LONDON DAIRY PRICES.

New Zealand Herald, Volume LXV, Issue 20112, 24 November 1928, Page 11

LONDON DAIRY PRICES.

BUTTER MARKET FIRM.

NEW ZEALAND 176s TO 180s.

Australian nnd N.Z, Press Association. LONDON, Nov. 22

The butter market is firm, and stocks are being sold steadily. Danish is quoted at 200s, choicest salted New Zealand, 176s to 180s; exceptionally fine, 182s; Australian, 172s to 1745; unsalted New Zealand, 192s to 1945; Australian, 184s to 186s.

The cheese market is dull. New Zoaland white quoted at 104s to 105s; coloured, 103s to 104s. Australian stocks hftvo been temporarily cleared.

REPORTS FROM MERCHANTS.

RECENT ADVANCES MAINTAINED

Reports received by Auckland exporters yesterday indicate that the advances in London dairy produce values made earlier in the week are being maintained.

Amalgamated Dairies, Limited, received tho following cablegram from its London manager; —Butter: Finest, 182s; market steady, with firm tone; Danish, 192s f.o.b. Cheeso: White, 104s; coloured, 102s; market weak. Norden and Company, Limited, received tho. following cablegram from its London principals:—Butter; Salted, 176s to 180s; equal to Is s,lid to Is 5.22 d, f.0.b.; unsalted, 1965; equal to Is 7.17i1, f.0.b.; market steady. Cheese: White, 104s; equal to 9.45 d f.0.b.; coloured, 102s; equal to 9.25 d, f.0.b,; market steady. The Farmers' Co-operative Auctioneering Company, Limited, Hamilton, has received advice by cable from London, quoting the following prices for New Zealand dairy produce:—Butter, 170s to 180s; market firm, with quiet but steady trade likely to continue for the next few weeks. Cheese, 175s to 180s; markot weak. WHALE OIL INDUSTRY* NEW ZEALAND COMPANY. The prospectus of the New Zealand and Ross Sea Whaling Company, Limited, has been issued. Its primary object is to purchase up-to-date factory ships and chasers for the purpose of catching whales and extracting the oil, etc., in the southern seas and Ross Dependency. The capital of £500,000 is divided into 500,000 shares of £1 each, of which 150,000 aro held in reserve, and 350,000 are offered to the public for subscription, 2s 6d a share to bo paid on application, 2s 6d on allotment, and the balance in calls of 2s 6d at intervals of not less than one month.

It is the intention of the company to acquire in England a suitable ship of about 12,000 tons, capable of carrying a cargo of about 14,000 tons, and have her converted into a modern factory ship, Five chasers will also be purchased. These will bo new ships, embodying all the latest improvements and fitted with wireless. The ships will be fitted out in England and Norway, and it is expected they will be ready to start operations in the season 1929 to 1930, leaving Port Chalmers at the end of October for the Ross Sea. From quotations already received the cost of tho factory ship and five new chasers will be approximately £250,000. Fuller particulars, especially with respect to the prospective earnings of the company, are advertised on another page. The prospectus can be had on application to Mr. W. J. Potter, High Street, Auckland.

FROZEN MEAT PRICES. LONDON MARKET VALUES. Dalgcty and Company, Limited, report having received the following cablegram from their London house, dated November . 22, regarding tho frozen inoat market: — Lamb.—New Zealand prime Canterbury, 281b. to 361b., lOd; North Island, 9id; Canterbury, 361b. to 421b., lOd; North Island, 9£d; Canterbury, second quality, 8d; North Island, 8d; Canterbury, '42lb. to 501b., 9 l-Bd. The market for New Zealand lamb is weaker. The demand runs principally on finest qualities. Good average quality Australian lamb, 281b. to 361b., 8d; 361b. to 421b., 6|d; fair average quality, 281b. to 361b., The market for Australian lamb is dull. The domand runs principally on finest qualities. Mutton. —Now Zealand prime Canterbury, 481b. to 561b., 6 5-8 d; North Island, 61d; Canterbury, 561b. to 641b., 6 3-8 d; North Island, 6d; Canterbury, 641b. to 721b.. 6d; North Island, s|d; Canterbury cwos, 481b. lo 641b., North Island, 4Jd. Tho market for New Zealand mutton is weaker. Tho demand is limited. Australian mutton, fair average quality, 301b, to 551b., 4H; good average quality, 401b. to 6011)., 41d; Australian ewes, 4d. The market fof Australian mutton is quiet. The domand is poor. . . . Beef.—New Zealand prime ox beef, hinds, 4|d; fores, 3Jd; Argentine chilled hinds, fores, 4|d. Tho market for New Zealand beef is weaker. Tho demand is moderate. Pork. —English pork, 801b. to 1001b., 8JU1; New Zealand porkers, 1001b. to 1201b., 6d. NATIONAL INSURANCE. CO. CAPITALISATION OF RESERVES. [by TELECIIUriI. —OWN COJUVEBrONDENT. ] DUNEDIN, Friday. "The company has come through n very trying year with results that should bo regarded by shareholders as not unsatisfactory," said Mr. John Moloney, in his address at the annual meeting of the National Insuranco Company to-uay. Although an increase of £19,584 in a premium income of £248.808 disappears in losses of £135,875, which are greater by £l9 872 than in tho provious year, the outcome of the past year's operations is better. With regard to losses it may interest but not please shareholders to learn that tho New Zealand Government will not rolleot any income tax on tho company's fire underwriting business, as no profit, was made in tho Dominion this The amount at tho credit of the profit and loss account, £82.130, including the sum brought forward from tho previous year enabled the directors to recommend payment of £37,500 in dividends, to transfer £18,201 to tho several reserve funds and to carry forward £36,429, which was almost equal to tho sum required to pay tho present annual dividend. To equalise as nearly as possible tho distribution of the half-yearly dividends, 4d a share wns paid in faay last, and a dividend of 5d a sliaro was now recommended, making tho total distribution for the year the same amount as last year. It was intimated at tho last annual mooting of shareholders that the strength of tho company's finances would allow reduction to bo mado in the uncalled share liability, und now tho directors recommend tho transfer of £50,000 from tho reserve fund to capital account. If this was agreed to the paid up capital of the company would be £350,000, while £285,000 would ho loft in the reserve fund. Tho report and balance-sheet were adopted. The retiring directors, Messrs. F. W. Mitchell and Thomas Glendining, were reelected. CHICAGO WHEAT MARKET. Australian and N,Z. Press Association. CHICAGO, Nov. 22. Wheat. —December, 1 dollar 16 5-8 cents nor bushel; March, 1 dollar 21* cents;' May, 1 dollar 23 7-8 conts. J