COMMERCIAL.

New Zealand Herald, Volume LXI, Issue 18895, 18 December 1924, Page 9

COMMERCIAL.

GEAtt MEAT COMPANY.

BONUS; DISTRIBUTION.

£460,000 OF WAR LOAN STOCK.

[liT TELEGRAPH.—OWN CORRESPONDENT. ] WELLINGTON. Wednesday. The annual meeting of the Gear Meat Company was held this when the chairman, Mr. W. 11. Millward, presided ovar a good attendance of shareholders. I"ti moving the adoption of the report aud balance-sheet, the chairman said he had great pleasuro in congratulating the 'shareholders upon the satisfactory results of the year's operations. During 1918 and 1919, 'the company was compelled by law to subscribe to c rlain Government loans raised for war purposes, and bearing interest at 41 per cent, per annum, free of tax. As these secuiities were not now required, it was proposed to apportion the greater part of them among shareholders on the basis of £1 face value of inscribed stock for each share in the company—the capital of which is £460,000 in £1 shares. As the Treasury will not subdivide into sums of less than £10, balances below that figure will be paid in cash at market value, £97 10s per cent. To enable this to be done, it is necessary to alter the articles of association, and for this purpose, a special meeting would be held at the close of the annual meeting. If the necessary resolutions are passed they will be brought forward for confirmation on January 7. The chairman added that even alter the distribution the company will lie in a particularly strong financial position and ! also, that there is a considerable internal reserve in the values at which the pro- ■ perty and plant appear in the books. The earning power will naturally be affected somewhat but the directors recommend the adoption of the proposal, as it is ; undesira.de that the ocmpany should asI sume the function of an investment, company. Sir Francis 8011, the senior director on the board, seconded the motion. He said it was 33 years sinco ho first took a seat ;on the board, and the company had i j-Town from small things to large things i during that period. It was the proposal ! C'f the hoard to divide the money sub- ' scribed to the war loan bearing interest !at 4£ per cent, but that did not in the least reduce the valu'o of tho shares which tho shareholders held. Year by year tho company had been successful. They had not divided what they had available. They had paid off their old obligations, written I down their properties, and now had a j surplus of funds. They did not owe a shilling of permanent debt, although they had, of course; the ordinary debt and credit accounts. They did not owe any money on mortgage, and had invested £698,000. He thought the shareholders would bo gratified at the increase of tho regular dividend from 8 per cent, to 10 per cent., though they should remember that they had a very dangerous, business. They always had to buy, they always paid as high prices as anybody else, and they always had on hand a great quantity of stock and products which they had paid for, and the sale of which was more or less guess work. Prudence had prevented any catastrophe, but it was not a business in which they could afford to distribute more than a reasonable dividend. Tho largo funds they had were necessary to enable them to meet in tho | future, as they had in past, any possible loss out of their own pockets and not by borrowing from others Ho hoped the | shareholders would support that policy and allow the board to bo as conservative and careful in tho future as it had been in the past. Tho report and balance-shect were adopted. Tho chairman moved that a dividend of Is 9d a share, of which 6d was paid, anil : a bonus ci 3d out of tho company's rej servo bo made payable forthwith. This | was carried. !r, essrs W. H. S. Moorhouso and A. Strange, the retiring directors, were reflected, arid Messrs. Hunt and Dimmock j were reappointed auditors, j An extraordinary general meeting fol- [ lowed, at which resolutions relative to the | proposal mentioned by the chairman were | submitted and adopted. They will ho the subject:; of a confirmatory meeting in ! January. ' A vote of thanks to the general manager and staff concluded the proceedings. THE LONDON MARKETS. FOREIGN EXCHANGES. Australian and N.Z. Cable Association. (Reed. 7.5 r m.) LONDON, Dec. 16. The following rates on foreign exchanges are current to-day, us compared with the C 'ar y uo^a ' lo n9 on December 12 and a- v , ~, , Dec - Deo. 12. Par Yo [ k /, d( ?V •• 4 ' 09 2 4.866 Montreal (dol.) .. 4.72} 4.7U 4.866 Paris (fr.) .. .. 87 .40 g S , 2 5 25.225 Brussels (fr.) .. 94.50 95.80 1500s Homo (lire) .. .. 108.85 100 Berlin (r.m) .. 19j 193 20.43 Stockholm ( k r.) .. 17.43 17.42 18.159 Christ unia (Sr.) .. ;U H0.93 18 159 Copenhagen i.kr.) .. 26.85 26.61 18 159 (•alcutta (pence) .. 18 18 24 Hongkong (pence) . 27} 28jf Yokohama (pence) .19 11-16 19 9-16 21$ BRADFORD TOPS. Tha Bradford tops market is quiet, and prices are easier for all descriptions. WHEAT. Wheat.—Cargoes ar steady and occasionally slightly dearer. There is fair inquiry. 1 areola aro firm in sympathy. Liverpool futures: December, 12s Hid sellers: March 13s Old buyers; Mi-y, 12s 11 Jd buyers. TARANAKI OIL. Tho search for oil in Taranaki continues, iJr Clapp, who will remain in New Zealand some considerable time, has just examined tlie J a ran nki field, in company with Mr. Broun, one of tho directors, and is more satisfied than ever with the prospects. Before leaving New Zealand. Dr. Clapp will report on other Now Zealand fields. CORDON AND COTCH, LIMITED. In its report for the half-year ended September 30, Gordon and Gotch (Australasia) Ltd., shows a net profit of .£33, at), compared' ;° r the previous "huff-year* 420,086 tor the. corresponding six months of 1923. A dividend nt tho rate of 8 per cent per annum 011 the preference shares absorbs £1000, at tho rate of 8 per cent, per annum on tho ordinary shares £ 10.000, a sum of X 13,500 is transferred to the reserve, making a transfer of £20.000 for the 12 months, and £801 iB carried forward against £103 brought into tho account. COL.DSBROUGH, MORT, AND CO. The directors of Goldsbrough, Mort, and Company, are asking, at. tho forthcoming meeting r.f shareholders, for resolutions in fivrour of altering the memorandum of association of the company, so 11s to enable, it to carry rm fire, marine, and other insurance business except that of TTfo insurance, fo jc;in or become members of any Bssociation, company, or society for the protection or Advancement of people engaged in any undo or business, and to subscribe money for charitable, benevolent, or public general or useful objects. STOCK SALES. AUCKLAND. Alfred BuckU.nd and Sons, Ltd-, report:— During the week we held soles nt Westfield, Pukekohe, Turua, Poke.no. Clevedon and Runeima)!. We have had full yardings and a good demand for oil classes of cattle. Sheep aro also in strong request Grown steers in forward condition brought £1 to £ H ss; forward conditioned four-year-old steers, £6 to £6 17s 6d ; fresh three to fonr-yenr-old steers, £5 fis to £6; two to three-year-old steers, £3 15s to £5; 18-nionths to two-year-old steers, £3 to £4; yearlings to ia-months-old steers. £2 7s to £3: empty young cows, £2 15s to £4; store cows. £2 to £2 15s; fat steers, £8 to £12 ss; fat cows and heifers, £5 10s to £7 12s (id; rough killablo cows. £2 10 s to £5; 18-months-old heifers, £2 10s to £3 10s; calves, £1 5s to £1 15s; dairy cows and heifers, £3 to £13. according to duality. A full entry of pigs at Puliekohe sold at about Westfield values.

