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Otago Daily Times, Issue 22133, 11 December 1933, Page 6

FRUIT AND PRODUCE WORLD

Reilly’s report selling:— Per Dozen, —Ranuncula, 3s, 4s. Cabbage, Is, 2s. Cauliflower, '4e, 6s. Carrots, Is 6d. Honey: ilb pate, 3s. Eggs: Market rates. Lettuce, 2s; others, Is, Is 6d. Asparagus: Outram, 7s, fis; Christchurch, 3s 6d, 4s Od, Each. —Champion egg crates: 24 dozen, 16s 6d; 12 dozen, 12s 6d. Knapsack sprayer, £4 15s. Strawberry punnets, 65s per 1000. Per Pottle. —Strawberries: Ettrick, Bd, lid; Outrams, lOd, Is 2d; jam, 7d, 8d; wasty, 3jd. Bushel Cases. —Apples: Jonathans, Bs, 10s; Delicious, Bs, 12s; Stumers, 9s, 12s 6d; cookers, choice, 7s, Bs. Lemons: New Zealand, 12s to 17s. Australian oranges, 28s. Californian navels, to arrive. _ Canadian apples: Jonathans and Delicious, 20s 6d to 235. American eases. —Grapes: Red Emperors, 265. Bananas: Ripe, 27s 6d. Queensland pines, 20s. Per lb.—Bulk Honey, 3Jd, 4d, Beeswax, Is. Cherries, 6d, 9d; small, 4d, sd. Walnuts, 6d, Bd. Ghees,;, 5Jd. Grapes; Roxburgh hothouse, 2s to 2s 3d. Gooseberries, Id, lid. Green peas, lid, 2Jd. Butter: Storekeepers, 6d. 7 Id. Tea': Orange Pekoe, 2s 6d. Porker and bacon pigs: Prime, 4id, sd. Bacon: Prime, 8d; hams, lid. Rhubarb, lid. New potatoes: Locals, lid to 2d. Tomatoes: Locals, Bd, 10id; seconds, 6d, 7(1, Red currants: Christchurch, 7d, 9d; seconds and small, 5d to 6id. Potatoes, 3s, 4s. Onions: Canadians, 21s: Canterbury. 16s. Oyster grit, 6s 6d. Woodwool. 28s. Bluestone; Macclesfield. 42s 6d. „ „ . _ Olive oil, 10s 6d gallon. Yallo girarffe lime sulphur; 8 gallons, 2s 3d; barrels, Is 9cl. Semesan and Granosan: 2oz, 2s 3d; ilb, 7s 6d; 11b, 12s; slb, 555; 251 b, 2455. Black Leaf “40,” —American: 101 b, 525: slb, 30s; 11b, 8s Od: Jib, 5s 3d; British: 10lb, 50s; 51b, 27s 6d; lib, 7s 6d; ilb, 4s 6d. Fruit wraps, 3s 6d ream. Wheat.—Choice Canterbury, 4s, 4s 6d; seconds, 3s. Partridge peas, ss. Maize, 5s fid Kibbled maize, 6s. Oats “A” Gartons, 2s 6d; “ B,” 2s 3d. Crushed oats, 9s 6d. X Keys meatmeal, 16s. Manuka tomato stakes, 8s per 100. Chiekfood, 1001 W 17s 6d. Acorn buttermilk powder, 3d per lb. Bran, £5. Pollard," £6. Straw wheaten, £2 Oaten, £3 10s. Hay. £4 10s. Oatsheaf Chaff. £4, ex store £4 10s. Oatmeal, £l6. , Per Pair—Poultry: 225 hens at 2e 6d to 6s 2d, 137 chickens at 4d to 6s 2d, 2 bantams at 2s, 9 ducks at 5s tq 6s 4d. 4 gobblers at lOd to 11 per lb, 1 hen and 8 chicks at ss, 1 hen and 9 eludes at Us. REILLY’S CENTRAL PRODUCE MART, LTD., Moray place, Dunedia,

COMPANY BALANCE SHEETS OKARITO FIVE MILE BEACH GOLD DREDGING COMPANY, LTD.

