COMMERCIAL.

Dominion, Volume 8, Issue 2269, 1 October 1914, Page 8

COMMERCIAL.

LIVE STOCK SALES. ' Messrs. Abraham and Willie, Ltd., ro port on their Johusonvillo sale as follows A fair entry of primo cattle and 6heep came forward. There was a good demand, and everything sold Teadily at high prices. Prime heavy bullocks made £14 and £14 15s. to £15. and £15 53.; lighter, £13 55.; verniers. 225. to 325.; prime heavy woolly wethers, 30s. 6d.; light, 256. 7d.; primo shorn wethers, 235. lid. to 245.; lighter, 235.- to 235. 3d.; primo heavy shorn, ewes, 23e.; prime lambs, 15s. 6d. to 16e. 3d.; others, 13s. 6d. to 15s. ADDHfGTON MARKETS. (By Telegraph—Press Association.) Chrlstchurch, September 30 At the Addington live stock market today there wero snia.lL entries of fat 6tock and of store sheep. The yarding of fat cattle ,was iuforior, both as to numbers and quality, but there was a further advance of 2s. 6d. per 1001b. Fat sheep also 6old several shillings per head better than last week .and young store 6heep also realised improved prices. The market for both beef and mutton, is considered to bo the dearest ever held in the yards. Pigs showed en- advance for all classes. Store Sheep—Fairly good hoggets, 15& 3a. to 15s. 6d.; medium, 13s. 3d. to 13s.'- 9d.; very medium, 10s. Bd. to 12s. 7d.; small'and inferior, Bs. 6d. to 95.; good ewe hoggets, 18s. 9d.j full and failing mouth' ewes, with, lambe, 12s. (all counted); sound-mouth ewes (good), with good lambs, 13s. 4d. (all counted); fairly good ewes, with lambs, 12s. 7d.; aged ewes, 9s. to 10s. 3d.; six and eighttooth forward wethers, 17s. Bd. Fat Lambs.—Best, 18s. 3d. to 225. 3d.; and others, 12s. to 16s. 9d. Fat Sheep.—Extra prime wethers to 435.; prime wethers> 275. fid. to 355.; others, 20s. fid. to 275.; shorn, 19s. t 0205.; merino wethers, 21s. to 245. 9d.; prime ewes, 256. to 335. 3d.; others, 17a. to 245. fid., 18s. 7d., to 345. Fat Cattle.—Average ,steers, £7 10s. to £11; extra, to £17; average heifers, £6 ss. to £8 lCs.; evtra, to - £15: average cows, £5 ■ 15s. to £8; extrf., to £16 2s. 6d. . Price of beef, per 1001b., 355. to 455. Store Cattle.—Yearlings. 375. 6d.;. 15 to 18month sorts, £2 103. to £3 195.; 2-year steers. £4 56. to £4 15*3.: 2-ycar heifers. £4 65.; 3-year steers. £7'7s. *d.; 3-year heifers, £4 10s.; dry cows, 30s. to £7 7s. 7d.; dairy cove. £3 10s. to £11 10«. Fat Pigs—Choppers. 70s. to 905.; extra heavy baconcr?, to 80s.; heavy boconers, 665. : to 725.; light bncontrs, 565. to • 645. Price per lb., 6d. Heavy, porkers, 445. to 475. ordinary, 38* ta 423. Price per lb., 6Jd. to 6UI. •' Htoro Pice—Large stores, 40s. to 445.; medium, 325. to 395.; small, 225. to 305.; wonners, Bs. for very 6mall to 16s. for good 6orts; sows in pig, to 90s; BTJRNSIDE MARKETS. '* . Dunodin, September 30. At Buraeide to-day 241 fat cattle wero yarded. The entry comprised a number of well-finished cattle, and freezing buyers wero operating for suitable sorts, which had a steadying effect on prices. * The sale opened at pricea showing a drop of 10s. to lfe.on last week's rates, but as it progressed values hardoned up to almost last-week's prices. Extra heavy bullocks, to £23; heavy, £16 to £17 10s.; medium, £12 to £13'55.; light, £10-to £11; extra heifers, to £19 Ids.; prime cows and heifers, £12 to £14; good, £10 to £11 lCs.; light, £6 10s. to £8. Fat .Sheep—lß73 penned. This small yarding included a good proportion of only moderate quality. Tho demand for prime well-finished sheep was keen, and pricc-s for this class showed an advance pf Is. to Is. fid. pct head. Medium quality were not competed, for. quite go keenly, and sold at about; last week's rates. Prime wethers, 28s. to 315.; extra, to 34a. 6d.; good, 245. to 255.; medium, 21s. 6d. to 225. 6a.; ewes, or tra heavy, to 325. fid. J prime, 225. to 245.; medium, 18s. fid. to 20s. . Fat'Lambs.—Eight spring lambs of nice quality wero penned,-'and they-realised ui» to 275. • . Pigs.—63 fat p,igs and 160 stores wero penned, and sold at about last week's rates. [ ■ COMMERCIAL ITEMS' . INVESTMENT SHARES. There were no transactions in mining shores yesterday. The quotations were as follow Buyers. Sellers. £ e. d. £ s. <1. National Bank — 5 4 0 Wgtn. Gas (£10) 15 15j:0 - Cliristchurcli Meat 15 0 0 — Gear (£1) - 3 13 0 Meat. Export (£2 12s. 6d.) — 216 0 Wgtn, Woollen (ord.) ... 4. 0 0 — Ley land O'Brien 1 0 9 — Ward and Co : 6 10 Mi FARMERS' CO-OPERATIVE . ANNUAL REPORT. The/ report and balance-sheet of the Now Zealand Farmers' Co-operative Association of Canterbury for the year ended July 31 last, submitted to the shareholders at Christchurch on Saturday, provide interesting reading. -The company has had enother exceedingly profitable year, tho gross profits being once more a record.- The Sources-of tnc profit compare as under:—. , 1913. 1914. ;> £ £ ■ Grain 6tores 984 1,095 Commissions 26.865 30.945 Finance 16,990 20,33 d ' Merchandise 81,658 86,664 . . 126,496 139,037 It will be noted that 1 increases are show! under all heads, proving that the improvement is general, and not confincd to any one section. Of the groas profits of tho past year the expenses absorbed £72,734 'os. 4d.', and tho' amount written off for bad debts woe £2450 16s. 7d,; leaving the net profit at £63,884 10s. 7d. Adding the amount brought forward (£3938 165.) from last year, the amount available for distribution, is £67,823 6s. 7d., and this has been allocated oo follows:—Dividend of 6 per cent, on pr*. ference sharo capital; dividend of. 85 per cent, on ordinary paid-up capital; bonus, of 5 per cent, on shareholders' purchases of merchandise during the year; 30 per cent, on sundry commissions earned; to add £10,000 to the reserve fun<|, -which now stands at £121,398; 10 per cent, to be written off machinery and plant; contribution of £1000 to the employees' superannuation scheme, and a contribution of £1000 to a special fund to provide for contingencies that may "arise with respect ,to members of the. staff at tho war. Purine tho year 487 ordinary shares were allotted to 206 persons, upon a basis of £2 paid up, thus adding £974 to the liald-up capital, and £1461 to the uncalled capital, and of tho 50,C00 £5 B preference shares created last year, 14,000 wero allotted to 301 persons, thereby adding a further £70,000 to the working capital of the association. The authorised'capital stands at £4,250,000, of which £624,100 is subscribed, £383,974 being paid a®, and the balance (£240,126) uncalled.