Yesterday at our weekly Westfield fat stock market our supply or beef numbered 618 head, comprising 269 steers, 246 cows and heifers, and three bulls. With fewexceptions the quality of tho or beef was first class. There was an improved demand with a decided airanco in values. Extra ehoico ox sold to £1 lGs per 1001b.: choice and prime ox, XI 13s to £1 15s; ordinary and plain ox, f 1 8s to £1 12s; prime young cow and heifer buof, £1 7s to £1 12s; ordinary cow heef. £1 Is to £ 1 6s; rough beef. 10s to £1; extra heavy prime steers ranged in price from £16 to £16 17s 6d; show steers, £13 2s Gd to £20 2a 6d; heavy prime steers, £i 4 10s to £15 15s: lighter prime steers, £12 to £14: light prime steers, £10 5s to £11 17s 6d; unfinished and small, £8 to £10 2s 6d; extra heavy prime young cows and heifers, £9 10s to £10 15s; a show cow made £12 10s; heavv prime young cows and heifers. £8 to £9 ss; lighter. £5 15s to £7 15s; other cows. £ I 10s to £5 10s. The sheep pons ■were just moderately filled. Thero was a keen demand and generally there was a further slight advance. Extra heavy prime wethers brought £2 Is Dd to £2 3s; heavy prime wethers. £1 193 to £2' 13; lighter prime wethers, £1 17s to £1 18s Dd; light and unfinished wethers. £1 15s to £1 .16s Sid; store wethers, £1 12s to £1 14s; extra heavy prime young ewes, £1 16s to £ I 19s; heavy prime ewes, £1 13s to £1 15s 6d ; lighter prime ewes, £1 10s to £1 12s 9d: light and unfinished ewes, £1 5s to £1 9s. (955 sold). Lambs were penned in increased numbers and there continues to be a keen demand. Values were, if anything, a trifle firmer. Extra heavy brought £1 iSs to £1 19s 9d; heavy prime, £1 15s 6d to £■1 17s 9d; lighter, £1 13s to £1 los: light prime, £1 10s to £ 1 12s 6d: other lambs, XI Gd to £1 9s. (478 sold). Fat and young calves were again penned in excess of requirements, with the rosult that wo havo to report a further decline in values. Runners brought from £2 2s to £3 12s; heavy vealers, £2 5s to £3 Is; medium vealers, £1 12s to £2 10s; light vealers. £1 to £1 10s; small and fresh-dropped, 2s to 18s. (367 sold). There was fully an averagu yarding of pigs, a good proportion being porkers. Prices for these remained at about last week's values, while there was little competition for baconers. Our quotations for tho latter being again lower Ileavy baconers brought up to £2 16s; light and medium. £2 10s to £2 14s: heavy porkers. £2 9s to £2 12s; light and medium, £2 ,5s to £2 8s; small porkers, £1 18s to £2 3s. Stores again sold readily. Best-conditioned brought up to £1 los; weaners, from 153 up to £1 6s. (521 sold).

