ROYAL MAIL COMPANY.

New Zealand Herald, Volume LXVII, Issue 20622, 22 July 1930, Page 5

ROYAL MAIL COMPANY.

COMMITTEE TO INQUIRE.

SEQUEL TO RECENT LOSSES.

Tho Royal Mail Steam Packet Company, about whose affairs there has been great anxiety for tho past 12 months, has set up a committee to confer with tho directors of that company and the various subsidiary and associated companies on matters of management, administration and finance.

Tlio committee will consist of: —

Mr. F. Hyde, rnannging dkcctor of tho Midland Bank, Limited

Brigadier-Genera! A. Maxwell, managing partner of Glvn Mills and Company. Sir William McClintock, chartered ac countant.

The chairman of tho Trade Facilities Act Advisory Coinmittoo (Sir Williafn ricnclcr) will como into consultation with tho committee.

Tlio committee will retain office until tho end of this year unless that period is extended.

An invitation has been extended to Mr. Walter Runcinian, M.P.. to join tho boards of the various shipping companies, anrl recommendations which lie may make, after due examination and inquiry, as regards changes of management and administration, will bo considered by the boards * of' tho companies affected, and will, with the approval of tho committee, bo mado effective.

Anxiety as to tho Royal Mail Steam Packet Company's position was first aroused by Mr. H. J. Morland (of Price, Waterhouso, and Company), tho company's auditor, who remarked in his report on tho balance-sheet last year that his certificate was "subject to the values, under present conditions, of the investments in allied shipping companies." Mr. Morland also pointed out that the "provision for depreciation of tho licet in the accounts of the year has been calculated at a lower rate than hitherto." Tho next incident to stimulate anxiety was tho disclosure of a personal quarrel betwoen Lord Kylsant, the chairman, and his brother, Lord St. Davids, one of the debenture trustees, over certain matters j concerning the company's affairs. On December 11 tho directors announced the passing of the half-yearly dividend on tho preference stock. In the accounts for 1929 it was disclosed that the company had incurred a net loss of £78,706. Mr. Walter Runciman, M.P., who now joins the group as director, is the son of Sir Walter Runciman, governing director of Walter Runciman and Company, Limited, tho great Newcastle and London shipping firm. | Mr. Runciman, who is in his 60th year,

is the Liberal member for the St. Ives division of Cornwall, and during his Parliamentary career has held many important political posts. ■ ' The total capital involved in the Royal Mail group is believed to be about £90,000,000. It includes (he White Star Line, Pacific Steam Navigation Company, Nelson Steam Navigation Company, D. McIver and Company, Mac Andrews and Company, Argentine Navigation ComI pany, Cpast Lines, Elder-Dempster and Company, African Steamship Company, British and African Steam Navigation Company, Elder Line, Imperial Direct Line, Glen Line, King Line; Lamport and Holt, Shaw, Savill and Albion Company, and Union-Castle Mail Stcara- , ship Company. | Recent quotations and last year's best ' prices of the Royal Mail Steam Packet Company's stocks, the nominal amount of which totals £15,300.000, are as follows: 1030. Highest 1929. Ordinary . . '.. 1G 76 6 p.c. pf. <• .. 27 81=1 61 p.c. pf. .. 27 102 p.c. Ist deb. . . 67 89i 5 p.c. deb 65 07i

White Star Line 6i per cent, preference shares, which touched 23s at one time lust year, were quoted at about 9s 3d.

DAIRY PRODUCE PRICES.

LONDON MARKET FIRM. Joseph Nathan and Company, Ltd., has received the following cablegram from its London houso, dated July 19:—Butter, 130s. Cheese: White, 78s to 80s; coloured, 82s.

Amalgamated Dairies, Ltd., has roceived tho following cablegram from its London house, dated July 19:—-Butter: Our prices unchanged. Finest, 138s. No finest now under 1365. Market steadily firming in view of strong Continental position. Danish cleared. Deliveries: IS'ew Zealand, 1098 tons. Stock: 11,533 tons Retails unchanged. Cheese: White, 78s to 80s. Market firm. Little business passing. .Retail unchanged.

BUTTER IN CARTONS*

SUGGESTION IN. BRITAIN,

[FROM OUR OWN correspondent/ LONDON, Juno 12

A correspondent', writing in the Grocers' Gazette, says:—"l am convinced that it is in our interests to push Empiro butter in prefcrenco to all others. Why ? Because money spent in the Empire is far 1 more likely to come lack hero for the purchase of manufactured goods than from other countries. This means work anil wages for our people. It is far better to take cash for goods than relief tickets.

" Thero is one grout multiple-firm that specialises in Danish butter—there arc others, too—and I am assured that they employ a buyer at about £3OOO per annum (o purchase 'Danish produco only. Ho spends most of his time in Denmark. Over 1000 shops aro boosting Danish produce m preference to our own Empire foods. 11 Tho New Zealand butter packers can help us considerably by bringing tho price of the cartons down to within a few shillings of tho bulk; it should bo about 4s more, not 10s to 14s. Finally, my earnest wish is that this letter may give a little assistance to thousands of our kinsfolk in Australia and New Zealand who are striving to get their produce sold in Great Britain."

THE -TIMBER INDUSTRY.

DUTIES IN AUSTRALIA

Seeking fii'eat.or protection for tho Australian timber industry, a deputation con listing of members of tho Federal Par liament and representatives of the Timber Workers' Union, sawmillors, and timber merchants, waited on tho Minister for Customs, Mr. Fenton, recently. Neatly nil .interests complained that they had not received adequate protection. Increases of tip to 50 per cent, on Oregon and other timbers were asked for. The deputation claimed that if nioro protection was given to the industry between 7000 and §OOO additional men would be employed, and if it was not. hundreds of timber workers would have to bo dis missed. It was pointed out that th? dutv on Oregon logs had not been increased and that the deferred increased duty on Baltic Mmbei would not operate foi nnotlioJ six months, dnrinp which time it was -stated that the Australian market would be flooded with this class of tini Mr. Fenton promised to give tho re quests favourable consideration.