COMMERCE AND FINANCE

Otago Daily Times, Issue 21532, 2 January 1932, Page 7

COMMERCE AND FINANCE

AUSTRALIAN MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, December 31. (Received Jan. 1, at 5.5 p.m.) , Wheat: Ex trucks, Sydney, 3s 2JJ; at •ountry stations, 2s 7ld. Flour, ill os. Bran, £4 10s. Pollard, £5. Potatoes: Local new, £88; Tasmanian Old, to £ll. Onions: Victorian New Globes, £l2 10s. Oats: White and Algerian, 2s 6d. Maize, 3s 9d. ADELAIDE, December 30. Wheat, 3s Id. Flour, £8 10s. Bran, £4 10s. Pollard, £5. Oats, Is 8d to Is 9d. .LONDON MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 31. (Received Jan. 1, at 5.3 p.m.) Wheat.—Cargoes are steadier, but have fuiet trading, with little change in prices, ’art of the cargo of the King Arthur brought 28s 6d, bags being sold to Italy. Parcels are firm on account of the adverse exchange and the lighter Australian and Russian shipments. Futures: London— December-February 24s 7d, June 25s 6d; Liverpool—March 5b s§d, May 5s Sd, July B s 9id. Spot trade is dull. Australian, ex ship, 29s 6d to 30a 6d. Flour is quiet. Australian, ex store, 20s to 21 s 6d. Oats are 3d to fid easier. Peas and beans are slow. DAIRY PRODUCE The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram from London:— Cheese: White, 56e; coloured, 545. The market is firm. PRICE OF FINE GOLD (United Pre»s Association.) (By Electric Telegraph—Copyright.) LONDON, December 30. Fine gold is quoted at £6 0s 8d per cz. FRUIT AND PRODUCE WORLD Reilly’s report selling:—Beetroot. Is 4d. Cauliflower: Choice, 6s; medium, se. Lettuce: Extra choice. Is fid; choice. Is. Eggs: R.C.P.M., Is, Is Id. Parsnips, Is 4d. Carrots, Is 4d. . Spinach, Is 4d. Cucumbers, 3s, 8s; Australian half-cases, Bs. Spring cabbage, Is fid, 2s dozen. Australian Valencias, 10s, 15s. Carifornian grapes, 20s. Californian Navels, 47s fid. Californian lemons, ' 60s. Bananas: Choice ripe Samoans, 27s Cd. Californian grapefruit, 44s per ease. Peaches: Crate, 21d, 5-ld; cases, 3d, 1 id. Rhubarb, lid. Apricots, 2d, sd. Green peas, 2d, 5Jd. Marrows, 2d. Water melon, 2d, 3d. Broad beans. Id, 2d; French beans, 3d, fid; sweated unsaleable. Gooseberries, Id, 2id. Raspberries; Pottles, 8d to 15d; buckets, ss, Befid. Garlic, 7£d. Local tomatoes, fid, Is: Christchurch, 3d, 8d; Nelsons, 3d, fid. Strawberries; Extra choice, Is 3d, Is 9d; medium, Is; soft, lOd; small, 4d, 7d. Black currants, 2d, 4d. Red currants, 2d, 3d. White currants, id lb. Cherries: -Extra choice, Bd, Is 2id; small, BofJ, 3d, fid. Plums, IJd to 4Jd.; Peanuts, 4d. Walnuts, fid. Porker and bacon pigs, sd, fid. Cheese: Medium, sd, fid; loaf, 7d. Tea; Orange Pekoe, 2s 3d. New potatoes: Locals, IJd. 2d. Mushrooms, Is to Is Bd. Honey: Bulk, half lb pats, 4Jd; sections, lOd: 101 b tins, 5s fid. Butter. Bd, 9d. Hams, lid. Bacon: Choice, 9d, lid. Beeswax, Is 4d. Horsehair, Is. Coconuts, 16s fid sack. Onions; Australian New Globes, I4s. Semasan and Granosan: slb, 555; Alb, 7s; 2oz, 2s 3d. Palmer’s chick food: 4lb, Is 3d; 101 b. 2s fid; 251 b, 6s; 50lb, 10s; 1001 b, 19s. C.M.W. Knapsack sprayer, improved type, £5. Bucket pumps, 22s fid. Oyster grit, 9s. Woodwool, 28s. Fruit wraps, 3s 3d ream. Superphosphate garden manure, Is fid. Champion egg crates, 15s. Raspberry buckets, 48s dozen. Vailo Giraffe lime sulphur: Cases, 4 gallons, 2s 3d; barrels, Is lOd gallon. Black Leaf “ 40101 b tins, 525; 51b tins. 275; 21b tins, 14s; Ufa, 7s Cd; Alb, ss. Wheat, 6s. Partridge peas, ss. 9d. Crushed oats, 12s fid. Ricemeal. specially good for poultry, pigs and cattle, 7s fid. Firewood blocks, 2s 9d bag. Bran, £5 10s. Pollard, £6 10s. Oats: A Gartons, 2s 9d; B, 2s 3d. Seed oats, 3s Cd bushel. Oatsheaf chaff, £4 ss. Straw: Wheaten, £3 Is. Poultry: 47 bens at 3s Gd to 6s Bd. 18 goslings at 3s fid to 9s. 11 chickens at 6s 2d to 6s Bd, 21 ducklings at 5s 8d to 7s, 2 pullets al 3s Cd. REILLY’S CENTRAL PRODUCE y MART, LTD., Moray place, Dunedin.

local; and overseas markets.

