THE ZINC MARKET
Negotiations have been in progress, according to mail advice from London, with a view to establishing equilibrium between production and consumption of zinc. A feature of the consultations has been th? preparation of statistics establishing the amount of production, consumption, and stocks of zinc. A review of the facte, it is stated, shows the situation to be one of anxiety, and demonstrates the necessity of new efforts. At the prices now current it appears to be impossible to earn a sufficient return on the capital invested in the industry. Conclusions that arise from a review of the world situation are that the average monthly production of the works comprised in the 1929 cartel declined by 22.71 per cent, in March last compared with January, 1930; the Australian production is appreciably the same; the Canadian shows an increase of rather more than 12 per cent.: the Mexican increased by 44.6 per cent.; the American (U.S.A.) declined by 37.8 per cent.; the monthly world production decreased by 23.3 per cent.; and world stocks from January 1. 1930. to March last increased by 12.3 per cent, of the world production for the 15 months covered. It is estimated that to re-establish equilibrium between current production and consumption. based on that for the first quarter of 1931. without touching stocks, the reduction relative to the production figures for March, 1931, should be 8.2 per cent. Other solutions are being considered, but until they have been more fully examined they appear to be difficult of realisation and doubtful as to results. Ln some quarters it is strongly urged that prices should be left to adjust themselves to the natural working of supply and demand. This policy, it is contended, is the best way drastically to reduce stocks, not only of zinc, but of other metals.
ANGLO-PERSIAN OIL COMPANY Profit of Anglo-Pereian Oil Company, Ltd., 'cleared during 1930 amounted to £4,648,579. Dividend at the rate ot 10 per cent, per annum on ordinary shares for the later six months of the period has been, declared by the directors. For the previous year net profit disclosed was a record total of £5,206,761. For that year final dividend was on the oasis of 15 per cent., making the payment on ordinary capital 20 per cent. The balance carried to the 1930 profit and loss account was £687,064. Capital of the company i s £23,925,000 in £7,000,000 8 per cent, preference, £3,500,000 9 per cent, preference, and £13,425,000 in ordinary shares.
INTER-ISLAND FREIGHTS The question of having freights between the North and South Island reduced, was brought before a meeting of the South Canterbury Executive of the Farmers’ Union on Wednesday by Mr L. V Talbot. He said that at present it cost as much per tor. to ship goods from this island as it did between Australia and New Zealand. He considered that a reduction of 6d would enable South Island produce to be delivered in the North Island at a cheaper rate than Australian produce could be landed. Another member gave as an instance that he had shipped 14cwt of roots to the Hamilton show and it cost him £4 19s Id in freight, and the steamer charges were more than all the rest put together. He considered that, seeing that shipping companies had received the benefit of a 10 per cent, reducIl° n j r ‘ tk ?y should give the public the benefit of this. The meeting decided that the question of freights should be investigated, and that the Department of Industries and Commerce be written to in this connection.
TARIFF ON CANADIAN GOODS According to a report submitted to the executive of the Canterbury Manufacturers’ Association on Wednesday night by its organiser (Mr E. H. Marriner), certain Dominion industries should be benefited as a result of the New Zealand Government having decided to classify goods im ported from Canada as foreign. The report stated that the imports from Canada in 1929 amounted to £4,792,820, which eas * *y eclipsed the previous record of £3,3u3,975 established in 1924. SHIPPING LOSSES Annual accounts of the Canadian Government Merchant Marine, Ltd., and subsidiary companies again reflect unremuner ative shipping conditions, says The Times. from operations in 1930 was t- 1 -'’? 99 ’ a - s compared with a loss of rlalnnn f ln j 1929 -. . After charging £364,000 for depreciation and £638,000 tor interest on Government notes and advances, the net income deficit for the year was £1,169,000, as compared with £1,186,000 in 1929. There was a deficit WfVolfe December 31 > H.M. THEATRE COMPANY (AUCKLAND) The secretary of the Stock Exchange Association of New Zealand has been., advised that His Majesty’s Arcade and Theatre Company, Auckland, will on July 1 pay an interim dividend of 3} per cent, on the preference shares, and 5 per cent, on the ordinary shares. N.Z. FARMERS’ FERTILISER COMPANY a ~ AUCKLAND, June 25. A net profit of £4649 is disclosed in the annual report and balance sheet of the New Zealand Farmers’ Fertiliser Company, Ltd., for the year ended May 31 compared with £30,975 earned in the period of 14 months which the previous balance sheet covered. To profit has to be added the unappropriated balance brought forward from the previous year, £15,360, making available £20,009. In view of the small profit earned, the directors express regret that they are unable to recommend payment of any dividend, and propose that the whole amount should be carried forward.
While the outcome of the year’s opera tions is certainly disappointing, -it could not be expected in times like the present
that the company could show the same return P r °fit as in past years, states the report. The buying power of the farmer had been so much reduced owing to poor prices obtaining for the primary products, that apparently he had to curtail even his fertiliser purchases.
