COMMERCIAL

Gisborne Times, Volume LXXX, Issue 12200, 12 March 1934, Page 2

COMMERCIAL

STOCK ANDN. SHARE MARKET

(Press Association)

AUCKLAND, March 10.

Sales on Change: South British, 745, 6d,.: 755; ,dissented 5| per cent* stock, £9B 10s; Auckland Gas, 25s Sd; Corrimerciali Bank, 17s Id; King Solomon, '4s 6d. WELLINGTON, March 10. Sales on Change: New Zealand Refrigerating, 10s shares, Ss 2d. Reported sales: Dominion Fertiliser, 17s 7-icl; Wool-worth’s (N.Z.) pref., £1 lSs 6cT; New Zealand Breweries £2; Waihi, £1 10s 4d. CHRISTCHURCH, March 10.

Shies on Change: A/.P.A. Insurance, Us Id; Goldsbrough Mort, 33s 3d; Ntew Zealand Refrigerating Co., 10s paid, 8s Id (2); Electrolytic Zinc pref., cum. div., 35s 2d; Bell Hooper Is paid, Is; Bell Kilgour, 7*d; Central Shotover, 9d paid, Is Id; Rawang Tin, 6s U*d (2); Waihi, 30s 6d (2). Sales reported: Commercial Bank of- Australia, 17s Id (2) ; National Bank of New Zealand, £4 4s 6d; P and' O. deferred stock, 245; Ivaiapoi 'Woollens, 17s paid, 9s 8d; Dominion Fertiliser, 17s 6d; New Zealand Paper Mills, 30s sd; Woolworths (New Zealand) pref. 395; Bank of New South Wales, £34 ss. DUNEDIN, March 10. Sales on Change: Bell Ivilgour, 71 d (2). Reported sales: Moonlight Nelson, Is 2d (2), Is 1 Id; Oxenbridge, 10*d. Goldfields, 9*d. HOME SHARES MARKET. (U.P.A. by Elec. Tel. Copyright) LONDON, March 10. Jit. Lyell 19s 6d; Peninsular 19s 4*d: New Guinea Goldfields 6s 03<b AUSTRALIAN STOCK EXCHANGE. (IJ.P.A. by Elec. Tel. Copyright) (Received March 11, 6.30 p.m.) SYDNEY, March 1. On the Stock Exchange, bank shares were stronger ; mining shares were active. Additional sales: Tooth’s Brewery, 44/3, 44/14; To obeys, 27/9; British Tobacco 38/9; Dunlop’s, preference 3414 ; Buiolo Deposits 2/6*; Mount Morgan 22/-; New Guinea Goldfields 7/7. MELBOURNE, March 11. Australian loans, 3 per eent. 1938, £9B: 3 per cent. 1944, £9S ss; 4 per cent. 1938, £lO4 3s 9d; 4 per cent, 1944, £lO6 IBs Pd;-4 per cent. 1955, £lO6 ns ; 4 per cent . 1957, £lO6 7s 6d ; 4 per cent. 1961. £3o< ss; Goldshi'ough Mort, 33/9; Australian Glass 53'-: Dniilops 19/7 : Mount Lyell 24/9.

FROZEN MEAT TRADE

(Press Association)

LONDON, March 11

New Zealand sheep. Canter bury and North Inland selected, cross m-cit wethers and maiden ewes 4S to 561 b, s|-d; North Island ditto 48 to 561 b, old ; ditto 57 to 641 b. old; ditto 65 to 721 b, 5Jd. North Island owes, ditto, -under 481 b sjd ; ditto 4S to 641 b 4*d; ditto 65 to 721 b, 3»d.

Aust-ralian sheep, first quality, crossbred and/or merino wethers '4(7 to Golb 4*d; second quality, ditto, ou to 551 b; 4*d ; ewes 30 to 5018, 4*d. Argentine sheep, first quality. cro?«* bred wethers 48 to 641 b, s*d: ditto 65 to 721 b, sd.

