COMMERCE AND FINANCE

Otago Daily Times, Issue 20592, 15 December 1928, Page 25

COMMERCE AND FINANCE

THE SHARE- MARKET. .DUNEDIN STOCK EXCHANGE. There has been an .appreciable improvement in the volume of business _ transacted on the Stock Exchange during the past week, as compared with the business done during the previous period. The greater proportion of the transactions has been in New Zealand Breweries shares, banking and mining being the only other* sections dealt in to any extent. Inquiry for Bank of New Zcalands has eased to 61s, sellers not coming forward. For Bank of New South Wales shares buyers have offered £SO 2s Gd without response by sellers. Bank of Australasias have been dealt in at £l4 ' I4s 63, the market closing with buyers remaining steady at £l4 X4s, An improved. demand has been made for Union Banks, Buyers having offered £ls ■los. Sellers, however, have been reticent. There has ' been considerable activity in . New. Zealand Breweries shares, no' fewer than .15 transactions having been recorded during the w\ck. After having fluctuated from 57s to 58s in a day or so, values have again 1 eased, and the latest .transaction has been recorded at, ,575. - Buyers’ closing offer has been 5Cs 6d, while sellers haVc asked one shilling more,' The debenture issue has also been the subject of business, transactions having taken "place at 20s 6d and 25s 9d. National Insurances have been dealt in at- 16s 3d, the market closing with a buyer at 16s Id-and a seller at 16s 4d.. For Kaitangata Coals ‘ buyers."have offered 10a discount, ■ but sellers have refused to accept less than 5s discount. 1 ' The demand for Dalgety and Co. shares has eased to £lss, sellers’ latest requirement being £ls 6s. , , Ihtyliiry for GolcUbrougli, Mort lias also slackened, and buyers’ best offer is now 51s 6d, - ■’ a Inquiry has been made for Gear Moats at 42s 6d, but sellers have not t been interested. • New Zealand Drugs have been inquired for at 72s without response by sellers. • ' ; For Regent' Theatres buyers have offered 20s, but sellers have not quoted below 255. • Business has been done in Nokomai Sluicings at 20s. the market closing with a seller at 21s 3d. ; Ordinary Electrolytic Zin-s have been on offer ■at 34s 3d, buyers not having come forward. A transaction has been recorded at 355. Business has also been done in the preferreds at 365. - Undaunteds have been on offer at 16s. but noninterest has been‘shown by buyers. Okaritos have been dealt in at Cd premiuni, the market closing with a seller at B<T. 7 Sale; New Zealand Breweries, 575. ■ Sale reported: New Zealand Breweries shares, 57s 9d. I The following are yesterday afternoon’s buying and selling quotations, which arc subject to, the usual brokerage:— BANKING. 1 Australian Bank of Commerce—Sel 345. Bank of Australasia—Buy £l4 14s. Bank of N.S. Wales—Buy £SO 2s 6tl. of New Zealand—Buy 61s. ‘Bank oT New Zealand (D issue) —Buy 27fi 9d. ■ Commercial Bank—Buy 30s 4d, sel 30s 9d. Commercial Bank ■ (nkw issue) —Buy £7 6s Od. E.S. and A. . Bank—Buy £8 9s, sel £8 125... , - National Bank of N.Z —Buy £7 2s. National Bank of Ahst. (eont.)—Sel £9 10s. ' ’ Union Bank—Buy £ls 10s. • BREWERIES. N.Z.’ Breweries, Ltd.—Buy. 60s Gd, sol 57s 6d. ■ N.Z. Breweries Debent. —Buy 25s 3d, sel 265. i INSURANCE. National Insurance Co.