BUTTER PRICES.

Press, Volume LXIII, Issue 19160, 17 November 1927, Page 10

BUTTER PRICES.

REDUCTION IN AUCKLAND. [THE PEESS Special Service.] AUCKLAND, November 10. A reduction of one penny a pound in the retail price of butter will be made in Auckland to-morrow following the announcement of an all-round reduction by wholesale distributors. The new prices will be Is 9d for superfine and finest, and Is Sd' for second-grade I brands. The reduction has been made 1 to bring local prices into line with the London parity. LLOYD'S INSURANCE. QUESTION OF DEPOSIT. [THE PEESS Special Service.] WELLINGTON, November 16. Insurance companies have not abandoned hope that the Government will take action to compel Lloyd's to put up a deposit, as insurance corporations generally are compelled to do. Before the session closes the Prime Minister will be approached by the Council of Underwriters and asked to amend the Insurance Companies Act so as to make it applicable to Lloyds, which is not a company within the meaning of the Act, but a collection of individuals. "It is not justifiable that Lloyd's should be enabled to compete with New Zealand insurance companies under more favourable conditions and without placing the deposit which we other companies are compelled to lodge and which is intended by the Government as a guarantee of public safety and an assurance that the liabilities of the company will be met," said a member of the Council to-day. "A policy of cutting rates can be to nobody's benefit, especially at a time like the present when fire losses are unduly high. All the New Zealand companies contribute to the State taxation and in large amounts, but Lloyd's, by virtue of its curious status, is exempted from this and while entering into competition with other companies in practically every field of insurance sends all its profits out of the Dominion. At the same time it does not give its clients even the protection of a deposit. We hope to convince the Government that, even if the concern cannot be taxed, it should at least lodge a deposit in the interest of public welfare. BRITISH CONVERSION LOAN. (by cable—press association— copybioht.) (Australian and n.z. cable association.) LONDON, November 15. In the House of Commons, Mr Churchill told Mr Snowden that the response to recent conversion operations had been eminently satisfactory and afforded ground for confidence for the more serious conversion operations intended in future. Lady Houston had presented the Exchequer with £1,500,000 as an act of grace, not admitting legal liability. He had accepted the sum which was offered spontanepusly from a desire to help the finances of the country. He could not at present reveal what the sum would be if legal liability were ' proved. There may be prolonged litigation on other claims. FREE STATE LOAN. (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) DUBLIN, November 15. The Irish Free State will shortly issue a £7,000,000 5 per cent, loan on similar terms to the 1924 issue, at present quoted at 96§, which is 1. 3-8 premium. KENYA LOAN. (AUSTRALIAN AXD N.Z. CABLE ASSOCIATION.) LONDON, November 15. The Kenya.loan of £5,000,000 five per cent, stock at 99$ was oversubscribed. WELLINGTON MEAT EXPORT CO. IMPROVED BALANCE-SHEET. A clean and very satisfactory balance-sheet has been issued by the Wellington Meat Export Company, Limited, for the year ended September 30th, and it is not unreasonable to assume that the company has now got clear of all its financial troubles, and has before it quite good prospects. The revenue from freezing sales, manufactures, etc., for tho year amounted to £34,240, which contrasts with £26,617. the amount received r in the previous year, there was thus the substantial increase of £7623 equal to over 29 per cent. There was paid in interest, discount and exchange £15,059, as compared with £19,671, and all other expenses including general and management expenses totalled £8853 against £10,173. There was thus a substantial curbing of expenditure. After allowing £2OOO for depreciation of motor vehicles the profit for the year is £8328, as compared with a loss of £3221 in the previous year. In the appropriation account issued last year it wa3 shown that £150,000 was written off covering the losses to September 30th, 1926, end allowing £80,540 for depreciation of properties, plant, etc. Nothing is written off this year and it is explained that owing to the drastic writing down last year the properties are worth considerably more than the balance-sheet values.

Out of the year's profit the dividend of S per cent, on the preference shares issued to tho TVairarapa Frozen Meat Company absorbs £2104, and the balance of £6224 is to be carried forward. The capital of the company is now £237,639 divide 3 into 150,000 £1 ordinary shares and 87,639 £1 preference shares The amount of capital actually paid up is £231,635; loan on mortgage is unchanged at £7000; bank overdraft stands at £30,760 as against £128,710 last year, a reduction of £97,950, which at 7 per cent, means a saving to the company of £6553; sundry creditors account for £43,682, against £8291 and drafts against consignments and Home agent's balances £48,453 against £89,876. The assets total £369,559 against £378,343. and include land, buildings, plant, etc., £227,439 against £234,376, sundry debtors £32,117 against £28,297, consignments £53,627 against £100,289, stocks and stores £56,635 against £15,341, and cosh £4O against £39. DAIRY PRODUCE, The National Mortgage- and Agency Company of New Zealand, Limited, Christchurch, have received the following cable from the principals, Messrs A. J. Mills and Co., Ltd, London:—"Butter: The market is steady and the demand improving. Fresh landed 172s to 1715." The National Mortgage and Agency Co. of New Zealand. Ltd., Christchurch, have received the following cable from their principals, Messrs A. J. Mills and Co., Ltd., London :•■ — Batter —The market is steady and the demand improving. Fresh landed is quoted at 172s to 174s per cwt. WHEAT. NEW YORK. November 15. Chicago wheat quotations are: December 1288 cents a bushel, March 1311 cents, May 134J centa.

