THE WORLD OF COMMERCE

New Zealand Times, Volume LIII, Issue 12604, 15 November 1926, Page 3

THE WORLD OF COMMERCE

WELLINGTON STOCK EXCHANGE SATURDAY’S QUOTATIONS. (10 a.m. Ca 11..) Saturday’s closing quotations for premiums of investment and mining stocks, ns advised by the Wellington Stock Exchange. are as under:—

SALES IN OTHER CENTRES Per Press Association. AUCKLAND, November 13. Sales on 'Change.—Goldsbrough Mort., 50s 3d; Taranaki Oil, 10s 6a; Kemptliorne, Prosser, .£3 10s 6d. DUNEDIN, November 13. Sales.—Westport Coal (cum. dividend), 37s 6d (two parcels). . AUCKLAND. November 14. The following sales took place:—Goldsbrough Mort., 50s; Auckland Gas, 23s 9d; New Zealand Drug, 70s 6d: Taranaki Oil, 10s 6d; Alburnia, 4s 6d; Moanataiari (cont.), 2s 6d. DUNEDIN, November 14. Sales.—Westport Coal, 37s 6d (two parcels). FROZEN MEAT LONDON QUOTATIONS MUTTON AND BEEF. Australian and N.Z. Cable Association. (Received November 14, 5.5 p.m.) LONDON, November 13. The following are the latent quotations for frozen meat on the London market: SHEEP. Canterbury, light Gsd, medium ssd, heavy s|d; North Island, light s§d, medium s|d, heavy sjd; New Zealand ewes, 4{d; Australian, firsts 4d, seconds 4d, ewes 3ad; Argentine, medium 4|d, heavy Hd. LAMBS. . Canterbury, heavy 7sd, seconds 9d; other selecteds, light 9sd, medium BJd. FROZEN BJ2TF. New Zealand, fores 3£d, hinds 4jd; Australian, crops 3fd, hinds 4Ad; chilled , Argentine fores 3Jd, hinds 5Jd; others unchanged. SMITHfTeLD MARKET LATEST PRICES RULING Tho New Zealand Meat Producers’ Board has received the following cablegram from its London office, dated November 12th, 1926, advising Smithfield delivered prices at that date, as follow (prices for the two previous weeks are also shown, in parentheses): “New Zealand wethers and maidens: Canterbury quality, selected brands, 561 b and under, November 12th, 6id per lb (6kl; 6«d); 57 to 641 b, 5Jd (6d; 6Jd); 65 to 721 b, s|d (52d; s|d). Other brands, 561 b and under, s|d (fid; 6Jd); 57 to 641 b, sfd (sj|d; s*d); 65 to 721 b, sjd (sfd; sfd). New Zealand ewes, 641 b and under, 4kl (4Jd; 43d). “New Zealand lambs: Canterbury quality, 361 b and under, 104 d (10^d; 104 d); 37 to 421 b, 9Jd (91d;91d); 43 to 501 b, 7id (73d; 8d); second, 9d (9Jd; 93d). Selected brands. 961 b and under, 9Jd (9|d; lOd); 37 to 421 b, 6Jd (B|d; Si<D. Other brands, first quality, 421 b and under, not quoted (9id; 9d); seconds, not quoted (94d; 9£d). “New Zealand beef: Ox fores, 3jd (32d; 4d); ox hinds, 4£d (43d; sd); cow fores, not quoted (3d; 23d); cow hinds, not ; quoted (4d; 4id). “Argentine chilled beef: Ox fores, 3Jd (4>id; 4id); ox hinds, sid (6d; 6sd). Argentine frozen beef, ox fores and hinds not quoted. Frozen pork : 80 to 1201 b, lOjd (lid; Hid); 120 to 1801 b, 9d (BJd;.9d). Frozen veal, not quoted. “Lamb: Market depressed owing to heavy supplies of Home-killed. “Midton—Market wealc.^ “Beef: Nominal prices.” FROZEN MeaTMARKET Messrs Levin and Co.. Ltd., have received the following cablegram from thoir London agents, dated November ]2th, 1926:—“The spot market fof lamb is weaker, with very little demand, whilst for mutton the market ie stagnant and the prices are weak, particularly for ewes.” The New Zealand Loan and Mercantile Agency Company, Ltd., have receiv-

