COMMERCIAL

Evening Star, Issue 20959, 25 November 1931, Page 7

COMMERCIAL

DUNEDIN STOCK EXCHANGE. There was no call over on the Dunedin Stock Exchange to-day. The morning call was adjourned owing to the death of a member, Mr A. W. M. Moody, and no call was scheduled for this afternoon on,account of Show Day. The following safes were reported:— Bank of Now Zealand, £2 8s 6d, £2 8s 9d; Bar of Australasia, £9 ss. STOCK EXCHANGE CONFERENCE. [Per United Press Association.] WELLINGTON, November 24. The annual conference of tho Stock Exchanges’ Association of Now Zealand will be commenced here to-morrow. Tho northern delegates arrived to-day, and those from the south are due to-mor-row morning. LONDON STOCK EXCHANGE. Pres* Association—By Telegraph—Copyright LONDON, November 24. (Received November 25, at 11 a.m.) Australian stocks are weak. Commonwealths declined 20s to 40s, and several States 80s to GOs. Bank of Australasia, £ls; Bank of New South Wales, £2l ss; Union Bank of Australia, £6 2s 6d; National Bank of New Zealand, 86s 3d; Bank of New Zealand 4 per cent., £92; shares, 555. New Zealand Loan and Mercantile 4 per cent, debentures (e:. div.), £57; ordinary stock £52 10s SYDNEY WOOL SALES.

A STRONG MARKET.

Press Association—By Telegraph—Copyright

SYDNEY, November 24. At the wool sales the market was firm, with good general competition and slightly increased support from the United States. Greasy merino made 18Jd. Of the 10,531 bales that were offered 9,391 were sold, while 1,208 were disposed of privately. The average price of the wool sold last week was £l2 15s Cd per bale—equal to lOd per lb.

WHEAT MARKET. Press Association—By Telegraph—Copyright. LONDON, November 23. Wheat cargoes are steadier and firmer, in sympathy with the better overseas week-end advices, but buyers are unresponsive. Parcels, except Australians, showed 3d to 6d advance, but have eased on disappointing business. Futures: London —December, 25s 7d; February, 25s 9d; June, 26s lOd. Liverpool—December, 5s 3§d; March, 5s B|d; May, 5s 10Jd.

GOOD LAMBING. [Per United Press Association.] WELLINGTON, November 25. The Department of Agriculture advises that from the information furnished by the inpectors of stock in the various districts, the average lambing for the current season in the North Island is estimated at 86.49 per cent, compared with 83.19 per cent, last year, With 9,247,005 breeding owes in the North Island, as shown in the 1931 sheep returns, the number of lambs this season is estimated at 7,993,247. _ The South Island and dominion estimates will be announced later. BUTTER AND CHEESE. The South Island Dairy Association has received the following cabled repoi t from London : —Butter : Owing to poor demand prices further declined. Finest, 106 s to 107 s; firsts, 102 s to 103 s; Danish, 1255. Cheese; Slow ; white, 63s to 645; coloured, 61s to 625. DAIRY PRODUCE. Messrs Dalgety and Co. Ltd. advise having received the following cablegram from their head office, London, dated November 23:—Prices for butter, 2s per cwt lower; prices for cheese, 2s per cwt lower. Market weak. METAL MARKET. Press Association—By Telegraph—Copyrigh* LONDON, November 23. (Deceived November 25, at 1 a.m.) Following are the official quotations : Copper: Standard, £33 10s 7]d; spot, £34 6s 10fd. Electrolytic: Spot. £39; forward, £4l. Wire bars, £4l. Lead: Spot, £l4 18s 9d; forward, £l4 15s.

Spelter: Spot, £l4 3s 9d; forward, £l4 11s 3d.

Tin; Spot, £135 15s 7jd; forward, £l3B 3s 9d. Silver: Fine, 193 d per oz; standard, 18 5-16 d.

