FINANCE AND COMMERCE

Taranaki Daily News, 4 December 1930, Page 16

FINANCE AND COMMERCE

FAT SHEEP SELL FOR EXPORT.

DECLINE IN BEEF VALUES. ADDINGTON MARKET RATES. By Telegraph.—Press Association. Christchurch, Last Night. Features of the weekly market at Addington to-day were declines in the prices for fat cattle, store sheep and fat pigs and an increase in the values being paid for fat sheep. Further it was Hie first sale of the season at which the

freezing works buyer has operated for export, and the first sale which included store lambs. The entry of store sheep was dot as big as last week. The market w r as a very dull one and prices recorded a decline of Is up,to Is 6d a head in many cases. There were several' lines entered from Blenheim and the Chatham Islands. Values were: Good 4 and' 6-tooth Romney wethers to 15s 3d, medium 12s to 13 ; ordinary to 10s, medium to good '4 and 6-tooth half bred wethers. Ils 6d to 12s 6d, ordinary and small 7s to 9s, backward to 6s, good ewes and lambs to 14s, ordinary, to 7 s fid, 4, 6 and 8tooth crossbred ewes to 10s 7d, ordinary 6-tooth halfbred ewes to 9s, ordinary 4, 6 and 8-tooth Romney cross ewes to 10s 9d, wether hoggets to 12s lOd, store lambs, to 10s lOd. The entry of fat lambs was 889 head as compared with 460 at the last sale. The operations of one freezing buyer for export*' had a steadying effect on the market. There was little change from the basis of values ruling last week and the price per pound varied from 7|d to Bd, and in odd cases up to B{d. Values were: • Extra prime lambs to 27s 4d, prime 23 s to 25s 6d, medium 20s to 6d, light. 17s to 19s 6d. The entry’ of fat sheep was 3300 head as compared with. 4100 at last market. The sale was a spirited one in parts owing to the shortness of the entry and prices, were firmer by Is a head for. wethers and up to 2s a head for ewes. Values were:,, Extra prime heavy wethers to 28s lOd, prime heavy 24s to 27s 6d, medium weight prime 20s to 23s 6d, second quality 16s to 16s 6d, inferior 12s 6d to 15s 1 , extra prime ewes to 22s lOd, prime 20s to 22s medium 1 . 17s to 19s 6d, light I:3s'6d to 16s, aged and inferior Ils 6d, to 135,-best woolly ewes to 22sId. The entry of fat cattle was 430 head as compared with 325 head at the last auction. The sale was dull and general quality was below' the average. There was one line of 41 steers penned from Palmerston North and also one line from Otago., Values , were down by £1 and up to 11 10s a head over the whole sale, though rather less on the North, Island consignment, which sold well and averaged £l9 10s l a' head. Best medium weight beef made from 41s to 45s 6d per 1001 b, heavy 33s to 375, cow 34s to 38s secondary 28s 6d to 335, rough down to 245. Extra prime heavy steers sold up to £l6 7 s 6d, prime heavy £l7 10s to £l9 10s, prime medium weight £l4 to £l7, medium quality £ll to £l3 10s, light £7 10s to £lO, extra prime heifers to £l6 2s 6d, prime £ll’to £l3 10s, medium £8 to £lO 10s, light £5 10s to £7 10s, extra prime/edws to 14 12s 6d, prime £I(T 10s to £l3, medium £7 10s to £lO, flight and aged, £5 to £7. The entry of vealers was a heavy one and the quality was very mixed. Prices all round were from 5s to 6s a head lower and all but the best sorts were hard to sell. , i There was a big yarding of store cattle, consisting chiefly of a few pens of-good coloured steers and some lines of cows. The market was dull and fully half the' yarding was passed. A pen of good-coloured 20-months to twoyear Shorthorn steers, made £8 and a pen of younger Shorthorns was passed at £7 5s fid. Another line of rough steers, three and four-year-old, sold at. £7 2s 6d and one of yearling Jersey heifers at. £3. There were few cows Sold. The yarding of bulls was a full one and late rates were maintained. The top price was £7 ss. . < : ' There were 71 head of dairy cattle penned, included,.being several attractive lines of heifers. ' The, sale opened with a noticeable decrease on the values ruling at the last sale, but as it progressed there was a gradual firming until at the end of the auction last week’s rates were ruling again. Values were: Good second and third calVers £8 to £lO, medium £6 10s to £7 15s, aged and inferior £2 10s to £5, good heifers £9 to £ll, medium £7 to £B,'backward £4 10s to £6. There was only a medium yarding of fat pigs) but porkers were in over supply and the proportion of choppers was smaller than usual. Prices' for all classes were easier, the heaviest decline being for porkers. Values were: Choppers £3 10s to £6 6s 6d, baconers £3 to £3

8s 6d, heavy baconers j£3 15s to £4, extra heavy £4 8s 6d to £4 12s 6d, average price per pound s|d to porkers 38s 6d to 47s 6d, heavy porkers 50s to 57s 6d, average price per lb 6Jd to 7Jd. The' entry of store pigs was a little smaller than last week’s. The ,sale again was a keen one and late i-ates were fully maintained, large stores selling up, to 41s, small 33s to 365, weaners 24s to 28s, slips 29s to 325.'