Patagonian sheep, nolle offering. New -Zealand lambs, Canterbury, 361 b and under. 7*d ditto 37 to 421 b 6*d; ditto 43 to 501 b. GRI; ditto, second quality, average about 321 b, SJd; other South Island. 361 b and under 7*o : ditto 37 to 421 b, 6*d: ditto 43 to 501 b, 6|d; selected North [ s land including Downs, 361 h and under Vjd ; ditto 37 to 421 b, 6*d; ditto 43 to 501 b, 63d; ditto, -second quality. average about 321 b, 6*d; other North Island first- quality, 36 lb and under 7d; ditto 3c to 421 b, 63d; ditto, second quality, average about 321 b, 63d.

.Australian lambs.- Victorian, first quality, 361 b and under and 37 to 42 !b, 6jd; other States, nr.pt quality, 361 b anci, under and 37 to 421 h, 6*cl; Victorian quality, 361 b and under, 6d; other States, -second quality. 36 lb and under 6d; all States, tinicl quality, average about 261 b, 6d. Argentine lambs, first quality, 3616 and under G*d; ditto 37 to 421 b, 6-4, ditto, second quality, average about 281 b, 6*d. Patagonian none offering.

Now Zealand frozen beef, ox fores, 160 to 2201 b. 2 -d; ditto, o x hinds. 44 d. Australian frozen beef, ox crops 1.00 lb and under 23d; ditto over 1001 b, 2*d: ox binds IGplb and under 3*d; ditto over 1601 b, 3*d. Argentine chille-cl beef, n>; fores, 160 to ‘221)11), 3*d : ditto ox’ hinds 160 to 2201 b, 4|d. - New Zealand- pigs, first quality. 60 to 801 b, sgd; ditto 81 to 1001 b, s*d: ditto 101 to 1201 b, Old.

TOP OF THE MARKET

NEW ZEALAND LAMP, AND

MUTTON

A YEAR’S ENGLISH AVERAGES

Once again the New Zealand lamb producer has the satisfaction of knowing, on the autho'ri.ty of the official records of wholesale prices (published by the Imported Meat Trade Association, that our lamb and mutton maintained its., premier porttieTi in the 1933 price averages,, with a substantial margin over its competitors. This pleasing position has been, maintained for many years.

Wholesale prices are .taken out weekly by the Imported Meat Trade Association, and the averages' for the rear ateceirtatined. . The .results tor 1933,r. compared with those of the Dominion’s principal competitors, are asi follow: New Zealand lamb, (selected North , Island, including ’Downs) 6.73 d: Hetorian first quality lamb, o.C2d; Argentine,' first quality

lamb, 5.92. It should be explained' that .the i Vlct<^iaii^ambsTs lia’-s ; best.; The f'qr'wethqip mutton also show, ; Ne(v.' Zealandv/at the top, the relative' prices for first quality ’ light weight wethers' being as follows*: New Zealand 4.44 d; Australian, 3.50 d; Argentine, 3.98 d. The detailed records* of the \ Association sho-W that on the general level 'oi all lamb and mutton prices during the last three years, New Zealand i,s maintaining its premium very well ’.This 1 premium, if calculated on. -the whole output, of New Zealand lamb and mutton would amount to' ly veryconsiderable annual Hum* - In these days of keen competition, it is moTe than -ever imperative, that this advantage 'he maintained by paying special "attention to' quality. The Meat Board fosters this by its l district competitions, .supervision ot grading, and' in various other directions. RETAIL PRICES. OF N.Z. MEAT IN LONDON. The Ale at Producers- Board has been advised by its London manager, that the following, retail prices were being quoted for New [Zealand - lamb and mutton retailed in London during February. Those prices ‘represent a fair average of the prices quoted by the better clas* shops in London for the best quality of N.Z. lamb and. mutton : New Zealand lamb —Logs, lid; shouldc/s, lOd; loins, lOd; necks, 6d; breasts* 3d; forequarters, 7*d; hindquarters, lid. New Zealand mutton (wethers).— Legs, 9*d ; shoulders, 8d; loins, 8d; necks, 4d ; breasts, 3d. LONDON MARKET REPORT The Bank of New Zealand is in receipt of the following cabled advice from its London office a,s at cleso of business last week:— Wethers: There is a restricted demand at ’(present prices. Ewes: Large!*' supplies have caused prices to weaken. Lambs; The market is firm and moderate business ”.s being done.

