DAIRY PRODUCE PRICES.

New Zealand Herald, Volume LXVII, Issue 20596, 21 June 1930, Page 9

DAIRY PRODUCE PRICES.

HIGHER RATES MAINTAINED*

FINEST BUTTER AT 1365. CHEESE VALUES FIRM. Tlio improvement in the price of New Zealand butter, on the London market •which occurred at the close oi last week has been maintained. The latest advices show that finest, quality is selling up to 136s on a firm market. A Press Association cable, dated London, June 19, states: —" There is a steady, demand for butter at the prices.: Danish is quoted at 141s; choicest salted New Zealand, 134s to 1365; Australian, 130s to 1335; unsnlted New Zealand, 140s to 1465. The cheese market is firm. New, Zealand whito is quoted at 78s to 795; coloured, 84s to 85s; Australian, 77s to 78s; coloured, 825." Joseph Nathan and Company, has received the following cablegram frorn£ its London house: —Butter, 134s to 135s* Rather more business doing. Cheese urw changed. Amalgamated Dairies, Limited, has r<* ceived the following cable from its Loni don office, dated June 19: —Butter: Our prices unchanged (best, 1365); market* firm, but very quiet. Cheese: White, 79sjj coloured, 84s. Market quiet. Dalgety and Company, Limited, has ro» ceived the following cablegram from its London house, dated Juno 19:—Messrs.; Samuel Page and Son report: —Butters The market is firm. New Zealand, finest salted, 132s to 1365; Danish butter, 1383 to 140s; Australian, finest unsalted, 130$ to 1325; finest salted, ,130s to 1325; grade A quality, 124s to 128s. Cheese: Thef market is firm. New Zealand 83s to 85s; white, 78s to 795; white, 82s to 84s; coloured, 82s to 84s i c.i.f., 80s to 82s; Australian, white, 77s to 78s; coloured, 80s to 82s. Mr. W. W. Bcwker, representing A< J. Mills and Company, received the fok lowing London cable yesterday:—rßutter: The market is firm. New Zealand, finest* 134s to 1355: firsts, 133s to 1345; Danish, 138s; Australian, 130s to 1325. Cheese: The market is quiet. New Zealand, wliito,, 79s to 80s; coloured, 84s to'Bss. DAIRY SEASON ENDING. MAHANA'S LARGE SHIPMENT* CLEARING STOCK. IN STORE. One of the heaviest end of the season; shipments of butter is now being loaded into the Mahana at Auckland. From this port the vessel will take 76,100 boxes ofbutter and 2900 crates of cheese. Whila such a quantity bulks large at the time, it really represents only one week'£ output at the height of the season. With tho decline in the -season, therS, ' is no pressure on cool storage space King's Wharf, and any likelihood of conj( gestion next summer has been forestalled?; by the plans made by the Aucklandt Farmers' Freezing Company to provide*, additional accommodation. A contract was recently let for tho erection of a storeyed co<}l store adjoining the store on King's Wharf. The new will have storage equivalent to 150,000 boxes of butter. One hundred and : eighteen 24ft. piers have 10-be sunk itS connection with the new building, and that work is now proceeding:- ,It is so* ticipated that'' part" of the building will' be in use by the end of tho year, but! full advantage, will riot: be taken of thij new accommodation until the installation? of the plant now on order. While tho production figures for the* 11 months of the season ending May, showed that the full period will be a; record one, it is reported that -a sharp decline has now set in, and that the tities being received into store are only, about equal to' that coming in at the corresponding period last season. iTUNG OIL CORPORATION. NEW PRIMARY INDUSTRY* ISSUE OF 10,000 £25 BONDS.-* % ——— - I '* l The New Zealand Tung Oil Corporations Ltd., is inviting subscriptions to its firstf issue of. 10,000 bonds of £25 each. Theprospectus sets out that the purpose o£ ( the company is the establishment of whafcj it is claimed will be a unique and profit? able primary industry for New Zealand. ' v The promoters claim that the world's? demand for tung oil far,,, exceeds, tha; 'supply, which is now practically confined, to China as a source. It is said that byf, private experiments in the northern pari& of New Zealand, extending over a period? of years, it has been 'definitely ascer-S tabled that the tung oil tree grows r4 markably well. At Ivaukapakapa thea New Zealand Tung Oil Corporation liad| over 60,000 young tung oil trees actiially£ growing on its property. Apart from th». value of the oil, the .by-products are peeted to give a return more than cient to cover the actual cost of ing and refining the fruit of the trees. The corporation contracts to plant witHJ tung oil trees a net area equalling one*§ half aero for each bond sold prior to thw closing of tho issue, to tend, cultivate ands fertilso the area so planted for <1 period! of five .years from planting, under previa 'perly qualified experts, and to transfer the| freehold of the land, free from all mortfj gages and other charges, to the trustees!? for tho bondholders not later than De« comber 31, 1936. By that time it is anticipated that tho trees will be well established and in production. The. cor* • poraiion will replace any trees which may, liavo fallen off or died during this period* Tho corporation must, at its own expense, purchase and erect a modern crush* ing and refining plant to handle the pro*-; duc.e from tho plantations and to,prepare? and refine the oil therefrom when, in thej opinion of tho trustees for - tho bondi holders, the areas planted shall bo pro 4 during nuts in commercial quantities. For: a period of two years from tho date SO. fixed the company will gather and harvest/ tho crop, operate the plants and arrange for the sale of the oil and other At least 90 per cent, per average lialfi acre of these returns shall be roturned to the bondholder in respect of each £25 .bond. Provision is made for tho establishment of a trust fund of £5 10s in respect of each £25 bond to enable tho trustees to see that the corporation fully carries out its contract bondholders. When tho two years have expired tha bondholders, through ballot with the trustees, may decide whether they will take over the refining plant and run it through their trustees as a separate company, or whether they will allow the present corporation to continue operations on mutually agreeable terms. The bonds will bo issued at a oisconnfc of £1 10s for cash, or on the following terms:-£5 with application, £2 10s m one month, 10s in each succeeding month until £25 in all has been paid.