COMMERCIAL

New Zealand Herald, Volume 81, Issue 25055, 20 November 1944, Page 2

COMMERCIAL

LIVESTOCK MARKETS CONDITIONS IN WAIKATO (0.C.) HAMILTON. Sunday The recent heavy rains in the Waikato will further stimulate pastures which were not making much growth during the hot dry spell and should ensure ample feed for the coming month. Station-bred store cattle are coming forward in good numbers for this time of the year. A large yarding at Morrinsville on Friday attracted a full attendance of buyers. Grown steers and female cattle elicited steadv competition and values were practically unchanged but prices for some of the two-year steers were a shade lower. Values for the offering at tho Te Awamutu sale were on a par with recent quotations. Yearling Jersey heifers are also still coming to the market in good numbers and prices show little change. Only small yardirigs of dairy cattle aro being offered and with a poor demand prices are lower. Average yardings of boner cows sell at recent improved rates. In tho store sheep section the demand for wether hoggets is not as keen as a few weeks ago and prices at the central yards were lower by Is to Is Od a head. Small lines of ewes with lambs at foot meet a ready sale at recent rates. ...... . Beef. —Yardings of fat cattle are not showing any great increase and this, together with the higher schedule rates, has resulted in prices being maintained. Yardings at the country sales comprise principally female cattle which as a rule are only sufficient for local requirements. At the central yards, prime station-bred cows and heifers are in short supply and prices for these are usually considerably in excess of schedule rates. Extra heavy prime bullocks sell at £lB to £lB 1/8 Od; prime. £l(i 10s to £l7 10s; medium, £ls to £l6; lighter prime, £l3 to £l4 10s; heavy prime young cows and heifers, £ll 10s to £l2 10s: prime. £lO 10s to £11; light, £1) to £lO. Mutton.—lncreased yardings of fat sheep are coming forward. Entries at the country sales include a large proportion of ewes and hoggets which sell at recent Quotations. At the central yards wethers were penned , in much larger numbers than usual and prices were easier. Values for other classes were practically unchanged. Heavy prime wethers, 88s to 84s; prime, 81s to 3fis Od; llfirht and plain, 29s to 30s; prime fat ewes, 19s to 20s; medium, 17s 6d to 18s Od: light. 10s to 17s; heavy fat lambs, .its to 3<>s 0d; medium, 30s to 335; light, 28s to 'JOs. Pigs.—Large yardings of fat pigs are coming forward at all the main sales. Prices for baconers remain firm at recent quotations, while buttermilk pigs and those suitable for finishing are still keenly sought at very firm rates Stores and weaners are also be,ing penned in large numbers and values show little change. Baconers sell at £4 m to lo lis; buttermilk pigs, £3 los to £4 10s, norkers nrul larß ° storcs ' £ ~ 15s H. 43 £2 5 smaller stores, £2 5s to £2 10s; slips. 3;>s to £2 ss; weaners. l<s od to 30s.

PRICES AT MORRINSVILLE (0.C.) MORRINSVILLE, Sat. Prices on a par with recent rates were realised for fat sheep at tho Morrinsville sale Yesterday. Fat cows were in keen demand at late rates and boner and store cows also had a readv sale. Jersey heifers were slower ol sale but recent values were maintained. Prices for dairy cattle were easier. Ihere was keen competition for a large entry of pigs. Quotations:-— Beavy shorn wethers, 30s Od, medium, 2Ss Od; heavy woolly hoggets, 32a to 33s 3d; medium. 28s to 30s; small shorn hoggets, 21s Od to 23s 3d; heavy shorn fat ewes, 18s to 20s; medium. 10s to 1/s Od; woollv ''3s to 245; ewes with lambs at toot, to 15s 8d all counted. Heavy fat cows and heifers, £lO 18s to £ll 15s; medium, £9 to £lO ss; lighter, £7 15s to £8 10s; heavy boner cows, £0 to £7 ss; medium, to to £o 15s; storo cows, £3 10s to £4 10 ® ; e?o cows, £5 to £0 ss; potter bulls, £5 to £lO 15s; good quality yearling Jersey I heifers, £7 to £7 15s; smaller, £0 2s Od to £0 15s. Good quality calved Jersey heifers, £8 10s to £10: medium, £7 to £7 17s Od; good quality springing Jersey heifers, £8 to £9 30s; niedium, £7 to £7 15s; good cows in milk. £7 to £S 15s. Heavy choppers, £4 to £4 10s j others, 39s to £3 10s; heavy baconers. £o to £5 4s 6d; medium. £4 10s, to £4 16s; light, £4 to £4 8s; buttermilk rngs and large stores, £3 10s to £4 lis; smaller stores. £2 10s to £3 3s; slips, 34s to £2 3s Od; weaners, ISs Od to 31s Gd. FIXED DEPOSIT SYSTEM VITAL PLACE IN BANKING A suggestion that the fixed deposit system had become outmoded was contradicted by the chairman of the Bank of Adelaide, Sir Howard Lloyd, at the bank's annual meeting. He said that fixed deposits were largely derived from a class of investor that preferred the short-term security, although the interest return might be moderate. "In spite of the extremely low level to which rates have been forced by the National Security Regulations, the aggregate of fixed deposits lodged with us has increased during the year, thereby indicating that the system is popular and supplies a definite need," Sir Howard continued. "This is particularly applicable to primary producer customers! who find the fixed deposit a liquid and convenient method of establishing a reserve against adverse seasons. Its retention in the Australian banking system is almost vital, as the trading banks are thus able to assist trade and commerce by diverting to trading and seasonal purposes funds that would otherwise be excluded from those activities. In Canada the chartered banks are able to attract funds from the public by means of savings deposits, whilo South African banks operate both fixed deposits and savings deposits. IF the fixed deposit system were eliminated in Australia, trading banks might have to consider operating savings departments."