The New Zealand Loan and Mercantile Agency Company, Ltd.. report:—We held sales during tho past week) nt Westfield, Warkworth. and Tuakau, all classes .of cattle selling at late quotations. Best dairy cows and heifers, brought £0 fo £13 10a; others, £5 to £8 10s; aged cows and inferior heifers, £2 10s to £4 15s; bulls. £3 10s to £9, according to quality; yearling to 18months heifers, best £2 12s Od to £4, others £1 5s to £2 10s; yearling to 18-months steers, i'2 5s to £3 15s; 2 to 2J-year steers, £3 17s 6d to £5; 3 to 3s-year steers, £5 to £5 17s (3d; 4 to ij-year steers, £6 to £6 12s Od ; grown steers in forward condition. £0 15s to £8: beef at fully Westfield quotations. At Westfield fat stock market yesterday beef was penned, in large numbers, there boing a predominance of cow and heifer beef. Good ouality and prime steers, penned in smaller numbers .than usual, sold under keen competition at improved values, other classes selling.' at late quotations. Wo quote: Extra choicc ox sold to 3os per 1001b; cfioicei and prime ox. 30s to 31s per 1001b; ordinary and plain ox. 24s to 29s per 1001b; prime young cow and heifer beef, 27s to 3ls per 1001b; ordinary cow beef, 20s to 26b per 1001 L; rough beef, 14s to 19s per 1001b. No extra heavy prime steers were penned. Heavy prime steers, £13 to £15: lighter prime steers. £11 to £12 17s Od: light prime steers. £9 to £10 17s 6d; small and unfinished steers, £7 to £8 17s Od: heavy prime cows and heifers, £8 to £0 10s; lighter prime cows and heifers, £0 17s Gd to £7 17s Cd: light prime cows and heifers, £5 to £6 15s; unfinished cows and heifers, £2 10s to £4 15s; bulls, £2 10s to £8 7s (id. Sheep were penned in average numbers. Bidding vyas very brisk, and wo report a decided improvement in values. Extra heavy prime wethers brought to £2 10s; heavy prime wethers, £2 to £2 4s 3d; medium prime wethers. £1 18s to £1 19s Od; light prime wethers, £1 14s to £1 17s 6d; small and unfinished wethers, £1 12s to £1 13s Gd; small and weedy wethers, £1 6s to £1 Us. Lambs were penned in larger numbers, and sold at late quotations. Heavy prime lambs brought £1 15s to £1 17s 9d; medium prime lambs, £1 12s to £1 14s Gd; light prime lambs. £1 8s to £1 lis Gd; Email and unfinished lambs, £1 2s Cd to £1 7s Gd. There was an extra heavy yarding of calves, and prices declined on last week's quotations. Runners brought £2 10s to £3 10s; heavy vealers, £2 os to £2 16s: medium venlers, £1 15s to £2 2s: light vealers, £1 to £1 14s; smaller, 123 to 18s; small and fresh dropped, 3s to 10s; rough calves fis to 15s. Pigs were penned in average numbers. Porkers sold at late quotations, but baconers were hard to quit, there being little competition for same. Choppers brought £2 to £2 10s, heavy and medium baconers, £2 8s to £2 lGs; light baconers and heavy porkers. £2 10s to £2 15s; medium and light porkers. £2 5s to £2 fis. Store pigs were penned in small numbers, and sold at lute quotations. Large stores brought £1 14s to £2 2s: slips, £1 Ps to £1 12s; weaners, 10s to £1 2s.

