COMMERCE AND FINANCE

Otago Daily Times, Issue 20484, 11 August 1928, Page 8

COMMERCE AND FINANCE

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. Business on the Stock Exchange has been comparatively quiet during the past few days. Inqury for Bank of Australasias advanced to £ls earlier in the week, but the demand has now eased to £l4 19s. No response has been received from sellers. Contributing National Bank of Australasias have firmed in demand and buyers have offered £9 6s, sellers responding with £9 Bs. Union Banks have been dealt in at £ls during the week, the closing quotations remaining firm at £l4 19s. New Zealand Breweries shares^ have been in slightly better demand at 47s 6d, sellers’ bert offer having been 48s 6d. For Staple’s Breweries 36s has been offered earlier in the week, sellers responding with 37s 3d. National Insurances have improved a trifle in inquiry, and buyers now offer 16s, to which sellers reply with 16s 3d. Business has been recorded at 16s.

For New Zealand Insurances inquiry has eased to 425, sellers haying been reticent. . . Burns, Philps have been inquired for at 45s without response by sellers. Howard Smiths have been offered for disposal at 395, but buyers have not shown any interest. Kaitangata Coals have been for sale at 3s discount, but buyers have been reticent, ;■

Westport Coals have eased in inquiry to 30s, with selling quotations remaining firm at 31s. Inquiry for Dalgety and Co. shares has advanced to £l4 17s 6d, but sellers have not come forward. An easier demand has been received for Goldsbrough, Morts, buyers now offering 50s and sellers requiring one shilling in advance of that figure. National Mortgages have been in easier demand at 79s 9d and sellers best response has been 82s. Perpetual Trustees have advanced in inquiry to 635, but sellers have not been interested.

Paid-up New Zealand Refrjgeratings have received an improved inquiry at 18s 9d, and sellers now ask 19s 3d. Business has been done in the contributing issue at 8s 9d, the closing quotations snowing a buyer at 8s lOd and a seller at 9s 2d. Ordinary Southland Frozen Meats have been improving steadily in demand, and the closing offer yesterday was 34s _ 3d. No response, however, has been received from sellers.

Inquiry for Dominion Rubbers has advanced to 255, but sellers have refused to accept less than 31s. Ordinary Kaiapoi Woollens have also received a better inquiry, the closing buying offer yesterday being lls 6d. Preferreds have improved correspondingly, 15s now being offered. Sellers have not come forward in either case.

The new issue Milburn Lime and Cements have been in improved demand at lls 3d, sellers responding with Pis. A stronger inquiry has been received for Waihi Gold*, the closing offer yesterday being 12s lOd. Sellers latest quotation is 13s 3d. Broken Hill Souths have been inquired for at 45s 6d, but no response has been received from sellers. Business has been done in Mount Lyells at 35s 2d. the latest buying quotation being 35s 9d. Sellers, however, have been reticent. . Inquiry for Government War Bonds has improved, but sellers have not come forward in any number. “ The following are yesterday-afternoon’s buying and selling quotations, which are subject to the usual brokerage;— BANKING. Australian Bank of Commerce —Sel 355. Bank of Australasia—Buy £l4 19s. Bank of New South Wales —Buy £SO 2s 6d. Bank of New Zealand—Buy 60s. Bank of New Zealand (D issue) —Buy 275. Commercial Bank—Buy 30s, sel 30s 3d. ' E.S. and A. Bank—Sel £3 13s. National Bank of New Zealand—Buv £7 3s 6d. National Bank of Australasia—Buy £lB 12s^ National Bank of Australasia (cont.) Buy £9 6s, sel £9 Bs. Union Bank—Buy £l4 19s. BREWERIES. N.Z. Breweries, Ltd.—Buy 47s 6d. sel 48s 6d. N.Z. Breweries Debent.—Buy 23s lid. . INSURANCE. National Insurance Co.—Buy 16s, sel 16s 3d. N.Z. Insurance Co. —Buy 425. South British Insurance Co.—Buy 60s fid. Standard Insurance' Co. —Buy G4s 6d. SHIPPING. Adelaide Shipping—Buy 235. • Burns Philp—Buy 455. Howard Smith —Sel. 295. Huddart, Parker (ord.) —Buy 48s Cd, tel 49s Od. Huddart, Parker (pref.)—Buy 21s. U.S.S. Co. (pref.)—Buy 20s 4d. COAL. Westport Coal Co—Buy 30s, sel 31s. Westport-Stockton (ord.) —Buy 3s sd, tel 3s 9d. Westport-Stockton (pref.)—Buy 4s sc’ ss. LOAN AND AGENCY.

