PRESTIGE, LTD.

Evening Post, Volume CXXV, Issue 152, 30 June 1938, Page 12

PRESTIGE, LTD.

"A DIFFICULT YEAR"

A state of over-production had now been reached in the hosiery trade, and business was keenly competitive, said the chairman (Mr. G. Peacock) at the annual meeting of shareholders of F Prestige, Ltd., held in Melbourne on K June 22. The directors, foreseeing such an event some time ago, he said, had decided by the introduction of the very latest in new high production, fine- T gauge machinery, to put the company into such a position that it could now K supply the whole of its normal output, A if necessary, in fine-gauge sheer hosiery of the latest and most-wanted types. » That installation had meant the expenditure of a great deal of capital, c which, in the main, had been provided for in previous years by adequate allowances for depreciation. Nevertheless, incidental expenses, caused indirectly by the installation, E added to the costs of training labour j and general reorganisation, had been very heavy. Such expenses, of course, i: would be non-recurring. During the year ended March 31 last 1 concentration on a policy of wider dis- v tribution of the proprietary brand "Prestige" had necessitated the carrying of much heavier stocks. Added to that reorganisation, the company had experienced a difficult year through labour unrest, which had been accentuated by the shortage of labour caused by the number of new companies starting in the industry. COLD DREDGING REPORTS Bundi Company reports that 15 bores have been put down on Chinaman's Terrace, giving average values of '4.99 grains of gold per cubic yard. Boring is proceeding. Argo Gold Dredging Company's return for the week ended June 25 was 98oz, for 112 hours and 12,000 yards. Mataki Junction reports for four weeks ended June 16, with returns for four weeks ended May 19 in* parentheses, as follows:—Hours dredged 395 (431); cubic yards 60,000 (77,000); gold, oz 126 (181); working cost £913 (£971). DREDGING SHARES IN LONDON. (By Telegraph—Press Assn.—Copyright.) (Received June 30, •12.40'' pjn.) LONDON. June 29. Share Quotations.—Clutha River, buyers, lOid, sellers, Is lid; Molyneux River, buyers, Is, sellers, Is 3d. BRITISH WAR LOAN. (British Official Wireless.) (Received June 30, 12.40 p.m.) * RUGBY, June 29. The British War Loan, 3J per cent., is quoted at £101 3s 9d. ■ PRICE OF SILVER. (British Official Wireless.) (Received June 30, 12.40 p.m.)' RUGBY, June 29. ' Silver, 19 l-16d per oz; forward 18 15-16 d. BUSINESS IN UNITED STATES. ! Summarising its information on ! business conditions in the United ' States, the Bank of Montreal, reporting May 23, obseijved that "Business , has shown little improvement during ; the past month and the feeling is that . little betterment can now be. expected , before autumn. The United Statessteel mills continue to operate at ' about 30 per cent, of capacity. The L principal markets for steel, namely . automobiles and railroads, continue l stagnant. Building construction lags, with high labour costs a detrimental factor. Cotton mills are curtailing operations further in an effort to keep production in line with current- demand." I PIG MARKETING. Mr. W. A. Phillips, chairman of the r New Zealand Co-operative Pig Marketing 'Association, Hamilton, advises that the turnover increased to £551,633, as compared with £501,477 last year. The association marketed 152,318 pigs and 176,101 bobby calves for its producer members. For the previous year the company handled 153,058 pigs and 165,757 calves. Referring to the statement of accounts, Mr. Phillips stated that the company's administration expenses were showing at a further reduced figure this year, being less than 2 per cent, of its turnover. The company had already distributed during the season to suppliers of calves and pigs a total of £407,648 17s 2d, and there was a surplus available for distribution among pig suppliers in excess of £18,000. The company has 8000 suppliers. Subscribed capital is £27,000. TEA MARKETS. The tea market at Colombo this week was dearer owing to increased demand, according to private advices received in Wellington. Quality is very beautiful for the time of the year. Smaller supplies are coming to hand. The Calcutta market was fully firm '• for good liquoring teas. Commoner sorts declined a little. ) (By Telegraph—Press Association.) DUNEDIN, June 29. Mr. L. M. Wright has received the t following cabled report on the Colombo - tea auction of June 29:—Two and a i, quarter million pounds were submitted c to buyers at yesterday's auction. Com- £ mon teas advanced id and medium !, grades about id. Fine kinds were e firm at last week's rates. Two million pounds have been catalogued for sale next week. t WINTER WOOL SALE. Wellington winter sale of crutchings and other wool will be held on July 26. Wool is now coming into j store for this sale. RAILWAY AND AIR SERVICES i--1 The arrival and departure times of the prlni- clpal trains at Wellington Station are as ,S follows:— * DEPARTURES. To Auckland.—3 p.m. and 7.15 p.m. (no , night train on Saturdays or afternoon train on *• Sundays). To Napier.—9.4o a.m. I To New Plymouth.—lo.ls a'.m. I To Woodvllle.—7.so a.m., 3.30 p.m. (rail-car). s To Palmerston North. —8.30 a.m., 9.40 a.m., 10.15 a.m., 3.0 p.m., 5.47 p.m., 7.15 p.m. ' - (Limited Express not Saturday). To Masterton.—7.so a.m., 3.30 p.m. (railcar), 6.4 p.m. (rail-car) , ARRIVALS. I From Auokland.—7 a.m. (not Mondays), 9.30 a.m. (not Sundays). From Napier.—4 p.m. I From New Plymouth.—s.ss p.m. i From Woodvllle.—l2.l4 p.m. (rail-car), 5.44 p.m. From Palmerston North.—lo.4B a.m., 7.8 p.m. . From Masterton.—lo.lo a.m. (rail-car), 12.14 p.m. (rail-car), 5.44 p.m. ' AIR SERVICES. Arrival and departure times .of airliners at I the Rongotal Airport are as follows: — I DEPARTURES. To Auckland.—Noon. (Union Airways »erTo Ne150n.—7.45 a.m., 11.35 a.m., 12.15 p.m., 3.30 p.m., Monday to Saturday. (Cook Strait j Airways service.) ' To Blenheim.—B.3o a.m., 10.45 a.m., 11.35 a.m., 2.15 p.m., Monday to Saturday. (Cook Strait Airways service,) d ARRIVALS. From Auckland.—ll a.m. (Union Airways service.) From Nelson.—B.ls a.m., 11.20 a.m., 2 p.m., 4.15 p.m., Monday to Saturday. (Cook Strait Airways service.) From Blenheim.—9.3s a.m., 11.20 a.m., 12.5 .) p.m., 3.20 p.m.. Monday to Saturday. (Cook Strait Airways service.) To Nelson.—l2.ls p.m. SUNDAYS. '•> To Auckland.—Noon. From Auokland.—ll «.«•.