FARMING AND COMMERCIAL

Manawatu Standard, Volume LII, Issue 228, 26 August 1932, Page 5

FARMING AND COMMERCIAL

dairy produce. butter and cheese firm. advice dated August 24, has been E' ed lr “, W. Weddci and bo., Ltd., London as follow : —Danis)i butter, 108sim-; x^ fineat >. io7s-109s; Kangaroo, bbsf," whito and coloured cheese, Canadian white and coloured cheese, 56x>-58s. Both markets firm. -the isew Zealand Loan and Mercantile Agoney Coy., Ltd., have received tho following advico from their London house, August 24: —Dairy produco (last xi v S ligures in parentheses) : Butter, iin * ci,o,ccst salted, IOUs per cwt. (109s--110s). Market dull. Cheese, white, b2s per cwt (b2s) ; coloured, 57s per cwt (sbsi)7s). Market steady.

WHAKARONGO COMPANY

SUPPLIERS’ ANNUAL MEETING.

The annual meeting of suppliers and shareholders of tho Whakarongo Co-opcra-tivo Dairy Company was held last evening. Mr M. E. Krnudseii (chairman of directors) presided over a largo attendance, 'lhe operations during tho s-a-sm on the butter and casein market were fully discussed.

’lhe showed that £8767 15s had been received in tho butter account from sales of butter on consignment, and £11,840 from sales f.o.b. After crediting exchange premium, some £1229 2s lOd had to bo deducted for railage, export and selling charges, leaving a nett return of £19,378 12s 7d. Local sales of butter, after providing for discounts allowed, had realised £0073 5s Bd, bringing the total to £22,951 18s 4d. Sales of cream had produced £169 7s Id and stocks of butter on hand had been taken in at a total valuation of £1460 11s 6d. Added to the other this made a total of £24,581 16s lid. Factory costs had included £578 2s 4d for butter boxes, £298 3s 8d for fuel, £255 2s for repairs and maintenance, £737 10s 4d for wages, £49 17s for oil and ammonia, £45 5s lid for salt and preservative, and £79 11s lid for parchmont and wrappers. Tho casein account revealed that tho proceeds of casein and skimmed milk had been £1244 12s 2d, and thcro was a balance of £4B 13s lOd to the appropriation account.

Reviewing the season's activities, the chairman stated that the attendance* at the meeting indicated an increasing interest in the company’s affairs. Ho had plea-suro in moving the 19th report and balancesheet (already published) as at ono period of the year they had seriously considered changing over to cheese, but had decided to continue tho manufacture of butter. Two matters, those of manuring and herd-test-ing, had received a good deal of attention. Tho importance of the former was realised, and iie would like to seo the activities of the latter extended. Comment had been made that tho Whakarongo returns did not compare favourably with the prices obtained by other companies, Mr Knudsen continued. Factory costs had been reduced and further avenues of saving in this direction wero being explored. Figures taken out had shown that during the last five years tho average pay-out of a large cheese factory in tho district had been Is 3.36 d whilo that of the Whakarongo factory, producing butter, had been Is 4.23 d, besides which its indebtedness had been reduced by £3OOO. There seemed to be a community spirit of loyalty growing in tho district, and they wero there to help each other. The chairnian thanked his codirectors for their loyal support and conscientious service.. Many matters had been discussed during the year, though not all had been finalised, he said. Tho secretary (Mr E. B. Jennings) had performed excellent work. There had been a considerable reduction in tho cost of butter-boxes, but the fuel bill was, unfortunately, still rather on tho high side. Maintenance expenditure might bo considered high, but tho machinery had been kept in firstclass order. Tho factory manager and staff had worked well at reduced rates.

Seconding the motion for the adoption of the report, Mr T. Ranford stated that the future for casein, like all other commodities, was uncertain, but a healthy sign had been tho clearance of all stocks.

The report was adopted. Mr J. F. Lynch asked if an ultimate improvement in tho prico for casein was likely, and Mr Ranford stated that an offer at a slightly higher rate than that obtained last year had been made from Japan for the whole of the casein company’s output this year, but it had been refused. Many other offers had also been made, indicating an active market.

