LATE COMMERCIAL

Press, Volume LXIII, Issue 19172, 1 December 1927, Page 12

LATE COMMERCIAL

BUTTER MARKET IN U.S. POSSIBILITIES FOR N.Z. PRODUCE. (BY CIBLB-PMS3 ASSOCIATIOK—OOPTBIOHT.) (AUSTRALIA* AND N.Z. CABUB ASSOCIATION) NEW YORK, November 29. The United States Department of Agriculture states that the statistical position of butter throughout the country is such that the American .market holds out no opportunities for Australian and New Zealand produce at the present time, although the United States is now entering the low production season. Storage holdings of but. ter are unusually heavy, totalling Ibd,037,000 pounds at September Ist, and 147 412,000 pounds on October 7th. The Department pointed out that prices for the best native grades have not been higher under the 12 per cent, tariff than the prices prevailing in foreign markets. New \ork buttor prices at Septomber 27th were between 49 cents for 93 point, to 41 cents for 87 point. , . Local wholesale and importing houses, however, are inclined to disagree with the Department. Ihey state that foreign importations to the local markets have recently been virtually non-existent, and Chicago houses state' that little foreign butter has reached that city in the last three York dealers express the belief that prices will remain steady,, or may possibly rise somewhat, indicating that a market could be made for fresh high point Australian and New Zealand butter, packed in tubs. Chicago dealers point out that some British and Dominion butters which reached Chicago brought lower prices because they were packed m boxes. New York merchants predicate their belief that the local market will absorb Australian ~and New Zealand butters chiefly on the taste which has been developed for them here. They point out that British and Dominion butteis reaching New York via London in 1926 had a total value of 771,000 dollars, exceeding even the Danish importations, which totalled 624,000 dollars. U.S. BUTTER MARKET. INCREASE IN PRICE. [THB PRESS BpecUl B«rvie».J WELLINGTON, November 30. Mr T. C. Brash, secretary of the New Zealand Dairy Board, was informed of the United States' Department of Agriculture's report and comments on the statistical position of butter. "It is incorrect," he said, to say that the 12 cents <6d per pound) duty on foreign butter has not had the etfect of raising the price of Americanmade butter. The quotations prove the contrarv, for, with the price ot highest grade American butter at 4» cents per pound (say over 2s per pound) and the London current price to-day of 172s to 174s for finest New Zealand butter, there is a difference of 50s per cwt, representing roughly the 6d per pound duty. # "It is admitted by experts in the trade in America, dairv authorities and wholesalers, that our best New Zealand butter is equal to, or better than, the best grades of American-made butter, so that on quality it is entitled to the fullest respect, but there is a certain amount of sentiment in this business in preference for American fresh butter. To say that the 6d per pound duty has not had the effect of raising the price of the best grades of Ame-rican-made butter in the States above prices obtaining for best grades of butter in foreign markets is simply incorrect."

COMPANY REPORTS.

QUEEN'S THEATRE, WELLINGTON. [THE PRESS Special Service.] WELLINGTON, November SO. The gross income of the Wellington Queen's Theatre Company, Ltd., for the year ended October 31st last amounted to JE2687, as compared with £2717 last year. The general expenses, taxes, etc., totalled £lO2l against £B4O, and there was allowed for depreciation £852 against £376, leaving a net profit of £lßl3 against £I6OO. With £1076 brought forward; the amount available for distribution is £2389. The dividend of 10 per cent, absorbs £I2OO, leaving to be earried forward £llß9. During the year the mortgage on the company's property was reduced by £SOO. The paid-up capital of the company is £12,000, Mortgage and accrued interest stand at £6060 against £6565, and sundry creditors £9 against £5. The assets total £20.540, and comprise freehold land and buildings £}8,030 against £18,351, furniture, piano, machinery, and plant £94 against £125, War Loan and Post Office Savings Bank deposit £1763 against £IBB9, sundry debtors £443 Bgainßt £247, and cash in bank and in hand £129 against £531. The report states that a considerable expenditure was incurred during the year for repairs and renewals, and it is hoped that further expense will not be necessary for a considerable time. WELLINGTON BUILDING SOCIETY. [THE PBESS Special Service.] WELLINGTON, November SO. Mr W. Wright presided at the annual meeting of the Wellington Permanent Building Society. He stated that he anticipated the wiping-out of the whole of the preliminary expenses during the coming year. That being so, the company would then be in a position to pay an extra 1 per cent, dividend next The report and balance-sheet were adopted, showing that at November Bth the fixed capital had increased from £23,730 to £83,110, and it was proposed to continue the issue of "A" shares. Loans on mortgage amounted to £58,986 lis 3d, an increase of £29.575 16s 6d during the year, and deposits showed an increase of £26.231 2s Bd. The net profit for the year, together with a small balance brought forward from 1926, was £1940 10s 2d. The directors recommended that a dividend at the rate of 6 per cent, per annum be declared on the paid-up capital, and also 6 per cent, on the "B" shares, which will absorb £1378 4s sd; that the sum of £432 be written off the preliminary expenses, and that the balance of £l3O 5s 5d be carried forward to the current year. Messrs Dean and Wright, who retire from the directorate, were re-elected. The auditors, Messrs Petherick and Webb, were also The directors were granted £IOO fees, CEREALS AND POTATOES. [THE PRESS Special Service.] WELLINGTON, November 30. Areas under wheat, oats, barley, and other crops in the Dominion are reported by the Government Statistician to November Bth to be:—Wheat, 270,000 acres; oats, 312,000 acres; barley, 21,500 acres. The corresponding final totals for the preceding season (1926-27) were 221,689 acres of wheat, 386,762 acres of oats, and 30,414 acres of barley. Wheat will have an estimated increase in area this season of 48,311 acres, oats a decrease of 74,762 acres, and barley a decrease of 8914 acres. The Statistician also estimates this season's area under potatoes as 5100 acres in the North Island, 17,100 in the South Island, or a total of 22.200 acres. Actual figures for the 1926-27 season were 5942, 18,674 and 24,616 acres respectively. Only holdings of one acre and over outside borough boundaries are covered by these figures. A fair aggregate area of potatoes is also grown on smaller holdings and within boroughs. Reckoned on the average of the last five seasons. 5.84 tons per acre, the total yield from this season's area would be 118,500 tons, as compared with a total actual yield of 116,771 tons for 1926-27, in which the per-acre yield was below the average.

