VALUES ON STOCK EXCHANGE.

New Zealand Herald, Volume LXVIII, Issue 20867, 8 May 1931, Page 7

VALUES ON STOCK EXCHANGE.

AUCKLAND RATES YESTERDAY.

FORMER LEVELS COMPARED.

tSubject to New Zealand Income Tas. IFree of Income Tax. Tho yields from Government loans and local body debentures include redemption

CIJNARI) PROFITS FALL. -r j SHAREHOLDINGS DISCOUNTED MILLION FROM RESERVE FUND. The reduction in the net profits of the Cunard Steamship Company from £809,639 in 1929, to £18,601 in 1930, was reported in a cable message published on March 31. Tho ordinary dividend, which had been 7i* per cent, for three years, was passed and the preference dividend of £135,000, was drawn from the reserve of undivided profits, leavihg £278,867, to be carried forward. The gross income was £2,662.396, which is £966,000 less than in 1929. Expenses and depreciation were £2,398,465, which is only £156,000 lower. Debenture interest and other items amounted to £245,330, as against £264,837.,

The reserve fund was increased in 1929 to £1,500,000. The directors stated in their report that, having considered the values of shares in subsidiary and other companies, they had decided to use a portion of the reserve fund to write down tho book values by £861,304, and had added the difference between this sum and £1,000.000 to tho existing contingencies reserve account. Tho reserve fund, consequently, appears in (he bal-ance-sheet at £500,000. The company's assets total £17.734,243, which is £722,975 less than in 1929, and nearly £2,000,000 below the 1928 total. Steamships valued at £8,092,302, a reduction of £437,000; .and properties at £608,565, a reduction of £16,000. Shares in subsidiary and other companies and deposits with foreign Governments total £6,958,875, a net reduction of £770,404. "The company's Australian and New Zealand services were carried on under increasingly difficult conditions during the year," tho report states. '"Lhe reduced purchasing power of the peoples of Australia and New Zealand and the restricted tariff in Australia, coupled with the fall in the exchange, resulted in a serious diminution in ttte outward cargoes, while thp loss on exchange on homeward prepaid freights has been a serious factor." Tho fleets of the Cunard Company and associated companies at the end of. 1930 comprised 85 ships of a total gross tonnage of 915,938, against 92 ships of a total gr.oss tonnage of 957,199 at the end of 1929.

OSWALD M. SMITH, LIMITED. HEAVY EARTHQUAKE LOSSES. NO DIVIDEND THIS YEAR. The deferred 11th annual meeting of Oswald M. Smith and Company, Ltd., was held at Gisborne. Tho report and balance-sheet showed losses sustained by the destruction of tho company's wholesale branch and retail subsidiaries at Napier and Hastings as a result of the earthquake amounting to about £IO,OOO. In view of this it was decided not to pay the usual 7 per cent, dividend, although net profits were more than sufficient to meet this amount. The, year's net earnings were transferred to earthquake losses accobnt.

Tlie company's paid-up capital is now £158.196 and the combined capital of the company with its retail subsidiaries is £270,000. The company operates wholesale branches in Auckland, Napier, Wellington, Wanganui, New Plymouth, Christchurch, Timarti, Dunedin and Invercargill and has sole cr controlling interest in a number of retail and manufac- < urine: organisations throughout New Zealand.

The managing director. Mr. Oswald M. Smith, said numbers of grocers were operating to-day without profit, many at a loss. Throughout New Zealand competition had never been so keen. It seemed to him that, prices had reached bottpm, unless overheads could bo further reduced at the expense of wages, which was thought by many traders to be undesirable, ns turnovers are difficult to maintain with a smaller public _ purseGrocers, particularly, were finding it more than ever necessary to add to their selling lists all manner of lines hitherto considered outside their province, and nossiblv in the near future the trade in New Zealand would lie found as in Britain, Canada and the United States, provenders of meat and vegetables. Although the company's combined turnover was in the millions stage ■and although every effort to effect economies was being availed of, general expenses, especially rents, rates and taxes, were so high that shareholders miplit have to look forward to smaller profits this year, unless" (he very serious competition abated. Mr. H. B. Williams, of Gisborne, was re-elected chairman and the_ retiring directors, Messrs. N. H. Sinclair and C. L. Mowlem, of Palmerston North and I. Oliver, Auckland, were re-elected.