—Buy 16s- Id sel J6s 4d. ‘' . N.Z, Insurance,Co. —Sel 4Gs 6d, South British Insurance Co.—Sel Gss, Standard Insurance Co.—Sel 655. : Queensland Insurance—Sel 64s 6d. ■ A.P,A, Insurance—Buy 5s 6d.‘ ; SHIPPING. Howard Smith—Buy 24s 3d. Huddart, Parker (ord.), —Sel 495, Huddart. Parker (pref.)—Buy 20s 9d. P. and O. Deferred Stock—Buy 555. U.S.S. Co. (pref.).—Buy 20s Od. COAL. Kaitangata—Buy 10s -disc, sel, 5s disc. Westport Coal Co—Sel 30s 6d. Westport-Stockton (ord.)—Sel 3s 4d. LOAN AND -AGENCY. Dalgety and Co.—Buy £ls, sel £ls 6a. Goldsbrough; Mort—Buy 61s 6d. National Mortgage—Sel 90s. Perpetual Trustees—Buy 64s 6d. Wright, .Stephenson (pref.)—Bu> 16s 9d. MEAT PRESERVING. . Gear Meat Co.—Buy 42s Gd. N.Z. Refrigerating (nd.)— Buy 19s 2.1, sel 20s 6d. . N.Z Refrigerating (cont.)—Buv 9s 4d sel 9s 7d. , , ; MISCELLANEOUS. Auckland Amusement Park (ord ) Buy 3a. ■■Auckland Amusement Park (pref.)—Sel '’o^4d tra^an Iron 1 and Steel (pref.)—Se! British Tobacco—Buy 44s 6d Crystal Ice Co.—Buy 24s 9d. B-LC. ( or<^) —Buy 10s prem. D.I.C. (pref.)—Buy 20s 9d. Dominion Investments—Buy 23s Dominion Rubber—Buy 20s, sel 2Ss. - Donagby’s Rope and Twine—Buy 33c f»d. Eclipse Petrol—Sel 12s 6d. ■ Kampoi Woollen (ord.)—Buy 13s 6d. , TV apol Woollen (cont. —Buy 4s, 'sel Is. S)d. ■ Kaiapoi Woollen (pref.) —Buy 14s Cd sel 15a 6d. . ’ Milburn Lime and Cement—Buy 35s National Electric—Sel 12s, - N.Z. Drug Go. (£2 pd,)— Buy 725. xt'S 1 £ x P ress (pref.)—Sel 18s, Guarantee Corp.—Buy 8s 4d, sel N.Z. Paper MiHs (ord.)—Buy IC.s, KZ. Sugar 1 of Milk—Buy 21s, sel 26s bcl. ’ Otago Daily Time's—Sel 78s. Regent Theatre—Buy 20s, sel 255. MINING. Nokomai Sluicing—Sel 21s 3d/ Electrolytic Zinc (ord.)—Sol 34s 3d Upper Nevis—Buy 6s, sel lls, Undaunted—Sel 16s. Kildare—Buy Is lOd, sel 2s 3d. Okanto—Sel Sd. ' Mahakipawa— Buy Is, sel Is od. WAR BONDS, per cent. Bonds, 1938—Buy £99 5 S .' 41 per cent. Bonds, 1939—8uy £99 S S . £lOl PCr ° ent ® cdt,iers ’ Bonds, 1933-—Buy 54 per cent. Inscribed, 1936—8uy fioi 7s 6d. 5j per cent. Inscribed, 1933—50 l £9O 10a. NORTHERN EXCHANGES. (Pee United Press Association following business was done on Changes yesterday:— ■ , A u f, klantl - —Sales: Mount Eden Borough ( 0 63). per cent., £lO2 10s; Taifiaki West Road Board (1959), 5J per cent., £lO2 10s; Bank of New Zealand, 61s 6d; New Zealand Insurance, 45s Gd; Pukemiro Collieries, 665; Renown Collieries, 15s; Auckland Gas, 23s 8d; Northern Steamship, 13s 3d; New Zealand Breweries, 575; Sanford. Ltd., 17s 6d; Ohinemun, 8s; Waihi, 14s 6d. - Wellington.—Sales reported; New Zealand Braveries Bonds, 25s 6d; Bank of New South Wales, £SO 7s 6d; Pukemiro Collieries, 65s 6d; Commercial Bank, 30s 10d; Auckland Gas, 23s Od. Christchurch, Sales on ’Change: ChristBoard 54 per cont. (19(3), £IOO 10s; Bank of New Zealand (D mort shares), 28s Id; National Insurance, _ 16s 2d; National Mortgage, 88s 6d; Christchurch Gas, 275, 26s 9d; Timaru. Brewery, 18s (two narcels); New Zealand Guarantee Corp., 8s sd; Mahakinawa. Is 3d (eight parcels). Sales re*

DUNEDIN MARKETS,

WHEAT, OATS, ETC,

LOCAL AND OVERSEAS MARKETS.

ported: United Building Society, 16s; Auckland Gas, 23s 9d (two parcels); New Zealand Guarantee Corp., 8s sd; Waihi 14s 7d.

