COMMERCIAL.

New Zealand Herald, Volume LXII, Issue 19203, 17 December 1925, Page 9

COMMERCIAL.

TBADE WITH BRITAIN. CHANCES FOR DOMINIONS. DEMAND FOR EMPIRE GOODS. After an absence of two years abroad, Mr. Richard Stanton, well-known in real estate circles, has returned tci Sydney, deeply impressed by tho great interest being taken by English people in Australia and New Zealand, their products, loan and commercial investments, and as a place for settling their sons to give them a start in life. " As the result of my observation," said Mr. Stanton in an interview, " I do not think there was ever such a favourable time for pushing trade with Britain, where gigantic propaganda is going forward with regard to Empire trade. Everywhere the people are being asked to demand Empire goods, particularly those from Australia and New Zealand. These Dominions have a great friend in the Baldwin Government. " Australian loans and very large commercial undertakings attract the English peoplo most. A £IOO,OOO proposition cuts no ice, but mention of one of £500,000 creates interest. The investing English public want big things only. At the same time, there is a keen desire to keep their investments within the Empire, and Australia particularly seems to be in their eye a lot in this respect." BRITISH TEXTILE TRADE. STATE BUYING ADVOCATED. Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) LONDON, Dec. 15. The president of the National Union of Textile Workers, Mr. Ben Turner, gave evidence before the Board of Trade inquiry. He said he opposed a protective duty on worsteds on behalf of 20 textile trades unions. Instead tho witness advocated Government or co-operative buying of the raw material. It might then be possible to run the trade profitably. State buying had been tried in the war period with ben&ficial results, why not now ? Fluctuations in wool values were more damaging to the stability of the trade than any competition. His proposal aimed at keeping prices steady. The Government should buy Empire wool. Eventually the League of Nations could create the machinery for negotiation botween the producing and consuming nations. Tariffs were irritating barriers. If they bought no goods from abroad they could not sell goods abroad. The employers were not making an attempt to discuss with the unions methods for improving the trade, except tariffs. ORIENT SHIPPING COMPANY. READJUSTMENT OF CAPITAL. Australian and N.Z. Cable Association. (Rccd. 5.5 p.m.) LONDON, Dec. 15. Sir Kenneth Anderson presided at a meeting of the Orient Steam Navigation Company. He-said that in view of the labour troubles in Australia it was not likely that there would be changes in cargo rates homewards unless it were upwards. The managers of the company were considering a readjustment of the company's capital to make it reflect more accurately the amount of money the shareholders had at risk in the business, but they did not contemplate the capitalisation of more than some portion of the reserves. LONDON WOOL SALES. FIRM ON LOWER BASIS. •Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) LONDON, Dec. 15. At the London wool sales to-day the market was still firm on a lower basis, with keen interest in good Merinos and all classes of crossbreds. BRISBANE FINAL SERIES. Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) BRISBANE, Dec. 16. The final series of Brisbane wool sales for the year commenced to-day. Prices for best descriptions were 5 to 7-J, per cent, lower, and for average and inferior sorts 10 per cent, lower than at the November series. THE PRICE OF GOLD. Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) LONDON. Dee. 15. Gold is quoted to-day at 84s lid per ounco. CHICAGO WHEAT MARKET. Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) CHICAGO. Dec. 15. Wheat.