Goldsbiough Mort—Buy 50s, sel 51s. N.Z. Loan and M. (ord.) —Buy £lO7. Perpetual Trustees—Buy 635. Wright, Stephenson (ord.) —Buy 23s 6d, sel 255. MEAT PRESERVING. N.Z. Refrigerating (paid)—Buy 18s 9d, Sc! 19s 3d. N.Z. Refrigerating (cont.) —Buy 8s lOd, Bel 9s 2d. South. Froz. Meat (ord.) —Buy 34s 3d. MISCELLANEOUS. British Tobacco—Buy 42s 3d. sel 43s 6d. Brown, Ewing (ord.) —Buy 30s. Brown, Ewing (pref.)—Buy 20s 3d. D.T.C. (ord.) —Buy 10s prem. DJ.C. (pref.)—Buy 21s. Dominion Investments—Buy 22s 6d. Dominion Rubber—Buy 255, scl 31s. Dbnaghy’s Rope and Twine—Buy 32s fid. Dunedin-Kaikorai Trams—Buy 325. Kaiapoi Woollen (ord.) —Buy 11s 6d. Kaiapoi Woollen (pref.)—Buy 15s. Milburn Lime and Cement —Buy 32s 9d. Milburn Lime and Cement (new issue) lls 3d. Mosgiel Woollen Co.—Buy £7. National Electric —Sel 10s Cd. N.Z. Drug Co. (£2 paid)—Buy 69s Gd. N.Z. Guarantee Corp.—Sel 9s 2d. N.Z. Paper Mills (ord.) —Buy 16s Gd, tel 18s 3d. Smith and Smith (prof.)—Sel 17s 9d. Whitcombe and Tombs—Buy 71s Gd. Wilsons (N.Z.) Cement—Sel 3Ss Cd. MINING. Waihi—Buy 12s lOd, sel 13s Gd. Electrolytic Zinc (pref.)—Buy 33s 3d, Scl 34s 6d. Electrolytic Zinc (ord.) —Buy 32s 3d. Mount Lyell—Sel 35s 6d. Upper Nevis—Buy 4s. Mahakipawa—Buy 3s 2d, sel 3s 4d. WAR BONDS. 44 per cent. Bonds, 1930—Buy £9B 15s. 4J per cent. Bonds, 1938 —Buy £99. 44 per cent. Bonds, 1939—8uy £99. 54 per cent. Soldiers’ Bonds, 1933 —Buy £lOl 2a Cd. 44 per cent. Inscribed, 1938 —Buy £9O. 44 per cent. Inscribed, 1939—8uy £99. 54 ner cent. Soldiers’ Inscribed, 1933 Bel £lOl 10s 5 per cent. Postal Inscribed, 1929—8uy £9B 10s. 5J per cent. Inscribed Bonds, 1927-41 Buy £B9. 5J per cent. Bonds, 1930 —Buy £9B 10s. 54 per cent. Bonds, 1936- -Buy £lOl 2s Cd." 51 per cent. Inscribed, 1036—Scl £lOl 10s. NORTHERN EXCHANGES. (Per United Press Association.) The following business was done on ’Changes yesterday: — Auckland.—Sales: War Loan (1938), tl per cent., £99; Bank of New Zealand,

LOCAL AND OVERSEAS MARKETS.

