MILNE AND CHOYCE, LIMITED.

Press, Volume LXVI, Issue 20026, 6 September 1930, Page 12

MILNE AND CHOYCE, LIMITED.

ANNUAL REPORT. * [THE PBEBB Special Strvlce.] AUCKLAND, September 5. A net profit of £22,624 8s 6d, a decreaso of £l7ll lis 6d on that of last year, is shown in the 29th annual report of the directors of Milne and Choyce, Limited, for the year ended July 31st, 1930. The directors recommended that the usual dividend of 8 per cent, for the year should be paid on all classes of shares and debenture stock.

The balance brought into accounts from last year was £39,104 8s 9d, to which has to be added the net profit for the year of £28,624 8s 6d, after providing £2500 for staff bonus. From the total of £61,729 the interim dividend paid in April at the rate of 8 per cent, per annum absorbing £IO,OOO has to be deducted, leaving available for appropriation the sum of £51,729. The directors recommend that this be dealt with by payment of a final dividend on all classes of shares and debentures stock at the rate of 8 per cent, for the year, absorbing £IO,OOO, and leaving £41,729 to be carried forward. The report says that notwithstanding the somewhat difficult period the volume of business, has been well maintained. A considerable increase in the number of sales was recorded throughout the store although the average sale was of slightly lower value. Stock and merchandise was in excess of last year due to the earlier arrival of new goods. It was conservatively valued. Four of the company's expert buyers had recently returned from the American and European markets. It was the aim of the company to deal as far as possible within the Empire, and it was interesting to note that over 80 per cent, of the total merchandise stocked was British. In December last an area of land adjoining the present premises was acquired on which a new building was in course of erection. That would provide considerable selling space and also much-needed room for manufacturing purposes. The staff totalled 549 members, as against 651 last year. COOK ISLAND FRUIT. GRADING AND PACKING. [THE FBBftS Special Servtea.'J WELLINGTON, September 5.

An announcement that he had approved of a visit to Australia of the secretary of tho Cook islands Department, in order to examine the methods used thero for the preparation of oranges for the market, was made by the Minister for the Cook Islands, Sir Apirana Ngata, in the House of Representatives this morning. The Minister said that with Australia on one side and California on the other, it was essential that something should be done to improve the Cook Island oranges, both in appearance and in keeping quality. "Otherwise," he said amid laughter, "it will be squeezed right out of the fruit business." He was sure that something could be done to improve this class of fruit, and he also lelieved that better arrangements would be come to in regard to shipping facilities. At the present time representations were being made by a shipping firm for improved shipping arrangements. Mr J. 8, Fletcher (Ind., Grey Lynn) suggested that the secretary to the administration should be sent to California rather than to Australia. In California the handling of fruit had reached the highest perfection. California led the world In the industry. The experience obtained from California would be highly valuable. HEMP INDUSTRY.

SUSPENSION IN MANAWATU. In ordinary oiroumstances the Manawatu flax milling industry should be beginning the season with men cutting in> the swamps and tho mills humming all day. But the circumstances to-day are not ordinary for New Zealand; the supplies of hemp in common with other fibres are apparently in excess of demand. One or two mills in the Manawatu are engaged on scutching flax that has been stacked since last season, but generally mil.ere are disinclined to resume for tbo 1930-81 season ponding an announcement by the Government on a proposed subsidy to the industry. It is unotliclally reoorted that Government assistance will be granted upon the lines asked for, but nothing definite as to this has been made public. At least 60 per cent of the mills would by now be resuming after the usual vacation were the fibre market satisfactory. But current prices are ao Tow that it would be out oi the question to begin- milling as usual without somo measure of financial assistance. This time last yea* high fair grade hemp, the standard grade, was worth £2B per ton, f.0.b., to-day it ie worth no more than £l9 10a. and this prise can only be described as nominal. Finding buyers at all Is desoribed as most difficult at even this low price, Tor it woulS seem that there is more than enough fibre to go round, and merchanting opinion inclines to the view that there will Be no material improvement fh the market between now and April at the earliest.

Unfortunately the suspension of cutting flax will affect the Manawatu labour market, for as a rule the industry provided work for some 700 hands during an average season.

LONDON SHEEPSKIN SALES. (UNITED ®HESB ASSOCIATION—B* ELECTBIC TJSUOBAPH—COPYRIGHT.) LONDON, September 4. At the sheepskin saTSS, 6578 bales were offered, and about *0 per cent. sold. There was slow demand, and compared with the sales hel3 on August 3rd, all prices' declined. Australian merinos were down a good 5 per cent., inferior 7} to 10, New Zealand combing crossbreds a good 7h to 10, and inferior 10 per cent. All clothing sorts declined by 7J to 10 per cent. Pyne, Gould, Guinness,- Ltd., hare received the following cablegram from London, dated September 4 th:— The sheepskins sale opened to a good attendance bnt, as far as the Continent and America were concerned, with limited competition. As compared with the July sales best merinos were G per cent, lower, others 71 per cent, lower, crossbreds 10 per cent, lower.

Dslgety and Company. Ltd., have received the following cable strain from their London office, dated September 4th: — Sheepskin Sales —6652 bales offered, of which 3187 were sold. _ Good attendance of Home trade and Continent, except France and America. Bulk of withdrawals were ehort-woolled and lambs. As compared with closing rates of last series, New Zealand fine crossbred 7J per cent, lower, superior medium and coarse crossbred 10 per cent, lower, inferior coarse and medium crossbred 10 per cent, lower, merino clothing 10 per cant, lower, when sold. PIGS AND POULTRY. A good yarding of pigs »Dd a fair yarding of poultry were penned in the auction mart at Ashburton yesterday. The following prices wen- realised: — Poultry- Hens, 8s lOd to 6s Id; pulleta, np to 6s Id; roosters, from 2s 4d to 7s Id; ducks, 4a to Pigs—"Weaners, 18s to 28a; stores, 80s 6d to 36s ; porkers, up to 49s from £3 3s 6a to £6 ss.