This company was established some five years ago, and, after the necessary pioneering work, began to win gold during the second year of its existence. ihe dividend-paying stage was reached during the fourth year, when dividends amounting to 20 per cent, were paid, a rate which was doubled during the period recently closed. The quantities of gold secured, the cost of acquisition, and their respective values have been as follows: —

After the amount won has reached a certain level, the cost per ounce, shows a decided tendency to rise. The increase in expenditure during the past year has been chiefly due to the property and equipment, and may not be ot a recurring nature. When it is considered, however, that the erections are of recent date, and the cost of upkeep in consequence would be expected to be at its minimum, the matter of repairs and maintenance looks as if it may be a weighty factor in the future. In the latest published balance sheet it looks somewhat incongruous to find reserve account £IOOO on one side, a **d preliminary expenses of the eame ampunt on the other. A recommendation is made, however, in the directors’ report that the preliminary expenses be written off out of the past year’s surplus. If this recommendation is approved, the financial position will be all the stronger as the result. The liabilities aggregate £2522, of which approximately three-fourths consists of income tax to’ be met,, Against this outstanding tax there is an equivalent sum in bank (£1860), earning interest on deposit meanwhile. The sundry creditors group, at £634, does not look large, and may consist' to a great extent of charges accrued to the balancing date. Property account, at £32,102, overshadows the rest of the assets. During the past two and a-half years it. has altered little, so that it is gathered that the initial capital expenditure is completed. During 1931-32, amounts written off and transferred to depreciation re-sex-ve came to £2144, the manner df treatment resulting in the book figure being reduced by that sum. No such provision for depreciation appears to have been made during the past year. There is no allowance in the form of a sinking fund for the ultimate exhaustion of the gold. It may be suggested, however, that when shareholders receive a return of 40 per cent, per annum on their nominal holdings, they may make their own arrangements regarding a sinking fund. Gold on hand and proceeds, not received come to £4522, or over one-seventh of the total value won. This item covers sundry debtors, who, in the present case, are likely to be few and give little trouble in the matter of collection. Apart from the bank deposits of £IBSO,_ which are presumably earmarked for income tax, there are cash balances 0f.£312 in bank and of £4 in hand. A deposit of £4O with the New Zealand Railways and insurance premiums of £47 not - expired complete the assets. Now that the initial stages are past, a certain uniformity in the published statements of account, which was not possible before 1032-33, can be followed. The full details that have been given of all transactions during the development period have kept shareholders well informed of the progress of the company. LONDON MEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 0.;

PRICE OF SILVER (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY, December 8. Silver, spot, is quoted at 13 9-16 d per oz; forward, 18§d.

TRADE OF THE DOMINION MORE HOPEFUL INDICATIONS. The volume of internal trade in New Zealand, states the November review of business statistics, appears to be responding to the stimulus of improved prospects for the incoming production season. The amount of sales tax collected during October is considerably in excess of that recorded in any other recbnt month, indicating an increased volume of wholesale trading. The operating revenue oj railways for the period ended October 14 was in excess of operating expenditure during that period—an,: unusual - occurrence during that relatively slack period of the year.' The tonnage of cargo carried by coastal shipping in October was, however, lower than in -September. The value of bank debits placed to individual customer’s accounts shows an increase over the September figure, indicating increased monetary turnover, ine ratio of free to fixed deposits _is still, however, abnormally low, no improvement being evident as pt. in this, measure of the jflpw' of capital to industrial enterprise. ' , , . _. , Mortgages registered during October showed a slight increase, both in number and in value, as compared with.' September; while land transfers indicated a small increase in transfers of both town and country properties.' , Exports during the month of October exceeded imports by £107,000 in sterling, or £134,000 in New Zealand currency. For the expired 10 months of the calendar year 1933 exports of merchandise exceeded commodity imports by £12,700,000 in New Zealand currency, or by £10,000,000 in sterling. Exports during October (excluding specie) were valued at £2,378,850 in Zealand currency, a decrease ot £22.3-> as compared with last October. . Quantities of wool and frozen meat exported during October, 1933, were less than was the case in that month last year, while the value of butter exported-was slightly' less, lower prices counteracting a sight increase in quantity exported _as compared with October, 1932. For the cumulative period of 10 months ended October 31, exports of merchandise totalled £3’3.921,616 in New Zealand currency, slightly over £4,000,000 in excess of the total for the same period last year. The recorded value of imports of nievchandise during October was £1,854,22,}, equivalent to £1,796,000 An sterling or £2,245,000 in New Zealand currency, ibis figure represents a slight decrease as compared with the September figure. For the cumulative period of 10 months ended October 31 imports were valued at £17,440,158, a decrease of £1,464,613 as compared with the valuation of_ imports during the corresponding period last year.

