COMMERCIAL AND FINANCIAL

Evening Post, Volume LXXXVI, Issue 44, 20 August 1913, Page 4

COMMERCIAL AND FINANCIAL

Evening Post, Wednesday. Joseph Nathan and Co., Ltd., arc issuing 73.000 preferred ordinary shares of £1 each, bearing a cumulative preferential dividend of 6 per cent. It is stated that the present issue is made to furnish capital to take the place of advances until recently made' by the late Mr. J. E. Nathan, which his trustees are not now able to offer, for butter stocky which are held for tho local trade amounting to £50,000. Underwriters are reported to have lost £10)000 on Wildings covered in Johannesburg r for riot risks. In some cases tho damage was done within a few hours of tho receipt of the premiums. The Wellington Woollen Co., it ia understood, will pay 8 per cant, du'idend this year, and add £5000 to reserve. Smallpox in Sydney is expected to have a marked adverse influence upon the receipts from places of amusement and passenger traffic, but notwithstanding this, together with the prevailing tightness of money, prices are reported by T. J. Thompson and Sons, of Sydney, to haive been well maintained for all investment stocks. New issues are still being made, including those of the Union Bank and Commercial Banking Company of Sydney, and shareholders seem to be able to find the money required. Australia has had excellent growing weather, and 13 looking forwaru to a most prosperous spring with increased production and a good level of piices. "Money may bo growing dearer," this firm advise, "bub it is our experience that the supply available is certainly not exhausted. SHIPPING FREIGHTS.— Long and bitter are the complaints of Australian , manufacturers against the last increase of Australian interstate and island freights. It has been pointed out by the Sydney Morning- Herald that during the past two and a half years freights between Melbourne and Sydney have been increased by 38 per cent. ; between Sydney and Brisbane 52 per cent. Up to 22nd December, 1910, the shipping companies' charge between Sydney and Melbourne whs 10s per ton, less a bonus of 10 per cent. On 22nd December, lpll, the freights were 10e per ton, and no j bonus ; and shortly aftorwa rds the rate | ■was< fixed at 11s per ton. Between Sydney- and Brisbane tbo rates i\ ere 10s per t6n, plus 5 per cent., or 11s per ton. Now they are 11s per ton, plus 25 per cent., or 13b 9d per ton. Increased wages and altered odnditions of ernployrncuifc are given by the shipping companion aa the explanations for the continuous rise in freights. ' During the past fiva years the rat© of freight on flour alone fi'om Sydney to Brisbane has been raised from 6d 9d to 10s 9d. BUTTER.— So far as can be ascertained, Hid to ll£d per pound have been the highest offers mad* for the purchase of the -whole season's output to fac- ; tories willing to sell ; and lid guaran- i teed without recourse. No business, j however, is repotted as yet being done ! at this figure. It is stated that ■ llfd ; to 12d has been offered for September i and October makes only. Reports from London of tho present position, of butter there show that. Australian is realising 96s to 100s per cwt., and Irish 100s. Siberian is reported to bo storpd in heaty quantities. Stocks in store for the New Zealand market are extremely light, but the situation is expected to be relie\ed early next month. Ballance Co-opera-tive Dairy Co., which has just issued its 18th annual report and balance sheet, disposed of its output of butter last year partly by consignment to London, partly I to Vancouver, and partly by sale in New Zealand. Advances to shareholders were made at the rate of 1b per pound of butter fat, with 1© Id for August make, and an additional id per pound for cream purchased outright from suppliers throughout the season, the total average being Is o^d per pound. It is proposed to further pay |d per pound to shareholders, rriaktng in all ls-OJd par pound, but Is l|d pei* pound for August make. Several factories in Taranaki have been considering the disposal of butter outputs for the coming season, but little, if anything, has been settled. In some cases meetings have been held for the purpose, but have been adjourned in order thnt directors may get a clearer view of the position. CHEESE.— It is understood that further sales of Taranaki cheese outputs for the season have been sold outright at 6}d per pound. Buyers ard now, however, offering 6 5-16 d, but holders are not prepared to consider anything less than 6id. Guarantee without recourse busihess is reported as having been done at Sfd. The following factories' outputs are reported as disposed of : — Kaiparoro (111 tons) consignment ; Mataumau (131 tons) consignment; Warea (285 tons), half consignment and half sold outright; Cardiff (345 tons) and Norinanby (381 tons), both open consignment. The South Island factories (considering that buyers have since had their limits reduced) appear to have done well in selling to London buyers at 6Jd f.o.b. to 6?d (in some cases on the trucks). Almost 75 per Cent, of tho South Island cheese output for next season has been thus disposed of. These sales are for the make from September to April inclusive. HEMP. — The i hemp market is extremely unsettled, and just as the season is about to make a full start there has been a further drop in prices. London is .evidently holding off, knowing that fairly heavy supplies will shortly be reaching the ports of bhipment. On Monday prices of good fair were given at £25 15s per ton ; high point fair, £23 5s per ton; and low point fair, £21 15s per ton. It is found to be increasingly difficult to place the lower grades of fibre. Tow was quoted at £8 10s for No. 1. and £7 10s for No. 2 grades. In about a month's time all mills should be in full working. Present indications point to lower prices, but the market is an extremely fickle oHe. MARGARlNE.— Reference was recently made in this column to the growth of the business of the margarine trade (home manufactured and imported) oi the United Kingdom, and an instance of the profits made by one firm only, Van den Berghe, Ltd., was given. This company has just lately increased its capital to £2,075,000, and ha 3 jußt issued 500,000 £1 shares. Its dividends have grown as follows; — 1908, 12 per cent. ; 1909, '10, and '11, 17£ per cent. : 1912, 25 per cent, on ordinary shares. The company manufactures soap, oil, condensed milk, aifd butter, and also cures bacon, but its mainstay is • margarine. Van den Berghs are responsible for the statement that while United King' dom imports of butter are 75,000cwt pet week, margarine consumption ie 50.00 C per week ; also that supplies of Dutch butter that 'formerly wenfc to the United Kingdom arc being sold to Germany, not' withstanding the duty of _20 marks pei 100 kilos. Siberia, too, is becoming a greater supplier to the German market, and therefore, as less butter i 9 likely 1c go to England by reason of other markets offering more attractive prices, thef« will be in the United* Kingdom an evei expanding field for the butter substitute margarine. But margarine it6elf has 8 rival in nut butter, the basis of which ii •> coconut oil, and sold at 6d per pounc retail, which leave 3 a large margin o profit to both manufacturer and retailer The great Maypole Dairy Company use* 500 tons of coconuts daily in the manu facture of nut butter. GROCERIES.— British Columbia salmon prices for the 1913 pack ure now to hand, and the new .goods will shortly be leaving Vancouver for this market. They ore, on thg whole, 20 per cent, lower than opening prices last year, and a shade higher than the opening prices of 1910. The catch of Skeena River fi=h is beJieved to be very small, whilo that of the Fraser is very heavy. Australian pudding fruit production for (he past three years, ns represented by Victoria and South Australia, was as follows: — 1911. 1912. 1913*. Cwt. Cwt. Cwt. Currants ... 66,655 93,484 100,545 Sultanas ... 49,440 75,565 91,307 Raisins . * 62,610 53,618 'Victoria produced 29,878cwt of raisins and South Australia 34, 74 5 cwt of raitiiifi o£ all deSOfUitlons, v

