COMMERCIAL

Southland Times, Issue 21576, 14 December 1931, Page 2

COMMERCIAL

INVERCARGILL STOCK EXCHANGE.

SATURDAY’S QUOTATIONS. At Saturday’s call over on the City Stock Exchange the following prices were quoted: Banks. Commercial: b 16/3, s 16/6. E.S. and A. Bank: b £4 9/-, s £4 14/-. National of Australasia (cont.) : b £5, s £5 10/-. National of New Zealand: a 94/-. New Zealand: b 45/-, s 46/3. New Zealand Long “D” issue: b 25/6. Union of Australia: b £7 15/-. Breweries. Dunedin Brewery Co.: b 19/-. New Zealand Breweries (shares) : b 29/-. Tooth’s Brewery: b 22/3, s 23/3. Coal, , Westport Coal: s 26/-. [ Insurance. National: s 13/-. New Zealand: b 40/-. Standard: s 44/6. Loan and Agency. Dalgety and Co.: b £7 18/-, s £8 4/-. Goldsbrough, Mort and Co.: b 23/6; s 24/3. Meat Companies. Gear Meat Co.: b 27/-. New Zealand Refrigerating (20/- paid) : b 10/6, s 11/6; (10/- paid), b 4/8. Southland Frozen Meat (£1 ord.): b 34/6; (10/- ord.): b 17/3; (£1 pref.): b 34/6. Mining. Cornish Point: s sd. Electrolytic Zinc (pref.) : b 19/9 ; s 20/3. Kildare: b 1/7; s 2/-. King Solomon: b 2/-; s 2/6. Mount Lyell: b 20/9. Okarito: b 10/4; s 10/4. Waihi Grand Junction: b 3/8; s 4/1. Woollen Mills. Mosgiel: b £6 12/-. Miscellaneous. British Tobacco (Aust.) : b 27/3. D.I.C. (pref.) : b 19/6. Dominion Investments: b 23/-. Donaghy’s Rope and Twine: b 28/6. Milburn Lime and Cement: s 30/-. New Zealand Drug: s 50/-. New Zealand Paper Mills: b 18/3, s 20/-. Debentures. Government Inscribed Stock, 4J per cent., 1938: b £96, s £97 2/6. Government War Bonds, 4J per cent., 1938: b £96, s £97 2/6. Government Inscribed Stock, 44 per cent., 1939: b £96, s £97 2/6. Government War Bonds, 4J per cent., 1939: b £96; s £97 2/6. Government Bonds, 54 per cent., 1937: b £99 10/-; s £lOO 10/-. Government Stock, 54 per cent., 1937, b £99 5/-; s £lOO 5/-. Late Sales Friday. 1937 Inscribed Stock, 54 per cent., £lOO. King Solomon: 2/1. King Solomon 2/2 (5 parcels). Okarito: 10/7. NORTHERN EXCHANGES. Auckland, December 13. Sales on ’Change: Australian Glass 28/11; Waihi 16/44. Christchurch, December 13. Sales on ’Change: Union Bank of Australia £7 17/6; Goldsbrough Mort 23/8, 23/9; New Zealand Refrigerating £1 paid) 11/6; British Tobacco (cum div) 26/11: Okarito 10/6. LOCAL MARKETS F. BOWDEN AND CO. Messrs F. Bowden and Company report heavier supplies of fruit during the week. Prices for all lines were ruling high early in the week, but. growers anticipating high prices on account of the show demand glutted the market with all lines, consequently low prices ruled towards the end of the week. A small shipment of Canadian apples is due for to-morrow’s sale, whilst Samoan bananas are to hand and will be sold this morning. New potatoes are plentiful but most lines are small and lacking in quality. Growers would be well advised to let them grow more before digging. Vegetables of every description are available, whilst all varieties of produce are on hand. The week closed with prices ruling:— Oranges, Australian 11/- to 15/-, Island 15/- to 20/-; bananas, ripe 20/- to 30/-, Fiji, green 24/-; apples 8/- to 10/- case; grapes 30/- keg; tomatoes 7d to 1/-; cherries 3d to old; gooseberries 14d to 2d lb; strawberries 74d to 1/2 pottle. Vegetables, Produce, Etc.: Radishes 6d to 1/-; cabbage 1/- to 2/6; lettuce 1/- to 1/6; white turnips 1/6 to 2/- dozen; new potatoes 2d to 3d; green peas 2d to 3d; kumaras Id to lid lb; onions 13/6 cwt; old potatoes ’ll- to 7/6; oats 10/- to 12/-; wheat 10/to 17/-; pollard 7/6; bran 7/-; crushed oats 9/6; sorrel 5/- bag; straw £3 10/-; chaff £4 ton. Poultry: Hens 1/- to 2/8; ducks 1/3 to 2/-; cockerels 1/-. Grit 1/- and 2/6, 7/6 cwt. Dairy Cows.—£6, £5 12/6, 2 at £5; heifer £3 10/-. Pigs.—Sow and litter of nine £B, sow and litter of 11 £7 12/6; weaners 12/-. We are cash buyers of bacon pigs at full market rates, rail paid to Invercargill. Horses.—£9, hack £2 15/-, collar 6/-. Timber.—Sawn 12/- to 14/-, dressed 22/6 to 26/6; totara posts £6 to £7; broadleaf £5 to £6; droppers 13/-; stakes 25/- to 35/- 100; strainers 5/- to 8/-. A large quantity of second hand timber is on hand, including flooring, weather boards, T. and G. Lining, etc. Meat.—Sausages 3d; beef, boiling 2Jd; roast 3Jd to 4d; mutton, loins and shoulders 21d, legs 44d to 4Jd lb. General.—New lawnmowers 55/- to 65/-; second-hand lawnmowers 15/- to 40/-; wheelbarrows 24/-; meat safes 35/-; English hardware, roofing iron 5d ft.; No. 8 Galvanized fencing wire 18/-; No. 9 19/-; No. 10 20/-; barb 25/6; rabbit netting 17/6; 3ft fowl netting 9/6, 6ft 19/-; Cyclone and sheep netting at lowest market rates; tea 2/6 lb. D. W. McKAY, LTD. Messrs D. W. McKay, Ltd., Exchange Mart, Invercargill, report as follows:— Fruit and Produce. —Very large supplies of fruit arrived in Invercargill for Show week, tomatoes particularly so. Prices as a consequence were considerably lower than was usual at this time of the year. Cherries have been plentiful and prices very low. Lettuce improved in value and we handled considerable quantities of this, also green peas. We expect good supplies for the Christmas demand from reliable growers. New potatoes have dropped in value and supplies will evidently be plentiful for the Christmas seasbn. Oranges are in heavy supply and are selling at lower values than is usual at this time of the year. A heavy shipment of Samoan bananas arrived at the end of the week and we will dispose of ours to-day. Canadian apples and Californian oranges are available, but the demand for these is poor. Lemons are of good quality and prices high. Very few lines of old potatoes are available. There will be a short season for strawberries, and it is doubtful if there will be any available for Christmas. We expect fair supplies of raspberries and these will be available early in the season. We have good supplies of fowl grit, potato manure, hay, bran and pollard. We strongly recommend our Exchange tea which is superior at 12/6 box.

