ADDINGTON MARKET

Otago Daily Times, Issue 23340, 4 November 1937, Page 16

ADDINGTON MARKET

RECORD ENTRY OF SHEEP (Per United Press Association) CHRISTCHURCH, Nov. 3. To-davs entry of fat sheep was a record for Addington, comprising between 9000 and 9500 head. Fat cattle numbered 670. The large pennings were due to the absence of a market next week, because of the Metropolitan Show and the racing carnival. Store Sheep.—More than 1000 shorn wethers from the Chathams sold from 19s lOd to 23s 4d. an easing of about 2s on similar sheep from the islands a fortnight ago. Little else was in the store pens, and it was a sluggish sale, the feed prospects being poor because of the dry weather. Spring Lambs.—There were 500 head nenned, and these sold at from 9Jd to lOd per lb. Fat Sheep.—The huge penning opened at a reduction of about 2s a head, but recovered later and eased again at the finish of the sale which continued till nearly 8 o'clock. It was an excellent sale, considering the overflow offering. Best shorn wethers sold to 37s lOd; good. 30s to 335; light, down to 245; best shorn ewes, to 375; good. 26s to 295: and average, down to 21s. Fat Cattle.—There were 670 penned. A big proportion of light cows sold a 20s a head easier, but nrime heavy cattle maintained recent rates, a few outstanding lines of steers averaged from £l9 9s 6d to £lB Is. and pens of ordinary from £l3 down to £lO 10s. Good heifers sold from £ll to £l3 10s others down to £8 5s and best cows about 15s less. Good beef sold from 37s to 40s per 1001 b, in some cases to 425. heavy from 35s 6d to 37s Htrht down to 275. The vealer market was good. Dairy cows sold better for the few quality sorts forward and store cattle which contained a much greater number of good coloured lines, sold cheaper in accordance with the lower price for light cattle in the store pens. Fat porkers eased a little, values being from 7|d to BJd. Baconers sold at little change, averaging from 7d to Bd. Store pigs met with a good sale for weaners and large stores. NEW GUINEA GOLD SHARES ' (United Press Association) (By Electric Telegraph—Copyright) ' LONDON. Nov. 2. New Guinea Gold shares are quoted at Is 4Jd. DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 2. Exchange on New York is quoted at 4.96 J dollars to the £ and 147 3-32 francs to the £. RUBBER AND TIN (United Press Association) (By Electric Telegraph—Copyright) LONDON. Nov. 2. Rubber Stocks.—London: 30.455 tons. Liverpool: 21,371 tons. Tin.—World visible supplies. tons. Straits: Carry-over, 2322 tons; supplies. 12.365 tons: deliveries. 12.354 tons. THE BUTTER MARKET (United Press Association) (By' Electric Telegraph--Copyright) LONDON. Nov. 2. Butter is firmer. Choicest Australian and New Zealand, 151 s and 152 s Unsalted: Australian, 155 s and 1565: no New Zealand was available. TUI BREWERY COMPANY (Per United Press Association) WELLINGTON, Nov. 3. The Tui Brewery Company is making a new capital issue in the proportion of one for 10 at par. BROKEN HILL SOUTH EXPANSION OF SHAREHOLDING The chairman (Sir Colin Fraser) announced at the annual meeting of shareholders of Broken Hill South, Ltd. held in Melbourne recently, that the board had declared a dividend of Is 3d a share, requiring £200,000, payable on December 17. This, he said, would mean that out of a profit, of £768,316 earned during the year, dividends paid and declared aggregated £760,000. Shareholders had reason to be satisfied with the year's result, particularly as the grade of ore mined and treated showed no improvement over that of the previous year, and was appreciably lower than the average of the preceding years. The profit was a high record in the 52 years history of the company. Provision for income taxes ana royalty during the year, he proceeded, had reached £219,000. This meant that for each £IOO earned as net profit £2B 10s was payable to the Federal and State Government. Sales tax, primage and local rates and taxes were additional imposts. The surplus of readily realisable assets over liabilities (£1,003,395) exceeded £1,000,000 for the first time. It did not include shares in other companies costing £821,946. Sir Colin Fraser added that a bene ficial effect of the subdivision of share capital during the year lay in the fact that the number of shareholders at August 6. 1937 was 5345 compared with 3758 on August 7, 1936 Men shareholders numbered 2941, and women shareholders 2404 on August 6 last. DRUG HOUSES OF AUSTRALIA The chairman of Drug Houses of Australia Ltd. (Mr H. G. Mcßoberts) said at the annual meeting of shareholders in Melbourne last week that all the associated companies had recorded a notable increase of output, and there was a growing demand throughout Australia for their medical and scientific products. Taxation was still a very serious handicap and all industrial and distributing companies had to sacrifice a large proportion of their profits before arriving at their net result The abolition of the sales tax would be of great assistance to all traders and would stimulate expansion and employment. The returns for this financial year were being well maintained, the companies showing a very creditable increase, compared with the previous year's figures.