Dalgoty and Co., Ltd., report as follows on the Westfield sale yesterday:— Beof.—A good yarding. Prices showed an increase on last week's rates. We quote: Extra choice ox. 36s per 100]b: choice and prime, 31s to 345; other. 24s to 30s; prime young cow and heifer beef made 28s to 325; other, 22s to 275. Sheep.—A short market, with prices very firm at late quotations. Heavy prime wethers brought £1 19s to £2 4s 3d for a pen of wellfinished wethers from Mr. L. ,T. McGuire. Pukekawa; medium prime wethers, 36s 6d to 38s 6d; others, 33s to 30s; best heavy prime, ewes made 37s to £2; medium prime, 83s to 365; light. 28s to 325. Lambs.—-A larger yarding sold readily at late rates. Best hqpvy prime sold for 35s to 38s 3d: medium prime, 32s to 34s 9d; light, 27s to 31s Pigs.—A fair yarding. Prices for baconers wore considerably easier, but porkers met with a ready salo at advanced prices. Heavy und medium baconers made £2 8s to £2 18s; light baconers slid heavy porkers, £2 10s to £2 15s; medium and light porkers, £2 3s to £2 9s. Calves were penned in largo numbers, and prices were easier. Runners brought £2 12s to £3 9s; heavy vealers, £2 5s to £'i 13s; medium vealers, £1 16s to £2 4s; light. £1 to „£ 1 15s; small, la to 18s; fresh dropped. 3s to 10s. ADDINGTON. [by telegrAm.—-press association.] CHRISTCHUECH. Wednesday. There were large entries at tho Addington sale in practically all sections of stock. Fat lambs and fat cattlo showed a decided firming, but other classes wero unaltered in vaiue. Store Sheep.—There was a fair-sizod yarding, with a brisk demand, particularly for lambs. Good rape lambs, 30s to 32s Cd; smaller lambs, 27s 3d to 28s Gd; sound and failing-mouthed woolly owes and lambs, 32s 5d to 33s 2d; aged crossbred woolly ewes and lambs, 27s 9d; inferior n»ed shorn ewes and lambs, 22a Id to 2-ls 4tl; two-toothed crossbred ewes, 32s 9d to 375; forward twotoothed wethers, 34s 3d; (rood two-toothed halfbred wethers, 31s to 325; small and inferior two-toothed halfbred wethers. 26s to 275; four nnd six-toothed crossbred wethers, to 33a lOd; four nnd six-toothed halfbred wethers. 80s Id to 34s fid; lower conditioned four, six and eight-toothed halfbred wethers 28s 2d to 2Ss i)d. Fat Lambs.—There was a heavy fre-holi-day yarding of over 5000 head and an advanco in values, a good proportion sellms at fully 13id per lb. for export. Butchers paid to near 14d for light lambs. Extra primo lambs, 47s to 495; a special line. <o 51h; prime, 43s to 46s Gd; medium lambs, 39s 6d to 42s Gd; light lambs, 33s to 395.

