COMMERCE AND FINANCE

Otago Daily Times, Issue 19965, 6 December 1926, Page 7

COMMERCE AND FINANCE

WATTAKI FREEZING COMPANY. PUKEURI WORKS MORTGAGE. REQUEST FOR R.EDUCTTON. (P» United Pant Absoci. uon. WAIMATE, December 4. A meeting of the shareholders of the Waitaki Farmers’ Freezing Company was held this afternoon to receive the report of the delegates who had met the directors in regard to the proposal to ask the Now Zealand Refrigerating Company to reduce the mortgage on the Pukeuri works. Mr George Barclay presided, and there was an attendance of about 60 Mr W. Stewart, on behalf of the deputation, reported that as a result of an interview the directors had definitely promised to approach the Refrigerating Company and ask it to write down the works when the season’s operations were finished, or sooner if the opportunity offered. Then the deputation had pressed the point that it should be done now. The directors replied that it could not bo done now on account of certain business arrangements. The deputation understood those to be in the nature of a contract which had been entered into between the Refrigerating Company and the Pukeuri company for the Bale of the Pukeuri meat for thij 'season at the highest Canterbury prices, leaving it open to the Pukeuri company to sell at a higher price if it could do so. and also leaving any client the right to ship or sell on his own account. The deputation did nnt press to know whether there were any reasons apart from this. One of the directors emphasised the point that, even if the company did go into liquidation, the bank which had a hen over ire shares would call up the remaining capital. Mr J. Simmons said he had made a suggestion to the directors to give the works back to the New Zealand Refrigerating Company and ask it to allow portion of the value of their paid-up shares to be shares . in the Refrigerating Company. Mr Simmons told Mr Tangney that the directors had stated that the shares were worth nothing, and Mr Tangney asked why the shareholders should not carry on if they had nothing to lose. In answer to Mr Corrigan. Mr Williams emphatically denied that the Refrigerating Company had put a bailiff in the works. Mr J. H. Mitchell contended that the works would be good to the New Zealand Refrigerating Company if it got them back, as they would not bo supported, and It was in its interests to make a reduction. Mr P. Henry proposed that the directors bo asked to call a general meeting of the shareholders at some central place, and, facing that, that the shareholders call a Electing. Mr Corrigan said a good do* I of money could be raised from the farmers of North Otago if they knew it was a farmers’ works. At present they felt it was the Refrigerating Company’s and therefore did not send their lambs. The motion regarding the holding of the general meeting was seconded by Mr J. Hayman. He remarked that Mr Williams, one of the directors, had said they, should state some definite reason for calling the meeting. The speaker thought the reason for asking for a meeting was in order that the shareholders on this side of the river could test the pulse of the shareholders on the other side of the river. The motion was carried. OAMARU MARKETS. (From Oub Own Correspondent.) OAMA.RU, December 4. The past week has been another quiet ono in the grain market. Owing to tho boisterous weather prevailing very few transactions were reported, A line of B grade G-arton oats was offered at 3s 4d per bushel, but no business resulted. The nominal price of A grade is os od per Cowgrass, f.a.q., has sold at Bid and BJd Pt Good fine oaten sheaf chaff has changed hands at £5 5s per ton, country stations. A line of Chevalier barley has been marketed at 4s 6d per bushel, on trucks. Ihere has been little doing in other produce. The