FINANCE and COMMERCE

Dominion, Volume 24, Issue 287, 31 August 1931, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES , . - f Last Week's Business ■ UNCERTAINTY IN THE market St^^Ex^L^/^^o^DVmlnion list we°ek. the markets reacting noticeably to political developments in New Zealand and in Britain. Uncertainty was evident regarding the outcome of the "economy committee's" deliberations, and there were rumours of a plan to convert internal loans t? a lower Interest level. This was Reflected In . the withdrawal', of buyers from the market, and the strong selling movement in all classes of Government SeCurlt! Bank shares also showed a fal “ n S tendency. It seemed at one time that prices of bank shares had steadied, but a further lowering of the dividend by the Bank of Australasia has raised uoubts as to> the continuity of even the present dividends. Small business was done in the past week in Government stocks and bonds. The « ber cent, stocks, 1939. ehanged hands at £9B, £O5/15/-, and £96, while in the previous week they sold at The 41 uer .cents.. 1938, stocks sold at £96, lgalnst/£9B/5/-, and the bonds at £97 and £96, against £99/2/6. The Per cen 1937 changed hands- at £IOO/o/-, taw, £99/10/-, £O9/5/- and £99, r and-the bonds at £l9O, £9B/10/- and £9B. The 5i per cent, stock, 1933, sold at £99/10/-, and W There wZs moderate trading in debentures. Wellington City Si per cents., , 1951, sold at £99, and showed no change on the previous week. Auckland CLy 5J per cepts., 1957, sold at £9B, Auckland Harbour Board. 5* per cents., 1941, at £9B, and Auckland Tower Board, 5J per cents.. ■' 1945, at £99/10/-. Mount Rosklll Road Board, 55- per cents., 1960, sold at par, the same as in the previous week, and Gisborne Sheepfarmers' debentures at £74 10/-, this being 10/- better than the previous sale registered about the end of last month. ' , . . A restricted business was done in bank shares. The course of sales of bank shares was as follows:— Commercial Bank, 13/-, 13/-, 13/o, ,13/4, 13/4, 13/4, 13/5, 13/5, 13/5, 13/5, 13/5, 13 New Zealand, 46/9, 47/-, 46/3, 45/74, 45/-, 4-1/6. 44/6, 44/9, 44/6, 44/-, 44/-, 44/0, 44/3, 43/9, 43/9, 44/-. 44/3 Bank of New South Wales, £24/17/6. Union Bank, £O/7/0, £O/7/0, £6/8/6, Bank of Australasia, £B/7/6, £B/8/-, £8 7/6 .£B/7/New Zealand Guarantee Corporation, ordinary, changed hands at 4/9 and 4/10, and were weaker than in the previous week, when they sold up to 5/1. The ordln- , ary shares are £1 each with 8/- paid up, so that there is a liability of 12/- per share. Goldsbrough, Mort and Co. were also easier than in the previous week with sales at 18/9 to 19/-, against sales at 19/4 and 19/5. Dalgety and Co. sold at £6 9/-, or 1/- above the previous sale made about a fortnight ago. A small business was done in insurance shares. New Zealand Insurance changed hands at 37/6, and South British Insurance at 50/6. The accounting period of the latter company ends to-day. Gas shares were in fair demand, but little business was done in them. Auckland Gas changed hands atz23/l, 23/2 and 23/3, and Christchurch Gas at 25/3. A good business was done in New Zealand Refrigerating, 10/- paid shares, with sales at 3/7 to 3/10. but they showed no change on the previous week. New Zealand Breweries were active with sales at 29/6 to 28/-, and failed to rise to the level of the previous week. Tooth’s Brewery changed hands at 17/- and 17/3. Dullness was the feature of the miscellaneous section. New Zealand Paper Mills were transferred at 18/3 and show improvement. Wilson’s Cement sold at 36/6. or 3d more than in the previous week. Other sales recorded were Bycroft, Ltd., at 26/6, Farmers’ Trading at 5/8, and Dominion Investment at 18/-. Moturoa Oil ehanged hands at 5/-, 4/6 and 4/9, and were Ip.wer than in the previous week. ; ■ WELLINGTON EXCHANGE Saturday’s Quotations .Buying and selling quotations at the Saturday morning call on the Wellington Stock Exchange were as follow:— Buyers. Sellers. N.Z. GOVT. LOANS— £ s d £ s d