PRICE OF SILVER. (British Official Wireless.) Press Association -By Telegraph—Copyright RUGBY, November 24. (Received November 25, at noon.) Silver: Spot, 18s 11-16 d per oz; forward, 18s 7-Bd. PRICE OF GOLD. Press Association—By Telegraph—Copyright LONDON. November 24. (Received November 25, at 11 a.m.) Fine gold is quoted at £5 13s sd. SALE OF HARBOUR BOARD LEASES. Messrs Spedding and Bagloy offered yesterday at auction, on account of the Otago Harbour Board, leases of the following sections in the city of Dunedin, for a term of fourteen years from January 1, 1932:—Section 27, block 63; lessee. Messrs M. Stevenson Ltd.; upset rental, £B7; valuation for improvements, £650. Section 13, block 70; lessee, Messrs Cooke, Howlison, and Co. Ltd.; upset rental, £22; valuation for improvements, £1,600. Feetion 51, block 74; lessee, Mr William H. Hamilton ; upset rental, £7O; valuation for improvements, £5,000. In .each case the present lessee was the purchaser at the upset rental. HILLEND PROPERTY SOLD. A farm of 752 acres in the Hillond Survey District, situated about three and a-half miles from Lovell’s Flat, was submitted at auction at the Land Office on Tuesday afternoon. The upset price was £2,000, and the section was eventually knocked down to P. E. Collins, of North-cast Valley, at the price of £2,400.

GOLDEN BAY CEMENT CO. The annual meeting of the Golden Bay Cement Company Ltd. was held on Mr F. _ 11. Hogarth, chairman of directors, in moving the adoption of the report and balance-sheet, remarked that the debentures issued showed some variations. The original issue was reduced by £I,OOO owing to two debenture holders converting their debentures into ordinary fully-paid shares. The “A” issue of debentures had been reduced by conversion of £1,750 of debentures into ordinary fully-paid shares. The “B” issue was similarly reduced by £375; but the “C” issue had been increased by a further issue of £9,975 of debentures which were issued to the British Standard Portland Cement Ltd., these being issued to complete the payments in connection with the new machinery. Tax reserves had been reduced by £9OO, and the amount shown in this year’s accounts—namely, £1,500 — should be sufficient to cover the debenture and income tax payable. Deposits and accrued interest stood at £4,198 2s 6d, as compared with £8,351 14s 9d last year. This reduction had been effected by repayment of amounts owing under this heading, and since the date of the balance-sheet a further £4.000 had been paid off deposit account, leaving £.150 on deposit. Sundry creditors were less this year by £2,040 4s 2d. The bank overdraft showed an increase of £4.622 15s 7d, but it was only temporarily at this high figure, and had since been largely reduced. This was due to debenture interest being duo on that date, and also repayment of deposits. On the assets side, freehold land stood at the same as last year. Plant, machinery, buildings, etc., last year amounted to £208,683 2s Bd, and this year the figure stood at £185,154 7s 3d, after allowing for depreciation for tho twelve months and also after transferring £40,883 8s lid to unused plant. Tho Chairman said the reduced sales had an important bearing upon profits in tho cement industry, which carried such a large percentage of fixed overhead charges that any marked fluctuation in output was immediately reflected in production costs. It had been confidently expected that with tho com-

pleted installation of the new plant, which had an output capacity of 50,000 tons per annum, the sales figures would increase materially. Expectations had not materialised, but to the contrary the figures for the year under review were somewhat below those of the previous year. This was, of course, a reflection of the exceedingly difficult times, causing a severe falling off in construction work of all kinds. Building permits to the value of £7,425,712 were issued during the year 1929-30, but had fallen to £3,485,593 during 1930-31. As a result the directors on three occasions during the past year had had to close the works and temporarily dismiss all hands except those retained to execute repairs, etc. Such breaks in the continuity of manufacture must greatly affect production costs, besides throwing a large number of men out of employment. The appointment of Mr C. W. Salmon to the board of directors was confirmed, and Mr J. M. A. llott, the retiring director, was re-elected. Subsequently the annual meeting of debenture holders was held. The chairman, Mr C. M. Ollivier, reviewed the year’s results, and assured those present that the instalment of the new plant had been completed some nine months ago, and the company’s works were a very fine asset; the security of the debentures had considerably improved thereby, and was now quite a good one. Mr J. S. Macarthur was re-elected to the board of directors.