Comment was made by Mr Lynch that the fuel bill was higher this year for a •smaller output than previously. The chairman eaid the actual figures for tho tonnage of casein credited to the factory were not available yet. They were paid on the nitrogen content. Replying to Mr A. E. Sly, the chairman stated that the amount of £llOO, representing loans advanced to suppliers, was £SOO less than last year, and there was good security available. Mr J. H. Stuart moved the following notice of motion: That article 33 of tho articles of association bo amended to provide that no director shall hold office for more than three years without submitting to ballot at an annual general meeting of the company. The chairman moved an amendment that article 33 be repealed and the following be substituted: Two directors shall retire at the annual general meeting in each year. The two directors to retire at the annual meeting next following tho coming into operation of this article shall, unless tho directors agree among themselves, be determined by lot. In every subsequent year the two directors who have been longest in office shall retire and upon all occasions where soveral directors have been in office an equal length of time, and some or ono only of such directors ought to retire, the directors or director to retire shall, in default of agreement, be determined by lot. Mr Ranford seconded the amendment. The suggestion was advunced by Mr F.

S. Mcßae that tho whole of tho artioles of association should bo thoroughly revised.

Tho amendment- was carried and it was decided, on the motion of Air Mcßae, that it bo a recommendation to tho directors to go into the question of overhauling tho articles of association and have that carried out if the cost was not oxcessivo. Complimentary references wore made to tho splendid services rendered by the cliairnian during tho year, comment being made that ho was “the rigid man in the right placo.” When he offered to accept an honorarium of £6O, flm suppliers took their own initiative in unanimously voting him £IOO, as well as praising his unremitting work on their behalf* lhe honoraria of tho directors was fixed at £lO each for tho coming year. There were three nominations for tho two vacancies created on the directorate by tho retirement of Messrs J. Rom Icy and R. do J. Van tier in rotation. Messrs Rom ley and S. A. Oxenham wero elected. Air A. T. Bendall was re-appointed auditor at tho same remuneration ns formerly. Mr Vautior was accorded a hearty vote of appreciation for his past services. Votes of thanks wore also passed to the chairman, tiio directors and tho staff.

PAPATAWA COMPANY’S MEETING.

There was a good attendance of suppliers at the annual meeting of the Papatawa Dairy Company. Mr W. L. West presided. The secretary pointed out. that the advance to suppliers amounted to £7716 0s 9d, which was less than it had been fivo years ago. This was despito tho fact that production on the farms iiad been kept up m fact increased. The difference was not peculiar to Papatawa, but was shared by the industry throughout the Dominion. In moving the adoption of the report and balance-sheet, the chairman said a burning question was that of interest and bank charges. These amounted to £192 11s 2d. Had outstanding share capital been paid up, this amount would have been substantially reduced. While the company was a small one, it was a good one, lie added. It was pointed out that the prices for checiso were rising, and the prospects were assuring. The company proposed to pay out a bonus at the conclusion of the meeting. There was a considerable quantity of ’cheese unsold, and when this had been disposed of the directors would decido what action would be taken. No more money would be kept back than was absolutely necessary and the total pay-out for the 6eaisoii would compare very iavourably with that of other companies. The secretary stated in reply to a question that the manufacturing casts were lower this year. Last year Papatawa had been criticised for the apparent high cost of fuel. When comparisons were being made, it should be remembered that freight and cartago had been charged with the actual cost of the fuel, borne other companies entered these items separately, thus their actual costs for fuel appeared lower. Freights were exceptionally high on coal, and ho recommended tho directors to make representations to the Government to bring about a reduction. Tho report and balance-sheet wero adopted on the motion of tho chairman and Air C. B. Ball. i i. * • • Air W. H. Nixon suggested that in view of the need for economy, tho number of directors be reduced to five. Mr Rawson, when asked the position, stated that ae the articles of association stipulated seven directors, notice of motion would be necessary. , , The chairman: It would bo preferable to reduce tho honoraria of the directors. Air Nixon gave notice of lus intention to move at the next annual meeting that the number of directors be reduced to five. Mr Loughnan, representing the Marketing Association, briefly reviewed the operations of the company with regard to cheese marketing. . , Tho position regarding proxy voting by “dry” shareholders, was fully discussed. In accordance with notice already given, Messrs F. Baldick and H. AJ. Smith moved “that the article of association of the company be so altered as to cancel tho right of a shareholder to vote by proxy.’ Mr R. T. Mabey moved and .Mr W. <jUliland seconded ns an amendment “that shareholders bo allowed to void in person or by proxy, except shareholders who are not suppliers, who can vote in person ° n Tdie movers of the original motion withdrew in favour of tho amendment, which was carried with only one dissentient.

