COMMERCIAL

Press, Volume LXX, Issue 21323, 16 November 1934, Page 16

COMMERCIAL

♦ (CONTINUED FROM PAGE 13) MEAT EXPORT PROGRESS KILLINGS REDUCED STOCKS ON HAND The Meat Producers' Board .has issued particulars of the killings of stock for export for the 1934-35 season, commencing October 1 to October 31. The figures for the corresponding period of the 1933-34 season are also given:— 1934-35. 1933-34. Beef (quarters) .. 777 420 Wether mutton .. 3,248 5,901 Ewe .. 1,111 2,919 Lamb .. 47.910 92.604 Porkers .. 41.224 13,499 Baconers .. 11,862 8,808 Boneless beef, freight carcases . . »00 14.003 Sundries . . 24,477 41,875 .The backwardness of the season in the North Island is illustrated by the reduced lamb and mutton killings, a total of 52,269 carcases compared with 101,424 last year. Porkers and baconers, on the other hand, have practically doubled—from 27,000 to 53,000. The effect of the restriction on the export of boneless beef is marked. The trade, indeed, has almost disappeared —from 14,000 freight carcases in October 12 months ago to 800 in the month just closed. In Stores in New Zealand Stocks on hand in stores in New Zealand on October 31, in the two years, were as follows: — 1934-35. 1933-34. Beef (quarters) .. 21,533 145,189 Wether mutton .. 9.017 6,272 Ewe .. 2,343 7,132 Lamb .. 28,834 62,863 Porkers .. 23,806 11,559 Baconers .. 10,040 8,878 Boneless beef .. 178,242 22,693 Sundries .. 71,135 121,361 The figures indicate a very satisfactory position. The beef stocks are only about 15 per cent, of those held 12 months ago, mutton 2000 carcases less, and lamb less than half. Porkers and baconers show an increase, and boneless beef stocks are eight times as much. The pork and bacon increase need not cause concern, as the increase in production last year was large, but the disposal of the heavy carry-over of boneless beef presents something of a problem. Hawke's Bay Lamb Schedule The s.s. Rangitiki sails from Napier to-day with, a considerable cargo of frozen lamb. The lengthy spell of dry weather has enabled killings to be increased and during the last few days the works have been kept busy. Now that this vessel's shipment has been completed the rate for "firsts" lamb has been reduced to 7d per lb.

NEW ZEALAND LAMB QUALITY OF EXPORTS TO BRITAIN "AN ALARMING TENDENCY" rTHE PKESS Special Service] • WELLINGTON, November 15. That there was an alarming tendency among New Zealand fat lamb producers to export to England unfinished lamb, and that this tendency will eventually prove detrimental to the sales of New Zealand lamb on the Home market, was the opinion expressed to-night by Mr E. 'J. Webb, general manager of Henry Fitter and Sons, Ltd., of London. Mr Webb has spent some time in Australia and New Zealand, and will be sailing shortly for Home. "After my extended tour through Australia, where fat lamb production is becoming of increasing interest to pastoralists, I have found that the tendency in' certain quarters of New Zealand is to export lambs that are definitely not up to the standard of quality expected by the consumers in England. It will be fatal to the interests of New Zealand lamb producers if they do not maintain a high standard of quality synonymous with that slogan used so extensively at home: 'Buy New Zealand lamb, the best in the world,'" said Mr Webb. "I am convinced that small-weight, unfinished lamb will not continue to make high prices on the Home market," he continued. The new branding regulations will prove to be beneficial to the industry in New Zealand only if quality is maintained and independent distributors are kept supplied at Home. The tendency to monopolise supplies by big combines of wholesalers whose chief interest is in Argentine chilled beef, is a menace to the best interests of lamb production in New Zealand.

PROCERA BREAD PROCESS NET PROFIT IN FIRST YEAR A net profit of £2466 14s lid is shown in the first accounts of Procera Bread Process (N.Z.), Ltd., for the 13 months ended September 30, 1934, to be presented at the annual meeting on November 21. The directors in their report state that the patent situation is progressing satisfactorily. Applications in the United States, Lithuania, Luxemburg, Mexico, and Spain have matured into grants of letters patent: in Australia, Canada, Great Britain, France, Argentina, Austria, Brazil, Chile, Germany, Holland, Hungary, India. Jugoslavia and South Africa, the applications have progressed beyond formal objection, and the formal letters patent in most of them should come to hand shortly; granting of letters patent in other countries should therefore be reasonably expected. The policy decided upon in Aus* tralia was to issue territorial licenses to make and sell Procera bread on the basis of a cash consideration, plus a royalty on sales. That this policy and the forecast then made have been justified is evidenced by the success so far achieved. Twenty-eight licenses have been granted.

