LOAN AND MERCANTILE.

New Zealand Herald, Volume LXV, Issue 20112, 24 November 1928, Page 11

LOAN AND MERCANTILE.

IMPROVEMENT IN PROFITS.

DIVIDEND AT 8 PER CENT.

Australian £nd N.Z. Press Association. LONDON, Nov. 22. The annual report of tho New Zealand Loan and Mercantile Agency Company, Ltd., shows a net profit for tho year of £176,093. Tho dividend on ordinary shares, as already announced, is 8 per cent, for the year. The balance from last year was £47,597, which makes tho divisabje surplus £223,696.' From this has to be deducted £IO,OOO appropriated to the staff benevolent fund, and £162,500 for dividends, including interim dividends and dividends now declared. This leaves £51,196 to be carried forward.

The capital of the company now amounts to £2,500,000, of which £1,000,000 is in 5 per cont. preference otock, £500,000 in 6J> per cent, preference stock and £1,000.000 in ordinary stock. Following is a summary of tho company's results and appropriations for the last three years:— 192 G. 1927. 1928. Brought forward £39,G4G £45,288 £47,597 Net profit .. 145,040 158,992 176,098 £185,386 £204,278 £228,005 Premises a/c. . . 10,000 10.000 Start fund .. 10,000 10,000 10,000 Dividends— Pref., 5 p.c. . 50.000 50,000 50,000' Pref,, Gj p.c. . U.GBI 32,600 Ordinary, p.c. 7 71 8 Amount . . 70,000 75,000 80,000 £40,286 £47,597 £51,19G The rate of final dividend is 5 per cent., as announced in the Herald of November 10. STOCK SALES. GOOD DEMAND FOR BEEF. QUOTATIONS AT HIKUTAIA. The Farmers' Co-operative Auctioneering Company, Limited, reports liavincr held its xisual Hikutaia stock sale on Wednesday, when a good yarding of beef came forward, including some prime quality fat cow*, which were in keen demand and sold at firm rates. Quotations Sheep: Fat shorn wethers, 30s Gd. Cattle: Heavy fat cows, £ll 10h to £l3 Gs; heavy fat Jieifers, £IQ 10s to £l2; medium fat cows, £9 10® to £lO 15a; lighter, £7 15s to £8 12* Cd: forward-conditioned killable cows, £6 2s fid to £7 8a: light fat heifers, £5 10s to £6 15s: store cows, £4 2s 0d to £5 12s Gd; cows with calves, £0 to £6 17# Gd; three-year-old steers, £8 10b to £9 16a; lyr. bulls for service, £5 10s to £7 10s* bulla, pottera, £6 2a Gd to £lO 15a; good quality empty Jersey heifers, £G 5s to £B 12s Gd; Jersey and Jersey cross heifers, £3 10s to £4 10s. Dairy cattle: Jersey cross and Shorthorn cows, close to profit, £lO 10b to £l3 sa; backward, £5 10s to £9 10s: heifers, close to profit, £9 IBs to £lO 10*: cows in milk, £8 5s to £l2 10a. Pigs: Sows close to farrowinjr, 21s to £2 7s; porkers, £1 14s to £1 17s; stores, £1 4s U> £1 ]2r; slips, lGs to £1 3s: weaners, 8a to 14s Gd. TE AWAMUTU PRICES. New Zealand Loan and Mercantile Agency Company, Limited, Hamilton, reports.—At. Te Awamutu on Thursday the company had an average yarding of cattle, with beef in full supply, also cheep and pigs in usual numbers. Prices were:—Light fat steers, £ll Us to £l3 Is; prime fat cows, £9 Jss to £11; lighter prime cows and heifers, £8 10s to £9 10s; plain fat cows, £7 5s to £8 2a fid; fießhv cows, £G 8s to £7 2s; cow* in fresh condition, £5 5s to £6 2*; etore cows. £4 2s Gd to £4 18s: yearling Jersey heifers, £G to £G 10s; Jersey-Friesian exoss heifers, £4 to £4 8s; dairy cows at profit, £8 5s to £l3 ss; heifers, £8 to £10: bulls, £5 to £7. Fat ewes, £1 5a 9d to £1 3s fid; light fat wethers, £1 7s; ewes and lfimbs, £2 Is i>d. Pigs: Light porkers, j £2 3a to £2 6s Gd; stores, £1 10s to £1 ]G»; slips. £1 Is to £1 7s: weaners, lis to IBa.

PRODUCE IN DUNEDIN. LITTLE BUSINESS IN WHEAT. [BY TKLEGBAX'H. —OWN CORRESPONDENT.'] DUNEDIN. Friday. As is usual at this time of the year the wheat market is quiet, with little business passing. Millers still hold (airly heavy stocks and are not inclined to operate to any extent. There are not many lines on offer, particularly from tho Otago district, and the wheat offered from Canterbury must be of best quality to interest millers at rates that have been ruling for some time, namely, 5« 9d and 5s lOd, sacks extra, on trucks, for Tuscan, and up to 6s 2d for Hunteri. , Tho local fowl wheat market is quiet, with merchants showing no pnxiety regard supplies. Best quality is worth 6s per bushel, sacks extra, ox store. North Island merchants are still drawing supplies from Canterbury, where the ruling quotation is 5s 9d, f.0.b,, sacks extra, prompt shipment. Practically no interest is being shown in tho oats market. There is no inquiry from buyers in any quarter, and o» the other hand there are few offerings from the country to enable merchants to lest tho position. A larger quantity of oats than usual is hold in Dunedin for this timo of year, but the bulk of it belongs to one Northern firm, which is ♦prepared to keep off tho market. In the meantime odd lines held by other merchants aro being worked off for feed purposes, and these should be cleared before new season's oats are available. Quotations for shipment are up to 4s Id, f,o.b„ s.i., for A's and 3s 7d for B's. These prices aro equivalent to 3s 3d, sacks extra, country sidings, for A's, and 2s lOd for B's.

Tho chaff market continues firm, following on a difficulty in obtaining supplies. Tho demand, however, is limited, and in the meantime stored lots are being called on. Rest quality is worth £5 15s per ton, sacks extra, ex truck, and £6 cx store.

During the past week merchants have experienced difficulty in obtaining sufficient supplies of old potatoes. ■ Merchants are satisfied to buy from hand to mouth only, and it should not be long before new potatoes are sufficiently plentiful to meet tho demand. . The present value for old tubers is £ll per ton. Tho volume of business in the retail seed trade is still satisfactory, but ■wholesale merchants are having a quiet tini9 ami are confining their atteatiou to buying lines to replace supplies placed with retailers.

SUBDIVISION OF ESTATE. Messrs. Palothorpo and Parkes will offer at auction a portion of the wellknown homo of Colonel Morrow, of Maungawhaij Road, Newmarket, the date of the sale being December 14. Soma five or Bix sites will bo offered, the subdivision not including the actual homestead, and being in all about two and a-half acres.situated in Almorah Road, close to Mountain Road. This area lifts not been available to buyers for over 50 years and! comprises some excellent home sites, Further dotails aro advertised. • MELBOURNE PRODUCE. Australian and N.Z. Press Association. MELBOURNE, Nov, 23. Tho following are to-day's quotations on the Molbourno produce markets.— Wheat.—4s lOd to 4s 10Jd. Flour.—£l2 2s 6d. Bran.—£s 15s. Pollard.—£6 ss. , _ q, j 0 Oats.—3s to 3s Id; feed, 2s 9d 2s 10(L TALLOW PRICES IN LONDON. The Now "*«. tl» following <tacripSootaK. V " " ST; good boot, 445; m.«d, 40*