STATE INTERFERENCE.

New Zealand Herald, Volume LXVI, Issue 20424, 28 November 1929, Page 7

STATE INTERFERENCE.

AUSTRALIAN CRITICISM.

NEW ZEALAND COMMENDED* Reference to the injurious effects of State intcrferenc-3 is again made in the annual report of Henry Jones Co-opera-tive, Limited. The directors recall that last year they stated that the company's activities, while existing conditions pert sist, must bo increasingly employed in profitable spheres outside jam-making and fruit-preserving. "Unfortunately, it will be impossible to depart from this policy until the State Governments of Victoria and New South Wales realise the folly of competing with private enterprise," they declare. "This unfair competition has already reacted most injuriously upon the economic efficiency of the industry considered as a whole, and if continued must eventually reduce the factor of 'private enterprise' fruit-growing and 'private enterprise' manufacturing. Successive Victorian Governments have provided financial assistance so freely to the j3oulburn Valley cannerieii, chiefly by gbarantee, that although these canneries were established for the purpose of canning fruits produced in their own irrigation areas, they are now purchasing raspberries, blackcurrants, gooseberries, and other fruits from Tasmania, and pineapples from Queensland. In short, they have received so much financial aid from the Government ths.t they have found, it necessary to go beyond the boundaries of their own State in order to spend it. No wonder, then, that in commenting on the attitude of the Victorian Government to the State-aided canneries, the AuditorGeneral described these benefactions as 'an innovation in public finance,' that is 'contrary to th 3 procedure governing the control of public monies.' "We submit that it is for any Government to regulate the affairs of a great industry impartially while actively participating in the conduct of that industry in the role of a competitor. In view of the obvious and undeniable fact that Governmental interference in our industry has done, and is doing, untold injury, we venture the opinion that the Government of Victoria should fake heed of the deplorable consequences that attended like interference in Queensland, and retire promptly from a field they should never have invaded. Since the 'Government, of Queensland disposed of thuir jam and canning fac- ■' tory, the company has for the first time acquired a substantial. interest in these manufacturing industries in that Slate, and the directors feel confident this will prove of great advantage to the fruitgrowers of Queensland and afford relief to the general taxpayer. "They confidently look forward to a profitable expansion of manufacturing interests in New Zealand. and South Africa, where the Governments concerned have the. wisdom to realise that only by the encouragement of legitimate private enterprise can the economic interest and welfare oi ! the community be promoted." AUCKLAND COMPANIES, TWO NEW REGISTRATIONS. Details of two public companies registered in Auckland yesterday are as follows : The New Zealand Co-operative PigMarketing Association, Ltd. Objects: To acquire as a going concern the business carried 011 at Hamilton by the New Zealand Co-operative Pig-Marketing- Association (incorporated). Capital, £25,000 in 250,000 shares of 2s each. Subscribers: P. H. Judd, J. E. Leeson, C. H. Dearlow, B. H. Buddin, D. S. Ross, D. Fulton and D. N. Chambers, 10 shares each. The Concrete Block and Tile Company, Ltd., manufacturers of concrete products. Capital, £6OOO in £1 shares. Subscribers: A. E. H. Potts, 1600 shares; T. S. Piggin, 1448 shares; H. C. Curlett, H. W. Jacka and W. J. Lovett, 50 shares,each; W. R. Cashmore and J. W. Hyland, one share each. LEYLAND-O'BRIEN COMPANY. ANNUAL MEETING HELD. . The thirty-second annual meeting 0! shareholders of the Leyland-O'Briea Timber Company was held yesterday. The chairman of directors, Sir George Elliot, presided. In moving tho adoption of the report and balance-sheet, the chairman congratulated shareholders upovi the results the company had achieved during, a very difficult year. As a result of careful management the company had been able to continue payment of its usual dividend. The report and balance-sheet, details of which were published iii the Herald on November 11, were adopted. - Tho dividend reccmmended -was at' the rate of Is 8d a share, free of income tax, lOd of which was paid iii April. . The retiring directors,, Sir George Elliot and Mr. S. H. Leyland, were reelected unopposed. The firm of Morris, Duncan ancl Gvllies was re-appointed auditors. A vote of thanks was accorded to the staff. HENRY JONES CO-OPERATIVE. INCREASE IN YEAR'S PROFITS.: The net income of Henry Jones Cooperative, Ltd.—whose headquarters are in Melbourne and who have New Zealand interests—was £160,637 for the year ended October 31, as against £ls4,oß4*last year and £159,102 in the previous year. Net' profit on operations within tho Commonwealth was £115,818, compared withi £111,997 for the previous year, and the net income earned outside Australia was £44,819, against £45,879. An interim dividend of 9d a share outi of income earned in Australia paid jn June required £52,567. A final dividend of 7Ad a sharo from this source and a distribution also of 7{d a share from out- ' aide earnings is recommended, which, to- \ gether absorb £89,342, and the balance ' of £18,729 it is proposed to transfer to , general reserve. The total dividend, as announced in the , Herald on November 14, is 2s, or 10 , per cent., tho same as last year. Tho issued capital is £1,429,473, com- ■ prising £503,449 issued for cash, an in- ' crease during the year of £6OOO, and £929,024 issued for purchase of shares and interests, etc., an increase of £28,692. General reserve and premium on shares total £364,285, an increase of £31,813. Amounts due to associated companies total £255,058, an increase of £13,636. Assets are summarised in one item of investments, including shares and interests in " jam and i'ruit companies in Australia, ' South Africa, New Zealand and England 3 of £2,168,191, against £2,081,722 last year* j * ] PROPERTY SALES. * A partly-improved farm of JOS acres, in s Anzao Valley, in the Waitakores, was sold a at auction ::or £975 by Messrs. Butherford, Robinson and Austin. Bidding commenced at £750. and rose steadily amid spirited 1 competition. A five-roomed house irt Church. 1 Street, Dovonport, was passed in at ±jw.