WOODVJLLE COY’S REPORT. The 17th nnnual report of the \Yoodvillo Co-op. Dairy Company states:—“l he output shows a reduction of tons, which is accounted for partly by tho unfavourable weather conditions, a reduced use of fertilisers and also tho operations of tho butter interests. As usual, the output was placed on consignment. The averngo prices obtained so far are slightly higher than for tho previous season, bet show verylittle profit to tho average supplier. London exchange has been in our favour, and has increased our pay-out by over Id per pound butterfat. The thanks of tho directors aro duo to tho suppliers who have remained, loyal to tho company, and their continued support is solicited. The balance for disposal, as shown by tho profit and loss account, is £561 11s lid, which wo recommend bo appropriated as follows: — Further payment, of Id per ]!> butterfat for April, May, Juno and July, 1932, £135 18s sd; further payment of ,180 d per lb butterfat for the season '(excluding October), £IBO 15s 6d; dividend on paid up capital at 6 per cent, per annum, £lB4 6s lOd; store reserve fund. £9 2< 10d; balance to be carried forward, £1 8s 4.1. The abovo further payments will bo subject to the unsold chocso realising the estimated value, yvhich is based on 55s per rut. If moro is realised a supplementary payment may bo made later. The total average payment for tho season including tho above suggested payments will be 11.278 d per lb butterfat. Tho retiring directors aro Messrs McGregor and Sinclair and are

ehgiblo. for re-cleotion. “Statistics with last year’s figures j ll parentheses are: Total lbs of milk received for tho season, 6,176,003 (7,312,981) ; lbs of buttorfafc content, 274,276.98 (321,734.71); average test, 4.4410 (4.3995) ; lbs of milk received for cheese manufacture, 6,090,968 (7,217,018) ; lbs of butterfat content, 270,056.67 (317,063.48); average test, 4.4337 (4.3932) ; less butterfat extracted in standardising, (13,224.50) ; lbs of butterfat in milk made into cheese, (4.2240) ; lbs of cheese made, 685,928, 306 tons, 4cwt, lqr 121bs (812,514, 362 tons, 14cwt, 2qrs, 101ns) ; lb 3 of milk to lib of cheese, 8.8798 (8.8529, standardised); lbs of cheese to one pound of butter-fat, 2,5399 (2.6741, standardised) ; cost of manufacture f.o.b. Woodvillo per lb cheese, .779 d (.779d); cost of manufacture f.o.b. Wellington per lb choose, 1.068 d (1.057 d) ; average grade, 91.366 (92.040); pounds of milk received for separation, 85,035 (95,963) ; pounds of butterfat content, 4,220.31 (4,671.23) ; average test, 4,9630 (4.8677) ; cost of handling at per pound butterfat, I.Bd (2.2 d); choose equivalent (if all the milk had boon manufactured into cheese), 310 tons. 18cwt, 2qrs, 71b (374 tons, 2qrs, 61bs) ; milk been received from approximately 1023 cows (1109 cows); average butterfat per cow, 2681bs (2901b5).”

FROZEN MEAT

MARKET STEADY.

