EXPORT OF LAMB

Otago Daily Times, Issue 23354, 20 November 1937, Page 11

EXPORT OF LAMB

THE AUCKLAND PROVINCE A GOOD SEASON EXPECTED (Special to Daily Times) AUCKLAND, Nov. 9. The export schedule of prices for lambs on hooks at the Southdown Freezing Works are to be maintained for next week’s killing at 9d per lb up to 421 b, and Bj>d over 421 b and for seconds. These rates are the same as those in force for the current week’s operations. This week’s killings have been disappointing, the cold, squally weather having been chiefly responsible for the setback. Better results are expected in the coming week, but it is already apparent that the flush of the season will not be reached until well into December. The total killings for the season in the Auckland Province to date are substantially • lower than at this period last year, when the conditions were more favourable. In spite of this, a good season is expected. The lambs so far killed have turned out well when they have been well drafted. CHRISTCHURCH STOCK EXCHANGE ANOTHER DEPRESSING WEEK (.Special to Daily Times! CHRISTCHURCH, Nov. 19. The week has been another thoroughly depressing period for owners of shares in most of the companies listed on New Zealand Stock Exchanges, as values in general have been written back fairly sharply. The underlying influence is still the state of the markets overseas, and the now general apprehension over the situation. All commodities have shown further recessions, but metals have been in the forefront of the decline, and have become steadily worse. The opening of the London wool sales this week was a further bear point in the markets, estimates of losses of up to 25 per cent, on the September closing rates having been fully justified. The danger of considerably reduced wool values in the New Zealand and Australian markets is that wool has a powerful psychological effect, and a fall in prices is too apt to be regarded more gloomily than is justified. As the chairman of the directors of Dalgety’s pointed out at the annual meeting in London on Thursday, wool is still at a payable price. The bulk of the dealings on the Christchurch Exchange this week was again in a few leadihg Australian industrials and mines, nearly all of whLh came back, but there was also a wider range of dealings in Dominion stocks and in Government issues, of which more sellers appeared. The turnover was £36,648, against £21,264 in the short previous week. More business was done in Government issues than, for some weeks, mainly because sellers appeared to be more willing to meet the market, and values remained firm. In the banking section the turnover was .small, and values were slightly weaker for the majority of issues. Holders are showing no undue disposition to be shaken out easily. Loans were not active. There was one sale of Dalgetys at £lO, a slight improvement, but Goldsbrough, Morts with sales at £1 13s, £1 12s lOd, and £1 12s 9d, were weaker. Two sales were made of 4i per cent. New Zealand Farmers’ Stock ( 1940) at £9O and £9l 7s 6d. Both New Zealand Refrigerating issues had a fairly active inquiry, and there was a number of sales of 10s shares. They started at 9s Bd, but by to-day had firmed to sales at 9s 9d and 9s lOd. The £1 shares were done at 19 s 9d and 19s lOd. Apart from a steady trade in New Zealands, the brewery section was very quiet. New Zealands lost 9d on the week, falling from £2 8s 9d to £2 Bs. Most of the leading Australian industrials camp steadily down throughout the period, following the trend on the Sydney and Melbourne exchanges, where trading was generally light. British Tobacco had some sales earlier in the week at up to £2 9s 6d, but at the end were around £2 9s. Both Broken Hills sagged. Proprietaries made a marked advance early in the period, reaching £3 3s lOd 'in dealings, but thereafter they fell away, and there was a sale to-day at £3. Rights came down from £1 9s 6d to £1 8s 3d in dealings. G. J. Coles shared the fate of the majority and were steadily written down from £4 12s 3d to £4 9s 6d. Colonial Sugar had a number of sales, and remained steady at £46 17s 6d. Both Zincs rose at the beginning of the period, but had lost more than the rise by the end. Dunlops had a quiet week, but remained steady and finished firmer. Sydney Woolworths had a good deal of business and lost about 9d to £1 7s lid in dealings. Dealings in the mining section were confined to Broken Hill South. Lyells, Morgans, and Rawang Tins. Souths came back from £ 1 18s 6d to around £1 17s Id in dealings and finished weaker. Lyells held their ground fairly well till the mid-week, when they dropped to lose 2s 3d on the week Morgans remained more steady, but were slightly cheaper at the end. Rawangs were 2d down in the few dealings they had. MINING NEWS WEST COAST DREDGES (Peb United Press Association* GREYMOUTH, Nov. 19. The Maori Gully- return was 630 z 14dwl for 135 hours’ work. The Nemona return was 40oz for 78 hours’ work (9500 yards). ABRAHAM AND WILLIAMS. LTD. A CAPITAL REORGANISATION (Special to Daily Times) WELLINGTON, Nov. 19. Important proposals affecting the capital of Abraham and Williams, Ltd., the well-known stock and station agents, are to be placed before separate meetings of shareholders at Wellington on December 14. The scheme of arrangement is as follows: That the capital of the company be reduced by £411,728 from £500,000 divided into 70,000 ordinary shares of 10s each as follows:—(a) By cancelling and extinguishing the 13,596 unissued preference shares of £5 each, £67,980; (b) by cancelling and extinguishing the 27,556 unissued ordinary shares of £5 each, £137,780; (c) by converting the 16,404 issued preference shares of £5 each (which are all fully paid) into 49,212 ordinary shares of 10,s each, fully paid, and £57,414 of perpetual debenture stock; (d) by converting the 42,444 issued ordinary shares of £5 each (which are all fully paid) into 127,332 ordinary shares of 10s each, fully paid, and £148,554 of perpetual debenture stock. That the directors are authorised to create a series of debenture stock to be called “ the perpetual debenture stock ” carrying interest at the rate of £5 per annum, payable half yearly. That the directors are authorised to issue £205,908 of such perpetual debenture stock to the holders at the date of the resolution of the 58,848 issued ordinary and preference shares of the company in the proportion of £3 10s of stock for each £5 preference or ordinary share held by such shareholders. That the directors are authorised to issue new share certificates for the 176,544 ordinary fully-paid 10s shares, and to issue these new certificates to the holders at the date of the resolution of the 58,848 issued ordinary and preference shares in the proportion of three ordinary 10s shares for each £5 share, preference or ordinary, held by such shareholders. It is also proposed that the directors be authorised to create and issue a series of debenture stock ranking pari passu in point of charge to be called “ redeemable debenture stock ” for the purpose of providing further funds for the business of the company.