FINANCE AND COMMERCE.

Press, Volume LXVIII, Issue 20550, 19 May 1932, Page 10

FINANCE AND COMMERCE.

FROZEN PRODUCE LETTER.

FOOD MARKETING CONTROL APPLE STORAGE SCIENCE. . Fkou Oca SrEciAL Correspondent.) LONDON, April 14. The observer who looks on at ail the legislative activity pursued at the present period for the avowed purpose of trad? improvement, is conscious of the fact that the British Government was never more active than it is at present in revolutionising marketing methods in this country. Slowly but surely—and , lo t, perhaps, so slowly—Parliament is encircling the liberties of the individual trader in pursuance of its policy to gain a firmer administrative control of the leading produce industries. This is being done mainly in the interests of the home producer, and it behoves those producers in other parts of the Linpiie who feel that thev have a legitimate *take in the main markets of the Empire, of which they arc citizens, to watch, and if necessary, express their opinion on, the changes going forward. The gradual emergence of the limit of unified action which the Empire Marketing Board can undertake under its logical terms of reference, reveals the fact that the party who has the loudest voice in this partnership, namely, the English farmer, is the one whose interest must largely prevail. This became apparent when the National Grading and Marking Seheme for meat was unfolded by the Ministry of Agriculture, and the looker-on naturally directed his attention, at the time of its inception, to what might be read between the lines of the various reports of committees governing the scheme's development. The National Committee, now sitting on the subject, rather let the cat out of the bag in its latest rejiort in which it so frankly states that owing to obvious opposition to meat marking by the marketing trade, it is compelled to recommend that the system, first launched as a voluntary process. f-hall now bo made a compulsory order. The Committee in question largely overlooks the fact that if the general public—which has, at such great exi*ense to the taxpayer, been heavily canvassed on the subject had shown any general enthusiasm and made any universal demand for 'marked meat, then opposition on the part of the marketing trades would have been unavailing as a hindrance to the seheme. However, the present;finding of the Committee indicates that compulsion is the next step in the programme of the Government. It will be interesting to see how this important change, if it is to be forced through, will be operated, and how successful it can hope to be. At the same time, then* are many other lines of policy ot or evolution in going on: The move ' towards centralised slaughtering ot animals is one of these,-and in regard to pijf marketing, the Minister for Agriculture has openly asked home-raisers ot pigs to allow him tq exercise control of the industry in return for preferential methods which he will establish in their favour. There are those in the meat industry here who believe that if compulsory meat marking comes, the Government and home producers will have a big shake-up in the realisation that the general public will show a surprising appreciation of the qualities of the better classes of imported meat, and then New Zealand should, more than ever, come into its own. Apple Storage Problems. It was a happy idea of the High Commissioner in London, Sir Thomas Wilford, to celebrate the inauguration of the New Zealand apple import season by getting Mrs Baldwin, the wife of the leader of the Conservative Party, to officiate at a function for that purpose at the Government Offices in the Strand. Headers will have already gained from the tables knowledge of the witty remarks of the statesman's Avife, whose historic and literary allusions gave prominence to the event in the English days afterwards, the British Association of Befrigeration discussed in more scientific style, the problems surrounding the life history and subsequent marketing conditions of this fruit produce which is earning such rapidly increasing revenues for New Zealand m European markets. It was stated at th« Association meeting in London that the research scientists at Cambridge apd Haling, in Kent, had definitely disWvered that the best time to pick an apple is just at that period when its activity in emitting carbon dioxide froiq the pores of its skin is the lowest. The rate at which this gas emission from the apple takes place is much higher before and after this optimum point, and the Food Investigation Bpard research workers have calculated to a nicety the extent and result of this fruit acti6n in the whole of the premarketing period. It has already been found ont that apples kopt under refrigeration .in what is known as gas storage, are noticeably better keepers after storage than others held under refrigeration in an ordinary atmosphere. But apparently only a few kinds—Bramley Seedlings among them—do well in gas storage, extensive experiments in which at the new Low Temperature Besearcli Station at East Mailing have recently been concluded. There, airtight containers have been filled with varying mixtures of carbon dioxide, nitrogen, and oxygen, and apples Btored therein. For the Bramley Seedling apple an average temperature of about 40deg Fahr. is reeommended with a gas mixture of 10 per eent. carbon dioxide and 11 per eent. oxygen, the remaining 79 per cent, being nitrogen. There is, of eourse, a point of concentration at which the apple will not stand excess of carbon dioxide, w*hich was found responsible for suffocation in the ease of some voyages in refrigerated ateamshipg. The Cambridge scientists state that for five weeks' storage, the duration of a voyage between the Antipodes, the best temperature was found to be 4deg Cent., at which temperature the fruit tolerated atmospheres containing 10 jjer cent., but not 15 per cent., of carbon dioxide. It was pointed out by one speaker at the meeting that storage in an inert gas had been demonstrated over 30 years ago in London by a Mr Law ton, who was later killed while similarly experimenting on board ship with a chamber containing a gas mixture which contained • an. explosive proportion of carbon monoxide. A later form of Mr Lawton 'e process employing the safer gaseous product of surface combustion has been successful in keeping several varieties of delicate fruits and other produce for two months, or thereabouts.

