FINANCE AND COMMERCE.

Press, Volume LXIII, Issue 19062, 26 July 1927, Page 10

FINANCE AND COMMERCE.

HERD-TESTING.

GOVERNMENT GRANTS SBOOO.

(K2MS ASIOCUTI3V TKLXGBIU.) WELLINGTON, July 25. As the result of a decision arrived at by the Government to-day, it is proposed to assist the work of the HerdTesting Associations of the Dominion, to the extent of £BOOO for the current financial year. A small Board will be set np to administer the fund, and to make satisfactory arrangements with those interested. The Minister for Agriculture, the Hon. Mr Hawken, said the Board would be asked to work out a scheme and arrango for the distribution of the sum, which was a subsidy on the cost of herd-testing. It had been found that the Dairy Produce Board was unable to assist in the movement to assist herd-testing, owing to the limitations of the Act under which it operated.

N.Z. MEAT IN BRITAIN.

HOW TO INCREASE EXPORTS.

"Of the quantity of frozen lamb imported into the United Kingdom during last year New Zealand contributed 57 per cent., and of the quantity of frozen mutton and lamb combined the proportion was 51 per cent.," states the annual report of the Meat Producers' Board. "The Homeland's food import trade U vital to this Dominion's well-being, and we must make every effort to obtain a greater share of England's food bill by increasing our exports, whilst still retaining the premier position our produce holds by reason of its prime quality. As stressed by the Board on previous occasions, top-dressing of pastures with suitable fertilisers is one of the methods by which the farmers of this Dominion can secure very definite results both as to increased production and improved quality. "It will be remembered that the Imperial Economic Conference of 1925 recommended that a Marketing Commission should be set up to administer the annual £1,000,000 grant promised by the British Government *o assist the marketing of Empire produce. This body was set up last year under the title of the Empire Marketing Board and is at the present time doing an immense amount of advertising throughout Britain on behalf of Empire giods. The Board's London manager, Mr R. S. Forsyth, has been appointed to this Board, and is doing valuable work as one of New Zealand's representatives. We in New Zealand heartily, support the work of this Empire Marketing Board, which is* doing much to aid in giving security and stability to Imperial industry." -

OTIRA TUNNEL.

EAST-BOUND TRAFFIC.

There was a substantial increase in the-amount of traffic through the Otira tunnel from the west -Coast to Canterbury! last week. A total quantity of j 10,263 tons, mostly of coal, was carriedj«j as against 8888 tons for the correspond-. ing period-of'last year. :

GOVERNMENT LIFE OFFICE.

TRIENNIAL DISTRIBUTION OF BONUS.

The result of the triennial actuarial examination in the Government Life Insurance Department, which has just been completed, is a proof that the Department' is being carefully and satisfactorily managed. After further strengthening the reserve, the -.profits for the triennium. ended December 31st last amounted to £446,792. Of this sum, £16,429 has been carried forward, and the balance of £430,363, has been divided amongst the participating policy-holders. This amount represents an increase of £112.800 over the preceding triennium and is practically double the amount (£217.706) which was available fbr distribution as at December 31st. 1920, The sum assured in force (excluding bonuses) has increased from as at December,3lst, 1920, these distributions are likely toDofmide annually.

WOOL VALUES COMPARED.

*' In considering the; present lower range of values for frozen meat, the important bearing which the current prices of other products of the sheepfarming industry have on the farmers' prosperity must not be overlooked," says the annual report of the Meat Board. "Whilst the prices for pelts and tallow unfortunately show a reduction compared with: last year, the prices obtained by the sheep-farmer for his wool show a slight improvement over last year. However, a substantial improvement in wool-values. must yet be looked for before the net return to the farmer approaches the pre-war level, especially having regard to increased costs of production.. The average value per pound in respect of the wool sales held throughout the Dominion for the past season worked out at 12.66 d per pound,' as compared with 11.939 d per pound for the previous year —an increase of just on $d per pound."

EGYPTIAN COTTON CROP.

*it7STJULU3 AKB B.C. . CABLE ASSOCIATION.) (Eeceived July 25th, 7 p.m.) CAIEO, July 24. An official report' States that practically the whole, area affected by the cotton worm has been cleared of the pest '

PORT OF HULL.

BID FOR DIRECT SHIPMENTS.