—December, now, 1 dollar 71g cents per bushel; old, 1 dollar cents. May, new, 1 dollar 60 cents; old, l dollar 67 cents, July, 1 dollar 47J cents. BUTTER IMPORTATIONS. UNITED KINGDOM FIGURES. Dalgety and Company, Limited, report having received the following cablegram from their London house, dated December 15:—The total imports of butter into the United Kingdom for the month of November amounted to 1,362,000cwt.," as compared with .1,372,000cwt. for the corresponding period of last year, but quantities now afloat are heavier than last year. BANK OF CZECHO-SLOVAKIA. CAPITAL OVER-SUBSCRIBED. The share capital of the National Bank of Cfcecho-Slovakia, fixed by law at £2,500,000, has been over-subscribed 2[, times. The bank was recently established in tho republic as the bank of issue. GORDON AND GOTCH, LTD. EIGHT PER CENT. DIVIDEND. Gordon and Gotch (Australasia), Ltd., in its report for the half-year ended September 30, after providing £9631 for taxation, shows a profit, of £38,209, compared with £46,215 for the previous half-year, and with £23,437 for the corresponding six months of 1924. With £516 brought forward, a sum of £38,726 is available. A dividend at tho rate of 8 per cent, per annum on preference shares absorbs £4OOO, and, at the same rate, one on ordinary shares accounts for £16,000. A sum of £14,000 is transferred to reserve, and £4OOO is allocated to reserve, for contingencies, leaving £726 to bo carried forward. The report states that the business continues to make satisfactory progress, notwithstanding that the seamen's srike adversely affected trading. A tender has been received for the erection of a warehouse in A recent issue of 100.000 ordinary shares was fully subscribed, and at November 30, £87.416 was paid. A staff assurance fund has been approved. j

t EGG PULP EMBARGO. I I DUNEDIN MERCHANT'S VIEWS. [llX TELEGRAPH. —OWN CORRESPONDENT. ] JU CJNEDIN. Wednesday. A Dunedin merchant, speaking on tho situation in regard to the egg market, says: "For years poultry farmers have not been getting fair prices for their summer eggs. Last year the wholesale price from the beginning of September to the end of November was Is 3d per dozen, with wheat at 7s per bushel. This year Dunedin bakers wore in the beginning of September asked to place their orders for winter eggs at Is 6d, and for egg pulp on the same basis. Ninety-five per cent, of tho Dunedin bakers booked their orders at these prices. Tho other five per cent, held back, with the object of bringing down the market value. As it happens the market has gone against them, the price to-day being Is 9d, and now they are crying to the Government to remove the embargo on ail egg pulp. Tho clear position is that these 5 per cont. have made their own trouble owing to lack of foresight. As to egg pulp which is made in Dunedin, Wellington and Auckland, I know that the Dunedin article was offered to merchants in tho other centres named, and they refused to buy, stating that the price was too high. They reckoned they would be able to buy it cheaper if they held off the market for a while. Now that they are beaten in fair competition they are beseeching the Government to help them out of their own mistake. The egg pulp embargo has helped to build up this industry in New Zealand by assuring poultrymen of payable prices. " Is it reasonable to make the 145,993 persons keeping poultry in New Zealand stop poultry farming because five per cent, of the bakers have made a miscalculation ? Surely not! Yet that would bp tho result of removing the embargo. Poultry farmers here would have to coin pete with Australia, where the price of wheat is 5s a bushel, as against our Br>, and also with China, where the pi-Lce of feed is goodness knows what. To my mind it would be a great pity to cripple an industry that two years ago was aole to export, and will probably export again. I give it as a fact that recently £60,000 was in New Zealand available for the purchase of eggs for Britain if such eggs could be sent." FEDERAL BUILDING LOAN CO. j