COMMERCE AND FINANCE

Otago Daily Times, Issue 21837, 27 December 1932, Page 10

COMMERCE AND FINANCE

LONDON MARKETS (United Press Association.) (By Electric Telegraph—Copyright.)' LONDON, December 24. (Received Dec. 26, at 8 p.m.) Friday’s closing prices were:— Cotton: Spot, 5.07 d per lb; January, 4.86 d; . , , Rubber: Para, 4Jd; plantation smoked, 27-16 d. , „ Jute; December-January, £l4 15s. Copra: January-February, South Sea, £l3 17s Cd; plantation, Rabaul, £l4. Linseed oil, £l7 15s. Turpentine, 02s 6d.

LOCAL AND OVERSEAS MARKETS.

FROZEN MEAT MARKET (United Press Association.) (By Electric Telegraph—Cdpyrlght.) X.ONDON. Docemhor 24. (peceircd Deo. 20, at 8 p.m.) Dec. 10. Deo. IT. Dec. 24. (Per lb.)

MINING GOLDEN PROGRESS REPORT. The following report has been received from the Golden Progress Quartz Mining Company, Ltd:— During the past month four men have been breaking out ore and driving off the back of the east end stope. Although the quartz is of high value, the reef is much thinner, and consequently is not producing any quantity. We extended the east end face crosscut and cut through a quartz formation which looks promising, and it is now being opened out on. Preparations for sinking a winze below the 150 ft level on the run of good ore, west end workings, are now nearing completion, and sinking should be under way this week. A surface drive to cut a reef worked on in the early days is being driven and should reach the quartz within the next few feet. A clean-up has just been concluded for a return of 83oz lldwt of retorted gold from 20 tons of ore. ALEXANDER MINES, LTD. The following are the gold returns for December of Alexander Mines, Ltd.:— Battery department: hour hundred and eleven tons of ore were crushed for 2!)8oz 13dwt of melted gold. Cyanide department: Two hundred and seventy-eight tons of sands were treated for 970 z 14dwt, bullion. Total estimated value: £ISOO (exclusive of premium on sale of gold abroad and premium on cxchangp). THE WHEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 23. Wheat cargoes are unchanged, with the exception of La Platas, which are lower on free offerings. About 30,000 tons of Australian were sold to China (MarehApril) at United Kingdom parity at 23s 9d and 23s 10Jd. . Parcels are quiet. Manitobas aud Australian are steady. , La Platas show from 3d to 6d decline. Ex Belparcil, 23s (id. Futures: London—December, 1 21s 2d: February and April. 20s 2Ad: Liverpool—March, 4s 73d; May, 4s 83d. “THE M.L.C.”

Sir John Pcdcu, K.C.. M.G., M.L.C., lias been appointed to fill the vacancy on the Board of Trustees of the. Mutual Life and Citizen’s Assurance Company, Ltd., occasioned by the death of Sir Joseph Carruthers.

