Commerce, Mining, Finance

Evening Star, Issue 23691, 26 September 1940, Page 7

Commerce, Mining, Finance

TAIERI AND PENINSULA MILK COMPANY'S YEAR PRIMARY PRODUCTION LOWER The fifty-sixth annual meeting of shareholders of the Taieri and Peninsula Milk Supply Company Ltd. was held yesterday. Mr A'. P. Fleming (chairman of directors) presided. In his address, the Chairman said that many emergency regulations had had to ho invoked owing to war conditions, and normal trading had been seriously upset. The company had nine members of ils staff either in camp or overseas, and others were waiting to be called up. Mr ,J. M‘Knight had joined the National Reserve, ami was a regimental sergeant-major. AH would wish these men good luck and a safe rel urn. . . Following the severe climatic conditions experienced last spring, feed was scarce, and the stuck wore in poor condition, with l ho result that production throughout Otago showed a marked decrease. The output for , season was 789 tons of butler, but this was higher than that of any company in Otago. Tho tendency was for producers to reduce their herds, so that they could be bandied without employing labour, and this was a factor in reducing the output of dairy produce. The guaranteed price was tho same as in the previous season—namely, 14.89 d for finest butter. The advance payment for butter-fat throughout the season was Is 2d per lb, and with the further payment made on August 2-1 the average payment over all grades, was 15.03 d per lb—a slight increase compared with the previous year’s average. Tho Government bad negotiated the sale to the United Kingdom of the whole of Iho output of butter and cheese exported from tho Dominion for tho coming season, at the. same price as the previous year, but it was not yet known if an increase would ho made in the guaranteed price. Now Zealand had been asked to make an extra 15,000 ions of cheese. This was required for the war effort, ami regulations had been ■■■azotic,l governing and controlling supplies of milk to cheese factories to enable this extra tonnage to be made available. If no increase were made in the guaranteed price, the producer would be m a worse position owing to rising costs, not only in the factory, but' on tho farm. Sales of milk retail showed an increase compared with the previous year, and under the milk-in-schools scheme the company continued io supply milk to all schools in the city and suburbs, and as, far as Port Chalmers and Mosgicl. The retail price of milk was the same as in the previous year. It had been found necessary to extend ami equip the factory atOamaru with modern plant and machinery. Promises and plant in Dunedm had been kept in excellent order and repair. Dealing with the accounts, (he Chairman said the balance in the appropriation account was £12,922, after being credited with £7,480 from the hiittcr-maiiiifacl-urmg and marketing account. The cost per pound hutlcr-fat this rear was 3.87 d, compared with 3.676 d, The balance sheet revealed that the assets were all taken at

very conservative values. Payments to producers, both suppliers of buttev-fat and of milk for town supply, were higher than for the past 10 years. The directors wished to make some provision for the loss incurred in the purchase of the Waitaki Dairy Company, and after due consideration deemed it wise and prudent that no dividend should be paid this year. The report and balance sheet were adopted. Tho retiring directors, Messrs E. Y. Aitken and William Robertson, were reelected unopposed. At a subsequent meeting of directors, Mr Robertson was elected chairman for the ensuing year.: Messrs J. S. MTnnes and Sons were elected auditors for tho ensuing year. CANTERBURY STOCK HIGH QUALITY CATTLE LARGE YARDIHG FAT SHEEP fl’iiit United Press Association.] CHRISTCHURCH. September 25. A much heavier yarding of fat sheep at .Addington to-day brought prices in all classes except hoggets down by 2s a head. The offering generally was of poor quality, except for consignments of southern sheep. Best wethers made to 56s 4d, and good from 40s to 495. Best ewes made to 50s, and good 30s to 445. Tho cattle yarding of 411 head was the best selection offered this year, and included several outstanding lines from the West Coadt. Considering the high quality of the entry, prices kept up well, and were little different from those ol last week. Good beef brought 50s, with best up to 57s 6d. Best steers, to £24 17s 6d, and good, £l4 to £22: best heifers to £2O 7s 6d? good £l2 to £l7; best cows to £l7 2s 6d, good £9 to £l4. There was a larger- store sheep yarding, and values in all classes were Is below those of recent sales. A small entry ol pork met with an excellent sale, with an average price of 8d In 9id a lb. There was a hcav.v supply of baconcrs, and prices were easier, the average being Ttd to 8(1 a lh. SALES ON ’CHANGE: THIS DAY, Auckland. —Morning call: Fanners' Auctioneering Co-op. (£5 paid), 80s; Mount Albert Borough (1961), IdOt 10s; South British Insurance, uOs. Noon call; Woohvorths (Sydney!, 18s 6d (2); Stock (1940-43), £lOl 2s 6d; Stock (1952-55), £107; Stock, (IDoJ--SS) ClO7 17k (id; Takapuna Borough (1954) £97 15s; Now Zealand Stock (195:1-57), £IOO 12s (id. Wellington. —Mount Albert Borough. 41 per cent, (1961). £lO7 10s; Bank of Now Zealand. 42s Gd; Wellington Woollen (ord.). £0 15s. Sale reported: Broken Hill, 40s 9d. Christchurch —Sales reported; Government 11955! Stock. £107; 1903 Stock, OB' l7 17s Gd; Bank of Now Zealand, 42s Id.