It is reported that rain has been fairly general right through the wheatgrowing areas—in the Otago district, indeed, a very considerable quantity of rain has fallen. _ In the Oamaru district the rain came just in time to tide over a critical period. Unless something unforeseen now happens it can be assumed that there will be good average yields of wheat next season throughout the South Island. .At present little interest is being shown in the wheat market by 'millers, , Not much wheat is offering in the Otago district, but an occasional sale is still being made to millers of good quality Tuscan at 5s Od, sacks extra, on trucks, Canterbury stations. .Hunters are quoted at up to 6s 2d,, sacks extra, on trucks, but there is not much of thts variety available. The present quiet period will be maintained until the new season’s wheat comes on the raai'ket. Millers, however, will be starting off the season with fairly heavy stocks in hand, and almost every mill has secured considerable Quantities of new wheat, these having been bought forward. The wheat pool has been formed, growers representing half the acreage to be placed under crop having contracted to sell through the pool for a period of five years. The volume of business in fowl wheat is, small. Occasional lots are going to the North Island from Canterbury, where sales have been made at 5s 74d to 5s Bd, f.0.b., sacks extra. In the Otago district good quality is worth 6s per bushel, sacks extra, ex merchants’ stores. Local supplies arp being drawn from Canterbury, where the shipping value is equivalent to the Dunedin ex store price. 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. After a long fieriod of a stationary market there'is now a further feeling of weakness in oats. This is the result of a continued lack of consumptive demand, and also of the improved prospects following on the recent rains. Up to 4s Id, f.0.b., s.i., is .still being asked for, A Cartons, and there are sellers for forward delivery next season, from April onwards, at 3s 84d. There is no doubt now that there are more than sufficient oats available in the South Island for requirements up to he time the new oats will be available. Occasional inquiries are being received for B’s, which are worth 3s 7d, fo.b;, s.i., for shipment to the North Island Values to growers are 3s 3d for A’s and 2s 9d for B’s, sacks extra, on trucks, country sidings. The chaff market remains firm, notwithstanding that the demand is very limited. Only small consignments are arriving, and thees are just about equal to requirements. There is no quotable change in values. Good quality chaff is worth £5 15s per ton, sacks extra, ex truck, and ex store the quotation is £6. Some consignments of poor and medium quality have come to hand, but it is very difficult to effect sales of this chaff. Buyers prefer the best quality, and anylines off in colour and weight have to be sold at considerably reduced prices to make a clearance. The Blenheim market is firm,'but there is not'a great deni of shipping business going through. It is expected that this positioh will be maintained until the new season’s chaff is available. There are not now many lines at Blenheim waiting to be placed. Supplies olj old potatoes are now exhausted. Merchants arc not dealing to any'extent in new tubers, which are being distributed in small Ipts. Little business is passing in any lines of seeds. The recent rains have greatlyimproved the prospects for the coming season’s crops, and the growth is reported as,fairly good in most of the seedgrowing areas. In the meantime merchants are not incluined to operate in any lines until the new harvest commences to come in. Produce lines are quoted wholesale as follow; Chaff, £6 per ton; medium, £4 to £4 10s, ex store. Eggs: Stamped, Is 4d; case, 1s 3d. Dairy Butter; Milled bulk, Is Id; pats Is to Is Id. Bacon, Is Id per lb. Hams, Is 2d per lb; boneless, Is 4d. Honey: Bulk, white clover, 43d to 5d per lb. Victorian onions, 18s per cwt. FRUIT REPORT. Supplies of locally-grown apples from cool stores are practically finished, and only a few cases of Stnrmcrs and Rokewoods are now reaching the market. Only choice Stumers are inquired for. The Rokewoods are hardly worth sending to the market, r A fair-sized shipment of American apples will arrive ex the Katoa, due from Auckland ‘on Sunday. She is bringingtranshipments of Hawaiian pineapples. “ A few lines of pears, from cool stores are still available. These are on the small side, and are hard to place. • The Karetu, which arived yesterday, brought about 1500 cases of New South Wales citrus fruits, chiefly Valencia oranges. 1 , The Maui Pomare, which arrived this week from Samoa, brought about 3000 cases of bananas. The quality was excellent, and the market could have absorbed more. Good supplies of tomatoes are arriving trom Christchurch, but prices are firm, ine cold weather experienced in Dunedin during the past few days has caused a slackening off of supplies from local hothouses. i Gooseberries are not so plentiful, as the wet weather has affected the supply. Large supplies of cherries are coming from the Central. The quality is much better, and prices are a little firmer than those ruling last week. supply of strawberries is erratic ilie cold weather has affected the Waimate crops. Cabbages are in better supply. Lettuce is practically unsaleable. Rhubarb is arriving in small lots, and is meeting a fair sale. Green peas are scans. . potatoes a , re m-’i’c plentiful, and nil haVe , “ sed ' W 'th Island-grown • are also in better supply A Dunedin fruit merchant who paid a visit to Central Otago a few days -o states that there should be a fine crop of stone fruit from Roxburgh, although some of the growers there state that the apricots will not run into any quantity Largo supplies of cherries have been seemed, but the growers are very disappointed with the prices they have received. Straw-berries have been grown extensively in the Roxburgh district, and they have proved a profitable side line, ihe hot weather which has prevailed and the absence of rain has prevented a long season, and few lines will now be available from this district. In Alexandra the cherries arc later, a frost catching the trees when in flower, ine apricot crop is light, some growers having practically none for sale The nectarine crop will also be light. Peaches will he plentiful. So far as the Earnscleugh district is concerned most growers report good crops. Ihe value of thinning the young fruit is being realised, as a better and more uniform crop is obtained. All crops of stone fruits should be plentiful m the Clyde and Cromwell districts and several lots of peaches should roach the market in time for the Christmas demand. It is expected that the apricots will come to hand about a fortnight earlier than those from Roxburgh. This should prevent a rush of apricots to the market. There is a movement by the Clvdo and Alexandra growers to secure a night train to Dunedin to carry fruit. The fruit would thus travel in cool weather and arrive fresh to the market. Roxburgh growers now have the advantage of a train right into the town.