WOOL SALES PRICES. LONDON MARKET STEADY. VALUES MAINTAINED. ■ v LONDON, May 6. At the wool sales to-day 9126 bales were offered, including 4102 from New Zealand, and about 7980 were sold. There was an excellent offering of greasy crossbreds and a poor supply of other sorts. There was a steady tone and prices were maintained. The New ' Zealand greasy crossbred clip Patoka brought top price Bd, average 7id; Antii 9W and S^d; Rutira BJd and 7jd; Tu Nine B£d. Dalgety and Company, Limited, has received the following cablegram from London : —Wool Sales. —As compared with the closing rates of the last series, Merino is 5 per cent, to per cent, lower. The market is active, but rather irregular. The sales will close on May 14. * THE MARKET BASKET. RETAIL FOOD PRICES. » A GUIDE TO HOUSEWIVES. There are few changes in the retail prices for foodstuffs this week. Supplies of fish, which have been very scarce for some time, show a slight improvement. In the dairy produce section the prices of both hen and duck eggs have decreased to 2s 9d a dozen. _ In the fruit and vegetable classes tomatoes are up to 8d a lb. and French hothouse beans to 6d a lb.

Following aro yesterday's prices:— FRUIT. Apples, Dolicious, first grade, 3d per lb.; second grade, 2d; Northern Spy, 3d and •Id: cooking apples. 2d and''3d; cooking pears, 51b. for Is: Keifler pears, 3d per lb. r passion fruit, 4d and Gd a dozcih; tomatoes, Sd per lb.; hothouse grapes, Gres Colmim, No. 1, Is 8d to 2s; No. 2, Is 2d; bananas, 6d aud 7d; local lemons, Is Gd to 2s; Sunkist oranges, 5 and G for Is; watermelon, 2d per lb.; lockmelon, 6d to Is 6d each; mushrooms, Is to Is 6d per lb.; Cape gooseberries, Gd to Sd; "Winter Cole pears, 4d; Te Kauwhata grapes, lOd to Is; persimmons, 3d and 4d each. * - VEGETABLES. Potatoes, Blb. and 101b. for Is; swodes, Id per lb.; pumpkin, lid; marrows. 3d and 4d each; onions, 4lb. for Gd; picklers,, 2d per lb.; French beans, 6d; green* peas, 3d; cucumbers. 3d to Gd each: celery.' 3d to Gd; lettuce, 2d and 3d; cabbage, Gd to lOd; cauliflower, Gd to Is; carrot, parsnip, radish, spinach, turnip, beetroot, leek, spring onions, Id and lid a bunch; rhubarb, 3d: kunmraa, 41b. for fid; citron melons. Id per lb. FISII. Schnnppor, whole, 5d per lb.; trimmed, 6d ; smoked, lOd; terekihi, whole, 4d; smoked, 7d; kippered fillets, Is; trevalli, whole, 2d; smoked,- Gd; John Dory, whole. 8d; fillets. Is 2d; mullet, whole, 6d: smoked, 9d; flounder, 13; dabs, lOd; lemon fish, fillets, 6d; silver strip, smoked, 7d; hapuku. steaks, Is; wings, smoked, 8d; moki steaks, Gd: kinrrfish steaks, fid;, cod. smoked. Is fid: gurnard, whole, 3d; barracouta, whole, fid; smoked, Sd: frostfish. whole, 4d: hake, whole, Gd; kippers, Scotch, Is a pair; crayfish, up fo 21b., lOd; 2lb. to 3}lb., 8d; 311b. to 51b., Gd: over 51b.. 2s each; roes, smoked, 2s fid per lb.: mussels, fresh, Is fid dozen; pickled. Is fid n bottle: rabbits. Is each: Is lid pair: hnres, Is fid each; mutton birds. Is; cod fillets, Scotch, Is fid per lb.; whiting. Is fid; findon haddock. Is Gd; salmon, Canadian, Is 3d.

MEAT. Beef.—Hump steak, la per lb.; undercut, 1h 2d: all bcof steaks, skirt 6teak, (id; sirloin, 8d: prime ribs, sd; prime ribs (boned and rolled), wing ribs (threo chine bones), 7d; topside (-lib. and over), t)iick flank, boliirs, double top rib, sd; chuck rib, 3d; rolled back rib, fid: corned round, 7d; corned brisket (boned), sd; brisket and flat, lib, 3d; thin flank, 2d; grnvy beef or shin meat, 3d; minced beef, 4d; tripe, Gd: dripping, nd; suet, 4d; sausages, sd: sausage meat. 4d; whole shins or lees. Id; half shins or legs (thick end), 2d; half shins or legs (knuckle end). Id; ox kidneys, _ls; ox tongues, 7d; ox tails, 6d: whole loins. 7d; whole rumps, lOd. Mutton.—Whole leg, Gd per lb.; leg, shank end (61b. or under), 7d: hindquarter, s}d; forequnrter, 3Jd; shoulder, sd; shank end of forequarter, 4d; necks, sd; loin, neck nnd breast, 3id; leg and loin chops, 7d; neck chops, sd; flaps, 2d; cutlets (trimmed), lOd ; ride, 34d; kidneys, tongues. 2d each; sheep's head (dressed), Gd; sheep's fry. 8d: shpop's brains, 3d. ' Veal.—Fillets, Pd per lb.: loins. Gd; shoulder, 4d; cutlets and vpg] steak, lid; chops. 7d; forequarters, ?d; rolled veal, Gd. Pork.—Leg, loin, 9d per 4b.; foreloin, with blade, 7d; pork chops, lOd; corned hand, Gd: corned belly. 9d; pork sausages, 7d. . These are cash prices at the shops, booking nnd delivery being a penny a pound extra. BACON AND HAMS. Bacon.—Shoulder rashers, lOd per lb.: bpst rib rashers, Is 2d; by pieces, shoulder cuts, 7d to lid. Ham.—Whole, Is per lb.: in rashers. Is 4d: cooked, In 7d: shoulders. cooked, Is 3d. BUTTER AND CHEESE. Butter.—Factory, first grade. Is 4d per lb.; second grade. Is 2d: farmers' huttor, lid. Cheese: Ordinary, 9d; more matured, Is 4d. EGOS. Hen and duck eass, 2b 9d a dozen.

