FINANCE AND TRADE

New Zealand Times, Volume XXIX, Issue 6316, 17 September 1907, Page 6

FINANCE AND TRADE

LOXUOX COiIMKItCI.U, CAIiLEB. J'ItESS ASSOCIATION. ' LONDON, September 15; Frozen Mutton—-( ‘unterbury, medium, 4\d; rest unchanged. There is brisker 1 rede m rabbits, but prices arc unaltered. Now Zealand Hemp—The market is firmer. . .A ugast-Octnber, .£3B. Copra—Steadier. South Sea, .£lO 10s. Wheat—Uargoos sold at Cos to 39> 9IL UopiKT—On spot. £65 10s; three months. ,£T»S 15s; electrolytic, .£74 30s. .American ropjHM’ producers are pressing sales, and it is feared electrolytic will shortly oe reduced there to fill'-mi cents per pound. The Amalgamated Company ani.omiwd the close of its mine-son Sundays in order to reduce the reproduction to eight milHon lons. There is a general slump ‘iv cooper shares. Tin—On spot, .£IOO IDs; throe months, £159 Ids. Lend, .£2O as. Antimony. .£lO 10s. Waihi Goldminiug Shares—Buyers. .£8 /Os. sellers .£8 12s Gd. Waihi Junction— Buyers, 3Gs 3d; sellers, 38s Od, LONDON ADVICES. HIGH COMMISSI CNEE’S CABLE. - The Department of Industries and Commerce has received the following cable from the High Commissioner, dated London. 14th September: Tho mutton market i<s very firm, with a better demand, and there are signs of improvement in tho market. Canterbury is quoted at 4id, and North Island mutton, at 3.3 d per lb. The lamb market is very firm. Stocks an hand are light, and there is a good for all lamb. Canterbury is quoted at sJd* ami other than Canterbury at s{d per 117. Tho beef market is quiet. Hindquarters are quoted at 3Jd, fore-quartferß ht 2Jd per lb. Tho butter market* is very firm, with -on .active demand for best quality at full prices. Trade throughout the country is good, and consumption is large, Current quotations are: —Danish, 115 s; Siberian, 07s; Irish, IOGs per cwt. Tho cheese market is firm, with an upward tendency, and thcro is a fair local •demand at this price. Canadian manufacture Ls quoted at 61s for coloured, 59s for white per cwt. The hemp market is quiet but firm, with a bettor demand prevailing. Dctober-Docember shipments, good fair grade, arc quoted at *£32 IDs. fair grade .£2O 10s per ton. Fair current Manila, on spot, is quoted at =£34 10s per ton. The cocksfoot seed market is quiet. Bright clean New Zealand seed, weighing X7ib to tho bushel, is quoted at 60s per cwt. The wool market is firmer. Tho arrivals from the River Plftte during the month of August, 1607, are as follows: Mutton. London, 82,091; Liverpool, 131,869; Hull. 7806; Newcastle, 23,693; Cardiff. 4228; Southampton, 1689; Ireland, 2018. Lamb—Loudon, 4563; Liverpool. 2956; Hull, 39; Newcastle, 1853; Cardiff, 848; kJouthampton, 318.

