Markets and Money

Sun (Auckland), Volume I, Issue 216, 1 December 1927, Page 15

Markets and Money

, LONDON WOOL SALES

COMPETITION VERY KEEN Vy Cattle. —Preys .Association.—Copyright Reed. 10.24 a.m. LONDON. Wed. At the London •w 00l sales 8,713 bales were offered, of which 4.483 were Australian and 4.330 New Zealand. There was a medium selection of .Merinos, except West Australian,

which were mostly re-offerings, and an average selection of crossbreds. Competition was very keen for •verytliing. and prices were fully maintained.

New Zealand Wools.—Gray hill, 47d top; 4tid average.—A. and N.Z.

HOWARD, ABBOTT, LTD.

DIVIDEND OF 10 PER CENT. A dividend of 10 per cent, is tangible evidence of a profitable year’s trading of the firm of Howard, Abbott, Ltd. At the fifth annual meeting of the company held recently the directors’ report stated that a s:eady volume of business been maintained.

The new factory and warehouse building was completed and occupied early in February New machinery was installed and the whole plant was transferred to the new premises without serious interference U> business.

In moving into the new building, considerable improvement in layout was effected by placing machines so that work was always a forward process. Much time previously lost in handling was thus aaved. Finished goods were delivered to the packing department by the gravity nodrtiod. Shifting of plant and machinery and expenses in connection with building operations accounted for a large portion of the year’* heavy expenditure, and after making provision for all contingencies and reserves for depreciation, bad debts and Income tax, the directors recommended the payment of a dividend of 10 per cent. This recommendation, involving the sum of £1,600, was adopted. A bonus was also •hotted to the staff. The retiring directors, Messrs. 11. C. Abbott, F. Furnell, W. Rodwelt, S. Takle, •nd P. C. Totman, were unanimously reflected.

PUBLIC TRUST OFFICE

OCTOBER BUSINESS The following particulars of the loan transactions of the Public Trust Office •nd new business reported during the month ended October 31, 1927, have been supplied by the Right. Hon. the Prime Minister:— The amount paid out in settlement of Hew loans was £183,662, making a total of £1,621,539 since the beginning of the present financial year on April 1 last. Further new loans to the amount of £77,725 were granted, making the total Of new loans awaiting settlement £59 4,-30. (tile offers of loans less than the full advances applied for amount to £123,0t>0 — a grand total of £720.640. Applications for additional new loans •mounting to £200,332 are receiving attention.

The new business for the month was y-ry satisfactory—estates to the value of £576,736 having been accepted for administration, making the total of new business for the seven months from April 1 last £3,601.442. This amount is greatly in excess of the new business for the same Period during the previous year. New wills deposited for safe custody by testators appointing the Public Trustee tlieir executor numbered 457, and the total now held is 56,136.

LONDON TALLOW SALES

Under date November 30, the London 0-uce of Dalgety and Co. cabled as fol- “ Tallow: 725 c-asks offered and 14 per cent sold. Trices are Pd a cwt. lower.” SOUTHERN EXCHANGES Press Association. Christchurch. —Sales on ’Change: Australian Bank of Commerce, 32s 6d: Commercial Bank of Australia. 29s Id (two Parcels); Howard Smith, 2Ss 9d; British Tobacco, 53s 9d. Dunedin.—Sales reported: Mount Lyell, ->■‘•3 6d; Electrolytic Zine, 325.