COMMERCIAL.

Press, Volume LX, Issue 18232, 17 November 1924, Page 10

COMMERCIAL.

TRADE BOOM. MANY NEW COMPANIES. (SPECIAI, TO "THS PBIS8.") ••AUCKLAND. November 16. A feature of commercial activities in Auckland has been the phenomenal registration of companies throughout the year* and it is anticipated that by the end. of December there will have been. 200 new companies registered. Already 194 have been registered at the Auckland office, which is a record. When it is remembered that in the after-war boom of 1920 the number of companies registered throughout New Zealand for that vear was 501, followed by 337 in 1921, and 417 the following year, it will be recognised that the registration of 200 companies in Auckland alone for the present year is phenomenal. Speaking on the subject to-day, a prominent sharebroker stated that the year had been an exceptional one in this respect. Not only had a very great number of private and public companies been promoted, but there had also been an exceptional issue of shares and debentures.

Asked what this signified, he said that it was evident that there had been an impression that a large amount of public money was available for investment, and apparently the impression had been well grounded, for a very large number of shares and debentures had been taken up by the public. The registration of private companies was no doubt due to business folk finding that banking facilities at present were a little restrictive and irksome. This means was used to get the use, on better terms, of some of the public money which was awaiting investment in solid concerns.

'' There is some indication at the moment," said the broker, "that the promotion of new companies has been rather overdone. Corporation debentures are a little slow in selling just now, and several of the new public companies' shares are hanging fire. Against this, however, there is a general feeling that next year is going to be a good commercial and business one, and brokers are expecting that after the year-end holidays there will be a bYiSk revival of registrations and sales "of shares.

MEAT PRICES. SMITHFIELD OPINIONS. > , (BY .CABLE —PBSSS ASSOCIATION'-—COPIBIGHT) (Srwray. "Bxni" Shbvice.) '■".'".'...". LONDON,'November 14. Srniihifield authorities declare that they would welcome an inquiry into increased meat prices. They point out that the price of New Zealand hindquarters, of beef has increased by 11. per cent., mutton by 94 per cent., and lamb by 135 per cent. . .-An expert asserts that the New Zealand Prodneers' Board is regulating prices in England.•- The drought in Australia has helped the board in keeping up; prices. Australia; during the .first ten. months of 1924, sent > 320,00$ hundredweight, as compared with i>o9iooo in 1923.

CIDER INDUSTRY. . " "A new industry which is steadily making headway in the Dominion is that of cider production. A Hawke's • ■ Bay orchardist who is engaged upon the manufacture of cider in a large way, informed a "Dominion" reporter that, the industry is assuming quite important proportions,; "Nelson easily leads in cider' making," he said, "but vfiawke'a .Bay and Otago have both taken up the new industry." .. To. show the extent to which the industry has developed the Hawke's , Bay manufacturer stated -that from 50,000 to 100,000 gallons were turned -..out. annually in the Dominion. There w4s. a.ready local demand, and quite , fair consignments had been sent over Australia. The - prospects of the .industry developing in the Dominion .were-decidedly promising.

{WOOL SALES AND EXPORTS. <.-■:,. TOTALS FOB OCTOBER.

* WOOLLEN WOOLPACKS.

BIG SAVING TO TRADE. (BY CABLE—PBESS ASSOCIATION—COPYRIGHT) (EEUTEIt'S TEIJEGBAHS.) LONDON, November 14. Following on the Bradford conference held on September 9th, a conference of the wool industry and Dominion producers was held in London this morning to discuss the suggested new pack, designed greatly to reduce expenses. Air Fairbairn presided. Australia, South Africa, and New Zealand were officially represented. Sir AY. H. Aykroyd, chairman of the Bradford Chamber of Commerce, submitted a pack to hold 5001b, . compared with the present pack of 3301b, which would permit lower cost and tare. The pack was made of a light wool mixture to avoid jute blemishes in unpacking, and banded with iron hoops. A committed of five representatives of the trade and six representatives of the producers, was set up to consider the proposal. Sir W. H. "Aykroyd said that the new pack would save the trade £BOO,OOO a vear, and jocularly added that it would be worth while to reimburse a few growers for the cost of a new press. Replying to a' suggestion that the new pack should be of same size as those now in use, he declared that the trado had- tried all sizes, and 5001b was the only practical proposition, considering shipping and railway freights. Another trade representati-ve pointed out that the freight over 6000 miles from Buenos Aires was only id, compared with lid for 12.000 miles from Australia. The lower cost was due partly to the use of a pack holding 8001b.