WESTFIELD MARKET QUIET. ... \ LAMBS AfLON>E SHOW KEENNESS. By. Telegraph.—Press Association. Auckland, Last Night. At the Westfield sale to-day beef was in limited demand, and all classes suffered. a’ further drop in values. Extra choice ox sold to £1 12s 6d per <O01’b; ■choic.e and prime ox, £1 10s to £1 12s; secondary and plain, £1 8s to £1 9s; prime young cow and heifer beef, £1 7e to £1 10s; ordinary cow beef, £1 to £1 0s 6d. Extra heavy prime steers ranged, in price from £l4 to £l5 2s 6d. A* good range of heavy 'prime steere, £l2 15s to £l3 17s-6d; lighter prime steers, £ll 10s .to £l2 12s 6d; light prime steers £lO 5s to £ll 7s 6d; small and unfinished steers, £7 to £lO 2s 6d; extra heavy prime young cows and heifers, £9 to £9 17s 6d; heavy prime cows and heifers,. £7 10s io £8 17s 6d; lighter prime cows and heifers, £6 to £7 7s 6d; other killable cows, £3 10s to £5 17s 6d.

There was no improvement in the demand for sheep and values were much the same as those ruling last .Wednesday. Extra heavy prime wethers made 19s 6d to £1 0s 9d; heavy prime wethers, 17s 6d to Ills; medium to heavy prime wethers, 16s to 17 s 3d; light to medium prime wethers, 14s 6d to. 15s 9d; extra heavy, prime young ewes (shorn), 13s to 14s 6d; heavy prime ewes (shorn), Ils 6d.to 12s 9d; in the wool, 14s to. 15s;. lighter prime ewes (shorn), 10s to Ils. Sd; woolly, 12s 6d to 13 s 9d;., other killa'ble ewes, shorn, 8s 6d to 9s 9d; other ewes, shorn, 5s to 8s 3d. ■

For lambs competition was keen at slightly higher rates. .Heavy prime lambs made £1 0s 6<l to £1 Is 6d; lighter prime lambs, 18s to 19s 6d; light prime lam'bs, 16s to 17s 9d; small and plain lambs, 12s 9d to 15s 6d, Competition for calves was again slack and there was a further decline in prices. Runners made £3 12s to £5.55; heavy vea'lers, £3 3s to £3 Ils; medium, £2 10s to £2 15s; light, £2 5s to £2 Se; small vcalers, £1 7s to

£1 15s; bucket-fed calves, 16s to £1 2s; small and fresh-dropped, 3s to 14s. An increased number of pigs was penned. Values were lower, although the demand was steady at the reduced limits.. Choppers made £2 to £4 3s, according to weight; heavy baconers, £2 15s to £2 19s; light and medium, £2 'los to £2 13s; heavy porkers, £2 7s to £2 9s; light and medium, £1 17s to £2 ss; small and unfinished, £1 12s to £1 15s. Stores sold readily at slightly lower rates ,the best being up to £1 I4s; slips, £1 5s to £1 10s; good weaners, 10s to (£1 3s; small weaners, 14s to 17s; sows, due to farrow, £2 to £3 15s. ' ——* ' ' ■ r STOCK SALE AT FRANKTON. PRICES GENERALLY’ LOWER. ■ i By Telegraph.—Press Association. • Hamilton, December 2. An exceptionally heavy yarding of Tat sheep and cow beef came forward at the weekly stock sales at the Frankton yards to-day. There was a marked decrease in values. Prices ,for ox beef, which was penned in average numbers, and for the full yarding of store cattle, also dropped appreciably. Prices for a large entry of fat and store .pigs did not reach late rates. The following is the range of values: —■ Beef. —Medium, fat .bullocks £ll ss. to £ll 12s, light £9 13s. to £lO 4s, heavy fat cows £8 ss. to £9 3s, medium £6 12s. 6d. to. £7 17s, light £5 2s. 6d. to '£6 ss, forward-conditioned £3 10s. to £4 17s. Gd, good vealers £2 18s. to £3 2s. 6d, lighter £1 ,17s. to £2 4s, yearling Shorthorn steers 355. to £2 10s, mixed coloured heifers 30s. Sheep: Prime fat wethers 16s. lid. to 18s. 6d, light prime fat wethers 15s. 6d. to 16s. .6d, fat woolly ewes 10s. 3d. to 11s. 6d, fat shorn ewes 9[s. Gd. to 10s. 4d, prime fat lambs, best, 18s. 6d. to 20s. 2d, sihaller 15§. to 17s. 9d, store wethers, four-tooth, 13s. Bd. to 14s. Id, store wethers, two-tooth, 12s. to 14s.Td, store wethers, woolly, Bs. lOd, ewes and lambs Bs. Pigs: Heavy baconers, £2 13s. to £2 15s, light £2 Bs. to £2 Ils, heavy porkers £2 4s. to £2 95,-light 355. to £2 2s, stores 275. to 335, slips 19s. to 255, weaners 10s. to 17s.

