FINANCE AND COMMERCE.

Press, Volume LXV, Issue 19665, 8 July 1929, Page 10

FINANCE AND COMMERCE.

DAIRY PRODUCE.

NEW MARKETING SCHEME. COMBINATION WITH AUSTRALIA. [THE FKBSS Special Service.] AUCKLAND, July 7. Mr William Coodfellow, managing director of Amalgamated Dairies, Ltd., referring to a cablegram from Melbourne regardmg an agreement for tlie purpose of selling New Zealand and Australian butter on the English, niaiket. said the agreement provided lor the formation in l»ndon ot a new company to bo tailed Empire Dairies., 'Limited, which would be a co-operative vonture for the marketing ol dairy produce from all Empire countries. Amalgamated Dairies, Limited, would hold a substantial financial interest in tins company, and would act jks chief agents for New Zealand. Likewise, the rrodueers' Wholesale Co-operative Federation of Australia would represent Australia, while shares would bo reserved for Canada and South Africa. Amalgamated Dairies, Limited, Would utilise Empire Dairies, Limited, as well as existing Tooley street firms employed by tho company to distribute produce in the United Kingdom. Mr Goodfcllow said it was a matter ©I vital importance to producers of both Australia and New Zealand that all unnecessary competition in the selling or dairy produce should be eliminated, and that the two countries should combine in tho United Kingdom for the selling of their produce. Empire [Dairies would commence operations in I/ondon on October Ist next, and the European operations of the company would be controlled bv Messrs J. B. Wright and A. E. Cough, the two London directors. There would also be two directors appointed bv the Australian Producers' Wholesale Co-operative Federation, and a further two by Amalgamated Dairies. Limited, of New Zealand. Tho chairman would be elected alternatively by Australian and New Zealand interests.

As a consequence of tho establishment »f Empire Dairies, Limited, the directors r*f New Zealand Co-operative Dairy Company, "Limited, and Amalgamated Dairies. Limited, after conferring with Mr W. Grounds, late chairman of the Dairy Produce Control Board, have decided forthwith to make some very important alterations in the policy of Amalgamated Dairies, Limited. Mr Goodfellow stated that a dairy control would b© provided for to consist of chairmen of all companies entrusting produce for sale to the care of Amalgamated Dairies, Limited. This Council would meet in Wellington or some other central place annually, or at any time in case of crisis, and would, in addition to considering market problems, nominate three directors of the Board of Amalgamated Dairies. Limited. Two such directors would represent the North Island dairy factories, and one "would represent the South Island. Meetings would be held within the next week or two upon request at suitable centres in the North Island, with the obiect of eivinsr the directors of co-operative dairv companies the fullest information regarding the new scheme.

YALUE OP ADVERTISING.

NEWSPAPERS THE BEST MEDIUM At the monthly meeting and smoke ■onoert of the Wellington Advertising Club last week, Mr F. T. Vasey made tome interesting remarks on publicity. "The value of advertising," he ■aid, "is not fully appreciated. There are still men who look with doubt on advertising, and consider money spent on it wasted. Yet these men are not consistent. They aro always keen to have good displays in their shop windows, and they employ excellent salesmen. All this is publicity. Why won't they go further and carry their well-started intentions to finality by letting the world know that not only have thoy good window displays and good salesmen, good articles to sell as well? "Advertising during the last few years has grown very Targe, until today it ranks as one of the highest professions. But for advertising unemployment would be much larger. Bun by properly qualified men, advertising actually prevents many trade depressions When properly organised with an eye on the future coming trade depressions could be made to ■vanish." Mr Vasey stressed the importance of handling advertising carefully and properly. Particularly must it be in the hands of properly qualified men and women. I include women," he said, "because the keenest, finest, and most thoughtful advertisers are women, and they must be given due credit for it. Advertisement must ring true for lasting results. The public ore the judges. You can put it across them once, but they take good care you do , not. do so again. They are hard judges. In reality it is a good thing, for it is the only safeguard that the honest advertisers have at present." Mr vasey emphasised the tremendous wastage that still went on, due to unqualified men giving unsound advice and making stupid suggestions. "Men who know their jobs can save an advertiser thousands of pounds. As the advertising manager of Harrods onco said: 'lt is no good selling RollsRoyces to the unemployed.' Yet this was in faot what you see being done time after time b.v the injudicious insertion of advertisements in wrong mediums." Concerning suitable mediums, Mr Vasey stated that the hoarding, tho cinema, and the newspaper all had their spocial uses. "The newspapers, however, are the best, as they are the only medium that covers all lines. Thoy are without doubt tho finest medium we have. They come out quick and quickly find their way to a very great number of people. In the long run thoy are also the cheapest, [f considered on the basis of the number of inches per thousand people the newspaper advertisement really costs very little indeed."

COMPANY AFFAIRS.

SHAREHOLDERS' RIGHTS. Apropos of recent legislation in Great Britain relative to share hawking and other company law, the "Mercantile Gazette" says: "Our own Companies Act is overdue fdr revision, and there is some urgency for' bringing it up-to-date for the tendency of investment is in Stock Exchange securities, and small holders of shares are rapidly increasing. These small shareholders need protection, but should not be restricted. A wider publicity in all matters connected with companies may be the most effective form of trentment. It should be the right of a shareholder to receive the annual report and balancesheet and not be expected to visit the office of the company to inspect the document as is now the case with several public companies whose shares are quoted on the Stock Exchanges There ar» quite a number of points in connexion with company finance, company balance-sheets, and related matters that require the attention of Parliament."