60s 3d; Kenown Collieries, 10s; Leyland O'Brien Timber, -325: British Tobacco, 42s 9d, 435; Waihi, 12s lid, 13s. Wellington.—Sales: Ward and Co. (cum. div.), 41s. Sales reported: 54 per cent. Stock (1936), £lOl 2s 6d; Bank of New South Wales (cum. div.), £SO ss; Gear Meat, 41s; Wilsons Cement, 38s 3d; Mahakipawa, 3a 4d. Christchurch.—Sales: Australian Bank of Commerce, 33s lOd; Bank of New Zealand, 60s 4d; Union Bank, £l3 0s 6d; Mahakipawa, 3s 3d (two parcels). 3s 2d (eight parcels). Sales reported: New Zealand Breweries, 48s Id; Holden’s Motors, 31s 6d. DUNEDIN MARKETS. WHEAT, OATS, ETC. Local millers are still disinclined to operate in the wheat market, _ and no doubt the poor demand for flour is affecting the operations of millers in this direction right throughout the Dominion. Some mills are reported to have closed down in the meantime, as their output is greater than the demand for their product. The present poor trade in flour may be the result of bakers holding off buying, waiting to see if Distributors, Ltd., will go out of existence at the end of the month. There ■would no doubt be keen competition in the sale of flour if Distributors, Ltd., ceased to control sales, and bakers would thus be able to buy cheaper. The latest information, however, is that Distributors, Ltd., will continue its operations for another period at least. Although there has been little buying of wheat locally, on the other hand, there is not much on offer here. Some of the northern millers, however, seem to be paying more attention to the market, and they are prepared to buy at to-day’s prices, even although they will not require the wheat till next year. Apparently, they consider that there may be a shortage of wheat next year, and are anxious to secure lines to meet such an eventuality. Tuscan is worth to-day in Dunedin 5s 6d and 5s Bd, sacks extra, on trucks, and Hunter’s 5s lOd to Cs. Velvet is not quoted. Stocks of this variety are very short. Millers' prices for flour, etc., are as follow: — Flour: 2001 b, £l6 15s; 100’s, £l7 15s; 50’s, £18; 25’s, £lB 10s. Bran, £7 per ton. Pollard, £8 10s. Oatmeal: 25’s, £23; 200’s, £22. The fowl wheat market is exceptionally quiet for this time of the year, and sales are hard to effect at late rates. These have been up to 5s 9d, sacks extra, cx store, for the best quality. Reports from Canterbury state that the fowl wheat market is weaker, and that quotations are down to 5s 5Jd, f.0.b., sacks extra, Canterbury ports. Apart from an odd inquiry from forward sellers who desire to cover contracts, there is little demand for oats. Local millers are prepared to purchase heavyweight Cartons, but most of the lines held in store are not suitable for their requirements. Ordinary grade oats are still fairly plentiful, bfit most of these are held by merchants who bought at high prices early in the season.

The prospects of an improvement in the oat market arc not very bright unless there is an outside demand, but there are no indications of such' a demand at present. Few oats arc on offer from farmers, as most of them marketed their stocks at the commencement of the season. Any small lots coming in are being placed with difficulty at about 3s 3d, sacks extra, on trucks, for A’s, and 2s lOd for B’s. The current, f.0.b., s.i., quotations are 3s lid for A’s, and 5s 7d for B’s. Although consignments of chaff have cased off there are ample supplies in the stores to meet the small demand. Good quality is selling at up to £5 10s per ton, sacks extra, while medium and poor is slow of sale at £4 to £4 10s, sacks extra. The shipping market is reported to be weak, with Blenheim quoting £5 5s per ton, f.0.b., s.i., for good bright oaten sheaf. Reports from the North Island stated that the consumptive demand for chaff is poor and that a large quantity is going into stores awaiting buyers. The potato market is weaker in Canterbury, and so far the weakening has not been reflected here. Good quality has been saleable at up to £6 5s per top in Dunedin, sacks included, ex truck. The shipping market in Canterbury, on the other hand, is down to £6, f.0.b., s.i. There is some pressure in Canterbury to sell, and as stocks of potatoes there arc fairly plentiful it is more than likely that prices will further weaken there. Advice from Auckland, under date August 1. states that the spot market for potatoes is very sick and that there arc plenty of consignments of f.a.q. whites available at £7, ox wharf, equivalent to £5 10s, f.0.b., s.i. Undergrade lilies arc selling at from £6 to £6 15s. In view of the fact that the Waipiata is due in Auckland with a further 10,000 sacks, there appears very litle prospect of the market improving in the near future. With the very mild weather being experienced and an absence of frosts, there is every indication of an early crop in Auckland. In fact small consignments are now coming to hand. Norfolk Island, too, is a factor to be considered, because it is reported that a fair quantity of potatoes will be available from there. The first consignment of potatoes from Norfolk Island arrived over the week-end. It is understood that this was only a trial shipment, and they arrived in very satisfactory condition. Crops throughout the Auckland district look remarkably forward, and there is an opinion that very few potatoes will be required from the South Island after the end of September. No active business is being done in any of the seed lines, the prices for which remain linn at late rates. A strong demand is now setting in for seeds, and with the favourable weather it is expected that deliveries to the country will be much earlier this season than last. Produce lines are quoted wholesale as follows:

Chaff, to £5 10s per ton, ex truck, for best quality; medium arid poor, £4 to £4 10s.