main business has been in such lines as woolpacks and shearing requisites. A fair quantity of rape, turnip, and lucerne seed has also gone out, though much is still held in the farmers barns. The live stock market has also been quiet. The number of transactions in lamb for forward delivery, has been. comparatively small. This is probably due to the fact that uncertainty still prevails concerning the prices for the opening of the Soasom Two-tooth ewes and wethers off tho shear? have sold afc Fat bullocks have been in fair demand, but there have been few offering legally. The prices quoted are still 35s to sa P f aCTvethers have not been offering except in small lines for butchers’ requirements. Grass is so plentiful that few settlers snow disposition to get rid of store stock. MERCHANDISE MARKET. Merchants are getting into the full swing of Christmas trade, and there should bo a rush of business from now on. TTie wholesale houses will close from finday night, December 24, to W ednesday morning, January 5. , All brands of wax candles have been reduced by id per lb. , Strawberry jams have been sold out Oi wholesale hands. . A small parcel of moat arrived curing tho week. ... , . . The price of Ivy jellies shows a slight mCl lcing and castor sugar has been advanced per lb. The selling price is now 4d per Christmas hams are in plentiful supply. The current quotation is Is 4d per lb. Stella onion pickles are sold out by merchants. The new pack will not be' available till next January. . The wholesale market is short of all sizes of shelled walnuts. Stocks of Sicily almonds are short, and the arrival of the new season’s is eagerly awaited. No information is to hand stating when the fresh supplies may be exP< Brewers’ Crystals are now quoted at 28s 6d Per 1 cwt, ex store, and 1A at 27s per cwt. • FRUIT AND PRODUCE WORLD. Reilly's Report. The unseasonable weather has had a depressing effect on In sales of soft fruits, and retarding consignment? of green peas, gooseberries, potatoes, etc. Sydney oranges are selling in this market cheaper than they can be purchased in Sydney, sales of overseas fruits have been unsatisfactory. These has been a keen demand for poultry and guaranteed eg*s. The potato market shows more life, prices advancing. Onions are slow. There is a steady demand for bacon pigs and poultry. We sold 212 hens at 4a 8d to 8s lOd, 188 chickens at 6d to 7s; eight cook birds. 4 fid to 7s 6d; and 23 pigeons, 2s to 4s per paiir. Ranunculas, 4s. Gardenias. 12s. Sweet peas, 2s 6d. Section honey, 14s. Spring cabbage: Choice 4s. medium 2s, 3s. Cucumbers: Small 6s, choice 11s. outside 4s. Spring carrots, 3s. Spring onions, g,h White turnips, Is ted. Spinach, 2a 6d. Ca lifiower: Choice to 21s Lettuce. Choke 4s 9d, small Is 6d, 3s. Asparagus: Christchurch 9s. 12s. E-’gs: Stamped Is 9d, case Is 8d; all at per dozen. Butler: Bulk and dairy pats Hid to Is, separator Is 3d. Honey; Choice bulk sid. 6d. 101 b tins 7s. Corrib foundation: Medium brood 3s. Strawberries: Choice Is lid, 3s; medium Is 6d. jam Hid per pottle. Cherries; Choice Is to Is 6d, small inferior 3s Bd. Grapes, 3» 6d, 3s 9d. Walnuts: Choice Akaroas Is Peanuts: Choice sd. New potatoes: Locals Ss, Aucklands 2id. Christchurch firsts 3JUI. 4d. Green pens- Choice 9d mediums 53d, lid. Christchurch tomatoes; Choice Is 7d, Is 9^d; medium Is 3d Is 6d: seconds Is Id; local? Is,. 9d, Is’lld. Rhubarb. 3id. ' Cheese: Mediums B?d Tea: 51b Broken Orange Pekoe 2= 6d ' Beeswax. Is 4d, Is 6d. Horsehair. Is lOd Bacon: Medium rolls Is lid, choice Is s£d. Bacon pigs: Bid. porkers 8?d, heavy-weights 7£d, choppers 4d. “Renown” waterglass ; Tins Is. 2s, and 7s each. Annies; Stumers, choice 10s 6d, 12s 6d; large bruised Bs, small ss, 7s 6d; Dohertys XU 6d. Canadian Jonathans 18s 6d, Wine-

LOCAL AND OVERSEAS MARKETS.