PRICE OF FINE GOLD . (United Prea» Association.)(By Electric Telegraph—Copyright.) LONDON, December 33. Fine gold is quoted at £6 3s lid per or. FRUIT AND PRODUCE WORLD Reilly’s report selling: Carnations, 4s. Sweet peas, Is 6d, 2s. Ranunculi, 2s, 4s. Cauliflowers, 2s, 7s. Cabbage, 3s. Lettuce, 6d, Is 6d. Honey; Alb pats, 4s. Spinach, Is 4d, Spring onions, 6d.' Local cucumbers, 4s, 6s. Eggs: Poultry keepers, Is; others, lid. Asparagus: Outram, 14s, 18s; Christchurch, 3s, 4s. Raspberry buckets: Canadians, 565; „New Zealand, 52s per dozen. Champion egg crates, 15s 6d. C.M.W. knapsack sprayer, £5 each. Apples: Delicious, Bs, 15s; Stunners, Bs, 14s. Lemons: New Zealand, 20s to 22s 6d. Bananas: Choice ripe Niues, 23s 6d. Oranges: Valencias, 15s, 18s; Navels, 455. Grapes: Californian, 30s. Plums: Cherry plums, choice, 4s; inferior, 2s half cases. Coconuts, I6s Cd. Strawberries: Extra choice large, Is 2d; choice, Is; jam, 7d, 9d; wnsty and mouldy, 3d, 5d per pottle. Raspberries, 7s, 9s 6d per bucket. Grapes; Roxburgh and local, 2s 9d, 3s. Cherries: Choice, Is, Is 7Ad; small, 4d, 6d. Apricots; Choice, sd; inferior, 3d. Peaches: Crates 5d to 8d; cases, 3d, sd. Mushrooms, la 7Ad. Bulk honey: Choice, sd; discoloured, 3d. French beans, Is., Black currants, 2d, 3d. Pears: Winter Coles, Winter Nelis, 4d, sd. Green peas, IJd, 2d; sweated, >}d. Id. Broad beans, IJd, 2Ad. Walnuts, 10d. Cheese, 7d. Tomatoes: Locals, lid, Is Id; Christchurch, choice, lOd, Is; seconds, 7d, 9d; inferior, 4d; Nelsons. sd, Bd. Local new potatoes, Id. 1 Ad; Cantfirbury, Id. Tea; Orange Pekoe,. 2s. Gooseberries. Id, 1 Ad. Porker and bacon pigs, 4Ad, sd. Rhubarb, lAd. Beeswax, Is. Bacon; Prime, Sd; bams. lid. Butter: Storekeepers, 7rl per lb. Potatoes: Re-picked, 6s lid. Onions: Canadians, crates or bags, 15s. Woodwool, 28s. Bluestonc: Macclesfield. 42s 6d. Oyster grit, 7s cwt. Olivo oil, 10s gallon. Seincsan: 2oz. 2s 3d; 41b, 7s 6d; 11b, 12s 6d; 51b, 555; 251 b, 2355. Granosan; 2oz, 2s 3d; Alb. 7s 6d. Emil wraps, 3s ream. Honey: slb, 3s; 101 b, 5« 6d. Vallo Giraffe lime sulphur: Cases, S gallons, 2s 3d; barrels, Is 9d. Black Leaf “40”: American, 101 b, 525; 51b, 30s; lib, 8s 6(4; Alb, 4s 6d; British, 101 b, 50s: slb, 27s Gil; lib, 7s 6d. Ricemeal for poultry, pigs, arid cattle, 7s 6d; crushed oats. 12s. Cross Keys meat meal, 15s 6d: National, 15s. Firewood blocks; Manuka, 2s 6d. Palmer’s chick food; 1001 b, 17s Od: 501 b, 10s 6d; 251 b. 6s. Manuka tomato stakes, 8s per 100. Strawberry pottles, 60s per 1000. Bean. £5. Pollard, £6 10s. Straw: Wheaton. £2 15s: oaten, £3. Hay, £4 15s. Oatsheaf elm IT. £4 ss: ex store, £5. Oatmeal, £23. Potatoes, £6. Poultry: 302 hens at 2s to 6s Cd, 108 geese at 5s to Os. 141 cockerels at 2s 8d to 8s Od, 109 chickens, at 4d to 2s 6d, 116 ducks at 4s 4cl to 8s lOd, 38 ducklings, at 3s 8(1 to 9s (per pair), 2s turkey hens at Is OAd. 2 gobblers at Is OAd per lb. REILLY’S CENTRAL PRODUCE MART, LTD.. Moray place, Dunedin.

THE RABBIT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 24. (Received Dec. 26, at 8 p.m.) Rabbits: First, large, ex store, 17s. . DAIRY PRODUCE The South Island Dairy Association, Ltd., boa received the following market report from London:— Butter. —Slow; 82a to 84s; Danish, 1225. Cheese. —Slow; White, 51a; coloured, 67 s. NESTLE MILK COMPANY ' Accounts of the Nestle and Anglo-Swiss Condensed Milk Company (Australasia), Ltd., for the year ended June 24, disclose a not profit of £116,185, compared with £129,431 earned in the previous year. The authorised capital has been reduced from £4,000,000 to £2,500,000 by the cancellation of 1,500,000 ordinary £1 shares and the subscribed capital to £2,000,0000 by the return of £1,500,000 to ordinary shareholders in respect of the cancelled shares. The preference dividend of 8 per cent, absorbs £BO,OOO, and £35,000 is required for an ordinary dividend of 3i per cent., compared with 2 per cent, in the previous year. The carry-forward amounts to £llßs. ROYAL' STEAM PACKET Accounts of the Royal Mail Steam Packet Company for the year 1931 show a profit of £29,400 on voyages. Compared with a los» of £371.632 in 1930. However, the actual debit balance is £05,174, to which is added, a debit of £414,796 brought forward and £149,909 for interest deferred, making an adverse balance of (039.879 carried forward. The directors state that the book values of investments in subsidiary and allied companies are much in excess of present value#. Under existing conditions the recovery of amounts due by the White Star subsidiaries is remote. KAURI TIMBER COMPANY. LTD. I'KOUUCTION CURTAILED. A meeting of shareholders of the Kauri Timber Company, Ltd,, was held at the otlire of the company _,jn Queen street, Melbourne, on December 10. The chairman (Mr John Bishop) ■ said that the outlook was gradually becoming more hopeful, ‘‘l regret that owing to the indifferent result of the year’s operations it has boon decided not to recommend the payment. of a dividend,” the chairman added. “ The loss shown for the year is £26,022, which, added to the'debit balance of the profit and loss account brought forward from the previous year, makes a total debit of £36.148. In considering these figures it should be borne in mind that