Potatoes, to £6 5s per ton. Eggs: Stamped, Is sd; case. Is 4d. Dairy Butter: Milled bulk. Is 3d; pats. Is 3d. The market is very firm. Bacon, Is Id per lb. Hams, Is 3d per lb; boneless, Is 4d. Eggs are fairly plentiful. Japanese Onions.—Prices are irregular. FRUIT REPORT. Large supplies of apples are still reaching the market, which is a little belter for prime quality. Some nice Stunners have arrived from Nelson, and large sizes have a good inquiry. Too many small sizes are reaching the market, and these are being sold down to 2s per case to quit. A large quantity of pears have arrived from Central Otago. Growers, however, have held the majority of these too long, and they are reaching the market, in an over-ripe and bruised condition. Good, sound fruit, however, has a keen demand. The market is quite bare of bananas and the shortage will not be cased until the arrival from Auckland of the Waipiata, due here on Tuesday. These bananas, it is understood, will be green, and it will be a week at least before ripe fruit will be again on the market. The first direct shipment of Samoan bananas for Dunedin is due on August 20, ox the Maui Pomare. A large shipment is expected. Supplies of Island oranges arc expected next wek. Poormans, from Auckland, are now arriving in better condition. The Waikouaiti brought supplies of Sydney mandarins, Sevilles. navels, and lemons. The shipment arrived in splendid condition, and the fruit was quickly taken up by the retailers. Further supplies of Sydney fruit are not expected until the arrival of the Karctu towards the end of the month. A few cases of American Valencias are still on the market. Island tomatoes, transhipped at Wellington, arrived in rather poor condition. Cauliflowers are in heavier supply. Choice cabbage have a good sale, but large quantities of inferior arc still coining to hand. Lettuce have advanced in price The market could da with larger

supplies of rhubarb. Celery is about finished for the season. Leeks have a good sale. Swedes are in over supply. Current wholesale prices are as follow: —

Apples: Delicious, to 10s per case for extra choice; choice, 7s 6d to 9s; others, 5s to 7s; Stunners, 7s to 8s; Johathans, and Cleopatras, choice, 6s to 7s; others, 4s Cd to 5s Cd; small dessert apples, 2s to 4s per case; choice cookers, 5s to Cs; others, 3s 6d to Ss. Pears: Choice dessert, 2d to 2Jd per lb: others, lid to 2d. Bananas: Fiji, green, to arrive on Tuesday.

Oranges: Islands, arriving Tuesday, 20s per case; American Valencias, to 30s per double case; Sydney navels, 18s. Seville oranges, 15s. Poorman, 15s. Pines, 24s to 255. Sydney mandarins, 18s to 20s per case. Lemons: Australian, to 25s per bushel case; Californian, 60s per double case; Now' Zealand, 16s to 245. Rhubarb, lOd to Is per lb. * Beetroot, 6d per dozen bunches. Swedes. Is to Is 6d per case. Vegetables marrows, 9s to 10s per cwt. Potatoes, to 7s 6d per cwt. Caulfiowers: Best to 10s per sack; others, 4s to os.

Cabbages, 2s to 3s Cd per sack. Lettuce: Choice, to 4s 9d per dozen; others, Is to 2s per dozen. Leeks, 4d to 6d per bundle. Spinach, Is to Is 6d per dozen bunches. BRADFORD TOPS MARKET. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, August 9. Bradford market showed a slightly improved inquiry, but on a lower basis. No business is passing. Sixty-fours, 52d; sixties, 50d; fifty-sixes, 40Jd; fifties, 37d; forty-sixes, 26d; forties, 25Jd. —Australian Press Association. PRICE OF FINE GOLD. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, August 9. Fine gold is quoted at £4 4s 11 Id per oz.—Australian Press Association. LONDON METAL MARKET. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, August 10. (Received Aug. 10, at 11 p.m.) Copper: Spot, £62 9a 4d; forward, £62 18s lid. Electrolytic: Spot, £6B 15s; forward, £69 ss. Wire bars, £69 6s. Lead: Spot, £2l 2s 6d; forward, £2l ss. Spelter: Spot, £24 8s 9d; forward, £24 13s 9d. Tin: Spot, £215 7s 6d; forward, £212 12s 6d. Silver: Standard, 27 5-16 d; fine. 29id. per oz.—Australian Press Association. CHICAGO WHEAT MARKET. (United Press Association.) (By Electric Telegraph—Copyright.) NEW YORK, August 9. Chicago wheat quotations: September, 112 J cents per bushel; December; 118; March, 121 J Press Association. COMPULSORY MARKING. APPLES AND HONEY. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, August 9. The Ordcr-in-Council for the compulsory marking of honey will come into force in January, and for apples in November. —Australian Press Association.POST OFFICE SAVINGS BANK.

