BUTTER AND CHEESE.

New Zealand Herald, Volume LXV, Issue 20116, 29 November 1928, Page 9

BUTTER AND CHEESE.

FACTORY GRADING AVERAGES THE NEW ZEALAND COMPANY. [BY TELEGRAPH.—OWN CORRESPONDENT.] HAMILTON, "Wednesday. The following arc the grading averages for the month of October for butter manufactured by the New Zealand Co-opera-tive Dairy Company, Limited, as graded at the cool stores for export, including local factory sales:—

The following are the company's grading averages for the month of October for cheese as graded at the cool stores for export:—

BUILDING SOCIETY'S YEAR. OPERATIONS IN WELLINGTON. DIVIDEND OF 7 PER CENT. [BY TELEGRAPH.—OWN CORRESPONDENT.] WELLINGTON. Wednesday. The balance-sheet of the Wellington Permanent Building Society for the yeqr ended Novetnbor 13 ' shows satisfactory results. The revenue from interest, fees, etc., totalled £5297, and of thiu interest absorbed £2036 and general expenses £264, leaving the net profit «;t £2997. The amount of interest collected for the year, £5155, is greater by £2567 than the amount received in the previous year. Thpre was brought forward £l3O and there is available for distribution £3127.

An interim dividend of 3 per cent,, absorbing £892, was paid for the half-year ended May 8. A dividend of 4 per cent, for the second half of the year, making 7 per cent, for tho year, is now declared. The sum of £722 is written off preliminary. expenses, reducing that item to £2OO, and there remains a balance of £ll to be carried forward.

The capital comprises "A" shares £35,869, and "B" shares £653; deposits,£55,906; sundry creditors* £727 j and bank overdraft, £3220, The assets comprise loans on mortgage, £75,961; furniture and stationery, £36; preliminary expenses. £200; and cash at Post Office Savings Batik, £1592. Loans on mortgage have increased by £16,974, as compared with the previous year, and deposit* have increased by £I3OO.

HENRY JONES CO-OP. LTD.

PROFITS FOR PAST YEAR.

DIVIDEND OF 2s -A SHARE

The net income of Henry Jones Cooperative, Liriiited-—whose headquarters are in Melbourne and who have New Zealand interests—for the year ended Octobcr 31 was £154,084, compared with £159.102 in the previous year. Sources o£ income wero: Within the Commonwealth, £110.205; outside the Commonwealth, £43,879; these amounts comparing with £125,497 and £35,205 as shown in 1926-27. An interim dividend of 9d a share paid in June absorbed £52,342- The directors mw recommend the appropriation out of income earned within the Commonwealth of a dividend of a share (absorbing £43,618) and out of incomes earned outside the Commonwealth o! an additional dividend of 7£d a share (absorbing £43,618). These two alloca- . tions absorb £87,236 and the balance, £14.506, is added to the general reserve. The total dividend for last year is, therefore, 2s a share, compared with 2s 3d in 1926-27. Reference is made elsewhere to the directors' strong protest against States' competition with their business. The capital of the company is shown as t £1,395.781, compared with £1,393,476 and £910,984 in the two preceding years. The \ general reserve is shown at £290,791. Other liabilities include premium on shares, £41.631, and creditors, £251,422, the great bulk of which is due to associated companies. As the company is a holding concern its assets are given in the single item of "shares" and interests in jam manufacturing and fruit companies in the Commonwealth, South Africa, New Zealand and England, the total being £2,0131,722, against the previous year's figure of £2,020,833. ,

LEYLAND-O'BRIEN TIMBER.

DEPRESSION IN THE TRADE. The thirty-first annual meeting of shareholders in the Leyland-O'Brien Timber Company, Limited, was heid yesterday, Sir George Elliot presiding. In moving the adoption of the annual report and balance-sheet Sir George Elliot referred to the depression in the timber industry. The past year so far as, their company was concerned and, indeed roost other timber companies, had been the worst since 1915, and only that morning lie had been advised that the present month would probably bo the worst on record. It had been the policy of the directors in the past not to distribute all the profits. The company had over £142.000 invested in mortgages and nearly £IO,OOO in war loan and these accumulations, of funds had enabled the company to keep on paying dividends and to maintain the business in a sound condition. Mr. A. G. Lunn said the present position of the timber industry showed that the conservative and cautious policy which liad been pursued by the directors in past ycays was amply justified. If, tho slaughtering of prices had resulted in some firms being knocked out of the business it would probably bo to the good of tho industry, for there was no doubt there had been twice as many firms in tho business as the demand for timber warranted. Tho report and balance-sheet were adopted. Mr. W. B. Leyland and Mr. C. »- Houghton, retiring directors, were reelected. . , Acknowledging a vote of thanks an appreciation to tho directors and stall George Elliot referred to the happy.'" ' tions which, ho said, had always existed He had been a member of the board for v 30 years and he had never known of any dissension among the members.

Averatre Boxes Boxes Boxes Grade. Finest. 1st 2nd Factory. G ratio, Grade. Ngatea . 94.24 7484 22 — Wahnroa . 92.86 12,914 1913 108 Waiuku . 92.80 7324 1287 Wailiou . 92.70 4310 1102 Paeroa . 92.G7 4721 953 196 Morrinsville 92.66 6465 1687 B\ Franklon . 92.20 7947 3790 450 Te Awumutu . 92.23 7743 4037 337 Tunkuu . 92.26 5063 2280 417 Waitoa . 92.08 2871 6039 29 Ngaruawahia 92.06 6243 2782 389 Olorohfinga . 91.99 3980 2822 274 Paernla . 91.95 5958 4317 124 Y/aimauku . . 91.08 224 1856 Kgongotalia . 91.03 419 2466 161

Average. Crates Crates Crates Grade. Finest . 1st 2nd Factory. Grade. Grade. Mntiunatn . 93.42 1425 — « — liuirau lid. . <12.05 187 25(3 Rukuhia , 92.04 34 371 — East Tiimaki 91.90 200 420 _ Aka Aka . 91.88 124 558 — Kiwitahi . 91.79 49 257 10 Shelly Beach 91.70 104 6512 — Mntatoki . 91,68 — ■ 523 — Hikulaia , 91.52 75 287 — "VVharepoa . 91.50 — 315 — Orini 91.48 — 4015 — Manawarn . 91.45 1063 — 1 Oordonton . 90.83 _ 532 — Hairini 90.51 — 456 9 Eureka 90.25 — 314 43