saps 19s. Lemons: Choice Californians 300's to 360’s, Festive brand 325, Missions 34». Oranges: Sydney Valencias 14s to 20s, Adelaide Valencias 20s, 245, American navels 41s. Bananas: Ripe 355, green Suvas 30s per case. Grapes: Californians 21s to 31s per barrel. Potatoes; Choice repickei! 7s 6d, Oamarus to 6s. Onions: Californians choice 20s, as landed 18s. Meatmeal, IBs. Oyster grit, 8s 6d. Fat: Best mutton 265, other tats, from 19s to 24s cwt. Molasses: In tins 9s 6d. Economic Egg Crates, 20 dozen 16s. Fowl wheat, to 8s 3d Oats: A grade to 5s 6d> B grade to 5s per bushel. Palmer’s Chick Food: 101 b2s 9d, 251 b6s 3d, 501 b 12s. Oatenstraw, 355. Oatsheaft chaff: Choice £6. Oatstraw ohaff, 60s ton. “Giraffe” Brand lime sulphur: Balrels Is lid. Black Leaf “40”: 21b tins 15s, 101 b tins 50s. Spray pumps. 12s 6d to £5. Strawberry punnets: Double strapped gib and lib 70s per thousand. Strawberry crates; '24 pottle crates 6s, 36pottle crates 6s 6d. REILLY’S CENTRAL PRODUCE MARI (LTD.). Moray place, Dunedin. DAIRY PRODUCE PRICES. ADVANCES ANNOUNCED. THE OUTLOOK SATISFACTORY. (Special to Dailt Times.) WELLINGTON, December 4. The Dairy Control Board has received advice by cablegram that advances on dairy produce will be raised bv 2d per lb on butter and Id per lb on cheese on all produce graded on and alter December 4. This makes the new rates of advance as follows: Creamery butter, finest grade, Is 2d per lb; first grade, Is lid; second grade, Is Ojd; whey butter, first grade, lid; second grade, 10d. Cheese: Finest grade, 4.d; first grade, 6|d; second grade, 61 d —with a premium of 3s 4d per orate for finest grade cheese. Advances against store warrants will now bo: Creamery butter. £3 per box; whey butter, £2; cheese. £4 per crate. The former rates of Is for finest butter and 6d for finest cheese have obtained since October 15. The Dairy Board has throughout protested that the advance on cheese, in particular, was on too low a basis, and the increase now by a full penny is gratifying. The cheese market is reported at late advices to be firm, but it has not witnessed so strong a rise as the butter market.

In commenting upon the position, Mr J. R. Thacker, acting-chairman of the board, states that the improvement in advances and the market prospect would be welcomed by all producers. The whole of the new season’s arrivals of butter —practically 2000 tons—had been cleared, and the lonic’s shipment of 70,000 boxes, arriving on December 6, would meet a market bare ol New Zealand supplies. The Australian advices showed that her export would probably be light on account of dry weather. This, together with the ending of the. British strike, improved the prospects considerably. The increased consumption by the miners was also improving the cheese outlook. From the board’s point of view, said Mr. Thacker, the improvement in advances and* the general outlook was satisfactory, as it disproved the mass of propaganda and misrepresentation with which the introduction of the board’s marketing policy had been met. It was not surprising that that sectional opposition and propaganda had confused some producers. That attitude had been bclned by the circumstances of the strike, and the sustained storage of New Zealand butter. In connection with this storage, information was now available showing that American speculators had been responsible for the holding up of several hundred thousand boxes of New Zealand produce as an investment. The blame for this had wholly fallen upon the New Zealand producer, who thus had been beaten with a stick of which he was himself more largely the victim than the man responsible. These stocks, however had now been absorbed and he was confident that the board’s policy would result in normal marketing on a basis which would prevent a repetition of such experiences in the