TRADE OF THE WEEK.

New Zealand Herald, Volume LXVIII, Issue 21029, 13 November 1931, Page 5

TRADE OF THE WEEK.

RETAIL AND WHOLESALE. GENERAL POSITION UNALTERED. PRODUCE MARKET REVIEW. There has been no material change in trade conditions in the city during the. past week. A good demand continues for everyday selling lines and orders on wholesale houses, especially those in the provision trade, are being welt maintained. Orders, generally, do not. equal those of past venrs in size, but aro more numerous and because of this fact, brought about by the policy of retailers in buying for immediate requirements only, wholesalers are anticipating a busy Christmas season. Exchange fluctuations continue to affect foreign markets and further advances are reported in important commodities. Cargoes have been landed during the past few days by the Waiotapu from Los Angeles, and the Ulimaroa from Sydney. In addition to Australian cargo, the latter vessel brought transhipments, including tea. silks, almonds, raisins, and nuts, ex Largs Bay, Yaye Maru, Oephee, Gaastekerk, Otranlo, Tallyrand and Mooltan. CANARY SEED. Prices for new season's Turkish canary seed have been advanced £2 a ton for prompt shipment. EASTERN PRODUCTS. The market for sago, tapioca, and other Eastern products shows no alteration this week. RESIN AND TURPENTINE. Latest quotations show an advance of 12s (id a ton in American resins, and also firmer rates for turpentine. CREAM OF TARTAR. advise a reduction in prices for English cream of tartar, both 0,5 per cent, and 9D per cent., of 35n n ton for either prompt or forward shipment. FIGS. Advice hns been received of an advance of SO per cent, in Smyrna figs for November shipment. Tho rise is stated to he due to unfavourable conversion exchange. Most of the storks for Christmas trade have arrived, hut, the advance will affect future requirements. TEA. This week's auction at Colombo comprised 2.375,0001b. Quality showed a. further falling off. Commonest, common and low mediums met. with a Rood, strong demand. Others were generally lower, especially good broken?, which declined owing to the inferior ouslity. Next week's auction will amount to 2.250,0001b. Exchange is unaltered. Calcutta, advises that, there was a good general demand for all grades at this week's auction. DRIED FRUITS. Following the rise, in the market for Coliforninn dried fruits mentioned last Tuesday further cablegrams from San Francisco shippers indicate a further advance in quotations for all grades of prunes, ranging from 9d to Is 3d a cwt. Thompson's seedless raisins have also advanced fid a cwt. The cables state that all other prices for dried fruits are. unchanged in tho meantime, but that the market displays a very firm trend. Quotations aic for shipment not further ahead than NovemberDecember. SALMON. Reports from Canada state that the majority of British Columbia salmon can- j neries have ceased operations and the total pack probably will not exceed 7H0.000 cases, ] as compared with '2,221.819 rases in 1930. Prices for Sockeye remain firm with de- i mand fairly good; the stock of pinks is being slowly reduced at unremunerative prices. POTATOES. There are still limited quantities of old potatoes available and these are satisfying a limited demand at around £3 a ton. At this price they show practically no return to Southern shippers. This week will probably see tho finish of old Canterbury potatoes. The price of new has been well maintained during the week and tho wholesale rate at Pukekohe remains at about £9 10s a ton. It will need an increase in supply to bring about an/" further weakening in the market. ONIONS. Ample stocks of both Canadian and Colifornian onions are held in Auckland. Values are steady at IPs for Canadians and ISs 6d for Californians. In cases an extra Is i 3 asked. fowlwheat. The fowlwheat market is stationary at the moment and rates are unchanged. Graded is being done at around 6s 7d a bushel and undergrade at 6s 3d. MAIZE. Maize is firm at late rates. It is worth 5s 3d through store. Limited quantities are offering from the Bay of Plenty at the wholesale rate of about 4s a bushel on rail. OATS. . Business in oats is very restricted. Feed oats are worth 3s 8d a bushel and A Gartons 3s lid. CHAFF. The demand for chaff is slow at £7 5s a ton from the ship's side and JET 15s through store. BRAN AND POLLARD. The pollard market in Australia is exceedingly firm and it is scarcely possible to buy thero on local parity. Australian through store is being done nt £6 103 a ton. The local mills' price is unaltered at £6 a ton. Very little dealing is taking place in bran and there has been no movement in prices. FERTILISERS.Business in fertilisers for immediate delivery is very restricted, but a fair volume of business is being done forward for autumn delivery. The principal lines aro superphosphate and basic slag.

WELLINGTON MEAT CO. LOSSES UPON REALISATION. NO PREFERENCE DIVIDEND. The directors of the Wellington Meat Export Company report, for lhe year ended September 50, that at last balance, the company had certain stocks of meat, wool, pelts, etc., at its risk still unsold, and although these, stocks were taken in at what was considered a conservative value, the subsequent decline in the overseas markets left a considerable loss upon realisation. This loss absorbed the major portion of the year's revenue, leaving a balance of £4979, which has been carried to the credit of appropriation account. Since thn commencement of the past season's operations the company has reased to take any market risks, and the future revenue is assured from the operations of the freezing works. The appropriation account still stands in debit to the extent ,of £55.969, and t.]io. payment of a preference dividend has necessarily to be further deferred. Liabilities total £306,089, including paid-up capital, £236,432; loans on mortgage. £0000; bank, £57,747; sundry creditors, £1380; Home agents' balances, £1001: there is also a contingent liability of £21,033, dividends on preference shares. Assets include land and buildings, £244,135; debtors, £2222; consignments, £4950; stocks and cash on hand. £814; appropriation account, £53,969. An offer by Thomas Borthwick and Company (London) to purchase the company's properties for £200,000 was accepted about six years ago, but was vetoed by the Government. The company then proceeded with a reconstruction of its capital, the nominal amount of which was reduced by £150,000 to extinguish accumulated losses and depreciation, the book value of land, premises and plant being reduced by £80.540 to £234,376. Authority was also given for the issue of £IOO.OOO of new capital, and at the end of the 1930 year the. capital was £235,657, of which £87,639 was in 8 per cent, cumulative preference shares, and £148,018 in ordinary £1 shares. It was stated at the last annual meeting that before the ordinary shareholders c.oulfl expect to receive dividends there was a heavy liability to the bank to be liquidated in addition to the preference dividends, accumulated as well as current, and this might take some years to accomplish.