. hemp industry. As the business had not yet been finally concluded, the whole of the expenses involved to date had been written off against the year's profit before bringing down the balance as shown. It had been arranged that £ISOO was to be paid to the company to cover-expenses, in addition to the other profit arranged. During his visit Mr. Wilson looked into the question of establishing marketing connections there for the future disposal of hemp from bondholders’ properties, and the directors reported that "satisfactory arrangements for the future have been made which should assure the production of fibre from bondholders’ areas being satisfactorily disposed of.” The Customs revenue collected at the Port of Wellington yesterday totalled £2253.

MOA ARRIVES A STORMY PASSAGE The auxiliary scow Moa arrived at Wellington yesterday morning- after a stormy trip from Auckland, via-Gisborne. The ■vessel berthed at Queen’s Wharf, where she attracted much attention owing to the tact that Count Von Lucknor escaped in her from Ouckland during the war, and was recaptured alter a smart pursuit. Iht Moa left Auckland -ou December 18 for Gisborne with 180 tons of coal. Vising her twin oil engines, Urn little eraft made good progress until north of White Island, when she ran itno heavy weather,. Owing to the scow jibing she broke her fore-boom. She arrived at Gisborne on Friday, December 20. After discharging her- cargo of coal and replenishing her stores, the Moa sailed from Gisborne last Friday night. She had moderate weather till nearing Cape Palliser, when the wind freshened until on rounding the cape the Aloa ran into a heavy north-westerly gale with mountainous seas. The vessel was hove-to with her engines keeping her head on to the seas. During terrific squalls the stay-sail and jib were blown to ribbons. At 2.30 a.in. on- Sunday the Wind changed to a moderate , southwesterly, with smooth seas, and the little craft was then able to make good progress to port. Captain E. A. Burton (of Wellingtont), formerly of the scow Zingara, brought the Aloa from Auckland to Wellington. Air. K. Trail is engineer. Captain E. Norton, of Auckland, will take command of the Aloa, with Captain Burton as mate. The Aloa was built at Auckland in 1907. Her' principal dimensions are:—99 tons gross; length, 94ft. Gin.; beam, 30ft. 3m.; depth, sft. Oin. She has a deep centreboard. The Aloa was formerly owned by the Leyland, O’Brien Timber Company, Auckland, and was used by that company in their timber trade. She was purchased nineteen months ago by Winstone, Ltd., Auckland who fitted her with twin Fair-banks-Alorsc engines, of 45 horse-power each.| At sea, in fine weather, the Aloa can make six knots on a loaded draught. The Aloa, which is making her first appearance at Wellington, will trade between this port and Hokitika. Messrs. Adams and Blyth, Ltd., who arc the local agents, advise that the Aloa will receive cargo on Thursday and Friday for Hokitika.

FROZEN MEAT TRADE SMITHFIELD MARKET ALL-ROUND IMPROVEMENT As compared with last week’s quotations mutton is Id. per lb* higher. Owing to limited supply, the market shows an allround improvement. 'I be above report, dated December 27, was received jest eiday hv T pvin and Co., Ltd., from their London Scents who quote Smithfield delivered prices as follow ?-North Island down Fambs best North Island crossbred lambs, “’island second aver age, none offering. Best North Is! ]' wether sheep: 7l !;..V er p'A”. luik’ to 561 b;. 6 7-Bd.; o6lb. to Mlb., Gid., 611 b-to 721 b., Gid. North Island ewes: Under 481 b., 7,id 481 b. to 561 b., 5d.; 561 b. to 641 b., 4 7-8 d ■ 641 b. to 721 b., 4id. New Zealand prime ox beef. 1601 b. to 2201 b., none offering. - ENGLISH MARKETS BRADFORD TOPS VALUES The Department of Agriculture has received the following cablegram, dated December 28, from the High Commissioner for New Zealand, London: —All markets of holiday character. ' EGGS—Exchange closed this week and no business of any importance. HEMP.—Quiet and no movement In prices. New Zealand not offering, and values, unchanged. , , ~ , WOOL.—In view of steady decline in values, trade waiting for new basis to be established. Bradford tops, 40’s prepared, 1/6; others unchanged. TALLOW.— Nominally unchanged. No auction until New Year. GEORGE A. BOND’S RECONSTRUCTION Following On the Court’s approval at Sydney last week of the creditors’ scheme fo>‘ the reconstruction' of George A. Bond and Co., Ltd.: (in. liquidation), a company will be’registered with a capital of 41500,000, within, it is expected, some two months. The formation of this company is included in the scheme approved by the creditors and commended by the liquidators, and the assets of George A. Bond and Co., Ltd., and George A. Bond Cotton Mills, Ltd. (both in liquidation), will be taken over. SOUTHERN UNION LOSSES Southern Union General Insurance Company of Australasia, Ltd., an organisation registered in Melbourne, had a net premium income of £1G4,867 during the year ended June 30, and claims paid and outstanding amounted to £200,812. With expenses of £56,409, and a transfer of £13,077 to reserve for unexpired risks, there is, after allowing for £16,498. received for interest and rents, a debit on the year’s accounts of £88,932. With a credit of £8907 brought forward, there is a debit 'of £80,625 carried, forward. Besides this debit at profit and loss, there is an establishment account of £85,000. Capital is £378,573, with -a general reserve of £BOOO, and reserve for unexpired risks of £81,077. In order to eliminate the losses from the balance-sheet, shareholders are to be asked to consent to a reduction of capital by 1/9 a share. Shares are at present paid up to 4/-. AUSTRALIAN DRIED FRUITS Total sales of Australian dried fruits in Great Britain for 1020, according to information siqiplied by the chairman of the Commonwealth Dried Fruits Control Board, were 31,736 tons, valued at £1,332,303, from shipments of '48,028 tons. During the. previous year sales totalled 3751 tons, valued at £187,500, from shipments of 13.128 tons. Stocks in Great Britain and afloat are 16,202 tons compared, with 0377 tons at tho end of 1928. Shipments to Great Britain are far in excess of those of any earlier, year, the highest total previously being 35,114 tons, which has been exceeded during the present year by nearly 13,000 tons. Shipments to New Zealand, Canada, South Africa, and Eastern markets absorbed 7250 tons. During the year 10,742 tons of sultanas were sold at an average price of £4l/11/7 per ton, 10,833 tons of currants at £43/8/0, and 1161 tons of lexias at £35/11/5. The average price realised for currants is regarded as satisfactory. The price qf sultanas reflects the depression in the markets, and is the direct result of intensive selling of American fruit in Great Britain and competition from Turkey and Smyrna, the market for lexias is gradually contracting. as they are being replaced by sultanas. Australian- dried' fruit _sales during the year represent about: 2o per cen,. of the annual British consumption.