NINE MONTHS PROFIT, £15,978. The accounts of the Federal Building Loan Company, an Australian concern for the period from September 30, 1924, to June 30, 1925, disclose a gross profit on sales of property, interest, commissions, rent, etc., of £36,993. The expenditure under all heads, including £7452 written off for establishment charges, totalled £21,015, leaving the net, profit of £15,978. Eight per cent, dividend has been paid on all preference shares from January, 1923, when the company was formed, to June 30, 1925. FIJI COTTON INDUSTRY. MACHINERY ON TIME PAYMENT. [from our own correspondent.] SUVA, Dec. 10. It would appear that tho Government fully realise that cotton is going to be a very important addition to the industries of the colony. Although at first the Governor seemed to be rather doubtful as to the true value of cotton-growing the recent decided stand taken by the cotton cultivators, when the Government proposed to take away the ginneries, has had an effect. At the last Legislative Council meeting the Governor presented a message on cotton to the members. In it is is recognised that cotton is "worth while." The Governor stated that the existing ginneries would be maintained and that others would _ be erected, the cost to be a charge against the growers, payment to be spread over five years. His Excellency said that it was reported to him that there was every reason to believe that enlarged areas will be planted in cotton during the coming season, both at Lautoka and at Nadi, and also at Sigatoka, and that residents in those districts are anxious to cultivate a not inconsiderable area of land. At the Same time there was every evidence that there was .going to be a considerable development in planting on the west end of Vanua Levu, whore a European settlement of cotton-growers promises to grow and flourish. It is reported that the cotton exhibit shown at the Dunedin Exhibition has been very favourably discussed and has made a good impression. SUN NEWSPAPERS, LTD. The Sun Newspapers, Ltd., a new company, formed to acquire The Sun, Christchurch, and to publish another evening paper in Auckland, was registered on Tuesday. The provisional directors met yesterday, when Mr Robert Burns was appointed chairman. It was announced that the share subscription had exceeded the minimum of 75,000_ required by the prospectus, and applications to date were allotted in full. It was decided to acquire a suitable sito for offices forthwith and to place orders abroad for the necessary printing plant. Messrs. Chilwell and Trevit'nick were appointed architects. The appointment of Mr. E. C. Huio as managing director was confirmed. STOCK SALES. AUCKLAND. Dalgety and Company. Limited, report as follows on tho Westfield salo yesterday:— ljoef: A heavy yarding. prices being decidedly easier. Light-weight prime cattle sold readily, but for cow beef, which wa3 yarded in largo numbers, competition was dull. Extra prime ox made 34s per 1001b; choico and prime. 29s to 325; ordinary, 25s to 30s; prime young cow and heifer beef, 28s to 30s per 1001b; ordinary, 23s to 275; rough. 19s to £1 2s. Sheep: A good yarding, there being little or no change in last week's prices. Hoavy orimo wethers made 31s; medium 27s to 295: small and unfinished, 24s to 28s; heavy prime ewes made 22s to 245; light and unfinished. 18s to 21s. Lambs: A large yarding, competition being keon throughout, and freezing buyers operating. Heavy prime lambs made £1 7s to .