COMMERCIAL

Northern Advocate, 8 April 1931, Page 10

COMMERCIAL

POTATOES AND ONIONS. MARKET QUIET. (Special to “Northern Art vacate.”) PUKEKOHE, This Day. Prices for new potatoes have not altered during the last fortnight and are still being quoted at £5 5/ per ton, f.o.r. Onions have remained firm at £8 5/ per ton, f.o.r. There is not ,a great deal of business passing. BUTTER AND CHEESE. The Amalgamated Dairy Uo., Ltd., has received the following market cable from its London manager, under date 2nd inst. — •Butter. —Unchanged (Anchor 114/). Finest generally now 111/, after touching 110/. Retail now 1/2. Danish 118/, f.o.b. .... Cheese.—Prices unchanged to 1/ less. Market very slow. DAIRY PRODUCE. RECORD MAY BE ESTABLISHED. According to the monthly Abstract! of Statistics, the output of butter in New Zealand for the seven months of the dairying season to date, reached a very high level, actually 1.6 per cent in advance of the 1930 record season. The season fs production of cheese to date is easily the highest "recorded in the Dominion, being 9.9 per cent in advance of the quantity produced for the same period of the previous year. A continuance of this high level of -production of cheese during the next few. months should see the 1930-31 dairying season close with a new record established for the Dominion’s total output of butterfaf products. WESTFIELD REPORT. PRICES AT RECENT LEVELS. ' Messrs Buekland and Sons, Ltd., report as follows: — At our weekly Westfield Fat Stock Market held today, we penned 261 head, comprising 158 steers and 103 cows and heifers, compared with 191 last week. There was no improvement in the demands, arid values were on a loved with recent sales. Extra choice ox sold to 23/ per lOOlbs; choice and prime bx, 20/ to 22/; secondary, and plain ox, 16/. to 19/; prime young cow and heifer bepf, 20/ to 22/; secondary, 10/ to 19/. , Extra heavy prime steers ranged in price from £8 15/ to £9 5/; heavy prime steers, £8 to £8 12/6; lighter prime steers, £7 to £7 17/6; light prime steers, £6 to £6 17/6; small and unfinished steers, £3 10/ to £5 17/6. Extra ieavy prime young cows and heifers, £6 to £6 12/6,* heavy prime cows and heifers, £5- 5/ to £5 17/6; lighter prime cows and, heifers, £4 to £5 2/6; other killable cows, £2 10/ to £3 17/6. /, WOOL, HEMP AND TALLOW. The Department of Agriculture has received the following cablegram, dated 2nd inst., from the High sioner for New Zealand, London.— Tallow. —Market ( quiet on spot, and not much interest shown for shipment. Spot quotations nominally unchanged. Hemp.—Manila market steady. “K” grade? for April-June shipment sold £l9. Sisal.—Market firmer, and No. 1 fair average quality for April-June shipment sold £l7. New Zealand.— Market dull, and quotations nominally unchanged on the basis of high points, April-June shipment, £2O. No firsthand sales reported. Wool.—Sales closed on Tuesday. The marked improvement noted at opening well maintained; demand improving as sales progressed. Competition remained strong and bulk of offerings sold. Home trade -was principal operator, but all pther sections well supported. Compared closing rates last series—Merino; —Super, 10 per cent; medium, 15 to 20 per cent; superior, 20 to 25 per cent. Crossbred. —Fine, 20 to 25 per cent; medium and coarse, 25 to 30 per cent higher. Slipe met with increased demand and improved 20 per cent to 30 per cent. Average closing values:— 64’s, super, 1/ to 1/1, average 94d to 10id; 56—58’s, lOld.to l/ ; 50—56’s, OJd to lOld; 46—50’s, Slcl to'Did; 36—44’5, 71 d to Sid. Altogether 151,500 bales were sold during the series, home trade taking 80,000, continent 70,500, and American 1000. 59,000 bales held over for next series, including 55,000 not offered. Next series commence April 28. PROFITABLE YEAR. 10 PER CENT. DIVIDEND. ! The annual report of Messrs Joseph Nathan and Co., issued in London last month, shows that not profits amounted to £68,066, compared with £65,377 in the previous year. After payment of one year’s dividend on the 7 per cent A preference shares, and placing £9440 (against £5000) to reserve, the directors proposed paying a year’s dividend on the S, per ecrit preferred ordinary capital and a dividend of 10 per cent on the ordinary capital (the first since 1922), providing for income tax £4OOO, leaving £32,70.1, .compared with £32,261. Since the closing’ of the books the half-yearly divideM ;orr the A 7 per cent preference .due. Januaiy 1, 1931, has been paid.

It is estimated that the losses arising through the destruction by the recent earthquake of the company’s offices Hastings, and the devastation in rhe Hawke’s Bay district, will not exceed £SOOO. “Conservatism in finance,” says the “Financial Times,” commenting on the report, “has been so outstanding a feature of the hoard’s policy tha;. shareholders can rest assured that the return of the ordinary shares to the dividend list with a distribution of 10 per cent., or 2 per cent more than the last payment in 1022, involved no strain upon the company’s cash resources. They will, none the less, oe gratified to find from the accounts that the financial condition is even more satisfactory than earlier appeared probable. Profits of subsidiary undertakings have -been included; as usual, to the extent only of dividends declared, and there have been no losses.”