COMMERCIAL

Poverty Bay Herald, Volume LIX, Issue 17952, 2 December 1932, Page 10

COMMERCIAL

CANTERBURY MEAT CO. DIVIDEND or 5 PER CENT. (Per Press Association.) CHRISTCHURCH, last night, The annual report of the Canterbury Frozen Meat Company states that the net profit for the year was £13,734, and after addition to renewals reserve fund, a sum of £12,976 8s 6d is available for distribution which the directors recommend should be dealt with as follows: A dividend of 6 per cent, on preference shares, £6000; a dividend of 5 per cent, on ordinary shares, £5625; and carried forward, £1351 8s 6d. The ordinary dividend shows a reduction of 1 per cent, compared with the previous year. AN EASIER TREND SYDNEY STOCK EXCHANGE SYDNEY, Nov. 30. At the Sydney Stock Exchange today investment values continued to display an casing trend. Neither buyers nor sellers were inclined to press matters, and the turnover was only of moderate dimensions. Sales. —Bank of New South Wales, £3O 2s Gd; Union Bank of Australia, £8 15s; Queensland National Bank, £5 (is 6d; Colonial Sugar, £53; HuddartParlcer, 31s; Burns, Philp, 495; Henry Jones, 38s; Dunlop-Perdriau, 16s 7d; Tooth’s, ex dividend, 34s 74d, 34s 4|d; Taranaki Oil, 3s; Zinc Corporation, 20s 3d.

'Commonwealth Bonds were all a shade lower than yesterday. Morning sales. Commonwealth Bonds, 1938, £lO2 2s Gd; 1941, £IOO 12s 6d; 1944, £IOO 15s; 1950, £lOl 6s 3d; 1955, £lOl 17s 6J; Australian Gas, A, £6 19s; Colonial Sugar, £53 ss; Tooth’s, ex div., 34s 6d. MELBOURNE, Nov. 30. 'Sales. —Commercial Bank of Australia, 16s 3d; Dunlop-Perdriau, 16s 7d; British Tobacco, 34s 3d; Electrolytic Zinc, 16s Gd; Taranaki Oil, 3s 6d. WAIKATO STOCK MARKETS BUOYANT TONE CONTINUES Despite the uncertainty generally, a buoyant tone continues in tbe Waikato stock markets, this being influenced to a marked extent by the great growth of grass. For the store cattle section, a choice draft of forward bullocks arrived from the East Coast this week and, although many surmised that the season had been missed, proof to the was furnished when bidding commenced, states the Auckland Herald. Contrary to custom, Waikato has not been favored this year with many well-bred line 3, and buyers seemed anxious not to miss the opportunity offered them. Quality was firshclass and, with eagerness displayed on both sides of tho contract, transfer was easy. Yardings of local cattle are steadily diminishing, and those who have not already completed their wants find it difficult to obtain lots large enough to make handling worth while. Generally speaking, steady competition prevails. Values are: Forward bullocks, four-year, £5 10s to £4 8s; tliree-year, £3 3s to £3 12s (inferior breeds are much below theso rates); two-ycqr steers, £1 5s to £1 15s; yearlings, 15s to 22s 6d; fresh young cows, £1 5s to £1 15s; stores, 15s to 23s 6d ; uged cows, Ids to 15s; yearling Jersey heifers, to £3 10s; medium, £2 to £2 10s; small, from £1 ss. Most of this class now offering are undersized.

There is a fairly good demand for store sheep, but with very little offering to satisfy it. Notwithstanding the greatly decreased export rates, local values very nearly approach those of last season. This is particularly noticeable with ewes and lambs, few of which have come forward. These are extremely popular and will require good handling to be profitable. No good lines of wethers have yet appeared, but early arrivals should be well received. Values are: Two-tooth ewes, 10s to 11s; small, from 8s; two-tooth wethers. 8s to 9s 6d; small, from 7s • owes with lambs at foot, best, 5s 6d to 6s 6d (all counted); inferior lots, 4s to 4s 6d; store lambs, 4s 6d to 5s 6d.

HASTINGS STOCK SALE A firmer tendency was noted in a number of lines at the Hastings stock sale on Wednesday. Tho fat cattle yarding was the smallest for some time, numbering just over 100 head. No store cattle were offered. The bulk of the bullocks offering were medium weights in good killoble -condition, with a few well finished pens. For these recent rates were well maintained, the market showing a firming tendency. Cows and heifers wore of uneven quality, and sold at prices on a par with recent rates.

Sheep were in larger numbers than last week, fat shorn owes predominating. The quality was -good. Prices for ewes opened at a slight increase for good sorts, but when the demand was satisfied values dropped -back to last week’s rates. Fat wethers were in shorter supply, and prices showed an improvement of Is per head. Lambs were plentiful, but recent ruling prices were well maintained.

Store slicop were fewer than lastweek, but prices wore again good. With the opening of the freezing works, it is probable that prices will have a tendency to improve. The price range was:— Fat cattle.—Prime ox, £5 12s Gd; medium and light, £5 to £5 10s; fat cows, prime heavy £3 to £3 7s 6d, medium and light £2 Gs to £2 18s Cd; prime heifers, to £3 10s. Fat wethers.—Prime, 11s 10s to 12s 4d; -prime 2-tooths, 10s Id to 11s Id; fat owes, 4s Id to 7s; fat lambs, prime 12s to 12s 9d, medium and light 0s 9d to 11s fid.

Store sheep.—4-tooth wethers, £)s 9d to 10s; 2-tooth wethers, 8s 4d.

THE BUTTER MARKET A further easing tendency is noted on tho part of New Zealand butter on tho London market. Yesterday the quotation was 88s, but to-day’s advice shows a rango of 86s to 88s. Even at this, however, tho level is still above the lowest range quoted at tho end of last week, when sates of New Zealand butter took place at 84s to 86s. Joseph Nathan and Company report n,s follows to-day:—“Butter, finest 86s to 83s; there is nothing doing.” However, confidence is expressed in some quarters. According to the Evening Post, Wellington, a certain amount of business in forward buying of butter, . and some of it Tn Hie South Island, has 1 been reported at from to 9id, which is above export value at present by about fd per lb. Tho shipments are for *

December, January and February. Small parcels only have been bought on these terms. On the other hand, some buyers report that offers of 9§d to 9.',n have been made to some North Island factories and have not been taken, indicating that tbe companies approached with these offers have more confidence in the future prico of butter than the buyers.

LONDON FROZEN MEAT MARKET Messrs. Common, Shelton and Company are in receipt of the following information regarding the London frozen meat market: “Ex store prices for lamb and wethers are livin' and unchanged; ewes are slightly weaker; on book prices are weaker owing to the poor demand, and heavy pitchings of home killed.’’

WESTPORT COAL COMPANY At the annual meeting of the Westport Coal Company the chairman said that the gradual decline of the industry due to the spread of oil and electrical power was again reflected in tho reduced output from 241,147 tons to 174,701 tons, a decrease of 66,446 tons. On tb,e West Coast 50 mines were now competing for business which was catered for by half a dozen mines a few years ago, when the demand was greater than to-day.

Prices at Pukekohe for locally-grown now potatoes continue to be very low. Distributors’ prices arc from 4s 6d to 6s per cwt., f.o.r. Pukekohe, a return to growers of about 4s per cwt. Even at this price, although quantities are being sold for shipping overseas, business is quiet. The return that growers are receiving for their crops is far below the cost of production, for it is estimated that it costs from £45 to £SO to produce an acre of potatoes. The average yield at present is about eight tons to tho acre.