WAIEARAPA FARMERS' COOPERATIVE. ANNUAL REPORT. ,In their annual report, the directors of the Walrarapa Farmers’ Co-operative Association, Ltd., say:''After having made due provision for bad and doubtful debts, depreciation of stock and plant, and paid auditors' fees, the net profit on the year's transactions is 13s 9d, to which has to be added .£SOOO carried forward from last year's profit and lows account, making the total available for division 13s 9d. Your directors recommend the distribution as follows: —Payment of dividend on paid-up capital, 6 per'cent.; payment of -bonus on paid-up capital, 3 per cent..; payment of bonus to shareholders on their purchases, 3 per cent.; payment of bonus to employees on their salaries, 3 per cent; and a bonus to managers land to heads of departments which have don© a profitable trade during the year. To carry to reserve .£3OOO, which will then stand at £128,102 10s Bd. After paying the Government Income Tax, placing .£2OO to the Employees' Accident Fund, which will then stand at .£B2B 16s, and honorarium to directors, there will remain a sum of £ISOOO to carry forward to next year's profit and loss account. Your directors are pleased to state that the business of the association has shewn a continuous increase during the year, the same being of a sound and profitable character. ’ The result shows fan increase of net profit on laid: years' balance-sheet of £2680. "During the year your directors had the following buildings erected to meet the requirements of the association's growing trader—At Masterton: A wool and skin shed in Colo street; a granAry adjoining the railway station; also a hide shed adjoining the railway station. At Carterton: A brick party wall, on south side, a nesw shed and additions to stabler*. At the request of a large number of our Lower Valley shareholders your directors decided to extend the association's business ter Martinborough; they purchased a' suitable site and have lot the contract for the erection of brick buildings of an up-to-date class, suitable for our business, which will be completed by end of November, Your directors have repaid -620,000 of debentures, which matured on 30th September last, and issued new debentures for -825,000, at par, for a 10 years' currency at the same rate, via., 5 per cent, per annum. The stocks are new, well selected, suitable for out trade and of good value. The buildings and' plant are in good oredor and repair. The properties are worth considermore than tbeil book values. The stall is efficient and tjapable. The retiring directors are Messrs C. JB. Phararm, P. J. Nathan, and A. Oaselberg, who, being eligible, offer themselves for reelection. The auditors, Messrs R, .T, Bad ham and W. B. Chennels, also offer themselves for re-election."

OTAGO AND SOUTHLAND INVESTMENT. (Prom Our Special Correspondent.)' LONDON, July 5. The report of the Otago and Southland Investment Company, Ltd. (in liquidation), to be submitted to the final meeting of shareholders in London on August 23th, states that the affairs of the company being now fully wound up, the liquidator submits accounts showing the manner in which the winding-up has been conducted and the property of the company disposed of. The result of the realisation of the assets has been the sum of .£35,097, out of which has been ■paid £32,664, leaving for distribution to the shareholders a return of capital at the rate of 4id per share on 137,374 ' shares, ill 2s 6d per share, paid up. The company was incorporated in April, 1864. principally for the purpose of receiving money in. this country on deposit or debenture, and investing it at a higher rate of interest in New Zealand on mortgages of real estate and other securities. The first issue of 20,000 shares of ,£lO each, ,£2 paid, was made at par. These shares were subsequently converted into 40,000 shares of £5 each, with £1 per share paid up. The next 60,000 shares were issued at intervals at » premium of 5s a share, and the remain- • ing 50,000 shares were issued at a pro inium of 10b a share in ISB2. When the company went into liquidation, the number of shares issued was 149,600, upon which the sum of .£1 3s 6d per share hid been called up. In- the first twenty, nine years of the company's existence the business was most successful, and dividends were paid at the average rate of 10 per cent, per annum, and a reserve fund of ,£78,000 accumulated. When the company started, the rate of 10 bhr cent, could he easily obtained in Neiv

Zealand on first-class securities, but rates gradually fell, until the margin between Ihe borrowing and lending rale practically disappeared. Jn 1887 and following years—a period of great depression in New Zealand—a large amount of property fell into tho company’s hands, which had to be worked for u long time with varying sueces, until xnirchasers could be found. The Australian crisis in 1892-1893 also affected the credit of the company, and Urn best-paying securities had lo be realised lo provide for the repayment of the maturing debentures and avoid a heavy* call on the shares. The policy of gradually realising the assets and paying off tiie liabilities was carried out during the last twelve years of the company’s existence, until in 1906 tho directors saw their way to recommend that the company should be put into voluntary liquidation. Tho losses sustained in realising the assets, and the cost of working the company had absorbed the whole of (Tie paid-up capital, as well as the reserve fund, ami it was found necessary before winding-up to make a call of 2s 6d per share, to provide for tho remaining liabilities ana expenses of liquidation. 'The call wa* exceedingly well paid, the amount received being £17,384, out of a total of .£38,700. This, together with a more favourable realisation of some of tho Now Zealand assets than was anticipated, has enabled the liquidator, after paying all liabilities ami expenses, to make a return of capital to tho shareholders at the rate of 4ld a After the meeting on August 28th, \'' liquidator will make a return to the Registrar of Joint Stock Companies of sue r meeting having been hold, and on tho expiration of three months from the dale of the registration of such return tho company will be actually and legally ‘"dead.”.

