CANADIAN WHEAT

New Zealand Herald, Volume LXXI, Issue 21921, 3 October 1934, Page 7

CANADIAN WHEAT

DEALINGS IN FUTURES INVESTIGATION WANTED WINNIPEG. Oct. 1 A Government investigation of wheat futures operations has been requested by Mr John McFarland, chairman of the selling agency of the wheat pools. He seeks the source of heavy selling of futures during recent weeks in face of reduced marketing and delivering by farmers. 'The Free Press says it suspects an attempt to corner wheat. Mr. McFarland urges an inquiry into the Buenos Aires and Liverpool futures markets. A message from Calgary says the initial payment of tho Alberta pool for the 1934 crop shows an increase of 15 to 50 cents, compared with 35 cents in 1933, owing to better prices ;]Jid improved demand. ENGLISH QUOTATIONS LONDON AND LIVERPOOL LONDON. Oct. 1 Wheat. —Cargoes are slow. Parcels are unchanged. Futures: —London: February, 23s 7d a quarter; April, 23s lid. Liverpool: October, ,5s ljd a cental; December, 5s 5 l-8d; March, 5s 8 «>Bd; May, 5s 10:jd. GUARANTEE CORPORATION PAST YEAR'S ACCOUNTS [by telegraph —own correspondent] WELLINGTON. Tuesday The net profit for the year ended August 31 of the New Zealand Guai antes Corporation, Limited, after providing for income tax, and after making adequate provision for all losses on doubtful securities, was £19,603, compared with £7218 in tho previous year. The directors state that during the past year business has steadily increased month by month and tho probabilities are that within another two or three months the whole of the corporation's capital will again be fully occupied in its ordinary business. During the year the corporation's capital was reduced. The whole of the preference capital of £20,000 was returned, and the 17s paid shares wero reduced to 3s by a return of 14s a share. Paid capital now stands at £72,000 made up of 480,000 ordinary shares of 3s each, fully paid. The reduction of capital involved a cash payment of £142,400 to shareholders, and of this amount £140,501 had been paid by tho end of the financial year. The creditbalance at the bank amounts to £3478, and investments stand at £23,926, equal to cost, or the market price, whichever is the lower. An interim dividend at tho rate o!t 7 per cent per annum on the preference shares, less the statutory reduction of 20 per cent, requiring £SOO, was paid to prefeVence shareholders, together with the capital refunds, and a dividend of 2d a share was also paid on the ordinary shares, absorbing £4OOO. The directors now recommend, as announced in the Herald on September 19, payment of a final dividend of 2d a share, and that £IO,OOO bo transferred to general reserve, leaving £3257 to bo carried forward, as against £1503 brought into the accounts. FREEZING COMPANY'S YEAR 50UTH OTAGO DIVIDEND [by TELEGRAFH —rRESR association] DUNEDIN, Tuesday The directors of the South Otago Freezing Company, in their report for the year ended August 31, state that after making provision for depreciation and transferring £9OOO to reserve for income tax and £SOOO to the general reserve, the profit remaining, including last year's balance, totals £14,202, The directors recommend payment of a dividend at the rate of 8 per cent per annum, absorbing £5304, and that the balance of £BB9B be carried forward. The company paid a dividend of 8 per cent last year and 7 per cent in 1932. BARNET GLASS RUBBER DUNLOP-PERDRIAU'S INTEREST Earnings of the Barnet Glass Rubber Company, Melbourne, for tho. year ended June 30, totalled £57,900, an improvement of £7BOO compared with those of the previous year. After meeting the usual 8 per cent preference charge of £16,000, a sum of £41,900 remains for the ordinary shareholders. Nearly all the ordinary capital, which totals £550,000, was acquired by the Dunlop-Perdriau Rubber Company in 1929 for £BBO,OOO, and this profit of £41,900 equals a return of 4 per cent on the investment. Only two-thirds of the profit is, however, being withdrawn by Dunlop-Perdriau in tho form of a 5 per cent ordinary dividend. This dividend is an increase of 1 per cent on last year, and the revenue of Dun-lop-Perdriau for the current year will benefit by £5500. GOOD TALLOW DEMAND ADVANCE AT AUCTION The Department of Agriculture has received the following cablegram, dated September 29, from the High Commissioner lor New Zealand, London: Tallow.—The demand was good at auction. Of 788 casks offered 651 sold at late rates to 6d per cwt. advance on the prices ruling at the last auction. Present spot quotations arc:—Mutton: Fine, 22s 6d; fair to gootl, 19s to 21s 6d; dark to dull, 17s to 18s. Beef: Sweet and/or mixed, 21s to 225; fair to good, 18s to 20s 6d; dark to dull, 16s 6d to 17s 6d. Mixed, fair to good, 18s to 20s 6d; dark to dull, 16s 6d to 17s 6d. Gut, etc., 16s to 17s 6d. Hemp.—The Manila market is quiet but steady. Nominal values for AugustOctober shipment, £l2 15s. The sisal market is steadier. October-December shipment sold at from £l3 15s to £l4. The New Zealand market is steady. Small business ha.s been done. High points for September-October shipment, £ls 10s. Nominal values for fair grade, £l3. Eggs.—English produce dearer. English, national pack, 13s to 19s; English, ordinary pack, 13s 6d to 14s Cd; Danish, unchanged; Australian, arrivals increasing, 10s to lis Cd.. Apples.—Fair demand for British Columbia. Jonathan, 10s 6d to lis Cd; Cox's Orange, showing bitterpit, 10s to Us; Californian Newtown, 10s to 10s 6d; other Newtown Pippins, lis 6d to 13s. Pears.—The maples market is quiet, particularly about the end of tho month, "A" grade Tasmanian, Septem-ber-October shipment, sold at 51s. New Zealand, ,50s at the close. Sellers quoto Tasmanian for October-November shipment at 49s 6d. Nominal value for New Zealand, 475. The blues market is dull. Tasmanian neglected. Nominal value for September-October shipment, £lO 10s. PROPERTY AUCTION T. Mondeno Jackson will offer at auction at his rooms, 3 Swanson Street, at 11 o'clock this morning, a two-storey housa and section at 145 Remuera Road.