Commercial SHAREHOLDERS NOT INTERESTED

Southland Times, Issue 24871, 10 October 1942, Page 2

Commercial SHAREHOLDERS NOT INTERESTED

Annual Meeting Lacks Quorum For the second year in succession the annual meeting of shareholders of the Farmers’ Dairy Federation, Limited, called for yesterday morning was adjourned for lack of a quorum. Only eight shareholders were present and the capital represented by them and proxies was much less than the required one-fifth of the capital of the company. The chairman of directors (Mr John Fisher) said there was no alternative under the articles of association but to adjourn the meeting for one week. He said the share capital represented was only 1100 shares instead of the required 5156. It appeared that when the affairs of the company were going smoothly and there was no “row” on, the shareholders were not sufficiently interested to attend. The general manager (Mr D. Rutledge) said the company had 2000 suppliers who averaged 7001 b of butterfat a season. There were few large shareholders. Many cheese factory companies held shares and were seldom represented at the meetings. A shareholder suggested that the factory companies be asked to send in proxies so that the meetings might proceed. It was an expense and an inconvenience to adjourn the meetings. When the meeting adjourned the chairman said the directors would hold a meeting immediately to consider possible alterations to the articles of association so that the meetings might be held with a small attendance. Mr Rutledge remarked that a difficulty was that three weeks’ notice was required for an alteration in the articles of association. DUNEDIN MARKETS (P.A.) DUNEDIN, October 9. The sowing of wheat is nearly finished for the season. Some farmers have still to complete their sowing, but by the middle of October the end of sowing for the year will be in sight. The difficulty of disposing of the surplus oats in Southland has been eased to some extent as Canterbury millers have agreed to take over some of the surplus held in stores in the south. It is understood that the price which was arranged by the Wheat Controller in conjunction with the millers and merchants will not show merchants any profit. There is little or no shipping business in oats and values remain unchanged. Trading in old potatoes so far as merchants are concerned is finished for the year. It will be some little time before new potatoes are available, but it can be assumed that the average household need not be without old potatoes till the new crop is to hand. There has been, a better inquiry for seeds during the week, though little fresh business has been recorded. Further inquiries have been received from overseas for Chewings fescue and browntop and also for ryegrass. The market for clovers remains quiet, and though prices are lower than those ruling some weeks ago, there is a more confident tone in the market. WYNDHAM STOCK SALE A small yarding of sheep at the Wyndham stock sale met keen competition, fat wethers realizing 49/9 to 51/3, and heavy fat ewes from 39/- to 40/-. A special line of 200 good quality ewe hoggets made 40/8. A full yarding of fat cattle came forward and realized late market rates. Extra prime heavy bullocks made £2l to £25, medium weights from £l6 to £lB/10/-, and lighter sorts down to £l2/17/6. Prime heifers changed hands from £l2 to £l6/15/-. medium from £lO to £ll/10/-. heavy cows from £lO to £l2/2/6. lighter from £7/15/to £9. Store cattle were represented by a few pens of Hereford yearlings, steers making £7 to £7/5/-, heifers £5. and two-year-old steers £9 to £ll. Dairy stock comprised mostly heifers at profit. Specially good sorts made £ll/15/- to £l4/5/- and others from £7/10/- to £9/10/-. Dairy cows realized up to £l2. ' STOCK EXCHANGES CHRISTCHURCH.—SaIes reported: South British Insurance (ex dividend) 63/6: Felt and Textiles 38/6; New Zealand Breweries 33/6 (2); Beath and Co. 22/-; Dunlop Rubber 18/6; Woolworths (Sydney, ord.) 15/9; Woolworths (N.Z.) 15/1; Mount Morgan 7/10. AUCKLAND.—SaIes: South British (ex div.) 63/-; North Auckland Farmers (B pref.) 11/9; Bruce Woollen 25/3 (2); Kaiapol (con.) 7/-; Auckland Gas 6/7; Colonial Sugar £5O/15/-: Consolidated Brick 7/3; Broken Hill Pty. 38/3; Dunlop 18/-; Macduffs, 5/9; Taranaki Oil Development. 3/(2): Placer, 43/-. DUNEDIN.—SaIes reported: National Insurance 20/6; Loan and Mercantile (ord.) £29/10/-; Commercial Bank 14/10; Macduffs (ord.) 5/9. WELLINGTON.—SaIes: Liberty Loan. 3 p.c., 1952-55, £99/10/-; National Bank of New Zealand 45/-; Dunlop Rubber 18/6; Woolworths Ltd. 15/9; Woolworths (N.Z.) 15/1. 1