COMMERCIAL

Southland Times, Issue 21897, 24 December 1932, Page 3

COMMERCIAL

DUNEDIN MARKETS, A QUIET PERIOD. Dunedin, December 23. Business in all produce lines is now practically at a standstill for the time being and there are few transactions goin gthrough. Latest statistics show that, there is plenty of wheat available to carry millers on till the new season’s cereal is available. Fruit Report Business has been very brisk in the fruit marts during the week, if anything brisker than at this time last year. There has been a keen demand for cherries and strawberries and good prices are being obtained for choice quality lines of both fruits. This is in marked contrast with the position last Christmas . week when cherries were offering at from 2d to 6d per lb. Small lots peaches and apricots are now arriving from Central Otago and meeting with a good demand. Black and red currants and gooseberries have been selling at rates which can hardly pay the grower. Housewives arg, not inclined to make jam during the Christmas season and it is expected that there will be a better demand when the holidays are over. The apple market is bare of supplies. A small lot of Stunners which arrived during the week realized 15/- per case. Tomatoes are in good supply but the market remains firm. Consignments are arriving chiefly from Christchurch with smaller lots from Oaamru and local hot houses. The Wainui arrived on Tuesday with the last consignments of Australian oranges, that is until the embargo on the importation of Australian fruit is lifted by the New Zealand Government. American oranges are high in price, mainly on account of the advance in exheange and importers are not anxious to operate at the values ruling. Lemons are in short supply. Only New Zealand are offering but these generally speaking are not of the best quality. Good lines however are being realized. The Samoan bananas which arrived on Tuesday, being railed ex the Maui Pomare from Lyttelton, were in splendid condition. Some 9900 cases reached the market, the price per case being fixed at 23/-. Stocks are now sold out of wholesale hands. CANTERBURY MARKETS. Christchurch, December 23. Merchants have practically retired for the year as far as actual business is concerned. They opened their offices to-day, but then closed until January 4. Very little business is discussed with prices so low. Forward sellers are not anxious to operate and farmers are equally disinclined to offer produce. Potato quotations are based on about £2 7/6 to £2 10/- on trucks for April-May-June delivery. It is probable that after the New Year North Island merchants may be tempted by such quotations to trade, but the record low prices of Pukekohe potatoes are keeping them off the market in the meantime. The future of wheat is too uncertain to encourage speculation in fowl wheat and a possible basis for small seeds is not mentioned. LONDON MARKET QUOTATIONS. .... London, December 22. Sugar.—January 5/1. Butter. —Quiet. Danish 120/-; choicest salted Australian and New Zealand, 83/- to 84/-; unsalted New Zealand 90/- to 94/-; Australian 88/- to 90/-. Cheese. —Slow. New Zealand white 52/-, coloured 56/-; Australian 50/-, 54/-. Bradford.—A holiday market exists and quotations are unchanged, WHEAT CARGOES. London, December 22. Wheat: Cargoes slightly lower. Parcels are harder, but the trading is small. Futures: London, December 21/—, February-April 20/-; Liverpool, March 4/7, May 4/8. Spot trade is slow. Australian ex ship 25/-, 27/6. Flour: Dull. Australian ex store 20/-. Oats, tending easier. Peas and beans: Quiet and unchanged. PRICE OF GOLD. London, December 22. The price of gold to-day is quoted at £6 3/4J per oz. KING SOLOMON WASH-UP. The wash-up at the King Solomon mine for the past week totalled 1620 z. 7dwt AUSTRALIAN MARKETS. Melbourne, December 23. Wheat.—2/7 to 2/8. Flour.—£7 10/-. Bran. —£5. Pollard.—£s 10/-. Oats—l/8 to 1/BJ. Barley.—English, 2/9 to 2/10. Maize. —5/- to 5/1. Onions.—Dull, £3 10/-, occasionally £4. DAIRY PRODUCE. A. H. Mackrell, agent for R. and W. Davidson, Glasgow and London, reports having received the following market report: Butter.—B2/- to 84/-. Market quiet. Cheese.—White 50/- to 51/-; coloured 56/-. Market firm owing to supplies being short. N.Z. AND RIVER PLATE LAND MORTGAGE COMPANY. Auckland, December 23. Cabled advice has been received by the local attorney of the New Zealand and River Plate Land Mortgage Company, Ltd., that the net profit for the year ended October 31, 1932, was £102,625, including £43,983 brought into account. . At the annual meeting to be held in London on January 17 the directors will recommend that a final dividend of 3| per cent, be declared, making a total of 7 per cent, for the year (less income tax at 5/- in the £1), absorbing £490,000, and that £5OOO be carried to the reserve, leaving £48,625 to be carried forward. GOVERNMENT SECURITIES. London, December 22. The following are the latest quotatios for Government securities, compared with the prices ruling on December 8:—

THE DOLLAR EXCHANGE. Current dollar exchanges as quoted by the New Zealand banks are as under, compared with previous quotations: U.S. Dollar to £l.