Al. A. Eliott, Ltd., have received cable ad vice from their London agents of tho following Smithfiold prices for the week ending August 25, 1952. These prices are on tho “delivered” basis, that is, including storage charges, cartage, etc. —Best North Isiand prime lambs, under 361bs sd, 36/42 sd, 42/50 4 3-4 d; ordinary North Island lambs, under 421bs 4 7-Bd, second quality under 421bs 4 7-8 d; best North Island wethers and/or maiden ewes 48/56, 56/64 3jd, 64/72, over 721bs 3d; ordinary North Island wethers and/or maiden ewes, 48/ 56, 56/64 3 3-3 d, 64/72, over 721bs 27-8 d; North Island ewes, under 641bs 2 3-Bd, 64/72, over 721bs 2£d; prices nominally unchanged. Lamb, wethers and ewes, market steady.

FARMING NEWS,

RURAL RAKINGS. That the lifting of tho ban on imported stock should not bo supported, was the opinion of tho Wanganui executive of tho Farmers’ Union at a meeting held this week. A solicitor, who is a member, was nominated for tho office of vice-president at tho annual meeting of the Wyndham A. and I’. Society. However, he declined. “The cows I milk would not be classified in _ the show,” 'lie said, amidst laughter. “Never mind, you’ro a good milker,” interjected another member. Tho laughter was renewed, tho solicitor obviously enjoying tho joke. “At last year's annual meeting I referred to tho efforts then being mado in England by t.ho Empire Marketing Beard and other interests (and in which I am pleased to say, our agents took a loading part) to bring about a Government order for tho marking' of butter according to country of origin,” stated the chairman, Mr O. G. Dormer, at yesterday’s meeting of tho Cheltenham Dairy (Joy. “It is gratifying to know that the efforts of these people have been successful, as tho butter marking order became operative on June 17 last. Briefly, those regulations provide that:—lt shall not ho lawful to sell or expose for sale any imported butter unless it bears an indication of its origin, cither by show ticket, or printed on the labels. With the growing tendency of trade within tho Empire and for tho demand for British produced goods, this marking order, I feel sure, must give an added impetus to sales of pure New Zealand butter, and it should assist the patting trade considerably.”

WELLINGTON MARKET PRICES.

WELLINGTON, Aug. 25. All varieties of apples are selling befcter this week and there is a hotter tone in the market generally. Good Delicious, Ballarats and Granny Smiths are realising good prices. Cooking pears are inquired for, but sales of dessert are slow. Local lemons are coming in freely, but tho prico has been maintained. Now-laid eggs are ery plentiful and the market is weak. All early spring vegetables, especially green peas, aro selling well at good prices. Prices as mentioned wore obtained for the following lines yesterday morning:—Apples: Delicious, 7s to 9s; Jonathans, 6s 6d to 7s 6d ; Stunners, 4s 6d to 6s; Rome Beautys, 5s to 5s 6d; Granny Smiths, 5s to 6s; Ballarats and Washingtons, 5s to 5s 6d; Dohertys, 4s to 4s 6d per bushel. Pears: Winter Coles, 6s to 7s; Nelis, 4s 6d to ss; P Barry's, 5s 6d to 6s per bushel. Local lemons, 11s to 14s per bushel. New potatoes, 2£d to 2£d per lb. Green peas, 6£d to 8d per lb. Potatoes : Red Dakotas, £8 5s to £8 15s; Sutton’s £8 10s to £9 per ton. Onions: Pukekohe, 30s per bag: Jaio-neso, 25s per crate. Kumeras, 4s 6cl per sugar bag. Pumpkins: Bod, 7s 6d to 8s; grey, 6s 6d to 7s per sack. Swedes, Is 9d to 2s 6d per case. Now-laid eggs, Is 2d per dozen. Separator butter, 7d to 7£d per lb. Comb honey, 7s 6d to 8s per dozen sections. New Zealand walnuts, 4d per lb. GWF wheat, 6s per bushel, Blenheim chaff £6 15s per ton ex store.

SOUTHERN MARKETS.

CHRISTCHURCH, Aug. 24.

