COMMERCIAL

Greymouth Evening Star, 26 February 1927, Page 8

COMMERCIAL

HUGE STOCKS OF BUTTER.

(Special to “Star.")

WELLINGTON, Feb. 25

An inquiry into. the position of the butter market in England ascertained the following facts. On February 18, the position was as follows: In store in London 300,000 boxes, to arrive February, 111,000 boxes, to arrive Marbli 330,000 boxes, to arrive April, 326,000 boxes, to arrive May (estimate) 280,000 boxes, total 1,347,000. Based on these figures, a heavy accumulation of unsold New Zealand butter in 'the United Kingdom, and a float for that market is forecasted to synchronise with the influx of supplies from northern sources. Butter imports from the Northern Hemisphere exporting countries go into Great Britain in volume during April and May and increase as the season proceeds. - -ie Board has been distributing at tfie average rate of 26,000 boxes weekly durin# the past ten weeks, considered to be the best selling period on the British market. From the 18th February to the end of May (14 weeks) sales at the rate of say 3,000 boxes. a week would reduce the quantity in sight and in prospect by 420,000 boxes, leaving 927,000 boxes to be dealt with, when the northern season is approaching its flux. On the other hand some unforseen circumstances, such as a bad Spring in northern countries, may have a strong bearing on the position and lead to quicker’ move ment in distribution of produce than has been the case for the past ten weeks.

WESTPORT-STOCKTON CO.

(Special to “Star.")

CHRISTCHURCH, Feb. 25.

The. twenty-first annual general meeting of shareholders of the West-port-Stockton Coal Coy. Ltd., was held yesterday. Mr. G. McKellar, chairman of directors, presided over a good attendance. In moving the adoption of the annual, report and balance sheet, he said: “On the liability side of the balance sheet there is little to draw attention to. Sundry creditors increased by about £2lOO. Bank overdraft and bills payable togethei' are less by £2,300. As regards assets for perhaps the first time in the Company’s history, the property account shows no increase, but is less by £7OO than it was in 1925. The output increased by nearly 26,000 tons during 'the year. The demand for practically the whole year was very good; indeed more coal could have been sold, but circumstances prevented a larger production for the time being. The directors kept in very close touch with the colliery, having visited the Coast three times during the year. Matters were complicated by the 'new problems presented by the flume operations, which continued until the middle of June. The old method of electrical haulage -was then resumed. After the failure of the flume, and the resumption of electrical haulage in June, your directors were faced with the task of wiping out the heavy losses incurred during the first half of the year with the flume and again bringing the old system to an efficient condition. In conclusion, we wish to say this, the whole operations at the colliery have been and are being minutely scrutinised and economies introduced wherever possible. The market at present is very good and seems likely to continue so, especially if we can retain the outside markets we have recently secured. Therefore your directors look forward with confidence to the current and subsequent years.”

In reply to questions, the chairman stated that the question of depreciation as mentioned in the auditor’s report had not yet been considered by the Board, but it would be dealt with in the near future. The report was adopted.’ Mr. R. O. Dixon and Dr. C. C. Farr were elected directors. Mr. W. S. Godfrey was re-appointed auditor. The meeting concluded with a vote of thanks to the directors and staff.

METALS MARKET.

LONDON, - February 24. Copper £55 13/9 and £56 3/9 ; lead £2B 1/3 and £2B 8/9; spelter £3O 12/6 and £3O 17/6; tin £3ll .7/6 and £305 12'6; silver, standard 26 9-16 d, fine 28 11-16 d. DAIRY PRODUCE. Messrs Dalgety and Company Limited report having received the following cablegram from their London House, under date of February 22.— “New Zealand butter prices reduced 8/- per cwt. yesterday, but there is no apparent improvement in demand as yet.” 1 FARM AND STOCKS. The National Mortgage and Agency Coy. advertise for sale farming property at Ahaura of 338 acres, good river flats and six-roomed house, sheds and orchard; also 170 sheep and lambs, 18 dairy cows, 25 fat cattle, young stock, pigs and horses.