Current wholesale prices are as follow:

Apples: Stunners, choice, 10s; Rokewoods, 3s to 4a per case; Canadian Jonathans, 19s 6d per case. Pears: Choice dessert, 2d to 3d per lb. Tomatoes: Christchurch hothouse. Is 3d to la 4id; local hothouse. Is 4d to Is sd.

Gooseberries, to 3d per lb. ► Black currants, 44d to 6d; red currants, 4d to sd. Cherries, choice, 9d to Is per lb; me..diura, 6d to 7d; inferior, 3d. > Strawberries, lOd to Is 3d per lb. Oranges: Valencies, 17s to 18s Gd pfcr case; small, 12s to' 14s. Lemons: Californian, 47s 6d per case. Samoan bananas, green, 21s per case. Green peas, 4d to 4Jd per lb. New potatoes: Local, 3d to 3jd per lb; Hutt-grown, 2Jd; Canterbury, 2Jd to 3d; small, IJd per lb. f Cucumbers: Hothouse, 12s to 14s per dozed. Asparagus, 8s to 9s per dozen bundles. Cabbages: Choice, 6d to 9d per sack; others, 3s to 4s. Lettuce: Choice, to Is per" dozen; others unsaleable. Spinach, to Is 3d per dozen bunches. New carrots, up to Is Gd per dozen bundles. Rhubarb, to 3s per dozen bundles of lib each; loose, lid to 2Jd per lb. BUTTER, CHEESE, AND EGGS. (United Press Association.) (By Electric Telegraph—-Copyright.) LONDON, December 13. v Butter is very firm owing to a shortage on the Continent, Danish, 2205; choicest salted New Zealand, 182 s and 184 s; exceptional, 186 s; Australian, 182 s and 184 s. Unsalted scarce. New Zealand, 194 s and 1965; Australian, 182 s and 186 s. Cheese.—New Zealand white 98s, coloured 100 s; Australian 96s and 98a. Eggs are very dull, the supplies exceeding the demand. Australian and New Zealand eggs are very difficult to'sell. The former are quoted at 10s and 17s 6d, and the latter at 17s 6d aiid 18s Od; exceptional, 19s. Sugar.—-January, 0s Cd. —Australian Press Association.' LONDON SHEEPSKIN SALES. (United Press Association.) i(By Telegraph—Copyright.) LONDON, December 13. (Received Deo. 14, at 5.5 p.m.) The sheepskin sales. have concluded. The total offered was 5800. There was keen competition for the better classes, but there was a poor average in scoured qualities. _ Seventy-five per cent, were sold Good merino comebacks brought* par to 5 per cent, above the October average. New Zealand crossbreds were about 5 per cent, higher. Messrs Murray Roberts and C. 0., Ltd, have received the following market cablcfram from their London agents, dated lecember 13:— Compared with last London sales sheepskins, merino advanced 5 per cent.; sheepskins, crossbred advanced 74 per cent.; competition general. LONDON MARKETS. . (United Press Association. 5 : (By Electric Telegraph—Copyright.) LONDON, December- 13. (Received Dec. 14, at 5.5 p.m.) Wheat: The cargoes are steady on tentative Indian inquiry, but there is small business. '■'Prices are irregular. Hellenic, for the Continent, 47s 74d . Parcels have tair inquiry,. and outports are steady. Liverpool futures; December: 9s Oid; March, 9s 2Jd; May, 9s 2|d: July, 9s 3|d. Spot' trade is quiet. Quotations: Australian, ex ship, 495. Flour is slow. ex store, 3Jg 6d. Oats are dull. Australian Algerian, 27s Gd, to 295; A grade Gartons, 31s to 325. , I L as Q+iict- Blue Tasmanian, 340 s to 3605; New Zealand, 320 s to 310 s. „ Maples: Tasmanian, 70s to 72s Gd: New Zealand, 60s to 62s 6d. Now Zealand beans, 48s to 50s.—Australian Press Association.