COMMERCIAL.

New Zealand Herald, Volume LVIII, Issue 17881, 8 September 1921, Page 3

COMMERCIAL.

FOREIGN EXCHANGE RATES.

The Bank of New South Wales has received advice quoting the buying rates, approximate, of foreign exchange for on demand bills on London. The advice, which is cabled to Australia, thence transmitted to New Zealand by mail, is «a follows:—

„, ' . Aug. 24. Fur. Italy—Lire to £ .. 87.30 26.225 Aug. 23. Bruasele—Franca to £ 48.65 25.225 Madrid—Pesetas to £ 28.35 25.225 Switeerland—Fr. to £ 21.63 25.225 Helsingfora—F.M. to £ 2*5.00 25.225 Greece—Drach. to £ 66.25 25.225 Amsterdam—FL to £ 11.82 12.107 All2 22 Batavia—Grids, to £ 11.80 ' 12.107 Singapore—St. to DoL* 2s3|d Aug. 23. Manil*.—St. to Pesd* 2s 7d Aug. 24. Prague—Krone to £ 309.50 24.03 Lisbon—Pence to Esc* 6d 4s. 5W Shanghai—St. to Tael* 3s 8d Chefoo—St. to TaeJ* 2s 7Jd *Telegraphic transfer.

FARMERS' FREEZING COMPANY.

THE YEAR'S OPERATIONS.

DIVIDEND OF EIGHT PER CENT. Thi seventeenth annual report .of the Auckland Farmers' Freezing Company. Ltd., for the year ended June 30 last, which will be presented at the annual meeting of the company on Thursday, September 29, states that there was ft large decrease in the number of cattl* killed for export during the year, com- ? aired with the previous season's figures, nis was accounted for by the serious decline m the prices of frozen beef on «he English market making it unprofitable to ship cow beef. The butter frozen during the year tola led 766,414 boxes, an increase of 274,643 boxes, or 65 per cent, on last year's receipts. The chtese received totalled 155.805 crates, a decrease of 9086, eoual to 5 per cent. In reference to the company's branch works ,n Moerewa, North Auckland, the report states that there has been a long delay m obtairing (or the works, b»jt they will be finished and ready for operation at the beginning of Dec<-,mber. The Moerewa branch profit and loss accon'nt shows a debit balance of £3663- The profit for the year, exclusive of the Moerewa branch, is £18.899. The amount brought forward from last year was £3352, making a total cf £17,252. The directors proposed to pay a dividend of 8 per cent, on "A" and "B" shares, which will absorb £11,044, leaving .86207 to be carried forward.

NORTHERN BOOT COMPANY

ITVE PER CENT. DIVIDEND

The annual meeting of the Northern Boot ! and Shoe Manufacturing Company, Ltd., was j held yesterday at the company's premises, Fedeial Street. The chairman of directors, Mr. G. Vtfinßtone, presided. The annual report of the directors, which wa* adopted, stated that the net profits for the year was £1007. This amount, with £2953 10s paid for last year's land and income tax, left at the credit of the profit and loss account £4556- Ten per cent, had been written off the plant and furniture accounts for depreciation- The directors recommended payment of a dividend of 5 per cent., which, together with the directors' honoraria, would absorb £1000. leaving a balance of £7 7s 7d to be carried to the credit of the profit and loss account, which would then total £3556. In moving the adoption of the report and balance-sheet, the chairman said the past year had been -a difficult one. Just after the last annual meeting the forerunner of the trade depression was felt. Heavy importations of boots came from Australia, and some firms were obliged to sell below <x>3t in order to get rid of stocks. The Northern Company was not oblig'sd to clear stocks below cost, but it had experienced, in common with other concerns, a falling off in trade. Referring to_ the amount paid by the company in taxation, the chairman said it was obvious that for a company with a gross profit of between £7000 and £8000 to have to pay nearly £3000 in taxation was a hea.vy handicap. If persisted in such heavy taxation must have a serious <>ffeot on industry. The retiring directors, Messrs. R. C. Corr and W. P Winstone, were re-elected. Mr. E. Li. Jonas was reappointed auditor.