BRAY BROS., LTD. Messrs Bray Bros., Ltd., report as follows for the week ending on Saturday:— Apples, supplies still come forward in large quantities and prices for dessert range from 6/- to 10/-,per case for best quality. Secondary quality are practically unsaleable. Cooking apples of large size sell at from 6/- to 8/- a case; bananas, ripe 25/-; cucumbers, heavy supplies, 4/- to 6/6 dozen for hothouse with Australian-grown at up to 10/- case; cherries 3d to 6d lb; gooseberries lid to 2d lb; grapes, black to 28/-; lemons 15/- to 20/- case; oranges, .plentiful supplies with prices ranging from 12/6 to 16/- case according to quality; pears 3/6 to 4/- half-case; strawberries 4d to 1/1 pottle; tomatoes, Christchurch hothouse — prices have been very erratic and sales were made at from 41d to lid lb; green peas 2d to 34d lb; lettuce 6d to 2/- dozen; marrows 4d lb; cabbage 1/6 to 2/- dozen; carrots Id Ibj onions (spring) 2/-; parsnips Id lb; potatoes lid to 21d lb; rhubarb 2d lb; walnuts (Akaroa) 9d lb; honey, 51b tins 3/6; cheese (matured) 6d lb; wheat, good fowl 15/- sack; chaff £3 2/- on trucks, country sidings. Furniture. —-Showroom upstairs. Fullsized bedsteads in rimu from 60/- and with bedding complete 125/-; occasional tables from 5/-; gateleg tables from 37/-; Zealandia chairs 7/6; Canadian dining chairs 8/6; pedestals 21/-; duchesses from £3 15/-; China cabinets 129/6; wardrobes 128/6; oak sideboard 148/-; kitchen dressers 129/6. Inspection invited. Terms arranged. THE RIALTO. Messrs William Todd and Co., Ltd., report the following sales on Friday:— Bigs.—One hundred and one entered; good demand, prices slightly easier. Weaners 14/- to 18/-; well-grown 19/- to £1 3/-; stores £1 5/6 to £1 10/-; porkers £1 13/6 to £1 19/-. Sow in pig £3. Poultry.—729 entered. Hens 1/4 to 1/8; heavy breeds 1/9 to 3/5; ducks 1/9 to 2/8; geese 3/- to 3/7. Friesian calf £1 15/-. Calves 1/- to 2/-. Bacon Pigs.—Bacon weights 4Jd per lb. We are not receiving until January. Produce.—Table potatoes £3 10/- to £4; oats 11/- to 12/-; wheat 14/- to 16/-; barley 17/-; chaff £3 10/- to £4; straw £3 10/-; bran 6/6; pollard 7/6; Farro food 7/6; Moa poultry food 7/6; Poaka pig food 7/6; rock salt 8/-; molasses 11/6; Moose meal 16/-; Moose Nuts 15/-; Meat Meal 12/6; Liver Meal 12/6; crushed oats 9/-; crushed peas 21/6; fowl grit 8/- cwt; Chick food IS/- 1001 b. Miscellaneous.—Barb-wire 25/-; No. 8 galvanized 18/-; rabbit netting 17/6; sheep netting 17/6; fowl netting 10/6; Cyclone netting 47/6 to 50/-; kauri washtubs £2 15/-; portable boilers £3 12/6; plunge baths £3 5/-; tanks 47/6; oil drums 2/6; timber 12/- to 14/- 1001 b; stakes 25/-; droppers 12/-; draught collar 42/6; horse covers 25/- to 36/-; cow covers 8/6 to 11/6; Ceylon tea 51b boxes 12/6; 401 b chests 2/3 lb. Vegetables.