Fat Sheep.—There was an heavy entry of over 13 races. 50 per cent, more than the recent average. An lriegu lar market, but generally up to last week's rates. Exporters operated to it limited extent. Extra prime wethers, u2s Id: prime. 45s to 48s; medium, 40s to lis; light. 31s Gd to 39s Gd; rough. 31s 6d to 31s; e.\tra prime ewes, to 40s 9d; prime, 40s to 42s Gd; medium, 3fs Gd to 395; light and inferior, 31s to 31s. Fat Cattle.—There was another heavy yarding of 545 head. Tho market was better in tho earlier stages by 30s a head, but slipped back over tho final part. Extra primo beef made to 455; prime, 40s to 435; prime heavy-weights, 37s to 39s Gd : medium. 34s to 37s (id; light, 30s to 33s Id; rough, down to 255; extra, prime steers, £19 to £20 7s Gd: prime. £16 15s to £18 10s; medium, £13 5s to £16; light, £11 to £13; rough, X'J 10s to £10 10s; extra prime heifers, to £16 2s Gd: prime. £10 5s to £13; ordinary. £'7 5s ti> £10; light £4 10s to £6 10s; extra prime cows, to £13 13s Od; prime, £9 10s to £12 10s; medium, £7 to £9 ss; aged. £3 5s to £6. Vealers.—There was a small yarding and an advance in prices. Runners, to £7 15s; good vealers, £3 10s to £6; good calves, £2 to £3; small calves, 15s to £1 12s (id. Storo Catilo.—Mostly heifers were entered and they met with fairly good demand. Three-year-old heifers, £4 to £4 6s; four-year steers, to £8 ss; yearling steers nnd heifers, 25s to 10s; cows, to £2 1 1 ' 1 • Dairy Cattle.—There was a slight improvement, on recent sales. second, third and fourth calvers, springing. £6 to £8 10s; medium, £3 10s to £5 15s: springing heifers, £2 to £5 5s Id; aged cows, £1 15s to £3. Fat Pigs.-—A snuill entry and firmer market. ('.hoppers, £2 10s to £1 ss; light baconers, £3 6s to £3 15s; heavy baconers. £4 to £1 6s (average price per lb., fid to 63d); light porkerri, £2 8s to lis; heavy porkers. £2 15s to £3 3s (average per lb., 7d to 7Jd). . ... Store Pigs. —A free sale. Winners, '21s to 245; good weaners. Cfis to 31s; small stores, 83s to Sfis; medium stores, 38s to 455, large stores. 47s tn 60s Od.