MILNE AND CHOYCE, LTD. The annual meeting oi in Milne -and Uiioyce, Xita.. wi>l oe nexi at the Office oi the company, ISU. yueen Street, on Wednesday, bupomibcr 'As., at noon. Tee report oi the oxrectors states mat the amount at credit oi profit and loss alter providing for items voted at the last, annual meeting amounts to £lrt,sus; the profit tor the year amounts to £77i>5 as Id, rrorn which has to be deducted tne amount granted as i bonuses to the employees, totalling £oouo, j leaving to be dealt with a bal.nce of £&t,suti. From this the directors recommend ppyment of a dividend at the rate of b po cent, per annum, absorbing ±'4i(Xi (OS I this amount iijso was paid as interim divi-1 dend, on April 10, 1921), leaving to be carried forward £27,405. j The above satislactory figures, says the report, are the result of a yehj-'s trading, j during which soft goods meiohants have bad a trying tima, The company's stocks show an increase in vaiue. but hav» been carefully assessed, and the directors i lelieva are not only thoroughly representative, but are on a price-plane that they will command a ready sale. Thay look forward to a iully | maint-med turnover during the coining ' year, which the stock puts them in a position to meet, they hope, with satisfaction to their numerous clients. Construction of the new premises is being pushed on, and good progress has already been made on the Mills Lane frontage. Dismantling of one- ' half of the front premises will be commenced within the nest two months. Though the fear's results do not show the same mirgin of profit as the company has formerly had, the directors axe well aware that nothing has been lacking in the energy and loyalty of the employees, and it has been decided to again vote a sum of £3600 j as a bonus to the stiff. The directors re- j port that the company has taken up its I full share of the soldiers' loan, though it is not now worth what it cost. Owing to the , policy deliberately adopted, the company has declined to accept deposits on interest, and therefore had no necessity to shelter under i the Moratorium Act. ! The retiring directors are Messrs. Charles ! Rhodes end J. S. Milne, who, being eligible, j offer themselves for re-election. The auditor : (Mr. G. C. W. Morris) also retires and i a=»i»iti seeks re-election. \ The bols^ce-shee*-shows liabilities as folWs:—Onitsl. 700T> shares afe | 2n s . £7000: 15.000 B. oreferenr-e shires at] 2o« £15,0W: 29 250 ordinarv fib ares at 20s, I £20.250: debenture stnofc. £145.000 (less call i pot wt paid. £2S), £144.975; B debentures, ( <-oor>00; m«rteage. fW.OOO; bills rwvoWp. £°<V 72; credit' - "-*, including aTvoropriatfori for fnnntne tux. wont end loss. £29,^1W : total. fiV\f ng6. Assets are shown a« Ml,vn«,.—Stoo'tru on h-'Tid and in tranKil, lander! wooertv. ?- An 000: bni'di-""«. £»'4l; fi-rtnri>«, et".. £44°.i • war loan. £'000: bi'ls receivable, P<*4: enph on hand tfnA in bsnl>-» <<{■ Auckland. London, and tf-w To'-k *T1,919: sundry debtors, £18.142; lojjl. m 1.066. Fnl'owrner is a comparison of the company's results for the last three years:— 1918-19. 1919-20. 1920-2 L

STOCK SALES.

AUCKLAND.