The chief postmaster draws attention to the extension of facilities for depositing money in the Post Office Savings Bank. For the convenience of the public who ore unable to attend between the hours of 9 a.m. and 4 p.m., the Post Offices at Port Chalmers and South Dunedin now reopen to receive deposits between 7 and 8 o’clock on Friday evenings. The maximum-sum upon which interest is allowed has been reduced from £SOOO to £2OOO. In cases where accounts had credit balances of between those amounts ns at March 31 last, interest is still being paid on the full amounts at credit until such time as they are withdrawn. Any new moneys lodged to these accounts will, however, not bear interest unless the balance falls below £2OOO. ' STATE AID TO MINING. PROPOSED CRUSHING PLANT.

Support of a project for a State-aided crushing battery to assist gold mining in its area was given at a meeting of the Ohinemuri County Council recently (reports the Paeroa correspondent of the New Zealand Herald). The chairman, Mr H. M. Corbett, moved: “ That the council supports the proposals, as arranged between the district crushing committee and the Rising Sun Company, for a Statesubsidised crushing plant, as it is of opinion that such an arrangement will materially assist in renewed prospecting activity in this district, and respectfully asks the Minister of Mines and the member for the district to give the proposal their earnest support.” The motiou was carried unanimously. BLACKWATER MINES COMPANY. The Blackwater Mines Company reports that during July 3600 tons of rock were crushed, yielding 1422 fine ounces of gold valued at £6039. The working expenses amounted to £4949. The roaster also treated 106 tons, yielding 124 fine ounces, valued at £525. The working expenses amounted to £174. The capital expenditure amounted to £l4l and the development expenditure to £783, leaving a profit over all of £517. BALCLUTHA STOCK SALE. (From Oca Own Correspondent.) BALCLUTHA, August 10. There was a good attendance at the corporation yards sale to-day, and a brisk sale resulted. The yarding of sheep numbreed 2000. Fat ewes sold at from 17s to 28s and fat wethers from 35s 6d to 425. Store Sheep.—Full-mouthed ewes sold at from 21s to 27s 0d; failing-m'outhed ewes, 16s 3d to 28s; ewe hoggets, 33s 8d to 36e Od;’wether hoggets, 25s to 27s 3d; two-tooth ewes, 35s to' 39s 2d; soundmouthed ewes, 27s 3d to 34s 4d; store wethers, to 32s 3d. Cattle. —A small yarding was forward, and good prices were the rule, A small pen of two-year-old steers. Red Poll cross, realised £9 7s. A pen of speyed heifers and steers, two year old, sold for £6 10s: store cows, empty. £4 14s; 18-month heifers, £2 7s. Dairy cows sold remarkably well, the top price (£l2 15s) being realised for a Shorthorn crossbred. A lino of second-calvers sold at from £9 to £lO 10s. and heifers made to £B.

Pigs.—There was a brisk demand. Suckers sold at from 14s to 16s, and slips from 20s to 28s.

Messrs Fraser and Co., selling agents for the Otago Egg Circle, report as under: —Eggs. Is 4d to Is sd. Butter; Separator pats. Is Id to Is ‘2d. Tallow; Market steady at 18s to 22a for best quality. Pigs: Good bacon weights, fid; porkers, C4d; over-weights, 3d to 5d per lb. Potatoes, £6 to £0 10s per ton. Chaff: Prime oaten sheaf, £5 10s to £5 15s per ton, sacks extra. Whole fowl wheat, Cs 3d to Os Cd per bushel. Onions; Canterbury, £lO to £ll per ton: Japanese, 15s per crate. Bulk honey. 4cl to 5d per lb; 101 b tins, ss. Poultry: Wc had a full yarding on Wednesday, when prices were firm. White Leghorn hens, 4s 6d to 5s fid; heavy breeds, 5s Cd to Cs Cd; cockerels, 5s to 10s; ducks, 3s to ss; ducklings, 5a to 7s Gd. all per pair. Turkeys: Hens, lOd to lid; gobblers. Is Id to Is lid per lb. live weight. We stock Star P. chick food, Crosskey‘s meat meal, poultry meal, oats, maize, wheat, bran, and pollard, Champion egg crates (18s Cd each).

Consignors please note that pigs and poultry must arrive not later than Wednesday morning of each week. We have a stock of poultry crates ou hand for the use of our clients.

