DAIRYING OUTPUT.

New Zealand Herald, Volume LXVIII, Issue 20870, 12 May 1931, Page 5

DAIRYING OUTPUT.

RETURNS FOR NINE MONTHS. INCREASE IN BUTTER-FAT. [BY TELEGRAPH. —FRESS ASSOCIATION.] WELLINGTON. Monday. Grading figures of the dairy division of (lie Department of Agriculture for nino months ended April, 1931, show an increase for liutter of 0.17 per cent, at 90,265 tons (90,108 tons), and for cheese an increase of 5.44 per cent, at 83,364 lons (79,059 tons), as compared with the corresponding period last season. Reduced lo terms of butter-fat equivalent, t hoe is an increase to date over last season of 2.76 per cent.

MORRIS MOTORS' PROFITS

FURTHER INCREASE SHOWN. LARGE LIQUID RESOURCES. Morris Motors, Limited, the firm of which Sir William It. Morris is chairman and managing-director, made net trading profit and interest amounting to £1.303,308 last year. This compares well, for a bad trading year, with the til .285,181 in 1929, and the £1,314,089 in 1928. When the company was formed in 1926 Sir William decided that he would not draw any dividends until the reserve fund should amount to £2,000,000. This sum was reached in 1928, and last year Sir William took from tho 1929 profits his first dividend, tiie amount being the same as for this year. It was estimated that he could have drawn £1,725,000 as his legitimate dividend during the years he was building up the enormous rescive fund. After paying tho preference dividend and income tax there was a balance of £820,995, to which had to be added the amount brought in to the accounts, and a profit on the sale of investments, making a total of £949,155. The whole of this siim was available for distribution on the 2,000,000 ordinary shares of the company. Tho actual payment, however, was 10 per cent., oi £200,000. As Sir William is the only ordinary shareholder, he has forfeited more than £700,000. This balance further strengthened the position of the company. The ordinary capital is £2,000,000 and (lie per cent, preference capital, £4,000,000. The accounts show that the gross income, including some £228,000 from investments, was £1,835.892, an increase of £106,000. Expenditure of £330,000 on repairs and maintenance, including allowance for depreciation of freehold and leasehold properties, represented over 15J per cent, of the total value of plant, buildings and land. In addition, the provision of £163,556 for wear and tear and obsolescence of 'plant, machinery and equipment, was at a sufficient rate to write off the whole in under 6£ years. -The company's assets included over £1,000,000 in cash, partly on special deposit with banks, £2,802.625 of Government securities at market value and debtors and stocks together amounting to some £1.600,000. These liquid assets were available to cover trade creditors * and other accrued charges of some £546.000 and an ordinary dividend of £200,000.

KAITANGATA COAL COMPANY. DIVIDEND OF In 6d A SHARE. A net profit of £10,324 was shown in the annual report of the Kaitangata Coal Company, Limited, for the year ended February 28. The sum of £2515 was written off preliminary expenses and £3250 was set aside for taxation, leaving, with the sum of £649 brought forward from 1930, a total of £5209 to be dealt with.* A dividend of Is 6d a share absorbed £4774 and the sum of £434 was carried forward. BIG CARGO OF RICE. PRODUCE FROM THE EAST. An indication of the arrival of winter was given in the manifest of the Narbada, which arrived from the East direct at the end of last week. The vessel carried a big cargo of winter food lines such as lentils, tapioca, haricot beans and approximately 13,500 bags of Rangoon lice. MOSCIEL WOOLLEN CO. INTERIM DIVIDEND TO-MORROW. The head office of the Mosgiel Woollen Factory Company, Limited, Dunedin, advises that an interim dividend will be paid to-morrow. The amount is not stated. For a number of years the company has paid an interim dividend of 4 per cent, and a final dividend of 4 per cent, with a bonus of 2 per cent., making 10 per cent, for the year.

WINES AND SPIRITS. NEW COMPANY FORMED. The prospectus has been issued of Empire Wines and Spirits, Limited, a company with a capital of £20,000, which is being formed by Mr. B. Reginald Collins, who has had experience in the wine and spirit business in England and New Zealand. The company proposes to carry on business as wine and spirit merchants and to acquire the sole agencies for the Dominion of Emu Australian wines, Long John Special Reserve Scotch whisky, Bowen's London gin, etc. A wholesale wine and spirit licence has been secured from Emu, Limited, the present distributors of Emu wines, whose stocks and organisation throughout New Zealand are being absorbed by the new concern. DEMAND FOR FINE WOOLS. ARTIFICIAL SILK SUFFERING. Messrs. H. Dawson, Sons and Company, Bradford, in commenting on the London March sales, remark: It :s surprising to many people that wools have shown such a decisive advance, at a period when (he general demand for piece goods has been so slack. It should be remembered, however, that in the past year the demand, although generally below normal, has been largely focussed on fine goods, owing to the cheapness of Merinos —to the detriment of artificial silk and coarse wools. This explains the remarkable absorption of fine grades, and their consequent, reaction in values; and while the present rate of consumption continues, Merino wools occupy a strong position. In spite of the higher cost of production, as compared with 191314. 64's tops are fully 10 per cert, below those pre-war prices. VICTORIA NYANZA SUGAR. [BY IELKGRAPII. —PRESS ASSOCIATION. J WELLINGTON. Monday. The secretary of the Exchange Association of Nev Zealanc has- received cabled advice from the Victoric Nyailz?. Sugai Company. Limited, Melbon ,, iit. thai 7240 tons of" sugar were manufactured during April.