' (ntOK' OTO OWK CORBBSPOItDEKT.) LONDON, June 18. Representations were recently made to the Prime Minister of New.Zealand that Hull poscesses facilities for distribution which merited • greater •mount of direct business. At * meeting of the .Council of the Hull Clumber of Commerce and. Shipping, this weelc," the president (Mr James Downs) stated that the Chamber had urged that Hull was the distribattnff centre for Yorkshire, Lincoln-' sbire, and the North of England, and that New Zealand produce could be effectively and cheaply handled- at the port .and distributed over an area. containing 13,000,000 people. At present; Mr Downs said; the service was irregular. During 1926 only arrived with cargoes of-wool. etc. They were of the opinion'that the distribution ol New Zealand produce through Hull- would-be b^iHoneTo far as the North of .England Wi concerned than it was at present-through Sndom The reply of the Prime Minister of New Zealand waa at present, however, not very reassuring.

SHOWING N.Z. MEAT.

ADVERTISING IN LONDON.

"During the year under review the Board has extended its activities in the various spheres of advertising New Zealand meat at Home," states the New Zealand Meat Producers Board in its annual report. "At the commencement or tno season the Board shipped Home several parcels of specially selected prime iNew Zealand lambs, and the London manager arranged for special displays ot these lambs in the big London stores when the lamb-eating season commenced. "The Board's London manager also took full advantage of the cooking demonstrations and lectures arranged in connexion with the Empire Marketing Board's exhibits at the British Industries Fair and at the Ideal Homo Exhibition at Olympia. At these exhibits a number of demonstration kitchens were in operation during the whole time, and proved a very popular exhibition, attended by many hundreds of thousands. The Board's representative supplied the meat in connexion with these demonstrations. Full advantage has been taken of other suitablo exhibitions to bring the prime quality of New ealand meat under the notice of the British public, by means of suitable exhibits, distribution of literature, etc. Arrangements have also been made for displays representing our frozen meat industry to be made at the various Empire Shopping Weeks which are held all over Britain. "The well-known scheme by which any one in New Zealand can arrange to have a single carcase of prime New Zealand lamb delivered to any address in the United Kingdom continues to be very popular and a valuable advertising medium. To date some 10,000 carcases of prime New Zealand lamb have been and have reached all X*arts of the Homeland. Amongst the many acknowledgments there are hundreds who declare they intend to buy New Zealand lamb in future and to recommend it to their friends,, "As a further means of advertising New Zealand meat at Home, the Board is working with the Government Publicity Department in the preparation of.a new film depicting the frozen meat industry. The previous film which was shown at Wembley proved a huge attraction, and the Board's London manager lias now contracted to have a number of copies of this film shown throughout the year at a large number of theatres all over England."

FAT STOCK.

LOSS DUE TO CARELESS HANDLING.

The annual report of the Meat Board contains the following reference to the loss sustained through careless handling of fat stock:— ; "The Board would again take the opportunity of pointing out to farmers and buyers handling stock the importance of the careful handling of all fat stock whilst*in transit to freezing works. It may not be generally known that a great many lambs graded secondclass are-put into this grade on account oil bruising; and from investigations matte •by'-.oflicials o£ the Board, it has been .found that a good deal of this bruising has been caused through pullI ing the lambs by the wool, particularly in trucking lambs. The loss that takes place from this cause should be a matter 4 of concern to every farmer. As an illustration of the damage which takes place-in this direction it may be noted that in a" report received from one of the r Board's' graders he mentions that in. a lot of lambs inspected at a freezing '< works' -he counted 101 second-class, forty-three of' which would have gone into the prime grades but for bruising,, whilst a number of the second-quality .'lambs were also bruised, and out of ten rejections seven were ou account of bruising.'' ,

VEGETABLE MATTER IN WOOL.

"It is. of, the utmost importance to this country," states the annual report of the Meat' Board, "that, our wool should not lose the. good name it enjoys at present for. being free from vegetable matter, and ; the Board, has decided in this connexion to pake a grant in connexion with research work in the control of bidi-bidi. The Board has also • under consideration the desirability of undertaking research and educational work on sheep and wool, and other problems relating to our pastoral industry."

N.Z. INSURANCE COMPANY.

ANNUAL REPORT.

[THE JRESB Special Service.]