STEADY TRENDS SHARE MARKET UNALTERED SAME ISSUES IH DEMAND Operations on Uio .Dunedin Stock Exchange this morning followed late trends. There were few variations of any kind in quotations, and no business resulted. There was a stronger demand for woollen shares, and that for meat preserving and loan and agency shares was unchanged. Sellers of Mac Duffs (ord.) lowered their offers to 19s 6d, with no bids coming forward. Southland Ice Cream were c> dividend, aud the bid reached £1 2s. SALES REPORTED. —Yesterday.— Westport Coal, £1 2s 9d. Mac Duffs (pref.), 19s. —This Morning.— Westport Coal, £1 2s 9d. Union Bank, £7 Is 6d, FRUIT AND PRODUCE OVERSEAS FRUITS SCARCE Lovell, Bales Ltd. report ns under on the operations in the fruit marts for the period ending to-day:— Further supplies of oranges will uot bo available for another two weeks. The marts are now bare of New Zealand lemons and bananas. Further allocations should be made this week. Dessert aud cooking pears are short. The condition is indifferent, and repacking necessary. Ample supplies of apples are available, varieties on offer being Stunner, Delicious, Cleopatras, aud Tasma. Demand has slackened in consequence of higher prices being fixed by the Internal Marketing Division. Any lines of cooking apples are, readily sold at remunerative values. Poorman oranges and local grapefruit are in shorter supply at higher values. Cauliflowers and cabbages have been in full suply at moderate values. Larger quantities of lettuces have been on offer, and though good quality grades have maintained values, medium and small have shown a sharp decline. Rhubarb has been received in larger quantities and the market has declined sharply. Swedes have a limited supply at late rates. The market for carrots and parspips shows a marked improvement. Spinach supplies are not so plentiful, though values are lower. Small supplies of asparagus from Christchurch have been on offer. Values are lower than for early consignments last season. Table potatoes are in over-supply, values declining. Table onions have a fair inquiry at advanced rates. Values are as follows: — New Zealand lemons, 14s 6d to 20s a case. Oranges, 18s 3d (o 25s 3d. Apples.—Cooking, 8s 6d; Delicious, 9s to 10s 6d; Stunner, 9s to 10s 6d; Cleopatra, 7s 6d to 9s; Granny Smith, 8s to 9s 6d. Poorman oranges, 10s to 11s. Dessert Pears. —Winter Nclis, 13s a case; Winter Cole, 13s a case. Island tomatoes, 15s to 16s 6d. Tree tomatoes, 9s 6d a case. Spinach, Is 6d to 2s a dozen. Potatoes.—Peninsula, Is 2Jd a lb; King Edward, £3 to £3 10s a ton; whites, £2 10s to £3 a ton. Onions, 30s a bag. Cabbage, 2s to 2s 6d a sack. Spring cabbage, 2s to 2s 6d a case. Cauliflowers. —Choice, 6s a sack; others, 3s to 4s a sack. Lettuce, Is 6d to 3s 6d a dozen. Carrots, 9d to Is a dozen, 2s to 2s 6d a bag. Beetroot, Is a dozen. Swedes, Is 3d to Is 6d a bag.. Parsnips, 9d to Is a dozen, 2s to 2s 6d a bag. Celery, Is a bundle. Rhubarb, 3s to 3s 6d a dozen. AMERICAN BUND ISSUE CHEAPEST IN HISTORY Press Association—By Telegraph—Copyright WASHINGTON, September 24. The Secretary of the Treasury (Mr Henry Morgcnthau) announced that the Treasury will offer the cheapest bond issue in the nation’s history to the holders of 737,000,000 dollars 1!< per cent. Treasury notes maturing on December 15 —namely, bonds bearing 2 per cent, interest, which will mature in 12-J to 14J years. He said that 2 per cent, bonds were issued previously, but never for such a long maturity. AUSTRALIAN STOCK EXCHANGES Press Association —By Telegraph—Copyright SYDNEY, September 25. The Stock Exchange was quiet but steady to day. Morning Sales.— Commonwealth Bonds, 4 per cent,., 1941, £lO2 Is 3d; 4 per cent., 1961, £107; Tooth’s, £2 10s; Australian Gas (A), £5 8s; Australian Consolidated Industries (cout 1,17 s 7ld; British Tobacco, £2 8s 9d. Afternoon Sales. —Colonial Sugar, £47 12s 6d; Consolidated Industries; £1 15s 9d: Moris’ Dock, 16s 9d; Goldsbrougb, Mort, £1 5s 9d; Cash Orders, 15s; Mount Lyell, £1 8s 3d; Loloma, £1 3s 9d ; Emperor, 10s 6d; Kuala Kampar, 13s 6d. MELBOURNE, September 25. Commercial Bank of Australia, 14s; Howard Smith, £1 0s 6d; Broken Hill Proprietary, £2 4s 6d; Broken Hill Proprietary (new), 14s Bd.

