COMMERCE AND FINANCE

Otago Daily Times, Issue 21530, 30 December 1931, Page 3

COMMERCE AND FINANCE

LONDON WHEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 28. Wheat: Cargoes are steadier and firmer on week-end American advices, also lower world shipments, but buyers are aloof. Business is reported in Australians tor the Far East, for which Russia is seeking January tonnage. Parcels are dull and unchanged. Futures: London —December and February both 24s 3d, June 25s 3d; Liverpool—December 5s March 5s 4|d, May, 5s 7Jd, July 5s BJd. BRADFORD TOPS MARKET ; , (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 28. At Bradford the wool market is quiet. Merino tops are about steady, but crossbreds are tending easier. " PRICE OF FINE GOLD (United Press Association.)^ (By Electric Telegraph—Copyright.) LONDON, December,-28. Fine gold is quoted at £6 Os 8d per ounce. NATIONAL BANK OF NEW ZEALAND, LTD. The general manager of the National Bank of New Zealand, Ltd., announces payment on January 4 of the interim dividend for the half-year ended September 30 last at the rate of 8 per cent, per annum free of tax. The dividend will be payable in New Zealand, at any branch of the National Bank of New Zealand, Ltd., at current rate of exchange for demand drafts on London on. date of negotiation, This makes the interim dividend equal to £4 6s 9d per cent. This bank shows its capital and reserves as under:—Subscribed capital, £6,000,000; paid-up capital, £2,000,000; fund (invested in Government securities), £2,000,000; reserve liability of shareholders, £6,000,000;—£10,000,000, and in addition there are undivided profits carried forward of £168,457. In the last balance sheet, its liquid assets stood at £6,049,000, which are equivalent to 44.3 per ceht. or 8s lOd in the £ of total liabilities to the public, and for every £ for its own funds the bank is holding only £3 5s 6d of the public’s money, which is an exceptionally strong position. J. C. WILLIAMSON, LTD. Gross profit of J. C. Williamson, Ltd., for the year ended June 30, at £21,687, was £39,883 lower than that of the previous year. After allowing for expenditure of £54,617, there was a loss of £32,930, compared with a loss of £16,503 in 1930. No dividend is recommended. No preference dividend has been paid since June 30, 1930. . The lose shown would have been greater, but that credit has been taken for a sum of £14,120 due to the company obtaining a security over a property fbr an accumulated debt. Reserve account has been increased by £Bl7l, resulting from similar adjustments of accounts and resumptions by the City Council of the company’s Darling Harbour freehold. Sundry creditors and provision for taxation are higher by £10,013, but in the bank overdraft a decrease of £19,232 is shown. Assets are at values as shown in the company’s books. The directors do not think it possible at the present time to' attempt a revaluation oir appraisement. While the "amount owed' by debtors has increased by £36,755, investments have been reduced by £41,240, and scenery and properties are lower by £29,267. There are contingent liabilities of £220,466 because of guarantees to banks and debenture holders for advances to subsidary companies. The report states that the company has suffered with others, owing to the reduced spending power of the community. Its difficulties have "been further intensified by the onerous severity of the Federal and State entertainment taxes, a severity which is throttling the amusement industry, thereby reducing employment. SULPHIDE CORPORATION At the annual, meeting of the Sulphide Corporation, Ltd., in London last week, the chairman of directors (Mr Vicary Gibbs), who presided, said that owing to . the fall in the prices of silver and zinc to record .low levels, the losses on working the Central mine at Broken Hill were greater than would be incurred by closing down, and there was no alternative but to cease operations last December. Recently there had been a distinct tendency for prices of metals to rise, and signs of improved consumption. He trusted, therefore, that the prices of those metals, in which the corporation was interested, t would so improve that shortly it would be able to resume operations. FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.)

Scott Bios., produce merchants and commission agents, agents for the Dunedin Egg Suppliers’ Association, report:—Eggs at market rates. Butter: Dairy pats, 8d to BJd per lb; bulk, BJd. . Honey: Bdlk, 5d to 5Jd per lb; 10!b tins, 5s 9d each; 51b tins, 3s. Beeswax, Is 4d to Is sd. Fat: Nominally 5s to 7s per c\vt. Poultry: Hens, 3s to 3s Cd per pair; ducks, 2s 3d to 2s 6d each; geese, 4s to 5s each. Turkeys: Hens, 74d to 8d per lb; gobblers, 9d per lb. Pigs: Prime baconers, s£d to 6d per lb; porkers, 6d to 6Jd per lb. Potatoes: Oamaru and Taieri, IJd to lid per lb; Auckland, new, 10s cwt. Green Seas, 4d to 5d per lb. Onions; Melbourne :ew Globes, 15s per cwt. Chaff: Prime oaten sheaf, £4 15s to £5 per ton, bags extra, ex store. Partridge peas, 6s 3d per bushel, sacks extra. Whole fowl wheat, 5s to 5s 6d per bushel, sacks extra. Barley dust, 8s per 1501 b. Clover and ryegrass hay, £4 10s to £4 15s per ton, ex store. Maize, 6s 9d per bushel. Oats: Cartons, 2s 9d to 3s. Sparrowbills, 3s per bushel, sacks extra. Pea meal, 17s 6d per sack 1501 b. Machine-dressed seconds oats, 3s 6d per bushel., Pressed wheaten straw, £3 ss; oaten, £3 10s, ex store. Feed barley, ,2s 9d bushel. Christmas Holiday.—Consignments will be handled as usual between the holidays. Cash advances, if necessary, will be made up to December 31. First returns thereafter about January 9. December 28, 1981.