LONDON MARKETS. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, August 9. Despite Washington'bearishness, wheat cargoes have a steady undertone. More attention is being paid to Pacific cargoes at 6d decline. Parcels are quiet and 3d to 6d easier. Liverpool futures: October, 9s 2id; December, 9s 4d; March, 9s 5Jd. The spot trade is dull and easier. Australian, ex ship, 48s 6d. Flour is slow. Australian, ex store, 35s and 365. Oats. —Weaker. Australian Algerian, 28s and 295; A Cartons, 30s and 335. Peas.—Quiet. Blue Tasmanian, 400 s and 4205; New Zealand, 380 s and 400 s. Maples.—Tasmanian, 75s and 80s; New Zealand, 65s and 70s. Beans. —New Zealand, 48s and 50s.— Australian Press Association. —United vice. The Otago Farmers’ Co-operative Association of New Zealand has received the following cablegram from London: — Butter is firm, but the market is quiet; New Zealand, 181 s to 184 s. Cheese, steady. Ills to 112 s. Meat is unchanged. The National Mortgage and Agency Company has received the following cablegram from London: — Butter. —The market is steady; New Zealand finest, 184 s; New Zealand first grade, 182 s; Danish, 182 s; Irish, 1765. Cheese. —The market is quiet, but steady; New Zealand, 112 s; Canadian, 110 s.

Messrs Dalgety and Co. have received the following cablegram from London: — Frozen meat: The market for New Zealand lamb is very firm, and the demand is moderate; for mutton, firmer, and the demand is better; while beef is unchanged with a fair demand. The tendency is in favour of sellers for New Zealand lamb and mutton. Quotations are as follow: —New Zealand prime Canterbury lamb, 28 to 361 b, 10id; North Island, o|d. Canterbury lamb, 36 to 421 b, lOd; North Island, 9|d. Canterbury, second quality, 9|d; North Island, lOd. Canterbury lamb, 42 to 50lb. 9id; North Island, 9gd. Canterbury lamb, 48 to 561 b, 7|d; North Island, 7d. Canterbury mutton, 56 to 641 b, 7Jd; North Island, 7d. Canterbury mutton, 64 to 721 b, 7d; North Island, OJd. Canterbury ewes, 48 to 641 b, sid; North Island, s)d. Ox beef hinds 6Jd, fores 4d. Argentine chilled hinds 6d, fores 3 id. Dairy Produce. —The market for cheese and butter is firm. Quotations are as follow: Danish butter, 182 s to 184 s; New Zealand finest, 182 s to 186 s; Australian finest, unsalteo, 178 s to 182 s; salted, 168 s to 1745; Australian g.a.q., 160 s to 1645. New Zealand cheese white, Ills to 112 s; coloured, 110 s to Ills; Canadian cheese, white and coloured, 100 s to Us; Canadian cheese, c.i.f., 100 s to 109 s Od. COMPANY BALANCE SHEETS. YELLOW CABS OF AUSTRALIA, LTD. Juno I’niil-up General Net Div. SO Capital. Reserves. Profit. p.o, ms ... £902,484 1927 ... 401,191 £90,458 41,085 10 102$ ... 401,219 49,770 24,171 nil As this company has been in existence for only a few years and during that time it has altered the mode of drawing up its annual statement of accounts for shareholders, a comparison is scarcely possible as yet. A revision of the statement issued as at Juno, 1020, scorned fully called for. A net profit of £08,040 was brought out for that year, but (ho balance sheet showed a surplus cut down to £I3OO. What happened to the difference is not apparent. As confirmation of payment of dividends and bonus was part of the business for the subsequent ordinary general meeting, it is to be assumed that the greater, if not the entire, part went in that direction. It seems a somewhat hurried procedure to have the dividends settled and paid before the ordinary general meeting. Wince then, a profit and loss appropriatiou account has been issued annually, which puts the matter clearly. The manner of grouping of reserves in the balance sheet left the_ inquirer ignorant as to what they might actually amount, but that point has been remedied also.

The gross profit for the past year amounted to £08,194 ns against £121,249 for 1930-27. The reason given for the drop is the depressed business conditions prevailing in Melbourne and Sydney, and the keen competition. No details of disbursements are given in the profit and loss account, which shows the balance brought out after charging all expenditure, making the term gross profit ”in that connection misleading. The one item entered before arriving at the net profit is depreciation. "On plant and equipment, the provision is £74,023, or over three-fourths of the surplus as brought out. It is recommended that the balance of £24,171 remaining on the past year's operations be carried forward to next season.