—Cabbage 1/- to 2/-; cauliflower 3/-; turnips 1/6 dozen; green peas 24d to 3d; gooseberries 2d, rhubarb 2d lb. Grass Seed: White clover 6d to lOd lb; cowgrass lOd, Timothy Bd, dogstail 6d to Sd, perennial (certified) 6/- bushel, perennial 3/- to 4/- bushel, Italian 4/-, mixture clover-ryegrass-cocksfoot 3d lb. EXPORTS AND IMPORTS OF STUD STOCK. SOUTHDOWNS AND MERINOS. Messrs Wright, Stephenson and Company Limited advise having made export shipments of stud Southdown sheep to clients in various parts of Australia recently, as follows: From Messrs Hugh Burrell & Son, Feilding, a stud ram and three separate consignments of stud ewes; one lot being a repeat order, to Perth, West Australia; from Messrs Ellis Bros., Killeymoon, Bulls a consignment of stud ewe hoggets to Victoria; from Mr William Gimblet, Hastings, a consignment of stud ewes and lambs to Victoria. A further shipment of stud ewes and ewe hoggets from the flock of Mr R. F. R. Beetham,- Brancepeth, Masterton, will follow to New South Wales shortly. Two Southdown rams, bred in England, were recently purchased in Australia, to which country they were exported from the Homeland. These rams were imported to New Zealand to the order of Messrs R. Bremer & Sons, Waverley, and Mr James Allison, No. 1 Line, Wanganui, respectively. They should prove a valuable introduction of fresh blood. An importation of 34 Merino rams was also made recently from South Australia to the order of Mr G. L. Burdon, Mt. Burke Station, Pembroke, Otago. These rams were bred by the Anama Pastoral Company, near Adelaide. N.Z. PERPETUAL FORESTS. FINANCE AND OPERATIONS. The repert on finance and operations of New Zealand Perpetual Forests Ltd. as at September 30, 1931, shows: Capital (nominal), £250,000, divided into 250,000 shares of £1 each; capital (subscribed), £241,341; capital (paid-upi, £197, 489 6/11. Bonds subscribed, £3,556,089 10/-, representing 126,313 bonds of £25, £3O, £3O 10/-, £32 10/-, £35, £4O, £45, .£5O, aud £55 each. Trustee reserve funds, representing £8 6/8 of fully paid bonds in all issues, except the seventh issue, for which £6 is receivable, and instalments toward reserve funds on bonds nearing completion (in eluding funds expended on investigations and realisation), are as follows:—Government securities, New Zealand £67,255 17/-, Australia £287,562. India £2509 10/10; local body securities, New Zealand, £41,900; mortgages, New Zetland £93,850. Australia £4500; uninvested funds with trustees in fixed deposits and in current accounts, £42,863 18/7; investigation and realization expenditure, £12,822 11/8; total, £553,263 18/1. The forestry administrator certifies to the actual planting of 120,386 acres to the end of the 1930 season. At September 30, 19-31, approximately 10,500 acres had been planted of the total of 11,702 planned for the 1931 season. The lands held by New Zealand Perpetual Forests Ltd., as at September 30, 1931, totalled 187,498 acres, of which 154,500 acres were freeholded, including those secured to bondholders’ trustees and 32,998 acres were held under agreement for sale and purchase or under mortgage. LONDON WOOL SALES. London, December 11. At the wool sales 10,400 bales were offered, including 6246 from New Zealand of which approximately 7560 were sold. There was good Home and Continental competition with firm rates, especially for best Merinos. New Zealand halfbreds, “Glenfield,” 1/- and 10jd; crossbreds, “More,” 10'd and B}d; lamb slipe, “Eclipse” 1/- and lOjd. SALES AND WITHDRAWALS. Since the opening of the London sales in November, cable messages have reported offerings and sales as follow:— WithOffered. Sold. drawn.

