FINANCIAL YEAR ENDS

New Zealand Herald, Volume LXXV, Issue 23002, 1 April 1938, Page 5

FINANCIAL YEAR ENDS

BUSINESS DIFFICULTIES FACTOR OF HIGHER COSTS BUOYANT EXPORT MARKETS Many leading New Zealand companies have completed another account with the closo of the 1937-38 financial year yesterday. Balance-sheets are not likely to be available to shareholders for some time, and speculation, exists as to what the final results will show. For some time business has felt the full impact of rising costs, following the advance in oversea prices arid the effects of now legislation. To meet these changed conditions directors in the past 12 months have faced a difficult period of readjustment, which is bound to bo reflected in forthcoming balancesheets. Not all industries! have been affected adversely, but with wages costs persistently on the upgrade, there has been a conspicuous lack of interest, from an investment point of view, in shares in frozen meat, woollen, coal and gas undertakings. Generally, investors liavo taken a rather dismal view of the prospects of Dominion industrial companies, in marked contrast to the attitude toward Australian concerns. Internal Business Internal conditions as revealed by banking figures have indicated a sound j position. Deposits and advances have ruled at considerably higher levels, while nolo circulation records were established in October, November and December. The balance at credit of depositors in the Post Office Savings Bank neared the £62,000,000 mark in December, nearly £6,000,000 higher than a year earlier. Generally, throughout the your good trading conditions liavo been experienced, and some establishments have reported records in turnover. Luxury lines have been in keen demand, especially radio sots and motor-cars, while a preference for quality goods has been maintained, with less evidence of keen price discrimination. Bankruptcies have been fewer, and building riioro active, while the tourist season was highly satisfactory. With buoyant markets for exports, total external trade for the calendar year at £122,874,074 was nearly double the figure of 1931. Exports for the calendar year totalled £66,713,379, an increase of nearly £10,000,000 on the previous record figure ill 1936. The largest increase in exports went to the i United Kingdom, but Italy, the United States, Japan, Germany and Canada are taking greatly increased quantities of the Dominion's products. Growth ol Imports

An unfavourable factor has been tLo threat to the favourable balance _ of trade contained in the growth of imports in recent months. For the ten months of the financial year ended January, imports amounted to £48,860,000, leaving a surplus over exports for that period of a little over £3,000,000, against a surplus of over £10,000,000 lor the calendar year. During each of the six months July to December imports exceeded the value of exporvs. The movement was arrested in January, and, since February and March export returns are normally among the highest of the year, the final returns for the financial year should disclose a favourable position.

THE MARKET BASKET MORE ORANGES ARRIVE LITTLE CHANGE IN VEGETABLES Retail rates for m'ost fruits are unchanged. A shipment of Pitcairn Island oranges is now on sale, prices, being similar to those for other types of oranges. Bananas are slightly cheaper, but there has been a rise in tho price of grapes, passion fruit and figs. There has been no change in the prices of other vegetables, except for peas, which are slightly cheaper. Mushi'ooms are again on sale. With the exception of smoked cod and crayfish, fish are retailing at last week's prices. The only other alteration for produce is a drop in the price of duck eggs by Id a dozen. Prices are: — FRUIT

Anples, cooking, 3d;'delicious, 3d; Jonathan, 3d and 4d; Cox's Orange, 3d and •id; oranges, Australian Valencias, 3s 6d to 3s; Jamaican, 2s Od to 3s 'id; Californian Sunkist, 3s; Pitcairn Island, <1 and 5 for Is; lemons, Is Od to 2s (id; bananas, and sd; lb: second grade, 2d and ad; grapefruit, Sunkist, Od; Jamaican, 4d and od each; coconuts, 3d and 'ld each; pineapples, Queensland variety, Is (id to 'is; tomatoes, choice, (id to 8(1; others, 4d; hothouse grapes, Is (id to 3s per lb; outdoor grapes, Is to is '2d per lb; Louis Bon Jersey pears, -Id and od; Winter Coles, -Id; others, 3d and 4d; passion fruit, Od to Is (id a dozen; guavas, (id per lb; cape gooseberries, lOd per lb; Chineso gooseberries, Is (id a doxen; figs, 3d to Sd a dozen.

VEGETABLES Kumnras, 2d per lb; onions, 3d lb; rhubarb, 4d to (id a bunch; radish, spring onions, 2d; cabbages, l()d to Is Od; lettuce, 3d to 4d; silver beet, 3d per bunch; pumpkins, 2d and 3d per lb; potatoes, I'/id to 2d; outdoor beans, 3d and 4d per lb; carrots, 2d a bunch; parsnips, 2d a bunch; peas, Od to 8d; outdoor cucurabors, 4d to 8d each; beet, 3d per bunch; marrows, (id to Od; watermelons, 3d lb; cclerv, 4d to Sd; sweet corn, 2d and 3d a cob; spinach, 3d a bunch; mushrooms, Is Od to 2s Od lb.

