LONDON WOOL SALES.

New Zealand Herald, Volume LXVI, Issue 20372, 28 September 1929, Page 7

LONDON WOOL SALES.

GENERAL COMPETITION. LATE PRICES MAINTAINED. Australian and N.Z. Press Association. LONDON, Sept. 2G. At the London wool sales to day 10,192 hales were offered, of which 4128 were New Zealand. There v.-as a large and representative selection of Merinos, and a good offering of greasy crossbreds, also many New Zealand greasy Merinos, which mostly were withdrawn. Steady general competition ruled for all other soils. Prices were maintained. BRADFORD TOPS. On the Bradford tops market the tone is steadier, but business is very limited. Quotations are:—Sixty-fours, 32d ; sixties, fifty-sixes, 26£ d ; fifties, 24d; fortysixes, forties, 21d. MARKET FOR BEEF. DEMAND IN ENGLAND. DOMINIONS' OPPORTUNITIES. The opinion that prices for beef will continue at a fairly high level for some years, owing to a falling-off in the supply from the Argentine, was advanced by Mr. J. E. Makgill, chairman of directors of the Auckland Farmers' Freezing Company, Limited, at the annual meeting of shareholders yesterday. .

In support of this view Mr. Makgill quoted articles written by Sir Wiliiam Ifaldane for the London Times with the object of awakening Great Britain to the possibility of a shortage and to the advantage it- would be to produce a larger quantity within her own borders, or within the Empire. In the articles the hope was expressed that Australia .might yet, in .spite of past discouragement, set io work seriously to meet overseas beef requirements by grading up her cattle and increasing her herds.

This last opinion is one to which it may lie wise for us hero to give some heed," saifl Mr. Makgill. "Is it not possible, that, if we devised the best method arid used (he best stock, we might be rble, even in this country, to do something more than we have been daing toward maintaining the required beef or veal supplies to Great Britain with advantage to ourselves and to the Empire, instead of allowing foreign countries to maintain their grasp upon so important a requirement of our people?" GUARANTEE CORPORATION. NET PROFIT OF £23,206. USUAL DIVIDENDS PROPOSED. The annual report of the New Zealand Guarantee Corporation, to be presented at the annual meeting in Wellington on October 12, states that the turnover has been well maintained and the results have again been satisfactory. Thb net profit for the year ended August 31 was £23,206. Interim dividends of 7 per cent, on preference shares, lOd a share on the fully-paid ordinary shares and 4d 1 a share on the remainder, absorbed £8799 lis Bd. The same amount will be required for further dividends at the same rates. The directors also recommended the transfer of £SOOO to general reserve, making it £30,000. They state that the total losses experienced since the corporation commenced business are extremely low. The retiring directors, Sir Joseph Ward and Mr. W. Thorpe, again offer their services and Mr. Stuart Wilson is also a candidate. The accounts show that the gross profit was £51,295 as against £44,570 in the previous year. Expenses were £23.088 as against £21.698. Following is a comparison of the net profits and their distribution during the last three years:— 1927. 192.9: 1929. Brought forward . £1,470 £419 £691 I Net profits .. *21,150 22.571 23,206 £•22.020 £23.290 £23,P97 To reserve .. .. - 5.000 5.000 Prelim, exes. .. 4,603 dividends— Pref., 7 p.c. 1,400 1,400 1.400 Ordinary, 8.33 p.c. 16,199 16.199 16.199 Carried forward . £419 £691 £1,298 'After writing £4602 10s off preliminary expenses, the balance of which was discharged by the special appropriation shown below. The company's capital remains at £214,390 and the directors again remark that it is not contemplated that any further calls will be necessary. Bank overdraft stands at £126.911 as against £52.081 last year. Deposit accounts have been further reduced by £5739 to £6305. Assets total £395,566, which, with the exception of £476 in minor items, stands against sundry debtors, bills receivable and investments. Last year the'balancesheet contained four items 'corresponding with the present single entry, their total being £320,467. Total assets show an increase of £74,702. | AMERICAN WOOL. HANDLING ORGANISATION. Australian Press Association—United Service WASHINGTON. Sept. 26. The Federal Farm Board announces that it will meet woolgrowers at Chicago on October 4 for the purpose of organising a national association to handle wool. STOCK SALES. VALUES AT PUKEKOHE. [BY TEr.Efiß.vriT. —OWN CORRESPONDENT. J PUKEKOHE, Friday.

Another large yarding of cattle and pigs mine forward at the stock sale *«t Pukekolie by the New Zealand Loan and Mercantile Agency Company, Limited. Best dairy cows and lienors told from £ls to fl? H-s* trood cows and heifers, i. 1- 30s to £l4 lis; medium quality. £9 10s, to £ll 15* • yearling Jersey lieiiers, to £<; other yearling heifers, £4 15s to £G ss: gTado bulls up to £lO 113s: medium fat steers realised up to £l4 10s; fat cows, to £l3 "s tid. Pigs. Both fat and store nigs sold well, the top price, for heavy baconers, being £4 14s. Stores made up to £2.

TE AWAMUTU QUOTATIONS. . The New Zealand Loan and Mercantile Agency Company, Limited. Hamilton, report:—At our Te Awamutu sah; on Thursday wo submitted a large entry of fat cattle, sheep and dairy cattle to a eood attendance of buyers. Beef showed a slight decline in values compared witlv late rates. A prime fat cow sold on account of Mr. W. Kay, and purchased by Mr It. Mudill, realised £l4 15s. We quote:— Medium fat bullocks. £l4 15a to £ls 2s fid: small, £ll 12s (id to £l2 19s; heavy fat cows. £ll 12s Gd to £l2 ss; fat cows. £lO to £lO 15s: light fat cows, £8 to £9 10s: killable cows, £6 10s to £7 12s f>d: store cows, £5 5s to £G ss: boners, £2 10s to 10s; yearling heifers. £4 15b to £5 Is; others. £2 17s to £3 14s. I'at ewes, £1 7s to £1 12s; fat hoggets. £1 9s: wethers, £1 I'd to £1 3s Gd. Best dairy lieifers. "£:2 to £l2 15s: others. £lO to £ll 10s; backward sorts, £7 to £9; bent dairy cows, £l2 to £l3; others, £9 to £lO 10s. Pigs: Heavy porkers, £3 to £3 ss; others, I'2 lis to £2 16s; stores, £1 15s to £1 18s; slips, £1 8s to J!1 12s: weaners. IGs to £1 4s. HORSE SALE AT PUKEKOHE. [BY TELEGRAPH. —OWN COrUIKSI'OKDEN'T. ] PUKEKOHE, Friday. About 200 horses came forward at tliO sale held by Alfred Pucklano and bene,. Limited, at their horse bazaar at I'ukekoho to-day. Competition for farm ut litv sorts was good, while hacks and .»«{« horses were, in fair demand. Heavy draught horses were somewhat neglected. Active young farm horses, medium r r al £ h S. " 0s j ised £24 to £34; older sorts. *lGto f. llu to acred draughts, £lO to £18: hack-» £ls 10s: fight harness horses £6 to £l*Shetland ronies, £1 10s to £B.