DAIRY PRODUCE MARKET. The South Island Dairy Association, Ltd., has received the following market report from the New Zealand Produce Association, j Ltd., London:— [

Butter: Weak. Finest 106/-, firsts 102/-, unsalted 116/- to 120/-; Danish 140/-. Cheese: Slow. White 63/- to 64/-; coloured 60/- to 62/-,

Messrs A. H. Turnbull and Company, Ltd., report as follows:— Butter: The market throughout the month has been weak and generally slow. Australian "Kangaroos” have been freely offered c.i.f. down to as low as 96/-, and this has had a general weakening effect on the butter market. considerable improvement, however, set in towards the end of the month, owing to heavy Continental buying of Siberian, Argentine and Australian butters. This Continental demand was chiefly influenced by the fall in the pound sterling. Our principals advise us that they expect a steady market although latest advices show that the spot market is again weakening, owing to the reports of veryheavy gradings and shipments from Australia and recent cables advise a drop of 4/- in Australian and New Zealand butters. There has been, up to the last week, a considerable activity in forward butter and quite large quantities have been sold for December-January shipment at lid f.0.b., but buyers later reduced their limits to IOJd. Cheese: This market has been somewhat slow and irregular but early this month there was a distinct - improvement, chiefly owing to the scarcity of spot stocks of English cheese. Our principals states that they expect the market to weaken again slightly when further arrivals of New Zealand cheese become available. An interesting point to note is that, during the past two months, coloured cheese has been slow of sale and at the present time a distinct premium is being paid for white cheese. Latest cables advise a reduction in quotations of 2/- per cwt. all round, with slow sale.

The National Mortgage and Agency Company of New Zealand Limited, report having received the following cable from their principals, Messrs A. J. Mills & Co., Ltd, London: Butter: Market slow. New Zealand finest grade 104/-, 105/-; New Zealand first grade 103/-, 104/-; New Zealand unsalted, 116/-, 118/-; Danish 132/-; Australian 100/-, 104/-. Cheese: Market quiet. New Zealand white 64/-, 65/-; New Zealand coloured 61/-, 62/-.