BRUCE WOOLLEN COMPANY (0.C.) DUNEDIN, Sunday At the annual meeting of fhe Bruce Woollen Manufacturing Co. at Milton the chairman, Mr F. L. Nicolson, said that gross profit for the year had reached the record figure of £121,035, an increase of £3527 over the previous year, but the net profit of £IO.OOO showed a dccreaso of £3(325. This- decrease reflected the extra cost incurred because of unsettled- conditions arising from war activities. Depreciation amounting to £12,000 had again been written off premises and plant, ond it had again been necessary to provide £07,000 for taxation, a sum equal to approximately 55 per cent of the gross profit. The net profit, together with the balance of £11.813 brought forward from last year, made a credit balance of £31,752 in the profit and loss appropriation account which, as already announced, directors recommended bp dealt with as follows:—Payment of dividend on preference shares. £2800; dividend on ordinary shares, £0000; bonus on ordinary shares, £2000; transfer to reserve account, £11,000; carry forward. £9052.

BRITISH TIN MERGER A British tinplate merger, involving assets totalling £34,000,000. is announced, states a London cablegram. Under a provisional agreement, Baldwins, Ltd., tinplate and sheet manufacturers, transfers to Richard Thomas and Co., Ltd., of Ebbw Vale, South Wales, its fixed assets as from January 1. Issued capital of Richard Thomas and Co., Ltd., is £7,905,346, and the issued capital of Baldwins is £4,582,000. Richard Thomas and Co. will become Richard Thomas and Baldwins, Ltd., and Baldwins will become Baldwins (Holdings), Ltd. The statement says that after tho fusion both companies will work in the closestcollaboration for tho proposed modernisation of the tin plate and sheet industries in South Wales, in conjunction with other companies interested in these trades, and will assist such development to a full extent financially. FOREIGN EXCHANGES Closing telegraphic rates for purchases and sales of foreign exchange Auckland on overseas centres on Saturday were supplied by the Bank of New South Wales as follows: November 18 T.T. T.T. Buying Selling New York, dol. to £ . . 3,2512 3.2050 Montreal, dol. to £ .. 3.0030 3.5200 India, pence to rupee .. 22 3-10 22% Ceylon, pence to rupoe . . 22 3-10 22% S.A.. £N.Z. .CS.A. 100 123 125/2/0 London. £N Z. £st. 100 124/7/0 125 Australia, £A. £NX 100 100/10/- 100 Fiji, £P. £N.Z. 100 .. 00 88/12/0 Chungking, N.Z. pence to Chinese dollar . . 4d Switzerland, fr. to £ .. 14.01 13.74

CALL AND DIVIDEND LIST Dividends— Dne Leyland-O'Brien—1/-Nov. 22 Kanford—pref., S 3-5 p.c.: ord., 6d Timarn Wool —5 p.c. Nov. 23 Nov. 23 Bank N.S.W. —quarterly, 6/Nov. 24 N.Z. Paper Mills—int., 3 p.c. Nov. 28 Col. Sugar—int.. 16/Nov. 29 Tooths —final, G'/j p.c. Nov. 29 Swan Brewery—inf., pref., 3 p.e.i ord., Od Nov. 20 Nat. Bank A'asia —final, I 3 /, p.c. Nov. 20 Broken Hill Pty.—int., fid a share Nov. 20 Farmers' Trading—int., A and B pref., 5 3-5 p.c.; C pref., 5 p.c. P-a. • • Nov. 30 Claude Neon (VZ.) —5 p.c. Nov. 30 Nat. Insce. —final, r»d Nov. Sharland and Co.—final. IV> p.c., bonus, 2 p.c. Nov. Tui Brewery—final, 1V 2 p.c. Nov. I).I.C. —pref., half-year, 5 p.c.; ord., 7 p.c. Nov. Fletcher Hides. —int., pf. and ord., fi p.c. p.a. (books Nov. 23).. Dec. 1 Bank N.Z. —int.. ord., 3 p.c.; D mort.. 7% p.c. p.a. (less taxes) Dec. 1 Palo—half-year, 15 cents (less Canadian tax 15 p.c.) Dec. 1 West port—final, Gd Dec. 4 Kauri —final, 3 p.c. (books Nov. 23) Dec. 7 Waihi Invest. —2 p.c. (less U.K. tax, 8/5 in f) Dec. 8 E., S. and A. Bank —final, 3% p.c. (less U.K. tax) Dec. 11 N. Broken Hill—Int., half-year, 1/-Taringannitu-Totara—final, -1% p.c. Deo. 12 Dec. 14 A.C.I.—int.. ord., 3 1 /* o.c„ pref., 4Yj p.c. Dec. 15 Placer —half-yearly, 25 cents, Canadian (less absentee tax 15 p.c.); (hooks Nov. 2-1) Dec. 1.5 Henrv Jones —final, 1/fl (books Bee. 2) Dec. 18 Mt. Lyell—1/Dec. 13 Broken Hill S.—int., half-year, 1 /- Dec. 19 Goidsbrough Mort—int., 2 p.c. Dec. (books Dec. 5) 20 Morris Hedstrom—int., m Dec. JDm.