COMPANIES REGISTERED The Mercantile Gazette notifies the registration of the following companies: — Carba Dry Ice N.Z., Ltd. Regd. June 13, 1931. Capital: £7OOO, into 7000 shares of £1 each. Subscribers: Dunedin—W. Anderson. E. E. Nicholson. L. D Ritchie. •J- E] ack - R - Malcolm. G. T. B. Wilson. H. Brasch 1 each. Objects. Refrigerat ing and freezing avents, to manufacture dry ice. Driver’s Bookshop, Ltd. Rcgd. as a private company June 16, 1931. Capital: £l5OO, into 1500 shares of £1 each. Subscribers: Dunedin—H. H. Driver 1499, W. M Taylor 1. Objects: To take-over Driver’s Bookshop, dealers in new and second-hand books, stationers, newsagents, etc. WOOLWORTHS LTD. Directors of Woolworth, Ltd., retail storekeepers, of Sydney, have invited shareholders to capitalise £80.967 of the assets realisation reserve account and £2927 of the reserve of capital profits It is proposed that the money should beapplied to making a bonus issue of 83.894 ordinary shares fully paid, to be distributed in the proportion of one bonus share for each ordinary share held. The capital of the company at balancing date was £155,712, of which £74,873 represented 19 per cent, preference shares. A dividend of 25 per cent, was paid on ordinary shares last year. A circular to shareholders stated that the reserves referred to in the proposal comprise undivided profits created by a revaluation of the assets of the company, and that the funds w.ere not required for payment of dividends on preference shares. ? FARMERS’ TRADING COMPANY A PROFITABLE CONCERN. AUCKLAND, June 25. “ With business surrounded by difficulties at every turn, affecting all classes of the community, I can assure you it affords me personal satisfaction to be able to present a report and balance sheet such as you have before you,” said the chairman of directors (Mr J. Boddie) at the annual meeting of the Farmers’ Trading Company. “While the profit of over £50.000 may seem a large one. our retail and wholesale turnover for the past year has exceeded £1,75Q,000, so that £50.000 represents less than 3 per cent, net on the sales, which, I am sure, no one can consider exorbitant. So frequently has our stock been turned over as the result of expert management that we are able to recommend even in these hard times a dividend of 8 per cent." PHOENIX ASSURANCE COMPANY WELLINGTON, June 24. At the annual meeting of the Phoenix Assurance Company, held in London, Sir Gerald Ryan, Bart., intimated his retirement from the position of chairman. Mr P. J. Pybus was appointed to succeed him. Sir Gerald Ryan will remain on the board.
DAIRY PRODUCE AND WOOL REVIEW OF PAST SEASON. WELLINGTON, June 24. A review of the dairy industry and the season was given by Mr W. Perry in his presidential address at the Royal Agricultural Society’s annual conference, which was opened this afternoon. There had been an increase in butter and cheese production, he said, representing in terms of butter-fat 3.89 per cent., but owing to the low values there was a decrease of £1,907,871. But for the increase in .value the prices ruling would have been disastrous. In regard to the cheese industry, he said it was probable that next season producers would revert to full cream only. Low prices and the consequent necessity for increasing production should give an impetus to herd-testing. Speaking in regard to the depression in the wool industry, Mr Perry said there was every reason to believe that the “ Buy jnore wool ” campaign organised in New Zealand would have a very beneficial effect on the woollen industry in New Zealand. He recalled the success of the “ Eat more beef ” campaign. A “ Use more wool ’’ campaign in Australia last month had resulted in shopkeepers and manufacturers doing increased business. DUNEDIN HIDE SALE Messrs Waters, Ritchie, and Co., Ltd., report as follows:- —We held bur usual monthly sale of hides at our stores on Thursday morning, when we submitted a catalogue consisting of 1334 hides and 438 yearlings and calfskins to the usual at tendance of buyers. Owing to the continued depression in overseas markets, buyers were again operating on reduced limits, the most marked reduction being for heavy substance ox. Nearly all grades of ox were from id to lid lower, heavy substance sorts showing the greatest decline. Cows were mostly on about a par to a shade lower than last month. Our top price for heavy substance ox was BJd. and several other lines realised from 7d to 7}d. Substance cows brought up as high as 5Jd. The following are some of our best prices:—Ox: Eight 791 b, BJd; 12 791 b, 7}d; 15 791 b. 7id; 7 671 b, 7Jd; 28 761 b, 7}d; 29 801 b, 7|d; 34 761 b, 7Jd; 7 671 b, 7d; .16 651b,-6|d; 28 651 b, 6§d; 31 791 b, 61/1;' 4 651 b, 6Jd; 5 731 b, 6d; 120 641 b, 6d; 5 651 b, sgd; 8 631 b, s}d; 6 721 t, s}d; 46 571 b. 5Jd; 4 551 b, s}d; 19 551 b 4fd; 11 621 b, 4}d. Cows: Five 631 b, sid: 4 611 b, s}d: 8 601 b, sd; 26 601 b, 4}d;"1.l 381 b, 41d; 224 561 b, 4§d; 112 461 b, 4gd; 6 521 b, 4}d; 33 541 b, 4|d; 52 441 b, 4Jd; 5 371 b, 4d.
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Otago Witness, Issue 4033, 30 June 1931, Page 21
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1,856THE ZINC MARKET Otago Witness, Issue 4033, 30 June 1931, Page 21
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