ARTIFICIAL SILK TRADE.

New Zealand Herald, Volume LXVIII, Issue 20842, 8 April 1931, Page 5

ARTIFICIAL SILK TRADE.

COURTAULDS' LOWER PROFITS

PRICES UNREMUNERATIVE. The reduction from 10 to 6 per cent, of Uie dividend declared by Courtaulds Ltd.. the textile and rayon manufacturers, is explained by the annual report for 1930. which showed a reduction in gross profits by nearly £2,000.000 to £4,227,177 and in net profits by £1,469,000 to £2,274,409. The whole of the latter was derived from interest and dividends on investments, including a final dividend for the previous year received from America. The difference between the two amounts by which gross and not profits declined is largely due to a reduction in the charge for income lax by over £500,000 despite the higher rate of tax to be provided in respect of the dividend which is paid tax-free. The directors' report slated: —

" Our business in England, starting under great difficulties, showed no improvement during the year. Falls in the value of raw materials necessitated heavy writing down of stocks, with the result that, after allowing for the usual depreciations, no profit was shown in this country either by our business in rayon yarns or by that in fabrics. Neither was there any improvement in Europe, where unprofitable trading led to renewed falls in the value of our continental industrial investments.

" Increasing industrial and financial depression iu America, coupled with an increase of productive capacity in the rayon industry, brought prices there also down to an unremunerative level by the end of the year.

" The world's total consumption of rayon decreased in 1930, and, although there lias been some elimination of weak competition, the volume of effective potential production is still much in excess of present requirements." The company's issued capital is £32,000.000, including £8,000,000 in 5 per cent, preference stock. ]ls investments include £22,144,000 in subsidiary and other companies, and £11,742,000 in British (!overnineut and other securities.

The net profits in 1928 were £5,171,997 and the ordinary dividend 15 per cent., and in 1929 £3,743,827 and the dividend 10 per cent. A million was added to reserve in 1928 and £1,394,716 carried forward. After payment of the latest dividend the balance to be carried forward will be £195,756.

GJiEAT STORE CLOSED. PASSING OF SHQOLBRED'S. ABOUT 800 EMPLOYEES TO GO. U'llOM OUt OWN CO I! I! ESI'OXIIENT. ] LONDON, March 0. The stock and goodwill of the one-time prosperous stores business of Messrs. James Shoolbred and Company, of Tottenham Court Road. have passed into the hands of Messrs. Harrods, of Knightsbridge. Shoolbred's is the oldest general stores in the country, haying been founded as Shoolbred and Cook in 1817. For many years it was a fashionable, shopping centre, building up a reputation originally for drapery and lace, and later for furniture. Subsequently, it became well known as a general stores, the names being changed in 1822 to James Shoolbred and Company. About 800 employees affected by the deal have received notice. The Tottenham Court Road building has not yet been sold. The premises are heavily mortgaged. and it is not yet known whether the price realised will leave a surplus, after liquidation of the mortgage, to increase the distribution to creditors. The company is a private one, none of the shares being held by the public.

THE CITY MARKETS. YESTERDAY'S AUCTIONS. GOOD DEMAND FOR CRAPES. Throughout the season there has been little demand for tomatoes at the City Markets and they are again dull of sale. To Kauwhata grapes are selling freely at present at higher prices. Louis Bon pears are still meeting with a good sale. Supplies of Cape gooseberries are larger, and prices have fallen accordingly. Lemons improved in value yesterday, and the quality is gradually improving. Considerable quantities of mushrooms have boen offering recently. The prices arc low. The market i'or all varieties of apples is dull. There have been fairly good supplies of potatoes and all root vegetables, and the demand has been fair. There is still a glut of beans. Large quantities of cauliflowers and cabbages have been supplied from Ohaknne, and there has been a fair demand. Supplies of eggs were moderate, and the demand was good. Prices were the same as last week. There were moderate supplies of poultry. The demand was fair, and level prices were paid. Prices for average quality lines in the City Markets yesterday ranged as follows : I'KUIT. Apples, Cox Orange, "rf to 103 a case; Cox Orange, small, as to Is: Jotiathan, 'ls to 0s Gd: Delicious, 3s to 4s: extra fancy lines slightly higher; cookers, 3s to 4s; Northern Spys, 4s to ss; windfalls. '2s; pears, Louis Bon Jersey, 8s to lis Gd a esse; I'ackhums. lis to 73 Od s ClairEeau, 5s to lis; cookers and others, -Is txl to lis; peaches. Golden Queen, No. 1, 5s Cd to 7s a case; No. Us to ss; tomatoes, haU-ripes. 3s (id' a cuse; No. 1, smooth, 2s lid to 3s; No 2's mid others. Is to Is Cd; snipes, hothouse, Gros Column, Is Id to Is 0(1 1 or lb.; Hamburg®, 8d to Is Old: Golden Queen, yd to lOd; outdoor, Te Kauwhata, i)s to 10s a ease; strawberries, 8d to Is 3d a chip; lemons, first grade, lochl, 14s <o ISs a case: No. 2's and others. 7a lid to His: Cape gooseberries, 5d per lb.; oranges, California!!, 28s to 29s a case: bananas, repacked, ripe, No. l's, 2os to 30s per orange case; mediums. 22s to 255: No. 2s. I'-fl fid to His: mushrooms, Cs to 9s per benzine tin; passion fruit, 3s to 5s a case. VEGETABLES. Potatoes, 3s to 4s lid a bag; onions. 8s to 8s Od (i cut., or 4s to 4s Ud a bug: kumurus. .1 Id to 2d a lb.; cabbi'gc. Os to 7s lid a sack; caulillower. 3s to 7s a sack: suedes. Is lid to 2s a bag: pumpkins, 4s to lis lid -v cwt.; citron melons. 4s to 5s a cwt.; green peas, 2s to 4s (id a bag; beans. Is I'.tl to 4s lid a bag; lettuce.- Is to 4s a case; cucumbers, 3d to Od a dozen; vegetable marrows, Is lid to 2s Ik! a dozen; water melons, 2d to Is fid each - rock melons. 2d to Is each; cabbage, on bunches. Is fid to 3s (id a dozen: enuiiflower. on benches Is lid to 5s (id a dozen: celery, iienvy supplies, Cd to Is Ud a bundle; rhubarb. Is (id to 2s (id a dozen; spinach. Od to Is a dozen; pumpkins, on bench:'*, lid to Is lid each; radish. Is a dozen, spring onions, fid to lOd a bundle- carrots, purs nips, and turnips, lie! to 9d a dozen. POULTRY. Cockerels, heavy breeds, prime. 3s to Is each; not prime. Is fid upward:- lisrht breed*, prime, 2s to 3s; not prime. Is ip ward; fnf roosters, heavy, prime. 2s ic 2a tid; light. Is fid-lo 2s; fat liens, lienvv Cs to 2s Od; light, Is Od to '2s; pullets heavy, best, 71 to lO*; smaller, 3s tip ward: light, best, lis to 8s; smaller, as upward; drakes, young, prime, 2? Od to 3s: smftller, Is 3d upward; old. 2s to ?s, fid: ducks, young. 3e fid to 1s Gd; old. 2? to 3s: guinea fowls, 3s to 4s. DAIRY PRODUCE PRICES Hen eggs, special grade. 2s 2d a dozen; A grade, 2s Id; B grade. Is Od: C grade. Is sd. Duck ess*, special grade, 3s Id $ dozen; A grade, 2s; B grado. Is lid; C. grade, 1* Bd. Farmers' butter. lOd to is Icl a. lb.