DAIRY PRODUCE

Dominion, Volume 26, Issue 32, 1 November 1932, Page 12

DAIRY PRODUCE

Butter Market Steadier CHEESE PRICES FIRM Joseph Nathan and Co., Ltd., have received the following market report from Trengrouse and Nathan Ltd., London, dated October 29:—New Zealand butter: Finest, 104/- per cwt; first, 06/- to 97/per cwt. Market steadier. New Zealand cheese: Markets practically cleared. Nominally, white 67/- per cwt, coloured 60/- per cwt. OUTLOOK AT HOME German Import. Quota London, Oct. 29. News that both Australia and New Zealand are having exceptionally good seasons and the supplies of butter from both sources during November and December will be heavy is making importers rather anxious regarding the clearance of these large quantities. Fortunately the consumptive demand continues to be good, and despite heavy importations there is no accumulation of stocks. „ , The increase in Germany s import quota to 55,000 tons should have the effect of keeping a considerable quantity of Continental butter, especially Danish, off this market, but it is considered very doubtful whether Germany can afford to bny such a large quantity, especially with a duty of 75 reichmarks per 100 kilos. MACKY, LOGAN, CALDWELL Proposed Liquidation Dominion Special Service. Auckland, Oct.. 31. A notice issued to the shareholders of Macky, Logan, Caldwell, Ltd., states that an extraordinary general meeting will be held on Friday to consider, and, if deemed expedient, to pass the following resolution: “That it has been proved to the satisfaction of this meeting that the company cannot by reason of its liabilities continue its business, and that it is advisable to wind up the same, and, accordingly,' that the company be wound up voluntarily, and that Harry James Mills, of Auckland, accountant, be appointed liquidator for the purpose of such winding up.” In an accompanying letter to shareholders the directors state that the decision to report progress to shareholders was made for the following reasons:— “The trading results of the company during the six months ended July 31 show a further considerable loss. “The company’s overdraft at the bank is considerably in excess of the arranged limit, and, while the bank was prepared to find further advances, subject to conditions, it declined to find the interest due to depositors on February 1, 1932, so that your directors can no longer rely on carrying out the obligations they entered into by deed with depositors. “The conditions on which the bankers of- the company agreed to find the money for trading involved, in the opinion of . your directors, the liquidation of assets in so short a period that further losses would accrue.” The directors state that the conclusion was arrived at that, owing to the conditions prevailing, the uncertain outlook, together with the accumulation of losses and obligations, the company was unable to carry on. The secretary of the company was suggested as liquidator, having been unanimously chosen by the directors. GENERAL MOTORS-HOLDENS Further Heavy Loss General Motors-Holden’s, Ltd., sustained for the twelve months ended June 30, 1932, a loss of £349,914, which compares with a loss of £516j473 for 1930-31. The directors state that the chief contributing items to the 1931-32 result were: —Depreciation of buildings and'machinery, plus amortisation of leases, £111,869 (the total provision for this purpose now amounts to £653,661); exchange loss on amounts outstanding to General Motors Corporation, £61,800; further loss on liquidation of old-model cars in stock at the beginning of the year, plus further writing down of body-building stocks, £85,500; costs incurred on idle plant and equipment, £30,474. Profit and loss debit balance is £495,527. The report adds that cars are imported on an open account basis. When Great Britain abandoned the gold standard the amount in Australian currency necessary to remit to London and New York for stocks then held was consequently increased, and it was impossible to increase selling prices to cover this because of the large competitive stocks having been imported and paid for at the lower rate of exchange. Consequently cost of sales increased considerably, with a corresponding decrease in gross profit. These factors are mainly responsible for the loss. As a result, of economies made during the year operating expenses have been reduced to a satisfactory state, and the actual loss in the second six months of the year was £77,661, against £272,252 in ieh first half year. All obsolete models have been sold and present stocks consist entirely of new models, on which profits are being made. No further heavy exchange loss should be incurred in future trading. On present indications the consolidated operations will show a small profit in December, 1932. Car operations made a profit in August and September, 1932. Main balance-sheet details are compared below: — June 30.

AUCTION DIARY TO-DAY, Walter' St., 1 ' p.m.—Used . cars (E. Johnston). | Allen St., meat and poultry (Townsend and Paul). Shannon Sale. Willis St., 11 n.m.—Cake shop fittings, scales, etc (I. Silverstone.) Junction Hotel Yards. Dannevlrke, 12.30 p.m.—Horse sale (P. Roake & Son.) 91 Dixon St., 1.30 p.'m.—Furniture, etc. (C. W. Price). Lower Cuba St., 2 p.m.—Furniture (Davis Bros.). TO-MORROW. • Johnsonville Fat Stock Sale. 113 Molesworth St., 12 noon—Art treasures (E, Johnston.) Masterton Spring Cattle' Fair (N.Z. Farmers’ Co-op. Dlst, Co.) THURSDAY. Royal Show Stud Stock Sales, Manawatu Show ground, Palmerston North (W. S. and Co. Ltd,),

FAT STOCK MARKET

Melbourne Prices Lower

At tho Melbourne fat stock sales last Tuesday there was a notably weaker trend of the export parity for spring lambs, An inactive local demand for all classes of fat sheep and lambs combined to cause a dull market. The fat sheep offered totalled 27,800 head. Shorn sheep: Prime crossbred and comeback wethers, from 9/6 to 10/6, with selected drafts of early shorn mediumweight hoggets wethers from 11/- to 12/-, with a small consignment of prime halfwoolled northern wethers from 13/- to 14/2; good average quality lighter grades of crossbred and first cross wethers from' 7/6 to 8/6; prime, merino wethers, from 8/- to 8/9, with small drafts of station wethers, carrying early shorn pelts, from 9/- to 10/-; good trade quality aged merion wethers, from </o to 7/9; secondary descriptions, from 6/- to 7/-; best crossbred ewes, from 5/9 to 7/-, with prime two-tooth crossbred and comeback ewes from 8/9 to 9/b, with merino ewes from 4/6 to 6/6, with a small proportion of inferior descriptions at lower figures. The approximate quotation for best wether mutton was from Ijd. to IJd. a lb., the latter price being obtained for best hogget classes; medium grade wether mutton, from lid. to lid. a lb.; extra heavy wether mutton, to lid. a lb.; with ewe mutton from Id. to lid. a lb., the lower price being apparent in over-fat heavy weights. The fat lambs numbered 46,500 head. Prime sold at from 9/- to 10/-; extra prime and heavy, from 10/6 tq 12/-, a few selected small-lots, carrying extra value skins, from 12/- to 13/3; good sold at from 7/6 to 8/6, with seconds and smaller sorts from 5/6 to 7/-. The general average quotation for spring lamb ranged from 2 3-8 to 2jd. a lb.; fair to good average classes being uniformly easier, with prime heavy weights decidedly cheaper.

1931. 1932. Liabilities — £ £ Paid-up capital 1,527,400 1,527,400 Premium reserve . 25.717 General reserve . 145,071 145,071 Taxation reserve 44,257 42,342 Sundry creditors 017,993 437,571 Assets — Freehold properties 537,197 507,909 Leasehold properties ' 80,328 64,864 Plant, machinery, etc 490.654 412,443 779.723 462,273 Sundry debtors . 57,524 71,551 Commonwealth bonds 25.000 25,000 187,518 76,913 Repayments and deferred exs. 22,000 21,437