■ AUCKLAND, July 25. The annual meeting of shareholders of the New Zealand Insurance "Company will be held next Tuesday. The directors propose a dividend for the year of 7s 9d a share, as against Is 8d for last year. . The report of the directors for the year ended May 31st states that the net revenue from fire, marine, and accident premiums was £1,121 424 15s 3d. The balance brought forward from 1926 was £121,983 4s 7d. The surplus oh the year's operations, after making full provision for all ascertained losses to May 31st, depreciation of investments, and appropriations for taxation, amounts to £90,152 lis 2d, to which is added the net Income from interest and rents £125,358 0s 7d, making a total of £215,510 lis 9d, and with the balance brought forward £337,493 16s 4d. The interim dividend . of, lOd a share paid last February absorbed £62,500,' while £75,000 has been transferred to the reserve fund, leaving a balance of £199,993 16s 4d. It is proposed to pay a dividend of Is 9d a share for the year, less the interim dividend of lOd a share paid in February, which will absorb £68,750, leaving a balance of £131,243 16s 4d to be carried forward. The directors• have also'decided to recommend, as-was announced on June 29th, that. £150,000 be transferred from the reserves to the capital, thereby reducing the uncalled capital by 2s a share.

HOWARD SMITH LTD.

The issue of 6 per cent, preference shares to be made by Howard Smith Ltd. (says the Melbourne "Argus") is expected to be available to the shareholders of the company at a relatively early date. Accordingly a circular defining the amount of the issue and the terms upon which'it will be submitted should soon reach shareholders. In all probability it-will be provided that dividends shall be payable quarterly, which will be a welcome innovation. The conditions to govern the issue are to be those recently defined by the Stock Exchange of Melbourne. They are that no repayment of preference capital ,or any alteration of the rights attaching thereto shall be made unless agreed to by the holders of at least three-fourths of the issued shares of the class affected. . Such repayment of capital, or alteration of rights, must be agreed to by a resolution of the holders (m person or by proxy) of at least threefourths of the issued shares of the class, at a special meeting of such holders called for the purpose. . Provided, however, that in the event of the necessary majority not having been obtained in the manner aforesaid, consent in writing may be secured from members holding at least three-fourths of .the issued shares of the class, and such consent, If obtained within two months from the date of the special meeting, shall have the validity of a resolution passed by vote in person or proxy.

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS.

Sale 3 reported:—N.Z. Govt. 5J per cent. Inscribed, 1933, £lOl ss; Chrietchurch Gas, 24s 3d; English, Scottish, and Australian Bank (rights), 80s. Sales on 'Change:—N.Z. Govt. 5 per cent. Inscribed, 1929, £93 17s 6d; 5J per cent. Inscribed, 1933, £lOl 2s 6d; Aust. Bank of Commerce, 33s Gd (two parcels); Mason, Slruthers (10s paid), 10s 8d; GoLdsbrough, Mort (rights), 8s 9d (two parcels). LATEST QUOTATIONS.

OTHER EXCHANGES,

(PEZSS ASSOCIATION TK.KOBAUIS.) AUCKLAND, July 25. Sales—New Zealand Government War Loan 1«»36 5S Per cent., £lOl 7s 6d; New Zealand InLribed P Stock, 1938, 41 per cent., £96 IBs; Has ssss aw&r «• Alburnia, 3s 9d; Kawarau, Is Id. WELLINGTON, July 25. Sales on 'Change—N.Z. Guarantee CorporatioSaleo s rd, reported-National Bank of Australasia (£1 P 0). *l7 2s 6d; New Zealand Breweries, 10 per cent, bonds, 22s so.