The south continues to be a disturbing factor in tho potato market. It was reported last Saturday that the Waipiatu, loading at tho Bin IV, had a cargo of 3500 sacks. Tho waterside trouble delayed her departure from Fiiday to yesterday, and in tho meantimo hor cargo increased to 4444 sacks. This is believed to bo the heaviest cargo of potatoes over shipped from Bluff—it certainly is since Southland was a fairly heavy potato producer in the height of tho oat-growing clays. This big quantity naturally had a depressing effect on the market when tho information came through this morning. Tho vessel is also booked to lift potatoes at Dunedin, Timaru and Lyttelton. Tho Waimarino is duo to load at Lyttelton on August 30, this vessel being tho last of tho month.. She will pick up curgo at Dunedin and Timaru. Stocks woro reported on Friday to ho light in Auckland, but so far there has not been much reflection of this in the inquiry. Values in Christchurch to-day wero about 2s 6d a ton easier than at last roport, being quoted nominally at £5 15s to £5 17s 6d f.0.b., s.i., prompts and Augusts. Dakotas are in much better demand for Wellington, and they aro worth £6 10s f.0.b., 6.i. Oats show no improvement. A Gartons aro quoted at 3s 6d southern ports. The demand for chaff continues very slack. Tho value on trucks is £3 10s a ton. Tho following aro quotations for produce to bo paid to farmors, on trucks, free of commission, sacks oxtra, except whore otherwise stated: — Wheat.—Wheat Marketing Board's price, Tuscan, 4s lOd f.0.b.; Hunters, ss; Pearl, 5s 2d.’ Fowl wheat: Prompt, 4s 9Jd to 4s lOd. Oats: A Cartons, 3s for prompt; Bs, 2s fid; Algerians, 3s. Potatoes, £4 17s 6d. Partridge peas, to 5s 7c!; barley, 3s; cocksfoot, Akaroa 6d, Plains 4d to sd; perennial ryegrass, 4s to 4s 3d; Italian ryegrass, 3s fid to 4s; chalf, £3 10s: whito clover, Is 6d ro Is 8d; eowgrass, lOd. Bran, £4 a ton shipping, and £5 a toil local. pollard, £5 a ton for shipipng; £6 10s local. Flour, £l3 12s, with the usual increments for smaller packings,

A USTIIA LI A N MAR KISTS,

SYDNEY, Aug, 25, The wheat market is chill; ex trucks Sydney, 3s 2Jd; at. country stations 2s 7Jil a bushel. Flour, £lO lOfcs a ton. Bran and pollard, £5 15s a ton. Potatoes, Tasmanian, £7 10s a ton; Victorian, £5 10s. Oaten hay, £7 5s a toil. Onions, American whito, £3O; Japanese, £25 per ton. Maize, yellow, 5s 4d; white, 4s Bcl a bushel. ADELAIDE, Aug. 20.

Wheat, growers’ lots, 3s Id to 3s ljcl a bushel. Flour, bakers’ lots, £7 15s a ton. Bran, £5. Pollard. £5 10s a ton. Oats, Is 8d to Is 9d a bushel.

CHICAGO WHEAT FUTURES.

NEW YORK, Aug. 24

Chicago wheat : September. 50£ cents; December, 54J cents; May, 58J cents. New York, cash, 603 contrf.

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS AND PRICES. Fairly active conditions ruled in tho Wellington stock and share market yesterday. Government securities received more attention from investors, who showed a tendency to ease thoir bids. The 5£ per cent, bonds, February, 1937, were done at £99 2s 6d, and moro woro offering at £99 ss. Buyers lowered thoir bids 5s to £lOl for tho 5£ per cents., September, 1937, but sellers did not come in. The 4£ per cents., 1939 and 1938, wore all in request at £94 10s, a prico that showed a distinct easing on recent rates. There was again a strong demand for banks. New Zcalands eased to sales late on Wednesday at 48s and 47s 9d, and more wero offering at tho latter price yesterday. Australasias wero sought at £9 10s, but sellers asked £9 18s. Commercial of Australia, ordinaries, wero firm at 14s, sellers 14s 4d, and the preference wore wanted at £6 16s 6d. E.S. and A. Bank were 6d up at £4 4s, sellers asking £4 7s. Union of Australias were again wanted at £7 Is, but sellers held for 7 3s 6d. The financial, gas, insurance and other sections of tho market we generally firm, with little quotable change in values. N.Z. Insurance were sold late on Wednesday at 425, and there was an unsatisfied demand yesterday at 41s 9d. Gear Meats had business at 335, with other unanswered buyers at 325. Moturoa Oil showed firmness in a sale on ’change at 3s 6d. Moro were wanted at that price, but sellers asked 4, Id. Gcldmining shares wero in active demand at about Into rates. Wailiis wero 2d up at 16s 2d, sellers holding for 16s 6d. YESTERDAY’S QUOTATIONS. Buying and soiling quotations at yesterday’s final call on the Wellington Stock Exchango were aa follow;—