— United Srvice. CANADIAN FIELD CROPS. (United Press Association.) (By Electric Telegraph— Copyrlght.i , . OTTAWA, December 13. (Received Dec. 14, at 5.5 p.m.) . va lu(i of the principal field crops IV, nanrmn j Q l3 yeaL ’ amounts to 1,051,043,000 dollars, according to bureau statistics. „ Tl lls estimate represents a reduction of 83,149.600 dollars, compared 733 h 845 S nnA ear ‘ ■ Th l e £3 in cr °P s will total 733,845,000 against 797,536,600 last vear Australian Press Association—United’ SerCHICAGO \VHEAT MARKET. malted Proas Association.) (By Electric Telegraph—Copyright.) ■ ,-p . YORK, December 13, \ (Received Dec. 14i at 5.5 p.m.) 11 w,.''™! r he , at , quotations: December, roil P er bushel; March, uoj; Mav 121 J. Australian Press Association. MINING. ‘p P; Racks*, dredgemaster, Upper Nevis Gold Dredging Company, Ltd wired, yesterday as follows :-One hundred and eight ounces for 219 hours. THE BRADFORD ' MARKET. (United Press .Association.! (By Electric Telegraph—Copyright.) -ri ' , LONDON, December 13. mi rU ° rd j TopS ’~'^- re is a stagnant i market and ,a pessimistic tone. SixtvfS ioJ 7 Xt ! eS ’- md; fifty-sixes, 33d; S?’ ?- 9d; fprty-sixes, 23d; forties, 22 M. Australian Press Association. HIDE REPORT. ' Messrs Waters, Ritchie, and Co. re!Li* a ? follows:—We held our monthly sale of hides at our stores, Crawford stieet, on Thursday afternoon. There was the usual attendance of buyers, and com- : Petition was keen, particularly for all I good conditioned lines, which can be I quoted at Is 8d to Is 4d higher than the' i Previous sale. Shippers, who have been : oi the market fo# some time were : a f al i I I Our catalogue consisted ;of 2156 hides, and the following were i of our best prices;—Ox; Four ! ii.( wlb '. six ,661 b ! 13 4 d: eight (771 b), 13id; 14 (751 b), 13)d; s^. n ( ? 2lb) - 131 d; 26 (651 b), 13d; 11 |fi4lh), 13d; one (571 b), 13|d; two (671 b), | 12)d; two (751 b), 12)d; five (661 b). 12d; five (641 b), Hid: two (551 b), Hid; two (731 b) 103 d; 284 (631 b). 10i|; W (711 b) 10Jd: 105 (561 b), idgd; 20 (631 b), 10|d; 113 (741 b), 10Sd; 97 (491 b), lOJd; 30 (561 b), lOd; six (631 b), 9)d; 10 | (481 b). 9gd; eight (421 b), Ofd; six (GOlb). |0)d; nine (631 b), 9)d; nine (401 b), Oid; (seven (,501b). 9Jd. Cows: One (601 b). I US;, J 2B H 4lb ). 30 (371 b), 3|d; 20 (371 b), 9|d; 46 (381 b), 9gd; 274 (561 b), 9fd; 51 (441 b), Did; six (48lb), Oid; 68 (44ib), 9Jd; 92 (361 b), 9d; 23 (451 b), 9d, and 182 (551 b), at 9d per lb. Messrs Fraser and Co., selling agents for the Otago and Oamaru Egg Circles, report as under:—Eggs, Is 3d to Is 4d. ■ Butter: Separator, pats Is Id; bulk, Is Id to Is 2d. Tallow: Market steady at 18s Ito 22s per cwt for best quality. Pigs; | Good bacon weights, 6d to porkers, Gid; overweights, 3d to 4d. Potatoes: I Auckland, 22s to 24s per cwt; Oamaru, 3d per lb. Chaff: Prime oaten sheaf, £5 10s to £5 15s per ton, sacks extra. Whole fowl wheat, 6s 3d to 6s Od per bushel. ■Bulk honey, 4d per lb, 101 b tins, 4s 9d. Poultry: Supplies are light and prices firm. White Leghorn hens, 4s to ss; heavy breeds, 4s 6d to 5s Gd; cockerels, 3s to 7s; roosters, 3s to 4s; ducks, 3s to i os; ducklings, 5s to 7s Cd, all per pair I Turkeys: Hens, lOd to lid; gobblers, Is lld to is lid per lb, live weight. Wo stock Star P. chick food, Crosskey’s meat meal, oats, maize, bran, and pollard. , Champion egg crates, 18s 6d; leg rings Is per dozen (special quotes for quantities) . Consignors please note that pigs . and poultry must arrive not later than Wednesday morning of each week. We have a stock of poultry crates on hand for the use of our clients.

