LONDON BUTTER MARKET

Sun (Auckland), Volume II, Issue 585, 11 February 1929, Page 12

LONDON BUTTER MARKET

SATISFACTORY SEASON FOR FACTORIES

(Australian and N.Z. Press Association) Reed. 9.5 a.m. LONDON, Sunday. Although prices of butter have given way slightly, there is no reason to expect any serious reduction in values, for consumption remains good and the arrivals in February and the quantities afloat are not very large. Also, there is no accumulation of stocks here, and practically all butters are going into consumption immediately they arrive.

This season ought to work out satisfactorily for the factories which have consigned their butter, and it is worth noting that prices to-day are fully 20s a cwt higher than they were a year ago.

HOME EGG MARKET WEAK

BAD TIME FOR SUPPLIERS

(Australian and N.Z. Press Association) Reed. 9.5 a.m. LONDON, Sunday.

Shippers of eggs from Australia and New Zealand have struck a very bad time, and the market has been greatly depressed.

There has been a slight hardening o 7 prices during the last few days owing to cold weather on the Continent, but before that supplies of Continental eggs were so great that the Dominion’s produce could hardly find buyers. The best price for Australia’s to-day is 13s 4d to 14s 6d a 120, a figure which cannot possibly give a profit. Importers says that the time of 20s and 22s for Australian eggs has gone, and it is a question of the wisdom of shipping them next year.

HIKURANGI MINE FLOODING INVESTIGATED (SDedal to THE SUN) WHANG AREI, To-day. It is considered that the flooding of the Hikurangi mine can be traced to the surface in the Hikurangi swamp at a point in the bed of a creek about 11 miles north of the mine, where the creek has been drained into an underground channel. In winter the intervening swamp area is flooded to a depth of 4ft to sft. Some distance south of the creek further subsidences have been observed. It is understood that some 200 men are Idle, and the prospect of early resumption is not bright.

TRANSFER FEES

ABOLITION SUGGESTED

MOVEMENT BY CHANGE ASSOCIATION

Recently the Stock Exchange Association of New Zealand circularised a number of companies operating in the Dominion asking that the imposition of transfer fees on the sale of shares be abolished. The request has much in its favour, and already a number of concerns have notified their intention of acceding to it. One of the principal points stressed by the ’Change in making the request was that the transfer of shares is made on behalf of shareholders in the company, and, therefore, should be free of charge. This point is recognised in Australia, where there is no levy on transfers. Again, even some of New Zealand’s largest concerns with shares changing hands daily have not made a charge for years, if ever. Among these are included the New Zealand Insurance, the South British Insurance and the Auckland Gas Company. That opinion is divided on the question is shown by the fact that there is a big variation in the fees charged, some concerns charging as high as ss. and some the nominal figure of Is. Viewed without much thought it would seem that, with such a small sum involved, the point is hardly worth discussion. Such, however, is not the case, especially with shares which are subject to daily transactions on ’Change. The small holder is the one who is penalised the most. The case of the Farmers’ Trading Company scrip holder provides an instance to the point. Shares in this company are held in exceptionally small parcels, the ratio of its shareholders to the number of issued ordinary shares being the lowest in the Dominion. Small parcels of Trading Company shares are constantly on the market, yet to effect a sale, they have to be offered at from 3d to 6d below the market price to overcome the handicap of the transfer fees.

As stated some companies have already notified the ’Change of their intention of abolishing fees, while more will undoubtedly fall into line. It certainly does seem desirable that public companies should observe a uniform custom in this respect.