CHRISTCHURCH STOCK EXCHANGE. Prices of Government Debentures showed no variation on late quotations. A small parcel of North Canterbury Hospital Board debentures, 5J per cent., 1932, changed haxds at £99. In the banking section, Union Banks and Bank of Australasia were the only stocks to show marked change; in each case buyer 3 increased their offers by 2s Gd, Union buyers offering £l4 2s 6d, sellers holding for £l* 7s 6d. Australasias were wanted at £l4 15s, sellers asking £ls. Other quotations were: Australian Bank of Commerce, buyers 32s Bd, sellers 32s lid; National Bank of Australasia* (i'S paid), buyers £8 12s Gd, sellers £S ISs 6d: English, Scottish, and Australian Bank, buyers £7 14s 6d, sellers £7 JGs; Bank of New Zealand, buyers cSs 6d, sellers 58s 9d. Dealings in Union Bank rights have ceased. Closing quotes were buyers 545, sellers 57s 6d. In the general investment section, Goldsbrough, Morts are fractionally weaker at buyers 47s Sd, sellers 47s 9d. Buyers of N.Z. Loan and Mercantile ordinary stock advanced to £94 10s without attracting sellers. A sale of N.Z. Refrigerating partlypaid took place at Ss without satisfying buyers, who remained in at Be, sellers £s Id. The fully-paid shares in this company were firmer at buvers los lid, sellers 16s No quotations in the coal section were recorded, the market being evidently weaker in 'Westport Coal Company since the declaration of the dividend. British Tobaccos have eased, a small sale bfing made at 56s 3d. Electrolytic Zinc preference had sale on morning call at 325, but eased on the 3 p.m. call, when a sale was made at 31s lid. Greater Crystal Palace shares were wanted at 17s lOd, sellers at par. Iu the mining section, Mt. Lyells advanced, buyers offering 27s 7d, sellers wanting 28s. YESTERDAY'S TRANSACTIONS. Sales on 'Change—N.Z. Refrigerating (10s paid), Ss; Electrolytic Zinc (S per cent, part pref.), 32s (two parcels); British Tobacco (Australia), 56a 9d; Electrolytic Zino (8 per cent, part pref.), 31s lid.

OTHER EXCHANGES. (P3ESS ASSOCIATION TBLEOEAHS.) c , « AUCKLAND, November 16. Sales—Borough of Mt. Albert, 1959 6 per cent., £lO2 10s; Borough of Taumarunui, 1040, 6 per cent., £100; Glaxo, £9O: Bank of New South Wales, £44 10s; New Zealand Insurance,' .-.95; New Zealand and Kiver Plate, 27s 6d; Hikurangi (pref.), 6s 9d; Auckland Gas, 22s 9d, 22s lOd; Auckland Gas (con.), 16s 9d; Taranaki Oilfields, lis od; Alburma Goldmining Co., 2s; Occidental Una United (con.), Is 7d; Waihi, 21s sd. WELLINGTON, November 16 Sales reported—4j per cent. Bonds, 1933, £96 7s 6d; National Bank of Australasia (£10), £l7 12s; Wellington Woollen (p r ef,), £6 4s 6d. DUNEDIN, Novembsr 16. Sale—Kaiapoi Woollen (ord.), 8s 4d Sales Reported—Bank of New Zealand,'sßs 6d; National Mortgage, 725" 6d (odd parcel)V/nioni Bank (ex rights), £l4 2s 6d; New Zealand Express, 20s. BANK SHARES. (AUSTBALIAH AND !T.Z CABLI ASSOCIATION.) (Received November 16th, 7.30 p.m.) LONDON, November 16. Bank of Australasia, £l4 lis 6d; Bank of New South Wales, £42 10s; Union Bank, £l4 lis 3d; National Baakj £6 18a 3d; Bank of New Zealand, i per cent, stock, £92; Bank of New Zealand shares, 5Ss; Loan and Mercantile Debentures, £75; Loan and Mercantile (ordinary), £95 10s. SALE OF PROPERTY. Jones, McCrostie Company, Ltd. 6old by public auction in their land sale rooms yesterday, on account of the District Public Trustee, as executor of the will of William Ftetwell, deceased, the property situate at No. 73 Middlepark road Upper Riccarton, comprising bungalow of 4 rooms, together with 1 acre 26 perches of land for £I4OO, to Mr A. E. Ellis.

