COMMERCIAL.

Press, Volume LXI, Issue 18421, 30 June 1925, Page 10

COMMERCIAL.

STABILISING WOOL. N.Z. DELEGATES INTERVIEWED. (BT CABIJ!—PB*SB ASSOOATIOIT—COPTMOHT.) (iUSTBALIAIf A!TD N.Z. CABM ASSOCIATION.) (Keceived June 29th, 7.15 p.m.) SYDNEY, June.29. Messrs Bernard Tripp and W. H. Nicholson, the New Zealand pastoralists' delegates, have returned from the Melbourne Wool Conference, and will sail for New Zealand by the Maunganui on Friday.' They are discussing the position with New South Wales pastoralists, and upon their return will discuss, matters with the New Zealand Sheepowners' Federation and the Wool Committee. Interviewed concerning Sir John BLiggjns's scheme, the delegates were disinclined to comment as the representatives of New Zealand woolgrowers until'they had placed the position before the institutions they represented. Expressing their purely individual views, they said experience of meat control in New Zealand showed that there was nothing to fear from the issue of export licenses, which had worked well in the Dominion. The question involved such insuperable difficulties that woolgrowers in Australia wo*ild be well advised to consider the advisability of forming some such organisation as had been proposed on sound • business lines.. Failing some scheme being evolved as the result of the conference, the matter would be automatically removed from the condition of sound business to that of political action which was not wanted. They stressed the fact that such a scheme would be specially beneficial to small sheepowners, and emphasised the fact that the control of-the export of meat in New Zealand had kept prices stable over the whole year on a level line which was close to the highest prices offered'. The effect of export control, was stabilisation of prices of land and sheep values and of the finances of the Government.

WOOL PRICES.

BUYERS EXPECT LOWER RATES.

(BT CABLE—PBESS ASSOCIATION— COPTKIGHT.) (AUSTRALIAN AND N.Z.' CABLE ASSOCIATION.) LONDON, June 2a.

, The wool-trade correspondent of the "Daily Telegraph", states that the consuming end of the trade has no patience .with flchemes- like Sir John iTisffins's, the main point of which is that users must pay the prices dictated by- growers. • ■ ' The Australian growers have not marketed more than one unprofitable clip in the last 15 years. Not a single user in Great! Britain, the Continent, or' America desires that pastoralis'te shall receive less than. profitable prices, but all are of the opinion l that merino prices can .fall a further 15 per cent, and still give the growers a, profit. Competent judges assert that the startingpoint of a world revival in the wool' trade must be.based, on 60's quality- top at 43d a lb in Bradford and Roubaix. Even this should pay-the. growers ,At- any. rate, it would pave the way to more profitable, prices, ensuring: renewed prosperity this season throughout the whole industry.

LOANS PROM U.S.A.

AUSTRALIAN, NEGOTIATIONS.

(«T- CABLEr-PRESS ASSOCIATION—COPTBIGHT.) (Stdnzt "Sim" Service.)

UONDON, June 28,

It is learned that there is definite evidence that both the Commonwealth and Australian. States will be borrowing in. America in . the near* future, and necotiatiens are in progress, with the v fis~ approval of the British Government and the Bank of England. It: is- stated in financial. circles that money is not available,in Great Britain at present to finance the Dominions' undertakings, and although , doubtless it would be forthcoming if sufficiently liberal terms,were offered, it would be raised only at the expense of 6ome 'other undertakings. ARAHURA STOCK SALE.