BUTTER AND CHEESE BOARD’S WEEKLY REVIEW The New Zealand Dairy Produce Board has received the following market report from its London office, dated February 8, the price for the previous week being given in parentheses:— Butter New Zealand: Salted, ISOs to 182 s a cwt (182 sto 184 s); unsalted, 184 sto 1-88 s (186 s to 1945); first whey, 176 s (178 s); second whey, 172 s (1745). Deliveries of New Zealand this week, 1,900 tons; in store, 4,200 tons. Australian: Finest salted, 180 s to 182 s (181 sto 184 s); unsalted, 182 sto 186 s (182 s to 186 s). Market very quiet. Argentine: Finest unsalted, 180 s to 182 s (178 s to 182 s). Danish: F.0.b., 189 s (183 s); spot, 194 s to 196 s (ISSs to 190 s). Market steady. Dutch: Unsalted, 204 s to 208 s (196 s to 2025). Polish: Salted, 176 s to 178 s; unsalted, 178 s to ISOs. Cheese New Zealand: White, 90s to 91s (92s to 935); coloured, 94s (94s to 955). Deliveries New Zealand this week, 47,000 crates; in store, 21,500 crates. Canadian: White, 108 s to 112 s (I.OSs to 112 s); coloured, 106 sto 110 s (106 sto 110 s). Market slow. Retail prices unchanged. English: Finest farmers’, 142 s to 144 s (142 s to 1445). North American Prices The board has also received advice from its agents in Canada as follows: Butter: New York, 50i cents (2s l-.e Montreal (41 i cents. Is SSd). Merchants’ Reports Merchants report receipt of overeas cables as follows: A. H. Turnbull and Company, from their principals, W. Weddell and Company, Limited, dated London, February 8: Danish butter 194 s to 1965; New Zealand unsalted butter, 184 s to 188 s; New Zealand salted butter 180 s to 182 s; market slow. New Zealand cheese, white, 90s to 91s; New Zealand, coloured, 945; market slow. Canadian cheese, white, 108 s to 112 s; Canadian cheese, coloured, 106 s to 110 s.

NATIONAL MORTGAGE CO. A summary of the report of the National Mortgage and Agency Company for the year ended September 30 has been received by cable from the head office in London by the Wellington office. It states that a dividend has been declared of Is 6d a share, making 7:per cent, for the year, also a bonus of 2s a shart, which, with the dividend, is equal to 12£ per cent, per annum. The sum of £IO,OOO has been added to the reserve fund, bringing it up to £300.000. Adequate depreciation has been provided for writing down premises and plant, and a bonus has been granted to the staff. The amount to be carried forward is increased to £15,567. This is subject to confirmation at the annual general meeting, which is to be held on April 10. Following is a comparison of the company’s results for the last three years: 1926. 1927. 1928. Brought forward £20.699 £13,485 £14,060 Net profit 24,036 31,825 42,757 £44,735 £45,310 £56,817 To reserve . . Dividend, 12i p.c 31,250 31,250 31,250 Carried forward £13,485 £14,060 £15,567 The dividend has been at I2i per cent, for some years in succession.

THE LONDON MARKETS (Australian and N.Z. Press Association) LONDON, Saturday. Sheep Canterbury medium, 6id, heavy, sjjd: North Island, heavy, 5 5-8 d; Australian, firsts, 42d; seconds, 4 7-8 d: ewes. 4 5-Bd. Lambs.—Canterbury, light, lOd: medium. lOd: heavy, 9 7-8 d; other selecteds, 9 7-Sd; North Island, firsts, 9id: seconds, 9d; Victorian, firsts, 8 5-8 d; seconds, 8i: Argentine, firsts, light, 7 7-Sd: medium, 7 C-Bd. Chilled Beef—Argentine. 6 l-Sd; others unchanged. COTTON, RUBBER, HEMP, ETC. Cotton—March delivery, 10.13 d (10.39 d; a lb. Rubber—Bara, 12?.d a lb: plantation and smoked, 10 7-Sd to 11<3 (10 l-Sd) a lb. Jute—Februarv-March shipments, £34 7s 6d (January-February shipments £34» a ton. Hemp—December-February shipment. £36 10s (£36 10s) a ton. Copra—March-April shipments, £23 7s 6d (February-March, £23 10s) a ton. Linseed Oil—£2S 15s (£29) a ton. Turpentine—46s 6d (48s 6d) a cwt. WHEAT Wheat.—Cargoes are steady. Australians are a turn dearer. Parcels are at about late rates. There is good business in some lines for the Continent at full prices. Liverpool futures: March, 9s 1 7-Sd per cental: May, 9s 3 5-Sd: July. 9s 6 l-Sd. L..