On August 3 the "Statist” was decidedly gloomy in its summary of tho financial conditions in Europe and America. Germany that week had bought .£500.000 in gold oh the London market, and the time had arrived for the usual summerantumu drain to make itself felt in London. There had been financial troubles in Egypt as a result of that country progressing too. rapidly. and So bn. But the "Statist” cast its eye hi I round, and found nothing favourable to rest it dh in any direction. The folldwing are brief extracts from its comments "Tho outflow of gold from London will for, some months now be considerable. That may secure to tho Bank of England brico more command of t.hd gold market. If it docs not, the bank ought to make special efforts to strengthen itself.” "The surplus reserves Of tho whole of the National Banks iii tho’United States are exceedingly small, and therefore wo may expect in the .United States dear and tight money before long. On the Berlin Bourse there is utter stagnation. The last week of every month has during tho, present year nearly always brought with it a strong demand for banking accommodation, a great expansion of the note circulation, and a. tightening of the money market. In September it is everywhere agreed that money will be Scarce and dear,, and throughout the autumn it is feared that the stringency will become such that tho bank rate must inevitably rise as high as it was last year. Business on thd Paris Bourse, is almost as ..stagnant as it is in Ldndbn. The breakdown of the speculation in copper and diamonds, the disturbances in the wine-growing districts of tho South, the fear of the income tax; the revolt against Socialism, and the apprehension of dear and scarce money nil over Europe and America tend to check enterprise of every kind. Over and above this, the uncertainty respecting the course Bf events iii the United States exercises a deterrent influence. Lastly, the renewed fall in Consols has caused some apprehension. People arc unable to account for‘such a depreciation in tho premier stock of the United Kingdom. They fear, therefore, that there must .be some hidden trouble, and the mere fear that difficulties of tho kind exist In England naturally checks all enterprise.” Tho Customs, revenue received at ’Wellington yesterday totalled .£3532. WELLINGTON STOCK EXCHANGE.

YESTEEDAY'S QUOTATIONS. Bvtbbs, SEttiSs. Sifcis. £ «. a. £ a. d. £ s. d

GOLD RETURNS. DUNEDIN, September 16. Dredging returns; —Golden Bed; 48oz 6dirt; Golden Treasure, 420 z; Golden Gate, 20oz Sdwt: Garden Gully,, 15oz 14dwt; Hoyal Waimumu, 17oz; HViaitata Queen, IGoz lOdwt; Olrig, lloz sdTt. . . Hue Spur Consolidated Sluicing Company, 4500 z ISdwt, for a little over five months’ wort..

BASKS— National of N.Z., Ltd 5 D 0 New Zealand .. 10 0 0 FixAjrciAL— Metropolitan Pertria* nent, £10 11 i National .Mortgage 8 3 0 N.Z.. and R. Plate .. 1 9 3 W’gton, Investment — 12 Oa»— . Gisborne .. a 18 0 Hokitika,... .. 4 IS b Napier, £10 tT .. £6 16 0 0 Palmerston North , Iftafaai££m— National of N.Z. 1 6 9 New Zealand 4 3 0 MsIt PamiTiKfiCh’Btchurob Meat Co. 10 12 0 QearM»tiil ... 9 6 0 'Wellington Meat, £3 13s «d 8 4 0 S 5 6 Riii/wats Ann Baarrixe— W'gt’h'Mattawata, .. 2 3 0 W’gt’n Terry, £1 .. 0 18 0 .. .. ISb .. 0 13 6 . Wooixxx MAHui-Aoiokiwa— MoSgiel Woollen •2 35 d — CoAIi— .Westport,' 7 19 0 MraeaLiiitioas— Kauri Timber 16/- pd. 9 7 8 Leylasd O’Brien Timber 2 6 0 Manning 6 Co.. Ltd. 4 1 0 Mountain Bimu Timber Co. 1 S 0 ' N.Z. Drug Co, £3. E: Beynblds % 'Co a n 0 “ - preference 0 18 0 Tatinaki Petroleum* £1 paid 0 14 8 _* Wellington Opera House / .. 5 10 0 — <— Mnnxd— Kutanui Caledonian d 0 s a io N.Z..Crown ■ .. O 7 0 Talisman Consoldated a s 8 a 6 9 2 6 fi waihlG.M. Co. 8 14 6 8 16 6 8 15 0 Waibi Extended 0 6 3 Walot&hl Q.M. Co .. sen Big River 0 u 0 13 Q —