Messis A. S. Paterson & Co. Liimted report having received the following cable advice from their principals, Messrs J. and J. Lonsdale & Co. (London) Limited: Butter: Lower owing to heavy arrivals; Continental market firm, larger consumption owing to depreciated exchange. We are selling some to Germany and’ Holland. Danish 136/-; New Zealand 104/-, .106/-; Australian 102/-, 104/-. Cheese: Lower due to competition bacon selling 6d, Bd. White cheese 63/-, 64/-; coloured 60/-, 62/-.

LONDON FROZEN MEAT QUOTATIONS

(Rec. 5.5 pun.) London, December 12. Following are the frozen meat quotations: New Zealand Sheep: North Island crossbred wethers and maiden ewes 57-641 b 43/4.

Argentine Sheep: First quality crossbred wethers 65-721 b 31d. New Zealand Lambs: Canterbury 361 b and under 71d; do. 37-421 b 6}d; do. second quality average 301 b 5Jd; other South Island brands 37-421 b 6Jd.

Australian Lambs: Victorian first quality 361 b and under 64d; ditto 37-421 b sgd; do. other States first quality 37-421 b 44d; do. Victorian second quality 361 b and under 4id; other States, second quality 361 b and under 44d; all States, third quality 4jd. Australian Frozen Beef: Ox hinds over 1601 b 3gd. Argentine Chilled Beef: Ox fores 1602201 b 3£d; do. ox hinds 160 2201 b 6d. New Zealand Pigs: First quality 60-1101 b average 901 b 5Jd; do. 111-1201 b 4£d. Australian Pigs: First quality 60-1101 b average 901 b sgd; do. 111-1201 b 4Jd. Values for other classes of meat are unchanged. LONDON WHEAT CARGOES. (Rec. 6.45 p.m.) London, Decemuer 12. Wheat cargoes are unchanged, except that of Plates there is a freer supply. Prices are sixpence lower and parcels unchanged. London, Futures, December 24/1; February 24/5; June 25/4; Liverpool, December 5/11; March 5/54; May 5/8 1-8 per bushel. Sales reported: New Zealand Government 53 per cent Bonds (1937) £lOO 10/- (late sale Friday) ; New Zealand Government 54 per cent stock (1937) £lOO (late sale Friday) New Zealand Government 44 per cent stock (1938) £96 15/- (late sale Friday) ; New Zealand Refrigerating (10/-) 4/104 (late sale Friday) ; New Zealand Refrigerating (10/-) 4/9 (late sale Friday) ; Farmers’ Trading Company A pref. 13/11. PRICE OF GOLD. (Rec. 6.55 pan.) London, December 12. The price of gold is quoted at £6 2/9 per fine ounce. LEAD IMPORTS AND EXPORTS. London, December 11. Lead imports amount to 30,487 tons, of which Australian comprises 8069 and exports to 2955 tons. RAW MATERIALS. (Rec. 5.5 p.m.) London, December 12. I'riday’s closing prices for the following raw materials were as follows:— Cotton: January delivery 4.91 d per lb. Rubber: Para 4Jd; Plantation, smoked 41d per lb. Jute: December-January shipment £2l 12/G per ton. Hemp: December-February nominally £2O. Copra: December-January shipments (nominally) South Sea £l4 2/6; Plantation Rabaul £l4 10/- per ton. Linseed Oil: £l4 15/- per ton. Turpentine: 52/9 per cwt. SUPPLIES OF TIN. (Rec. 5.5 p.m.) New York, December 12. The following are the visible supplies of tin: December 2085; January 2100; February 2120; March 2135 tons. BRITISH TRADE RETURNS. London, December 11. The Board of Trade returns for November show that the imports increased by £3,799,000 compared with October, the exports had decreased by £12,193,000 and the re-exports by £1,881,000. The principal decreases in imports were of iron and steel and manufactures thereof, £957,000; machinery, £580,000; woollen and worsted yarns and manufactures, £734,000; chemicals, drugs and dyes, £980,000; meat £846,000; tobacco, £1,027,000; wood and timber, £550,000. The principal decreases in exports were of food and drink, £1,020,000; iron and steel and manufactures, 647,000; machinery £709,000; cotton, yarns and manufactures, £808,000; woollen yarns and manufactures, £802,000; vehicles, £4,273,000. BANKRUPTCIES. A BIG INCREASE. Bankruptcies in the current year will show a big increase on the figures of last year, but that is not alarming, for it is what was to have been expected in the present depressed state of the world. For the ten months to the end of October the bankruptcies totalled 726 against 626 in the corresponding month of last year, an increase of 100, equal to 16 per cent. The bankruptcies in the North Island numbered 497, against 465, an increase of 32, and the South Island figures were 229, against 161, an increase of 68. or just over 42