COMPANY BALANCE SHEETS,

PACIFIC PRESERVING COMPANY, LTD. „ . „„ Paid-up Net Dividend Sept. 30. Capital. Reserves. Result. Fret. s e s p.c. 1920 12,500 2,247 *2,756 7 1921 1 12,500 1,981 +206 ' 1922 12,500 2,113 *132 1023 12,500 +B,BBO 1024 13,232 • 1925 .16,589 - 1026 16,727 1927 16,803 +4l • 1928 16,841 • Profit. + loss. Unfortunately the improvement that was indicated by the result of 1926-27 has not been maintained, and the past years’ operations have brought about a loss of £1561. The adverse balance is attributed to the policy of closing down the canister making plant, but six consecutive annual losses, some of them of comparatively large proportions, have had too marked an effect upon the position of the company, and the recommendation is now made that it be wound up .'voluntarily. As it is only some five years ago since the Company was reconstructed, and during the interval it has not succeeded in producing a profit for any one year, the prospects for the continuance of the industry can scarcely be said to be bright. Desirable as this is said to be, in the iliterestsi of -the primary producer, the investor may be pardoned if he hesitates before putting money in a concern which has still to justify its existence, A curtailment has been made in the expenditure, and, if the trading account balance had remained about its level of a year ago, the result would have come out on the right side. Reduced sales. Giving to competition from outside this Dominion, coupled ..with the .loss in the canning section, have caused a drop of some 42 per cent, in the trading balance. The various charges are fully' detailed without their respective amounts, and, as the under-noted columns show, are the lowest for nine seasons. Their relation to the gross profit has been as follows, viz.:—

