COMMERCIAL

Southland Times, Issue 21853, 2 November 1932, Page 2

COMMERCIAL

STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. At yesterday's call-over on the Invercargill Stock Exchange the following prices were quoted:— Banks. Australasia: b £9 17/6. Commercial: s 14/8. National of Australasia—(cont.): b £5 10/-, s £5 16/-. National of New Zealand: s 81/-. New South Wales: b £2B 5/-. New Zealand: s 45/6. New Zealand Long “D” Issue: b 28/-. Union of Australia: b £7 16/6; s £7 19/6. Breweries. Dunedin Brewery Co.: b 21/3. New Zealand Breweries —. (Shares): b 26/6; s 27/-. Coal. Westport Coal: b 12/6. Insurance. National: b 14/6, s 14/6. New Zealand: b 43/3. South British (ex. div.): b 56/6. Loan and Agency. Goldsbrough, Mort and Co.: s 23/9. National Mortgage: s 40/-. Meat Companies. Gear Meat Co.: s 35/-. Southland Frozen Meat—(£l ord.): b 38/-. (10/- ord.): b 19/-. (£1 pref.): b 38/-. Mining. Electrolytic Zinc—(ord.): b 16/6, s 17/-. Gillespie’s Beach: b 2Jd prem. Golden Sands: s 1/9. Kildare :b 1/9, s 1/11. King Solomon: b l/ 1 0, s 2/-. Mount Lyell: s 20/-. Mahakipawa: b 31d, s sd. Okarito: b 8/2, s 8/4. Paddy’s Point: b 5/1, s 5/1. Waihi Grand Junction: b 3/10, s 3/10. Mount David: s 5/5. Shipping. Union Steam Ship Co. (pref.): b 20/-. Woollen Mills. Mosgiel: b £6 17/-. Miscellaneous. Colonial Sugar Co.: s £5O. Donaghy’s Rope and Twine: b 30/-. Milbum Lime and Cement: b 26/9. New Zealand Drug: b 59/6, s 61/-. New Zealand Express Coy.: s 10/6. New Zealand Paper Mills: b 21/9. Wilson’s (N.Z.) Portland Cement: b 30/-, s 31/9. Debentures. Government 41 per cent. Inscribed, 1938: b £96 10/-. Government 41 per cent. Bonds, 1938: b £96 10/-. Government 41 per cent. Inscribed, 1939: b £95. Government 4J per cent. Bonds, 1939: b £95. Government 4| per cent. Bonds, 1941: b £95. Government 5J per cent. -Inscribed, 1936: b £lOO. Government Bonds, 5J per cent., 1936: b £lOO. ■ Government 51 per cent. Inscribed (Feb.), 1937: b £lOO. Government 5J per cent. Bonds (Feb.), 1937: b £lOO. 51 per cent. Inscribed (Sept.), 1937: b £lOO. Government 51 per cent. Bonds (Sept), 1937: b £lOO. Sales Reported. Sales were reported of the following: 1937 51 per cent. Stock, £lOO 5/-. King Solomons, 1/111.

NORTHERN EXCHANGES. (Per United Press Association.) Auckland, November 1. Sales on ’Change:—National Bank of Australasia con. £5 12/6; Colonial Sugar £49, £49 5/-; Taranaki Oil 2/1; Woolworths (N.Z.) pref. 26/9; Waihi ex. div. 17/9, 17/10, 18/-; Waihi Junction 3/6. Wellington, November 1. Sales on ’Change: Government Bonds 4J per cent. (1939) £95 10/-; Wilson’s Cement, late Monday, 31/6; Big River Mines 1/3J. Christchurch, November 1. Sales on ’Change: 51 per cent. Inscribed (Sept., 1937), £IOO 5/-; Bank of New Zealand 45/1 (2), 45/4; New Zealand Refrigerating (10/- paid) 2/6; Mt. Lyell 20/3; Union Bank £7 14/-; Alexander (cont.) 17/6; Golden Point 5Jd (2); Okarito 8/2; Waihi 17/10 (ex div.). Sale reported: 51 per cent. Inscribed (Sept., 1937) £IOO 5/-. Dunedin, November 1. Sales on ’Change: Okarito 8/3. Sales reported: 5J per cent. Bonds

LORNEVILLE STOCK SALE.