WOOL INDUSTRY The need on the part of the Governments and general public to view sanely the improvement in wool prices was stressed last week in a statement made by the chairman of the Sydney Wool Selling Brokers, Mr K. de L. Cudmore. There was a real danger, he said, ot the remarkable rise in prices creating an entirely false sense of conditions in the pastoral industry. “It has been competently estimated, Mr Cudmore said, “that the losses of the woolgrowers of Queensland in the depression years amounted to somewhere about £7,000,000.' and that it would take eight or ten years of reasonable prices and seasons to develop them. The losses in New South Wales would be much heavier because this State is running three times as many sheep, and most of the wool here is produced on dearer land —freehold instead of leasehold. “While the dramatic improvement in the wool market can and should be appreciated by all sections of the Australian community,” Mr Cudmore continued, ” it should be clearly understood that years of generally satisfactory conditions will be necessary before we can affirm that real prosperity prevails in the sheep alld wool industry of Australia. Meantime, the return to this happy state of affairs can be fostered by further reductions in costs wherever possible.” RESULTS OF' PRICE-FIXING / . Surely the primary producers have had enough of attempts at stabilisation by quotas and control and marketing boards (says the Sydney Morning Herald). What of the Honey Board, which was voted out of existence? What of the Egg Marketing Board, under whose control eggs on the Sydney market fell to the lowest price on record. Then we had last week the leading company trading in canned fruit telling the results of Government control in that industry. A quasi Government board fixes the price at which canri ed fruit for export shall be sold. The result of that fixing is that Australia’s competitors get between 80 and. 90 per cent, ot the trade offering, and canned fruit was never cheaper in Australia than it is to-day.

SOUTHLAND (From Our Own Correspondent.) INVERCARGILL, December 8. GRAIN REPORT. Markerts generally, with the near .approach of the' holidays and the cessation until autumn sowing. r are in a more or less somnolent state other than in the retail distributing trade. •■ . . Oats for shipment are distinctly quiet though a good deal of business has been done lately with the mills at prices somewhere in excess of 'f.o.b. values, which are nominally A's 2s sd, Bs 2s Id, f.0.b,, Ryegrass. —Stocks held by local merchants are in distinctly small compass, and it is evident little or none will be carried over at the end of the sowing season. Values between merchants on the basis of 3s 6d for machine-dressed seed weighing 271 b to 281 b, 3s 9d for 301 b; seed an Crested. Dogstail— I There is little, or no (inquiry from outside centres, and in the meantime the overseas demand has ceased. Merchants’ ideas of values for seetUoj exportable quality are from 6d to 6|d ‘Eescue.-With the exception of one or two holders, stocks are well nigh exhausted, and, advices have, been received that the position, is^ve^^imdar in Britain and the United States ox America It is expected that some business will be done for early shipment prior to the advent of the new crop for the need of spring sowing overseas. STOCK REPORT, The stock market continues fairly firm for all classes. Fat cattle are coming on the market in larger numbers, and a sfight ealiug in values is recorded. FaV sheep are coming to hand nu “ b f IXek reficient for„ requirements, and,.\^ebusimain firm. There is very little busi ness being done in the store sheep section, feeA ie plentiful, and shearing have commenced in earnest, very few lines are offering. Values remain firm, ine store cattle market continues firm for well-bred cattle of all ages. Fat Cattle.—Prime heavy bullocks, £8 to £9 12a 6d; medium weight prune Si*7lighter b.n £ t,,«s . to £6 ss; prime heavy heifete, to £6 13s; medium weight bel % rs ’ to £4 £ 7? 10s- prime heavy cows, £6 to £/. medium cows, £4 to £5; lighter cows, £2 10 F.it Sheep B —Prime heavy wetherß, 225, .Gd to 245; medium wat 49 . s nvime heavy ewes, 18s 6d to 225, nicaiuiu, ewes 15s to 16s 6d: prime heavy lambs, 22s to 23s 6d; medium lambs. 17s 6d to 19 Store Sheep— Two-tooth ewes, 20s to 2°s Gd; two-tooth wethers, 15s to 17s 6d, young ewes and lambs, 12s to 14s 6d, ag Stoie mb and Tour-year steers, £4 10s to £5; two and three *y®| r steersi £3 15s to £4 ss; yearling and 18nionth steers, £2 to £3. IDLE SHIPPING REDUCTION IN BRITAIN. Returns prepared by the Chamber of Shipping of Great Britain show, that on October 1 there were laid ap m Oieat Britain and Ireland 606. u 1.572,502 tons net, and six foxcigxi vcßsel . nf 16 377 tons net, making o 612 vessels, of 1,588.879 tons. Compared with the returns for July L these totals represent a decrease of 369,708 tons n , or 18.9 per cant., and compared "* th the figures lor a year ago, a decrease of 592,816, tons, or 27.2 per cent. The, cor responding figures for the four dates of 1933 and 193? are as follow.