£1 9s; light, £1 2a to £1 Gs; unfinished, 18s to' £1 Is. Calves: An average yarding, which sold readib' at increased prices. Runners made £4 5s to £5 10s; heavy vealers. £3 8s to £4 3s; medium £2 18s to £3 6s; light, £2 5s to £2 15s; small, 17s to 30s; fresh dropped, 3s to Bs. Pigs: A good yarding. which sold at last week's prices. Choppers made £3 5s to £4 ss; heavy and medium baconers. £4 to £4 8s; light baconera and heavy porkers. £3 10s to £3 16s. medium and light porkers, £2 to £2 16s. The New Zealand Loan and Mercantile Asreticy Company, Ltd., reports:—We held sales during tho past week at Westfield, Warkwovth, and Papakura, all classes of cattle selling at late quotations. We quote: Dairy cows and heifers close to profit, best, £lO to £l3 103; others, £7 to £9 15s; backward springers, best, £G 15s to £8 10s: others. £4 to £6 10s; aged and inferior heifers, £2 to £3 15s; bulls, £3 to £lO, according to weight and quality; empty cows, £2 10s to £4 10s; yearling to 18-inonths heifers, best, £3 to £4 !0s; others. £1 5s to £2 15s; yearling to 18-month steers, £3 to £4 15s; 2 to 21-eyar steers, £5 to £5 17s Cxi; 3 to 35-year, £6 to £6 17 6d; 4 to 41-year, £7 to £7 17s 6d; grown steers in forward condition, £8 to £9. At Westfield fat stock market yesterday beef was penned in ln,rge numbers. Tho market showed an easing tendency, and values were lower by 2s to 3s per 1001b. Extra choice ox sold to 33s per 1001b.; choice and prime. 27s to 325; ordi.nary and plain, 22s to 265: prime young cow and heifer beef. 26s to 295; ordinary cow beef, 225, to 25a; rough beef, 17s to 21s; heavy prime steers. £l2 15s to £l4 sa; lighter prime, £ll to £l2 10s. light prime, £9 to £lO 17s 6d: unfinished and small, .28 to £8 17s Od; extra heavy prime cows and heifers, £lO to £!<> 17s Od; heavy prime young cows and heifer? £8 10s to £9 17s fid; lighter, £7 to £8 Sfilight cows, £5 10s to £6 17s Gd; bulls, £3 to £7 10s; other cows, £3 15s to £5 7s Gd stags, £5 to £9 10s. Sheep were yarded in average /lumbers, and values were easier. Heavy prime wethers made £1 9s 3d to £l_ 10» OdU medium prime, £1 8s to £1 9s: light prime, HI Gs to J»1 7s 9d; small and un finished £1 4a to £1 5s 9d; heavy prime ewes. £/J 8s 3d to £1 6s; medium prime, £1 Is 6(1 to £1 3s; light prime, 18s to £1 Is inferjorly-faUed, 13s to 17s. Spring lamtw ware jjeamed iatgo aumbere, eeUifiis

readily at lato quotations. Heavy primemade £1 8s 3d to £1 lis; medium prime, £1 6a to £1 8s; light prime, £1 2a to £1 4s ad: unfinished, 133 to 18a. Pigs wet* fienned in largo numbers, values being ai ate quotations. Competition was steady throughout. Choppers sold from £2 12s 6d to £3 ss; heavy and medium baconers, £3 12a to £4 ss; light baconers and heavy porkors, £3 to £3 10s; medium porkers and light corkers, £2 8s to £2 18s; small and unfimshed porkera, £2 to £2 6s. Store pigs wore penned in average numbers, values declining on late quotations. Large store* made £1 10a to £1 18s; slips, £1 to £1 8s; weaners, 8s to 18s. There was a heavy yarding of calves. Good quality calves sold up to late quotations, but others declined in values. Runners made £3 10s to £4 17s (>s; heavy voalers, £3 to £8 14s; medium, £2 8s to £2 18s; light, £1 15s to £2 Gs; smaller. £1 to £1 13s; small and fresh-dropped, 3s to 18s; rough calves, 8s to ,16s.

Alfred Buckland and Sons. Ltd., report:— During the weok wo held sales at Westheid, 1 ukekohe, Turua, Waiuku, Clevedon, A okeno, Helensville, Ruuciman, pig sale at Waiuku. and two clearing sales. There were average yardings at all places. The demand for store cattle lias fallen off considerably and valueß are easier. Dairy cows and heifers made £5 to £l2 10s; extra good cows at clearing sales, up to £l6 15s; emjjty cows, £2 15s to £4; aged store cows, £1 10s to £2 12s Gd; 18-month to two-year-old dairy heifers, £2 15s to £5 ss; fat steers, £lO to £l3 15s; fat cows and heifers, £5 to £9 10s; rough and tillable £2 15s to £4 15s; four-year-old steers, £7 10s to £8 10a; three-year-old steers, £6 10s to £7 ss; two-year-old steers, £5 yearling to 18-xnonth-old steers, £3 to £4 15s; steer calves, £2 to £2 4s; mixed box calves, £1 5 S to £1 15s; heavy bulls, ?