King Solomon T, , ? 2 ilnterest and principal payable In London. ♦Cum. dividend, jEx dividend. AUCTION SALES TO-DAY. ts Victoria St., 12.30 p.m.—Sale cars (E. Johnston and Co.). Hay St., 1.30 p.m.—Sale furniture, etc. (Davis Bros.). TO-MORROW. Waipukurau saleyards.—Sale stock (De Pelichet, McLeod, and Co., Ltd.). Allen St., 10.30 p.m.—Sale poultry, etc. (Townsend and Paul). Levin Sale. „ „ 8 Willeston St., 10.30 a.m.—Sale wallpapers (tE. Johnston and Co.). 8 Willeston St., 1.30 p.m.—Sale fireproof sale (E. Johnston and Co.). •WEDNESDAY. 27 Panama St., 2.30 p.m.—Sale land, account Supreme Court. 40 Todmau St., Brooklyn (Gordon Harcourt). 27 Panama St.. 2.30 p.m.—Sale account Supreme Court, property 4 Tonks Grove (Gordon Harcourt). ISO Featherston St., 2.30 p.m^- —Sale land, account Supreme Court, 7 Essex St. (•Finch, Webster, & Oswin). 27 Panama St., 2.30 p.m.—Sale land and property 0 Harper St. (Gordon Harcourt). „ . , 27 Panama St., 2.30 p.m.—Sale land and property 45 Bridge St., Kilbirnie (Gordon Harcourt). Johnsonville fat stock sale (W-S. * Co„ Ltd* A. and W. W

COMPANY AFFAIRS

Farmers’ Freezing Co. DIVIDEND MAINTAINED Another year of new production records is disclosed in the 27th annual report of the directors of the Auckland Farmers Freezing Company, Limited, for the year ended June 30. The net profit shown is £16,998/13/1, a decrease of £l2OO/12/11 on that earned in the previous year. The amount available for appropriation, Including £5190/16/1, brought into the accounts, is £22,198/9/2. The directors recomm?nd that £2OOO should be carried to tlhe Auckland works replacement fund; that £5OOO should be carried to general reserve; that a dividend at the rate of 6 per cent, per annum should be paid, absorbing £13.235/14/6; and that the balance of £1962/14/8 should be carried forward. The dividend is at the usual rate. The report stated that the new cold storage building at the Kings Wharf works was completed during the year, the whole of the accommodation being utilised immediately it became available. The additional freezing plant, recently erected at the- works, was also in commission, and giving every satisfaction, the total capital expenditure on buildings and plant at King’s Wharf for the year amounting to £lll6OO. The demands made on the storage capacity of the works during the past season had amply demonstrated the necessity for the extensions. A further 5315 shares were allotted during the year. The total value of dairy company shares (B issue) now subscribed for amounted to £9O 503. Provision for depreciation had been made on an adequate basis. As income tax would Ibe on a higher scale this year. It had been necessary to make increased provision in that connection. The King’s Wharf site being a leasehold one, the directors considered the time had arrived to create a special fund, to be invested outside the company, for the purpose of providing for the replacement of the assets represented by those works, the fund to be known as the Auckland works replacement fund. The directors recommend that the board be authorised to invest the sum of £2OOO each year In recognised trust investments for the specific punpose of the fund, the Interest on the investments to remain part of the fun-d. Following is a comparison of -the company’s results for the last three years 1928-29. 1929-30. 1930-31. £ £ £ Brought forward ~ 5,092 4,424 5,200 Net profit 16,679 18,290 16.999 21,771 22,714 22,190 To reserve ........ 5,007 4,062 5,000 Auckland works ... — , -iJ.JwPi vidend, 6 ip.c 12,340 12,632 13,236 Carried forward ... 4,424 5,200 1,963 The balance-sheet showed assets. totalling £471,038, as against £301,985 last year. Following are the Items, wllth last year s figures given in parentheses:—-Land, buildings, and plant at Auckland, Horotiu, Morewa, and Southdown, £406,733 (£334,574), stocks and stores, £21,967 (£22,106); sundry debtors, £42,142 (£45,136); cash in hand, £196 (£169). The liabilities include: Capital, £229,468 (£310,377); general reserve, £65,000 (£60,018); Union Bank, £78,383 (£73,967); unclaimed dividends, £7B 383 (£76,967); unclaimed dividends, £250 (£289). ! - ‘ ■ RENOWN COLLIERIES, LTD. Net Profit Halved Dominion Special Service. Auckland. August 29. The annual report of Renown. Collerles, Ltd., for the year ended'July 31 states