Alfred Buckland and Sons, Ltd., report: — During the week we held Biles of dairy and *tore cattle at Wosrfield, Waiuku, and Bunciman, and clearing sales at Avondale, Buckland, and Manurewa- Dairy cattle of good quality rontinue to be in demand- The store cattle market remains dull. Best dairy cows at profit ore selling at from £24 to £29. f?ood cows £18 to £22, seconi ouality £12 to £17. others £2 to £11; best springing heifers £16 ic £22, good heifers £12 to £15, smaller £8 to £11, others £2 10s to £7; empty young cows £2 to £3, store cows 10s to £1 10s; yearling to 2-year-old dairy heifers £3 10s to £9, according to breed and Quality; 2 to 3-year-old steers £3 to £4 sa, yearling steers £1 bs to £1 15s; caves 10s to £1 ss. Yesterday at our weekly Westfield fat stock j market we penned fat cattle to the number of 608 head, comprising 526 steers, 80 cows and heifers, and 2 bulla. These numbers are 167 in excess of last week's entry, which was & heavy one. There was only a limited demand, and all classes suffered a severe drop. value* being the lowest experienced for many years. Extra, choice ox sold to £1 10s. choice and prime £1 4b to £1 9s, ordinary f-nd plain 19s to £1 2s; rough beef 8s to 12s, prine young cow and heifer beef £1 to £1 6s, ordinary cow 15s to 19s; extra heavy prime steers ranged in price from £15 7s 6d to £16 (the latter price for a show steer from Messrs. Reid Bros., Opotiki), heavj prime st*erg £11 to £13 17s 6d, lighter prime £8 to £10 10s, light prime £5 Ida* to £7 10s, small and unfinished £8 5s to £5; heavy prime young cows and heifers £8 to £10. a show cow from Messri. Eeid Bros., Opotiki. made £12. lighter prime £4 10s to £7, other cows £1 to £3 10s. The highest averages for steers were:—l 6 steers from Messrs Reid Bros.. Opotiki, £12 Is 6d; 2 cows from the same vendor, £11; 8 steers from the Estate of the la.te C. J. Storey, Woodstock, Te Awamutu, £11 ss; 16 from the Waikato, £10 ]»3 10d; 20 from the north. £10 16s 6d; 8 from Mr. Geo. Hull, Otaua, Waiuku, £10 2a 6d; 12 from Mr. J. Crawford, Waiuku. £9 14s 2d; 16 from Mr. R. Green, Turua, £8 16s 3d; 8 from Mr C. W. Margraves. Otoroharaga, £8 6s 3d; 8 from Mr. J. Bell. Kiwitahi £8 6* 3d; 15 from Mr. W. W. Car- ? enter P»pakura, £8 2s 4d: 10 from Mr. as Matheson, Paparimu, £7 3s 9d; 8 from Mr Geo Hastie. Papatoetoe, £7 18s 9d: 31 from Mr G. T Bayly's Wharepapa property, £7 2b 3d; 32 from Mr. S- W. Mitchell. Te Piike. £6 12s lCd; 25 from Mr. W T Cox. Waitakaruru. £6 12s; 17 ,from tha Mar»kopa Land Company, £6 Said;

There was a targe yarding of sheep and rf 3,111 JL- bl * proportion were Competition was steady throughout, with "ttie or no alteration in values from last report. Heavy prime wethers £1 4a to £1 to, rnediura to heavy prime £1 Is to £1 rafaushed. 12s 6d to 17s &?j extra heavy SS 3 ? •^•a. £ L 1 * iPvf l *«» heavy ewes, tC^f 1 "«• 16s to 18a; other ewes. 7s to 15*. Tb* i»5 lambs Which came forward were.genersdly an "inferior lot. XHe few pens of prime lamia made from 18a to £1 4s lighter 15s to 17s 6d. light 12b Kd to 14s 6d, stores 4s 6d to lis 6d, Fat and young calves were penned in less than average numbers. Competition was keen. and all vealers of good ouility sold at improved rates. Bough and plain calves were much the same. Bunners made from £ 4 to £5 15s for *n extra choice heifer; heavy vealers £3 10s to £4 ss, medium £2 10s to £3 Bs, Light £1 IGb to £2 Bs. smaller lite 6d to £1 7s 6d; fresh dropped, 4s to lis (178 sold). Fat pigs were yarded in average numbers. Competition was spirited, and values improved on last week's quotations. Store pigs met with a sharp rise. Choppers, £4 10s to £5 17s; extra heavy baconers, £6 Is to £6 18s; medium to heavy baconers, £5 10s to £6 18s; light baconers, £5 to £5 ?s 6d; heavy porkers, £4 7s 6d to £4 178 6d; medium porkers, £3 12s 6d to £4 2s 6d; light porkers. £2 lis to £3 7s 6d, store pigs. £2 to £2 15s: slips. £1 12s 6d to £1 18s; weaners, 15s to £1 12s 6d (26S sold).