„ £l °, 15s i sound young bulls, £6 to £l2 12s; other bulls, £2 10s to £5. At the Waiuku pig sale on Monday prices realised were on a par with Westfield values. Yesterday at our weekly Westfield fat stock market our beef pens contained 673 head, com£?rod with 497 head last week, there being 3081 steers, 300 cows and heifers, and five bulls. There was a steady demand throughout, although values were lower by about 2s per 1001b. Extra choice ox sold to £1 14s per 1001b; choice and prime ox, £1 lis to £1 13s; ordinary and plain ox, £1 9s to £ J 10a 6d; prime young cow and heifer beef, £1 7s to £1 lis; ordinary cow beef. £1 3s to £1 ss; plain and rough, 18s to 225; », a 7 y r ,rl "!° steers ranged from £l3 15s to t V> 8 ■ extra choice quality steers from Mr. Geo. Procter. Orini, averaged £l3 19s 2d, and seven, from Mr. H. "Reed, Waerenga., £l4 6s; lighter prime steers, £l2 to £l3 12s 6d: light prime steers, £lO to £ll 17s 6d; small and unfinished steers, £6 10s to £9 15s; extra heavy prime young cows and heifers, £8 10s to £lO 7b 6d; heavy prime cows and heifers, £7 to £8 7s 6d; lighter prime cows and heifers, £5 15s to £6 17s 6d; other killable cows, to £5 12s 6d; old and boner cows, £1 10s to £3 15s; bulla, £5 to £9. There was an average yarding of sheep. The demand and values were similar to last report. Heavy prime wethers made £1 10s 6d to £1 12s 6d; medium to heavy prime wethers, £1 8s to £1 10s- light to medium prime wethers, £1 4s to £l 7s 9d; unfinished and small wethers, 16s to £1 3s 9d; extra heavy prime young ewes, £1 5s 6d to £1 9s; heavy prime ewes, £1 3s to £1 5s 3d; lighter prime ewes, £1 to £1 2s 9d; light killable ewes, 17s to 19a 9d; other ewes, 14s to 16s 6d. There was an extra heavy entry of lambs which met with a steady sale throughout (1158 sheep penned). No extra heavy prime lambs were penned. Heavy prime lambs made £1 8s to £1 10s; lighter prime lambs, £1 5s to £1 7s 6d; light prime lambs, £1 2s to £1 4s 9d; small and plain lambs, 17s 6d to £1 Is; store lambs, 14s to 17s (1083 sold). Calves were penned in average numbers, values remaining equal to late quotations. Runners made to £4; medium vealers made from £2 9s to £3 12s; light vealers, £1 14s to £2 7s; small and fresh-dropped. 3s to £1 lis (251 sold). A full yarding of fat pigs met with steady competition selling at about last week's values. Choppers made £2 10s to £3 15s; no extra heavy penned; heavy baconers. £3 18s to £4 4s; light and medium, £3 8s to, £3 15s; heavy porkers, £2 19s to £3 ss; light and medium, £2 8s to £2 16s; small porkers, £1 173 to £2 4s; unfinished, £1 14s to £2 6s. Prices for store pigs were considerably lower, good framed and conditioned making up to £1 15s; smaller, £1 8s to £1 lis; slips, 18s to £1 4s; weaner3, 15s to 18s for best; small and weedy. 8s to 13s (498 sold). HAMILTON. The New Zealand Loan and Mercantile Agency Company, Limited, report:—At "the Hamilton sale on Tuesday both ox and cow beef was penned in more than average numbers, and prices for well finished cattle improved on last week's rates. Plain and unfinished beef had a lower tendency. Fat sheep were a trifle firmer. A medium entry of store cattle met with a fair demand. We quote:—Light fat steers, £11; prime fat cows, £8 8s to £9 13s; lighter prime cows, £6 19s to £7 10s; unfinished cows, £5 8s to £6 6s; light vealers, £1 lis to £1 17s; cow 3, in fresh condition, £2 17s Gd to £3 8s; dairy cows, £6 to £8 15s; fat 2-tooth wethers, £1 4s 6d to £1 8s 6d; fat 4-tooth wethers, £1 9s to £1 9s lOd; fat lambs, £1 3s 3d to £1 5s 6d. Pigs: Baconers, £3 13s to £4 3s; heavy porkers, £3 Is to £3 9s; light to medium porkers, £2 4s to £2 16s; breeding sows, £3 15s to £4 2s 6d; s£ore porkers, £1 8s to £1 13s; slips. £1 2s 6d to £1 6s; weaners. lis to 16s. The Farmers' Co-operative Auctioneering Company, Limited, reports:—At our weekly stock sale in Frankton yards on Tuesday we had a fair entry of stock of all classes. Beef showed an improvement on the previous week's values. All classes of sheep were easier. Baconers sold under good competition at advance-d rates, while porkers and store