COMMERCIAL

Press, Volume LXXVIII, Issue 23745, 17 September 1942, Page 3

COMMERCIAL

TAI TAPU DAIRY COMPANY PAY-OUT ABOUT SAME AS LAST YEAR’S SHAREHOLDERS’ ANNUAL MEETING A final payment of 21d per lb on butterfat supplied during the year, making a total pay-out for the season of 16.184 d against 16.179 d last season, and a dividend of 6 per cent, on paid-up capital, the same as last year, were approved at the annual meeting of shareholders of the Tai Tapu Co-op. Dairy Company. Ltd., yesterday. „ The chairman (Mr W. G. Macartney! said the output of butter was 1377 tons, a reduction of 30 tons on the previous season, which was satisfactory in view of the diversion of butter-fat to cheesemaking. The number of suppliers was 1698, against 1802 the previous season, but, as the cheese factory had closed down, the majority would revert to supplying the butter factory. Mr Macartney said that of cream delivered, 93.3 per cent, was awarded the highest grade obtaining at the time. The average grade of butter was 93.57 per cent., compared with 93 points, the grade for finest quality. The over-run was 21.7 per cent. This was a slight reduction, but was in conformity with a variation made in the regulations covering the weighing of cream, tare, weight of cans and the reading of tests. The total cost per lb of butter-fat from farm to f.o.b. was 2.828 d, against 2.801 d the previous year, which was satisfactory in view of the reduced output. 2 Because of the closing of the Cam cheese factory there would be some delay in finalising the cheese accounts, but a progress payment would be made to the cheese suppliers and a further pay-, ment would follow when the accounts had been finalised, Mr Macartney said. Mr W. S. Newburgh, seconding the motion for the adoption of the report and balance-sheet, said shareholders and suppliers should be grateful for the satisfactory results of the year’s operations. The retiring directors (Messrs J. Heinzmann and J. H. Meyer) were reelected, and Messrs E. R. Cayglll and Company were reappointed auditors. Mr Macartney was re-elected chairman of directors.

STOCK EXCHANGES SMALLER TURNOVER, PRICES NOT WEAKENED A smaller turnover was recorded on the Christchurch’ Stock Exchange yesterday, but there was no noticeable weakening in prices. The good demand for Government Issues continued with little variation in prices, and banking quotations were unchanged. There is little interest locally in the insurance section, but the demand remains unchanged on other exchanges. Loan and Agency shares had a full list of buyers, and the buyers’ quotation of £25 for New Zealand Loan and Mercantile ordinary stock,, without sellers, was the first quotation in the stock for many months. Shipping shares are in keen demand, while frozen meat and woollen shares retain their popularity. In the latter section a sale of 150 Kaiapoi Woollens (preference, ex dividend) at 20s 9d is an improvement on the cum dividend price. New Zealand Breweries, after sales yesterday at 33s 6d. closed at 33s 4d, 34s 6d, but Broken Hill Proprietary at 37s 9d showed a slight weakening. On the other hand 62 Donaghy Rope sold at 49s 6d, a rise of Is 6d on last business, and, Woolworths, Ltd., at ICs, and Woolworths (N.Z.) at 15s Id. have improved in value. A marking of Mount Lyells at 27s 9d is unchanged, and the only improvement in the New Zealand mining section is Snowy River, which closed at 6s 8d buyers and 7s sellers. Sales Reported.—Listed stocks: 400 Commercial Bank of Aust. (2), 15s; 136 National Bank of New Zealand (late sale Tuesday), 44s 4Jd; 150 Kaiapoi Woollens (pref.), £1 0s 9d; 200 Australian Consolidated Industries (late sale Tuesday), 475: 200 Broken Hill Pty., 37s 9d, 37s 10d: 50 Burns, Philp, 52s 6d: 62 Donaghy Rope, 49s 6d; 200 Woolworths, Ltd., 16s; 100 Woolworths (N.Zis, 15s Id; 100 Mount Lyell, 27s 9d. AUCKLAND Sales.—National Bank of New Zealand, 44s 4id; Farmers’ Co-op. Auctioneering, 91s; Kaitangata, 32s 7d; Milne and Choyce Debenture Stock, 18s 6d; Bank of New Zealand, 39s 9d; Wilson’s Cement, 17s 2d; Commercial Bank of Australia, 14s lid; Bank of New South' Wales, 29s lOd; New Zealand Insurance, 71s; South British Insurance, 62s 9d; 'Consolidated Brick, 7s; Liberty Loan, 15/9/52-55, £9B 12s 6d; Stock, 15/4/46-49, £lO4 15s; Auckland Gas. Perpetual Debentures, £BO 10s. WELLINGTON Sales,—War Loan, 1/10/53, £92; South British 1 Insurance, 63s 3d; Leyland, O’Brien, 17s 9d; Woolworths, Ltd., 16s; Broken Hill, 38s. „ Sale Reported.—Mount - Cottrell - (fully paid), 15i.