‘'Current Quotations: Wethers, light, sg-d to 5Jd; heavy 4*d to 53(1; ewes, S-Jd to 4*d.; lambs, twos, 7d to 7*d ; eights, Gild to 7d : fours Bid to 6|d; seconds, 6£d to 7rb FEi LIVING GALE SHEEP PRICES FIRM. [Press Association) FEILDING, Mat. 9. Prices for fat sheep wer e very firm at today’s stock sale, and there, was a total clearance at the previous high rates. A heavy offering of store sheep made a total yarding of 10,000 head• Prices: for breeding owes, especially five-year, remained ILm. It wag an excellent .safe. There wa s also- a very keen demand for store lambs, of which there was a large entry and a good clearance was made.

The market for station cattle was apparently not yet satisfied, for n large yarding sold quickly at, advanced prices. The fat cattle maike.t showed continued improvement, a fairly heavy yarding selling at firm prices. Th e daily cattle market continued dull and lifeless, with lit.tie offering.

LAMB MARKET

UPWARD TENDENCY IN LONDON

Lambs: Market firm, with upwarc tendency. Wethers: Market- quiet. Ewes; Market, quiet. Beef Marker unsettled, with dower and irregular [trices. Porkers-: Alarkot steady. Baconers: Market steady. Tallow' Market slow.

The above report- was received on Friday by Cathie, Dempster and Co Ltd., from their principals. Slice' Thomson and Co., Ltd., London. Henry :S. Fitter and Sons' Ltd.. London, have received the following report dated March B:—Lambs ; The market is firm; moderate business has been donq. Wethers: Buyers will only take email quantities at present prices. Ewes Larger supplies have caused prices to weaken. Beef: The demand is -affected by low pi ices c-f chilled beef. Pork: The market is weaker for light weights, heavy weights remain steady. M. A. Eliott, Ltd., Palmerston N* have received the following report from Gordon, Woodruff e and Co., Ltd., London: —Best lamb, under 361 b., *cl higher; other grades and aeeond quality *d higher. Mothers, no change. Ewes, *d lower.. Beef, no change. Lamb market firm at the advance. Holders not so anxious to sell- Mutton and ewes market firm but quiet. Beef, large supplies of chilled affecting the market.

LAMBING RETURNS

NEW RECORD REACHED

Estimates of the current season’s lambing .computed from returns furnished by inspectors °f stock in the various districts, place the total for the Dominion at 15,4p7,302, which constitutes a recoru* This figu.ro in greater by 301,151, than the number estimated for 1932-33, namely. 15,156,151, and- greater by 173,141 than the previous record figure -of- 15,284,161 established during the 1931-32 season. *

SHEEPSKINS AND HIDES

SALE AT WELLINGTON

At Friday’* . sale ~of sheepskins, hides and tallow hold by the. Weir liugton brokers, competition for sheepskins was good at about a halfpehny below lard sale’s level ot values,, lambs selling at about par with lqst sale. . > There was keen competition for all hides, the market. •remaining., aifc par with last sale for cows? while ..opt kiefcs .showed a hardening for bestlines to the extent of a farthing per lb. All.- grades, of ddp and yearling were also a, little -firmer*. Gaafskins weXe from par to $d higher.