It is calculated by the chamber that the 606 British vessels, of 1,57 2 ,002 tons net; laid up in the ports of Great Britain and Ireland on October 1 last are oqu.valent to 2,605,038 tons gross, or about 4,000,000 tons deadweight. The .figwes. which do not cover British shipping laid up in foreign porta, include 302 Brltisn vessels, of 863.325 tons net, which nave been laid up for a ?; ea r °? i lon | el > The chamber adds that during the three months from July to September 102 British ships, of 376,853 tons gross, are reported to have been sold to foreign owners and to British and foreign shipbreakers. As there were 182 fewer British vessels, representing a decrease of 601,752 tons gross, laid up on October 1 compared with three months ago, it points out that the figures indicate that there were 80 more British ships, ot 224 899 tons gross, trading on October 1 than three months previously.' A number of cargo liners are known to have been re-employed lately, and several oil tank vessels have also been recommissioned.

NEW GUINEA GOLD SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 8. New Guinea Gold shares are quoted at ss. , , ■ P. AND 0. COMPANY ' (United Press Association.) (By Electric Telegraph—Copyright.) » LONDON, December 8. P. and O. shares are quoted at 17s lid. EXCHANGE ON LONDON In view of tho disposition of woolgrowers in Australia to advocate the maintenance of the, prevailing high exchange rate on London, the remarks made by the chairman of Messrs Dalgety and Co., Ltd. (Mr E. W. Parker), at the annual meeting of the company in London last week, in favour of a reduction, evoked some surprise. Mr Parker contended that the. present rate was not justified by economic, facts, and that in the long run Australia would suffer. He expressed the hope that the improved outlook for wool would induce the Commonwealth Bank to reduce the rate. Many people will agree with Mr Parker’s implied argument that if the law of supply and demand were allowed to operate freely the rate would be lower than it is. It is generally recognised that the unpromising outlook for wheat and Lutter and the advantages which are accruing to metals .and other Australian from the depreciation of. Australian currency, are factors in holding up the rate. These considerations, however, are not likely to influence unduly the Commonwealth Bank, should London funds show % tendency to grow to excessive proportions. At this* time of the year an accumulation of Australian money in London is natural. If “money at short call in London” in the accounts of the Commonwealth Bank can be taken as indicative of ,the amount available for exchange operations, it may be significant that this total of £13,823,000 is £1,660,000 less than the amount held about the same time last year, but) it i* known that £8,500,000 in, the note issue department, also held at short call in London, can be used for exchange purposes (should, an emergency arise. So far as the position is disclosed by the published figures of the bank, it does not appear that commitments on,the exchange account are seriously excessive, but it ,is believed that if signs of a substantial accumulation taking place should occur the bank would not run the risk of holding more than appeared to be necessary to carry governments and traders over the low portion of the export season next year. In that case a reduction of the rate might be expected.

ORIENT STEAM COMPANY Orient Steam Navigation Company, Ltd., shows a. net profit of £142,506 for the year ended June 30. With £71,061 brought forward, there is available £213,587, out of which it is proposed to pay the 6 per cent, and 6J per cent, preference dividends, requiring £14,602 anl £67,657 respectively, and also an ordinary dividend of 5 per cent., absorbing and leaving £79,263 to carry forward. The previous year’s accounts showed a profit of £112,626, before providing for depreciation. The ordinary dividend was passed, for the first time since the war. P. AND 0. COMPANY After providing for depreciation of the fleet, the Peninsular and Oriental Steam Navigation Company discloses a credit balance .of £177,342 for the year ended September 30. Adding £129,274 brought forward, the sum available is £306,616, of which the preferred dividend of 5 P ar cent, absorbs £152,000, and £154,616 i* carried forward. There ie no dividend on deferred stock. The report state* that £1,304,426 was provided for deprer ciation of the fleet On a 5 per cent, basis* of which £656,970 was taken from the reserve for redemption of debentures,, freed by tb e new issue of debentures last February. Therefore the net depreciationcharged to the year’s earnings was £707,456.' ..... .’ . Referring to the Australian trade, the report saysi — <r Conditions in Australia continue to improve. With an increase in volume of exports, a rationalisation ot tonnage resulted in the homeward tonnage being more remuneratively employed, Exports to Australia are still at a. low ebb, but are showing iomc expansion. Passenger traffic is indifferent. It is hoped that improved trad# will result in homeward bookings.” The credit balance for the previous year, after providing £359,000 for depreciation, was £165,536. No dividend on deferred was paid.