OUTLETS FOR CAPITAL. NEW YORK LOOKING TO AUSTRALIA. (BY CABLE—PBESS ASSOCIATION—COPYBIGHt) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) (Received November 16th, 5.5 p.m.) NEW YORK, November 14. Mr J. A. M. Elder informed the Australian Press Association shortly after his arrival here that representatives of several prominent banks, trust companies, and bond houses visited him, . and enquired a,s to ,the prospects of making Australian... loans. American financial interests are extremely anxious to enter the Australian market, declaring their willingness to advance large sums to Federal, State, and municipal Governments, also private concerns, especially so-called public utilities—gas,, electricity,, and trams. Extreme confidence.in Australian pros- | perity in the future is expressed, and the old fears that the tendency towards Government ownership in Australia might endanger the profitableness of investments in Australian private undertakings has completely vanished. Bankers declare that the rates of interest- would. favourably compare with 1 -the London market, and, this is taken to mean that Australian' loans could be floated in the United States at 6 per cent; and less. The National City Bank, the largest institution in America, and Blair and Company,'the/ noted bond underwriters, have already despatched representatives' to Australia.

QUEENSLAND WHEAT YIELD (BT CABLE—JBESB ASSOCIATION— COPTBIGHT) (AtrSTBALIAH AND • N.Zi ' CABLE ASSOCIATION.) BRISBANE, November 15. The Registrar-General estimates the wheat yield for the present season at 2,712,214 bushels, from 177,779 acres of .land. STERLING EXCHANGE. (by cable—pbess association— copybight) (austbalian and n.z. cable association.) (Received November 16th, 5.5 p.m.) ■;. LONDON* November 15. Renewed sterling buying by New York .and the Continent, due to confidence .• in the future of sterling, ioday sent up New, York exchange to 464|.cents, the highest since May, 1923. Later exchange fell back to 463| cents.

DUNEDIN EGG MARKET: (fIPBCIAI, TO "TH» FBMS.") DUNEDIN, November IS. . The egg market in Dunedrn remains eteady at Is 3d wholesale.. Fair supplies are.coming in, but they are rather below the quantity available at this time last. year. No more egga are likely to be to England this season, shipping space is not available for getting eggs Home in time for the market. LEYLAND'S NEW PRICES^ In another column appears an announcement by Ley land Motors, Ltd., stating that their motor, vehicles have been- considerably reduced, in price. "This firm is now supplying the New Zealand market with special overseas types, which are of unusual strength in every part. KAURI TIMBER COMPANY. (special to J!the pbbss.") AUCKLAND, November 16. The Auckland ..office of the Kauri Timber. Company;'■■: has' -received'' official information; from- the head office that, subject to audit, the directors have resolved to recommend payment of a dividend for 'the half-year ended August 31st at the rate of 8 per cent, per annum. FROZEN MEAT MARKET. . Dalgety and Company,' Limited, have received the following cabled advice from London :—Frozen lamb: Demand for New Zealand lamb continues. Market very firm. Prime crossbred lamb, Canterbury heavy, 12d, light 12Jd; North Island heavy 12d, light 12Jd. Good demand for Australian lamb for which we quote g.a.q. crossbred light 12id. Frozen mutton: Demand for New Zealand mutton is active.. Market very firm. Prime' crossbred mutton, North Island hev'ay 7Jd, light B£d. Frozen beef:" Demand for* New Zealand beef is good. Market firm.. New Zealand prime ox beef hinda sid, lores 4Jd. . -. .