The New Zealand Loan and Mercantile Agency Company, Ltd., report:—We held eaies of driry and store cstt%during the past week at Westfie*d, Ngatea, and Papakura. The demand for dairy clock has not been so good. Best, close to profit £15 to £21, others £10 10s to £14 10s: backward springers, best £10 to £14, others £6 10s to £9 15s; aged cows and inferior heifers, £2 10s to £6 ss. The store cattle market remains the same. Grown steers £5 5s to £7 10s, 3 to 84-year steers £3 5s to £5 4s, 2 to 2i-year steers £2 to £3 2s 6d, yearling to 18i month steers IBs to £1 15s; yearling to 18- ! month he fers £1 17s 6d to £3, 18-month i heifers £3 10s o £5 17s 6d; empty cows and hif rs. £1 to £2 6s; beef at fully Westfield prices. At Weetfield fat stock market on Wcdbeef w-96 penned in large numbersCompetition was dull and we have to report a further drop in prices. We quote: Extra choice oxen to 80s psr lOOlh, choice ana pr'me oxen from 24a to 23s per 100' ib, rough and inferior oxen from 17s to 23s per ' 100'b: young cow and he'fer beef 20s to 25s . per 1001b, other cow beef 15s to 18s per i 100!b. No extra heavy-weight cattle were j penned- Steers sold a* from for heavy prime £10 to £13, medium prime £7 10s to £9 17s 6d. light prime steers £6 to £6 7s 6d, ! p'ain and unfinished steers £3 15s to £5 17s ! Gd • young cows and heifers £5 to £8 7a Bd. others £2 upwards; bulls 10s to £1. Some of the averages were: 15 6teere from MrAlex. Orr's Hoteo property, £9 4a 3d; 25 steers from Messrs. H_ and E. Finlayaon. Baupo. £8 10s; 24 steers from Mr. J. Gerome'.l Ongarue, £6 18s 6d; 6 steers from Mr. N. K Tay'.or, Taupiri, £6 8s 9d; 18 steers from Mr. Junes "McCarrol!, Whanearei. £7; 8 ste?rs from Mr. Ed. Allen, Cambridge, £7 18s 9d; 6 steers <rom Mr. Geo. Hasf.o, Papatoetoe, £9 7s 6d; 8 steers from Mr. E. T. Bain, Botcmgaro. £9 Is 3d; 8 steers from Messrs. Sh pherd Bros.. Puni, £6 13s 9d; 13 steers from Mr. C. B. Bryant. Karaka. A'B 8s 3d; 5 stesrs from Mr. Sam Clark, Pspatootoe, £6 ss: 5 steers from Mr. Geo. McCullough, Ardmore. £5 8s; 1 steer from Mr. ; Thomas Henwood, Mangere, £6 7s ' 6d; 1 cow from Mr. Thomas Hra--1 wo: d. Mangere. £8 7s 6d: 4 eteera frors 1 Mr. W. J. Crowther, Bemttera, £5 17s Qd. Calves were penned in less than average numbers, competition was consequently ; keen, prices being improving. We quote:— Runners £3 to £5 2s 6d: vealers. heavy £3 15s to £4 2s. medium £2 15s to £3 10s, light £1 15s to £2 12s, smaller £1 to £2 Ss: small and fresh-dropped. 4s to 18s. Sheep were penned in more than average numbers. Competition wai> keen, last week's improved prices being easily maintained- Wethers, extra heavy prime £1 5s 3d to £1 10s. 9d. heavy prima £l 2s 6d to £1 ss. medium prime £1 0s 6d to £1 2s 3d. light medium prime 18g to £3 0s 3d. unfinished 14s to 17s 9d; ewes, heavy prime 18s 6d to £1.25, medium prime 16s Sd to IBs. light prime 14s 3d to 13s. small and unfinished lis 3d to 14s. Hoggets were penned in average numbers, and sold at late quotations. Heavy prime £1 to £1 2s 6d, medium prime 17s to £1, light prime 13s to 16s 9d. small and unfinished 6s upward. Pigs were penned in average numbers, and sold under keen competition at improved prices. Choppers, £3 103 to £5; baconers, heavy £6 7s to £6 18s. medium £5 10s to £6. light £4 15s to £5.55; porkers, heaw £4 10s to £4 18s. medium £4 5s to £4 9s; light. £3 5s to £3 14s: store pigs were also firmer; slips £1 15s to £2 4s. weaners £1 6s to £1 18a.