CUSTOMS RETURNS FIGURES FOR THE YEAR. % —— The Customs returns for the month of December and for the past year show a decrease, compared with those for the previous corresponding periods, which may be attributed to the continued trade depression. The falling off in Customs duties for the year is close on £150,000, but petrol tax shows an advance, which is due to the increase which was made in the duty. The beer duty for the year reveals a decrease of about £5700. The following are the figures for the month of December, compared with those for the corres])onding period of 1930:

THE CHRISTCHURCH FIGURES. (Per United Press association.) CHRISTCHURCH, January 1, For the calendar year 1931 the receipts from Customs at Christchurch were £313,590 less than in 1930. Beer duty was less by £2661; the motor spirit tax yielded £41,440 11s more, and the tyre tax £312 11s more. The summary for the year is as follows:

FIGURES FOR WELLINGTON. (Per United Press Association.) WELLINGTON, January 1. For the 12 months ended December 31 the. Customs revenue collected at the Port of Wellington showed a decline of £792.173 over the figures for 1930. The figures were £3,056,051 and £2,263,878 respectively. The duty collected on motor spirit last month totalled £57,029, aa against £43,533 for December, 1930—an increase of £13,496. The figures for the 12 months were £532,517 and £443,867 respectively—an increase of £88,650. The collections of tyre tax last month totalled £1730, as against £3516 in December, 1930—a decrease of £1786. For the 12 months a decrease of £15,041 was recorded, the figures being £23,991 and £39,032 respectively. Beer excise collections for December were £7966. as against £6600 —an increase of £1366. For the 12 mouths the figures were £56,930 and £56,086 respectively—an increase of £244. LONDON WHEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 30. Wheat: Cargoes are steady, with sellers at an 'occasional advance, but closed quiet; 8300 tons Anglo-Indian, about 27s IOJd (bags). Parcels are steady and 3d to 6d harder, but buyers are unresponsive. Esperance Bay, 29s (net). Futures: London—December and February, 24s 6d; June, 25s 6d. Liverpool— December. 5 S 2|d; March, 5s sjd; May, 5s 7Jd; July, 5s 9^d. N.Z. LOAN AND MERCANTILE COMPANY ANNUAL REPORT. (From Our Own Correspondent.) LONDON, November 24, The New Zealand Loan and Mercantile Agency Company announces in its report to June SO that earnings in commission and interest have been greatly reduced. From contingency accounts £155,000 has been taken, and after payment of the interest on the first and second mortgage debenture stocks there is a credit balance of £6536, against a net profit of £76,550. This is supplemented by £12,463 brought in, making £18,998, which is carried forward. An interim on second preference stock was paid on December 31, 1930. The directors regret that, in view of the year’s trading they cannot recommend further dividends. No provision lias been made for depreciation due to the adverse exchanges between Australia and New Zealand and this country. The board believes that these exchange rates will gradually disappear. Since the close of the accounts the prices of wool and wheat have shown improvement. A CURIOUS SITUATION. The Financial Times comments upon a curious situation regarding the preference stocks of the company. The state of the primary industries in . Australasia has naturally reacted very unfavourably on earnings, and as a consequence net profit on working has disappeared (says the journal). This result was not evident, the directors explain, at the end of December, and the interest on the second preference stock, due on January 1, was accordingly paid. Apparently it was intended to meet later on the interest on the first preference stock, which also accrues in December, but it was then discovered that the shrinkage of revenue was su severe that it, was not really possible to meet either the _ first or second preference dividends The first second preference instalment . having been disbursed, the actual position is that while the second preference gets half its dividend for the year the first preference receives none. The matter has been regularised as far as possible by charging the second preference payment against contingent and taxation reserves and not against revenue. The profit and loss account has also been reinforced by a transfer from contingent reserve of £155.000, which turns the deficit into a surplus of £74.500. This covers debenture interest with a margin of £6500, which, added to the sum brought in, leaves £19.000 to go forward. For 1929-30 tiie preference dividends were fully earned and 4 per cent, was likewise distributed on the ordinary stock with the assistance of a draft of £45.900 made on the sum brought into the accounts. In spite of the difficulties of tfic past year hank advances have been reduced by £98,400.

1930. 1931. Xet Customs £51.743 10 0 £48,730 17 11 Beer duty 21,160 14 3 29,221 3 10 Tyre tax .. 1,357 6 0 5 21 13 6 Petrol tax 15,294, 1. 0 16,995 9 8 The follow ill" are the annual returns; 1930. 1931. Ket Customs £ 700,166 12 6 £55.1,460 15 9 Beer duty ! 221,138 16 11 215,433 19 8 'I'yre tax 12,548 9 5 10,610 5 9 Petrol tax i 124,301 1 0 153,452 6 0

1931. 1930. Customs .... £720,563 £1,034,153 Beer duty £66,758 £66,426 Motor spirit tax £230,755 £189,305 lyre duty ., £13,579 £13,260 The figures for the nine mofiths of the financial year are;— 1931. 1030. Customs .... £531,821 £748,217 , Beer duty .. £66,758 £66,520 Motor spirit tax £173,403 £149,482 Tyre duty '.. £8,374 £9,648 For December the figures were as follows:— 1031. 1930. Customs .. £66,792 £72,899 Beer duty £10,454 £9,037 Motor spirit-tax £21,702 £20,421 Tyre duty £962 £1,445