SHAREMARKET TRANSACTIONS. Wellington, December 2.—Reported sale: Auckland Gas, 235. 4d. sSalcs on exchange: British Tobacco 'Co. (ord.), I > £1 10s. 2d., £1 10s. Id. ' , Dunedin, December >3. —Sale on exchange: Mount Lyell, 20s. 3d. Reported sale: Qdlden Progress, 10s. premium. Auckland, December 3.-—Stock Exchange sales: Wanganui Borough, 1943, 5| per cent., £99; Inscribed Stock, 192741, 5i per cent., £95 ss; Bank of New Zealand, 52si 6d (two parcels), 52s 3d; New Zealand Insurance, 425;.' British. Tobacco, 29s 9d; New Zealand Refrigerating, 8s 9d; Taranaki Oil, 2s 3d; Waihi Mining, 14s; Mount Lyell, 20s. ; ; Christchurch, December 3.—Sales on Exchange: Commercial Bank of Australia, 16s 3d, 16s 2d (thrge parcels); 16s Id; New Zealand Guarantee Corporation,' 7s; British Tobacco, 30s 3d, 30s (two parcels); Mt. Lyell (cum. div.), 20s 3d; , E.'S. and A. Bank, £5. Sales reported: Springs Ellesmere Power 5| per cent.,' 1935, £9B 10s; Commercial Bank of Australia, 16s 4d, 16s 3d, 16s '2d; Bank of Australasia, £9 10s; British Tobacco, 30s; National Bank of Australasia (£5 paid), £5 3s. MEAT COMPANY’S POOR YEAR. HEAVY CALL ON RESERVE FUND. ' , Christchurch, Last The forty-ninth annual report; yi the Canterbury Frozen Meat Company states that the net loss for the year was £47,388 17s, but after deducting the profit received from realisation of war loan, £11,365 14s, and the amount carried forward from last year, and adding the dividend paid at the halfyear, the balance-at debit of the profit and loss account is £41,756. The directors propose to transfer £49,000 from the general reserve to the profit and loss account, which will then show a balance of £7244, from which they propose to pay a further dividend of 3 s per cent., absorbing £6375, and carry - forward £869.

TOOTH AND COMPANY:

REDUCTION IN DIVIDEND.

Tooth and Co., Ltd., the Sydney brew-, ing company, in its annual report for the period ended September -30, discloses a net pro-fit of £686,391, which is £52,357 above that of the previous year. With an increase of £111,452 in the gross profit, there was an addition of £59,115 to expenses. Interim dividend was 6| per cent.; a final.dividend of 5 per cent, is recommended, making 11| per cent, for the year. This rate is H per cent, lower than that of the previous year. Dividend amount is £632,317, against £539,860 a year previously. The increase in the amount wjth a decreased rate is explained by the fact that the increase of capital shown at September 30, 1929, was in use only a small portion of 1928-1929. A sum of £50.000 is carried to reserve, and with £35,011 brought forward, there is carried forward £39.086. Following is a comparison of the company’s results and appropriations over the past three years: —

Taking the balance-sheet items, creditors are , lower on the year by £59,<64. Of liquid assets, Government stocks and deposits have increased by £151,679, and bank balances show a reduction of £63,199. Stock is less by £121,148, and debtors have reduced their amounts by

£126,903. The value of the breweries, freehold and plant, has been increased by £136,951. z

1928. £> 1929. £ 1930. £ Gross profit 1,387,984 1 ,482,345 1,593.797 Management and taxation .... 797,800 848,291 907,405 Net profits <590,134 634.054 686,391 Dividend, p.c. •. • 12% 11% Div., amount . .. 485,620 539.860 632,317 To reserve fund ■ • 100,000 100,000 50,000 Forward 40,816 35,011 39,086