ed the following cablegram from their London house, under date 12th instant: “New Zealand frozen meat: Lamb 9Jd per lb (average); mutton, s|d per lb (wether and maiden owe, light), s|d (wether and maiden ewe, heavy). 4-ld , (ewe, light), 4d (ewe heavy). Market slow." PALMERSTON NORTH SALE Messrs Dalgety and Co., Ltd., Palmerston North, report having a heavy yarding of fat sheep and a fair yarding of 6tore sheep, and also a fair yarding of cattle. Quotations: Fat shorn wethers 23s 2d; fat shorn ewes 16s, 16s 7d. 18s 5d to 20s 6d; fat woolly ewes 22s 7d to 245; ewe hoggets, 27s 4d: wether hoggets 2ls 2d; four-toothed shorn wethers 17s 9d, 21s to 21s Id; two-toothed wethers 16s 10d; ewes with lamb 25s 2d; 6tore cows .£2 6s, <£2 10b; forward cows, £3 16s, £4 12s 6d; Jersey weaner heifers, small, 16s 6d to 21s; yearling Jersey bulls £5 ss; two-year Polled Angus bulls 12 to 14 guineas. MANGAWEKA SALE Messrs Dalgety and Co., Ltd., Palmerston North, report having a very good yarding of cattle and a 6inall entry of sheep at their Mangaweka sale, on the 11th instant. Quotations; Light fat woolly ewes 22s 6d; empty cows £2 14s to .£3 Is; three-year steers £6 7s; three and four-year steers in low condition, £6 17s 6d, £7, £7 7s Cd, £7 IDs; fourrear bullocks, c£7 19s. • DAIRY PMDUCTmARKET Messrs Dalgety and Company, Ltd., report having received tho following cablegram from their London house, under date Of the 11th inst.: —“Total imports of butter into United Kingdom last month were 412,000 cwt, as compared with 322,000ewt for the same period last year." WEDDEL AND CO.'S CABLE Messrs A H. Turnbulf and Co. report: Wo are in receipt of a cablegram from Messrs W; * Weddel and Co., Ltd., dated London, 12th instant, reading as follows: “Danish, 1725; market quiet. “New Zealand white cheese,. 88s to 876; coloured 85s to s6s; market slow. Canadian, white and coloured, 86s to 88s. “Stored New Zealand Salted butter 138 s to. 1445; fair demand. “New season’s controlled butter, finest. 1565, first grade 148 s; practically no sales." TROPICALPRODUCTS LONDON VALUES. Australia* *nd N.Z. Association. (Received November li, 5 5 p.m.) > LONDON, November 13. Cotton: December, 6.77 d per lb. Rubber: Para 19£d pe* lb* plantation smoked 2u|d. Jute: November-Becember deliveries. £3O a ton. Hemp: October-December shipments, £3B 10s, a ton. Copra: November-December shipments, £26 a ton. . ' Linseed oil, £3l 5s a ton. Turpentine, 62s 6d a cwt. , ANNUAL REPORT NATIONAL INSURANCE COMPANY OF NEW ZEALAND. the report and balance-sheet of the National insurance Company of New Zealand (headquarters at Dunedin) for the year ended September 80th, 1926, it is shown that after making full provision for losses outstanding, and transferring £2091 to the reinsurance reserve, there is an underwriting surplus for the year of £14,709 18s lOd; that interest and rents (less £3498 income tax thereon) amount to £32,192 11s sd; that the balance brought forward from last year is £32,332 8s 8d; and that the carry-for-ward this year will -be £Sl;9ok 8s lid, if, the dividend payment recommended bv the directors (making a total dividend of £32,500 for the year. .3s.per share], is paid. The approximate* correspondence of * the last-mentioned four figures is of interest, so is? the fact that net proceeds in interest and rents approximates to dividend total.’ Another point is that the paid-up capital is £300,000 (representing £1 10s on 200,000 shares) and the reserve fund is £325,000; and if other reserve items are added, reserves are much greater than paid-up capital. The dividend recommended by the directors, 3s, Bd, is at the same rate as was paid last year. An interim' dividend paid in May last has already’ absorbed £12,500 out of the £32,500. The addition to the reserve fund recommended is £15,000. The net income for the year amounts to* £249,534 2s 7d/ Besides the reserve fund of £325,000, there' is a reserve for unexpired risks at September 30th of £86,937 (twelve months before it was £34,846), appropriation for losses unpaid, £17,789; investment fluctuation account, £4457 15s; taxation and. contingency account, £9oß* 14s 2d. Loans on mortgage are set down at £11,386 15s lOd; freehold properties in New Zealand and Australia, £76,180 12s 6d; debentures. £123,617 lSs; war loaps, £343,531 7s 7d; money on deposit ana shorty call, £61,000; accrued and outstanding interest on mortgages and other investments, £10,009 16tf 4d; branch and agency balances £35;749 10s Id; balance at banker's, £39,819 16s sd. Fire, # marine, and accident premiums, less reinsurances and returns, produced during the year £217,341 11s 2d. On the other side, losses absorbed £109,725 0s Id * head office and branch expenses, contribution to Provident Fund, commission, and other expenses, £83,243 life Id; Government taxes, £7539 19s lOd; bad and doubtful debts, £32 Is 2d. WOOL, SHEEPSKIN, AND HIDE SALE ‘ The .usual fortnightly sale of sheepskins, hides and tallow was held on Friday. There was the usual attendance of buyers. Compared with previous sale held on October 29th dried sheepskins were lower by $d to lid per lb; green sheepskins were weaker: Ox and sow hides were also lower, probably from l-8d to id per lb. Calfskins were probably lower by Id per lb. Tallow sold on a par with previous sale, j Range of prices were as follows: Sheepskins:—Half-bred, lOd to 13d; fine crossbred, 10id to 12d; medium coarse crossbred, Bsd to lO$d; short to half-wools, 7d to lOJd; lambs, 6(1 to 12d; dead, and damaged crossbred, sid arid 9£d; inferfor damaged, 2d to Gid; pelts, 5d to Bid; damp, salted and green, 5s 6d to 11s 7d; pelts, salted, Is lOd to 3s 7d; lambs, salted, Is lOd to 4s. Hides.*—Ox, heavy, 701 b and over, —; ox, heavy, 59 to 691 b, 7£d to BJd; ox, medium, 53 to 581 b, 6fd to 7fd; ox, light, 45 to 521 b, s|a to 6£d; cut, slippy and inferior, 2|d to 5Jd; cow, heavy, 531 b and over, CJd to 6|d; cow, medium, 45 to 521 b, 61d .to 6|d; cow, light, 33 to 441 b, OJd to 6 7-8(1; cut, slippy and inferior, to ssd; bull, stag, lid to 3|d ; yearling, 11 to 161 b, 7id to Bjd : yearlings, 17 to 321 b, 5 7-8 d to 74d; calf, superior, up to 101 b, lid to 12jd; calf, medium good, 8 to 101 b, Sd to 12id; calf, damaged, 2d to 9Jd. Tallow.—ln casks. 23s to 32s 6d; in tins, etc., 22s to 295. Sundries.—Horsehair, 22d. Cow tails, 17(1. FURRED SKIN SALE Messrs Dalgety and Company, Ltd., report:—At onr monthly sale of rabbit p.nd opossum skins, wo offered a fair catalogue of all classes to a good attendance of buyers. Competition was fairly keen, and'considering the lateness of the seasdlß the skins brought forward were in excellent con-