The rapidly wasting nature of the main assets renders the question of the extent of the depreciation allowance all important. On cabs, ears, trucks, and taximeters, a sum of £09,304 has been written off, or more than one-sixth of cost. The reason the allowance for 1927-28 is smaller than of its predecessor is that there has been a smaller average number of cabs in use, making the mileage covered correspondingly less. As it is, the group is now reduced to under onehalf of its original figure, and on the basis of last year’s allowance represents a lifetime of under three years. No additions appear to have been made to the number of cabs. That is a matter that will call for attention sooner or later, and may bring complications into the wastage allowance. The book value of the chief asset has to be kept low with the market price of second-hand cars sanding as it does. It is gratifying to see the matter handled as it has been, and not sacrificed for dividends. The proportion of the cab group to the total investments at the last three closing dates has been as follows, viz.:—

Juno . Total Patio 30 Cabs, otc. Assets. p.c. 1926 ... £317,343 £507,857 63.49 1927 ... 247,956 492,994 50.30 1928 ... 177,083 451,627 39.21 'The effect of the writing down is evident.

Depreciation also operates in the case of garage and workshop equipment, and office furniture. The allowance of £4719 seems also a liberal one, but is fully justified by the chance of obsolescence being added to the prospect of deterioration. With materials, the position has been met by a special valuation. The company is fortunately placed as regards cash assets. The bank account stands at £4350, while investments total £57,282. The latter sum exceeds the general reserves, and the improvement in the situation is apparent when it is considered that at June, 1926, there was a bank overdraft of £34,995, and investments were entered at practically nil. It would not weaken the balance sheet if the goodwill item of £SOOO were to be written off —over a period of years, if in one year is considered too drastic. The deficiency in realisation of Royal Blue and De Luxe assets cost the company £1269 in 1927-28, and it would seem prudent, although the figure of £7OOO is subject to realisation of freehold, to treat it similarly. The comparatively small sum of £/96 in sundry debtors illustrates the advantage such a concern has hy trading chiefly for cash, and not being subject to a large amount more or less permauently tied up for accounts receivable. Ihe fixed assets stand at £159,428 which includes the balance of purchase money on Sydney property. The land and buildings are entered at cost (£154,657) of which value the greater part it may bo assumed is represented by land. That may explain why there is no depreciation provision, but as a reduction of approximately £7500 has taken place iu the past 12 months, there has apparently been some realisation. Ihe action of the directors in deciding to recommend no dividend at this juncture should be generally appreciated, and is one of winch the future will reap the benefit, BUTTER AND CHEESE. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. August 9. Butter; Danish, firmer, 184 s; colonial, quiet, but steady. Choicest salted New Zealand, ]S2s and I SGs; Australian, 168 s and 1725: uusaltcd New Zealand, 186 s and I90s; Australian, 172,s and 1765. (beese firm. New Zealand. lin s and 112 s; Australian, 108 s ami 110s.--Austra-lian I’ress Associat ion.

OAMARU MARKETS. (From Our Own Correspondent.) OAMARU, August 10. The cereal market in Oamaru continues more or less stagnant. Most _of the transactions in wheat have consisted of contract deliveries, though a few small parcels have changed hands. Tuscan is still selling at 5s 9d per bushel, and Hunters at 6s. A few late parcels of Velvet are being held for 7s 3d per bushel or better. No business worth speaking of has been doing in oats. The best prices offering locally for A Cartons are 3s 2d to 3s 3d per bushel, and for B Cartons 2s lOd. Good, bright oaten sheaf chaff has sold at from £4 to £4 5s per ton. As far as can be discovered no business has been done in fowl wheat. Good table potatoes have sold at £6 per ton, on trucks. The value of cowgrass has receded, and good quality is now offering at 8d per lb. Inferior quality, of which a conquantity is offering, is exceedingly difficult to quit. The live stock market is also very dull. Very few sales of stores have been made privately during the week. The only transaction reported is a line of five-year-old sound-mouthed ewes at 30s 6d. Fat wethers have realised from 35s 6d to 40s, and fat ewes at 325. Hoggets have not been offering, while the business done in fat lambs has been on the small scale, with prices on a par with Burnside. Fat steers have sold at from £lO to £ls, according to .size and quality, and fat cows at from £7 to £B. Dairy cows are in strong request, as high as £lO having been paid for early calvers. September calvers have sold at from £5 to £B. The market for pigs continues to improve. Slips are selling at 24s to 28s; weaners, at from 14s to 19s; small weaners at 10s to 12s. CANTERBURY MARKETS. (Per United Press Association.) CHRISTCHURCH, August 10. The wheat market is depressed. The July threshings indicate fairly plainly that a heavy yield is assured when the total crop has been threshed, as most of the millers have bought all they want for some time, and their activities are confined to second grade lines ranging from 5s 2d to 5s 5d a bushel, on trucks. Best milling is not inquired for, and offers of 5s 7d, on trucks, arc not meeting with buyers.