per cent., while the North Island percentage of increase was not quite 7 per cent. In the ten months there were registered 273 deeds of assignment, as compared with 188 in the corresponding term of last year, an increase of 85, or just over 45 per cent. Under this section also the South Island shows the greater increase. The figures of the North Island were 176, against 133, an increase of 43, equal to nearly 33 per cent., and the South Island figures were 97, against 55, an increase of 42, or very nearly 80 per cent. T. AND G. MUTUAL LIFE ASSURANCE. REPORT OF DIRECTORS. The report of the directors of the Australian Temperance and General Mutual Life Assurance Society to be presented at the annual meeting in Melbourne this week states: — The new business completed in the ordinary department comprised 21,074 policies, assuring £5,421,427 and £l7Ol per annum of annuities, and in the industrial department 115,152 policies, assuring £5,031,749. In both departments 136,826 policies were issued, assuring £10,453,176. In the accident department 2600 personal accident and sickness policies, assuring £1,381,650, were issued during the year, and, in addition, 4397 policies in the ordinary department were endorsed with accident benefits, assuring £1,272,106. These results are very satisfactory in view of the conditions of the year of operations. The total income of the society has increased to £3,908,292, made up of £2,972,892 from premiums and £935,400 from interest. Payments to policyholders amounted to £1,697,297 as compared with £1,507,239 for the previous year. The funds have increased by £1,009,708 to £16,505,693, comprising £8,133,912 ordinary department funds, £8,355,748 industrial department funds, £16,033 accident department funds. The interest rate for the year on the mean funds, exclusive of overdue interest, was £5 16/11 per cent., a reduction of 4d per cent, only below last year’s rate. It might be added that the full effects of the reduction of interest brought about by the various financial emergency Acts have not yet been felt. The assets now amount to £17,110,588, of which £10,657,123, or 62.3 per cent, is invested in Government, municipal, and other local body securities, and 16.9 per cent, in first mortgages. The directors have confined the mortgage investments to well situated properties iwth a wide margin of security in each case but property values have fallen temporarily and as the future is somewhat uncertain it has been considered advisable to add 150,000 to the reserves for contingencies, increasing the total amount of contingency funds to £324,932. The book value of the society’s freeholds, which increased this year through the erection of the Sydney premises, stood at a very moderate figure due, to some extent, to the fact that the sites were purchased at exceptionally favourable market prices. Nevertheless, the board desired to strengthen the Society’s position even further by writing down the book value and it has .therefore, decided to allocate 109,000 for this purpose. The actuary’s report shows that the conservative bases previously used have been further strengthened by the adoption of a net premium 3 per cent, basis throughout both departments. This stronger position was brought about by the absorption of special reserves previously laid aside in anticipation of such a possible necessity. After providing for all liabilities to policyholders on the new basis of valuation, a surplus of £626,879 was disclosed. After setting aside £50,000 for actuarial contingencies and providing for reversionary bonuses and other extra benefits to participating policyholders, an amount of £81,135 is carried forward. The bonuses allotted in the ordinary department will be on a slightly lower scale than last year. The directors are pleased to be able to report such good results in all departments in an exceptional year. The board looks forward to the future with confidence, but legislation passed during the year will have the effect of reducing the interest yield on existing securities. However, steps have been taken, where possible, to mitigate the effect of. such reduction in the interest rate, and it is very satisfactory to lie able to announce, that the expense rates have been reduced in both the ordinary and industrial departments.

Bales. Bales. Bales. Nov. 24 11,853 9022 2831 Nov. 25 10,879 7630 3249 Nov. 26 12,710 7075 5635 Nov. 27 10,783 6018 4765 Dec. 1 11,411 8531 2880 Dec. 2 11,351 6368 4965 Dec. 3 10,191 6152 4039 Dec. 4 11,138 8050 3088 Dec. 7 10,660 7800 2860 Dec. 8 10,10-1 6125 3979 Dec. 9 11,923 8300 3623