Commerce, Mining, & Finance

Evening Star, Issue 22146, 28 September 1935, Page 14

Commerce, Mining, & Finance

TAIERI AND PENINSULA MILK SUPPLY CO.

FIFTY-FIRST ANHOAL MEETING The fifty-first general meeting of shareholders of the Taieri and Peninsula Milk Supply Company Ltd. was held yesterday, and was well attended. Edward Y. Aitken, chairman of directors, presided. Before proceeding with the business of the meeting, reference was made to . the loss to local dairying interests through the deaths of Mr W. iE. M'Lean, manager of the Co-operative Dairy Company of Otago Ltd., and Mr H. M'Lean; manager of the Otago Producers' Cool Storage Company Ltd. Moving the adoption of the directors’ ■ report, balance sheet, and accounts, the Chairman reported that the .year under review was the hottest and driest experienced for many years, and, in addition to affecting supplies, had a very detrimental effect on the quality of both milk and cream, if Anything, the standard of cream grading was higher than previously. ■ There w'as a considerable ' increase in the number of suppliers, and but for the dry season, the company would have had a record output. As it was, the output was well over 1,000 tons. Low prices again operated for the season, and it was < gratifying to be able to report that the returns for butter-fat, compared .with the year previous, showed an increase of approximately lid per lb, whilst returns to milk suppliers for town supply show.ed a . slight increase; The plight of the dairy industry, continued, Mr Aitken, gave rise to the appointment of. the Royal Dairy Commission, and, following its report, the Executive Commission of Agriculture was established, and the Dairy Board was reconstituted, now comprising three Government nominees and four representatives elected by the producers. At ■ the annual conference of the . Dairy ■ Board, hold last week, far-reaching marketing schemes were approved, one for the marketing of butter'and cheese overseas, and the other to control the sale of butter in New Zealand. As it would take.time, and as legislation was necessary to enable these schemes to be put into operation, they would not come into force until, August 1, 1936. Factories were not yet conversant with the details. : Both the Executive Commission and the Dairy Board were using their endeavours to influence interests so that the costs of manufacture might be reduced by eliminating overlapping of cre'am collection and in some districts • reducing the number of factories, so that tho costs of manufacture might be reduced to a minimum. It was, to be hoped that the work of these-two bodies would be the means of effecting advantageous savings to the industry. On September 12 new regulations were gazetted, stated the speaker, providing that supplies to a factory could not be diverted to another after October 1,,1935, without first having the sanction of the factory receiving the cream. The regulation provided that the supplier must continue to send his supplies to a factory from October 1,. 1935, until June 30, 1936. During July and August, 1936,. he would have the ! option of sending his supplies anywhere he wished, but'as from September 1, 1936, he would not be able to change ■ for that season from one factory to another without the factory’s consent. Sales of milk and cream showed a considerable increase, and in face of the severe competition the sales must be considered satisfactory. The system of bottled milk delivery was now well established, and to enable the company to cope with the increased business four- ■ wheeled horse-drawn pneumatic-tyred • wagons were now mainly iiscd, and to handle more adequately the output on certain routes, two motor lorries had been added ot the company’s fleet of delivery wagons. : Tie dealt at length with the balance sheet figures, pointing out the* very sound financial position of the company 1 , and referred to the substantial further payment that had already been made to suppliers and to the recommendation of the payment of a dividend at the rate of 4 per cent, per annum. ‘ The report was adopted. It was decided that the dividend be paid not later than the middle of October. / . . The two retiring directors, Messrs Edward Y. Aitken, (Higbcliff) and William Robertson (Middiemarch), were re-elected for .a further term. Messrs William Brown and Co. were again elected auditors. At a subsequent meeting of directors Mr Alfred J, Gall was elected chairman for the ensuing year. PR!GE OF GOLD Press Association— By Telegraph—Copyright .LONDON, September 27. (Received September'2B. at noon.) The price.of gold is quoted at L 7 Is 6Jd per ounce.