The rates quoted are for the conversion of dollars into English currency or English currency into dollars. Exchange is charged or allowed on drafts or bills drawn in dollars in the same way as if drawn in English currency. AUSTRALIAN WHALING COMPANY. The report of the Australian Whaling Company Ltd., for the year ended July 31 refers to the appointment of Sir Douglas Mawson as consultant and advisor, and states that arrangements have been made with Sir Douglas to “further the interests of the company in London in the matter of capital, markets and ships.” The report contains quotations from a letter written in November, in which Sir Douglas states he is of opinion that Australia should delay no longer in developing lucrative whale fisheries offering in the adjacent and Arctic seas. As a first step he is favourable to the development of the Point Cloates station, Western Australia. The Federal Government, the report continues, has been approached with a view to obtaining assistance or guarantees in regard to finance. The directors state that the whaling industry is once again on the up grade, and they look forward confidently to the results of the visit of Sir Douglas Mawson overseas and of the application to the Federal Government. During the year satisfactory terms were arranged regarding the compahy’s license in Western Australia, and also extended terms for the payment of the balance of vendors’ consideration outstanding. The accounts show that paid-up capital is £42,588, against £36,633 a year ago. Calls on moneys in arrears are £7,611, as against £8391. The liability to the Australian Whaling Development Sydnicate, Ltd., is £57,485, against £60,883. Sundry creditors are owed £3200, compared with £1936. Assets are valued at £103,274, of which £86,773 represents whaling station and plant, leases and license. Cash is £715, and sundry debtors owe £B6. Formation expenses are shown at £4868. NATIONAL ELECTRIC COMPANY. LOSS ON TRADING. The annual report of the National Electric and Engineering Co., Ltd., Dunedin, for the year ended October 31, discloses a trading loss of £B7Bl. The year commenced with the. profit and loss account showing a debit balance of £4825, which was eliminated by transferring an equal amount from the reserve account, reducing it from £lO,OOO to £5175. After paying land tax, writing down shares held in New Zealand Insulators, Ltd., by £lOOO and charging losses on trading for the year of £B7Bl, the profit and loss account stands at £9816 in debit. Against this it is proposed to apply the balance of the reserve account, leaving an adverse balance in profit and loss account of £4641. The report states that the company’s assets have been valued conservatively, and ample provision has been made for depreciation of plant, buildings, stocks and furniture.

Dec. 8. Dec. 22. £ s d £ s d Imperial consols, 2b p.c. 74 0 0 74 0 0 Funding Loan, 4 D.c., 1960-90 108 10 0 108 15 0 War Loan, assented, 3J p.c. 98 0 0 98 17 6 Conversion Loan, 3i p.c. 98 10 0 99 2 6 Victory Bonds, 4 p.c. 107 5 0 108 0 0 Commonwealth, 6 p.c., 1931-41 103 7 8 105 0 0 Commonwealth, 5 p.c., 1945-75 101 7 6 102 0 0 Commonwealth, 3 ; p.c., 1936-37 98 5 0 98 10 0 Victoria, 5J p.c., 1930-40 100 12 6 101 7 6

Victoria, 5J p.c., 101 2 6 1932-42 100 10 0 Victoria, 4? p.c., 1940-60 100 15 0 101 5 0 Victoria, 31 p.c., 1929-49 90 2 6 90 12 6 Victoria, 3 p.c., 1929-49 81 10 0 83 0 0 New South Wales, 61 p.c., 1930-40 102 5 0 102 13 9 New South - Wales, 6 p.c., 1930-40 .100 7 6 101 0 0 New South Wales, 4 p.c., 1933 97 17 6 99 18 9 New South Whies, 31 p.c., 1930-50 88 7 6 89 5 0 New South Wales, 3 p.c., 1935 96 2 6 96 17 6 Queensland, 6 p.c., 1930-40 102 0 0 103 5 0 Queensland, 5 p.c., 1940-60 101 15 0 102 10 .0 Queensland, 3 • p.c., 1942-47 82 10 0 84 2 6 New Zealand, 6 p.c., 1936-51 106 10 0 106 17 6 New Zealand. 4| . . p.c., 1948-58 104 5 0 106 0 0 New Zealand, 3J p.p.,1940 95 5 0 97 5 0 New Zealand, 3 p.c., 1945 89 10 0 90 10 0 South Australia, 6J p.c., 1930-40 102 7 6 102 12 6 South Australia, 3J p.c., 1939 96 2 6 97 5 0 South Australia, 3 p.c., 1916 or after 74 2 6 74 5 0 Tasmania, 6a p.c., 1930-40 102 7 6 102 17 6 Tasmania. 31. p.c., 1920-40 94 0 0 95 10 0 Tasmania, 3 p.c., 1920-40 93 0 0 93 10 0 West Australia, 6 p.c., 1915-35 96 0 0 97 2 6 West Australia, 3 p.c., 1930-40 100 0 0 100 0 0 West Australia, 3J p.c., 1920-35 97 10 0 98 17 6

Buying Dec. 5 3.30 Dec. 12 Dec. 15 Dec. 19 3.33 3.38 3.41 Selling 3.10 3.13 3.18 3.21 Canadian Dollar to £1. Buying 3.87 3.87 3.88 3.87 Selling 3.67 3.67 3.68 3.67