FINANCE AND COMMERCE

Taranaki Daily News, 24 September 1930, Page 12

FINANCE AND COMMERCE

POTATO MARKET EASIER. SUITLIES FOR NORTH ISLAND. By Telegraph.—Press Association Christchurch, Last Night. Business on the local grain and produce market is still extremely quiet, small lots of potatoes and a little chair being practically all that farmers have to sell. The present Is generally looked upon as what is termed the dead season of the year. Last week there was shipped from Lyttelton 10,566 sacks of potatoes sfor Auckland, 2659 for Wellington, 1355 for Napier and Gisborne and 951 for the West coast of the North Island. Today the potato market was a little easier than it was at the week-end, but nominally the value was quoted at £3 a ton, on trucks, for immediate delivery. The W’aimarino was expected to Icaee Lyttelton last night with approximately 4000 sacks for Auckland, and she had on board 2881 sacks from Tiinaru. The Wingatui arrived at Auckland on Friday with 9000 sacks. The Karetu will be the last boat this month to take potatoes from Lyttelton for Auckland. .Most Over-sellers have now covered their requirements, and the season is ne'arly finished. There is very little demand for seed potatoes, but this does not indicate anything, as many growers do not come on the market for seed but exchange with one another. PRODUCE IN LONDON. HIGH COMMISSIONER’S REPORT. The Department of Agriculture has received the following cablegram, dated September 20, from the High Commi<ssioner for New Zealand, London:— Tallow.—There was a fair demand at the auction, 810 packages being offered and 375 sold. Present quotations for spot are: Mutton, fine, 31s 6d; fair to good, 28s to 29s 6d; dark to dull, 25s 6d to 265; beef, sweet and/or mixed, 29s to 355; fair to good, 2fe to 28s; darki to dull, 24s to 25s 6d; mixed, fair Vo good, 26s to 27s 6d; dark to dull, ! 24s to 25s 6d; gut, etc., 23s to 25 s 6d. Hemp.—The Manila market is more active owing to light receipts. K grade, November-January shipment, sold at £2l. Sisal: The African market is steady, with little change in prices. Mexican is unchanged. The New Zealand market is dull and nominal values unchanged, on the basis of highfair, £23 10s. No first-hand sales are reported. Eggs. —The decrease in supplies has resulted in higher prices and the market is firm at the advanced values. Present quotations are: English, national mark, 15s to 22s fid; English, ordinary pack, 15s fid to 20s; Irish, 12s to 21s; Danish, Swedish, Dutch and Belgian, 14s 9d to 18s; French, 12s fid to ICs; Polish, 8s fid to 10s. Wool. —The sales were opened on September 16 with a large attendance of Home and Continental buyers. The offerings met with active comjfetition, the selection being a good average one. Compared with the closing rates for the last series, greasy Merino is at par to 5 per cent, lower, greasy crossbred 7J per cent, lower,’ and slipe 10 per cent, lower. There are 187,800 bales available for the series, of which New Zealand sent 88,850, Australia 74,350, and South Africa 17,500. WOOL SALES IN LONDON. London, Sept. 22. At the wool sales 10,310 bales were offered, including 1783 from New Zealand, and approximately 4590 were sold. There was: a good selection of scoured Merinos and a fair offering of New Zealand sorts. There was steady competition and prices were maintained. New Zealand crossbred: Waiau, top BAd, average 7Jd. At Bradford business is restricted with prices lower. OIL BORING AT OMATA. The. twisted drill stem has been recovered at the Omata No. 1 oil bore, Coal Oil (N.Z.), Limited, reports. The hole below the 16-inch casing has been cemented and ten days are being allowed for the cement to set before drilling is resinned. GAS ACTIVE IN BLENHEIM WELL. Gas is active in the well States the weekly report of the Blenheim Oil Well Reclamation Company. Fishing operations are being carried on and a new fishing tool is 'being made. DAIRY PRODUCE MARKET. Butter is quiet at 126 s to 129 s and cheese is steady, white being quoted at 76s and coloured at 745, states a cable received by the Farmers’ Co-op Society. GOOD COMPETITION FOR WOOL. ALL AVERAGE QUALITY SOUGHT. Rec 9.5 p.m. Sydney, Sept. 23. There was good competition for all lines of average quality at the wool sales to-day. Continental and Japanese buyers operated actively with limited suppoi' from Yorkshire. Greasy Merino sold at IGd a lb. In all 11,720 bales were offered and 10,778 were sold. There weie HOI bales disposed of privately. BUSINESS ON SHAREMARKETS. / Christchurch, September 23. —Sales on exchange: Australian Bank of Commerce, 18s 9d (two parcels), 18s Sd; Bank of New South Wales, £3l; British Tobacco (cum. div.), 31s (id (two parcels); New Zealand Breweries, 40s 6d; Mtthakipawa. sd; Okarito, 7s. Sales reported: Australian Bank of Commerce, 18s Sd; New Zealand Refrigerating (£1 paid), Ss fid; Staples’ Brewery, 40s (two parcels), 40s 9d; British Tobacco, 31s (id, (cmr. div.). Auckland, Sept. 23.—Share market sales: Commercial Bank of Australia, 10s 3d (t’.'o parcels); Bank of New South Wales, £3l ss; Bank of New Zealand. sos; Australian Glass, 2os; British Tobacco, 31s 3d; Kempthorne Prosser, 59s Gd; Waihi Grand Jhnetion, 2s. — I WAIRARAPA FARMERS’ CO-OP. -DII'TICLLT TRADING.” The directors of the Wairarapa Farmers’ Co-operative Association. Ltd., in their thirty-ninth annual report and 'balance-sheet, state that after providing for all expenses of management, makim' full provision for bad and doubtful debts, anil depreciation of stock ami plant, and for the payment of rebate on sha rcholdens' purchases (commission goods excepted) at the rate of 2 per cent, there remains a prolit for the year, of £14,304. These figures reflect the extraordinary difficult trailing and inancial condition-- ruling’ durum the liust half-year. The first a 1

half-year having shown satisfactory results, there was paid in February last ;::f interim dividend on preference shares of 34 per cent., being 3 per cent, for the current ‘ year and I per cent, on account of arrears. The amount now available for appropriation is £7094. This the directors recommend should be dealt with as follows: Transfer to taxation reserve account, £1000; payment of a final dividend of 2A per cent, on preference shares capital, absorbing £0250; the balance, after payment of directors’ fees as may be authorised, to be carried forward to the credit of next year’s accounts. The board regrets that this year the company is unable to pay preference shareholders the full dividend of 0 per cent, ami the additional 1 per cent, of arrears as anticipated. — !