Commercial CITY MARKETS

Southland Times, Issue 25836, 22 November 1945, Page 2

Commercial CITY MARKETS

STEADY DEMAND FOR SEEDS

Good weather was experienced throughout the province during the week and farmers are busy sowingturnip and swede crops. The grain markets are very quiet, there being no shipping demand for oats. All seed markets remain firm with the continuing overseas demand. Supplies are very short in practically every line. Present indications are that there will be a much larger harvest of small seeds and a smaller area in potatoes, grain and peas in Otago and Southland next year. The potato area under contract in Southland was surprisingly small. Fanners who have areas of an acre or more would be well advised to contact their merchants to obtain contracts, as it is feared that the total production in 1946 will be in excess of domestic requirements. TOMATO SUPPLIES INCREASE Supplies of hothouse tomatoes have increased appreciably and the market price dropped this week. However, any further reduction in price' is unlikely for about a month. There is still an unsatisfied demand for cabbages. Lettuces are also in demand and choice quality lines are still realizing high prices. Supplies of new potatoes are increasing and the market is becoming easier. Rhubarb is not over-plentiful and the market is firmer. Small lots of New Zealand lemons are still coming forward, but the wastage is heavy and there is an unsatisfied demand. The next shipment of oranges will not arrive for at least 10 days and the prospects of a second shipment before Christmas seem remote.

ADDINGTON MARKET REPORT

Prices Decline In Most Sections (P.A.) CHRISTCHURCH. November 21. There were again large entries of fat stock at Addington today and prices for most of the meat sections showed a marked decline. Store hoggets also met with a weaker demand than recently. Store Sheep.—There was an entry of 2321 against 2186 last week. Of these 1792 were hoggets, mostly shorn. The demand for these showed a slackening compared with recent sales, due no doubt to the continued dry weather, and there was a drop of up to 1/6 a head. Hoggets in wool made up to 38/6 and shorn sold for 29/-. Shorn wether hoggets made up to 27/5, the majority making from 24/- to 26/6. Ewes in wool and lambs were firm at late rates, one line selling at 23/- all counted. Others made from 15/6 to 19/-. Fat Sheep.—An entry of approximately 5000 against 4500 last week included a large number of wethers. A feature of the sale was a consignment of 229 four, six and eighttooth wethers from Blenheim, which in spite of encountering a somewhat weakened market, all sold at good prices ranging from 34/7 to 55/1, the latter figure being the highest of the sale. The sale opened at about 4/- a head lower than last week for wethers, and as the sale progressed this drop showed a gradual increase and over the final stages, when most of the butchers had filled their quotas, it had reached in the vicinity of 6/a head. A draft of Chatham wethers sold from 35/10 to 38/10. In the ewe section medium sheep maintained recent values, but there was again little demand for overweight and unfinished sheep, of which there were a large number. The general range of prices was from 27/10 to 34/7, but the majority of the offering hovered round the 20/- mark. Fat Cattle.—The market was oversupplied, the entry being 623 against 644 last week. On the average good steers dropped by up to 20/- a head and cows and other secondary beef by more. Best beed made to 59/per lOOlbs, good to 55/-, medium to 52/6. Best cow beef to 42/6, secondary to 33/-. Extra prime steers £23 to £2B/2/6, prime £l9/10/- to £22. Extra prime heifers to £lB, prime £l4 to £l5/10/-. Extra prime cows to £l3, others to £lO/10/-. Fat Pigs.—The porker yarding was again small and the quality was very mixed. Competition, however, was keen and last week’s good rates were fully maintained. Choppers were in heavy supply and values were easier all round by from 2/- to 3/a head. In the bacon section practically all the pens were filled and the quality was, good. Competition was’ very keen and the sale was one of the best of the season. The average price per lb was B%d to 9‘/ad. NATIONAL INSURANCE COMPANY Final Dividend And Peace Bonus (Special) DUNEDIN, November 21. An increase in the net premium Income of £29,073, for which the extension of the field of operations abroad was primarily responsible, was commented on by Mr G. R. Ritchie, chairman of directors, at the annual meeting of the National Insurance Company of N.Z., Ltd. Losses at £180,882 exceeded those of last year by £4321. The ratio to premiums was lower, being 45.05 per cent, compared with 47.41 per cent, for 1944. Expenses, including taxation, also' showed an increase at £164,257. They were higher than last year to the extent of £10,840, but the ratio to premiums, 40.9 per cent., was slightly better than the former year’s 41.19 per cent.