N.Z. GOVT. LOAN'S— Buyers. Sellers. £ 6. d. £ 6. d. 44 p.c. Bonds, 1939 ... 94 10 0 — 44 p.c. ditto, 1938 94 10 0 95 15 0 54 p.c. ditto, Fob, 1937 98 17 6 — 54 P-o. ditto, Sep, 1937 101 0 0 — 44 p.o. Ins. Stic., 1939 94 10 0 — 44 p.o. ditto, 1938 94 10 0 95 10 0 p.c. ditto, 1936 and Feb., 1937 — 99 5 0 54 p.c. ditto, Sep, 1937101 0 0 — 51 d.c. ditto, 1933 — 98 10 0 DEBENTURES— Well. Harb. Bd., 54 p.c., 1940 100 0 0 — Mt. Albert Boro., 53 p.c., 1963 96 0 0 — Mt. Eden Boro., 53 p.c., 1963 96 0 0 — Ditto, 5$ p.c., 1959 ... — 99 0 0 laumarunui Boro., 6 p.c., 1945 Chch. Drn. Bd., p.c. 99 0 0 1973 — 98 10 0 Mana-Oroua Elec. P., 54 p.c., 1949 — 95 5 0 Bav of Plenty Klee. P.. 54 p.c., 1955 ■ 97 0 0 BANKS— Australasia 9 10 0 9 13 0 Commercial Aust., ord 0 14 0 0 14 4 Ditto, pref 6 16 6 — Eng., Scot, and Aust. 4 4 0 4 7 0 National N.Z 3 13 0 — National A’asin. (£5) 5 6 0 — New South Wales 26 15 0 *27 5 0 New Zealand — 2 7 9 Ditto, long term 1 8 0 — Union of Aust 7 1 0 7 3 6 FINANCIALGoldsbrough, JYJorfc ... N.Z. Guar. Corn., ord 1 3 9 — 0 5 7 0 6 3 N.Z. Loan and Merc., ord 39 0 0 — Well. Trust and Loan 4 15 0 — GASAuckland, cont-r 0 14 9 — Christchurch 1 4 4 — Wellington, ord 1 9 9 1 11 0 INSURANCE— National 0 13 4 — New Zealand 2 1 9 — 11 FAT PRESERVING— Gear 1 12 0 — N.Z. Refrigerat. (10s) 0 4 4 — Well. Meat. Ex., prof. 0 13 0 • TRANSPORT— Huddart, Parker, ord. — *1 8 0 V kjLlEX— Wellington, ord 4 10 0 — Ditto, pref 4 11 0 — ITMRKR — Kauri 0 10 6 — BREWERIES— New Zealand 1 6 6 1 7 4 Toohey’s 0 18 0 — MISCELLANEOUSBritish Tobacco, ord. 1 9 3 — Colonial Sugar 44 0 0 — Dunlop Rubber 0 12 3 — Electro. Zinc, ord. ... 0 14 6 — Ditto, pref — 0 1 5 6 N.Z. Drug 2 16 — N.Z. Farmers rertiliser 0 13 6 0 14 6 Wilson’s Cement — 1 11 6 OILMoturoa 0 3 6 0 4 i Taranaki 0 1 5 — ,i i XING— Alexander, contr 0 16 0 — Blackwater 0 12 6 0 13 6 King Solomon 0 1 8 — Mount Lyell 0 19 9 1 0 i 0 8 3 — Waihi 0 16 2 0 16 6 Waihi Grand Junction 0 2 8 — Big River, Is paid ... — 0 1 3 Ditto, lOd paid 0 0 10 ’Cum. dividend.