Much preliminary organisation work oi an arduous, welj-planned, and expensive character,' has to be carried out before successful commercial marketing and baking can be commenced by licensees. When this is taken into account, together with the fact that organised commercial baking has only recently commenced, the revenue from Australia of £7006 14s 7d shown in the profit and loss account must be regarded as very satisfactory. As the population of Australia is relatively small as compared with other countries, the directors feel that their faith

in the future possibilities has no far been, fully warranted. Since the overseas expenses, excluding Australia, amounted to £3476 6s 3d and have been incurred in anticipation ot overseas sales, it is not recommended that any dividend be paid The capital is shown at £25,000, of which 26,000 vendor shares and 9000 ordinary shares issued to vendors as fully-paid at 10s each, account for £16,000, and 18,000 ordinary shares of 10s fully-paid issued to contributors amount to £9OOO. Sundry creditors total £1709 4s 7d. The assets are shown as follows: —Cash at bankers, £4494 ss; bills receivable, £100; patent rights, £19,363 13s lid; overseas expenses, £3476 6s 8d; sundry debtors, £1220 lis 9d; formation expenses, £521 2s 2d. SWAN BREWERY CO. DIVIDENDS NOTIFIED (PBESS ASSOCIATION TBLEGBAM.) WELLINGTON, November 15. The Swan Brewery Company, Perth, cabled the Stock Exchange Association to-day that the usual preference dividend and an ordinary dividend of two shillings a share had been declared, payable on December 5. [The dividend paid in November, 1933, was 6 per cent, on ordinary shares, making 14 per cent, for the year. The preference dividend was 6 per cent. Capital is £425,454 ordinary and £50,000 preference. The reserve fund at the last balance was £477,088.] ABRAHAM AND WILLIAMS v ANNUAL MEETING The thirty-third annual general meeting of the shareholders of Abraham and Williams, Ltd., was held at the office of the company, Wellington, on Wednesday. The profit and loss account showed a credit balance of £16,476 lis 9d for the year. A dividend of 5 per cent, on the preference shares, together with arrears of dividend on these (8 per cent.) was passed for payment, leaving a balance of £5,813 19s 9d to be carried forward to next year's accounts. Messrs R. S. Abraham and J. T. Martin, the retiring directors, were re-elected.

Mr P. L. Sim was appointed auditor for the ensuing year. ASSOCIATED NEWSPAPERS, LIMITED INCREASED DIVIDEND (I;KIT£D I'RESS ASSOCIATION —BY ELECTRIC TELEGEAPH—COPYaiGHT.) (Received November 15, 11.20 p.m.) SYDNEY, November 15. Associated Newspapers, Ltd., show a net profit of £186,651, compared with £165,793 in the previous year. Dividends on preference shares total 6 per cent., while a dividend on ordinary shares of 6 per cent, is now recommended. LLaet year the preference dividend was 5.425 per cent., this being the rate under the statutory reduction enforced, and the dividend to ordinary shareholders was 5 per cent., making the total dividend payment for the year £ 133,468.] PRICE OP GOLD LONDON, November 15. Gold (a fine ounce) is quoted: M , £ s. d. November 14 .. 619 3J November 13 ..619 0i November 12 .. 619 6~ November 10 .. Cl 9 6 November !) ~ 619 71 November 8 ..6192 November 7 .. 6 19 li PRICE OF SILVER LONDON, November 14. Silver (pence an ounce) is quoted:— „ . Nov. 13. Nov. 14. £P°t • • ..241 242 Forward .. 25 27| METALS MARKET

MARRIED WOMAN'S DEATH

V An inquest concerning the death of Mrs Margaret Barbara Carrick, aged 65, was held yesterday before the coroner (Mr H. A. Young). A verdict of- suicide when in a depressed state of mind, caused by continued illhealth, was returned.

LONDON, November 11. Nov. 13. Nov. 1-1. A ton. A ton. Copper— - s ' d. £ s. d. ■Standard, Spot 2 7 S 27 11 3 Forward .. 27 13 -1 i 27 18 IS Electrolytic .. ISO 0 0 30 15 0 to .. 1)1 0 0 ;;i o o Wire liars . . i o 0 31 0 0 American electrolytic, 9 ccuts per lb. Lend— Spot .. a o 5 0 10 16 3 Forward .. 10 10 0 10 12 6 Spoiler— Spot .. 11 is 9 11 17 6 Forward .. 12 6 12 3 0 TinSpot . . "J 2 8 8 0 228 7 6 Forward .. 228 12 6 22S 13 9 Silver— Fine, per oz, Standard, pi • .. 2-1 ?rl 24Jd 26 ll-16d eroz. 2UJd