LONDON MARCH’ WOOL SALES

The- Bank of New Zealand .is W receipt of tffe folowing cabled •’ advice. Prom its London office as at date the; 9th inist: “Bales continue with more ■ general competition .and opening rates are maintained.” “Current Quotations; Greasy merinos (good, average condition) 60-64’s 18|d to .191(1; ordinary 60-64’sp 16d to I7d; inferior, 60-64’s 12*d, to 13*,d ; :halfbreds, s(3’s 16*d to 17*d; 50-56’s 'l2*d to 13*d;. cro'tsbreds, 50’.s, lOd to" lid; 48-50’s 9d to lOd; 46-48’s, ; B*d to 9cl; 44-46’s. Sd'to. B*d; 40-44’s :73d to B*d.; 36-4.0’ s, 7*d to Vfd.

HOME METAL MARKET

(U.P.A. by Elec. Tel. Copyright)

LONDON, March 9. Copper., £‘32 13s 9cl,- -633. Wire bars, £36 ss; best selected £35 12s 6d. " r Lead, £ll ss, £ll 12s 6d. Spelter, £l4 15s, £lss 2s 6d. Tin, P. 233 7s 6d, £231 12s 6d. ' Pige iron, borne trade, 07/6; export nominal 58/6. Antimony, British £39 10s.; foreign £24 ss. Molybdenite, 375. Wolfram 345. i RAW MATERIALS. (L.P.A. by Elec. Tel. Copyright) LONDON, March ELFriday’s closing price:-, were:— Cotton, .spot, 6.65:1, April, 6 30d. Riubnc-r, Para, 47c1; plantation smoked, 5 3-16 d. Jute, Marcb-Aprn £l6 ss. Copra, Apr.il-Mny, South Seas £7 15s ' smoked,. £7 2s 6d, plantation, Rabaul, £8 10:*., Linseed oil, £2O ss: Turpentine 50s 3d. BUTTER. MARKET. LITTLE FORWARD BUYING In their monthly market review, A. H. Turnbull and Co. state that the London .spot market shows a distinct firming from tEo beginning °f February up till the end of tfrat. month, a -ri.oe of 5s to 6s being recorded. However, since the beginning of Ma'rch the demand ba s weakened. and quotations arc now at a slightly lower level. AY. AYoddo] and, Co., Ltd., cabling us on March 7 state that the fluctuations in Hie butter market have been due .to the somewhat spasmodic colonial arrivals. The colonial butter afloat H now equivalent to tiro shipments which we're afloat aft this time last year. The consumption in the United Kingdom continues to he.very heavy in the vicinity of 9000 tens weekly-

During February considerable activity in the forward market toolc place. Buyers showed interest in February-March shi’'merits and quickly- advanced their limits to a*s high ag, 3d, a few sales being made at slightly above this fig'u're. With a quieter tone on the spot market, forward buying became less active, hind at the present time only a slight amount of interest in forward business is being done.

Australian, butter production is very nearly equal to that of !a-st season. The total shipments from Australia from July 1 to February 17 were 67.341 tons, compared with 70,903 t-onn for the corresponding period of last season. The cheese market remained very steady th’rough-qut- February, but weakened a little at the beginning of this month on it- being reported in the English newspapers that- colonial stocks were increasing. AY. AA 7 eddel and Cc-.,-Ltd., state that the spot position 'is still strong, and they anticipate a steady market. There has been very little activity in forward cheese, and although buyers have made bids as high, ns 5d a lb. f.0.b., factories are more inclined to ship on consignment than sell at this figure.

EMPIRE BUTTER

ASTONISHING LOW VALUE.

CHEAPER THAN MARGARINE

LONDON, Jan. 3

One of the best, bargains in foodstuffs at the moment is Empire butter, which ir< selling at about: 4d per lb. under the Danish product and, more 'remarkable still, is cheaper than select brands of margarine.