future. The suggestion as to a boycott had been proved a myth by the market events. The advantages of the steadying effect of the price-naming policy of the joint committee of London importers and the agency would, he was satisfied, appeal to regular distributors, and the speculative propaganda would ultimately die a natural death. It was the regular trader who made contact with the consumer, and it was with .the consumei that the producer wanted his closest contact on the basis of quality and a fair market price. The farmers now had the chance to kill for all time the severity of .the annual slump, helped by manipulation, which, in the past always affected New Zealand butter. Variations, of. course, would take place, but he was satisfied that the board’s policy would work to the advantage of the consumer as well as the producer, and would speedily work on to a basis of proving its advantages to the producers and the Dominion as a whole. LONDON WHEAT MARKET. (Preee Association—Bv Telegraph—Copyright.) LONDON, December 4. (Received Deo 4, at 5.5 p.rn.) Wheat cargoes are slow and steadier on the better American tone and “bullish Argentine weather reports. Parcels are in normal request at 3d to 9d advance. A sale ex the Oronsay was made at 575. Liverpool futures —December, 11b 4 5-8 d; Maron. 10i 7?d; May, 10s sid per cental.—A. and N.Z. Cable. LONDON MARKETS. (Pres* Association—By Telegrsph—Copyright.) LONDON, December 4. (Received Dec. 6, at 5.5 p.m.) Cotton: January shipment, 6.34 d per lb. Rubber: Para, 171 d; plantation, 18Jjd. Jute: Decembcr-January shipment, £29 10s Hemp: October-December shipment, £SB IDs. Copra: December-January shipment, £24 Iss. Linseed oil, £sl 15s. Turpentine. 62s 9d. —A. and N.Z. Cable. LONDON HIDES MARKET. (Press Association—By Telegraph Copyright.) LONDON December 4. (Received Dec. 5, at 5.5 p.m.) Hides are active. r lhe Home and Continental demand is brisk except from Franc© and Belgium, which are handicapped by the exchange. Dry salted Meat Works, Queensland, 351 b to 551 b, 9^d; 301 b to 401 b 9id; 251 b to 351 b, 9d; 201 b to 301 b, 9id; New South Wales, none offering. Wet-salted Meat Works, Queensland, 501 b to 601 b, 7|d ; 401 b to 501 b, New South Wales, 601 b to 601 b, 73d; 401 b to 501 b, 73d; Victorian, abattohu, 601 b to 601 b, tjcl; 401 b to 501 b, 7id.—A. ana N.Z. Cable. LONDON MEAT PRICES. (Pres* Association—Bv Telegraph—Copyright.) LONDON. December 4. (Received Dec. 5. at 5.5 p.m.) Sheep: Canterbury, light, 6d; medium, s|d; heavy, 5Ad; North Island, heavy. s|d; Argentine, Iteht, sd. Lambs: Other selecteds light, none offe.• ing; Australian firsts, 8 7-16 d; others, 8 3-16 d; seconds, Victoria, Pad; others, 8d; thirds. 8d ; Argentine, seconds, lid. Chilled Argentine fores 4d ; others unchanged.—A. and N.Z. Cable. INSURANCE MERGER. According to mail advices, the Commer cial Union Assurance Company is to absorb the British General Insurance Comnany. The agreement provides for the pur ehase by the Commercial Union of British General shares, payment to he partly in 6 per cent, debenture stock and partly in cash, on the basis of £2 debenture stock ■>nd a cash payment of 15s 6d for each British General share transferred The orincipal will Ije redeemed at the end of years at par.* subject to the right ci the Commercial Union at any time, on giving six months’ previous notice, to redeem the stock in whole or in part at 105 per cent. The dividend on 100 British General shares