(special to "the PBESS.") HOKITIKA, June 29,

At to-day's sale at Anahura, 91 head of eattle and' 848 fat -sheep and lambs were submitted to public competition. There was \ft representative West - Coaefc' attendance of butchers. Competition for all classes of 1 stock 'was distinctly, firm, and prices were "easily £1 per head in advanoe of the last sale. Prime ox beef made as high as 40s ; per 100, the• average running- from 37s to * 38s 6d. Heifer beef sold even better, making up to-85s per ioolbrthe average being 335. Cow beef, of which there • was a f*ir yarding, also -appreciated by 3s a 1001b, averaging throughout the sale about 31s. A fear ture of the sale was the excellent yarding of sheep from Mr J. Condon's. Bruce Bay run, three pens of very prime -wethers making 45s each, and the ewes from the same vendor 37s 6d. A pen of extra, prime • ewes . from Mr -N. O'Brien's Kokatahi run made 40s. The following were the principal e>les: Jb'or T. -f. OlVeill, 70 fat ewes at 3Se; for N. O'Brien, 37 fat ewes at 40s : for J. Condon, 91 fat wethers at 45b, 66 fat ewes at 37s 6d; E. A. Gibb, 8 bullocks at £l2 12s 6d to £ll 2s 6d (averaging £ll 12a), 15 heifew ' from £9 6s to £8 7b' 6d (averaging £8 18s 6d); J. Gibb, 6 heifers average £7 17s 6d; J. Diedrich, 19 cows from, £9 2s 6d to £6 7» Bd, averaging £7 8s; a small pen of lambs made 235. RAILWAY GOODS RATES . REDUCED. The Railway Department advertises reductions in goods rates from Christcnurch to Methven, and from Christchurch to Ashburton. ' ...i 1.1 ' ' j These reductions are considerable, ana the Department anticipates that mujh increased traffic will result. Special efforts are being made to ensure prompt dispatch and delivery, which will be of great benefit to users of. the railways. Motor spirits and kerosene have received special attention, being delivered frea in Ashburtoa within borough, limits.

N.Z. FARMERS' CO-OPERATIVE ASSOCIATION OF CANTERBURY, LIMITED. IMPORTANT TO PREFERENCE SHAREHOLDERS. In view of the modified proposal* made by the directors withdrawing the proposal to eliminate cumulative rights after the 31st January. 1925, it is considered unnecessary to call a separate meeting of preference shareholders. At the official meetings of preference sharholders, when-called by the directors, it is" my intention to move a resolution to the effect that should at any time in the future any capital now proposed to be written off ordin. ary snares be reinstated, simultaneously therewith, the accumulated preferential dividends extinguished up to January 31st, 1925, shall be paid oi provided for. All shareholders unable to attend the meetings should, send in proxies immediately. I will be read; to act and vote for any shareholders so wishing. It is suggested that shareholders in favour of the above resolution should notify the: holder : : of their proxies accordingly so that their votes may be duly recorded. T. N. GIBBS. Union Bank Chambers, 89 Hereford street. 29th June, 1925. , ' —6

N.Z. FARMERS' CO OPASSOCIATION.

STOCK EXCHANGE PROTEST. A meeting of the Christchurch Stock Exchange was held yesterday morning, when discussion in connexion with the Farmers' Co-operative Association took place. The following motion was passed unanimously:—"That the Christchurch Stock Exchange strongly protests against the proposed interference with the terms of issue of preference shares in the New Zealand Farmers' Co-opera-tive Association of Canterbury, Ltd., as they consider it a distinct breach of faith." The proposals of the directors of the Farmers' Co-op. in regard to first preference and A and B preference shares are that the following resolutions shall be submitted to extraordinary general meetings of the shareholders concerned, to be held on a date not yet fixed!)— (1) "That the first preference A and B preference shareholders of the New Zealand Farmers' Co-operative Association of Canterbury, Limited, relinquish and extinguish their claims to any dividends accrued or claimable up' to the 31st day of January, 3925." (2) "That the first preference A and B shareholders of the company relinquish and extinguish their cumulative rights attaching to the shares held by them as from the 31st day of January, 1925."

