MORTGAGE CORPORATION

Dominion, Volume 28, Issue 287, 31 August 1935, Page 12

MORTGAGE CORPORATION

Stock Reported Oversubscribed

It Is understood that the issue by the Mortgage Corporation of N.Z., Ltd.,' of £500.000 A or stock at 3 3-8 per cent. is. being largely applied for and that It was heavily oversubscribed on Wednesday, The terms were announced last Monday, when it was stated that the list of applications would close on or before September 10. It is reported that applications have been received for some large holdings.

Kaiapoi Woollen Company

“Trading conditions have not been basy during the year,” state the directors of the Kaiapoi Woollen Manufacturing Co., Ltd. The nhenomenal rise in wool which occurred curing the latter end of 1933 and early in 1934 was by no means maintained during the 1934-35 wool seasou. they add in their annual report. “As a result of the lower prices for wool, the prices of all the company’s productions had to be reduced on January 19 last, and as these goods were manufactured from the higher-priced wools purchased during the previous year, it has of course affected our profit tor the year. “Stocks are higher than last year, "the increase being almost entirely represented by bulk greasy wool. The company, having taken advantage of the lower prices ruling for wools, made heavy purLive Stock Reports and other Commercial News will be found on Page 14. chases, which should stand it in good stead with the hardening tendency of the market. The company’s manufactured stocks have been conservatively valued. “Properties and p’ant have all been fullj’ maintained in first-class order." The profit and loss statement shows that, after providing £5OOO for depreciation the profit for the year is £12.218 11/9. which, added to the balance brought forward from last year, £467/9/8, leaves £12,686/1/5 to be dealt with, and the directors recommend this should be appropriated as follows:—To payment of dividend on preference shares at 5 per cent.. £3259/10/9; to payment of a dividend on ordinary shares at 3 per cent.. £7269/5/7; to provide for income tax, £1500; to carry forward, £657/5/1; total, £12.686/1/5. Lamb and Mutton Firm in London Lambs: Market firm. Wethers: Market firm but demand slow. Ewes: Market steadier. Beef: Market improving. Porkers: Market firm. Baconers: Market slow. Tallow: Market quiet. The above report was received yesterday by Cathie, Dempster and Co.. Ltd., Wellington, from their Ivondon principals, Sheed, Thomson and Co., Ltd., who quote _prices as follow: —Lambs. 2’s, 7Jd. to 7|d.; B’s, 7Jd. to 7Jd.; 4’s, 6Jd. to 7d.; seconds. 6d. to 6|d.. 'Wethers, I’s, 7’s. 5d.: 3’s. 9's, s’s, 41d. to sd. Ewes, I’s, 7’s, 2 7-Bd. to 3d.; 3’s. 9’s, s’s, 2Jd. to 2|d. Ox beef, hinds, 3 3-Sd. to 31d.; fores, 3{d. Cow. hinds, 2 7-Sd. to 3d.; fores, ljd. Porkers, 6d. to 6?d. Baconers, aid. to s|<l. Tallow, fine mutton, 33/6; sweet beef. 29/-; good mixed. 27/6. Henry S. Fitter and Sons Ltd. have received the following cabled report from their London office: —Lambs: The market is steady and no material change is expected yet. Wethers: The market is firm. Ewes: There is a better inquiry in the market. Beef: The market is more active owing to increased demaud. Pork : There is a speculative demand and prices have advanced. Trade generally ie brighter, with a better demand. Prices are quoted as follow: New Zealand lambs, selected Downs, 2’s, 7Jd. to 7Jd'.; secondary lambs, selected Downs, 6 3-8 d to 6 5-Bd.; 2’e, 7}d. to 71d., B’s, 7 1-Sd. to 7 3-Bd.; 4’s. 6jd. to 7d.; secondary lambo. 6d. to 6 3-Bd. New Zealand mutton, small, 43d. to 5d.; large. 4Jd. to 4Jd. New Zealand ewes, small, 2Jd. to 3d.; large. 2}d. to 2Jd. New Zealand beef, ox hinds (frozen), 3 3-Bil. to 3 5-Bd.; fores (frozen), 2-}d. to 2Jd. Dominion chilled hinds. 4)<i. to sfd.; fores. 2Jd. to 2sd I South American chilled hinds, s}d. to , 6jd.; fores, 23d. to 3 3-Bd. New Zealand pork 6jd. to 6Jd. Australian lambs, sd. to 6|d. Argentine lambs, sd. to 6d.