dition. Prices generally were lower than the October sale, but fully up to the rates ruling at other sales. The opossums we offered were only medium sorts, but were keenly sought after at prices wei! up to late rates. The following is tho range of prices:— Rabbit Skins.—Runners and sinkers. loj to 161 per lb: racks, to 3.V/1; summers, to 34}cl : autumns, 4otd to 54d : incoming winters, 541 d to Cod ; prime winter bucks, to prime winter does, 7od to 84Id; first bucks, to 9*2d : first does, to SOd; winter does, t-o 71d: outgoing bucks, to GOd; outgoing does, to 58d; first spring doc<-, to 52d: first spring bucks, to 48d; second spring does, to 44d: late doe*, to 71d; winter blacks, 65d to 77d: liareskins, 34d to 38d; winter bucks, to 77d. Opossum Skins. —Blues. 10s 9d to 11s 4d; first greys, 10s 3d to 12s 3d: grey*. 8s to 8s 8d; first blacks, $s fid to Os 3d; blacks. Gs lOd to 7s 3d; first browns, 7s 3d: browns. 5s Id to fis fid : slates, to fis: kittens, 2s 6d to 3s 3d : damaged, Is fid to 4s 6d.

Buyers. Sellers. Government Loans— £ B. d. £, 8. d. Inscribed Stock (1938) 96 10 0 96 15 0 Inscribed Stock (1933) LOO 10 0 100.15 0 Inscribed Stock (1936) 100 10 0 — War Bonds (1939) 96 10 0 — War Bonds (1938) 96 10 0 — War Bonds (1930) 97 5 0 — War Bonds (1933) 00 10 0 — War Bonds (1936; Debentures— ICO 10 0 — Wn. Racine Club .00 0 0 — N.Z. Breweries (stock) — 1 5 6 N.Z. Breweries (bonds) 1 4 5 1 5 5 National of N.Z 6 19 6 New South Wales 44 15 0 45 2 6 New Zealand i 3 0 3 3 0 9 New Zealand (rights) 0 6 4 0 6 5 Union of Australia ... Financial— 15 5 0 15 6 6 Equitable Building ... N.Z. Guarantee Corp 9 2 6 — (ord., 8s) N;Z. Guarantee Corp 0 10 4 (pref) Wn. Invest., Mort., 1 0 6 and Deposit N.Z. Loan and Mer0- 9 3 — cantile Agency (ord.) *95 0 0 N.Z. aud River Plate 1 2 9 — Wn. Invest T. and A. 0 10 0 Wn. Trust Loan Wn Deposit & Mort6 9 6 6 15 0 gage Wr ip lit, Stephenson 0 10 -4 (ord.) W r i glit. Stephenson 1 4 6 (pref.) Gas— 0 17 6 Auckland (paid) — 1 4 0 Gisborne — 0 12 0 Wellington (ord.) 1 6 4 Wellington (pref.) Insurance— 0 16 3 National — •4 0 0 New Zealand .. Meat Preserving— 1 19 6 N.Z. Refrig. (10s) Transport— — 0 7 3 Huddart, Parker (ord.) — 2 7 9 Union Steam (pref.)... P. and O Deferred 1 0 3 ~ Stock Kelb. and Kar. Tram . — *251 0 0 (ord.; Woollen— 1 6 6 — Wellington (ord.) Coal— 6 10 0 — Westport Timber— •1 18 0 Leyland, O’Brien *2 3 0 Taringamutu 1 8 0 National Breweries— — 0 17 0 Crown 0 19 6 Manning and Co — 1 1 6 New Zealand 2 11 0 Staples and Co. 1 17 0 1 18 0 Ward and Co Miscellaneous— 2 2 6 Burns, Philp and Co. Electrolytic Zinc — 1 19 .9 (ord.) Electrolytic Zinc 1 16 0 1 16 6 (pref./ 1 17 8 Howard, Smith Milburn Lime and Ce1 11 9 1 13 0 ment / i a 3 N.Z. Paper Mills — *1 0 0 Scoullar and Co — 1 2 9 Sliarland & Co. (ord.) — 1 2 U Sharland & Co. (pref.) — 1 3 O' Taranaki Oil Fields.. Wairarapa Fanners' 0 9 0 — (.£5) Wairarapa Farmers' — 4 2 0 (£1) Wairarapa Farmers* — 0 15 9 (pref.) — *Cum. div. 0 17 0