NOTICE TO PREFERENCE SHAREHOLDERS. IMPORTANT STATEMENT BY DIRECTORS. Considerable misrepresentation appears to have arisen in the minds of a numl>er of our Preference Shareholders and others regarding the suggestions put forward to Shareholders in our letter of June 20th. It seems necessary that we should reiterate that your Directors merely offered certain recommendations and suggestions for your serious and favourable consideration, intimating at the same time that they considered the various. classes of Shareholders should have an opportunity of dealing with the various accumulated liabilities as early as possible. It is obvious that no action can be taken by the Directors of the Company without the consent and approval of the Shareholders—in other words, if the suggestions put forward are not acceptable to the Shareholders, they will naturally be rejected The suggestion that Preference Shareholders should eliminate their cumulative rights does not affect in any way their preferential rights regarding capital and - dividend. If there is a profit to be distributed at any time, it must, of necessity, be disbursed firstly in payment of dividend to First Preference Sharheolders; A and B Preference Shareholders' preferential rights must then be satisfied before Ordinary Shareholders receive anything. The primary object of your Directors is to get the Association into such a position as to enable it to pay dividends to all classes of Shareholders, and continue to do so. This, as has already been pointed out, will materially assist in bringing down a series of *balanceaheets that will inspire confidence and prepare the way to meet the heavy Seured Deposit Stock liabilities as they mature 5, 7, and 10 years hence. If the suggestions are not acceptable to Shareholders, the Directors feel that they will have no alternative but to utilise the profits in liquidation of the present deficit of £101,929 6s 2d, and then proceed to build up a reserve to meet the Secured Deposit Stock liabilities. This'is not at all desirable, as it is considered it would retard progress and interfere with the general-prosperity of your Association. Sinde the issue of the previous notico, a number of our Shareholders have expressed confidence in the affairs of the Association, and-are of the opinion that if suggestion No. 1, dealing with the elimination of accumulated dividends, is . conceded, and the Ordinary Shareholders agree to write back their paidup share capital as suggested, the return to prosperity should be fairly rapid, and that, by reason of this, they, consider a hardship would be inflicted upon Preference Shareholders if suggestion No. 2 is persevered with and given effect to.

It is helpful to your Directors to have such an expression of opinion, and as Shareholders apparently feel the Association will derive a greater bene* 7 ± by allowing the Preference Shareholders' cumulative rights to remain, it is now definitely decided to eliminate suggestion No. 2 The only for the consideration of Preference Shareholders are:— • 1. That the First Preference, A and B Preference Shareholders of the New Zealand Farmers' Co-opera-tive Association of Canterbury, Limited, relinquish and extinguish their claims to any dividends accrued or claimable up to the 31st day of January, 1925. 2. A Notice of Motion to be given by a Shareholder to the following effect: —That should at any time in • the future any capital now proposed to be written off Ordinary Shares be reinstated, simultaneously therewith the Accumulated Preferential Dividends extinguished up to the 31st January, 1925j shall be paid or provided for. It has already been stated that if the suggestions placed before our Shareholders are adopted, your Directors feel that the present year's operations will be sufficiently satisfactory to warrant the payment of a half-year's dividend on Preference capital when the Balancesheet comes down at the 31st July next.

It is important that as many Preference Shareholders as possible should record their votes either in person or by proxy. J. A. PANNETT, Chairman. W. T. ESSON, General Manager. June 29th. — ti

FROZEN MEAT MARKET. The New Zealand Loan and Mercantile Agency Co., Ltd., have received the following cablegram, from London under date £6th inst:— "Lamb—ll 5-Sd- per lb (average), i "Mutton—Wether and maiden ew?, light 7 5-8 d per lb, heavjr 6Jd per lb. Ewe. light 5 5-8 d per lb, heavy sid per lb. Market slow." LONDON WOOL SALES. Dalgely and Company, Limited, have received the following- cablegram from their London office, dated June 27th: — "Be London wool sales, July 7th to 23rd: The offering* as' arranged, at present will be 186,500 bales. We sell on July 9th, 16th. and July 22nd."

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Sales reported:—Bank of Australasia, £l4 10s; Union Bank, £l4 13s 6d; Goldsbrough, Mort (ex div.), 44s 6d (two parcels); Mercantile Finance Corporation (o.s paid), 4s.