FOREIGN EXCHANGE ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dujicdin, quoted tlie following rates for purchase and sales of foreign exchange (all rates subject to alteration without notice)':—

DOLLAR RATES. The Associated Banks (oilier than the Bank of Now South Wales) quoted the following dollar rates to-day on a New Zealand currency basis. They arc subject to alteration without notice; — U.S.A. CANADA. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. (dol) 3.93| 3.98 g O.D, (dol) 3.94* 3.98| BUYING—' O.D. (dol) 3.98£ 4.031 METAL MARKET Press Association —By - Telegraph—Copyright LONDON, September 26. The following are the official metal quotations:— Copper.—Spot, £34 16s 10 id per ton ; forward, £35 4s 4sd. Electrolytic.—Spot, £39 ss; forward, £39 15s. Wire bars, £39 15s. Lead.—Spot, £l7 6s 3d; forward, £l7 6s 3d. * , Spelter.—Spot, £l6 6s 3d ; forward, £IG ss. Tin.— Spot, £228 17s 6d; forward, £2lO ss. Pig Iron.—Home trade. £3 7s Gd; export. £3 2s 6d. Antimony.—British, £72; foreign, £sl. Molybdenite,' £1 14s 6d per unit. Wolfram, £1 13s 6d. Silver.—Standard, 29*d per oz; fine, 31 9-16 d. ■ BULOLO SHARES Press Association—By Telegraph—Copyright LONDON, September 27. (Received September 28, at 11 a.m.) . Bulolo shares are quoted »t £6 12s 6d.

STOCK AND SHAREBROKERS. BULLETIN. . WE OFFER, SUBJECT TO SALE OR

WE HAVE BUYERS FOR.— ICO N.E. Farmers’ Co-op. Ord. 200 Dunlop Perdriau. 200 Mortgage Corporation. 500 Jones Nevis. 250 Waitahus. 100 Quartz Mountain. , 4 Afforestation Etd. Shaves. 5 Australasian Forestry Bondholders’ Trust Co., Cevtilicates of Ownership. THE SECURITIES CORPORATION (N.Z.) LIMITED, ALLIANCE ASSURANCE BUILDING. 20 CRAWFORD STREET. DUNEDIN. Telephone 11-777 (three lines). Telegrams: “Toscol.” ___

CANTERBURY MARKETS demand for potatoes QUOTATIONS REACH £lO A TON. [Per United Press Association.] CHRISTCHURCH, September 27. Interest in the gram and produce markets has, of course, 'continued to centre in potatoes, and the market has iirmed another £1 since Tuesday. E. 0.8. quotations arc now £l6 a ton, and even at that price there is a very strong demand from Auckland. It now seems definite trom all northern ieports that potatoes will be wanted from here till well into November, and the prospects of the market are entirely dependent on the quantity of potatoes still .held in Canterbury, either on store or on the farms. Fair quantities are still to come from both sources, but it appears highly doubtful whether there will bo enough to meet local requirements as well as to keep Auckland supplied. It is, perhaps, significant that the price for seed has gone up considerably, any seed being now worth £5 to farmers. In some instances Auckland firms, which earlier refused seed on the ground that it was too late for planting, and had criticised the quality of the Canterbury potatoes, are now keen buyers, and it is not unlikely that some at least of this seed is going into consumption. Locally, large seed is being freely used for table consumption. A boat this week got away with a little more than 9,000 sacks, a fair proportion of which was seed. There has been a small trade in seeds with the country lately, but the demand is not nearly as steady or ns big as it is_ normally. Oats arc’ unchanged, but there has been a small inquiry for them recently In place of the absolute neglect they suffered previously. LONDON WOOL SALES GREASY MERINO IN DEMAND Press Association—By Telegraph—Copyright LONDON, September 27. (Recevied September 28. at 11 a.in.) At the wool sales 7,494 bales were offered, including 1,791 from New Zealand. About 5,880 bales of Australian and New Zealand were sold. There was brisk competition at full rates. Rest greasy merinos are now 5 to 71 per cent, above July closing rates. Ordinary merino cross-brecls are unchanged. New Zealand slips, half-bred lambs, “ Belfast,” top 15Jd, average 15id. Messrs Murray, Roberts, and Co. Ltd. have received-the following wool market cablegram from their London agents, Messrs Sanderson, Murray, and Elder Ltd., dated 27th inst.: —“Sales continue with a good tone; competition keen. Compared with last London sales closing rates, inerinq, best descriptions, advanced 5 per cent.; cross-bred greasy fine, market firm: cross-bred greasy coarse, market firm.” DDLLAR AND FRANC Press Association—By Telegraph—Copyright LONDON, September 27. (Received September 28, at noon.) The dollar is quoted at 4.91 7-16, and the franc at 74 9-16.