COMPANIES. Amount Puid-up Per share. Buyers. Return Apprqx. Approx. § ps ii . on Market Market • g InvestPrice Price 2:2" . mental a week a year . g Dividend Appro*. Sellers &eo. ago.' >oa Payable. Market Q Price. BANKS— Aus. Bank Com. Australasia. Cora, of Aus. . Nat. of A'sia. Con Nnt. of N.Z. . . N.S.W New Zealand . ■, Union . • . . • £ 1 5 10s 5 21 20 1 5 £' s 8 17 0 14 21 15 2 11 7 2 d 6 1 0 0 0 mm INSURANCE— National .... New Zealand . Sout\ British • 7s 1 1 0 13 1 2 11 0 2 13 0 2 13 6 2 18 5 2s8d Apl.-Oct. 5 2 6 LOAN AND AGENCY— tDom.I. and B. 1 — 0 19 0 0 18 6 103 7 August 7 7 4 / COAL— Tnupiri . • . . • 1 1 1 0 140 10G 160 10 Nov.-May 8 17 9 Do. (pref.) . 1 1 1 0 ■ 1 1 0 1 2 0 8 Oct.-April 7 12 5 GAS— Auckland . . . Do. (con.) . 1 15s 1 2 10 0 16 9 130 1211 139 8 July-Feb. 6 19 8 0 17 0 0 16 6 0 17 6 8 July-Feb. 7 1 10 SHIPPING— Devonp't Ferry North'n. Steam 1 lis 6d 0 19 0 10 0 0 11 6 116 120 7J Dec.-June 7 10 0 0 12 0 0 12 0 0 11 8 8 Nov.-May 10 10 10 TIMBER— Bartholomew . Kauri National .... 1 25s 1 0 8 C 0 19 0 0 19 0 — 8 Oct.-April 8 8 5 0 9 3 0 8 11 0 13 2 June-Dec. 7 16 090 090 08 6 3 May 6 13 4 BREWERIES— N.Z. Breweries 1 1 15 0 1 15 n 1 15 - o 11 G 121 Jan.-July 7 0 10 MISCEL'OUS— British Tobao. Bycroft .... Colonial Sugar Farm. Trading . Milne & Choyce Farmers' Fert. Union Oil . . . Wilsons Cement 1 1 20 fis .1 1 IfiB 1 1 5 32 15 0 6 0 19 1 3 1 19 <5 0 10 6 6 3 19 9 19 5 1 15 9 10 Quarterly 6 14 6 — 15 0 — 9 1-5 Nov.-May 7 3 10 34 15 0 34 15 0 40 0 0 12i May-Nov. 7 7 1 0 7 0 0 6 11 0 8 3 10 Julie 11 5 5 _ 0 19 6 — 7 Apl.-Oct. 7 3 7 013 9 0 13 9 0 18 6 8 August 12 1 6 _ 1 7 0 1 16 6 121 Apl.-Nov. ft 10 2 2 0 0 1 19 2 1 19 6 12J No v.-June 6 5 9 MINING— Waihi Waihi G. June, Mount Lyoll . . 68 2s 1 0 15 0 2 0 17 3 3 9 ' 0 15 -6 0 15 5 0 14 5 40 May-Nov. 12 19 5 025 024 017 Id May 3 11 5 ' 0 18 3 0 19 6 1 6 2 10 June-Dec. 11 2 2 GOV. LOANS— JWar Bonds, 1939 100 98 10 0 _ 93 6 0 97 16 0 4* Apl.-Oct. 4 14 2 DEBENTURESAk. Gas, 1935 . . Ak.lIar.B.,1941 100 100 100 0 101 0 0 0