LOCAL* AND OVERSEAS MARKETS,

LONDON STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 28. P. and O. deferred stock, 21s. NEW ZEALAND HONEY. INTERESTING OBSERVATIONS. (From Our Own Correspondent.) LONDON, November 24. Returning a week ago from a business visit to the Continent, in connection with the sale of New Zealand honey, Mr H. W. Castle, of Messrs C. and E. jlorton, Ltd. (who handle the New Zealand Control Board’s output in Great Britain and Europe), reports:— “Eight months ago on my return from a visit to Germany 1 stated that the position was infinitely worse than on my previous visit, and that in my opinion another acute financial (and possibly politiccal) crisis was impending; It. is now known that the financial crisis has arisen, and Germany has asked for the summoning of the Advisory Committee of the ‘ Young Plan.' “In Berlin I found very few people in restaurants and cabarets, and the majority of those present were foreign visitors. In the streets persons soliciting alms were numerous. Germany cannot pay her ex-, ternal debts.other than in goods, and in commercial dries there is no faith in the mark. There is dread of the country being forced off the gold standard and the mark becoming valueless. It seemed somewhat ironical, therefore, to be able to obtain only 15 marks for a pound note! The political situation is unstable; the Hitlerites are steadily gaining strength at the expense of the Moderites, and the Communists are recruiting from the Socialists. The sale of New Zealand honey under such conditions is almost impossible, and we still have to ‘ mark time.’ DIFFICULT TIMES IN DENMARK. “ Owing to the low prices received for her produce, particularly bacon (which is cheaper than for more than 20 years), the position in Denmark is none too happy, and farmers are passing through very bad times. Many farmers have been left derelict, and in an effort to stop the drift the Government has now instituted a special tax on the rest of the community to be applied to the relief of the farmers. There is, however, still plenty of money in the country, and there is not the slightest evidence of want. There is, rather, a general lowering of costs, particularly in restaurants, where a really good lunch can now be obtained for 2s 6d against 3s 6d in the, early part of the year. “ Given a normal winter, the prospects for New Zealand honey—still first favourite after Danish —are good. I doubt whether it is generally realised that although Denmark may be the chief competitor of New Zealand butter she is (relative to population) her best customer for honey—in weight Scandinavia actually ranks next to Great Britain in her purchases of ‘ Imperial Bee ’ honey. INCREASING SALES. “Although Holland has lost much money of recent years—especially since we left the gold standard—she is still a wealthy land. ' Imperial Bee ’is making good progress, and to-day it may be seen in all good-class shops and the large stores in Rotterdam, The Hague, and'Amsterdam.” “In the United Kingdom,” joncludes Mr Castle, “sales of the honey continue to increase, and a point worthy of note .is that honey is the only produce of New Zealand which, during the two years of acute depression, has .advanced in price. No other branded packed honey has such a world wide distribution and sale sa Imperial Bee,”

BDGBT. December 28. Par. ( Dec. 23. Dec. 28. Paris. fr to El .. 124.21 87% 87% Brussels, belgas to £1 35 ■ 24.00 24. GO Oslo, kr to £1 •• .. 13.150 18% 18% Stockholm, kr to £1 .. 18.150 18 17 15-16 Copenhagen, kr to £1 18.150 18% 18% Berlin, marks to £1 .. 20.43 14.40 14 7-10 Montreal, do) to £1 .. 4.86 23 4.17% 4.20 New York, do) to £1 .. 4.80 23 3.42% 3.4% Yokohama, pence to yen 25.15 28% 20% Hongkong, pence to do) 23.15 17 11-16 IT 5-9 Bombay, pence to rupee 18 • IS 0-04 IS 5-32 Batavia. Borins to £] i 12.107 — Milan, lire, to £1 .. - 02.45 07% ' 67% Amsterdam, guild to £1 12.107 8 7-10 8% Prague, kr to £1 .. 24.02 115% 115% Geneva. kr' to £1 25.22% 17 9-10 17.00 Vienna, schillings to £1 24.55% 30 29 Helsingfors, marks to £1 103.334 240 227% Madrid, pesetas to £1 .25.22% 40% 40 7-16 Athens, drachma to £1 25.22% 200 200 Lisbon, escudos 'o £1 5.20% 170 109% ' Bucharest, te) to £1 .. 037 520 570 Itlo da Janeiro, pence to milreis .. .. .. 18 4% 4% Buenos Aires, pence to pesos 47.82 41 40% Shanghai, pence to tael 23% 24% 23% Montevideo, pence to peso 51 31% 81%