LATEST QUOTATIONS, Buyers. Sellers. £ e. d. £ s. d. N.Z. GOVT. DEBENTURES— 4j per oent. Inscribed, 1933 3G 5 0 4J per cent. Inscribed, 1939 — 96 10 0 4J per cent. Bonds, 1933 S6 5 0 Si per cent. Inscribed, 1927-41 9S 12 e 99 2 6 5J per cent. Bonds, 1933 101 0 0 101 7 8 o\ per cent. Inscribed, 193G 101 2 C 101 10 0 5J per cent. Bonds, 1936 101 2 6 _ COMPANY DEBENTURES— N.Z. Breweries, Bonds 1 3 7 1 3 10 Wright, Stephenson 5 per cent. Perpetual BANKS- J 77 0 0 83 0 0 Adelaide 6 11 6 8 14 G Aust. of Commerce 1 12 8 1 12 11 Australasia 14 15 0 15 0 0 Coram, of Aust. 1 9 0 19 2 Comm. of Aust. (pref.) 7 0 0 7 16 E., s„ and A. (cum div.) National of Australasia 7 14 6 7 16 0 (£10 paid cum div.) 17 11 6 National of Australasia (£5 paid cum div.) S IS C 8 13 6 National of N.Z. 0 15 0 6 IS 0 New South Wales (cum div.) 44 11 0 44 15 0 Now Zealand (cum div.) 2 IS 6 2 18 9 New Zealand (Mortgage^ Shares, 10s paid* cum div.) .. 0 1G 9 Union of Aust. 14 2 6 14* 7 G Union of Auat. (right3) INSURANCE2 14 0 2 17 6 National (cum div.) .. 3 19 3 New Zealand .. 1 IS 9 1 19 G South British 2 10 0 2 16 6 LOAN AND AGENCY— Dalgnty and Co. (cum div.) 13 10 0 13 13 0 Dalgety and Co. (new) 13 0 0 13 1 6 Goldsbrough, Mort 2 7 3 2 7 9 Goldsbrough, Mort (new) 2 6 0 2 6 9 National Mortgajjfi 3 11 G S 15 0 N.Z. Loan and Mercantile (ord stock, cum div.) 94-10 0 SHIPPING— Howard, Smith 1 9 e 1 10 3 Huddart-Parker 2 8 o 2 .8 6 Huddart-Parker (tirei.) 1 0 .{ FROZEN MEAT- " Canterbury 7 17 e _ N.Z. Refrig. (£1 paid) . 0 15 li 0 10 4 N.Z. Reifrig. (oor.fr.) .. 0 8 0 0 8 1 WOOLLENSKaiapoi (17s paid) 0 S 0 0 8 4 Kaiapoi (urcf.) GAS0 12 1 0 12 9 Ashburton e 0 0 3 3 0 14 0 Auckland Christchurch .. 1 3 6 Christchurch (nev, - , Ss paid) ... .. 0 6 3 0 6 5 Timaru BREWERIES13 0 Crown o ia 9 Monteilh's .,'. .', 0 19 q New Zealand ., 2 4 6 2 5 0 Staples 1 17 9 1 18 6 Ward \' 1 13 9 1 18 0 Tooth's (ex div.) 2 0 0 CEMENTSWil9on's (cum div.) .. TIMBEE1 16 3 1 17 3 Kauri 1 '2< 7 .13 6 MISCELLANEOUSAllied Motora __ 0 15 0 Aust. Glass (cum div.) 2 1 0 Beatli and Co. 1 12 3 Beath and Co. (pv«.) 0 19 0 British Tobacco 2 15 6 0 17 0 British Tobacco (pref.) 1 1 0 Burns, Philp ■ 1 lti 6 1 17 6 Cant. Farmers' Co-op. (pref. re div. only) 4 12 6 Colonial Sugar 53 0 0 53 10 0 Dunlop Rubber 1 5 3 1 6 2 Electro. Zinc (ord.) .. i 10 10 1 11 5 Electro. Zinc (pref.) .. 1 11 11 1 12 0 Henry Jones Co-op. (cum div.) 1 18 0 Holden'e Motors 1 11 G 1 13 0 Mason, Struihers (14s Paid) .. Mason, Struthers (10s — 0 14 3 Paid) 0 D 6 0 10 0 N.Z. Drug Co. 3 4 9 N.Z. Farmers' Co-op. (6| per cent. Stock, 1930) 76 0 0 80 0 0 N.Z. Farmers' Co-op. (6J per cent. Stock, 1935) 80 0 0 N.Z. Guarantee Corpn. 0 8 8 0 8 10 N.Z. Paper Mills (cum di y -) Taranaki Oilfields 0 16 0 9 0 7 0 17 0 0 11 10 Whitcotnbe and Tombs 3 7 6 Quill, Morris 1 1 9 13 6 .Greater Crystal Palace MIl\i ING— 0 17 ] 10 10 0 Kawarau 0 0 9 ISO Mt. Lycl] (cum div.) 1 7 7