pigs were easier if anything. Beef: Good quality light fat steers, £ll 15s to £l2 3a; plain and light, £9 6s to £lO 10s; unfinished steers, £8 to £8 12s 6d; prime heavy cows and heifers, £9 7s to £9 17s Gd; heavy cows, £6 17s 6d to £7 ss; medium fat cows, £5 to £6 ss; light and unfinished, £4 5s to £4 14s; plain and ordinary, £3 18s to £4. Sheep: Light prime wethers, 289 lOd; 2-tooth wethers, 245; fat lamhs, 26s 9cl to 29s 6d; light to medium lambs, 22s to 235. Pigs: Heavy baconers, £3 15s to £4 3s; medium baconers, £3 7s to £3 12s 6cl; good porkers and light baconers, £3 to £3 ss; medium porkers, £2 10s to £2 15s; wellfinished. small, £2 2s to £2 ss; unfinished, 35s to 38s; stores, 25s to 325; slips, 18s to 255; weaners, 12s to 15s. ADDINGTON. [BY TELEGRAPH. —PRESS ASSOCIATION.] CHRISTCHBRCH, Wednesday. The entries were again ahead of requirements at Addington to-day and there was a further easing in practically all classes of stock, the one exception being fat lambs, which met with a brisk Christmas trade demand from butchers. Store Sheep.—The bulk of a small entry came from the Chathams, and Marlborough, and were mostly dry sheep of indifferent quality. They sold draggingly at from 6d to la per head less than last week for wethers. Forward four and six-toothed wethers. 25s 3d to 26s lid; ordinary four and six-toothed crossbred wethers, 23s 2d to 24s 9d; two and four-toothed halfbred wethers, 22s 2d to 23s lOd; inferior four, six and eight-toothed wethers, 18s lOd to 21s; four, six and eight toothed halfbred ewes, 26s 4d; four, six and eight-toothed crossbred ewes, 26s lOd. Fat Lambs.—There was a large entry of 2000, which went exclusively to butchers on a basis of up to Od per lb. for heavy weights and to 9i for higher sorts. Extra prime, to 34s 7s; prime, 31s to 32s Gd; medium, 28s Od to 30s 6d; light, 26s to 28s. Fat Sheep.—An average-sized yarding met with a very dragging sale, values on an average being from Is Gd to 2s below last week. There was no export buying, the works not opening until the first week in tha New Year. Wethers made from 5Jd to Gd per lb. and ewes from 4Jd to sd. There wore a good few passings. Extra prime wethers, to 34a lOd;. prime wethers, 29s Od to 32s Gd; medium wethers, 27s 3d to 29s 3d; light wethers, 25s 9d to 275; extra prime ewes, to 33s 7d; prime ewes, 24s 6d to 28a; medium ewes. 21s Gd to 245; light ewes, 19s to 21s 3d; inferior ewes, 16s to 18s; others, 14s to 15s 9d.

Fat- Cattle.—-There was another heavy entry of 525 head, and a continued decline of 253 to 35s per head on last week. Passings were fairly frequent, it being the most dragging sale of the year. Prime medium-weight beef averaged from 39s to 41s 6d per 1001b; extra to 435; prime heavy,_ 35s Gd to 38s 6d; medium, 31s 6d fa 355; light and inferior, 28s to 31s; rough, down to 22s Gd; extra prime heavy-weight steers. £l6 10s to £l9 10s; prime medium-weight steers,, £ls to_£lG 7s Gd; medium steers, £l3 to £l4 15s; light steers, £lO 5s to £l2 15s; rough steers, £8 12s 6d to £10; extra prime heifers, to £l4 2s Gd; prime heifers, £lO to £l2; ordinary heifers, £6 15s to £9 15s; light heifers, £5 5s to £6 12s 6d; extra prime cows, to £l3 17s 6d; prime cows, £8 15s to £11; medium cows, £6 10s to £8 10s; inferior cows, £3 15s to £6 ss. Vealers. —The salo was slack, due to butchers having supplies on hand after last week's overflow. Values were better than hißt week, runners making to £5; calves, 15s to 45a. Store Cattle. —The demand was slow. Three and four-year steers, £6 to £9; IS-months heifers, £3 to £3 ss. Dairy Cattle. —A small entry was forward and best springers made from £5 to £8 103. Pat Pigs.—Porkers were better and baconers easier. Choppers, £3 to £9 2s 6cl; baconers, £3 12s 6d to £6 las (average price per lb., 7d to 7Jd); porkers, 48s to 68s (average price per lb., 8d to 84d>. Store Pigs.—There was a good demand Weaners, 23s to 335: stores, 32s to 50s.