EXHIBITION OF PRODUCE.

HIGH COMMISSIONER AT YORK. APPEAL TO HOUSEWIVES. {from oub own correspondent.) LONDON, April 15. Sir Thomas Wilford visited York to be present at the opening of the Health j tut! Food Exhibition, where New Zealand Produce Boards, in co-operation with the Government Publicity Department, arranged a stand. Canada, Australia, South Africa, and Cyprus are also exhibiting their produce. The "All British" character of the exhibition and the importanco of the "Buy British" slogan were emphasised by Mr Roger Lumley, M.P., at the opening ceremony. The Lord Mayor of York recalled that it was just 58 years ago that the building was opened for the purpose of a great exhibition at York, and he was glad to find the building being used for r similar purpose now that it .had been restored. He stressed the value of closer relations with all parts of the Empire, and the patriotic duty of "buying British." The High Commissioner referred to the trade between Great Britain and New Zealand, who was Britain's best customer per head of population. Hie Mother Country bought well from the Dominion in everything except butter, and he often wondered why the Yorkshire housewife continued to pay a penny per pound more for Danish butter than she would pay for butter of equal quality from New Zealand. It must be-that in the matter of butter "Yorkshire, preferred blondes." While for the last ten years Australia spent £9O a year in this country per head of population, Canada £32, South Africa £39,; the U.S.A. £5, and Germany £9, New Zealand spent £l4O per head of her population with England. Money ought ;to be kept in the family. (Applause.) Ottawa Conference. Speaking of the coming Ottawa Conference, Sir Thomas said it would be the most important conference in which the Empire had ever been engaged. He said with all the emphasis in his power that any delegation, that went to the Ottawa Conference to try to score a win would be an enemy of the conference and au enemy of the Empire. It had been called for the purpose of arriving at an. economic understanding through co-operation, and not with the idea of one part of the Empire scoring at the expense of the other. "We have all got to go there with the idea of evolving a plan which will be to the mutual benefit of us all," said Sir Thomas. For the first time in the history of the Empire the Dominions this year could supply more than half the mutton and lamb which.' were consumed in this country, and there was no need to depend on foreign supplies at all. Preference for Danish; In an interview by a local newspaper, Sir Thomas again referred to the subject of butter. "What is the matter with your housewives in Yorkshire and one or two other Midland counties?" he asked. "Is the housewife of Yorkshire less intelligent than the housewives of the southern counties of I don't;'bleieve it, and yet in those southern counties we sell butter readily, while here you prefer Danish, which is no and you pay more. "I would like to take a number of Yorkshire people through the woollen mills of my country, where' all the employees are Yorkshire folk, born, and bred." They have emigrated there. If you don't buy their produce how can they expect to keep in employment, for they are your ' sons, daughters, and; cousins? Is -it Jiot reasonable to ask that you should prefer to .help them rather than Danish people!'!' It should' be mentioned that the presence of New Zealand's official representative is always eagerly sought by the' New Zealand trade interests because it jheails valuable Press publicity from his public remarks, and also from Press interviews. It is the High Commissioner's delicate task to invest his remarks with appropriate references to our produce, and with reasoned argu-ments-as to the advantage of purchasing the produce of a Dominion • which buys so liberally in return from the Mother Country. SCHEME FOR CO-OPERATION IMPORTERS AND EXPORTERS. (press association telegbam.) WELLINGTON, May 18. A scheme designed to bring about closer co-operation between importers and exporters for the encouragement of overseas trade was propounded at a meeting of the Wellington Chamber of Commerce last night. It consists of a campaign to promote the sale of New Zealand goods among employees of English companies which receive substantial orders from New Zealand. The. basic principle of the scheme is that one section should help the other, and in doing so help itself and the country. The promoter quoted a recent happening which led to the scheme being formulated. A New Zealand firm had passed on to its English principals a substantial order from a certain Power Board. The management of the firm considered that as the order was a large one it would not be out of place to suggest that the English company should reciprocate by asking its employees to purchase New Zealand goods. The suggestion was forwarded to England and a reply was cabled back that v one thousand of the company's employees had decided to purchase New Zealand butter. That principle, it was thought, might be indefinitely extended. It was decided that members should consider the scheme in detail and that the discussion should be resumed at the next meeting. PRICE OF GOLD. (UNITED PRESS ASSOCIATION—B* ELECTRIC TELEGRAPH —COPVRIGHT.) LONDON, May 17. Gold (per fine ounce) is quoted as follows (with comparative prifees):

WOOL MARKET.

