BRITISH RAILWAY LOSSES

Sun (Auckland), Volume II, Issue 404, 12 July 1928, Page 12

BRITISH RAILWAY LOSSES

$100,000,000 DROP IN SHARE VALUES LONDON, July 3. The news ya ers are giving promipencc to a. seriouls 113111810131 POSitlc’,“ disclosed by/thc accounts of the Britlsh railway companies, as a. result of the increasing competition of road traffic. The total revenue of the four great com—panies for the first half of this year was £4,530,000 below that of the corresponding six months of 1927. \ \Vorking time at some of the largest railway workshops has been reduced to four days a'week with a View to economising. The passenger and goods revenue of all the companies last week was £280,000 below the total receipts m the corresponding week of last year. The position is reflected on the .StQCk Exchanges by an aggregate deprecmtlon of £100,000,000 in the market value of the railway companies’ shares. An improvement in the iron and steel industries, following the rate relief granted them in the year's budget, would materially help the railways by provxd—ing them with more freight. Meanwhile there is a. very hopeful growth in the movement toward more friendly co—opera—tion between the managements and working staffs. One indication of this new spirit has been seen at the conference of the National Union of. Railwaymcn, where a, motion to dissociate the union from the Industrial Peace Conference was rejected by 64 votes to 16. The conference endorsed the. peace policy of its execu—tivc. DISTRICT STOCK SALES Auctioneering firms report on district stock sales held during the week as follows: The New Zealand Loan and IVlercalltile Agency Company, Ltd., reports: \Ve held sales during the past week at Westfield, and Maungakaramea, and two clearing sales. All classes of cattle sold read:lly at late rates. We quote: Dairy cows land heifers, best, £9 10s to £l4 105; lothers, £5 105 to £9; aged cows and inferior heifers, £3 105 to £5; bulls, £2 105 to £ll 125 6d, according to weight; yearling heifers, best, £3 105 to £5 105; others, £1 105 to £3; yearling to 18months steers, £2 105 to £8 17s 6d; 2 to 2;-year steers, £4 to £5 55; 3 to 3;— year steers, £5 75 (id to .456 105; 4 to 45year steers, £6 12s 6d to £7 75 6d; grown steers in forward condition, £7 105 to £8 55; store cows, £2 105 to £4 55. Alfred Buckland and Sons, Limited, report: During the week we held sales at \Vestfield, Pukekohe, Waiuku, \Vellsford, Helensville and Tuakau, and three clearing sales. There were larger yardings of cattle, the demand and values for which were similar to recent reports. More than the advertised number of sheep came forward at Tuakau, and sold at about ruling values, only two lines failing to change owners. Best dairy cows at profit made £ls to £lO 105; extra to £25; good cows, £ll to £l4 105; second-grade cows, £7 to £lO 105; aged and inferior, £3 105 to £6 155: best springing heifers, £lO 105 to £ls; others, , £6 105 to £10; empty young cows and heifers, £3 105 to £5: store cow-. 5, £1 155 i to £3 75 6d; fut .\‘oung cows and heifers, £7 to £lO 55; lighter heifers and aged (‘o\\'S, £5 «SS 10 I‘6 175 6d: boner cows, 332‘ 105 to £5 '_‘s Gd: fat steers. £ll 155 to £l4 55; grown steers in forward 'condition,‘ £5 to £9 75 (id; 3; to 4-year-old steers.“ £5 105 to £7 175 6d; 2 to 3-year-old‘ steers, £4 155 to £6 55; yearling to 18-‘ month-old steers, £3 55 to £4 125 (3d;l well-bred yearling heifers, £4 to £5 135; other yearling heifers, £2 105 to £3 155; cows with calves, £5 105 to £8 105; heavy bulls, £6 105 to £9; sound young herd bulls, £5 55 to £lO 105: other bulls. £2 to £5: heavy prime wethers, £1 195 6d; forward wethers, £1 135 to £1 155; store wethers, £1 95 to £2l 125 6d: ewes in lamb, £1 105 6d to £1 135; aged ewes in lamb £1 15 to £1 55 6d: best woolly hoggets, £1 15 to £1 45 6d: shorn. 185 to £1 15: other woolly hoggets, 175 to £1; shorn, 145 to 17s 6d: small hoggets, 115 to 13s 6d.