Dealing with the capital account at the meeting on Saturday ,the chairman said: "In my address to you last year ■ I dwelt at 6ome length upon the matter of our ordinary capital, and I pointed out how disproportionate were the shareholders' average contributions of capital as compared with the needs of the business which their own trading creates. The 206 allotments made last year averaged only 2J shares each member, which, needless to say. is quite inadequate for the purpose of carrying on the business ,and the past year's experience in this respect is by no means an exception—indeed, for many years tho allotments made to new ordinary shareholders, with few exceptions, have been for the minimum number, namely, two shares, with the result that we havi upon our - registers at tho present timo over 5000 shareholders holding only " two shares each. The larger holdings, ss ,1 have explained, on former occasions, were mostly taken up during the associations' earlier career. It must, therefore, bo obvious to tlioso who study tho position that since ordinary members do not supply tho necessary capital of that denomination with which to carry oh their own business operations, the directors • have no alteram tlve but to provide the needful through other me&ns, whioh has been done by tho orcation of preference shares, and in this connection, as I have already stated, 14.000 of those created last year were applied for and allotted during the period to 301 porsons, and as you have been advised In the manager's circular letter which accompanied the baiancfS-sheet, tho board lias decided to offer to tho public during the current year a further limited number of tho same shares.

''The introduction of this class of caoltal front tirno to timo hog liaa y&ri' honoftciaL effect .upon tho business, as besides materially strengthening the position of tho association, it lias contributed enormously to its earning power, end * am also satisfied that it has Improved tho position of the ordinary shareholders mther than othcrwiee, as from l our inoreaeod earnings wo have been able to add much more substantial sums to the roeorvo fund then was formerly tho cass. ScyeiL years ago tho reserve fund wne £35,148, equal to 49.32 per cent, on tho ordinary paid-nn capital at that time. The posrtiQn to-day, if tho board's recommendft.tion.s are aprreod to, is that the funa will stand at £121.358, equal to 75.13 no? ceuL. which to be v£ry roaesurini? to tho holders of our ordinary shares, to whom this asset practically belong. I also think such a showing amply justifies the 10s. per shore premium which lias boon imposed for some time past." WHEAT.

By Telegraph—Press Association-Copyright London, Soptcmber 25. The wheat market is very qui»t. Australian arrived is offering at 455. Chicago wheat is firm and demand brisker.