COMMERCIAL BANK

New Zealand Herald, Volume LXIX, Issue 21251, 3 August 1932, Page 7

COMMERCIAL BANK

EXCHANGE ADJUSTMENT FUND APPROPRIATION FOR PREMISES Tho directors of tho Commercial Bank of Australia, Limited, in their annual report, state that in order to make special provision to cover any variation in tho rate of exchange, £250,000 has boon transferred from the reserve fund out of profits previously credited thero to an exchange adjustment reserve. The reserve fund is thus reduced to £2,000,C00. In addition to the appropriations for dividends out of profits, announced by cable in the Herald last Saturday, £IO,OOO has been appropriated for reduction of premises, as against an appropriation of £20,000 last year. This leaves £70,311 instead of £80,311 to bo carried forward. EXPORT OF APPLES PRICES FOR GRAVENSTEINS MARKET IN SOUTH AMERICA Advice of the net pool prices realised by Cravenslein apples during the past export season has been received by the Auckland branch of the New Zealand Fruitgrowers' Federation. A shipment of 7916 cases left Auckland by the Port Caroline on February 13. The pool prices are as follows: —Extra fancy: Size A, 8s 4d; size B, 8s 9d ; size C, 9s 2d; size D, 8s sd. Fancy: Size A, 7s sd; size B, 7s lid ; size C, 8s 2d; size D, 7s Bd. It is also announced that during tho past season the total number of cases submitted throughout New Zealand for oxport to South America was approximately 50,000. Of this quantity the Fruit Board decided to hold about 20,000 cases for sale in the Dominion, and this supply has now been almost completely exhausted. Out of the 30,000 cases shipped to South America more than half have already 1 been sold at prices which should show a reasonable return to growers. Tho federation has been advised that stocks of American fruit in the Argentine have been more or less cleared and that the marked is now absorbing New Zealand fruit. COUNTRY STOCK SALES PRICES AT FRANKTON EASING TENDENCY FOR BEEF [from our own correspondent] HAMILTON 1 , Tuesday The heavy entry of ox beef at the weekly rrankton stock sale to-day met with a slower sale than was experienced during the past fortnight and a slight decline in values was recorded. Recent quotations were barely touched for prime quality cow beef, whilo poorer-conditioned sorts met with a much easier market. The supply of eheen was in excess of tho demand for all classes, tho full'offering comprising mainly inferior quality animals. Prices generally showed an easing tendency. Fat pigs, the entry of which consisted mainly of porkers, realised values on a par with lato rates, but coat' petition was not so keen on the full yarding of stores and weaners. Tho auctioneers quote or follows: New Zealand Loan and Mercantile Agency Company, Limited.—Cattle: Prime mediumweight ox beef sold at £6 to £7: medium quality, £5 4s to £5 15s: lighter conditioned, £4 10s to £5: prime fat cow-heifer beef. £5 to £5 17s 6d; good fat cows, £4 to £4 17s Gd; fat, £8 5s to £3 15s; lighter. £2 15s to £3 2s Gd; light. £2 5s to £2 12s (id: killable, 30s to £2 2s: stores. ISs to-26a: bonera, up to 14s: medium runners. £1 5s to £1 15s. Sheep: Very prime fat wethers, lis to 15s Id: prime wethers, 12s 6d to 13s 9d; medium, 10s 9d to lis 9d: inferior quality, lis 9d to 10s 6d; two-tooth ewes, 9s to 10s 2d; prime, aged. 7s to fs sd: medium. fis to 7s; poorer, 5s to Cs: fat lambs. 7s to S« Gd. Pigs: Heavy porkers. £1 8s to £1 lis: medium. £1 3s to £1 7s; light. 13s to 225; large store. 16s 6d to 18s: medium. 14s to 10s; slips. 12s to 14s: weaners. 6s to 10s. G-. "W. Vercoe and Company. Limited.— Cattle: Heavy fat bullocks 6old at £7 10s to £8 ss: lighter prime, £6 15s to £7 ss: lighter, £6 7s to £6 10s: store bullocks, £3 10s to £4 Is; heavy fat cows, £4 to £4 15s; lighter, £3 5e to £3 15s: light. 