that after making the usual liberal allowance for depreciation, the net profit for the year amounted to £3604, against £7465 last year, and £1579 for the year ended July, 1929. The directors have transferred £1025 to meet the year’s Income tax at the proposed increased rate, and the balance has been used to reduce the debit in the profit and loss account to £532. The reduced, earnings, It was stated, were due to the intense price-cutting in operation for the whole of the company’s financial year, and in the circumstances the result must be considered satisfactory. Another reason was the prevailing depression affecting the coal trade equally with other Industries. The, output and sales, for the year totalled 89,424 tons, against 76,233 tons for the previous twelve months. . BRITISH TOBACCO CO. Quarterly Dividend The British Tobacco Company (Australia), Ltd., has advised the Stock Exchange Association of New Zealand that the directors have ' declared a quarterly/ dividend of li per cent, on the ordinary shares, payable on September 30. This is at the same rate as the previous quarterly dividend, and Is equal to 6 per cent, per annum._ . TIMARU GAS COMPANY Interim Dividend Passed The secretary of the Stock Exchange Association of New Zealand has received notice from the Timaru Gas, Coal and Coke Company, Ltd., that the directors . have decided not to pay an interim dividend in respect to the last ’half-year's operations. Adair Brothers’ Dividend ■ The secretary of the Stock Exchange Association of New Zealand has been advised by Adair Brothers, Limited, of Gisborne, that at the annual general meeting to be held on September 17, the directors will recommend payment of a dividend of 6 per cent., free ot income-tax. New Plymouth Oil Wells The secretary of the Stock Exchange Association of New Zealand has received the following report from New Plymouth (N.Z.) Oil Wells, Limited, for the week ended August 24:—Depth, 2540 feet. After fours days’ circulating mud we killed gas and attempted to cement on Saturday last. A dolnt of casing which split under pump pressure caused the job to fall, but all is now satisfactory for re-cementing. — v DEALINGS ON ’CHANGE Sales in the Dominion The following sales were recorded on the stock exchanges ot the Dominion on Saturday:— WELLINGTON. Nil. AUCKLAND. £ s d

FROZEN MEAT FIRM Further Advance in Prices LONDON STOCKS LIGHT Lamb market remains firm at better prices owing to temporary shortage of spot etocka from all sources. Higher ■prices have checked demand to some extent. Mutton market: Lightweight wethers are also firm. Demand for spot is good, but available stocks light. KWes are also firm, with moderate demand. Beef market: More Inquiry for frozen beef due to better prices Argentine chilled beef. New Zealand porker pigs: More inquiry for light pigs and prices have advanced slightly. New Zealand baconer pigs: Slow, prices only nominal. The atovoe report was received on Saturday by the New Zealand Meat Producers Board from Its London office, which advises that the following are Che approximate average prices realised for the week, based on actual transactions ot wholesale quantities of the descriptions of meat mentioned, and are for representative parcels of the goods offering during the week, being for business done on the basis of delivered to Smithfield Market and/or ex London stores. Prices for the two previous weeks are also shown: — New Zealand Sheep.—Canterbury and North Island selected crossbred wethers and maiden ewes. 48/561b 5 5-8 d (5 l-8d sd), 57/6415 5 3-8 d (4 7-8-1, 4jd), C5/721b 4Jd (4Jd, 4Jd); North Island crossbred wethers and ewes, 48/5611) s)d (sd, 4 7-8 d), 57/641b 5Jd (4Jd, 4 5-Sd), 65/721b 4}d (4 3-Bd, 44d): ewes, 481 b and under, 4 5-8 d (4 3-Sd, 44d), 48/<J4lb 4 1-Sd (3 7-Bd, 3J'd), 65/7218 3}d (3 5-Bd, 3 5-8 d). New Zealand Dambs.