at the present rate of 30 per cent. is. after deduction of income tax, £6, while tho interest on £2OO debenture stock and £77 10s cash, calculated at 5 per cent., less tax, is £ll 2s, an. increase of 85 per cent. The offer is conditional on its acceptance by the holders of 85 per cent, of the shares or such less proportion as the Commercial Union mav consider sufficient. The British General will continue to operate as a separate company under its present board, chief officers, and staff. The Commercial Union has a premium income of nearly £20,000,000 and funds, including life funds, exceeding £50,000,000. MINING. A DREDGING RETURN. (Per United Press Associatic .) HOKITIKA, December 4. The river dredge washed up for a fortnight’s work a return of nearly 900 oz, making approximately 1400 oz , for tho month. LONDON WOOL SALES. (Press Association—By Telegraph—Copyright.) LONDON, December 4. (Received Dec. 5, at 5.5 p.m.) At the wool sales there was a good selection of merinos and slipos. but a small offering of greasy crossbreds. There was good competition, and prices were on a parity with the highest point of the series. THE SHARE MARKET. DUNEDIN STOCK EXCHANGE Business was quiet on the Dunedin Stock Exchange on Saturday. A sale was reported in the ordinary issue of D.l.C.'s at 10s 6d. but apart from that the market wias inactive. Sale Reported.—D.l.C. terd.), 10s 6d. Tho following av Saturday morning s buying and selling quotations, Vvhich are subject to the usual brokerage: BANKING. Bank of Australasia —Sel £l4 7s 6d. Bank of N.Z.— Buy 60s sd, sel 60s 9d. Bank of N.Z. Rights—Buy 6s 9d. Commercial Bank —Buy 31s 9d, sel 32s National Bank—Buv P,7 0s 6d, sel £7 2s 6d. E.S. and A. Bank—Buy £B. ' BREWERIES. N.Z. Breweries (Ltd.) —Buy 51s 6d. sel 53s 6d. N.Z. Breweries (Ltd.), deb. —Sel 25s 3d. INSURANCE. Natonal Insurance Co.—Sel 76s 6d. N.Z. Insurance Co.—Sel 595. South British Insurance Co.—Sol 575. Standard Insurance Co. —Buv 58s, sel 59s 6d. SHIPPING. Burns, Philp—Buy 38s 6d. Huddart, Parker .(pref.)—Buy 20s 6d. sel 21s U.S.S. Co, (pref.)—Buy 20s 3d. 5 COAL. Westport Coal Co. —Sel 365. Westport-Stockton (pref.)—Sel 2s 9d. LOAN AND AGENCY. Goidsbrough, Mort —Buy 495, sel 50s 6d. National Mortgage—Sel (Is. N.Z. Loan and Mercantile (ord.)— Buy £95. Perpetual Trustees—Buy 60s Wright, Stephenson (pref.)—Sel l<s. MEAT PRESERVING. Gear Meat Co—Buy 36s 6d. N.Z. Refrigerating (pajd)—Buy 14s od. N.Z. Refrigerating (cnnh ib.)— Buy os 6d. MISCELLANEOUS. Brown. eWing (prof.)—Buy 20s 6d. Bruce Woollen Co. —Sel 19s. Colonial Sugar—Buy £54. D.i.C. ford.)— Buy 9s prem. D.I.C. (pref.)—Buy 20s 6d. Dominion Rubber—Sel 50s. Donaghy’s Rope and Twine—Buy 335. Eclipse Petrol-Buv 10s 6d,-sel 13s 6d. Kaiapoi Woollen (cont.)-Buv & 4d. Milburn Lime and Cement—Sel 30s od. Mosgiel Woollen Go.—Buy £6. M‘Leod Bros. Soap-Buy £25. N.Z Drug Co (£2 paid)—-Buy 71s. N.Z. Drug (cont.)—Sol 21s. N.Z. Express (ord.)—Sel 235. N.Z. Guarantee Corporation—Buy Ids, sel 10s 6d. _ . Q N.Z. Hardware (ord.)—Sel os 6d, Otago Daily Titnes-Buy 84s. Smith and Smith (pref.)—Sel 19s. Taranaki Oil— Sel 12s. ~ WilWis (N.Z.) Ce-ent—Sel 33s 6d. MINING. Kawarau Gold Mining Co.—Buy 3s 3d, Sluicing Co. (cont.)— Buy 4s prem, sel 5a 9d prem. ~ jj Electrolytic Zinc (P r t f -)—Buy 36s 9d. Electrolytic Zinc (dbf. ord.) Buy 365, Se Mmint d Lyell -Buy 28s 6d. sel 295. Kawarau High .Levels— Sel Is prom. St. Bathans (A issue)-Sel 3s dt. Bathans IB issue)—Sel 3s 3d prem. Mount Isa —Buy 21s. Upper Nevis —Sel 7s 6d prem. WAR BONDS. 4A per cent Bonds, 1930 —Sel £9B 10s. 4i per cent. Bonds. 1938-Buy £96 12s per cent. Soldiers’ Bonds, 1933—8uy £ 4f per cent. Inscribed. igSS-ySol £97. 5j per cent. Soldiers’ Inscribed. 1933B s y percent.'Postal Bonds—Buy £OB 10s. northernjTxchanges. (Per United Press Association.) The following business was done on ’Changes on Saturday: Aucldand.—Sales: Inscribed Stock (1936), Si per cent., £101; Western Australian Bank 54s 9d; Auckland Gas, 23s 9d ; Wilson’s Cement, 33s 6d; Alburma 3s 9d, Moantaiari (cont.), 5s 3d; Lucky Shot, Is 7d Christchurch—Sales reported: Western Australian Bank, 64s 6d; Bank of New Zealand (rights), 6s Bd. Sales on Change: Christchurch Gas, 24s 7d; National Insurance, 73s 6d.