DUNEDIN STOCK EXCHANGE THIS MORNING'S GALL LATEST QUOTATIONS

DIVIDENDS AND CALLS, Tho following is a list of shares on which dividends will shortly be payable:— Bank of Australasia—Final, 7 per __ cent bept. 27 Barnet Glass—Final, “1 per cent. pref., 4per cent. ord. . ... Sept. 30 Cox Bros.—Ord.. Is a share, pref., 8 2-5 d a share ... Sept. 30 General Industries Ltd.—lnterim, 3A per cent pref., 5 per cent. ord. ••• S®? l - 50 Dunlop Perdnan—First, pref., 5 per cent., ord., per cent. Sept. 30 British Tobacco—Quarterly. 2 per cent ••• - Se P l - 30 United Building (Christchurch)— • Interim, 2J- per cent Sept. 30 Felt and Textiles—Ord., final, 5 per cent.; prof, half-yearly, 3 per cent * Oct. 1 N.Z. Newspapers—lnterim. 8d a share •• ••• Oct.—l Woohvorths (Victoria) Ltd—per cent, prof ••• Oct. to Woohvorths Ltd. (Sydney)—Halfyearly. 6 per cent, (ord.) ... Oct. lo Woohvorths (N.ZA— Final, pref., 9 per cent, ner annum, less tax Oct. lo South British Insurance—Final, Sd a share, plus bonus (3d) ... ... Oct. 21