—Canterbury, 361 b and under B}d (7 7-Sd, 7id), 37/42t0 8d (7 5-Bd, 7fd), 43/50lb 7 l-8d (6 7-Bd, 6 7-8 d), second quality, average 331 b, BJd (7 5-Bd, 7Fd): other South Island brands, 361 b and under Bid (72d, 7 3-8 d), 37/421b 7 7-8 d (7}d, 7id), 43/501b 6 7-8 d (6Jd, 6Jd); selected North Island brands, including downs, 361 b and under 8 5-Sd (8 l-Bd, 7Jd), 37/421b 8d (72 d, 7Jd), 43/501b 7 l-8d (6 7-Bd, 6 7-8 d), second quality, average 311 b, Bid (7 5-Bd, 71d); other North Island brands, first quality, 361 b and under Bid (7 5-Bd, 7id), 37-421 b 8d (7-pd, 7d); second quality, average 311 b, 8 l-8d (7 5-Bd, 7id). Australian Lambs—Victorian, first quality, 361 b and -under 7id (6 7-B<l, 6 5-8 d), 37-421 b 7d (6}d, 6}d). Argentine Lamb.—First quality, 361 b and .under,, not quoted (7d, 61d). New Zealand Beef.—Not quoted. Argentine Chilled Beef.—Ox fores, 3 7-8 d (3 5-Bd, 3}d); ox hinds, 7 3-8 d (7id, 7Jd). Australian Frozen Beef.—Ox crops, over 1001 b, 2}d (2 5-Bd, 2Jd); ox hinds, over 1601 b, 4 l-8d (3 7-Bd, 3Jd). New Zealand Prime Porker Pigs.—6o/ 1001 b Gid (6 l-Bd, 6d), 101/1201b s?d (5 5-Bd, s}d). New Zealand Prime Baconer Pigs.— 121/180lb, 5d (Sid, —). New Zealand Frozen Veal.—Not quoted. (Rec. August 30, 5.5 p.m.). London, August 29. Australian Sheep.—First quality crossbreds and/or merino wethers, 40/661b., 4Jd; second quality, 30/351b., 41; ewee, 30/551b., 41 (L Argentine Sheep.—First quality crossbred wethers, 48/641b., sd; 65/72 lb., 4Jd; over 721 b., none offering. Patagonian Sheep.—Wethers and/or maiden ewes, under 501 b., sd; 50/001b., 4Jd; owes, 40/501b., 4 l-Bd. Australian Lambs.—Victorian first quality, 361 b. and under, 7id; 37/421b., 7d; other States, first quality, 361 b. and under, 7d - 37/421b., 6Jd; Victorian second quality, 361 b. and under, 71-8 d; other States, secand quality, 301 b. and under, 7d; all States, third quality, 7id. Australian Pigs.—First quality, 60/110 lb., average 901 b., 61-8 d; first quality, IU/1201b., 5 5-Bd. l t [All other meats are as quoted in the Meat Board’s report.] Lamb Stocks Short. The Bank of New Zealand produce department has received the following advice from its London office as at close of business last week:—Smaller supplies of wethers have caused prices to harden. The demand for ewes is moderate, -but prices are firm. The lamb market is short of stocks until next arrivals. The advance in price lids checked the demand. There is a better Inquiry for beef. Wethers, light 5d to 5Jd per lb, heavy 4d to 4Jd; ewes, 3jd to 41 d; lambs, 2’s 8d to BJd, B's 7id to 81d, 4’s 7d to 71d, seconds 7jd to Bd. Beef, ox hinds 3Jd to 3id, fores 2}d to 2}d; cow, (binds 2id to 3d, fores IJd to 2d. The market is firm, but quiet. Compared with last week’s quotations, best North Island crossbred Jambs, 28/361b, id -per lb higher, 36/421b 3-8 d per lb higher; North Island second quality lambs 5-8 d per lb higher; best North Island wethers, under 481 b 3-8 d per lb higher, 48/561ib Jd per lb higher, 56/(HJb 5-Sd per lb higher, 64/721b 3-8 d per lb higher; North Island ewes, under 481 b and 56/G4lb id per lb higher, 48/561b and G4/721b l-8d per lb higher. This report was received on Saturdaj by Levin & Co., Ltd., from their London agents, who quote Smith-field “delivered” prices as follow: —North Island down lanlbs, none offering; best North Island crossbred lambs, 28/3615 8 3-8 d -per lb, 36/421-b 8d; North Island second quality lambs, average 30/31M), B}d; best North Island wether sheep, under 481 b sid, 48/561b s}d, 56/641b 5‘3-Sd, 64/721b 4 7-8 d; North Island ewes, under 481 b 4 5-Bd, 48/561b 4id, 56/Ollb 4 l-Bd, 64/721b 3Jd; New Zealand prime ox beef, none offering. Latab, 3-8 d to id higher; wethers, id to 3-8 d higher; ewes, id higher; the epot market is firm, hut the high prices have checked demand. This report was received on Friday by M. A. Eliott, Ltd., Palmerston North, from Gordon Woodroffe & Co., Ltd., London, who quote Smithfield “delivered” prices as follow:—Best North Island prime lambs, under 361 b BJd, 36/421b 7 7-Sd, 42/50lb 7 1-Sd; ordinary North Island lambs, under 421 b 7 7-8(1, second quality under 421 b 8d; (best North Island wethers and/or maiden ewes, 48/561b and 56/641-b 5 3-Bd, 64/721b and over 721 b 4}d; ordinary North Island wethers and/or maiden ewes, 48/561b and '56/O4lb sid, 64/721b and over 721 b 4 5-8 d; North Island ewes, under 641 b 4[d, 64/721b and over 721 b 3 5-Bd. RAW MATERIALS Markets Very Weak (Rec. August 30, 5.5 p.m.). London, August 29. Friday’s closing prices for the following raw materials were tja follow, those for August 21 being given in parentheses:— Cotton.