SOUTH AMERICAN MEAT.

THE SITUATION REVIEWED. The New Zealand Meat Producers' Board has received the following letter from its South American representative, dated September 20th, 1924: " Following a period of drought, beneficial rains have been experienced all over the moat productive zones of this country, and with the favourable influence of spring pasture in the warmer zones to the north will eoon be plentiful, though the cold weather has retarded the coming grass to the south. '' , Best quality fat cattle have been very scarce and dear, and the greater part of the meit shipped as chilled would, under more plentiful periods, very probably b.e sent to the Continent. A recent number of the Meat Trades Journal to hand refers to the plain quality of the meat shipped as chilled from this country. The. general scarcitv of fat cattle here during the winter months can be realised, -as there k little pasture available which, with the lack of shelter or artificial feeding beyond alfalfa hay, cattle could not be expected to be fat "When ple.itv of rasture is again obtainable there will be the usual .larrre supply of fat cattle -available. The time will come when feeding cattle will get more attention than they have been accustomed to receive in this country, and a supplementary ration of grains will be used and help to produce better beef. The general scarcity of prime quality fat cattle during the winter months forces the freezing companies tobuv the best they can get, and prices are generally highest during July, August, and September, with a tendency to become lower as the supply increases with the spring weather. Breeding and store cattle have maintained their values, and are likely to be dearer as the conditions in the camp improve. Sheep of all classes continue to meet a very firm trade, especially good quality handy weighted hoggets and young lamb 3. , The New Zealand exhibits of live stock at the International Show won many prizes, and served to give -a good ' impression of the class of dairy cattle and type of sheep most favoured in New Zealand. Swift's prices, are to-clay: —Chillers 6.03 d, Continental grade 5.185 to 5.3? d, oanners cows 288 dto 3.46 d, all per kilo live weight; sheep wethers, 9.41 dto 9.08 d, ewes 7.29 dto 7 63d, hosgets lO.lSd to 10.9-td. fat Lambs (off the ewes) 12.48 d to • 13.06 d • all per lb dead weight. Exchange, 12.50 dollars to £ sterling.

WELLINGTON SKIN AND HIDE : SALES. : . Wellington brokers held' their fortniguily skin and hide salea on Friday, There w«ts a fair attendance of buyers., Dry skins so.d at from par to £d better than at previous sales. Heavy and light hides advanced sd; kips aid yearlings were Id per pound up; calves. so*d up to 15d. Tallow was'loa to lSs per »a dearer.

Following is the range of pric.4:--.' Sheepskins—Half bred, 18d to 22* d; fine crossbred. IBid to 21d; medium-coarse crossbred, 16d" to 18Jd; short to half wools, 13d to 17Jd; lambs, 13Jd to 20Jd; dead and damaged crossbred, 9Jd to 16£ d; inferior and badly damaged, 8d "to" 14d; pelts, lljd to 12|d; damp, salted> and- green, 5s 6d to 225; pelts, Baited, 2s 6d to 4s lid; lambs, Baited, 2s 7d to 13s 9d.

Hides —Ox, heavy, 70lb and over, 7gd to 9gd; or. heavy, 59 to 69, 7|d to : 9d; ox, medium, 53 to 58, 6Jd to B|d; ox, Hght, 45 to 52, 6Jd to 6gd; cut, slippy, and inferior, ljd to 5Jd; cow, heavy, 531b and over, 6Jd to 6^d; cow, medium, 45 to 52, 6d to 6|d; cow, light, 33 to 44, 6d to 6id; cut, slippy, and inferior, l£d to 5Jd; bull stag, 2jd to 3|d; yearlings, 11 to 16, 6d to 8d; yearlinga, 17 to 32, 5d to 7d; calf, superior, up to 101b,' not quoted; calf, medium-good, Tip to 101b, 8d to 15 jd; calf, damaged, up to 101b, lid to 13d.. • • . ~

casks, 34a 6d to 38s; in tins, etc., 26s 9d to 335. Horsehair, 13d.

