LARGE AMALGAMATION.

New Zealand Herald, Volume LXVII, Issue 20600, 26 June 1930, Page 7

LARGE AMALGAMATION.

BRITISH PROVISION TRADE. ' CAPITAL OF £12,750,000. BUYERS OF DAIRY PRODUCE. (Received Juno 25, 8.35 p.m.) LONDON, . June 24. Provisional agreements have been signed to amalgamate the Home and Colonial SLores; Lipton, Limited; Maypole Dairy Company, Limited; Meadow Dairy Company; Peark's Dairies and the Inter- ( national Tea Company. This is an important fusion from the Australian and New Zealand point of view, for the companies are very large purchasers of butter and cheese unci control a great number of shops. The total capital of the firms concerned is £12,750,000. The Financial News says other large organisations, such as Sainsburys and John Quality, Ltd., which are controlled by Selfridge's, remain independent, so that there is little reason to fear that the combine will use its position to make profits at the public expense. NATIONAL BANK OF N.Z. DIVIDEND OF 12 PER CENT* USUAL BONUS WITHHELD. LONDON, June 21. The National Bank of New Zealand has declared a final dividend of 12 per cent., free of income tax. The directors state that in view of the general economic situation throughout the world and the fall in the value of commodities, they deem it prudent to •withhold a bonus. For many years the 12 per cent, tlivident was accompanied by a bonus of 1 per cent.; the bonus was increased to 2 per cent, in 1920, so that 14 per cent, has been paid for 10 years. The declared profits in 1920-21 were £326,821,, but in the following year they declined to £212,726. There were then annual increases to the record total of £333,088 in 1925-26. The profits in subsequent years have been £312,275 in 1926-27, £289,803 in 1927-28, and £290,582 in 1928-29. The capital and the reserve fund have both been £2,000,000 since 1925-26. The amount of undistributed profits had risen to £175,769 in 1927, but in the two following years, in which net-profits were only about £IO,OOO more than dividends, appropriations to pensions fund and premises account reduced the balance carried forward to £1551,154. Speaking at the last annual meeting the chairman, the Hon. W. Pember Reeves, remarked that the reduced carryforward was considerably more than six months' dividend and bonus. " I see np reason to anticipate less favourable business conditions in the future," he added, " but I remember on one occasion an old shareholder stated that, in paying a bonus, he considered we were distributing too. large a proportion of our profits. However, I will only repeat what I have previously said—that this matter receives our very careful attention, and you may be sure that, if we thought it necessary, we should not hesitate to withhold or reduce it." BOARD OF DIRECTORS. VISCOUNT HAMPDEN APPOINTED, [BY TELEGRAPH. —PRESS ASSOCIATION.) WELLINGTON, Wednesday.The general manager of the National Bank of New Zealand has been advised that Viscount Hampden has joined the directorate. Viscount Hampden visited New Zealand 18 months ago and made a comprehensive tour of the Dominion.

Viscount Hampden, who was born in 1869, was educated at Eton gnd Trinity College, Cambridge. He entered tho Army in 1889 and served in the South African War arid in the Great War, when he was a temporary brigadier-general.

WAIKATO STOCK MARKET. MARKED IMPROVEMENT. GENERAL ADVANCE RECORDED. Notwithstanding the ' severity of tho weather during the past week stock in general has made a conspicuous advance, and it seems probable that further improvement will follow. The lise is certainly mora marked in fat stock than in the store section, mutton especially having jumped into prominence with a bound. For a lone period this article has faced a depressed market and more generous treatment was due. The extreme warmth of the present outburst, however welcome, 13 difficult to account for. . . Conditions as they affect the individual sections are as follows: BEEF. Adequate supplies are on hand and the markets generally are well supplied. All the time, however, values incline to harden and seem at times to approach Westfield rates. Prime ox at the Central yards sold up to 37s per 1001b; plain duality, 33s to 345: prime young cow and heifer beef, 345: ordinary cow, 31a to 323. MUTTON. The advance in this soction _ was _ very marked at the Hamilton sale, in spite of a full market. Heavy ewes registered the astonishing level of 31s. a value within 2s of the top price reached for wethers. Some good clearances of paddock lines have been effected on the basis of 20s o a figure which many held for and which seemed for » lone time unattainable. Average yard quotations are:—Heavy wethers, 31s to 32s 9d; medium-weights, 2Ss 6d to 30s: light-weights. 2(is Cd to 27s 6d; best ewes, 22s 6d to 255: medium quality, 193 to 21s. STOKE CATTLE. , There is not a great deal of business being ' douo in this branch, more owing to th« scarcity of cattle under offer than to an absence of inquiry. Steers arc wanted and would meet with good competition. It is unlikely, however, that holders will be tempted on the market for another month or two. Forward steers sell freely up to £10; rising three-year. A' 7 10s to £9 6s ; risinff two-year, £6 to £6 15a; yearlings, £4 to £4 10s; weaner Jersey heifers, best, to £-1 IQb: medium, £3 6s to £3 15s; small and broken coloured, £2 to £2 10s» STORE SHEEP. Thero is a better demand nil round for tho various classes in this section and noth» ing seems to offer greater promise of profit. Ewes in lamb appear particularly attractive at present rates, and with the improvement in wool and firm closing rates for lamb a general recognition of this may soon be expected. The tono was certainly brighter at tho Central saje this week and a total clearance of a fairly large entry was accomplished. Five-year-old sheep made up to 235; other lines of i.ged ewes sold from 19s to 20s 6d: ewe lambs are worth to 19fl for first quality; wether lambs, to las; medium sorts. 12s to 13s 6d; small, 8s to 10s; 6tova wethers, two-tooth, 19s to 20s; four-tooth, 21s Gd to 235. DAIRY CATTLE. Tho demand for cows is extremely good and clearing sales are reaching close to last year's averages. Heifers showing well forward are also being sought and lines hava been sold recently lip to £l3. On going through tho various lots awaiting sale 0110 cannot help being struck by tho scarcity of early ealvers. The demand at the inoment is entirely for these, and it seems as if graziers must consider the need their animals to profit earlier. Dairymen this season show a great reluctance to purchase anything not ready for immediate profit earning. Averages of dairy herds run from £ll to £l3, with individual cows up to £l9; best heifers up to £l4 and from £lO 10s to £l2 in truck lots: medium sorts, from £9 to £9 10s; backward. £7 10s to £8 . 10s. PIGS. ■ TIIO yardings have not been so heavy lately, but values are inclined to improve. Best baconers sell up to £3 lla; light, weights, £2 12s Gd to £3: heavy povkera. £8 Sa to £2 12s; light-weig;ht3, 36a to £1 2a.