LONDON WOOL SALES.

New Zealand Herald, Volume LXVI, Issue 20426, 30 November 1929, Page 9

LONDON WOOL SALES.

GOOD GENERAL BUYING.

PRICES MAINTAINED.

(Received Novomber 29, 5.45 p.m.) LONDON, Nov. 23.

At the wool sales, 9945 bales were offered, including 4082 from New Zealand. There were moderate-offerings of greasy Merinos suitable for all sections, a few scoureds, and a good offering of greasy crossbreds and scoured slipes. All sections operated freely and prices were maintained.

The following New Zealand clips brought tho prices stated: Halfbred lambs, Balclutha, 20£ d; scoured combing, Walter Peak, 31d.

BRADFORD. TOPS

The tops market is quiet, with ,a tendency for irregular crossbreds to be cheaper for 1930 delivery; 60's are quoted at 2s 9£d per lb.; 60's, 2s 8d; 56's, 2s 2d; 50's, Is 10jd; 46's, Is 8d; 40's, Is 7|d.

TRADERS' FINANCE CO.

NO ORDINARY DIVIDEND.

COMPANY VICTIM OF FRAUD.

Regret that no dividend can be paid on ordinary shares is expressed by the directors of the Traders'" Finance Corporation, Limited, in the fifth annual report to be presented at the meeting of shareholders on December 10.

The report states the net profit for the year ended September 30, after making a liberal allowance for unearned interest and ample provision for bad and doubtful debts, was £4022, in addition to which there was a balance of £43 8s lOd from the previous account. After payment of the interim preference dividend £1175, and income tax £593 10s, there v/as a balance of £2297, out of which the directors had paid the -preference dividend for the half-year to September 30, leaving £1122 to be carried forward. The reserve fund stood at £3777, making a total surplus of £4899.

During the year the corporation-, ia common with other finance companies, suffered from fraudulent dealings in circumstances which made prompt detection impossible," adds " the report. " Common action is now being taken to prevent, if possible, fraud.of this nature, and it is anticipated that in the future- this trouble may be reduced to a minimum." The company's net profits in the five years of its operations have been as f0110w1925, £4830; » 1926, £13,058; 1927, £576 (after writing off £12,000) ; 1928, £1562 (after writing off £9000); 1329, £4022. Dividends have been paid as follow:—Ordinary shares: 1925 and 1926, 7 per cent.; *1927, 3£ per cent.; 1928 and 1929, no dividend. Preference shares 7 per cent in each year. • The issued capital comprises 33,577 preference shares of £1 fully paid,' 10,000 ordinary shares of 17s 6d fully paid, and 129,799 ordinary shares called up to 7s 6d, making a total of £90,997, compared with £108,465 last year. Among the liabilities are deposits, £18,825, compared with £10,050 last year; National Bank of New Zealand. £42,122, compared with £32,066 last year. Among the assets are farm property, stock and implements, £10,549, compared with £10,085 last year; advances, less unearned interest, £147,219, compared with £128,421 last year. The retiring directors are. Messrs. H. T. Goldie and S. J. Harbutt, who seek re-election. The auditor, Mr. I. B. D. Esam, offers himseß-far.-reappointment. The reduction of capital, following the directors' proposal "in last year's report, was made by writing down the ordinary shares by 2s 6d each. This produced £17,467 iOs, and the hulk of the amount was used to extinguish the item of formation expenses £14,279. The balance, together with some minor items, has been used to constitute "the item reserves £3777 12s 3d, mentioned in the, directors' report. " .'

THE LONDON MARKETS.

PRICES FOR METALS.

(Received November 29. 9.15 p.m.)

LONDON. Nov. 28. (Quotations on Nov. 25 in parentheses.) Copper.—Spot, £69 12s 6d (£72); three months, £6B 10s (£7O 18s 9d), Electrolytic Copper.—Spot, £B3 (£83); three months, £B4 (£84).. Wire Bars.—Spot, £B4 (£B4). Lead.—Spot, £2l 8s 9d (£2l 8s 9d); three months, £2l , >Bs 9d (£2l 10s). Spelter.—Spot. £l9 17s 6d (£2O 7s 6d); three months, £2O 7s 6d (£2O 17s 6d). Tin.—Spot, £176 12s 6d (£l9O 3s 9d); three months, £179 12s 6d (£192 10s). Silver. —Standard, 22Ad (22 11-16 d) pep oz.; fine, 22 5-8 d (24 3-8 d). WHEAT, FLOUR, . PULSE, ETC.

Wheat.—Cargoes opened firm, with ft general advance of 3d in sympathy with North American advices. The demand was quiet. Parcels-had a poor inquiry at an advance of 3d to 6d. Futures: — London, November delivery, 48s 3d; December, 48s 7d; January, 495; ( Liverpool, December, 8s lljd per cental; March, 9s 7 3-8 d; May, 9s 10 7-Bd, The spot trade did a fair business, with prices mostly easier. Australians are nominal. Flour.— Steady. Australian, ex store,

35s to 35s 6d. Oats.—Quiet. Peas and Beans.—Quiet. Beet Sugar.—December, 7s 7£d PRICES FOR PORK.

New Zealand pork is quoted at 6s 8d to 7s 2d per stone.

CANTERBURY MARKETS.

LITTLE ACTIVITY SHOWN. [BY TELEGRAPH.—PRESS ASSOCIATION. [ CHRISTCHURCH, Friday. There is little doing in the grain ant, produce, market. The bountiful rain ol the week has revised the estimates of the probable crop of cereals and small seeds, and the pessimism held in this connection in some quarters has been ie* lieved. Stocks of potatoes are slowly drifting into consumption locally, but it. is not considered that .this • demand will absorb all the surplus, as new potatoes at reasonable prices are becoming increasingly available. The normal f.o.b.s.i. price is £5 a ton. The most interesting event of the weeK is the sale by the wheat pool of 500,000 sacks of the incoming wheat 7 crop to the millers at 5s 9d a bushel, on trucks, plus Id, for Tuscan, and 6s, plus Id, for Hunters. . Oats show no change. Values are at 3s f.o.b.s.i. for A grade Cartons and. 3s 7£d for B's. Chaff is very firm. Sales are reported at £7 15s f.0.b.5.i., or £5 15s to £5 17s 6d on trucks. . The small seeds market IS lifeless, the new crop being too far away for speculative inquiry. The rain should improve the prospects for a larger crop than appeared probable a few weeks ago.