—Liverpool quotation, American middling, September delivery, 3.70 d per lb. (3.56(1). Rubber—Para, 3Jd per lb. (same); plantation smoked, 2|d per lb. (23-8 d Jute.—September-October shipment, £lu--16/3 per ton (£45/15/-). Hemp.—None offering. Copra. —September shipment, South Sea, £ll/2/6 per ton (same); plantation Raba.nl, £ll/5/- Per ton (£ll/7/6). Linseed Oil—£ls/5/- per ton (£lo/10/-). Turpentine.—47/- per cwt. (same). AUSTRALIAN WOOL SALES New Season Opens To-day The Australian wool sales for the season 1931-32 will begin In Sydney to day, and a record attendance of overseas buyers Is expected. There has been a comparatively long interval since the last wool sale was held either in Australia or London, and in consequence stocks in manufacturing centres should be lower. It is difficult to predict the trend of the market. There has been a very decided fall in the value of cotton overseas, and therefore an appreciable recovery In wool is not probable. Wool-growers in Australia have no delusions on the matter. The increase in purchasing power of the world’s people necessary to create a strong demand for woollen mill products is not in sight. Unemployment is not decreasing and is not likely to do so while strained financial circumstances prevent confidence from growing. ' The carry-over of wool in Australia from the past season is relatively small, the number of bales in store at the close of the season being estimated at 54,119 bales, against 108,318 bales at the close of the previous season. It is anticipated that in the season 1931-32 the woolbroking houses will handle 2,675,000 bales. To this 10 per cent, must be added to allow for wool shipped direct for sale in London nnd other wools not sold through the brokers, which would, make the total clip 2 942.500 bales. It is hoped that a fall in values, if there should be one. will be compensated by ' the greater volume of sales The next London series of sales will ’begin on September 15 Advice from Japan indicates that purchases by that country are likely to be on much the same lines ns last season, and from that point of view some encouragement Is to be gained. Wool purchased in Australia and New Zealand during the. 1930-31 season for shipment to .Tnnnn, China, and India, according to Dalgety's returns, amounted to u 41,176 bales, as against 213,328 balea for 1930-36.

DAIRY PRODUCE London Markets Slow CHEESE PRICES STEADY The London butter market was adversely affected last week by political events. A local firm received a cable message on Friday stating that Australian forward offers down to 103/- c.l.f. were also seriously depressing the market. New Zealand salted was quoted on Friday at 110/to 114/-, a fall of 2/- to 4/- on the week. The spot price of Danish was 123/- to 124/-, a decline of 7/- to 10/- on the week, the f.o.b. quotation at 115/- being 13/ddwn. The market closed slow, retail prices In London being unchanged, New Zealand at 1/2 and Danish at 1/3. The cheese market is quiet, with little or no change in prices. The Dairy Board's London office reports Friday’s prices as follow. those for the previous week being shown in parentheses:—

New Zealand, salted, 110/114/- (114/-, 116/-; August 29, 1930. 124/128/-); unsalted, 112/116/- (112/116/-); 110/114/equals approx. IJd per lb. f.0.b.; first whey, 102/- (106/-); second whey, 100/(104/-). Australian, salted, 106/109/- (110/112/-); unsalted, 108/112/- (109/112/-). ’ South Africa, 100/- ( —). Argentine unsalted, 106/110/- ( —). Danish, 115/- f.0.b.; 123/124/- spot (128/-; 130/134/-). Dutch, unsalted. 118/120/- (120/126/-). Esthonian, 108/110/- (112/114/-). Latvian, saltej, 106/110/- (110/113/-); unsalted, 108/110/- (—). Siberian, 92/94/- (93/94/-). Ukranlan, salted, 9_2/94/- ( —). Polish, salted. 90/94/- (94/96/-); unsalted, 92/96/- (94/100/-).

New Zealand, white, 61/63/- (62/63/-; August 29, 1930, 71/73/-); coloured. 63/64/-, ex. 65/- (64/65/-; August 29, 1930, 76/-, 78/-); 61/65/- equals approx. 6d per lb f.o.b.

