SATISFACTORY YEAR

Evening Post, Volume CXXVIII, Issue 26, 31 July 1939, Page 12

SATISFACTORY YEAR

MORRINSVILLE DAIRY CO.

•Notwithstanding a reduced output of 352 tons, Morrinsville Co-operative Dairy Company made an average payment for butterfat of 16.265 d per lb, against 14.902 d per. lb last year, and added £1052 to reserves. Mr. F. W. Seifert, chairman, .in reviewing the company's activities, said the output was 3529 tons, against 3831 tons, a decrease of 352 tons, or 9.00 per cent, on the previous season. Mr. Seifert said the reduction of 352 tons meant a loss of £52,000 to the company, or an average of £86 to each supplier. The country as a whole had shown a reduction of 18,000 tons of dairy produce in 1938-39, and 12,000 tons in 1937-38, which meant a loss of £4,000,000 to dairy farmers over the two seasons, with butter selling at 115s per cwt, London. Mr. Seifert said he thought a better season could be looked for during 1939-40. Referring to costs, Mr. Seifert said that for the last season these represented 1.85 d per lb butterfat, including all charges from farm gate to f.o.b. For the previous season the costs equalled 1.77 d per lb. He was satisfied the costs of the company generally would have been much greater but for the efficient management of the secretary-manager. Taking all the factors into consideration, Mr. Seifert said the company's pay-out could be regarded as being very satisfactory. PRICE OF GOLD (By Telegraph— Press Association —Copyright i LONDON, July 29. The price of gold per fine ounce is 148s 6_d. s. d. July 28 (1939) 148 G.\ December 1 Q938) 143 Gi November 1 146 Ql October 1 148 GA September 1 143 Oi August 2 141 8~ July 1 140 9 June 1 ' 140 7.'; May 2 (1938) 139 6_ During the European crisis at the end of September 1938, the price reached 147s (September 28). On January 4, 1939, record price of 150s 5d was made The price between February 1 and April 29 has varied from 148s 2_d to 148s 7_d. FRENCH FRANC <By Telegraph—Press Association—CoDyrlcht.i LONDON. July 29. Sterling exchange on Paris, 17GJ Cranes tq £1. Francs. 1938. July 28 1761 Maj- 7 179 7-8 March 26 163 15-15 Par with sterling, 123.31 francs to £1. j DOLLAR AND STERLING (By Telegraph—Press Association—Copyright, i LONDON, July 29. Sterling exchange. London on New York, 4.68 1-8 dollars. Dollars. July 28 (1939) 4.681 March 1 (1938) 5.02 London on New York on August ' } 1938. was quoted at 4.90i| dollars lo £1 sterling, but during the European crisis on September 28 the rate was 4.63 and during October it varied between 4.78. and 4.75 3-8. The range for 1939 was 4.62J (January 4) to 4.69£ (February 15); since then the rate has been relatively constant at from 4.68 1-8 to 4.683. FOREIGN EXCHANGE RATES Closing direct rates as quoted by the Bank of New South Wales, Wellington, today, for buying and selling foreign currencies, based on New Zealand currency, were as follows:— Buying. Selling. £ s. d. £ s. d. London—fiXZ to £st«. 100 T.T 124 7 6 125 0 0 O.D 123 18 9 124 19 0 Australia—£A to £N2 100 T.T 100 10 0 100 0 0 O.D 100 10 0 100 0 0 Fiji—£F to £NZ 100 T.T 90 0 0 SS 12 0 O.D. 90 0 0 8S 12 0 Union of South Africa— £NZ to £SA 100 T.T 123 4 3 124 17 0 O.D. 122 17 0 121 17 0 New York—Dollars to £ NZ 1 T.T. 3.7741 3.7310 O.D. 3.7704 3.7320 llot> Teal —Dollars to £ • NZ 1 T.T. 3.7713 3.7314 O.D. 3.7500 3.7324 Beieium—Belgas to £ NZ 1 T.T. 22.260 21.950 O.D. 22.333 21.955 Denmark—Kroner to £ NZ 1 T.T. 18.140 17.830 O.D. 15.200 17.532 Finland—Marks to £ NZ I T.T 181.85 179.03 O.D 155.25 179.13 France—.Francs to £ NZ 1 T.T. 142.97 110.47 O.D. 111.22 110.49 Cermatiy—ltelclismai ks p£X2 1 T.T. — 9.2G5 O.D. — 9.267 flroece -Drachmae to £ NZ 1 T.T. — 420.20 O.D. — 429.35 Holland—Florins to £ NZ 1 T.T. 7.147 0.997 O.D. 7.187 0.999 Italy—Ll ro to £XZ 1. T.T. — 70.93 O.D. — 70.97 Java—Florins to £NZ 1 T.T. 7.120 G.97G O.D. 7.100 0.978 Norway—Kroner to £ NZ 1 T.T. 16.129 13.539 O.D. 16.159 15.842 Noumea—Francs to £ NZ 1 T.T. 143.47 138.72 O.D. 140.37 135.70 I'a •••">!_■■ Francs to V NZ 1 T.T. 144.87 135.87 O.D. 14G.37 138.91 Sweden—Kronor to £ NZ 1 T.T. 13.741 15.440 O.D. 15.501 15.449 Swl'zc-land —Francs i£NZ 1 T.T. 16.792 10.522 O.D. 16.892 10.525 Hong Kong—N.Z pence 10-l dollar T.T IS 1-8 l_y, O.D. 18 3-32 ISV" India and Ceylon—N.Z pence to 1 rupee T.T 22 3-16 22 15-3 0:D 22 5-32 22 15-32 Japan—N.Z. pence to 1 yen. ...' T.T. — 17 37-6} O.D. - 17 37-04 Mauila —N.Z. pence to 1 peso T.T 3133-64 32 J-32 O.D 31 27-01 32 7-32 Sintiapore—N.Z. pence. to 1 dollar T.T 3.51-64 33 9-32 O.D: 34 45-04 35 9-32 The £1 is £1 in New Zealand currency The rates are subject to alteration without notice. Based on the. rates quoted above the New Zealand pound, compared with its original par value, is equivalent to approximately 16s in London £1 in Australia 15s 4d in US A 15s 4}d in Canada, £1 2s 7id in France, 15s 4^d in Italy 9s 03d in Germany lis G_d in Java, and. £1 7s ll_d in Japan. JAVA EXCHANGE. (By Telegraph—Press Association—Copyright.) LONDON, July 29. Sterling exchange on Batavia, 8.79J guilders to £1. 1 The rate on July 28 was 8.79. Par with sterling is 12.11 guilders to £1. DOLLAR RATES. The Associated Banks (other than the Bank of. New South Wales) quoted the following dollar rates today on *» New Zealand currency basis They are subject to alteration withoui notice:— U.S.A Canadian Dollars Dollars (per (per £NZ). £NZ) Selling— T.T 3.72 1-8 3.72 O.D 3.72 3-8 3.72} . Buying— I O.D 3.7715-16 3.78