GOOD DAIRYING YEAR.

New Zealand Herald, Volume LXIV, Issue 19797, 18 November 1927, Page 9

GOOD DAIRYING YEAR.

BETTER YIELDS AND RETURNS THE ADVANCES FOR OCTOBER. BAY OF PLENTY ASSOCIATION. [BY TELEGRAPH. —OWN CORRESPONDENT. ] TE PUKE. Thursday. The Bay of Plenty Co-operative Dairy Association, Te Puke, will pay out to-' monow to suppliers the sum of £19,431 18s 6d, being the advance for October butter-fat at the rate of Is 5d per lb. for superfine. Thei-e will be in addition a bonus payment Jor last year of £5719 Os Id. The total payment this month will be £25,150 18s 7d. For the supply in October of last year £12,389 18s Id. was paid to suppliers on the basis of Is o£d per lb. for superfine. The butter-fat received last month was 280,0241b., compared with 243,3621b. in October of last year, an increase of 36,6621b. The increased quantity of butter manufactured last mbrith was 18 per cent. The season's increase to date is 23.5 per cent,, equivalent to 55 tons. Pastures throughout the district are looking remarkably well at present, and there is every indication of a good season for dairy farmers. it is reported that beef buyers, are becoming more active, and there are more inquiries for fat bullocks, due, it is stated, to the demand for export purposes. Jn past years the Te Puke district was one of the big centres in the Bay of Plenty for all. classes of beef cattle. To-day, however, large areas are devoted to dairying.^ THE HINUERA COMPANY. PAYMENT OF ls*sd PER POUND. The Hinuera Dairy Company is distributing '£9300 to-morrow among its suppliers. This is an advance payment for butter-fat supplied during October at the rate of Is 5d per lb. for first-grade, clear of deductions. The company has advanced to its suppliers at this rate since the beginning of the season. An indication of its progress is that butter manufactured during October last, as compared with the same month of the previous year, shows an increase of 20 per cent. PRODUCTION IN NORTH. KAITAIA AND ORURU. [BY TELEGRAPH. —OWN CORRESPONDENT.] KAITAIA. Thursday. The output of the Kaitaia Dairy Company's factory at Awanui last month was 87 tons of butter, against 72 tons in October, 1926. The payments to suppliers for October will be £IO,OOO. The Oruru Dairy Company's output is about 30 per cent, greater than it was Last year, and payments to suppliers have increased correspondingly.

ROMA OIL PROSPECTS.

AN EXPERT'S VIEWS. CAUTION STILL ADVISED. Dr. Woolnough, geological adviser to tli6 Australian Government, who recently visited New Guinea, said in an interview last week he had been very favourably impressed' with the oil prospects in Papua, but it was too early to go into details. Questioned concerning developments at Roma, Queensland, Dr. Woolnough said it was regrettable that it had been used to create a bocm on the Stock Exchange. Results' there had exceeded his anticipations, but ho felt it his duty to warn people against excitement, for the oil at Roma was filtered oil, and had evidently migrated from a very great distance. There was now in Queensland heavy residual oil at Lonpreach and a light filtered product at Roma. Both indicated the existence of oil-forming conditions, but crude oil containing light, intermediate and heavy products was yet to be found. Dr. Woolnough strongly deprecated anything that would engender excitement They must have time, patience and unlimited money, he said, to test Queensland's oil possibilities thoroughly. People should not attempt oil exploration without ample funds behind them. There had been far too much of that in the past, for although rewards were big the risks were great. LONDON DAIRY PRICES. BUTTER MARKET FIRM. The London butter market is firm at the higher rates ruling this week, according to advice by cable received yesterday by the New Zealand Loan and Mercantile Agency Company, Ltd. Butter is quoted at 176s to 178s per cwt., against 172s to 176s last week. The cheese market is reported steady and quotations are 98s to 100s, against 98s to 102s last week. E. S. AND A. BANK. DIVIDEND OF 12* PER CENT. The annual report of the English, Scottish and Australian Bank for the year ended June 30 shows that the gross profits were £1,425,836, as against £1,365,860 for the previous year. The net profits were £550,988. An • interim dividend of 5 per cent, has been paid. It is proposed to pay a final dividend of 7£ per cent., making per cent, for the year, free of English income tax, and absorbing altogether £295,312. The transfer of £IOO,OOO is to be made to reserve, and £IO,OOO added to officers' provident fund. It is intended to appropriate £98,437 for purchase and cancellation of deferred inscribed deposit stock. This leaves a balance unappropriated " from profits of the year of £47,239, which, added to the amount brought into the account, £230,722, makes £277,961 to be carried forward. Premiums: on new shares amounting to £360,000 have been added to the reserve fund, which, with the appropriation from the year's profit, will stand at £2,910,000. Following is a comparison of the bank's results and appropriations for the last three years:—

This is the fifth year in succession m which the dividend has been at the rate 1 of 32A per cent., free of tax, although the capital has been increased in the meantime. The latest increase reflected in the amount required for dividend, presents the capital issued to share 88512s y Vffifths bank's capital is now £3,000,0 W.

1925. 1926. 1927. Brought forward £130,102 £183,414 £230,722 Net profit .. 5i5,981 542,308 550,988 £646.083 £725,722 £781.710 To reserve .. 127,669 100,000 100,000 Provident fund 10,000 20,000 10,000 Purchase of Block 81,250 93,750 98,437 Dividend 125 P-o. 243,760 281,250 295,312 " Carried forward £1S3,414 £230.722 £277,961