BRITAIN’S BUTTER IMPORTS

Press, Volume LXXXIV, Issue 25608, 24 September 1948, Page 5

BRITAIN’S BUTTER IMPORTS

FALLING OFF REPORTED Britain continues to butter-hungry on her ration of 4oz a week, in spite of the efforts of New Zealand, Australia, and, latterly, Argentina, to exceed pre-war contributions, states Reuter’s London correspondent. Imports for the first seven months of this year at approximately 192,000 tons, are still well behind the seven months’ imports in 1938 of 277,600 tons. To the end of July, imports from New Zealand totalled about 93.960 tons, against 75,600 tons in 1938. Australia’s contribution was about 55,580 tons, against 52,440 tons, and Argentina’s 3420 tons, against 2620 tons. Foreign countries, other than Argentina and Denmark, show greatly reduced totals on pre-war figures, imports for the seven months reaching only 5200 tons, against 65,640 tons. Imports from Denmark fell from a pre-war average of 68,970 tons to 33,664 tons in the first seven months.

Australian butter production figures for the 1947-48 season ending June 30 show a total of 157,286 tons, compared with 145,571 tons in the 1945-46 season. All the pastoral States, with the exception of Victoria, showed production increases bn the previous year. Although some parts of the continent have experienced adverse weather, prospects for the current season appear to be good. Although drought earlier in the year hastened the seasonal decline in New Zealand’s export gradings, total gradings for the season of 131,721 tons were 4 per cent, greater than the previous season, and 8 per cent, more than in the 1938-39 season.

SHAREMARKET INDICES

AUSTRALIAN FOUNDATION INVESTMENT PEAK IN DIVIDENDS “ NOT REACHED ” It wag logical to believe that 'ordinary dividend rates would rise in consonance with monetary profits, if only to compensate shareholders for the depreciated value of currency in terms of purchasing power, said the chairman of Australian Foundation Investment Company, Ltd., Mr S. Ricketson, at th<e annual meeting in Melbourne. Quite a number of increased dividends could be expected in the future, as well as some bonus share issues, he said. He emphasised that higher profits did not necessarily mean higher volume production. The practice i6f fixing high premiums for new issues of ordinary shares to shareholders was criticised by the chairman. Most shareholders believed that premiums benefited only th«e buyers of the rights, since the amount of the premium went to the funds of the company and not the seller of the rights. Thus, shareholders did not benefit from high premiums, as their new shares cost so much more and their real dividends on total capital paid was less than the nominal rate declared by the company on share capital alone. Many investors would be prepared to put up with the loss of the general benefits accruing from capital issues control in order to obtain new issues at par, he said. NORTH ISLAND ONION PRICES (P.A.) WELLINGTON, Sept. 23. A price order for onions is published In the Gazette this evening. Growers’ prices for f.a.q. onions are £l4 a ton f.0.r., s.e., the grower’s station, and for ungraded onions £ll a ton, f.0.r., s.e., the grower’s station. Retailers’ prices for f.a.q. onions are 3d per lb and for ungraded onions 2}d per lb. The order comes into force on October 1 and will not apply to new season’s onions or to any onions of pickier grade, or to any onions grown in the Auckland dr North Auckland land districts, or in the South Island.

London.—“Financial Times" (1926 equals 100) Jnds. Or 1. Govt. Gold. Dec. 31 .. 129.0 112.88 122.66 Jan. 28 .. 125.5 112.96 130.65 Feb. 27 .. • 110.1 113.16 132.41 March 31 .. 118.1 111.36 133.78 April 30 .. 119.6 111.92 128.49 May 31 .. 120.1 112.20 121.62 June 30 .. 112.7 112.23 113.61 July 29 .. 112.4 112.28 111.66 July 30 .. 112.2 112.23 110.59 Aug. 31 ... 116.2 112.80 110.76 Sept. 16 .. 115.4 112.85 112.62 Sept. 17 .. 115.4 112.83 111.17 Sept. 20 .. 115.7 112.77 109.95 Sept. 21 .. 115.6 112.72 110.55 New York.—Dow Jones (1926 equals 100). 1939, Highest (Sept.), rails, 35.99, industrials, 151.22. Lowest (April), rails. 24.15; industrials, 121.4. Shares Rails. Indus. sold. Dec. 31 .. 52.48 181.16 1,540,000 Jan. 28 .. 51.68 174.47 1,060,000 Feb. 28 .. 49.27 167.30 350,000 March 31 .. 53.73 177.30 1,780,000 April 30 .. 58.15 180.51 1,440.000 May 28 .. 60.81 190.74 1,240,000 June 30 .. 61.80 188.49 820,000 July 29 .. 60.89 183.57 750,000 July 30 .. 60.15 181.33 1,310,000 Aug. 31 .. 61.53 171.71 600,000 Sept. 16 .. 60.96 180.69 580,000 Sept. 17 .. 60.28 180.06 690,000 Sept. 20 .. 58.89 177.37 1,260,000 Sept. 21 .. 59.20 178.61 920,000