REDUCED OUTPUT

Evening Post, Volume CXXVII, Issue 74, 29 March 1939, Page 14

REDUCED OUTPUT

CASE FOR PRODUCER

EFFEGT OF 40-HOUR WEEK

(By Telegraph.) (Special to the "Evening Post.") DUNEDIN, This Day. "Taking into account the many difficulties we have experienced, a net profit of £62,148 must be considered satisfactory," said Mr. F. W. Mitchell, chairman of directors of Kempthorne, Prossers New Zealand Drug Company. Owing to the decline in prices for primary products, coupled with an unusually wet season, Mr. Mitchell continued, the demand for fertilisers had not been so good as it might have been; but the turnover had been fairly well maintained. "Industry generally," said Mr. Mitchell, "has now had a full,year's experience of the 40-hour week, and it has been able to gauge its. effect upon manufacture. I think that in almost every instance this effect can be claimed to be a material reduction in output, which naturally has an influence upon costs. "Competition has been no less, but it is satisfactory to record that business, as measured by turnover, has been fairly well maintained over the year under review. "On the manufacturing side we have encountered the full effect of higher wages with shorter hours. While in the case of our warehouses, in addition to higher wages, the import restrictions have had a disturbing effect. "As so large a part of our operations is linked up with primary production, the financial position of the- tanners is a matter of concern to us. Owing to the decline in prices of /primary products, and particularly \for wool, and the higher costs of production most farmers have had a less satisfactory year than the previous one, an<S this, coupled with an unusually wet* season, has affected adversely the de-v mand for fertilisers, and this business has not been as good as we could wish. "Ministers of the Crown have frequently urged the absolute, need for increased production, and it is to be hoped that some assistance to the producer may be made available during the coming year."

SYDNEY, March 28. On the Sydney Stock Exchange today business continued light; investors were marking time, awaiting a lead from overseas. Sales included:— £ s. d. Bank of New South Wales 28 15 0 Com. Bank of Australia 0 15 1£ Queensland National Bank . 4 14 0 Bank of Australasia 9 4 0 Colonial Sugar 45 17 b Huddart Parker 2 12 0 Bradford Cotton 1 17 0 Australian Gas, A, old .... 7 2 b British Tobacco, pref 1 8 9 Tooth and Co 2 12 6 Tooheys, Ltd 1 9 3 Woolworths, Ltd 1 2 0 Drug Houses 12 6 Anthony Hordern 0 14 3 General Industries 0 18 0 Morts Dock 0 14 0 Atkins 1 2 4£ Cash Orders, pref 1 4 9 W. R. Carpenter 2 1 6 Electrolytic Zinc, ord 2 4 6 Zinc Corporation 49 b Broken Hill Proprietary ... 216 0 North Broken Hill, ex div. . 2 3 6 Mount Morgan 0 10 3 Emperor Gold 0 <> x MELBOURNE, March 28. Sales on the Stock Exchange of Melbourne today included:— £ s. d. Com. Bank of Australia .. 0 15 1 tCom. Bank of Australia (pref.) 8 18 0 WGoldsbrough, Mort 1 7 0 Kritish Tobacco 2 7 0 Nestles pref.. 1 15 0 Danlop-Perdriau 1U 4 BrAken Hill Proprietary .. 2 15 3 Broken Hill South 1 5 6 Mount Lyell 1 5 b Emperor Gold n q o Tarariaki Oil. ex rights ... 0 8 8