N.I.M.U. INSURANCE COMPANY INCREASE IN NET PREMIUM INCOME The directors of the N.I.M.U. Insurance Company, in their report for the year ended June 30. 1937 state thai the net premium income amounted to £106,519 6s 2d, an increase of £17.841 8s on the total for the previous year The ratio of increase is 20 per cent. Income from investments amounted to £3884, an advance of £234 16s lid on the figures, of 1936. A sum of £8920 13s lid, being 50 per cent of the amount of increase in the net premium income, has been placed to reserve for unexpired risks. The surplus for the year amounted to £906 is Id, which sum has been added to the accumulated funds, which, comprising accumulated surplus £30,805 14s Bd, and reserve for unexpired risks. £53,259 13s, amount to £84,065 7s Bd, as against £74,238 12s 8d for the previous year. The number of claims handled during the year was 7817, and the net amount paid, and payable, thereunder was £73.901 5s 7d. The percentage of claims payments to net premium income. 69.4 per cent, is 3.3 per cent, below the figure for 1936. The ratio of working expenses to net prpmium income was 24.3 per cent., the same figure as for the previous year The distribution of profits reserve as at the end of the year amounted to £14,634 13s lid. Since the directors decided three years ago to return surplus profits tcf members, a sum of no less than £15,075 8s lOd has been so distributed. The directors report an increase of more than 5000 nominations of the company by motorists as their insurer against third party risks. Although :he number of claims ddvanced considerably (partly due to growth of membership), the ratio of claims payments to premium income shows a reduction of 3.3 per cent The average cost per claim was £9 9s Id, as compared with £ll 6s 9d for the previous year. TARANAKI OIL FIELDS COST OF PROSPECTING Shareholders of Taranaki (New Zealand) Oil Fields No Liability have expended over the last 13 years' about £500,000 in actual cash on oil search in New Zealand, either directly or through associated and subsidiary companies, according to Sir Colin Fraser, chairman of the company, speaking at the annual meeting in Melbourne recently. Referring to Moturoa Oil Fields Ltd., in which the Taxahaki Company owns approximately one-third of the issued capital. Sir Colin Fraser said the Moturoa Company had drilled three wells near New Plymouth, and had maintained for these a steady production of oil, which, though small, had proved commercial. The Moturoa Company had, from the sale of oil, paid dividends on its preference capital, in addition to financing its later drilling. The directors were linking the Moturoa Company with the Taranaki Company in the present negotiations. WALL STREET TROUBLES TESTING TIME FOR MARKET Commenting recently on Wall street conditions, the Economist, London, states that operators who have followed Wall street's rise on the argument that it combined profit with political isolation, will find the market's present disorder inconvenient and disagreeable, but not wholly illogical. If war were as near as America seemed last week (mid-September) to fear, neither the breadth of the Atlantic nor the provisions of the Neutrality Act would preserve Wall street from profound dislocation and possible suspension of its normal activities. No amount of analysis of factors making for resilience in America's domestic economy can obscure the fact that a single scare which causes the market to " break through the lows " will provoke immediate sales from Dow theorists, chart readers and speculative holders, whose margins have run out. In existing conditions, a 10-word cable may produce a 10-point fall in prices in a single day. Available evidence would appear to suggest that the next six months may well be a confused period, and that the early months of 1938 will be the decisive testing time for the market. If recovery reasserts itself, well and good, for then Wall street's present phase will fall into perspective as a major, but temporary reaction, imposed on a rising trend, which may still have some way to go. If not, then it will be clear that the bull-market of the nineteen-thirties has already become history. MACDUFFS, LTD. AMALGAMATION SCHEME Macduffs, Ltd., Departmental Stores, is to be incorporated under the Companies Act, 1933. Share capital comprises £500,000 in 350,000 ordinary shares of £1 each, and 150,000 6 per cent, cumulative preference shares of £ 1 each. Of the ordinary shares 210.000 are to be allotted in part payment of assets, eight are already subscribed for in the memorandum of association. 39,992 are offered for subscription and 100,000 are to be held in reserve., Of the preference shares 50,000 are to be allotted in part payment of assets to be acquired, and 15.000 have been subscribed in the memorandum of association; 85,000 are also offered for subscription. The objects of the new company include amalgamation of the businesses of Macduffs. Ltd., and Shillings Ltd Macduffs have a chain of stores in six towns and Shillings in eight . towns The book assets and liabilities of the companies at June 30 last are as follows: Macduffs, .Ltd.—Assets. £266.635: liabilities, £14,135. Shillings, Ltd.—Assets £253.415; liabilities. £115,915. The pro forma financial statement of the new company showing its position on completion of present financing if as follows:—lssued capital. £400.000 sundry creditors, £51,854; banks. £72,015; taxation reserve, £slßl Assets are shown at a total of £529.050 and include freehold and leasehold land and buildings £135,970: stock. £208,062; goodwill £90,649' cash. £720; sundry debtors £2965: shares and patents. £125; preliminary expenses and brokerage £9OOO Brokerage is at 4 per cent CUMBERLAND PAPER DIVIDEND Profit of Cumberland Paper Board Mills, which is a holding company in Australian Paper Manufacturers Ltd the other holding company being Australasian Paper and Pulp Company Ltd. received dividends and sundry receipts of £32.285 during the year ended September 30 as against £30,664 the previous year. Net profit amounted to £31.722. an increase of £1520. Dividend on all shares is 8 per cent,, and £3972 is carried forward. . _ .