Australian, white, GO/- (61/-); coloured, 62/- (62/63/-). Canadian, white and coloured, 66/70/(66/72/-); new season's, white, 62/63/(62/-); coloured, 64/65/- (63/-); c.1.f., 60/(61/6). English finest farmers, 75/80/- (70/-, 75/-). Arrivals, Deliveries and Stocks. Arrjv.als of butter during the week from Poland and the Baltic States were 160 tons, and from Russia 475 tons. Canadian arrivals were 7200 boxes, and 6800 boxes are expected this week. The estimated Imports of butter Into Britain during August are 29,000 tons. . The Empire Marketing Board's estimate of stocks of all butter as at August 22 is 981,538 boxes, as against 1,002,348 boxes at the corresponding date last year. The stocks of New Zealand unsalted butter are heavier! than usual owing to slow sales. , Deliveries of butter and cheese for the week, and the quantities in store, are as follow, the figures for the corresponding date of last year being shown in parentheses:— Deliveries. Stocks. N.Z. butter, tons . 1,200 (1,028) ■ 6,700 (10,255) Aus. butter, tons ... 600 (350) 1,825 (1,912) N.Z. cheese, crates . 17,292 (19,815) 101,096 (105.128) Can. cheese, boxes .. 8,800 (5,000) 184,466 (160,041) Agents’ Reports. The New Zealand Producers’ Cooperative Marketing Association’s weekly cabled market report from London, dated August 28, is as followsßutter: Markpt slow. New Zealand, 110/- to 114/-; unsalted, 116/- to 118/-; Danish, 123/-; Siberian, 92/* to 94/-. Cheese: Market quiet. New Zeaalnd, white, 61/- to 63/-; coloured, 63/- to 64/-; Canadian, white, 62/-; coloured, G4/-. Mr. Thomas Grjiy has received the following report from Mr. A. C. Rowson, London Cheese: Deliveries, New Zealand and Australian, 17,292 crates; Canadian, 8825 boxes. Stock, New Zealand and Australian, 101,096 crates; Canadian, 184,466 boxes. Price, white, 61/-; coloured, 63/-. The demand is very slow, and the market is weak. Butter: First grade, 109/-; finest, 111/-. The demand Is veiy slow and the market weak. LIVE STOCK MARKET i Gisborne Sale Dominion Special Service. Gisborne, August 29. At the Gisborne sales, due to the remarkably favourable winter, fat fflieep were still offering in large numbers. Despite the anticipated shortage prices eased. Ewes, extra, 11/1; 'best, 10/1 to 10/7; average, 7/to 9/6; second grade, 5/5 to 7/1. The store sheep entry was 2700 head. Hoggets were a little easier > best, 8/1 to 8/U; good, 6/7 to 7/6. Ewes, witUi 100 per cent lambs. 12/6 to 10/6; fairly good, 7/9 to 9/6; wethers, a ragged entry, 7/3 to 9/7; empty ewes, good, 4/1. Heavy fat cows, £5/5/-; heifers, £4. In future sales will be held fortnightly. Carterton Sale At t/he Carterton Sale on Friday, Associated Live Stock Auctioneers, Limited, offered a big yarding of dairy cattle, sheep and pigs to a large.attendance. The yarding comprised numerous springing heifers, and there was quite-a good inquiry for the best sorts. Backward heifers met with a dull sale. Good class dairy cows were in demand and store cattle and empty heifers made par rates. Sheep made prices up to late sales. Pig met with a good sale and a total clearance was made at prices in vendors’ favour. Cattle: Helfers close to profit, £7/2/6 to £9; springing heifers, not quite so forward, £5/10/- to £7; springing cows, £6 to £7/7/6; emptv cows, forward condition, £2/11/- to £3/15/-; store cows, 27/- to 35/-; empty heifers, 35/-. Sheep: 4-th wethers, 11/- to 12/-; W.F. hoggets, 9/9: fat ewes, 15/- to 16/-; fat and forward wetihers, 16/6. Pigs: Weaner pigs, 12/6 to 19/-; slips, 20/- to 2S/G. South Taranaki Sales The following sales were held in Taranaki last week by the New Zealand Farmers’ Co-operative Organisation Society of New Zealand Ltd.: — Opunake Sale. —Good cattle met a ready sale, the best dairy cows to £9. best heifers £6/10/- to £7/15/-, medium £4/10/to £5/15/-, lower conditioned and poorer sorts £2 to £3/10/-. A large entry of pigs met a ready market at late rates. Store cattle met a better market. Malala Sale.—Good store pigs. IM/- to 34/-: smaller, 18/- to 20/6. The quality in the dairy pens was very poor. Good heifers, £6/15/- to £B/10/-; medium, £4/10/- to £5/5/-; poor and inferior sorts, £2/15/to £3/5/-. Urenui Sale.—Best heifers, £B/5/- to £9/15/-; medium. £6/15/- to £8; poorer sorts, £3 to £4/10/-. Hawera Sale.—Good quality heifers, £8 to £B/15/-: good medium heifers, £6 to, £7/10/-; medium to inferior. £3 to £4; this class of heifer very difficult to sell. Fat sheep: Prime wethers, 17/6 to 20/-; fat owes, fair, 13/6 to 15/-: fat hoggets. 