FAT CATTLE PRICES MAINTAINED. EASING IN FAT SHEEP. Increased entries in fat sheep and cattle were forward at the weekly Lorneville stock sale yesterday.. The offering of sheep appeared to be in excess of the demand and although the opening prices were about on a par with the values of the previous week, thre was a noticeable easing as the sale advanced. Fat cattle prices remained firm, the presence of outside butchers enabling the buyers to absorb the supply. The store sheep sale was a poor one and there was little of interest in the store cattle market, but a good demand for good quality dairy cattle was apparent. Following is a comparison of the entries in the individual sections for the last two sales:— Nov. 1 Oct 25. Store Cattle 77 106 Fat Cattle 109 62 Store Sheep 195 141 Fat Sheep 1,008 909 Yesterday’s yardings included 94 fat lambs, 22 dairy cows and one bull. Store Cattle: It was a poor sale. Good yearling heifers sold up to 35/-, yearling steers, for which there were not much demand, 25/- to 30/-, two and three-year-old bullocks £2 to £3; yearling steers of mixed sorts down as low as 14/-; empty cows 20/- to 35/-. In the dairy section heifers sold from £3 10/- to £5, culled cows 22/6 to 50/-, decent cows £4 to £7 2/6. There is still a fair sale for good cows, but any other sort are hard to quit. Fat Cattle: The yarding was rather bigger than has been the case for several weeks and the quality was good. Prices showed little or no variation from those ruling last week, the presence of one or two country butchers keeping up the demand and enabling buyers to absorb the entire offering. Extra prime bullocks realized up to £9 10/-, good quality medium weights from £7 to £B, lighter sorts from £4 10/- to £5 10/-; good heavy heifers up to £6 17/6, medium weights from £4 10/- to £5 10/-; good quality cows up to £5 10/-, medium weights from £3 10/- to £4 5/-, poorer sorts down to £2.