D&lgety said Co.. I<td.. reoort as follows on their fat stock sale at 'Westfield yesterB BeeT.—A very full market. Prices dropped \ £2 to £2 10s per hesbd for fat cattle, unfinished being very hard to selL Extra choice ox £1 10s, prim© £1 fe to fl Bb, plain 15a to 20s; cowa. prune 24b to 18s, plain 14s to 18s, Sheep—A large yarding. Prune sheep maintained late rotes, but forward shpep met with a slack sale. Extra wethers 265, i prime 24s to 20a. unfinishsd 18s to 13e 6d; I ewee. best 20s, prime 18s to 14s, others 13s !to 10s. , _ . . I Calves.—A moderate supply. Good demand for finished vealers. Runners. £8 to <>4 : ve&Lars. £4 to £2 10s; frssh dropped. ! Pig*.—Small yarding., with improved demand, in some cases pig* bringing Is per lb. Baconers. £6 15s to £5 103; choppers £6 5s to £5; porkers, £4 10b to £3. A keen demand for all stores.

ADDINGTON. [BV TELEGRAPH PRESS ASSOCLATIOiSi. J CHRISTCHUBCH. Wednesday. At the Adxungton market to-day there was a large attendance. The yardines' of fat sheep and catvle weru large. Store eueep weie yarded in small numbers. In other sections the pennings were about the average. Store Sneep.—Tne yarding was one of the smallest for a long time. The entry consisted chiefly of ewes and hoggets. Bidding was lifeless and sales difficult to make. Sound and failing mouthed ewes and lambs made 10s 3d. Good half-bred failing mouthed ewes in lamb, 15s 6d; fom, six, and eight toothed ewes 14s 4d to lis 6d: failingmouthed ewes, in lamb, lis 9d to los; wether hoggets, 6s 9d to 8s 4d; cull hoggets. 38 9d; forward two and four tooth wethers, 14s 6d; four and six tooth wethers, 12s lOd. Fat Sheen. —About 12 fall races were forward, mostly wethers. The quality generally was good with some really prime lots. Bidding opened at slightly lower* rates than last week and all round there was an easing in values of about Is per head. Four freezing buyers operated. Extra prime wethers made 23a 6d to 28s 6d, prime 18a 9d to 22s 9d medium 15s 9d to 18s. light and unfinished lis to 15s 3d; prime ewes 13s to 14e 9d, and unfinished 10s 9d to J2a 9d; prime hoggete 14e 9d to 20a Id, ordinary 9r. 6d to 15s 6d. Fat Cattle.—The Quality all round wa« above the average. The sale opened moderately well, but fased as it progressed, prices receding 30s to 40s per head. Extra prime steers made £24 15s. prime £15 to £1S 7s 6d, medium £10 10s to £14 10s. light and unfinished £6 to £10. extra prime heifers £14 ss, prime £9 15s to £10 10s 6d, ordinary £5 to £9: prime cows £9 to £12 15s, ordinary £5 15s to £8 lflsVealers. —Runners made £7, good venters £3 10s to £5. medium £2 10s to £3 ss, small 5 5 to £2 5s Store Cattle.—Four and five-year-old steers made £5 123 6d. 18-months-old heifers £4, yearling steers 30s, cows in fair condition £2 "2s 6d to £3 12s 6d. Dairy Cattle—Extra good second and third calvers £15 10s to £24, ordinary third and fourth calvers £15, springing heifers ! £9 10s to £15. extra good cows hi milk, just calved. £13; aged inferior cows and oows m milk 15s to £4 10s. Fat Pigs.—Choppers £5 to £8 ss, liirht b»<x>jwr« £4 16a to £S 10s, heavy £6 to £7, extra heavy £7 12s 6d to £8. average price per lb. 9d to 91d; light porkers. £2 18s to £3 10s. heavy £3 15s to £4 12a, average price per lb., 101 d. Store Pigs.—Best stores £2 15s to £3 5s 6d, medium £2 5s to £2 12s, small £i 10s to £2 3s; westers 18s to £1 14s; sows in pig £5 to £7 15s-

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£ £ £ Brought forward 17.567 22,567 27,505 Net profit .. 12,146 12,538 7,703 Staff bonus .. 3.400 3,500 3.500 Dividend at.. 8 p.c Pp.c. 8pc. Amount .. 5.746 4,100 4,100 Carried forward 22.567 27,305 27,408