Buying, Selling, London — £100 slg. N.Z T.T. £124 £124 10/ £124 8/9 O.D. £123 10/ Australia— ! £A to £100 £100 10/ N.Z T.T. £101 Fiji— £P to £100 N.Z T.T. £90 7/6 £89 New York — Dollars to £1 3.93-5 N.Z T.T. 3.97| O.D. 3.99/, 3.945 Montreal— , Dollars to £1 N.Z ... T.T.' 4.915 3.98 O.D. 4.03 3.98/ France— Fiwms to £1 N.Z ... T.T. 60.57 59.27 O.D. 60.87 59.32 Noumea— Fr'in'-s to £1 N.Z, ... T.T. 61.52 58.52 O.D. 61.92 58.57 Papeete— 1> ratios to £1 N.Z, ... ■ T.T. 61.52 58.52 O.D. 6L92 58.57 Belgium— Bolga> to £1 23.074 N.Z T.T. — ■■ O.D. — 23.089 Germany— £1 Reicl’uiavks to N.Z. ... T.T. — 9,610 O.D. —' 9,615 Italy- ■ Lire to £1 N.Z. ... ... .. T.T. O.D. 47.74 47.78 Switzerland— Fra nes to £1 N.Z.’ ... T.T. ■\ 12,372 11.972 O.D. 1 12.447 11.982 Holland— . Florins to £1 N.Z ... T.T. 5.984 5.734 O.D. 6.034 5.738 Java— Fl-.v-s to' £1 N.Z. ... ... ... T.T. 5.963 5.738 O.D. ' 6.013 5.742 Japan— 1 N.Z. pence to 175 17 47-64 yen ... T.T. O.D. Shanghai— N.Z. pence to 1 23 9-16 dollar ... T.T. 22i Q.D. 23/ India and Ceylon— N.Z. pence to 1 ■ 22 23-32 rupee ... T.T. 22J O.D. 22 k 22 21-32 Hongkong— N.Z. pence to 1 29 15-16 31 dollar ... ... T.T. O.D. 29 13-16 30 15-16 Singapore— • N.Z. pence to 1 34| 35 5-16 dollar ... T.T. O.D. 345 355 Sweden— Kroner to £1 15.458 N.Z. ... T.T. 15.788 O.D. 15.828 15.468 Ncway— Kroner to £1 N.Z ... T.T.\ 16.199 15.869 O.D. 16.239 15.879 Denmark —' Kronor to £1 N.Z. ... ... .. T.T. 18.208 17.878 O.D. 18.248 17.888 Austria— Schillings. to £1 20.43 N.Z. ... ... ... T.T. — O.D. — 20.45 Czechoslovakia— C”owns to £1 N.Z .... T.T. — 95.26 O.D. — 95,31

WITUUKAWAL:- £ S. d. £650 4 per cent. Stock, 1937-40 ... 101 17 6 £650 4 per cent. Stock, 1945-46 ... 107 0 0 £160 4 per cent, Bonds, 1937-40 101 15 0 50 Tiniaru Breweries , (fully paid ) 0 13 3 280 Commercial Banks _ 0 16 5 50 National .Bank of N.Z. 3 13 3 21 Bank N.Z., Bong D ... ... 1 13 9 50 National Bank of A’asia (emit ) ... ' 6 17 0 50 Miiburn Lime and Cement ... 2 4 6 100 Taupo Totara Timber 0 7 4 500 Bendigo Goldliglit 0 0 500 Waipapa Beach 0 1 7 100 Emperor Fiji 1 8 0