Store Sheep: There were only two pens of ewes and lambs yarded. They were of good quality and sold at 4/11 and 4/-. Fat Sheep: There was a very large entry consisting chiefly of shorn wethers of quite good quality. The sale opened on about d par with last week’s prices, but there was a gradual easing throughout. There was also a large offering of fair quality fat lambs, and at the outset it looked as if the supply would be in excess of the demand, but nevertheless prices remained firm and the sale must be considered quite a good one. Prime heavy woolly wethers realized from 14/- to 16/-, medium sorts up to 12/-; prime woolly ewes 7/6 to 8/6, inferior down to 5/-; prime heavy woolly wethers 11/6 to 12/9; good quality medium weights 9/6 to 10/6, lighter down to 8/-; prime heavy quality store ewes up to 7/6, lighter 5/6 to 6/6. Best quality lambs brought up to 15/-, good quality medium weights 11/6 to 13/-, lighter down to 9/-. MR A. E. WATKINS, the well known Jersey Breeder of Takanini, Auckland, whore great producing cows have been lately leading all others under C.O.R. Test, writes:—“For many years I have made it a practice to Drench my cows with SYKES’S DRENCH at calving time as a preventive of Milk Fever and other ailments to which cattle are subject. I always keep a supply on hand.’ You will begin to realize the bigger ■possibilities in the earning power of your Herd if you Drench your cows this season Itli SYKES’S DRENCH. Sold everywhere 1/6 pkt.; 17/- dozen.—• Advt. GORE STOCK SALE. YESTERDAY’S MARKET. There was a greatly increased entry of sheep at the fortnightly stock sale at Gore yesterday. The attendance was good, but the market for both fat and store sheep was fairly slack, although in one or two instances good quality fat wethers met with fair competition among local butchers. Prime heavy wethers realized from 14/6 to 15/3, with medium weights from 12/- to 13/- and light down to 10/-. Prime heavy fat ewes realized up to 8/9. The entry of store sheep included several pens of hoggets, but there was not a great inquiry for these, some lots being passed. A line of particularly good ewe hoggets, however, realized 13/- and a line of good mixed sex hoggets brought 9/10. Ewes and lambs also met with a poor demand. There was a medium entry of fat cattle, prices for which were slightly easier than at recent sales. Only a few head of stores were on offer and were not in demand. Sales were:— Southland Farmers’ Co-operative Association Ltd.: I fat wether at 14/9. In conjunction with Messrs Wright, Stephenson and Co., Ltd., the firm offered and sold: 1 fat heifer at £6 15/-; 1 do. at £5 2/6; 2 fat bullocks at £6 10/-; 1 do. at £6 5/-; 2 fat heifers at £5. J. E. Watson and Co., Ltd.: 65 fat wethers (shorn) at 12/-; 6 fat wethers at 14/3; 2 fat bullocks at £7 7/6; empty cow at £4 10/-; do. at £3 10/-; 2 fat bullocks at £6 10/-; 2 do. at £7 12/6. National Mortgage and Agency Co., Ltd.: 6 ewes,and 11 lambs at 3/10; 52 fat wethers at 15/3; 16 do. at 14/6; 52 cull wether lambs passed at 3/10; 70 ewe hoggets passed at 8/4; 204 wether hoggets passed at 6/~. Henderson Reid Ltd.: 7 fat ewes at 8/6; 1 fat wether at 13/9; 8 fat ewes passed at 5/-; 49 m.s. hoggets at 9/10. Wright, Stephenson and Co.: 4 fat ewes passed at 4/-; 98 ewes and 99 lambs passed at 4/4; 1 store steer at £1 1/-; springing heifei’ at £3; 9 yearling steers and heifers at 18/-. N.Z. Loan and Mercantile Agency Co. Ltd.:l3s ewe hoggets at 13/-; 6 cull ewe hoggets at 4/1; 20 fat wethers at 10/-; 11 fat ewes at 3/-. WINTON SALEYARD COMPANY. The annual report of the Winton Saleyard Company to be presented at the annual meeting of shareholders on

