PRODUCE IN LONDON.

New Zealand Herald, Volume LXVI, Issue 20332, 13 August 1929, Page 5

PRODUCE IN LONDON.

BETTER DEMAND FOR HEMP.

WOOL MARKET REPORTED QUIET.

BY TELEGRAPH. —OWN CORRESPONDENT.] WELLINGTON, Monday.

Tho Department of Agriculture has received the following cablegram, dated August 10, from tho High Commissioner for New Zealand, London: — Tallow.—There was no auction this week and tho market is quiet at about last week's rates. Apples.—The Port Nicholson consignment was fully ripened, but appears fairly sound, although there is some waste in all varieties. There is a steady demand and opening prices ranged up to 245, but the demand is < now a little easier and the tendency weaker. Current prices are:—Stunners and Pippins, 14s to 22s n case, occording to size; Rokewood, Washington, Homo Beauty and Dougherty, 18s to 235. Ilemp.—Manila: There is a better tone and tho market is firmer. Business Jias been done on tho basis of <1 grade, £39, for August-October shipment. Tho output from January 1 to July 31 was 965,000 bales, against 781,000 for the same period last year. Stocks in Manila at July 31 totalled 187,000, against 127,000 bales at tho same time last year; in England, 13,000, against 24,500 bales. Sisal: The market is quiet, but firm, at last quotations. New Zealand: The market is stronger and more aetivo. Business is restricted, as sellers are offering. Comparativoclosing values are: Highpoints, £34 10s; fair, £3l 10s; common, £3O: tow, second grade, £22; third grade, £l7 15s, for August-October shipment^ Wool.—The Bradford market is quiet and tho demand is restricted. Prices for Merino and fino crossbred tops are a little easier; others aro unchanged. Present quotations are:—For 64's, warp, 3s 2d to 3s 3d per lb.; average, 3s Id to 3s l£d; 56's, 2s 4d to 2s 4£d; 50's, prepared, 2s Oi-d; 40's, prepared, Is 9d.

LOVELL AND CHRISTMAS.

DIVIDEND OF 10 PER CENT.

YEAR OF INTENSE COMPETITION

[from our own correspondent.] LONDON. July 12. Addressing the > nnual meeting of Lovell and Christmas, tho chairman, 111". W. G. Lovell, said: "We have to admit candidly that we do not' consider tho result of the yeai's trading to bo as satisfactory as we would have wished. Our profits arc £143,638 16s 6d, as against £164,386 6s 6d last year—a reduction of £20,747 10s An amount of £44,805 8s 7d has been taken from the reserve for specific purposes to meet losses on loans and investments. This company is interested in various subsidiary undertakings which act as feeders to tho business. Some of these concerns have appreciated in valuo, while others have depreciated. In our accounts we show tho loss on those who have depreciated, but we do not show the appreciation on those which have made satisfactory progress. We are paying tho same dividend —10 per cent, for the year—because wo have a good carry-over, which was instituted for the equalisation of dividends, and we are still carrying forward £101,227 18s 7d, so we consider that we are not unduly mortgaging the future. "During tho last 12 months our particular trade has been passing through a phase of intense competition. The fight for business has been so bitter that contracts have been made overseas for season's outputs of butter and cheese at prices which, to say the least, showed very little chance of profit, and did, indeed, in many instances, result in very heavy losses. "Your directors have done their best to steer a safo course through tho storm, and have succeeded in maintaining the turnover whilo minimising the risks as far as possible. Undue speculation in overseas outputs of butter and cheese is not really to the advantage of tho public, tho' importer or tho producer. The public suffers through having to pay an exaggerated price; the importer has to tako big risks; and tho managing boards of the producing factories live in continual fear of losing milk suppliers through a neighbouring factory having succeeded in contracting for its output at a slightly higher prico than they have secured."

Mr. Lovell added that thero were signs of an improvemeit in the situation. Some of the worst offenders wero feeling a little tired, and ho looked forward to saner and more normal trading during the coming season.

HAMILTON BUILDING SOCIETY, v DlVvP END of 7 rER CENT * - ( Vll, —OWN CORRESPONDENT.] fIJ V TELEGRAPv L X HAMILTON, Monday. 1 report of the HamilIho sixth annuaiA t_ anc j Building ton Permanent Society shows that shares at £SO scribed 121 A nt £25 each, 152 B investment each, and 259 capital shares of The total capital paid up is £6962. amount held on deposit is £735, while £8065 has been invested on first mortgage. A profit of £432 has been made and a dividend of 7 per cent, has been declared.

IMPORTANT PROPERTY DEAL.

WELLINGTON CITY BLOCK

[BY TELEGRAPH. —OWN CORRESPONDENT.]

WELLINGTON, Monday. A sale of Wellington city property of considerable interest has recently been completed,' Hallenstoin Bros., Limited, (New Zealand Clothing Factory) who, for many years have carried on business on Lanibton Quay, have purchased Messrs. McLean and Archibald's property in Willis Street. It is understood the price paid for tho property was over £40.000. The frontage is about 40ft. and the depth 90ft. The new owners intend to occupy tho whole of tho ground floor in conducting their clothing and mercery business.

LONDON DAIRY VALUES. . Amalgamated Dailies, Limited, lias received the following cablegram from its London office, dated August, 10:—Butter: Prices unchanged, market very slow; Danish, 170s to 172s spot, 165s f.o.b. Deliveries New Zealand, G37 tons. Slock 8151 tons. Retail pricos unchanged. Cheese: Prices unchanged; white, 85s; coloured, 80s;' market continues very quiet; Canadian 86s to 89s spot; 85s c.i.f. Little " business passing. Retail prices unchanged. The Bank of New Zealand has received tho following advice from its London oflice, as at tho close of business last week: —Butter: Market dull, 17Cs to 172s per cwt.; cheese, market dull, white, 84s to 85s; coloured, 88s to 89s