Paid-up Net DiviCapital. Resem*. Profit. dend. £ £ £ p.c. 1029. Sep. SO . .. 22.042 — — “** 1930, Sep. SO . 30.000 — 1 — * 1931. Oct. 3 . ,, 30,505 1,003 3,172 — 1932. Oct. 1 , 36,000 2,020 9.501 20 1933. Sep. 30 , ,. 35.000 1,354 14,336 40

Gold Gross Value Cost Won. Cost. Value. per oz. per oz. 02. £ £ £ £ 1929-30 . 393 881 1,549 3.942 2,242 1930-31 . . 1.241 3,221 6.416 4.304 2,695 1931-32 , . 2,851 7.108 10,924 5.930 2.493 1032-33 . . 3,908 12,011 28,544 7.110 3.154

(Received Dec. 10, at 7 p.m.) N.Z. SHEEP— co . rH ", io C* 0> Canterbury and North O > O i Island selected cross* % p bred wethers and 'Per lb.) ; maiden ewes: d. d. d. 4R.5R1b .. .. .. .. 45 57-641b .. .. .. .. 4 35 45 RR.791b 4 North Island: 41 41 48-561b — 57-641b .. .. .. .. — 4 44 65-79)b 35 4 Ewes: 44 Under 481b .. .. .. — 35 48-641b .. ... .. .. — 35 3f 65-721b .. .. .. .. — 3J 35 (N.Z. LAMBSCanterbury: First quality: 361b and under .. .. 7 7 65 37-421b .. 65 65 65 43-501b .. .. .. .. 6i — — Second quality:' 65 6 Average 321b 6i Other South Island brands: 361b and under .. .. n ■ 7 1 .17.491b 65 65 6| 43-5011) ... .. •• •• 65 AUSTRALIAN SHEEPFirst quality crossbred and/or merino wethers: 45 4f).Rfilb .. .. — • 4 Second quality: sn-Mlh 4i Ewes: 35 3| an.fisib — AUSTRALIAN LAMBSVictorian: First quality: 65 361b and under .. .. 7 61 37-421b 62 65 c| Second quality; 55 5! 36lb and under .. .. 61 Other States; First quality: 65 64 361b and under .. .. 65 37-421b 6i 6J 6| Second quality: 55 5| 361b and under .. .. 61 All States: 64 58 55 Third quality ARGENTINE SHEEP— First quality crossbred wethers: 48 44 4R.R41H RR-791'h 35 4 N.Z. FROZEN BEEF— n Ox fores (160-2201b) .. 28 — Ox hinds (160-2201b) .. 3 _ 25 ARGENTINE CHILLED BEEF— 3| 33 Ox fores (160-2201b) .. 35 Ox hinds (160-2201b) .. 45 55 55 ARGENTINE LAMBS— First quality: 65 64 361b and under .. .. 65 37-42U) 6i 65 Ci Second quality; 65 6 6 Average about 28lb AUSTRALIAN FROZEN BEEF— Ox crops (1001b and 25 24 under) — Ox crops (over 1001b) .. 25 — 2| Ox hinds (1601b and 3i under) 31 — Ox hinds (over 1601b) .. — N.Z. PIGSFirst quality: 65 7 60-8011) .. .. .. •• — 81-lOOlb 55 55 6 101-1201b 55 55 AUSTRALIAN PIGSFirst quality: 60-lOOlb (average about 6i 63 801b) .. .. •• 05 101-1201b .. 51 5i 54

1933 1932 No. of Net No. of Net Date. Jan. 1 Apr. 1 July 1 Oct. 1 ships. 760 760 793 tonnage. 1,971,101 1,863,814 1,958,587 ships. 728 734 853 tonnage. 1,966,417 1,800,000 2,196,140 612 1,588,879 871 2,181,695