Trading Charges. Account. Ratio ”19-20 0.218 ' ■ 8,902 69.38 ”20-21 4 ,992 4 ' 711 105.96 ”21-22 5,582 5,650 98.80 1922-23 5,857 *3,074 ”23-24 '0,280 1,091 371.63 ”24-2o' 0.802 3.369 201.90 ■g 5.451 3,041 1 7 <), 3 ;i r ”26-2, 4,650 ‘ 4 > r,7S ■ 101.57 19.1-28 4,212 '2,626 160,40

. ‘ Debit. * Taking the average charges over the period, it may be assumed that about the lowest figure compatible with efficiency has been reached. It js to an increase on the other side that progress .has to be looked for, and, if 1919-20 be excepted, there is, little encouragement to be found. The indebtedness now stands at £15,413. As before, the chief creditor is the bank, whose overdraft of £12,543 amounts to approximately 75 per cent, of the paidup capital. Although the growth of the overdraft during the past year has been reduced to slightly over £IOOO, the lessening of the bank’s margin of security cannot but affect its policy ns controlling creditor with a lien over the whole of company’s assets and undertakings. Bills payable and sundry creditors represent the balance of £2870, which, in relation to the sundry debtors, ■ seems somewhat large. It is not apparent if they partly form a charge upon the interest bill. r,oL? rlll T C , asset is stock, standing at £BBO7. It bas risen slightly, and, whatever its composition may be, still looks large m proportion to the other assets. It the value‘ represents about an average throughout the year, a sum equivalent to over half of the paid-up capital is more or Jess permanently tied up in that form. It may be assumed that the bulk, if notthe whole, of the sales are credit sales, and if the turnover is quick, it would be expected that sundry debtors would come to more than £2827. They are less than the sundry creditors when deductions for Uacl debts and discounts of approximately o per cent, in all are made. Other liquid assets are comparatively small. The y of the P osit ion when goodwill of £1592 appears in the same column as a five-figure debit balance will he patent. ihe fixed assets, which arc fuily detailed, aggregate £6910. Depreciation has ,iecn allowed both in the case of buildings and of plant and machinery, the allowance in the latter instance world tw out at the generous rate of about 11 per cent. The annual provision, for wastage has been a regular entry in this company a accounts, notwithstanding the fact tnat it may have assisted to increase an °L. S A in f , deblt ln * he P™fit and loss account balance. Excluding goodwill, the assets total £IB.BOO as agaiifst liabilities w/ Jhe balance of £3387. being wnat is left to represent of £l6 841 has caused the manngemr” *o pause to consider the future. The . -o:no of the negotiations with the bankers will be awaited with interest.

BANK OF ENGLAND RETURN.

(United Press Association.) (By Electric .Telegraph—Copyright.) Tim fll • LONDON, December 13. return-- ° WIDg 13 tho Bank of England

ISSUE DEPARTMENT. Notes issued £416,654,000 O+wT 6nt debf V 11,015,000 uther Government securities 233,569,000 Other securities 10,172,090 GnM °-° ln V,",v 5,244,000 Gold com and bullion .. .. 156,654,003 Total •• , •• 410,654,000

BANKING DEPARTMENT. Proprietors’ capital .‘.*..£ 14,553,000 PnMio’V •; 3,342,000 O+W , depo ?l ta 7,629,000 deposits .. .. .. 104,146.000 Seien-day and other bills .. 2,000

teStS u '! , “ £ aas T,

'otal •• .. .. £129.672,000 iq 37 le on P n°^ ortio + n °L rrese r ves to liabilities .+ sr p cent> Shoi>t l 0 are quoted 4 1119™’ ce f-! t h >-co. months bills, elation. P cont - Australian Press Assu-

CANTERBURY MARKETS

(Per United Press Association) December' l4. , e , deluge of rain has invested the market with a Httle new interest. it is considered, however, that so far very little damage has been done Sn Ug tal4 he r att .f of , r " sfc development -"take a ,. f i ? w days to determine. The bright conditions since the rain -eased £fJ 01, T 0n a™ encouraging for the time fS o n ffr Q ?^? or . ts from the country are to the effect that much less wheat is " laid ” than was feared.