CUSTOMS RETURNS. LNCREASE IN BEER DUTY. The Customs returns for November show an increase only in the beer duty, this being £204 8s 2d more than last year. For the eleven months of 1927 the Customs returns show a decrease of £14,800 18s 6d on last year's figures. Following are the complete returns: —

WELLINGTON. [THE PRESS Special Service.] WELLINGTON, November 30. A slight decrease in the Customs revenue collected at the port of Wellington in November is shown when compared with the corresponding month last year. The figuros are:— November, 1927—Net Customs, £189,083 15s 7d; beer duty, £5297 19s lid. November, 1926—Net Customs, £IOI,OBB 4s 6d; beer duty, £5570 18b lid.

DECREASE IN DUNEDIN.

(PMSS ASBOCIATIO* TELIORAM.) DUNEDIN, November 30. Customs revenue collected at Dunedln during November showed a decrease in comparison with the returns of the corresponding period of last year. The figures, those for last year being in parontheses, are as follows:—Customs, £53,519 1b 5d (£08,629 8s 6d); beer, £19,235 lis Id (£27,197 2s 4d). SYDNEY WOOL SALES. (AUSTRALIAN AND H.Z. CABLE ASSOCIATION.) (Received December Ist, 12.5 a.m.) SYDNEY, November 30. The -fifth series of wool sales lias closed, and the sixth starts on December 12th. The market closed strong with good general competition, particularly from the Continental and Japanese sections, at prices ruling. During the week" comebacks and crossbrods wore particularly strong.

£ t. d. Net Customs, Nov., 1927 82,275 8 S Nat Customs. Not., 1026 95,834 16 2 Net decrease, Nov., 1927 1S.559 7 11 Net Customs, Oct., 1927 74,622 2 8 Decrease, Nov., 1927 .. 7,653 5 7 Net Customs, Jon.-Nov., 1027 1,055,004 18 6 Net Customs, Jan.-Nov., 1926 1,069,314 17 0 Decrease, Jan.-Nov., 1927 14,309 18 6 Beer duty, Nov., 1927 8,910 7 6 Beer duty, Nov., 1D26 8,705 19 4 Not increase, Nov., 1927 204 8 " Beer duty, Oct., 1937 .. 6,790 4 2,130 3 1 Increase, November . • a Beer duty, Jan.-Nov., 1927 79,784 15 2 Beer duty, Jan.-Nov,, 3926 80,694 7 4 Decrease, Jan.-Nov. 1927 900 12 2 Meat Export Levy. Collected, Nov., 1937 . . 112 6 9 Collected, Nov., 1926 . . 187 0 7 Decrease, Nov., 1927 .. 74 13 10 Collected Jan.-Nov., 1927 6,349 12 10 Collected, Jan.-Nov., 192G 5,774 2 11 Incroaeo, Jan.-Nov., 1927 575 9 11 Butter and Cheese Levy. Collected, Nov., 1927 .. 67 17 11 Collected, Nov., 1926 .. 85 14 4 Decrease, Nov., 1927 .. 17 16 6 Collected, Jan.-Nov., 1,927 998 18 0 Collected, Jan.-Nov., 192G 1,177 5 8 Decrease, Jan.-Nov., 1927 178 0 8 Honey Levy Collected, Jan.-Nov., 1927 24 18 2 Collected, Jan.-Nov., 1926 26 18 11 Decrease, Jan.-Nov., 1927 3 0 9