Thursday afternoon (November 3), states: The directors have much pleasure in submitting the thirty-third annual report and balance-sheet which discloses a profit of £llO 13/7 on the year’s operations. The directors recommend the payment of a dividend of 5 per cent, on the capital and propose carying the balance forward. The yards are in good order. Stock yarded during the year numbered: Store sheep, 63,180; fat sheep 6979; store cattle 835; fat cattle 90, bulls 76, rams 472, calves 73 and pigs 5, an increase in all lines except store sheep and calves. Five directors’ meetings were held at which the attendances were: R. J. Anderson 2, J. Mackintosh 2, T. R. Maclean 5, R. McDonald 3, A. S. McNaught 4, C. Mcßae 4, T. E. Paterson 3, J. Scott 5, S. G. Woods 3. The retiring directors, Messrs R. McDonald, C. Mcßae and S. G. Woods are eligible and offer themselves for re-election. On perusing the balance-sheet it is gleaned that the expenditure for the year amounted to £325 0/3 (including the transfer of £llO 13/7) to appropriation account. The principal items of receipts, given as yard dues, amounted to £295 0/3. The financial position of the company on the whole is unusually sound.—Winton con'espondent. GRAIN REPORT. Messrs Donald Reid & Co., Ltd., Dunedin, report as under:— Wheat: No business is passing with milling wheat. The samples arriving are all of fowl wheat grade and merchants are offering round about 4/- per bushel, O.T. sacks extra, for this quality. There is plenty of fowl wheat held in the stores and poultry feeders are paying 4/6 to 5/- ex store, for their requirements. Oats: This market has never been quieter. Little or no business is passing. Very few grade oats are offering, the bulk of the holdings being undergrade, and in many cases these are out of condition. They are practically unsaleable except as pig feed. Nominal values to the farmer are as follows: A grade 2/9, B grade 2/5, undergrade 1/10 to 2/1, according to condition, sacks extra, O.T. country stations. Chaff: The local demand is barely sufficient to absorb the prime quality coming to hand. Medium and inferior is accumulating every week. There is ample green feed for the cows this year and the business usually transacted with dairy farmers is sadly missed. Prime quality is worth £4 10/- sacks extra, ex truck, Dunedin. Potatoes: The local demand is quite firm for good sound tubers, freshly picked. Small sized tables are not required. They can only be sold for seed and this market is now about finished. Best tables are worth £6 10/- sacks in, ex store, Dunedin. GRAIN AND PRODUCE REPORT. Messrs Daigety and Company Ltd., Dunedin, report as follows: Oats: Very little business is being transacted in oats, and practically no samples are being offered from growers. Millers appear to have ample supplies and are not interested in oats of milling quality. The only business passing is in undergrades of which fair quantities are still held in local stores. Sales in small quantities are slow at about 2/3 per bushel, ex store. Wheat: Millers are not interested in locally grown wheat, of which, however, very little of milling quality remains unsold. Ample supplies of Australian wheat have been imported to suffice until the new crop is harvested. Growing crops are looking extremely well and a big harvest is indicated. There is a steady demand for fowl wheat at up to 5/- per bushel ex store according to quality. Chaff: The demand is slack and limited to an ever decreasing number of local feeders. Only prime quality, is saleable, current value being £4 10/per ton ex truck. Potatoes: Small consignments are steadily coming to hand from the country and fortunately the quality is generally good. There is a fairly steady demand for good Tables at up to £6 10/- per ton ex store. SYDNEY STOCK EXCHANGE. BONDS AGAIN ADVANCE. (Rec. 8.55 p.rrf.) Sydney, November 1. Australian bonds further advanced on the Stock Exchange to-day. Sales:

BRITISH WAR LOAN ASSENTED. (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, October 31. The British war loan (Assented) is quoted of £99 16/3. WOOL SALES. THE MELBOURNE MARKET. Melbourne, November 1. The October wool sales have closed. The market was practically on a par with last week, Japan and the Continent buying freely. GOOD COMPETITION AT PERTH. Perth, November 1. The third series of wool sales met with good competition, Continental and Bradford buyers being active. Crossbred fleece was firm, while lambs were stronger. The best price was 13\d for super Merino. THE SYDNEY MARKET. (Rec. 9 p.m.) Sydney, November 1. At the wool sales 10,185 bales were offered and 9251 sold, also 1080 which were disposed of privately under strong competition, especially from the Continental section. The market reflected yesterday’s features. Wools showing quality were in keen demand, but lines carrying fault or irregular in quality showed an easier tendency. Greasy Merino sold to 17JdBRADFORD MARKET. London, October 31. The Bradford market is firm, fine Merinos and crossbreds hardening owing to the depreciation in sterling. PRICE OF GOLD. London, October 31. The price of gold is £6 5/5 per ounce. WHEAT CARGOES. London, October 31. Wheat.—Cargoes are influenced by lower foreign advices and are offered at 3d to 6d down. China is inquiring for Australians, but there has been no trading. Parcels are unchanged to 3d down. There has been only spasmodic