THE WOOL SALES.

j 1929-30 DATES. [THE PRESS Special Service.] WELLINGTON, July 7. Dates and times of Dominion wool sales for the season 1929-30 have been fixed as follows: Wellington, 9 a.m., November 14th; 9 a.m.. December 6th; 9 a.m., January 11th: 7.30 p.m., February 19th; 9 a.m.. March 21st. Ghristchurch, 9 a.m., November 30th; 7.30 p.m., January 6th; 7.30 p.m., February 11th; 9 a.m., March 7th. Napier, 2 p.m., November 18th; 9 a.m., December 11th; 7.30 p.m., January 16th; 9 a.m., February 25th; 7.30 p.m., March 24th. Wanganui, 2 p.m., November 21st; 7.30 p.m., January 24th; 7.30 p.m., March Ist. Auckland, 7.30 p.m., November 25th: 9 a.m., December 21st; 9 a.m., March 28th.

Dunedin, 9 a.m., December 20th; 9 a.m., February 4th; 4 p.m., March 12th; 7.30 p.m., April 3rd. Timaru, 9 a.m., December 16th; 4 p.m., February 7th. Invercargill, 7.30 p.m., January 30th; 7.30 p.m.. March 14th.

EXPORT OF APPLES.

A SATISFACTORY POSITION,

A satisfactory return is assured to fruitgrowers for apples sold on the London market so far this season, according to a cablegram received by the New Zealand Fruitgrowers' Federation from Mr H. E. Stephens London representative of the Fruit Export Control Board. Those exported to date show a net return of 12s 6d a case, with a corresponding return delivered at New Zealand cool stores of from 7s to 7s 9U a case. Meanwhile prospects for the rest of the season are bright, and it is not likely that the Government will be called upon to make good its guarantee of lis a case. In addition, excellent prices have been received for New Zealand apples sent to South America. The shipments of apples from the Auckland district were about 16,000 cases larger than last season. Present market prices, according to Mr Stephens' cablegram, are:—Bruit by the Raranga at Glasgow: Statesman, 16s to 19s; Delicious, 14s to 18s; Sturmers. 15s to 18s, Jonathans, 12s to 15s. The shipment showed considerable waste. Fruit by the Port Napier and in good condition was sold at Rotterdam, the opening prices being from 14s to 17s net. CANADIAN WHEAT CROPS. RAIN URGENTLY NEEDED. (tjwrrro pmss association—bt blectmc TELEGRAPH —COPTBIOHT.) OTTAWA, July 5. A Winnipeg message states that warm weather in Alberta, Saskatchewan, and Manitoba during the past week has caused an appreciable deterioration of the wheat crops. Most points are reporting that rain is urgently needed. The report of the Canadian Wheat I Pool to-day states that wheat and I coarse grains in the three provinces are not so far advanced or as promising as for the corresponding period in 1928. Australian Press Association. CANADA'S TRADE. SATISFACTORY INCREASES. (UMTBP PBKSS ASSOCIATION —B* BXBCTBIC TBXSO&APH —COPTBIGHT.) OTTAWA, July 5. Canada's trade increased by 307,809,699 dollars in the twelve months ending May 31st. Imports totalled 1,296,738,954 dollars, an increase of 164,419,847 dollars. The exports totalled 1,384,753,351 dollars, an increase of 143,389,852 dollars.—Australian Press Association.

ADVERSE BALANCE WITH U.S.A.

(Received July 6th, 5.5 p.m.) OTTAWA, July 5. Experts regard the revised trade figures for May as alarming. They show a big adverse balance with the United States. Canada imported goods valued at 89,500,000 dollars and sold to the United States goods to the value of 47,000,000 dollars. For the twelve months ended May 31st, the figures were equally alarming. In 1928 exports totalled over 481,500,000 dollars, and imports nearly 789,000.000 dollars, leaving an adverse balance for the year of 257,250,000. In 1929 exports totalled 508,250,000 dollars, and imports 895,000,000," leaving an adverse balance of nearly 387,000,000, an increase in one year of 129,500 s OOO dollars. —Australian. Press Association.

WINTER SHOW.

COLOURED POSTER COMPETITION. "Support the country that supports you" is the theme of the Coloured Poster Competition which is being held in connexion with the Winter Show and Industrial Exhibition, commencing August 10th. This competition is sure to arouse keen interest among local artists and the prize money goes to those who combine originality with technique. Those intending to send in entries are reminded that the closing date is August 7th.

SHEEPSKIN SALES.

Dalgety and Company, Limited, have received the following cable from tlieir London office, dated July sth: Sheepskin sales—322l bales offered, of which 1900 were sold. The following iB the range of prices realised: —Merino: Threequarter to full wooled 12d to 14d, quarter to half-wooled 8d to Hid, short and shorn 7d to Bld. Pine crossbred: Three-quarter to full-woolled 13d to 16Jd; medium and coarse crossbred, three-quarter to full-woolled 10 Jd to 14d; fine crossbred, quarter to halfwoolled IOJd to 14d; medium and coarse crossbred, quarter to half-woolled 9d to 13d; crossbreds, short and shorn, BJd to 12Jd; lambs lid to 15d.

POULTRY PRODUCERS, LTD.

The Canterbury Co-op. Poultry Producers, Ltd., report that good numbers of poultry continue to come forward for the markets and prices remain about the same as last week. The following prices were realised per pair:—Tables chickens, light 5s to 7s 6d, heavy 8« to lis; hens, light 4s to 6s, heavy 5a 6d to 7s; ducks, 7s to 9s; geese, 7s to 8s; turkeys, hens 15s to 225, gobblers 30s to 4s*. —«