Buyevs. Sellers. £ 3. d. £ S. d. N.Z. GOVERNMENT LOANS34 p.c. Bonds, 1953-57 100 5 0 — 3A u.c. Stock. 1953-57 100 5 0 — 3;f p.o. Stock. Nov. 15, 1941 100 10 0 — 4 p.o. Bonds, 1943-46 102 5 0 — 4 p.o. Stock. 194346 102 5 0 — 4 p.c. Bonds, 194649 105 0 0 — 4 p.c. Stock, 194649 105 0 0 — 4 p.c. Stock, Nov., 1949-52 106 10 0 — 4 p.c. Bonds, 1952-55 106 10 0 — 4 p.c. Stock, 1952-55 106 10 0 — 4 p.c. Bonds, 1954-58 107 5 0 — 4 p.c. Stock, 1954-58 107 5 0 BANKING— Australasia (£5) ... — 8 2 6 New Zealand (£1) ... 2 2 0 — New Zealand, Long “ D ” (£1) 1 8 0 — E.S. and A. (£3) ... — 4 15 0 National of New Zealand (£2 10s) 1 19 9 2 1 0 Onion of Australia Ltd. (£5) 6 19 0 — INSURANCE— National (7s) — 0 19 1 Standard (£1) 2 17 6 SHIPPING — U.S.S. Co. (pref., £1) 1 6 0 MEAT PRESERVING— Canterbury (pref.. £5) 6 10 0 — N.Z. Refrigerating (paid, £1) — 1 1 0 N.Z. Refrigerating (cont., 10s) 0 9 5 — Southland frozen (paid, £1) 1 15 0 — Southland Frozen (pref., £1) ... ... 1 15 0 — LOAN AND AGENCYN.Z. Guarantee Corporation (3s) 0 3 3 — Perpetual Trustees (18s) 2 10 0 — Trustees Executors and Agency (£5) ... 4 2 0 — Wright, Stephenson (ord., £1) — X 0 3 Wright, Stephenson (pref., £1) 0 19 9 COAL— Kaitangata — X 11 6 Westport 1 2 6 — OIL— Taranaki (£1 4s 7d) — 0 6 9 WOOLLEN COMPANIES— Bond’s. Hosiery (£1) 17 0 — Bruce (ord., £1) 0 18 3 — Kaiapoi (pref., 17s, cs div.) 0 16 3 — Timaru (£1) 0 12 0 — Wellington (pref., £5) 6 10 0 MISCELLANEOUS— Associated News (pref., £1) *— 1 0 0 Australian Consol. Ind. (£1) ... ... ... 1 15 0 •— Australian Iron and Steel (pref., £1) ... 1 6 0 _ Broken Hill Proprietary (£1) 2 6 0 2 7 0 Chas. Begg and Co. — 1 3 6 Crystal Ice Co. (£1) 2 0 0 — D.I.C. (pref., £1) ... 1 3 6 —* Dominion Fertiliser (£1) ... ••• X 7 0 — Dominion Rubber (£1) — 1 1 6 G. J. Coles 3 5 6 — Macduffs Ltd. (ord.. £1) , ... 0 10 3 — Macduffs Ltd. (prof., £1) — 0 19 6 Milburn Lime and Cement (£1) ... ... 2 0 3 2 1 0 M’Kenzies Dept. Stores (£1) 2 4 6 — M’Leod Bros. Ltd. (£10) ... 27 0 0 — National Electric (£1) 0 17 6 0 18 0 N.Z. Drug Co. (£2) 3 13 9 3 15 0 N.Z. Drug (rights) 1 6 6 — ‘ Otago Daily Times (£1) ... 1 19 9 2 0 3 Southland Ice Cream (ex div.) 1 2 0 —* Woolworths (Sydney, ord., 5s) ... 0 18 2 0 18 9 BREWERIES— New Zealand (£1) — 1 15 0 Dunedin — I 5 0 Tooth’s (£1) — 2 15 0 Carlton (£1) 3 2 0 OVERSEAS MINING— Broken Hill South (5s) 1 5 6 X 7 0 Electro. Zinc (ord., £1) .: 2 11 0 — Electro. Zinc (pref., £1) 2 12 6 — Emperor Mines, Fiji (10s) 0 10 9 — Mount I-yell (£1) ... — I 10 0 Mouut Morgan (2s 6cl) 0 7 11 0 9 0 North Broken Hill (5s) 1 16 0 — Wellington Alluvials 0 3 6 0 4 6 N.Z. MINING— Austral N.Z. (£1) I 3 6 — Big River (Is) 0 0 6 0 0 8 Glutha River (2s) ... , 0 1 6 — Gillespie’s (Is) .., ... 0 0 5 0 0 6 Nokomai (5s) ... ... 0 1 0 —* Okavito (5«) 0 0 6 — Waitahu (5s) 0 0 7 0 0 9 UNLISTED STOCKS— All Stocks in this section are not quoted on Uio official list, and transaction i are subject to a different rate of brokerage: Mackintosh Caley Plircnix (£1) 0 8 0 — Dunedin Ice Cream 1 4 6 — Booth, Macdonald (pref.) • ... 0 4 4 —