FINANCE AND COMMERCE

Taranaki Daily News, 18 July 1933, Page 9

FINANCE AND COMMERCE

BUSINESS WELL MAINTAINED DIFFICULT TRADING CONDITIONS. REPORT BY NEWTON KING LTD. I The directors of Newton King Ltd. for the twelve months ended April 30, 1933, report another year of extremely difficult trading conditions, as a result of which the directors regret that on account of further reservations, which it has been deemed expedient to make in connection with book debts and unpaid interest to meet the severe decline in the value of dairy products that occurrd during the year, a debit of £7712 Ils lOd is shown on the profit and loss account. This amount added to the deficit of £36,487 6s Id on the profit and loss appropriation account last year, now makes a total debit balance carried forward of £44,189 17s lid. During the year the company’s busi- - ness has been well maintained, and the trading results show an improvement on last year’s figures. Expenses have been carefully controlled, and the charge against this year’s accounts for maintenance and depreciation of fixed assets is substantial at £6688 18s Id. Stocks and book debts have been subjected to a conservative review, and the directors have no hesitation in saying that, taking into account the continued fall in the price-level of farm products and' other commodities over the past four years, a sincere attempt has been made to place both stocks and book debts in the balance-sheet at figures the directors consider themselves justified, in accepting under the economic conditions ruling to-day. With any sort of a recovery at all, the directors feel confident that the business is . well equipped and the staff capable of taking full advantage of better times when they arrive, as they must sooner or later. The following directors retire this year: Messrs. I. M. Kidd, E. King and S. E. Shaw. All are eligible and offer themselves for re-election. CHEESE MARKET QUIET. BUTTER SLOW AT 765. to ,775. The London butter market last week was slow, and prices of New Zealand salted eased 2s. a cwt to 765. to 775., 78s..being paid in some cases. Due to the hot weather affecting production, there was a sharp rise in the price of Danish butter, which on Friday was quoted at 955. to 975. for spot, an advance of 55., and 75sz f.0.b., a rise of 3s. Retail prices were unchanged, New Zealand at lOd. and Danish at lid. and Is. a. lb. The cheese market was quiet, New Zealand being Is.,a cwt lower on the week. The Dairy Board’s London office reports Friday’s closing quotations as follow, those for the previous week being shown in parentheses:— BUTTER. - New Zealand, salted, 765., 775. to 78s. (78s. to 80s.; July 14, 1932, 105 s. to 106 s.); 765. to 775. equals approximately BJd. f.o.b. Unsalted, 80s. to 84s. (80s. to 845.; July 14, 1932, 106 s. to 110 s.). First whey, 725.' (735.). Second whey, 70s. (725.). Deliveries, New Zealand, 1768 tons; in store, New Zealand, 9925 tons. Australian, salted, 765. to 78s. (775. to 795.); unsalted, 80s. to 82s. (80s. to 825.). Deliveries, Australian, 1000 tons; in store, 4350 tons. Argentine, unsalted, 745., 765. to 78s. (765. to 785.). . Irish creamery, salted, 78s. (785.); unsalted, 81s. (81s.). Danish, 755. f.0.b.; 955. to 975. spot (725.; 90s. to 925.). Dutch, unsalted, 90s. to 945. (88s. to 925.). ) Esthonian, salted, 725.’ to 735. (735. to 745.). Latvian, salted, 725. to 735., ex. 745. (735.). Lithuanian, salted, 725. to 735., ex. 745. (725.). . Siberian, 70s. (—). The board has also received the following advice from its agents in Canada:— Butter: New York, 25f cents; Montreal, 19| cents a lb. CHEESE. New Zealand white, 485., 48s. 6d. to 495. (495. 6d. to 505.; July 14, 1932, 595. to 605.); 48s. to 495. equals approx. 5 l-Bd. f.o.b. Coloured, 50s. to 51s. (5 3-Bd. f.0.b.), (525.; July 14, 1932, 58s. to 595.). Deliveries, New Zealand, 18,687 crates; in store, 141,689 crates (includes 7000 ex Port Hunter). Australian, white, 475. (475. to 495.); coloured, 495. (505.). Canadian, white, 645. to 68s. (665. to 725.); coloured, 68s. (685.). New season’s white and coloured, 545. Deliveries, Canadian, 3650 boxes; in store, 60,000 boxes. COUNTRY STOCK SALES. VALUES AT TE KUITI. Te Kuiti, July 15. Dalgety and Co., Ltd., report having held the usual fortnightly sale at Te Kuiti yesterday. A large yarding of dairy stock was sold at satisfactory prices. Sheep sold at, late rates. Values were: Good five-year ewes, 14s. 6d.; medium sound-mouth ewes, Ils. 6d.; small second ewes, 10s.; good-condition-ed wether hoggets, Us. ■ Id.; medium wether hoggets, 9s. 3d. Cattle: Fat cows, £2 Bs. to £3; well-grown yearling Jersey heifers £2 3s. to £2 Bs., small £1 10s. to £1 135., best dairy cows close to profit £4 10s. to £5 55., backward £2 10s. to £4 55., good two-year Jersey heifers £5 to £5 10s., backward £3 10s. to. £4 10s., three-year Friesian-Shorthom ( heifers, backward £3 10s. ] CARTERTON STOCK SALE. , I Carterton, July 15. < A good yarding was offered by Wright, j Stephenson and Co., Ltd., at the Carter- ( ton sale yesterday. Sheep sold well, and j pigs showed a sharp rise. Sheep: Ewes, 3 r.w. S.D. ram Us. 6d. to 13s. 3d., fat ewes to 12s. 3d., fat wethers to 15s. 3d., j fat lambs to 12s. 3d., fat wethers to 15s. , fat lambs to 15s. 2d., b.f. hoggets to 12s. , 3d. Cattle: Springing cows £5 7s. 6d., i £5 10s. to £5 155., second calvers to £4 j 17s. 6d., heifers on drop to £5, three- | year Jersey heifers £3 15s. to , £4, two-year springing Jersey heifers to ' £3 155., fat cows to £2 17s. 6d., store . cows to 18s. Pigs: Weaners (small) 55., ■ 6s. to Bs., weaners 9s. 6d., 10s., Us. to , Us. 6d., slips 12s. 6d., 135., 145., 14s. 6d. ■ to 155., light porkers 17s. to 19s. 6d., porkers 235., 255.. 265., 285.. 295. to 335., sows to farrow £4 7s. to £4 12s. —— " j