THE COTTON TRADE.

Press, Volume LXVII, Issue 20351, 25 September 1931, Page 12

THE COTTON TRADE.

FALL IN VALUES. (FROM OUK OWN COHiIESPONDEST.) LONDON", August 21. While variations have been made in the annual bonus —last year it fell to nothing—there lias been no reduction in tho dividend paid an the ordinary shares of J. and R Coats since the siiiires existed in their present form. 'At the annual meeting of the company hold in. June, Mr J. O. M. Clark (chairman) said that the company had decided to pay an interim dividend at the. rate of 9d a share (equal to 3J per ce6t.) for' the first quarter of the current financial year, and lie hoped it might be possible to continue tho quarterly payments at this rate, but he, thought it only fair to warn shareholders that the Board must bo guided by circumstances; This woek the directors announced that, owing to tho recent severe fall in cotton values, they had decided-to reduce tho quarterly dividend on the ordinary shares from 9d to 4*d. The latter payment is at the rate of 7$ per cent, per annum.

Coming on top of the announcement that the Bradford Dyers' Association had made no profits for the half-year, and that the interim ordinary dividend would not be paid, the Coats' decision suggests that the difficulties of the textile industry have recently .been intensified. If there is any comfort for the shareholders in their disappointment, (writes a city editor) it is to be found .in the fact that ■ the reduction in tho payment is directly attributed-to the recent sovcro fall in cotton values. From this it would seem that tho writing-down of stocks made a deep inroad in tho second quarter's profits. While the possibility of further depreciation remains, the price of cotton has fallen so low that the cost of carrying raw material stocks has been substantially reduced. In the current quarter, too, the company should derive some benefit from the 10 per cent, wage-cut which comes into, force this month at its Paisley works.

DAIRY PRODUCE. (press association teleokam.) WELLINGTON, September 21. Tho Dairy Board has received the following cablegram from the London office:— "There is little change in prices. Butter: 117s to 1183. Cheese: White 655, coloured G6a. Traders are uncertain. Danish butter opened at 1355, but no interest was shown. Any serious increase in the retail price must affect the consumption in favour of margarine." The Now Zealand Loan and Mercantile Agency Co., Ltd., have received the following cablegram from their London office, under date September 24th:—Butter —117s to 118s. Cheese —Small proportion choicest 64s to G6s. Market is quiot. SKIN REPORT. H. Matson and Co. held their weekly skin sale yesterday before tho usual bench of buyers. The tone was somowhat brighter, and prices showed a slight increase on thoso ruling at tho last two sales. Tho following is the range of values:— Pelts, Jjd to lid; halfbred, sound 3Jd to 4d, dead and faulty 2d to 2id; crossbred, sound 21d to 25d, dead and faulty Id to 13d; three-quarterbred, sound 3Jd; lambs, sound 21d, seedy IJd; hoggets, 2d to merino "id. Green skins—Hogget Is to Is 6d, dead crossbred Bd, dead halfbred Is 4d, crossbred Is lid to 2s 9d, three-quarterbred 2s to 2s Gd, halfbred Is 9d to 3s. Bag -wool —Dead wool 2d to 3d, cruts lid to lid. CLEARING SALES. Jones, McCrostie Co., Ltd., held a successful clearing sale in their rooms on Wednesday. Tho following were amongst the prices realised: —Player piano £45, piano £lB, carpet £lO, carpet £7 10s, rugs £2 12s Gd, £2 10s, £2 7s 6d, £2 2s 6d; runner £2 10s, ditto £3 7s Gd, iron safe £6, portable gramophone £4 10s, secretaire £3 12s Gd, chairs £4 10s, gate table £2 ss, tea waggon £1 18s, duchcsse cliest £1 16s. wardrobo £2 2s Gd, chest £2 ss, ottoman £2 10s, chest of drawers £2, sewing iinachine £.'!, wardrobo £3 15s, couch £2 ss, pair of blanktls £2, ditto £2, 355, and 30s; lawn mowor 32s Gd. H. C. Smith, of the City Market, held a successful Bale, on account trustees in an assigned estate. The principal' lots sold as follows: —Buzzer £lB 10s, thicknesser £27, mortising machine £8 15s, boring machine £3 2s, emery grinders £3 17s Gd, circular saw bonch and saws £2l 12s 6'd, shaping machine £lO, band saw £l6, squaring saw £4, tenoning machine £4- 10s, shafting £4, electric motors £4 10s, £4 10s, £ll 15e, £3 ss; trailer £B, office safe £5, timber 9s to 37s 6d a lot, (\cors to 17s, cramps 9s 6d to 16s, three-ply £2, circular saws 10s to 15s each.