EAST COAST CO-OPERATIVE FREEZING COMPANY. (HUBS ASBOCU.3IOX MHJWBAH.) ■'- WHAKATANE;- -November ; 15. ; . The annual meeting, of shareholders, of the East Coast Go-operative Freezing' Company was held to-day. Mr G. Cliff McCullogh, reviewing the past year's operations, said the balance-sheet • revealed a loss of £9OBB, This was due to the small measure of' support given the company, and to powerful antagonistic forces which were at work. Only 4750 cattle, 7215 sheep, 8062 lambs, and 141 pigs had been dealt with at the works, although the stock returns published by the Department'showed that thert wera 114,871 . cattle . . (including 45,056 dairy cattle), and 233,305 sheep in the Bay of Plenty district. Requisition of i'm works by the ratepayers of .the '"Bay of Plenty was under consideration, and definite proposals had been placed before the local bodies concerned. The report and balancesheet were adopted.

SPECIAL SALE OF REGISTERED BULLS AND COWS. ■ H'. C. Smith; '"of;'.the City . Market,, lield a special sale of registered cattle at the Farmers' Saleyards -last Wednesday. There was an entry of 26 head. The following prices were obtained:—Account H. E» U. Wateon, Esq., yearling Jersey heifer, 44 gna; account C. Watson, Esq., yearling Jersey bull 19 guineas; Jersey cow three- years, 40 guineas; account of J. Farlane, Esq., Ayrshire bull, 18 months, 26 guineas; account H. W.' Willock, Esq., Jersey bull yearling, 19 guineas, Ayrshire bull, 5 guineas; account J. F. Watson, Esq., Jersey heifer, 6 months, 18J guineas; account K. Coler, Esq., Friesian bull, yearling, 4 guineas; account G-. Gilbert, Esq., Jersey bull, 18 months, 18 guineas; Jersey bull, nine months, 10 giuneas; Jersey bull, yearling, 12 guineas. Competition for good quality lots proved keen, but in the majoiity of cases vendors' reserves were far beyond purchasers' values. Purchasers were present from Coast, Oaniaru, and Kaikoura, the majority finding new owners chiefly in Canterbury. 5351 H. C. SMITH, Auctioneer. SMITHFIELD MARKET. (CKE3S ASSOCIATION TELEGRAM.} WELLINGTON, November 16.' The New Zealand Meat producers' Board has received the following cable from its London.' Office; ' dated "November 14th, advising Sniithlield delivered prices at that date as follows lor the two previous weeks are also ehown): — New Zealand wethers and maiieas—Canterbury quality, selected brands, 6ti and. under, 14-11-24 BJd, 64, Bid, Sid, aid; 65 to 72, Bd, 83, Bd. Other brands, 56 and under Bgd, Bgd, 6j|d; 57 to 64, BJd, BJd, BJd; 65 to 72, 7gd, 71d, 7gd. New Zealand owes—64 and under, 7d, 6*d, 6J. ; Ne.w Zealand lamb—Canterbury quality, 36 and under, \l3d, to 42, 13d, 12id, 12»d; 43 to 50, 12Jd seconds, 12Ju, 12gd, 12id. Other brands, 'first quality, 42 and under, 12Jd, 12£ d, 12Jd. New Zealand beef—Ox fores, 4Jd, 41d, 4Jd; ox hinds, sid,-sj|d, sd; cow fores, not quoted; cow* hinds,, not quoted. Argentine chilled beef—Ox fores, sd, sd, 4id; ox hinds, V|d, 6Jd. Argentine frozen beef—Ox fores! 4|d, Aid, 4id;- os hinds, sld, 53d, 5Sd. Frozen to 1201b, 9d, 9d, not quoted • 120 to 1801b, B*d, BJd, not quoted. veal-4id, 4Jd, 4d.