Eh),hire butter values arc astomsbingly low, .conrjidc'ring that at one time during the control period prices soared to over 4s per lb. But that figure, n.. trade . expert explained to The Bulletin yesterday, is really an “advertising’’ price, being Id below the general retail charge of 91, which he 'regarded as: a reasonable quotation, in a- keen competitive retail market..

This is the second occasion tl’Yit Empire butter values have dropped 'to such a low level. At this period of .the season last year the wholesale ■prices were about lid per lb higher tha,n they are today, but values tell for a. short period, at the. beginning of the new year to just about their present level. . One of the reasons for the present reduced prices is the abundance oT supplies coming from all sources. “People feci.’A said The. Bulletin informant. “that the demand for butter must be stimulated.' and the. general short .cut to attain that end is to have a. popular price.” . AA T ith butter .selling at 9d per lb. the return .to the producer is exceedingly, small but in the cane of;.Now..Zealand, the farmers are being Helped--a little by the rate of exchange, there being to 25 per cent gain On. money- going ont- from Britain. • - New Zealand, which is the strongest Empire rival . to Denmark. is sending ns,.considerable-- supplies. A cargo of 20,000 561 b boxes is in

coure qf' being- discharged Glasglcnk docks, and will,- pa's^;'promptly into thp -.-retail-- shops* The; --butter now -arriving was. macle at' the commencement of .the, best period of the New - Zealand season, and the quality is very fancy. ...

BUTTERFAT AS RENT

PLAN IN SOUTH TARANAKI. JUST AND. CON.VEN lEN T METHOD. ,*— . ; A new method, of paying rents io finding favour in South Taranaki—rent in terms of butterfat. In other words, the lessor agrees to pay 'SO' many pounds of butterfat, whatever the factory payment, the rent in money .terms* rising or .falling with tile payment from the dairy factory. ; ; . There are mony leases at present in which the runt varies with the price of . butterfat, and this mettoiT has become inoTea>aimgly popular during recent years, when the market has been depressed. I,t- to, however, a method that is either cumbersome or unjurft. If the rent varies wyffi, say, each R 1 per lb, of butterfat the lessor is pefnaflised if the fraction in the payment to 6.d. which the lessee suffers if the payment is 9d.,. On the other hand, if the rent varies with each tenth of a penny extensive calculations. would be 'required.

Recognising it(hiis, a South, T-arn-nakii institution adopted the new plan wherebv one of its* lessors pays it 20001 b of butterfat per annum, which at the present time represent roughly. £B3, but four years ago would have been about- £l5O. This automatically adjusts the Tent when the pay-out varies by even a hundredth of a penny. As a method of putting the rent -on a sliding scale this plan has commended' itself to other interests and has been adopted in other instances.

Generally, the principle of rent's: on a sliding scale varying with tile value of procedure is meeting with increasing' favour as it does away with, repeated requests from lessors for adjustments. The new method may serve a useful purpose if TTii’s principle is/ still more widely adopted, as it is a convenient end equitable scale for the payment of rent-.

BOOTH, MACDONALD AND CO

FURTHER LOSS LAST YEAR The accounts of Booth, Macdonald nnj Company, Limited, Christchurcii for the year ended December 31, disclose a loss of £14.471, compared with £14.030 incurred in 1932 and £17,815 in th e previous- year, the total debit in the profit and loss recount being £46,344. The loss was shown after providing £7247 for depreciation and paying £5915 in deben ture interest. The directors state- that the low prices , for primary produce adversely affected the company’s: turnover. During the year the company’s mortgage liability was reduced by £3900 and the money on deposit was Increased to £26,275. Government and local body debentures, were purchased he the extent of £lB6-1. . The company has not earned a profit since 1929, when .out of net earnings of £6515 a dividend of 21 per cent, was paid on preference shares. Paid capital of £186,519. comprises 176,163 per cent preference shares of £1 and 82,850 ordinary shares of 2s 6d.