COMMERCIAL.

Greymouth Evening Star, 30 November 1929, Page 8

COMMERCIAL.

GRAIN AND PRODUCE. (Peri Press Association.) ; CHRISTCHURCH, November 29. There is little doing in the grain and produce market. The bountiful rain of the week has revised estimates of the probable crop of both cereals and small seeds, and the pessimism held in this connection in some quarters has been relieved. ' Stocks of potatoes are slowly drifting into consumption locally, but it is ■not considered that this demand will absorb all the surplus, as new tubers at reasonable prices are becoming increasingly available. The normal f.o.b.s.i. price is £5 a ton. The most interesting event of the week is the sale by the wheat pool of half a million sacks of the incoming wheat crop to millers at 5/9 a bushel on trucks, plus Id per 'fuscan, and 6/-, plus Id, for Hunters. Oats show no change. Values are at f.o.b.s.i. for A Gartons and 3/7 Jd> for, B’s. Chaff is very firm and sales are reported at £7 15s f.0.b.5.i., or £5 15s to £5 17s 6d on trucks. , The small seeds market is lifeless, the new crop being too far away for speculative inquiry. The rain should improve the prospects for a larger crop than appeared probable a few weeks ago.

NATIONAL TOBACCO COY. PROSPERITY MAINTAINED. (Special to “Star.”) AUCKLAND, November 29. The latest accounts published by the National Tobacco Co. Ltd.', of Napier, seem to indicate that Mr Gerhard Husheer, who signs the report as chairman of directors and who is referred to by the auditor as managing director, still voyages on the high tide of prosperity. The profits, already more than handsome in the past, 'have once more established a new high record, and this at a time when Ministers of the Crown are warning investors and tobacco growers of the difficulty that faces the industry. The profit and loss account shows that after deducting all charges and allowing £13,000 for income tax, there is a balance of £62,283. To this is added £5065 brought forward from last year, making a total of £47,348 available for distribution. The directors recommend a dividend of 15 per cent, on the ordinary shares and 7 per cent, on the preference, and further to .transfer to reserve tlie sum of £25,000 which will then stand at £65,000. Mr Husheer states that during the year further additions have been mad.e to the factory buildings, and another large bond store has been completed at a cost of about £5OOO. He adds that the equipment is now so complete and efficient that the company could easily deal with all the pipesmoking tobacco consumed in this country, even if the importation of foreign brands were suddenly stopped: Stocks of raw leaf are sufficient to carry on till next season commences. Attention was drawn in the “Star” last year to the doubtful' value of the items “goodwill etc.,” which remains unaltered at £45,701. The auditor’s report states that he has accepted Mr Husheer’s. valuation ’of the stock, which stands at £38,830. However, one tangible item which must defy all criticism is £57,956 in the bank at October 31,' an excellent beginning for the Company’s new year.

Mr Husheer’s right to the designation, the “New Zealand Tobacco King,” is well justified by his foundation of the present company, and his present dominating position there with. When the capital was increased last year, an agreement was entered .into whereby Mr Husheer received 35,000 shares for valuable considera tion. He probably holds about 55,000 shares. In addition the company made an agreement whereby he was to receive £960 per year salary and li per cent, on the turnover. It was suggested in the “Star” last year that Mr Husheer’s total emoluments from the Company would probably be not less than £11,500 per annum, and from the look of the latest accounts it seems certain that these figures were exceeded.

STOCKS AND SHARES. AUCKLAND, Novtembei’ 30. Sales on ’Change to-day: Waihi Grand Junction 1/3; Inscribed Stock 1927-41, (51), £99/10/>. HOMELAND QUOTATIONS. LONDON, November 28. The butter market is slow, and prices are easier. Danish is 187 s per cwt., choicest salted New Zealand 168 s and 170 s, Australian 164 s and 168 s; unsalted, New Zealand 186 s and 187 s, Australian 178 s and 182 s. The cheese market is quiet. New Zealand 92s and 95s per cwt.; Australian cleared.

Pork is quoted: New Zealand 6s Sd to 7s 2d per stone.

At the wool sales to-day, 9945 bales were offered, including'4oB2 from New Zealand. There were moderate offerings of greasy merinos suitable for all sections, and a few of scoureds. There was a good offering of greasy crossbred, scoureds and slipes, all sections operating freely. Prices were maintained. New Zealand half-bred lambs (Balclutha) fetched 20Jd per lb., and scoured combing (Walter Peak) 31d. At Bradford the market is quiet, the tendency of prices being irregular. Crossbreds are cheaper. For 1920 deV l6 uota -tions are: Sixty-fours ®ix^l6s^ 16s 32d > fifty-sixes 26d, fifties 223 d, forty-sixes 20d, forties 19§d. , BANK OF N.S.W. (By Cable—Press Assn.—Copyright.) SYDNEY, November- 29. At the general meeting of the shareholders of the Bank of New South Wales, the balance sheet showed that the nett profits for the year ended September 30, amounted to £994,824, to which is to be added the undivided balance from last' year of £168,653. Interijn dividends that have already been paid leave absorbed £562,500. A further quarter’s interim dividend is now recommended, which absorbs £187,500, while £250,000 is to be added to the reserve, and £163,478 is to be carried forward.

„ The recommendations made were affirmed by the Sir Kelso King and Mi- Charles Binnie Were reelected to the Directorate. The Chairman, Mr Thomas Buckland, in the, course of his address, which he prepared before the Federal Budget proposals were brought forward, pointed out that the Bank’s note circulation in New Zealand had

slightly decreased. The Bank’s total deposits numbered 66,056, and. showed a small increase on this point had disclosed a slowing up of the capacity to provide for the dtevelopment of industry. ' > • Mr Buckland said that there was a drain on local funds, as the result of the borrowings by governments and local authorities, and it was having appreciable effects on -the accumulation of the deposits without which steady progress was impossible. There had been an increase of/ £8,074,000 in the Bank’s advances, which stood, at £59,427,000. This total testified as to how the Bank’s customers had found it necessary to lean on the bank. The serious fall in the values of the staple-

products must lead to a drop in the values of land and other assess, and must -dictate a pplicy of prudence to conserve the bank’s resources. The taxation burden continued to grow, and it now represented £4 13/4 per cent, on the Bank’s capital. While New Zealand was enjoying good seasons and external trade, her trade balance favoured exports. Australia’s balance was the other way., EFFECT ON ’CHANGE. SYDNEY, November 30. The investment market on the Stock Exchange underwent a change when the decision of the directors of the Bank of New South Wales not to pay a bonus to shareholders this year was annouiiced*. The £2O shares which were selling during the week at £47/10/- fell by from £3 to £9.

LONDON WOOL SALES. Dalgety and Co.’s report from London, dated November 26:—“Wool sales continue active. Strong demand for all good merinos and best merinos, also greasy halfbred. Fine crossbred par to 5 per cent higher. AS compared with opening rates any change in price is in favour of sellers for medium and coarse crossbred, greasy.”