FINANCE CORPORATION.

New Zealand Herald, Volume LXVIII, Issue 20977, 14 September 1931, Page 5

FINANCE CORPORATION.

ASSISTANCE FOR FARMERS. NEW SYSTEM OF LENDING. [FROM OCR OWN CORRESPONDENT.] HAMILTON. Sunday. "The company's affairs are now on a thoroughly sound footing and shareholders can look forward to it developing into a very sound and profitable concern," said Mr. Dynes Fulton, chairman of directors of the Finance Corporation of New Zealand, Ltd., in reviewing the company's operations for the past year at the annual meeting of shareholders at Hamilton. Mr. Fulton said that in view of tho general economic conditions the directors, in the past few months, had mado a complete survey of the company's securities and, where necessary, had written I hem down to a figure which would provide a sound basis for future operations. Everything had been taken in at a very conservative figtiro and shareholders could now rest, assured that the present financial year would be commenced on a bedrock foundation.

It, had also been considered advisable to' place a substantial sum in reserve. This, combined with the writing down, would preclude the payment of a dividend this year. Shareholders no doubt would agree that it was better to adopt this course in the interests of safety and future solidity than.to pay a dividend and put nothing in reserve. In consideration of the economic position, it had been decided to alter the company's system of lending, continued Mr. Fulton. Jn future, loans would bo on stock and chattels only and would be made for the purpose of farm develop ment. The loans would also be smaller than hitherto and would be short-dated. Under this new system additional easement would be given to borrowers and the company should, therefore, perform .1 very useful service to the farming industry, while at tho same time showing a good return to investors. The company had had no difficulty whatever in arranging for what accommodation was required from the bank. The company was prepared to make immediate advances.

Messrs. W. Goodfellow and T. L. Rames were elected to the directorate as the representatives of the ordinary shareholders and Mr. W. R. Roberts was elected to represent the preference shareholders. Mr. S. J. Sheaf was appointed to fill the vacancy created by the resignation of Mr. R. N. Chambers. AUSTRALIAN SECURITIES. DEFINITE RISE IN SOUTH. [JIT TELEGRAnr. —OWN CORRESPONDENT.] CHRISTCHURCH. Saturday. Australian securities showed a definite rise on the Christchurch Stock Exchange this morning as a result of the reported change in the exchange rate, sellers advancing their limits considerably and buyers being on the look-Out for bargain lots. There were definite rises in all the principal Australian bank stocks. Commercial Bank of Austi'alia, after a sale yesterday afternoon afc 12s Bd, were askedi for this morning at 13s Id, but the best seller quoted up to 13s lOd. There was; a reported late sale of Bank of Australasia yesterday at £B, but buyers are now offering £8 Is, sellers quoting £8 4s. Union Banks, after a reported late sale yesterday at £6 10s 6d, were quoted today at buyers, £6 3s, and sellers, £6 17s 6d. There was a sale of Mount Lyells this morning at 15s lOd after sales yesterday at 15s and 15s 3d, buyers staying in at" 15s 6d and sellers asking 16s. ITALIAN WHEAT HARVEST. INCREASE ON LAST YEAR. (Received September 13, 7.15 p.m.) ROME, Sept, 12. It is officially announced that the Italian wheat harvest will be 67,262.000 quintals, compared with 57,375,000 last year. WAIHI GOLD MINE. INTERIM DIVIDEND DECLARED, Cable advice that an interim dividend of Is a share has been declared and will bo payable on November 4 has been received from tho head office of the Waihi Gold Mining Company, Limited, London, by the local director and attorney, Mr. Charles Rhodes. The rata is the same as that paid by the company during the past few years. LONDON DAIRY VALUES. PRODUCE BOARD'S REPORT.

The New Zealand Dairy Produce Board lias received the following market report from its London office, dated September 11, prices for the previous week being given in parentheses:— Butter. —New Zealand: Salted, 108s to 112s (109s to 112s); unsalted, 112s to 114s "(110s to 114s); first whey, 100s (102s); second whey, 98s (100s). Deliveries, New Zealand, 1428 tons; in store, 6318 tons. Australian: Salted and; unsalted, 105s to 107s (105s to 107s, and 105s to 108s). Deliveries, Australian, 825 tons; ..in store, 2050 tons. Argentine: Unsalted, 106s to 108s (lC6s to 108s). South Africa: 90s to 98s (95s to 100s). Danish: 1245, f.0.b.; 128s to 130s, spot (118s to 1255), Dutch: Unsalted, 118s to 120s (114s to 116s). Estonian: 104s to 106s (106s). Latvian: 102s to 104s {loss to 106s). Siberian: 90s to 92s (90s to 925). Ukranian: 90s to 92s (90s to 945). Polish: Salted, 84s to 94s (88s to 945); unsalted, 86s to 96s (90s to 945). Lithuanian: 100s to 102s (104s). Market slow. Retail prices: New Zealand, Is 2d; Danish, Is 3d. Arrivals: Russia, 1196 tons; Poland and Baltic States 545 tons; Canadian, 8000 boxes; expected next week, 9300 boxes. Empire Marketing Board's estimated stocks of all butters, 920,620 boxes, compared with 967,-442 boxes last year. Cheese. —New Zealand: White, 60s to 61s (60s to 61s) ; coloured, 60s to 625, ex. 63s (62s to 635). Deliveries, New Zealand, 17,£58 crates; in store, 93,472 crates. Australian: White 58s (60s); coloured, 59s to 60s (60s to 61s). South Africa: White, 50s to 58s (not quoted); coloured, 50s to 565. Canadian: White, 60s to 62s (60s to 625); coloured, 62s to 63s (62s to 635); c.i.f., 56s (58s). Deliveries, Canadian, 8327 boxes: in store, 201,483 boxes. Market slow. New Zealand retail price, Bd. A. 11. Turnbull and Company, Limited, has received the following advice from its principals, W. Weddel and Company, Limited, dated London, September 11 : Danish butter, 128s to 150s. New Zealand: Unsalted, 108s to 112s; salted, a 108s to 112s. The market is slow. New Zealand cheese: White, 58s to 60s; coloured, 60s to 625. Canadian cheese: White, 60s to 625; coloured, 62s to 635. The market is slow. The New Zealand Producers' Co-opera-tivo Marketing Association, Limited, has received the following report from London:—Butter: New Zealand, salted and unsalted, 108s to 112s; Danish, 128s to 130s. The market is slow. Cheese: White, 58s to 60s; coloured, 60s to 625. The market is slow. LONDON LEAD MARKET. LONDON, Sepi. 11. Lead imports total 16,503 tons; Australian, 5024; exports, 1679.