Oats were the subject of some inquiry to-day, but quotations show no difference. From 3s lid to 3s IMd. f.0.b., s.i., covers quotations. The small seed market shows no difference since last report, ai d practically everything remains firm. Iho potato market is somewhat depressed, due to the exceptional shipments north from Lyttelton, which to date this season aggregate 222,000 sacks, of which nearly half have gone to Auckland. Auckland is not ordering at present, but there is some inquiry from other North Island ports. ihe Katoa is sailing to-night, but her cargo is not sufficient to depress the position further, and it is expected that the Kaitoke, leaving towards the middle of next week, will also be lightly laden, banners, m the meantime, arc not offering many tubers, and any being bought arc on a basis of £4 15s a ton.

LONDON STOCK EXCHANGE,

(United Press Association.) (By Electric Telegraph—Copyright.)

~ _ LONDON. August 9. Ibe following ore the latest quotations for Government securities, compared with the prices ruling last week

FOREIGN EXCHANGES. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON', August 9. Pur. Aug. 2. Aug. 9. Paris. lr. to £1 25.221 124.10 124.22 Brussels, beiges to £1 ... 25 24.90 34.91 Oslo, kr to £1 18.81 18.20 18.19 Stockholm, kr. to £1 ...18.103 18.15 18.14 Copenhagen, kr. to £1 ... 18.150 18.19 18.19 Berlin, relchmkn to £1 0.19 20.35 20.38 Montreal, dol, to £1 ... 4.45 4.86 4.86$ New York. dol. to £l ... 4.86 J 4.85 9-18 4.85$ Yokohama, pence to yen 34.43 22$ 22 7-16 Hongkong, pence to dol 24.3 24| 24$ Calcutta, pence to rupee 24 17 16-16 17-15-16 Batavia, guild to £1 ... 22.221 12.10 13.10$ Home, lire to £1 25.22$ 93.81 93.81 Amsterdam, guild to £1 12.107 12.08$ 12,10$ Prague, kr, to £1 ... 12.107 163$ 163 J —Australian Press Association.

Last wook £ a. rl. Thin week. £ s. d. Imperial Console, 24 p.c. 55 12 6 55 10 0 War loan, 6 p.c., 11)29-47 102 s 0 102 5 0 Conversion loan. 31 p.o. 77 17 0 77 15 0 C’wealth 6 p.c., I931-H 98 10 6 98 13 9 C’wcalth loan 101 6 3 101 5 0 N.Z. 8 p.o., 1930-51 ... 106 18 9 10G 17 6 N.Z. 4 p.c., 1929 99 17 6 99 17 e N.Z. 3J p.c., 1910 87 12 6 87 15 0 N.Z 6 p.c., 1915 79 18 9 80 0 0 N.S.W. Cl p.c.. 1930-40 101 2 6 101 1 3 N.S.W. 8 p.o,, 1930-40 101 7 6 101 8 9 N.S.W. p.c., 1922-32 101 10 0 101 13 9 N.S.W. 4 p.c., 19.13 ... 93 7 6 93 10 0 N.S.W. 31 p.o. 1930-50 SC 5 0 86 5 0 N.S.W. 3 p.o., 1933 ... 76 2 6 76 2 6 Vio 5.J p.c., 1930-10 ... 101 10 0 UU 0 0 Vie. 6 p.o., 1932-42 ... 99 5 0 99 6 3 Vio 31 p.o., 1929-19 ... 94 7 6 94 6 0 Vlo 3 p.o., 1929-40 ... 72 0 0 71 16 3 Q’land 3 p.c., 1922-47 100 15 0 100 17 6 Q'land 3J p.c., 1930 ... 96 13 0 96 16 3 Q'land 6 p.o., 1930-40 71 5 0 71 10 0 8.A. 64 p.c., 1930-40 ... 101 11 3 101 15 0 S.A. 34 p.c., 1839 84 12 6 84 10 0 S.A. 3 p.o., 1916 or alter CO 17 G CO 15 0 W.A. 6 p.c., 1930-10 ... 100 18 0 100 16 3 W.A. 34 p.o.. 1920-35 ... 89 2 6 89 10 0 W.A. 31 p.o., 1916-35 ... 86 15 0 88 15 0 Tan. 61 p.o., 1930-40 ... 101 7 6 101 7 6 Tas. 31 p.o., 1920-40 ... 85 10 0 85 15 0 Taa. 3 p.c., 1920-40 ... 81 .5 0 81 12 6 —Australian Press Association