PRODUCE.— LocaI produce prices *re reported by the United Farmers' Co-opera-tive Association, Limited, as follows: — Wheat, whole fowl, prime, 4s 4d per bushel ; maize, prime Gisborne, 5« per bushel ; oats, short feed prime 2a lid per bushel, prime Algerian seed 3s 3d, prime Garton seed 3s 3d, prime Dun 63s 3d, prime Sparrowbill eeed 3s 6d, prime Exceleior 3s 3d, prime Stormkings 3a 6d ; Cape barley seed, 3a 9d per bushel ; chaff, prime oatensheaf, new season's, £5 per ton ; bran, £4 15s per ton ; ricemeal, brown £6, white : £6 5s per ton : pollard, £6 10s per ton ; barley meal, £6 10s " per ton ; potatoes,, ' table, £4 15s per ton; pea meal, £7 per : ton ; flour, Timaru roller, £10 per ton ; pure ground pea flour, £7 per ton ; cocks- j foot, farmers' dressed 5d per lb, machine \ dressed o£d per lb; perennial__ ryegrass, machine dressed, 301b seed, 4s*9d to 5b ', per bushel; Italian ryegrass, 30lb seed, 5s \ per bushel ; beans, horse seed, Ss per • bushel ; peas, partridge eeed 4s, Prussian ' Blue seed 6s per bushel; linseed oilcake, i £13 5s per ton; whole linseed, £16; ! crushed, £18. ; WOOL. — Dalgety's statistics of wool ; exports for the month ended 31sb July — j the first month of the wool statistical year — are as follow: — 1913. 1912. ' Bales. Bales. ' Commonwealth . . 66,212 37,011 i New Zealand ... 17,913 14,927 ( * 84,125 51,938 \ The Commonwealth has increased its px- i port by 29,201 bales and New Zealand by 2986 bales , ] MEAT.— Messrs. John Cooke and Co.'s } summary of the frozen meat fihipmente , from Australia during the 12 months ; ended 30th June shows a small morease in mutton, a decrease of over 16 per cent. ' in iambs, and a considerable increase in " beef, as compared with the previous 12 1 months. The totals For the past three | seasons are as follows: 1910-U. 1911-12. 1912-13. ' Mutton, ccs. 2,280,847 2,170,647 2,259,442 ] Ditto, pcs. 69,069 55,956 23,193 i Lamb, res. 1,688,812 1,502,506 1,256,002 ! Beef.qrs. 759,638 733,398 1,257,148 ] Ditto, pcs. 47,005 35,940 32,242 1 Veal.cc?. 10,993 19,817 23,166 j Pork, ccs. 12,046 13,291 5,204 j WHISKY- -A big Irish whisky combine ' has been formed, with a capital of £1,000,000. Latest mail advices were to the effect that right distilleries had joined ' the concern. Tho directors are all * directors of the Irish Distillery, Ltd., and 1 of the Avoniel Distillery, Ltd., Conns- < water, the two companies themselves having a combined capital of £250,000. The headquarters of the combine are Bel* fast. One of the objects of the combine te ovoived, io b© to prevent tho whqkealo exportation to Ireland of cheap, irrimatured English and Scotch whiskies, which are re-shippod to England again as Irish whiskies. With regard to Scotland, there are difficulties in the way of establishing a combino there. There are seventytwo distilleries in the Highlands, and of these no more than twenty havo been working at a profit acording to the Financial Times. And there is, too, an aggregation of 6tocks in Elgin, Inverness, and Aberdeen amounting to 27,000,000 trallons, estimated to bo worth £8,000,000. Jt is held in Scotland that arty combination which proposed to buy up the distilleries without securing control of the stocks of whisky would have but at poor chance gF success.