inquiry. Australians, ex Talleyrand and Nestor, 26/7j. Futures: London, December 23/4, February and April 22/9; Liverpool, December 5/2g, March 5/01 per cental. WILSON’S PORTLAND CEMENT CO. INTERIM DIVIDEND. Auckland, October 31. Wilson’s (N.Z.) Portland Cement Co. has declared the usual interim dividend for the half-year ended September 30, of 1/- a share. The dividend is at the same rate as in 1931. The dividend for the year (including bonus), ending March 31, 1931. was 10 per cent., and in the two preceding years 12J per cent. The net profit of the company last year was £64,286, and the dividend distribution of £60,000 left a balance of £4286 to be added to reserves, which stood at £215,984. The capital of the company is £600.000. MACKY. LOGAN. CALDWELL. LTD. VOLUNTARY LIQUIDATION TO BE CONSIDERED. Auckland, October 31. A notice issued to shareholders of Macky, Logan, Caldwell, Ltd., satvs that an extraordinary general meeting will be held on Friday to consider, and if deemed expedient, pass the following resolution: — “That it has been proved to the satisfaction of this meeting that the company cannot, by reason of its liabilities continue its business, and that it is advisable to wind up the same, and accordingly, that the company be wound up voluntarily, and that Harry James Mills, of Auckland, accountant, be appointed liq .idator for the purpose of such winding-up.” In an accompanying letter to shareholders, the directors state that the decision to report progress to shareholders was made for the following reasons:— “The trading results of the company during the six months ended July 31 show further considerable loss.” “The company’s overdraft at the bank is considerably in excess of the arranged limit, and while the bank was prepared to find further advances, subject to conditions, it declined to find interest due to depositors on February 1, 1932, so that your directors can no longer rely on carrying out the obligations they entered into by deed with the depositors.” “The conditions on which the bankers of the company agreed to find the money for trading involved, in the opinion of your directors, the liquidation of assets in so short a period that further losses would accrue.” The directors state that the conclusion was arrived at that owing to the conditions prevailing and the uncertain outlook, together with the accumulation of losses and obligations, the company was unable to carry on. The secretary of the company was suggested as liquidator, having been unanimously chosen by the directors.

LONDON MARKETS. HIGH COMMISSIONER’S CABLE. The Department of Agriculture has received the following cablegram, dated October 29, from the High Commissioner for New Zealand, London: • Tallow:—Market continues dull on spot with prices nominally unchanged. Hemp:—Manila—Market quiet but steady at last rates quoted. SisalFair demand for No. 1 fair average quality for October-December shipment which sold £l4 5/- to £l4 10/-, closing sellers £l4 5/- and NovemberJanuary shipment £l4 7/6. New Zea-land-Market quiev. Quotations nominally unchanged. No first-hand sales reported. Eggs:—Market steady. English, national pack, 19/- to 24/-; English, ordinary pack, 18/- to 18/6; Danish, 15/6 to 18/-; Australian, 141 b ner long hundred, 13/-; 171 b per long hundred, 14/-, owing tej liberal supplies. New Zealand, 151 b per long hundred, 13/6; 181 b per long hundred, 15/3. FOREIGN EXCHANGES.

THE METAL MARKET. (Rec. 7.50 p.m.) London, November 1. Quotations compared with those for

REDUCED PROFITS. AUSTRALIAN FIGURES. COMPARISON OF FOU RYEARS. “5S?r the purpose of ascertaining the effect of the world depression on Australian industry,” state Messrs H. Byron Moore, Day and Joumeaux, of Melbourne, in a circular letter, “we have carefully prepared a schedule comprising sixty-five companies, showing ordinary capital invested, net profits after providing for preference dividend, percentage of net profits to ordinary capital and average ordinary dividends.” A close analysis discloses a very marked shrinkage in profits and dividends, and many companies have actually shown losses. Perhaps those companies most seriously affected have been pastoral and financial companies and also trading banks. Gas company earnings show very little shrinkage, and, apart from one reduction, dividends have been maintained. Building societies and trustee companies have suffered from the provisions of the Financial Emergency Act, and the consequent reduction of 224 per cent, in interest rates. The profits of amusement companies have been affected by reduced public spending, whilst retail stores have suffered similarly. The position of manufacturing companies would have been considerably worse had it not been for the heavy tariff walls and embargoes imposed against imported goods. Sugar companies have maintained their position with the assistance of the sugar bounty, whilst shipping companies, due to more settled labour conditions, have held their position reasonably well. Those companies dependent upon heavy Government loan expenditure have passed through a difficult period, and trading results have been very disappointing. The financial year 1931-32 will probably mark the turning of the tide, because during the last few months conditions generally have shown improvement. The severe retrenchments in overhead expenses during the past three years will offer tremendous assistance to all companies in the future, and any sustained improvement in trading conditions will be reflected in the figures for the 1932-33 financial year. The summary below shows that the heaviest decline in profits took place during 1930-1931 financial year, and although aggregate profits for 1931-32 are lower than previous years, they indicate a steadier position, and one which appears to be capable of substantial improvement in the next twelve months. The following statistical information very clearly shows the trend of events