13/- to 16/-. Fat cattle: Fat. Hereford, heifers, £6/15/-; fat and forward Hereford, £5/10/-: store cows, 15/- to 30/-; forward cows, 33/- to 55/-; small weaner heifers, £2, and 30/-; empty 2-year Jersey heifers. £2/10/- to £3/1/-. met a ready sale at late rates; sow and litter. £3/7/6 and £5; store pigs, 14/- to 30/-. Feilding Sale At the Feilding sale on Friday Associated Live Stock Auctioneers. Ltd., had good yardings of fat sheep and cattle, and the usual large entries of dairy cows and heifers. with small entries of store sheep and cattle Fat’ sheep totalled 1420. The quality showed a marked improvement on the previous week and values were well maintained, only two small pens not selling. Quotations: Fat hoggets, 10/6, 11/-, H/4, 11/6, 11/10 12/1, 12/3. 12/9; odd extra good 16/-; fat wethers, 17/5, 17/7, 18/9, 19/3, 20/- for odd extra heavy; light fat wethers, 14/9, 15/2 15/4, 10/-: shorn fat wethers. 15/o, 10/2': fat black faces, 10/-; fat ewes, 14/6, 14/8 15/-, 15/2. 10/-. 10/3, 10/7. 17/4; light fat ewes. 9/-, 11/3. 13/-, 13/7, 13/10. Store Sheep.—There was a rather better Inquiry and a satisfactory sale resulted. Fat and forward wethers, 13/-; 2-tooth wethers, 10/0. 11/10; 4-tooth to 4-year ewes in lamb to S.D. rams. 11/11; aged ewes with lambs, 10/9; wether hoggets, 7/4, 8/2, 8/4. 8/10. 9/1; cull wether hoggets. o/7, 6/9; ewe hoggets, 10/5, 10/10, 12/-, 13/6; cull ewe hoggets. 6/1; black face hoggets, S/o, 8/10: forward ewes, 9/-. 1 Fat Cattle.—These showed a decided in-

crease in values, and there waV keen competition especially for the best pens, hat cows, £5, £5/16/-, £6/10/-, £7/8/-; fat heifers, £3/5/-, £5, £5/2/-, £5/10/-, £6; light fat steers, £5/4/-. o • Store Cattle.—Empty cows, 8/6, 10/6, 12/6 15/-, 17/6, 20/-, 22/6; forward cows, 30/-,’ 35/-; P.A. cows and calves, £3/12/-; P.A. heifers in calf to pedigree Polled bull, £3; yearling Jersey cross heifers, 34/-, £2 7/6, £2/10/-; 2-year empty heifers, 35/-, £2, 2/5/-; bulls, £1 to £2/5/-. Dairy Cattle.—The dairy cows with few exceptions were of poor quality, the heifers included a number of pens showing well forward, and for these there was good competition. Cows, £3, £4, £4/5/-, £5/2/6, £6, £6/10/-, £6/15/-, £7/10/- £7/15/-, £8; heifers, £4/15/-, £4/17/6, £5/2/6, £5/15/-, £6, £6/10/-, £6/15/-, £7, £7/15/-; backward heifers, £3/10/-, £3/12/6, £3/17/6, £4/2/6. London Wool Sales The Commonwealth and Dominion Line motor-ship Port Huon, which left Auckland on July 22, arrived at London on, Friday in time for her wool to be included in the catalogues for the sales opening on September 15. FARM MORTGAGES Difficult of Adjustment The annual review of Pyne, Gould. Guinness. Ltd., Christchurch, observes that the past vear has been a very difficult one as regards the adjustment of mortgages, and the causes and reasons are many. Farm land values have been grossly inflated, and with the prevailing conditions those values bear no relation to the earning capacity. The numerous sales of land in the past to purchasers with very limited capital have been the cause of much uneasiness to mortgagees. as there invariably followed such sales a deterioration In the farming management. Then again Government and local bodies debentures were offering at high competitive rates: the result with the investors was that many took refuge In those debentures or tn fixed deposits in banks. This "bottling up" of moneys previous!/ invested in farm loans was further accentuated bv the natural alarm occasioned by the threat of a fresh moratorium, and in this respect public bodies’ borrowings, were largely responsible for tlie flight of capital from the mortgage market. Two important facts emerge from the recent experience: firstly, that those who lent money upon good farms with n reasonable margin and with capable and reliable farmers as mortgagors, are experiencing little loss of interest or anxiety. The other fact, which is now being realised, is that so long ns a farmer of character and sound judgment takes up good land with a reasonable amount of capital and no more land than he can rightly afford to pay a substantial deposit on and work efficiently, there Is nothing to fear.-On the other hand, where a farmer has overloaded himself, he is in trouble. Fortunately. Canterbury has a verv large number of farmers who undertook no more than they could comfortably manaKc: they will emerce from the present troubles with credit and continue to be the backbone of the country. As soon as the present timidity of investors is overcome, we are sure that mortgage securities will again be widely sought after. With a levelling down of values which is now rapidly taking place, we are certain that the future will prove that no safer security will be offering to the investing public than sound farm lands.