OTHER EXCHANGES. (PBESS ASSOCIATION TXLIOBAMB.) AUCKLAND, June 29. Sales—New Zealand Breweries debentures, 21s lid; Bank of New Zealand, 575; New Zealand- Insurance, 34s 4d; Auckland Gas, 23s 6d; Taranski Oil, 22s 9d;, Kawarau. 15s 6d; Wilson'e Cement, 335; Moanataiarl 2S " DUNEDIN,. June 29. Sales—National Electric, 19s (two), Nokomai Hydraulic, 6s (twoVSs 9d. Sale reported—National Insurance, <fas 3d.

LATEST QUOTATIONS. Buyers I. Sellers £ «. d. £ s. a. N.Z. GOVT. DEBENTURES— 4$ .per cent. iDSCribed, 19SS .. .. 96 IT 6 S7 0 0 4J per cent. Inscribed, 193? 96 15 0 — OTHER DEBENTUEES- - Chri3tclmrch Tiamways, 5£ per cent. 97 5 0 — New Brighton Bcrough, oj per cent. — 103 0 0 N.Z. Breweries, Bond3 1 1 9 1 2 0 BANKS— Adelaide 8 9 0 — Aust. Bank of Commerce — 1 S 0 Bank of Victoria .- — 7 12 6 Comm. of Aust. — 1 11 0 Comm. of Aust. (new) — 1 10 G Gomm. of Sydney 24 10 0 25 0 0 National of A'asia (£10 paid) t .. 16 9 6 16 12 0 National of A'asia (£5 paid) — 8 4 0 National of N.Z. (new) 6 6 6 6 9 0 New South "Wa'.es 41 8 6 41 14 0 New Zealand .. 2 16 9 2 17 3 Queensland National „... — 8 16 0 Royal (£1 paid) — 1 17 0 Union of Aust. 14 14 6 14 16 0 "Western Australian — 2 12 0 INSURANCE— National 3 15 G 3 17 6 LOA*' AND AGE.NCY— Goldsbroush, Mort .. 2 4 3 a 4 8 National Mortgage. — 3 18 0 N.Z. Lean and Merc. (ord. stock) 93 0 0 — SHIPPING— Howard, Smith 1 14 6 1 15 6 Huddart-Parker — 2 5 3 FP9?"RV MEAT— Canterhurv 12 15 0 13 7 fi N.Z. Refrig. (paid) ... — 0 19 4 N.Z.'Refrig. (conti-.) .. 0 9 1 0 9 4 COA.L— Westport .. 1 9 9 1 11 3 Stockton (nref.) 0 2 0 0' 4 11 GAS— Christchuroh ... 7 13 0 7 15 0 BREWERIES— Crown 1 15 6 1 19 3 Manning — 1 16 9 New Zealand 1 19 8 2 1 4 ■Ward 2 16 0 2 18 0 CF" 1 -TENTS— Wilson's 1 13 6 1 14 0 TIMBER— K&ua-i .: .• • 1 12 3 1 12 9 MISCELLANEOUS— Colonial Sugar 52 0 0 — Electro. Zinc (m-ef.) —. 1 9 2 Electro. Zinc (def.) .. 1 7 3 1 8 0 Mason. Strainers (Us paid) 0 15 5 — Mason. Struthers (10s paid) .. 0 11 0 0 12 0 N.Z. Farmers' Co-op. (<tt per cent. Stock, 1930) — p 92 10 0 N.Z. Farmers' Co-cp. (6 per cent cum pvef., re div. only) — 2 14 0 N.Z. Guarantee Corpn. (8s paid) 0 9 9 — N.Z. Malay.Rubber (ord.) 0 19 4 — N.Z. Milk Products .. 1 8 0 — N.Z. Pacer Mills — 1 1 3 N.Z. Sugar of Milk .. — 1 5 0 WhitcnnVbe and Tombs 3 10 0 3 12 0 MINING— Kawarau .. — 0 16 6 Mt. Lyell ' .. 1 0 6 1 1 0