LONDON BUTTER RATES.

New Zealand Herald, Volume LXIV, Issue 19809, 2 December 1927, Page 9

LONDON BUTTER RATES.

QUOTATIONS OOWN TO 170s. "STILL A COOD PRICE." A furthei fallen prices for New Zealand butter on the London market is intimated in cablegrams received by Auckland merchants yesterday. The prices quoted range from 166s to 17Gs> per cwt,, represent ng a fail of 10s per cwt. within the past week. The cheese m&rket remains firm, at prices above the equivalent butter values. A cablegram received by the New Zealand Loan and Mercantile Agency Co., Ltd., dated November 30, reads as follows:—New Zealand butter, 168s to 170s, market slow Cheese.—White, 100s to 102s; coloured, 98s to 100s, market steady. Joseph Nathan and Co., Ltd., received from their Ixmdon bouse, Trengrouse and Nathan, Ltd., a cablegram quoting butter at 166s to 170s. and cheese at 98s. The message added there was " nothing doing ' on the market., A cabled roport received by Allah and Fmdlay. Ltd.. from Armour and Co., Ltd. London-, dated November 30, reads as follows Zealand butter, 166s to 170s, market depressed. Private advice received by an Auckland firm confirms the above reports. Finest New Zealand butter was quoted a*. 168 si landed . but it was reported that sales had been effected at a lower figure. It was suggested that buyers were deliberately depressing the market until Christmas .„quirements had been secured, after which a revival might be anticipated. The general opinion among merchants is that the fall in price is attributable to the heavy consignments in sight and on the water. The Mataroa, carrying 72.000 boxes, and the Middlesex, vvith 60,000 boxes, are due in London within the next two days. Toward the middle of December. the Pakeha and Rotorua are due with 107.000 boxes between them. Australian consignments have not been heavy so far, but are increasing in size, a shipment of 800 tons having been despatched on November 12. " A price of 170s is still a good price," said Mr. F H Leonard, managingdirector of Leonard and Son, Ltd., yesterday. During a recent trip to . England, he former] the opinion that, taking the economic conditions at Home into full consideration, a price of 170 a per cwt., representing Is 4|d per lb. net, f.0.b., was the best average price that could be expected during the present season. That huTter had recently been quoted up to 180s did not necessarily mean that- substantial sales had been made at that figure. It would be well not to expect prices to remain at any level that was above a good average price. CANTERBURY MEAT CO. DIVIDEND OF 8 PER CENT. [BY TELEGRAPH. —PEESS ASSOCIATION.] CHKISTCHURCH, Thursday. The annual report of the Canterbury Frozen Meat and Dairy Produce Export Co., Ltd., states that for the year ended November 30 tjie net profit was £21,362 Os Bd, wtiich, with the amount brought forward, from last year, made the amount at credit of the profit and loss account £25,795 10s lOd. Out of this, further addition had been' made to the renewals reserve fund and after such apportionment and deducting the dividend paid at the half-year there remained £12,295 10s lOd, which the directors proposed should be dealt with as follows: —Payment of. a further dividend of 3 per cent, on the preI ference and 4 per cent, on the ordinary shares, £7500; to carry forward, £4795 10s lOd. . * . The company paid interim dividends oi 3 per cent, on preference shares and 4 per cent, on ordinary shares in August. Following- is a comparison of its results and appropriations for the last three "years:— 1925. 1926. 1927. Brought forward . £5,189 £4,115 £4,433 Net profits . . . . 21,176 22,318 21.362 £26,365. .££5,433 £25,795 To reserves .. 5.0(30 6,000 6,000 Dividends— Pref., 6 p.c. . . 6,000 6,000 6.000 Ordinary, p.c. . . 10 8 Amount .. 11,250 9,000 9,000 Carried forward . £4,115 £4,433 £4,795 i. . ——————— ——- . PINEAPPLES IN FIJI. A PROMISING INDUSTRY. [FRGM ocb own correspondent.] SUVA. Nov. 21. The new season's pineapple cauning commenced last Saturday. The plant worked smoothly and the new staff worked welL It is hoped that this year 500 tons of canned fruit will be put out, as against about 150 -tons last year. It is likely that Canadian capital will come in and establish the industry upon a commercial basis next year. It has been established that pines grow to perfection at Tova on Viti Levu Bay, where there in over 100,000 acres of available i«uid of a similar nature ready for the planting. Mr. Drynan, jun., who is representing the Dominion Canners, Ltd.—who are carrying on the present experiments in conjunction with the Fiji Government—is much impressed with the. quality and flavour of the fruit. He says that from what, he has seen there should be a big future, for pineapple growing and canning within the colony. , So confident are the owners of Waidou Estate on Ovalau that they have.decided to plant a further area of 40 acres. It is rumoured that New Zealand capital is being interested in erecting a canning plant on this, estate The prospects for such a, venture are great, as the pines already grown on the estate "equal anything seen in the world both for size, quality and canning characteristics," said both the expert and the agricultural head, .after a visit of inspect ion : , - People here are now taking the proposed industry very seriously, and the natives are also showing active interest in the idea of planting pineapples for profit. SOUTH AUSTRALIAN WHEAT. PROSPECTS OF THE HARVEST. South. Australia is expected to garner 20,000.000 bushels of w!ieat, or perhaps more. " Reports from Eyre's Peninsula, where harvesting has begun, are that crops are yielding higher than was expected," said Mr E. A. Badcock, general manager of the South Australian Farmers* Co-operative Union. Limited,, 'a fortnight ago. He added that in favoured districts the sample would be satisfactory. In an earlier pstimatf*.'* s&id Mr Badcock, " T forecast 18.000,000 to 19,000,000 bushels We are closely in touch with . every section of. the -rural areas, and late reports conduce to a forecast of at least *>>o.ooo.ooo bushels Stripping has begun on EvreV Peninsula, and will soon be general Advices are reassuring in that '•ields heavier than anticipated. In the Lower and Middle North and in the South-east areas the crops are quite crocd. Grain ts filling well on crops benefited bv the late rains, and in these areas he sample should be most satis Facto j. If the experiences of Eyre's Pemnrula fue ' ,-eneated in other wheat-growing areas the harvest may easily exceed the estimate. MATAMATA STOCK SALE. T!«'« ™ « ,K o< V"m'£ ? classes meeting w,thready sale. r were: Heavy fat cows £6 4a £4/ lighter. £5 lis £3 15s to £t 16s: B, ?ui* Jo <>s to £3: 2iyear-old to i\i others. £2 H) Eo! . Shorthorn ste^ S - 7a cißpty heifers .(Jersey stein steers. £5 7a » 10a to cross), £4 to £5 10a. 218 SS 15b; store pigs. 33s to other#, to 295; weanert, best, i» »"• "" lis to 15#. i