4J p.c. Insc. Stk., 1939 and 1938 90 7 6 51 p.c. ditto, 1933 ... -MH 98 15 0 54 p.c. ditto, 1937 ... —— 96 0 0 51 p.c. ditto, 1932 ... 09 15 0 51 p.c. Insc. Stk. and 1 Bonds, 1933 ........ — 98 0 0 54 p.c. ditto, 1937 ... —— 97 10 0 DEBENTURES— Wellington Gas Co. . 99 0 0 —— Wgton. Kacing Club . — 101 5 0 Mt. Albert Boro., 5j p.c 100 15. 1980 M— 0 Nelson City, 61 p.c., 1 1932 —M 101 0 0 Lower Hutt Boro., 6 101 10 p.c., 1944 Rangltlkel County, 6 p.c ~M« 0 • 101 10 1913 ■MM 0 Napier Boro., 5} p.c., 1945 —M 08 0 0 Wellington City, 51 p.c., 1951 —M 99 0 0 Otago Harbour Bd., 5} 1102 5 p.c., 1938 Opunake Harb. Bd., 6 •MM 0 ■ 98 10 p.c., 1033 MM 0 BANKS— Australasia *8 5 0 Aust, of Commerce .. — 0 13 0 Comm. Aust., ord 0 13 3 0 13 6 Comm. Bank. Co. (Sydney) English, Scot. & Aust. 12 2 3 11 6 0 — National N.Z 3 5 0 3 11 0 National A/asla. (£10) 9 17 6 Ditto (£5) ....' — 4 11 0 New South Wales ... 1 23 10 0 MM New Zealand 2 4 0 2 4 5 Ditto, long term .... 1 5 2 MM Union of. Australia 6 7 6 MM FINANCIAL— 0 Dalgety and Co 6 6 , Abraham and Williams, 3 15 ord — 0 Ditto, pref. Goldsbrougli, Mort . 0 18 11 3 16 0 N.Z. Guar. Corpn., ord. — 0 5 2 Ditto, pref 1 0 3 mm N.Z. Invest., Mtg. and 0 10 Deposit — 3 N.Z. Loan & Merc., ord. —M 47 0 0 GAS— 0 17 Auckland, contr — 6 INSURANCE— National MM v V 1Z IV MEAT preserving— N.Z. Refrig. (10/-) .. 0 3 6 0 3 10 TRANSPORT— » •0 17 Huddart, Parker, pref. —■ 9 Union Steam, pref. .. 0 19 6 MM P. and 0. stock —• 1 7 6 WOOLLEN— Wellington, ord — 4 7 0 COAL— 1 3 0 — TIMBER— ( Kauri ~— 0 9 0 Leyland-O’Brien —— 1 ? 0 National — 0 7 0 BREWERIES— • New Zealand 1 83 1 9 1 Tooth's 0 17 0 0 17 0 MISCELLANEOUS— ■ ( 1 C. M. Banks, ord. and 4: pref. 0 9 0 British Tobacco, ord. 3 0 0. Consol. Brick — , 0 0 Dental and Medical — 0 5 9 Howard Smith, ord. . — 0 7 0 Electro. Zinc, pref. . — 0 16 0 National Electric ... —— 0 10 6 N.Z. Drug — ‘2 13 0 Wilson’s Cement .... 1 15 9 1 17 ,0 Woolworth’s, pref. .. 1 3 0 MM OIL— Moturoa 0 4 0 MINING— Mount Lyell 0 16 9 0

Hauraki Plains County, 8 p.c., _ 100 V u Bank of New Zealand 2 4 0 Cornish Point • . 0 0 7} Kins Solomon (2) . 0 3 0 . 0 15 6 Walhl Grand junction . 0 3 9 . 0 3 W CHRISTCHURCH. £, 8 d South British Insurance 2 10 3 N.Z. Ilefrig., 10/- paid (2) 0 3 9 Kinpr Solomon (3) Do 0 2 O 2 10 9 Golden Point, 1/- paid (3) .... 0 1 3 Sale reported:— Tooth’s Brewery , 0 17 8 DUNKDIN, R s d Sales reported:— N.Z, Refrigerating, 10/- paid . 0 3 8 Do 0 3 7 Bank ot New Zealand l a A Q