TRADE AND FINANCE

New Zealand Herald, Volume LXIX, Issue 21328, 1 November 1932, Page 5

TRADE AND FINANCE

CONDITIONS IN IE: N GLAND STOCK MARKETS "NERVY"BRIGHTER TONE AT WEEK-END LONDON. Oct. 29 Under the influence of the decline of sterling the stock markets in London have been somewhat " nervy." British funds were the first to be affected, but there was not any serious effect. The downward movement spread to speculative stocks, but hero again there were no great declines. The steadiness of sterling in the past few days had a good effect, and the markets closed to-day with j a brighter tone. Australian Government stocks have given way slightly in sympathy with British funds. Strange to isay, gold mining shares, generally, are easier in spite of the rise in the price of the metal. Other Australian stocks,, like banks and pastoral companies, aye continuing to show recovery from th» late depression, and the resumption of dividend-paying by the Australian Mercantile Land is regarded as a good omen. Home Industries More Active According to the Economist's survey, fiome industries have seen some increase in activity in the past live weeks, but of so partial and moderate i. character, that it is difficult to say whether business has attained its normal seasonal dimensions. Many leading indicators of the trado position point to no change, or to deterioration, but reports from many of the chief industrial centres refer to an improvement in tone and somo accretion of new business. Among .Jtlie satisfactory features is the September return of tho Retail Distributors' Association, showing a decline of only 3.6 per cent, compared with 1931. This is the smallest decrease since April, j and, allowing for tho fall in prices, may i moan that the volume of business has been j maintained. Good Demand I'or Butter The news that both Australia and New j Zealand are having exceptionally good seasons, and that the supplies of butter from those Dominions during November and December will bo heavy, is making importers rather anxious regarding tho clearance of these largo quantities. Fortunately the consumptive demand continues good, and, in spite of heavy importations, there is 110 accumulation of stocks. The increase of Germary's import quota to 55.000 tons, should have the effect of keeping a considerable quantity of Continental butter, especially Danish, off this market, but it is considered very doubtful whether Germany can afford to buy such a large quantity, especially with the duty of 75 reichmarks per 100 kilos. Hint to Beef Producers! As a result of the Port fairy's successful shipment of meat, importers are keenly discussing the possibilities of the establishment of a regular trade in chilled beef. One of the chief obstacles to a satisfactory and profitable trade is. the difficulty in securing suitable beef. One expert points out that if Australian breeders hope to successfully compete against Argentina they must improve the quality of their herds, and that now they have a golden opportunity of doing so most advantageously, as high class pedigree stock can be bought at wonderfully cheap prices. At a sale of the famous Collynie Stud stock, near Aberdeen recently, the average price realised was £55 for bulls, and £29 for heifers, compared with about £7OO for bulls six or seven years ago. Canada bought heavily, in view of the possible benefits from the Ottawa agreements. Further important stock sales are to be held at Birmingham, Perth and Aberdeen in February. Australian Orange Trado The season's first large consignment of Australian oranges from New South Wales arrived in good condition, and a considerable portion was sold at Antwerp to German buyers, who were very keen in securing them. The prices are understood to have been satisfactory, though, owing to the fluctuating exchanges it is impossible to state the exact yield. The rest of tho cargo is to arrive next week, and is expected to sell readily, as the demand is strong. GREY VALLEY COLLIERIES OUTPUT LESS BY HALF NO DIVIDEND PAYMENT The eighth annual report of Grey Valley Collieries, Limited, states that the output for tho year ended September 30 was 49.566 tons, compared v.'ith 99,944 tons in the previous year. Owing to an industrial dispute, the mine was closed from October 1, 1931, until February 15, 1932, and the trade had been very depressed since the re-opening. The balance transferred from the profit and loss to the appropriation account was £5021, which, together with the credit balance of £BB3 brought; forward from the previoi\s year, made a total credit of £5904. Full provision had been made for depreciation and taxation, the amounts totalling £3500. It is recommended that of the balance of £2404, the sum of £2OOO be written off disaster loss account, reducing the debit balance to £4OOO, and £404 bo carried forward to next year's accounts. Following is a comparison of the company's results and appropriations for the past three years: — 1930 1931 1932 Brought forward £522 £592 £833 Net profit . . 19.070 7,900 5.021 £l!)„ r ;!)2 £8,498 £5,901 To reserve . . -1,500 2,115 2,000* Depreciation and taxation . . 8.&0 C 5,000 3,500 Dividend-* Per cent fi Amount . . 6,000 Carried forward £S9S; £853 £404 ♦To disaster loss account. PUKEKOHE NEW POTATOES [from: our own correspondent] PUKEKOHE, Monday A further fall iii the price of now potatoes is shown in to-day's quotations, which aro from 16s 6d to 17s 6d per cwt., f.0.r., Pukekohe, as against 18s 6d to 19s 6d at the beginning of last week. There is a heavy demand at the new prices, with fairly satisfactory supplies. DUNEDIN RABBITSKIN SALE Dalgety and Company. Limited, Dunedin, reports that at its rabbitskin sale on October 25 only small offerings came forward and the QAality of the skins showed obvious signs of the lateness of the season. Competion was restricted to two or three buyers who apparently had orders to complete for America and they kept: the market well up to last sale's rates, with winter bucks occasionally higher. Prices were considerably above London parity. Following is the range of prices at the sate: —Runners, to 4:5 d per lb; summers, 5Jd; first milky, 9Jd; second milky, sd; summer broken. sd; third winter broken, Did; second winter broken, Hid; first w .liter broken, 13 id; prime racks. 7id: lisht racks, 71(1; dawny nutumns, 9fd; early autumns, 12Jd; late autumns, Mid: incoming winters, 18d; early winter bucks, 28d; early winter does, 2id: prime winter bucks, 52d; first winter bucks, 4Sjd: second winter bucks, 34d: prime winter does, 49d; first winter does, 40J(i; second winter does, 31d; first outsoins winter does. 21d; second outgoing winter does, 18d; first winter spotted, 23d; second winter spotted, 17d; s.cond winter blacks, 12d; first winter bracks, Sid.; autumn fawns, 4d; winter fawns, 30d; sxu'ings, lOJd;' hareskius, 4d; horsehair, 12d.