There is no change in the milling wheat market, and buyers are going slow. howl wheat is offering 'freely at ,7s 7d, i.o.b. *

A little more business lias talcen place in forward oats. There have been sellers of A Gartons at Ss 7Jd, on trucks Seeds remain at the prices ruling for some time.

A substantial amount of forward business has been done at £4 17s 6d and £5, s.i., for, April-June potatoes, and purchases have been made from farmers at the rather bare equivalent of £3 15s, on trucks. Reports from round about are that crops on lowlying land were under uater yesterday, but the tubers are not far enough advanced to be affected, and the water is likely to get away quickly. Under the drying conditions that have set in. In another sis weeks such a downpour would have created conditions favourable to blight. Quotations for the main crop of onions are £4 15s a ton, and for February £5, on trucks. Business at £6 ss, f.0.b., s.i., has taken place, but notbern buyers are not much interested.

At a meeting of merchants yesterday, the price of corn sacks was fixed at the same sale as last year. Is 4d each for 46’s. The refund to the farmer when the crop is sold will be Is 2d.

OAMARU MARKETS,

BRAY BROS. FRUIT FARM, AND DAIRY PRODUCE MERCHANTS, DUNEDIN, WRITE US FOR MARKET REPORT. HAVE INQUIRIES FOR ALL LINES. —Advt.

(From Our Own Correspondent.) ' OAMARU, December is!

The Oamaru cereal market continues to show a lack of activity; there has been practically no forward buying of wheat, and no indication is yet given of what the opening prices, will be for the new season’s produce. Some growers are optimistic enough to suppose that the price for new season’s Tuscan will be-nearer 6s per bushel than it was last year. Millers, on the other hand, predict a decline in values to some extent.

During the week a email parcel of last season’s Hunters was sold at 6s i per bushel, and another of Tuscan at 6s 9d pqr bushel, on trucks, country stations. There has been little movement in oats as the major portion of the crop has been dealt with. The surplus of last year’s barley is being sold for pig feed, and prices vary a good deal/ Oaten sheaf chaff has sold at from £4 5s to £4 7s 6d per ton oni trucks. Inquiries have been made for cocksfoot grass seed at-from lOd to lid per lb for machine dressed.

Following the rain, there has been an increased demand for all .kinds‘of seeds, and merchants have been kept fairly busy, in filling orders. , The stock market has shown much greater animation than last week, and a large number of transactions have taken place, chiefly to fill northern orders, The range of prices has been as follows:—Twotooth wethers (shorn), 235; two-tooth wethers (in the wool), 325; two-tooth ewes (shorn), 32s to 33s 3d; ewes and lambs from two-tooth to eight-tooth, 24s 9d to 265; older ewes and lambs, 19s to 23s 6d; fat ewes, in the Wool, 36s 9d; fat wethers (shorn), 30s; fat ewes (shorn), 245. ' The business done in cattle has not been on r a large scale. Fat bullocks have sold at £l3 10s; fat heifers at £l2 ss; and fat cows at £7 to £9. Dairy cows have realised £5 to £7, and store heifers £3 5s to £3 7s Od.

A slight decline has taken place in the pig market. Weaners have, sold at from 8s to 10s, medium at 5s to 7s, and slips at from 15s to 255, according to sizq.

DAIRY PRODUCE. The National Mortgage and Agency, u> ol New Zealand is in receipt of the following cablegram from London;—" Bulter,—The market is firm.' ’ New Zealand finest sold from 184 s to 186 s; New Zealand first grade 182 s to 183 s, Danisli ,202 s to 2045. , ■■ Cheese.—The market is steady. White sold from 97s to 98s, coloured 99s to 100 s. . The Otago Farmers’' Co-operative Assoelation of Now Zealand, has .received the following cablegram from its London cilice;— The butter market continues firm, with current arrivals clearing well.- New Zealand sold from 182 s to 184 s. The cheese market is steady, selling from 9?s to 995. ■. Meat is unchanged.