£ s d Commonwealth Bonds (4 per cents; 11938 102 10 0 1941 102 13 9 1944 101 3 9 1947 101 7 6 1950 101 12 6 1953 101 17 6 1957 102 15 0 1959 101 2 6 1961 101 8 9 Commercial Bank of Sydney 17 0 0 Bank of New South Wales 32 10 0 National Bank (£10 paid) 13 5 0 Australian Gas (A) 6 18 0 Henry Jones 1 18 0 Dunlop Perdriau 17 9 British Tobacco 1 15 3 Tooth’s Brewery 1 16 0 Australian Glass 2 6 0 Broken Hill Proprietary' 1 7 3

(British Official Wireless). (Rec. 5.5 p.m.) Rugby, October 31. Par. Oct. 31 Paris, fr to £1 124.21 83 5-8 New York, dol to £1 4 .86 2-3 3.28 3-8 Montreal, dol to £1 4. 86 2-3 3.634 Brussels, belgas to £1 35 23.624 Geneva, kr to £1 25.22J 17.034 Amsterdam, guilder to £1 12.107 8.16? Milan, lire to £1 92.46 64 1-16 Berlin, marks to £1 20.43 13.82 Stockholm, kr to £1 18.150 19.104 Copenhagen kr to £1 18.150 19 7-32 Oslo, kr to £1 18.180 19.60 Vienna, schillings to £1 34.584 28 Prague, kr to £1 164J 111 Helsingfors, marks to £1 193.23 230 Madrid, pestas to £1 25.23| 40 1-16 Lisbon, escudas to'£l 110 1084 Athens, drachma to £1 375 5724 Bucharest, lei to £1 831.6 555 Belgrade 276.3 245 Rio de Janeiro, pence to milreis 5.890 5J Buenos Aires, pence to pesos 47.82 nominal Montevideo, pence to peso 51 30 Bombay, pence to rupee — 18.11-16 Shanghai, pence to tael 21? Hong Kong, pence to dol 24.58 164 Yokohama, pence to yen 24.582 15 3-8 Batavia, florins to £1 18 —— Warsaw, zlotys to £1 — —

October 19 are:— Oct. 19. Nov. 1. £ s. d. £ s. d. Copper, standardSpot 32 7 6 30 5 7$ Forward 32 10 71 30 9 4$ Copper, electrolytic— Spot 36 10 0 35 5 0 Forward 37 10 0 35 15 0 American 5.25 cents Wire bars 37 10 0 35 15 0 Lead— Spot 11 18 9 11 13 9 Forward 12 2 6 12 0 0 Spelter— Spot 14 18 9 15 2 6 Forward 15 7 6 15 6 3 TinSpot 153 3 9 152 12 6 Forward 153 8 9 153 8 9 Silver (pence)— Standard 17$ 18$ Fine IS 1 5-16 19 9-16

since 1928-29:— P.c. net prft. to Avg. Ord. captl. •Net ord. ord. 65 Cos. Profits. , Captl. Div. £ £ p.c. p.c. 1928-29— 56,491,873 1929-30— 7,846,148 13.89 10.32 59,088,959 1930-31 — 6,689,362 11.49 8.91 59,135,885 1931-32— 4,442,109 7.51 5.82 59,152,488 3,534,301 5.96 5.05 •After paying or providing for preference dividend (if any).