of the amount shown, some £17,000 of the loss is due to the writing-down and adjustment of stocks to their present-, day values, so that the actual loss attributable 'to trade 1 ie approximately. £9OOO. The fact that, the realisable values of, stock had fallen much'below; their cost Of production made it imperative to adjust the values to me§t the' present-day market conditions; It.'is not anticipated that any further wifitiugdown"of stock will be necessary as a steady realisation is taking place at ap- 1 prosimately book values or better.- During; the year by depreciation and sales stocks have been reduced by £62,828. The' amounts standing to the credit of the several reserve and other funds have not’ varied to an extent that requires comment. These form a, substantial and, we believe, adequate protection against any unforeseen fluctuations in the values of the general assets of the company. “ Your directors/ are continuing the policy of keeping the company in a sound financial position, feeling sure that by so doing it will be best able to withstand any adverse contingencies likely to arise, and at the same time promote a sense of security amongst the shareholders during the present period of financial uncertainty and enable the directors to take advantage of any further suitable business ex-’ tensions requiring readily-availablb capital for their development.” EXCHANGE VARIATION ‘ . EFFECT ON PUBLIC ACCOUNTS.' The danger of anomalies occurring in the public accounts unless a- Uniform’ method is adopted for the treatment of exchange, is mentioned in the annual re- 1 port, on public accounts by the Controller and. Auditoivgeneral (Colonel G. F. C. (Campbell). Several cases are quoted in the. report. where, accounts have been confused on account of the exclusion of- exchange payments. v ... The difficulty arose chiefly in transactions with other parts of the Empire where currencies were based also on thapound unit, for although these currencies’, were now completely dissimilar except In'name, there was a tendency to treat them all as being the same and of equal value. According to the Audit Office, tha soundest method is to add the cost of or deduct the premium on exchange to or .from the cost of the particular goods or services paid for, since by this means.only.is,’! the tnle cost to the Government of such goods or services disclosed - in the published accounts. .

N.Z. Sheep— Canterbury and North Island selected crossbred wethers and maiden ewes— d. d. d. 4S-5Glb — — 57-G41h 4% 415 05-721b North Island: 4% 445 — 4S-S01b 4% 57-04 lb 4% 194 G5-721b Ewes: 4% 4 45 — 4811) and under — — 40-G41b — _ 03-72U) N.Z. Lambs— Canterbury: “ 2% 301b and under .. .. — — — 37-421b 5% — 43-50Ib Second quality: 514 514 Average 801b Other South Island Brands— 5*8 541 - 301b and under .. .. — — — 37-4211) — 595 43*501b Selected North Island Brands. Including Downs— SGlb and under .. .. — — — 37-4211) — — — 43-5011) Second quality: — ~ Average 801b Other North Island Brands— First quality: SGlb and under .. .. — — — 37-421b — — 43-50U) Second quality: — — — Average 801b Australian Sheep— First quality crossbred and/or merino wethers: 5'4 5 5 4U-G51b Second quality: **“ — — 80-5511) Ewes: 30-551b .. Australian Lambs— VictorianFirst quality: SGlb and under .. fil/j 014 37-4211) Second quality: - 5!5 SGlb and under Other States--First quality: 515 5 Vs SGlb and under .. 5 U r» nUj 37-421b Second Quality: 441 i-y. 4-'3 SGlb and under .. All States— 4-)l 4 Va 495 Tldrd quality Argentine SheepFirst quality crossbred wethers: 4S-641I) — — — G5-72I1) Argentine Lambs — First quality: 361b and under .. 5% 5'% 514 37-4211) — 5 5 48-5011) Patagonian Sheep— Wethers and/or maiden ewes; 5 Vi 515 3*4 3?4 50-GOlb •- 314 40-5011) Patagonian Lambs — First quality: - 301b and under .. .. 4% 414 414 37-4211) .. .. .. .. Second quality: I 4 4 Average 8011) New Zealand Frozen Beef— 4 Vi 4 Vi 414 Ox binds (160-22011)) .. 3*; 3% 8?4 Ox fores (1GO-2201b) Argentine Chilled Beef--211 2=4 Ox fores (100-22011)) .. 8% 3 H 291 Ox hinds (100-2201b) .. 6 6 4 91

Australian Frozen Beef— Ox crops under 1001b . . 3 3 3 Or crops over 1001b . . — 1 — Or hinds tinder IGOlb . . 3Ti 3% 3% Ox hi rids orer 1601b . . 4 3% 3% New Zealand Pigs— First quality: 6% n OO-llOlb (av. 001b) . n lll-120Ib . 5% 5% SVj Australian Pigs— First quality: CO-llOlb (av. 001b) . 6 6% r, lll-120Ib .. i. .. . . s% 5% m