THE LONDON MARKETS

New Zealand Herald, Volume LXIX, Issue 21277, 2 September 1932, Page 7

THE LONDON MARKETS

QUOTATIONS FOR METALS TIN EASIER, SPELTER FIRMER (Received September 1, 7.5 p.m.) LONDON, Aug. 31 Following are to-day's quotations on the London metal market compared with those of August 30:—

The Bank of New Zealand has received the following advice from its London office dated August 31:—Tallow: There is a fair demand. Current quotations are: Good mutton, 22 s 6d to 23s a cwt.; good beef. 22s 3d to 22s 6d; good mixed, to 22s 3d; gut, 17s to 19s.

KAIAFOT WOOLLEN CO. FURTHER LOSS OF £3195 NO DIVIDENDS DECLARED [BY TELKGRAPH —PRESS ASSOCIATION | CHRISTCHURCH, Thursday The annual report and balance-sheet of the Kaiapoi Woollon Manufacturing Company, Ltd., states that trading conditions during the year were exceedingly difficult and the result of the year's operations disclosed a loss of £3195. Operating expenses during the year were reduced by £8510; stocks were reduced by £44,950, and were now conservatively valued at £241,368; properties and plant were maintained in first-class order and additions totalling £2856 were made during the year. Shareholders are assured that these assets are conservatively valued. To make up the loss, it is proposed to transfer £IO2O from the marine insurance reserve and £IB4B from the accident insurance reserve. This, with the balance of £356 brought forward last year, will enable £29 to be carried forward. For the year ended July 19, 1931, the company made a loss of £50,272, that year's results having been adversely affected by the Hawke's Bay earthquake. This compared with a profit of £13,603 in the previous year. The loss in 1931 was covered by a transfer of £20,000 from general reserve; £10,500 from, income tax reserve and £27.000 from bad debts reserve, which, with the amount brought in from 1930, left sufficient to pay the dividend on the 6 per cent, preference shares and carry £356 to the next year's account. Ordinary shareholders have received no return since 1930. when 4 per cent, was paid. The company wrote its capital down by 3s a share in 1925 and it now stands at £307,500 paid up in 76,695 17s preference shares fully paid, and 223,305 17s ordinary shares fully paid, and 150,000 17s ordinary shares paid to 7ss. The preference shares carry a, preference dividend of 6 per cent, with a further" participation of 50 per cent of any dividend paid on ordinary shares pver 6 per cent and up to 9 per cent. They are not cumulative.

AUSTRALIAN BUTTER 1 LARGELY-INCREASED EXPORT SHIPMENTS TO UNITED KINGDOM Early forecasts of an appreciable improvement on last year's record export of butter from Australia are supported in a recent statement issued by the Australian Department of Commerce. It shows that from July 1 to August 13 a total of 261,135 boxes of butter was shipped from the Commonwealth, the great bulk of it (238,037 boxes) for Great Britain. The exports for the corresponding period of last year amounted to 214,300 boxes, of which 184,350 went to Great Britain and 29,950 to other countries. The statement adds that although a decline is recorded in trade with other countries, this loss is more than offset by the considerable advance in Great Britain. There was every indication that this season's total of butter exports would eclipse the achievement of last year, when, compared with the previous; 12 months, Australia's exports to the United Kingdom increased by more than 60 per cent. Over the same period Empire supplies to the British butter market increased by 30 per cent.

MARKETS OF THE EAST NEW TRADE AVENUES AUSTRALIA AND NEW ZEALAND [from our own correspondent] SYDNEY, Aug. 25 In announcing that two travellers had just returned from a special mission to the East convinced of the great opportunities for trade, the head of a big Sydney firm said there was no reason why Australia and New Zealand should not seize the chance of adding to their wealth by trading extensively with countries that were so close at hand. Australia and tlie Dominion could co-operate in such a way that they would capture a great deal of the trade that now went, for no particular reason whatever, to more distant countries. An offer on behalf of New South Wales to co-operate with the Federal authorities in developing the market for Australian products in the East has been made by the Premier, Mr. Stevens. He said that tho East was a potential market for both primary and manufactured products, "which we are rightly entitled to explore." It was generally thought that the Eastern race 3 were too impoverished to buy our products, but each year the demand for westorn goods was growing. It need not be a single-track trade, either, as there were raw material!! which Australia needed and which China and Japan could supply. Mr. Stevens said that Janan was an enormous importer of foodstuffs which Australia could supply. China, too, imported huge quantities of goods of which there was a surplus in Australia. Australia and New Zealand had no share in the supply of the following articles:— Condensed milk, cheese, fruits, apples, lemons, oranges, champagnes, still wines, ale and soap. China imported canned fruits worth more than £54,000 a year, and Australia and New Zealand combined did not supply more than £2OO worth. Of butter valued at £IOB,OOO Australia and New Zealand supplied only £19,000 worth. Those figures were for 1930, the last available. Both countries could easily increase their sales in tho coastal towns, and ho hoped that some definite move in that direction would be started. The head of Messrs. W. R. Carpenter and Company, of Sydney, said that everything that had been written about the prospect of trade with the East was true. Trade statistics showed that, out of the 42 items imported by China in 1930 Australia could supply at least 22.

Aug. 31 Per Ton Aug. 30 Per Ton £ 8 d £ 8 d Copper, etan., spot . 35 16 3 35 15 7i Copper, stan., 3 mos. 35 11 10J 35 11 3 Copper, electrolytic. 37 10 0 to 38 0 0 37 0 to 0 37 10 0 Copper, elect., wire 37 10 bars . . . . . . 38 0 0 0 Lead, soft, spot . . 13 8 9 13 2 6 Lead, soft, forward 13 8 9 13 2 6 Spelter, spot . . 15 1 3 14 10 0 Spelter, forward . . 15 3 9 14 16 3 Tin, stan., spot . . 148 1 3 149 17 6 Tin, stan., 3 mos. . . 149 2 6 »' 150 17 6