GLUT IN PIANOS

Daily Telegraph (Napier), Volume 58, Issue 216, 12 October 1929, Page 11

GLUT IN PIANOS

As a result of American selling methods the annual reporb of Beale and. Co., Ltd., points out, Australia, during 1925, 1926, and 1927, bouglit from the United States more pianos aqd player pianos than from the whoie of the rest of the world. I11 that period more than half the eutire experts of American pianos were feliipped to Australia. The quality of masses of the pianos was low, and importers, retail purchasers, and even the exporters themselves made sexere Josses. Manufacturers of the inferior instruments, it is said, are now out of business, as also are some of the importers. But the market is not yet cleared. Offered at mueli u ndcr cost, the instruments are gradually being traded off to ihe public, with evil effect all round. No profib and loss acconnt is issued by Beale and Co., but the "sta.tement of assets and liabilities" show nssets at £646.290, and external indebted-' ness at £176,299. tbe balance of £469,991 being repre.sented by capitnl £310,000, and reserves. undistributed profits, and commutations against hire balances £59.991.