30s to £2 'ss; medium-weight fat heifers. £3 10s to £3 19s; lighter. £3 to £3 7s Gd: light, £2 to £2 7s. Sheep: Fat wethers. 12s Gd to 12s 9d; light fat. 10s to lis Gd: prime fat ewes. 9s to 10s; fat ewes, 7s 6d to 8s fid: fat lambs, 10s to lis 6d: store lambs, fis to 0s 6d. Pigs: BacoDers, 32s to 39b: heavy porkers. 2Gs to 30s: light, 23s to 255: stores. Ifis to 21s; slips, lis to 15fl; weaners. (is to 12s; choppers, 25s tQ 375. Dalgety and Company, Limited.—Sheep: Extra prime wethers made up to 13s lid; medium-weight, 12s lOd to 13s Id: young primo ewes, to 9s; others. 8s to 8s Gd; unfinished fat ewes, 4s Gd to 6s: fat lambs. 8s to lis. Cattle: Extra prime heavy bullocks, to £8 10s. this price being obtained for a heavy Shorthorn bullock ou account of Mr. Harold Windsor, and secured by Messrs. Crosbv Bros.; light fat bnllocks, £4 lis to £6 Is.; small fat steers. £3 to £4 4s. Pigs: Best porkers and light baconers, £1 8s to £1 lis; medium porkers. £1 to £1 6s: light porkers. 178; backward sows, in pig, £1 ss; best stores. Ifis Gd to 19s; slips, 10s to 14s: weancr3, Gs to 10s. TAUMARUNUI VALUES [by TELEGRAPH —OWN rOKRESrONDENT] TAUMARUNUI, Tuesday The yarding at the stock sale to-day comprised 400 sheep, 100 cattle and 25 pigs. There wns a fair demand for pigs and weaners made up to 12s. Torkers made £1 "and storo pigs 13s Gd. There was an absence of fat wethers, but fat hoggets sold from 9s lOd to lis lOd. Mixed-sex hoggets made 7s lOd and ewes, in lamb to Romnoy rams, were passed in at 7s 7d. Ewes in lamb to Southdown ranis made 10s. Yearling dairy heifers were not in demand and the best offer for three-year-old steers was 31s. There was a moderate demand for the dairy cows offered and prices ranged from £1 12s Gd to £7 2s Gd. CLEARANCE AT TATUANUI The Farmers' Co-operative Auctioneering Company, Ltd., reports having held a snlo of cows and heifers on nccount of Mr. G. R. "Wine, of Tatuanui, on Monday. There was a fair attendance of buyers and competition was keen on anything close up to profit. The cows made tho fcood average of £8 17s, while tho heifers averaged £7 19s. Values were:—Choice Jersey cows, close to profit, £9 to £l2; others, £7 to £8 ss: Jersey cows, in milk, £8 to £9; choice Jersey heifers, in milk, £l2; others, £7 5s to £8: choice springing Jersey heifers, £8 to £l2; others, £6 5s to £7 IBs. AUSTRALIAN STOCK EXCHANGES YESTERDAY'S BUSINESS (Received August 2, 8.35 p.m.) SYDNEY, August 2 There were buoyant conditions on the Sydney Stock Exchange to-day with little variation in prices. Commonwealth bonds represented a large proportion of tho turnover. This morning's sales were:—Commonwealth 4 per cent bonds, 19138, £9B, 7s 6d; 1947, £9B; 1955, £96 15s; 1961, £97 2s 6d. Commercial Bank of Sydney, £ls 10s; Australian Glass, 40s 3d; British Tobacco, 325; Tooth's Brewery, 29s 7Ad. Sales this afternoon were:—Commercial Bank of Sydney, £ls 10s; Bank of New South Wales, £29 ss; Bank of Adelaido, £5 19s; Colonial Sugar, £46 15s; Millaquin Sugar, 26s 6d; Dunlop-F'erdriau, 13s Id; ditto, pref., 295; Toohey's Brewery, 19s 6d; Tooth's Brewery, 29s 9d; Australian Glass, 40s 9d; British Tobacco, 32s l^d; Goldsbrough-Mort, 255; Winch-conibe-Carson, 21s; Broken Hill Proprietary, 17s 3d; South Broken Hill, 44s 6d, Commonwealth 4 per cent bonds, 1938, £9B 7s 6d; 1941, £9B 3s 9d; 1944, £9B ss ; , 1947, £9B ss; 1950, £9B 10s; 1953, £96 16s 3d; 1955, £96 15s; 1957, £96 12s 6d; 1959, £96 15s; 1961, £97 2s 6d. Melbourne sales were:—English, Scottish and Australian Bank, 925; Carlton Brewery, 33s 6d; Dunlop-Pcrdriau, 13s id; Henry 32s; Mouut Lyell, 19s lid.