AMALGAMATED WIRELESS, LTD. m£s w? T 6 " / e » nded , June ««>. Amalgamated Wireless (Australasia), Ltd.* showTa &/«£"? W L rele s ß *P tiv *« increase! «W~ 8 «*»«■»« ipcreased by £SSI6, thus year. m oUxer branches, especially in broadcasting apparatus and clerical the involved the loss stated aboVe/ 0? thL m l - iho governing wireless broadcasting, and the ids which tile distribution business in connexion with broadcasting apparatus. The loss in the manufacture and sate rf broadcasting apparatus was £18,870, and the trading*fcaV"* the subsidiary company., was £11,975. ]w year_the company.showed a. profit of £142. and m 19231 a profit of £9251. In the latter year a dividend of 6 per cent, was declared but no dividerds Save been paid since The capital of £h« wu*Damr #nr 'stutfk- bA - . ■

Sales of. wool in New Zealand during October were as under, accordine to returns 1 campiled by Dalgety. and Co , Ltd.:- _ October, Total for 1 1924. . 4 months. 1 Offd. Sold. Off'd. Sold. Bales. Balea . Bales Bales. Dunedin <. — — 871 858 Timaru ,,. — — 672 tea -Cfcristchuroa", :.;.'• 61. '61' •1769 •"' 1751" Blenheim ..' 52 52 222 215 Wellington ,t 28 25 8979 3463 •Wangtuiui j. 68 '68 2440 2028 Napier 4, 33 26. 8439 2664 dishorn* .. S 3 794 794 Auckland ,1 22 22 85 85 ..7- .,.. : 267 25714,271 12.480' ■:; For the •corresponding four .months last year 11,717 bales were offered and 9457 bales Exports of wool during October were: spondTotal ing V '• Oct., for 4 m'ths. I 1924. 1 m'ths. - 1923.Balea. Bales. Bales. InvercargiU • : .. 1418 4,651 ' 6,456 Dunedin ... ; ;..*... 339 . 8,257 8,954'. Oamaru ... ..... . .....' .'—. . 756 928 Timaru ... — 2,103 2,900 Christchurch .. 8754 13,305 13,711 Blenheim ...— 69 523 Nelson .. — 500 527 Wellington ..873 6,916 10,014 Wanganui .. 1497 3,389 4,100 New Pifmoutii, Waitara ... — 66 320 papier, Wairoa .. 1147 4,763. 5,270 Gisborne, Tokomaru Bay, Hick's Bay — 1,717 1,609 Auckland, Opua .. 676 2,599 5,365 9604 47,001 56,282 EXPORTS OF TALLOW. Exports of talkw to United Kingdom snd Continent from New Zealand during October Were as under:— spondTotal ing OcU for 4 m'ths, 1924. 4 m'ths. 1923. . ■ ■> Tons. Tons. Tons. Inyercargfll " .« 15 J Dunedin •• 96 ' Oamaru .» ■■•• Timaru .. •• — Christchurch ..303 574 ■ 576 37 553 1271 483 338 92 166 630 • 12 33 691 Blenheim •• ••• " ~T Nelson ..- •* ~~ ■Wellington .. 11J 91 1088 Wanganui •' . 8* 369 176 New Plymoutt; Wair ; ; ,/'';■ tara ■ ;.'.' -■■ • "-.-"■•-'■ - —- ... 127 vl47..,. jKapier, Wairoa .. — 352 312 Giebome, Tokomaru Bay, Hick's Bay — 167 75 , Auckland, Opua .. 314 919 657 -'"■'r/:-''. ■ , .1071 6124 " 8712 . .iSales of -tallow in New Zealand during • Otelobek totalled 83 tons.