LONDON SALES. NEW ZEALAND SHIPMENTS. (UNITED PRESS ASSOCIATION —BY EtiECTBIC TELEGBAPH —COPYRIGHT.) LONDON, May 17. For the wool sales opening on May 24th there will be available 184,500 bales, including new arrivals of 19,500 Australian and 40,000 New Zealand. It is expected that about 1w5,000 will be catalogued. Dalgety and Co., Ltd., have received the following message from their London office, dated May 17th:— For the London wool sales the list of arrivals closed on May 17tli. Quantities available are:— „ Bales. Australian .. • • 19,500 New Zealand .. • • 40,000 South Africa .. •• 5,500 South America .. • • 22,500 Carry forward .. .. 97,000 Brokers expect to offer 125,000 bales, including:—■ Bales. Australian .. •• 39,150 New Zealand .. . • 50,5f>0 South African .. .. 7,300 South American .. .. 23,000 Carry forward .. 161,100 We sell on June 2nd, 7th, and Bth. and the sales close on Juno Bth. The following vessels in which we are interested have arrived in time for the sale: —Westmoreland, Mahia, Otira, Coptic, Zealandic, Tamaroa, Port Brisbane, Taranaki, and Anglo-Canadian. TRUSTEES, EXECUTORS, AND AGENCY CO. YEAR'S PROFIT, £2700. (SPECIAL TO THE PRESS.) DUNEDIN, May 18. Tlio report of the directors of tho Trustees, Executors, and Agency Co. of New Zealand, Ltd., shows a net profit for tho year of £2700 lis sd. To this amount is added the balance of £7lll 6s 9d from last year, and deducting tho interim dividend of 5 per cent, per annum for the hall-year ended on September 30th, 1931, amounting to £SOO, leaves a balance of £9312 Is 2d to be dealt with. The directors recommend that from this amount tho following appropriations should be made: £ s. d. To dividend of 2j per cent., making 5 per cent, for tho year ... 500 0 0 To bonus at 3J per cent, on paid-tip share capital (£20,000) ... ... 700 0 0 To be written off freehold property account ... 500 0 0 To be written off office furniture and stationery ... 127 9 0 Balance to be carried forward 7484 12 2 The net profit of the company in 1931 was £3612 and in 1930 £3443. The dividends and bonus since (and including 1929) have been 8£ per cent. The. reserves at last balance were £17,111.

WRIGHT, STEPHENSON AND CO., LTD. COMPARATIVE OPERATIONS. Ihc following is a comparison of the results and appropriations of Wright, Stephenson and Co., Ltd., in the past three years:— 1930. 1931. 1032. £ £ £ Brought forward .. 37,021 38,366 27,141 Net profit ... 36,035 20,512 25,776 £73,059 58,878 . 52,917 Eividend— Pref., Si p.o. .. 13,711 13,741 13,711 Ordinary, p.c. .. 7 6 4 Ord. amount .. 20,952 17,996 12,010 Carried forward .. £38,366 27,1-11 p7,166 For the nine years to 1930 the company paid regularly a dividend of 7 per cent, on the ordinary shares.! The principal items in the balancesheet for "the last two yoars compare cs follows: 1931. 1932. Liabilities— £ £ . Capital paid .. .. 549,709 550,082 ' Debenture stock . . 8761,495 <369,540 Sundry creditors .1 916,035 759,632 Bills payable .. 63,426 44,147 Owing bankers .. 163,468 174,091 Reserve .. 74,891 75,078 P. and h. appropn. .. 41,510 46,016 Contingent liability— Bills under discount. .. 61,843 71,611 Assets^— Property .. 235,170 236,842 Machinery and motorcars .. .. 30,316 24,573 Stocks, merchandise, etc. .. .. 235,030 139,159 Advances .. .. 101,733 110,558 Sundry debtors (less reserves) .. 1,359,763 1,486,141 Bills receivable .. 61,791 92,056 Shares in other coys. 240,045 242,354 Cash in hand .. 21,726 6,933 INVESTMENT TRUSTS. ATTITUDE OF EXCHANGES. Tlie latest rules adopted by tlie Stock Exchange, Association of New Zealand include the following:—No affiliated Exchange) or member of an affiliated Exchange or partner or servant of any such member shall engage or be concorned directly or indirectly in the flotation, ocntrol, or management of any investment trust company or similar concern which includes in its objects the buying or selling of stocks or shares or debentures, whether same are listed on the Exchanges or not. No member of an affiliated Exchange, or partner or servant of any member, shall act or accept office as a director, secretary, auditor, or servant of any investment trust company or similar concern as aforesaid without the consent of the Exchange of which he is a member, which consent fean at any time be withdrawn. WERE'S INVESTMENT TRUST. Sales of shares in Were's Investment Trust were reported on tho Adelaide Stock Exchange on May 3rd at 2s 7£d. Tlie shares are 5s fully paid, and are listed only by the Adelaide Stock Exchange. <. There is a considerable holding in the aggregate of shares in Were's Investment Trust, Ltd., in Now Zealand. PRICE OF SILVER. (BRITISH OFFICIAL WIRELESS.) RUGBY, May 17. Silver (pence per ounce) is quoted as follows: May 13. May 17.

£ s. d. Mav 17th ... ... 15 13 5 May Uth ... ... 5 13 7 May 12th ... 5 12 11

d.~x d. Spot, 171 17 5-18 Forward 17* 17 7-16