The resulting profit on underwriting of £37,385 might be considered satisfactory, Mr Ritchie said, especially when it was realized that it had been achieved in spite of reductions in the rates. The total increase in the gross assets amounted to £85,657. Taking into account the amount brought forward from the previous year and adding to it the profit from the year just closed, the total was £101,775/11/10. After deducting from that the amount of the interim dividend of 4d a share in May, there remained a surplus of £85,108/18/6. Of that sum the directors transferred to the investment fluctuation account the sum of £lO,OOO, and they now recommended the payment of a final dividend for the year of 5d a share, amounting to £20,833 5/B.' The directors recommended also the payment of a special peace bonus of 4d a share, and the carrying forward to this year’s account of the balance of £37,608/18/6. “As has been the case for some years past,” Mr Ritchie concluded, “the greater part of our profit has been earned outside this country. Indeed, if the shareholders had to depend on New Zealand results alone for their dividend, it would be very much smaller.”

WILLIAM CABLE CO. DIVIDEND (P.A.) WELLINGTON, November 21. William Cable and Co. have decided to pay an interim dividend on ordinary shares at 7 per cent, per annum. No deduction will be made from the dividend for social and national security taxation, but the payment of this tax is to apply to this distribution only. STOCK EXCHANGES AUCKLAND.—SaIes: Liberty Loan 15/6/4749 214 p.c. (£300), £99/17/6; do 15/5/53-56, 3 p.c. (£1000), £99/17/6 (2); Auckland Harbour Board 9/7/58, 4>/« p.c. (£1000), £111; National Bank of N.Z. (100), 57/-; National Bank of Australasia con. (25), £6/10/-; Leyland O’Brien (100), 26/-; Dominion Breweries (350), 56/6 (2); A.C.I. (100), 56/6; Colonial Sugar (5), £57/15/-; Fletcher Holdings (100), 34/-; Hill and Plummer (170), 35/-; Northern Roller Pref. (200), 26/-; Reid Rubber (300), 30/9 (2); Woolworths Syd. (100), ,23/10; Broken Hill South (50), 30/-; Wellington Alluvials (200), 4/2, WELLINGTON. —Sales late Tuesday: 2‘/s p.c. Stock 15/2/49-50 (£500), £9B/15/-; 3 p.c. Stock 15/9/52-55 (£500), £lOO/10/-; 3 p.c. Stock 15/2/55/58 (£2350), £lOO/12/6. Sales Wednesday; Leyland O’Brien cum. div. (200), £l/6/-; Dominion Breweries (50), £2/16/6; Frozen Products (700), £l/0/3; 2Vx p.c. Stock 15/5/48 (£300), £99; 3 p.c. Stock 15/9/52-55 (£500), £lOO/10/-; 3 p.c. Stock 15/2/55-58 (£1000), £lOO/12/6; 4 p.c. Stock (£400), £108: Union Bank of Australia (50), £B/2/6; Kaiapoi Woollen Pref. (175), £l/5/1. CHRISTCHURCH. —Sales on ’Change: Govt. 2>/2 P.C. Stock 1946 (£500), £lOO/7/6; Victory Loan 3 p.c. 1955-58 (£1000), £lOO/12/6; North Canterbury Freezing Pref. ex. div. (100), 22/6; Mac Duffs Ltd. Pref. (100), 27/-; Wilson’s Cement ex. div. (500), 18/9; Govt. 3 p.c. Stock December 1953-56 (£3000), £lOl. Sales Reported: Govt. 3 p.c. Stock 1952- (£500), £lOO/10/-; Govt. 3 p.c. Stock 1953- (£1000), £101; do (£960), £101; Govt. 3'/< p.c. Stock 1957-60 (£925), £lOl 17/6; do (£415), £lOl/17/6; Kaiapoi Woollens Pref, late sale Tuesday (175), 25/-; Kaitangata Coal (300), 25/-; Howard Smith (107), 26/3; Leyland O’Brien (300), 26/-; N.Z. Farmers’ Co-op. Ist Pref. (60), £5/12/6; Reid N.Z. Rubber ex. Rights, late sale Tuesday (100), 30/9. DUNEDIN. —Sales Reported: Colonial Sugar (5), £57/15/-; Christchurch Drainage Board 414 p.c. Debentures December 1961 (£400), £lll/10/-. R. C. COOK STOCK AND SHAREBROKER, Member Invercargill Stock Exchange. . < N.Z. INSURANCE BUILDINGS, ESK STREET. , Tel. No. 222. P.O. Box 94. A 7