Buyers. Sellers. £ B. d. £ b. d. N.Z. GOVT. DEBENTURES— 4i per cent. Inscribed, 1938 — 96 17 6 4i per cent. Bonds, 1930 97 12 6 — 4* per cent. Bonds, 1938 96 15 0 — ■ 4J per cent. Bonda, 1939 96 15 0 97 5 0 5 per cent. Inscribed, 1929 98 7 6 —■ 5 per cent. Bonds, 1927 99 7 6 — Si per cent. Inscribed, 1933 101 0 0 101 5 0 | 5J per cent. Bonds, ' 1933 L01 7 6 —■ 5J per cent. Bonds, 193G L01 7 6 —* OTHER DEBENTURESHamilton Borough, 4| per cent., 1947 84 0 0 86 0 0 Makerua Drainage, 6 per cent., 1916 100 0 0 102 O O South Canterbury Elec. Power, Si per cent., .. . : 1945 LOO 0 0 101 0 0 Tolaga Bay, 6 per cent., 1944 101 15 0 N.Z. Breweries, Inacr. 1 3 3 1 3 B N.Z. Breweries, Bonds 1 3 6 13 9 'Christchurch Gas, 55 per cent., 1934 100 5 0 __. Gisborne Sheepfanners, 7$ per cent., 1931 — 90 0 0 BANKS— Aust. Bank of Com'm. 113 3 1 13 7 Aust. Bank of Comm. (new) Adelaide .. 8 10 0 1 11 6 g 2 o Australasia 14 13 0 14 14 6 Comm. of Aust. 1 8 6 l a b Comm. of Aust. (prcf.) — 6 19 6 25 15 0 Comm. of Sydney 25 10 0 E., S., and A., (cum rights) 7 17 0 8 10 E., S., and A. 7 14 0 7 16 0 E., S., and A. (rights) 1 8 9 1 10 0 National of Australasia (£10 paid) 17 3 0 17 6 0 National of Australasia (£5 paid) " ? •• 8 10 0 8 11 6 National of N.Z. 6 15 6 G 16 6 New South Wales — 45 5 0 New Zealand 2 18 4 2 18 6 New Zealand (Mortgage Shares, £1 paid) 1 6 2 — P. and 0 Bank 9 13 0 — Queensland National 8 5 0 9 5 0 Union of Aust. (cum div.) ?. 13 8 6 15 11 0 ''■•SURANCE— Mercantile Mutual National • • • • 1 7 3 16 0 3 18 6 4 0 0 New Zealand (cum . div.) South British •• 1 19 1 1 19 9 2 16 6 2 17 9 LOAN AND AGENC113 13 0 8 2 6 Dalgety end Co. . - - Dakety and Co. (new) 7 17 6 Goldsbrough, Mort .. 2 5 0 2 5 6 Goldsbrough, Mort (rights) •• 0 8 9 0 9 3 N.Z. and River Plate 1 6 0 —' Permanent Investment 9 IS 0 ~~" Wright, Stephenson . W-) ..." 0 16 3 "~* SHIPPING— Howard, Smith •• 1 10 0 1 11 2 Huddait-Parker 2 7 9 2 8 3 Huddart-Parker (pref.) 1 1 0 — FROZEN MEAT— 8 5 0 Canterbury 7 5 0 Canterbury. (pref.) 4 16 6 — N.Z. Refrig. (confer.) .. 0 6 0 0 6 2 0 11 0 Wellington. .. •• WOLLLENS— Kaiapoi (17s paid) 0 10 0 0 11 0 Kaiapoi (7b paid) Kaiaopi (pref.) 0 2 11 0 13 11 0 3 6 0 15 0 COAL— Westooi't .. •• 1 12 9 •"" Stockton (ord.) 0 1 4 0 1 10 0 8 6 Stockton (pref.) ♦» — GASAshburton .. v Auckland .. « 5 13 1 4 6 2 5 16.6 14 0 14 5 BREWERIES— Manning •• «* Monteith'a • • •• 0 19 O 17 5 G 0 19 9 0 19 11 New Zealand , •• • 2 3 9 2 5 6 Staples .. •■• 1 17 6 1 18 5 Ward —' 1 19 6 CEMENTS— Wilson's 1 14 0 114 9 MISCELLANEOUS- ' Allied Motors 0 11 0 1.0 0 Auckland Amusement Park 11 0 — Beath and Co. 1 12 4 113 0 British Tobacco 2 112 6 2 12 9 Colonial Sugar 52 10 0 '53 SO Dominion Investments .1 o 0 y~ Dominion Rubber 1 12 0 ~~. Dunlop Rubber 1 8 3 1 10. 6 Electro. .Zino (ord. cum div.) 1 11 0 112 5 Electro. Zinc (pref cum div.) .. •• 1:11 io 112 5 Henry Jones Co-op. . .■ Holden's Motors 1 14 1 18 0 9 1 17 0 1 19 6 Holden's Motors (new) 1 18 0 1 19 3 Mason, Struthers (£1 •paidj •• ' •• 1:2 6 .15 0 Mason, Struthers (14s paid) .. •• 0 15 0 0 15 '6 Mason, Struthers (10s paid) • • •• N.Z. Drug Oo. (new) 0 10 8 0 10 9 3 5 0 N.Z.'- Farmers'. Co-op. (6i per cent. Stock, ■ ' 1930) ... ' •• N.Z. Guarantee Corpn. 80 0 0 0 9 0 0 9 9 3 10 6 1 14 0 Whitcombe and Tombs — N.Z. Malay Rubber .. — Union Oil, Soap, and 2 0 0 12 0 6 , Candle ... •• ■ Perdriau Rubber (con.) 0 13 0 MINING— 0 8 11 0 5 0 Alburnia .« 0 11 Kawarau w* •> 1 7 1 1 7 11 Mt. Lyell 10 0 Waihi Grand Junction 0 13