TRADE IN ISLANDS

New Zealand Herald, Volume LXXI, Issue 21916, 27 September 1934, Page 7

TRADE IN ISLANDS

INCREASED DIFFICULTIES MAXWELL AND COMPANY'S LOSS PROPOSALS FOR LIQUIDATION Proposals for tho voluntary liquidation of S. R. Maxwell and Company, Limited, of Auckland, Island traders, are to be submitted formally to shareholders at an early, date. A recommendation to this effect was made by tho directors in the '26 th annual report of the company, which was adopted by shareholders at the annual meeting last week.

The accounts for the year ended May ] 31 show a trading loss of JL765, com- ! pared with a loss in the previous year of £457. Deducting tho balance of £25 brought forward there is a debit at profit and loss account of £740. Tho report stated that it, had for some years been tho considered policy of the directors gradually to retire from the sale of merchandise and to concentrate upon the further developments of the company's plantations and agencies. Unfortunately the continued depression in the copra market, which had rendered tho agencies less profitable, and tho recent loss of the most important agency (owing to its principals deciding to open a branch in Papeete), necessitated an early decision as regards future policy. The position was made more difficult by restrictive measures imposed by the French authorities upon foreign firms. Generally conditions and prospects were such that the directors felt that in tho interests of shareholders the company should be voluntarily liquidated. The company has a capital of £30,000 fully paid in shares of 10s each and a reserve of £SOOO. Other Jiabilities are creditors, £585, and income tax appropriation account, £B. Assets total £34,853, as against £41,677 a year ago. The principal items are: —Land and buildings at Papeete, at cost less depreciation, £11,049; plantations, £8543; island depots and vessels, £2008; merchandise and shell, £4625; debtors, £2654; cash, £5729. A dividend of 7i per cent was paid in 1932, mainly ns the result of the appreciation of the French franc in comparison with sterling. This has been tho only distribution in recent years. SYDNEY WOOL SALES GOOD SORTS IN DEMAND KEEN BIDDING YESTERDAY (Received September 2G, 7.55 p.m.) SYDNEY, Sept. 26 At the Sydney wool sales today 8422 hales were offered and 7120 were sold. Also 1218 bales were sold privately. The level of values was well maintained and there was distinctly improved demand for better descriptions of wool. There was keen bidding by Japan, Yorkshire and France with some support from Germany. Greasy Merino sold to 15Jd for 10 bales from Bellata. LONDON AUCTIONS SUSTAINED COMPETITION LONDON. Sept. 25 At tho London wool sales to-day 9795 bales were offered, including 3031 from New Zealand. Tho approximate sales of Australian and New Zealand were 6203 bales. Competition was sustained, and prices were fully steady. New Zealand clips sold as follows; Greasy crossbred, "G.L.J.," top price, 9Jd; average, B£d; halfbred lamb slipe, "P&reora," 12d and llgd. VARIATIONS OF PRICES PHASES IN WOOL TRADE "Apart from political action, tho wool market is passing through a phase which usually follows sharp advances in values such as occurred last season," states the latest review of Winchcombe. Carson, Limited, Sydney. "In 1899 wool rose 50 per cent in value, and curtailed trado, due to advanced prices for goods, caused a sharp drop. In 1924-25, a period of record figures, a similar result was seen. The year 19272S provided a minor similar experience. When events of that nature occur it takes time for tho re&iced cost of raw material to percolate right through to tho retail trado. But tho lower prices eventually fully reach that section of tho textile business and give the essential fillip to turnover." PRICES OF METALS TIN STILL RISING (Received September 26, 7.35 p.m.) LONDON, Sept. 25 Following are to-day's quotations on the London metal market compared with those of September 24: Sept. 25 Sept. 24 Per ton Per ton £bd £ b d Copper, stan., spot . . 27 11 101 27 10 7\ Copper, stun., 3 mos. . 27 18 11 27 15 Ji "Copper, electrolytic .. 30 10 0 30 10 0 to to 31 0 0 31 0 0 Copper, elect., wire bars 31 0 0 31 0 0 Lend, soft, spot • • 10 11 ■> JO lj* 6 Lead. soft, forward . . 10 13 9 10 1j 0 Spelter, epot • • 12 ' ® ~' Spelter, forward • • 12 6 1- 12 b Tin stan., spot . . 232 12 6 231 15 0 Tin. stan.. 8 no.. ..229 2 6 22S 10 0 'American 9 cents a lb. PRICES FOR BULLS FAIR YARDING AT KOPU [by telegraph —OWN correspondent] THAMES, Wednesday Dalgety and Company, Limited, held its annual spring bnll sale at Kopu yesterday, when a fair yarding of bulls was submitted. Good-conditioned and well-grown young bulls sold readily at ruling rates, but old, low-conditioned and heavy bulls were not keenly sought. Many of the beasts offered were not in service condition. The advertised Jersey bulls sold on account of Messrs. Tizard Brothers, Kopu, averaged £l2 6s 9d and realised up to 17gns, which price was paid by Mr. J. Alwingen, Thames. Yearling Jersey bulls, 3gns to Gjgns; best two-year-old Jerseys, Bgns to 17gns; otheri, 3gns to 7gns; older bulls. s?ns to 7gns; aged and low-conditioned, 2gns to 4gns. MORRINSVILLE COMPETITION The Farmers' Co-operative Auctioneering Company, Limited, held a sale of bulls at Morrinsville. A full yarding of bulls came forward, several pens of choice two-year-olds and yearlings meeting with keen competition. Older and poorer condition bulls were not as keenly sought after. Choice two-year Jersey bulls, £6 15s to £l2 10s; other twoyear Jerseys, £3 15s to £6 10s; good yearling Jerseys, £6 5s to £8 ss; other yearling .Terseys, £3 5s to £6; small and poor sorts, 30s to £2 16s; good aged Jerseys, £4 10s to £6 10s; other aged bulls, £2 to £4; twoyear pedigree Jerseys, 7gns to 13gns: yearling pedigree Jorseys, Cgns to llgns; poorer quality Jerßeys, 3jgns to sgns; aged pedigree Jerseys, Sgn3 to 9gns. TE AWAMUTU JERSEY CLUB [ from our own correspondent] TE AWAMUTU, Wednesday The Te Awamutu < Jersey Club's second pedigree bull sale of the season was held at the Te Awamutu municipal saleyurds today and attracted many dairymen. Bidding was slack and prices considerably below expectations. However, in most cases vendors met the market. Among the two-year-olds top price was 2Ugns, which Mr. S. J. White, Mangapiko, paid for Mr. W. Struthers' Premier Gay Fox Others made IBgns. 18gns, 16gns. lOJgns and lOgns. Among the yearling Mr. J G. Holmes got top price, 20gns, for H.O Soumise Lad, other prices being 14gns, llgns. 10]gns. lOJgns, lOgns and lOgns. Fifteen two-year-olds averaged nearly lOJgns and 34 yoarlings averaged nearly 7Jgn»