MEAT Beef—Rump steak, Is 4d; undercut, Is (id; beef steak, 8d; sirloin, H)d; prime ribs, Sd; prime ribs (boned and rolled), lOd; wing ribs (three chine bones), 9d; topside (lib and over), 7d; bolars, 7d; chuck rib, od; rolled back rib, Sd; corned round, Od; corned brisket (boned), 6d; brisket and flat rib. 4d; thin flank, 3d; gravy beef or shin beef, Od; minced beef, Od; tripo, Od; dripping, Od; suet, 4d; sausage, 4d; sausage meat, 5(1; whole shins or legs, 2d; half-shins or legs (thick end). 2!id; half-shins or legs (knuckle end), 2d; ox kidneys. Is; ox tongues, lOd; ox tails, Od; whole loins, od; whole rumps, lOd. Mutton.—Sides, 7d; wholo legs, Od; cut logs, O'/ad; shank end (61b or under), lOd; hindquarter, Sd; forequarter, fid; shoulder, 7d; shank end of forequarter, O'/ad; necks (best end). 7d; necks (scrag end), Od; loin, BVad; middle loin chops, Is: leg chops, lid; rib chops, lOd; neck chops (best end), 8d; stewing chops, Od; flnps, 3d; cutlets (trimmed), Is 2d; sheep's fry, 8d; kidneys, 3d each: tongues, 3d each; sheep's head (dressed), Od each; sheep's brains, 2d. Nc»v Season's Lamb.—Forequarter, Od per lb; hindquarter, Is: legs, Is 3d; loins. Is; sides, ltd; lamb chops. Is 2d; veal nllots. lid; loins, lOd; shoulder, 7ds cutlets and veal steak. Is Id; chops. Is; forequarter, Gd; rolled veal, Od; veal rump stoak, is 3d. Tork. —Leg, Is; loin, Is; foreloin, with blade, lOd; pork chops. Is Id; corned hand, 10(1: corned belly, Is; pork sausages, Bd. These prices are over the counter, an extra charge of a penny a pound covering both booking and delivery.

FISH Schnapper and terekihl, whole. Od per lb; nilots, Jod; smoked, lOd; skinned fillets, with wings, lid: without wings, 3s; steaks, 8d; terokihi. kippered fillots, Is 3d; trevalli, wholo, 7d each; smoked, 8d; smoked fillets, 4d and sd; John Dory fillets, Is 2d; mullot., wholo, liaipara. fid each; Auckland, Vd per lb; Hinokcd, TCaipnra, l»d each; Auckland, Hid per lb; flounder, Is per lb; lemon fish, od per lb; silver strip, Od per lb; hapuku steaks, 2d per lb; smoked, Is 3d; moki steaks, Sd per lb; smoked, i)d per lb; ki.ngfish steaks, 8d per lb; smoked, Od; salmon, is 3d per lb; smoked, Is 4cl per lb; cod, fresh, Od per lb; smoked, Is Od; gurnard, whole, 2d; fillets, 1 Vjd each; smoked, sd; barracouta, whole, r»d; fillots, Od per lb; smoked, 8d; cream fish, l%d oach; frostfish, Od per lb; hako, wholo, Od per lb; smoked, 8d; kippers, Scotch, Is per pair; crayfish, Od and lOd per lb; smoked schnapper roos, 2s Od per lb; fresh schnapper roes, 2s; smoked hapuku, Is 3d; mussels, fresh. Is Od a dozen; rabbits, tOd oach; cod fillets, Scotch, Is Od per lb; smoked bloaters, threo for Is; giblets, Sd per lb; mutton birds, 30d. BACON AND HAM Bacon.-—Shoulder rashers, Is 3d per lb; rib rashers, Is Od; by piece, shoulder cut, lOd to is 2d. 71 i*ins; Rashers, Is Td; piecc_s, Is Od; wholo hams, Is Id; half-hams, Ift sd. BUTTER AND CHEESE Butter.— Factory, first grade.f/ 3 d per lb; second grade, 1s -Id; farm b'lU", is per lb. Cheeso: Mild, is; tasty, Is Od. EGGS Hen. A grade, 2s 4d; B grade. Is lOd; pullets, is Od; duck, A grade, -s -a, a grade, Is lOd.