LONDON DAIRY PRICES.

New Zealand Herald, Volume LXVIII, Issue 20922, 11 July 1931, Page 7

LONDON DAIRY PRICES.

MARKET FIRM AT ADVANCE. DRY WEATHER ON CONTINENT. Higher prices on a stronger market for Now Zealand butter and cheese -are reported in - the cable messages received by Auckland merchants from London yesterday. During the week values for butter have advanced'2s a cwt. and cheese prices have improved by 4s a cwt. for white and 4s to 5s a cwt. for coloured. One of the reasons for the improvement of the market for butter was Stated by J. and J. Lonsdale and Company, Ltd., of London, in its report to A. S. Paterson and Company, Ltd-., to be the dry weather which has been prevailing in Sweden and Denmark. The improved demand in other grades was duo to a newspaper campaign against Russian butter and also to the fact that Ireland was holding its surplus from , the market for the winter trade. Warm weather was also responsible for the improved demand for cheese. Merchants have received the following cablegrams l from London, dated July 9:—Dalgety and Company, Ltd.—Butter: New Zealand, finest salted, 113s to 115s; Danish, 117s to 119s; Australian, finest unsalted, 110s to 112s; finest salted, 108s to 110s; general average quality, 102s to 106s. Cheese: New Zealand, white, 58s to 60s; coloured, 60s to 625; Canadian, white, 70s to 74s* coloured, 70s to 765; c.i.f., 59s to 635; Australian, white, 57s to 595; coloured, 59s to 61s. Both markets are firm. A S. Pnterson and Company, Ltd. New Zealand, 114s to lj.ss; Danish, 121s; Australian, 108s to 110s. Cheese: White, 59s to 60s; coloured, 61s to 625. W. W. Bowkerßutter: New Zealand, finest, 115s; firsts, 113s; unsalted, 116s to 118s; Australian, 108s to 110s. The market is firm. Cheese: New Zealand, white, 59s to 60s; coloured, 61s to 625. Joseph Nathan and Company, Ltd.: Butter, 114s to 115s. The market is firm. Norden and Company, Ltd. (from Glasgow): Butler, 112s to 115s. The market is firm at the advance. Cheese: White, 58s to 60s; coloured, 60s to 623. Amalgamated Dairies, Ltd:-—Butter, New Zealand, finest, 115s. The market is steady, but quiet. Retail prices are unchanged. Cheese: White, 59s to 60s; coloured, 61s to 625. Retail prices unchanged. A Press Association cablegram from London, dated July 9, states:—The butter market is more active. Danish is quoted at 120s to 1225; choicest salted New Zealand, 114s to 115s; Australian, 109s to 110s; unsalted, about 2s premium. Cheese is in better demand. New Zealand white is ouoted at 59s to 60s; coloured, 61s to 625; Australian, whito, 58s; coloured, 60s.

THE UNION BANK.

PROFITS FOR PAST YEAR. A REDUCTION OF £242,636. The sum of £90,010 will be carried forward to next year's accounts by the Union Bank of Australia, according to cable advice received by the bank's New Zealand inspector, Mr. W. A. Kiely, of Wellington. As the message indicates 110 other appropriations than tne payment of a final dividend of 2 per cent., which will require £BO,OOO, in addition to £200,000 absorbed by the interim dividend of 4 per cent, in January, the amount of the declared profits is evidently £283,019. A sum of £86,991 was brought into the accounts from the previous year. The bank's results and appropriations for last three years, therefore, compare as follows:

1928-29. 1929-30. 1930-31. Brought forward . . £99,404 £86,336 £86,991 Net profits . . .. 611,932 525,655 283.019

£711,33G £611,991 £370,010 New buildings ;. 25.000 25.000 ■. f Dividend, p.c. . . 15 12i • 7 Amount . . . . 600,000 500,000 280.000

Carried forward .. £86,336 £86,991 £90.010

A steady increase in the bank's profits continued until the record of £638,966 was reached in 1927-28. Since then there has been a shrinkage of £355,947.

MILFORD AMUSEMENTS. LOSSES OF THE COMPANY. PROPOSAL TO WIND UP. Shareholders in Milford Amusements, Limited, are to bo called upon at the annual meeting on July 27 to consider tho advisability of voluntarily winding up the company to avoid further loss. In tho second annual report the directors state that' the year's working shows a further loss of £468 which, together with a loss brought down last year of £762, made a total deficit of £1230 for the period in which the company has been operating. The directors considered it was impossible to carry the company on successfully owing to the present general economic depression. Expenditure had been -reduced to a minimum and all departments had been properly co-ordinated, and were working economically and smoothly. It was with regret, therefore, that they felt they should submit to shareholders the advisability of voluntarily winding up. The nominal capital of the company is £IO,OOO in £1 shares, of which 6380 are taken up. The balance-sheet shows sundry creditors at £2532 and there is a debt of £4134 to tho bank. Assets are;— Land and buildings {less mortgage of £5400), £7659; plant, £2806; and other items, £314. Revenue amounted to £2505 last year, as against £5554 in the previous year.

; CANTERBURY MARKETS. LITTLE TRADE BEING DONE. [BY TELEGRAPH. —PRESS ASSOCIATION. ] CHRISTCHUECH, Friday. With potatoes and wheat attracting so littlo attention there is not much loft in the grain and produce trade to create interest. This is tho off season for seeds, but a demand generajly sets in at the end of July for seed for spring sowing. Potatoes aro being freely offered, and there is no improvement in prospects. Tho Wingatui at the mid-weok took 4000 sacks for the North from Timaru and Lyttelton, this cargo following on 7700 sacks by the preceding boat. Whites are quoted at 27s 6d a ton on trucks, and Dakotas at 255, or 42s 6d f.0.b., s.i., for whites for prompt delivery, and 45s for August-Septembers.. Fowl, wheat is offering more freely. Business has been done at 5s Id a bushel f.o.b. Milling values are unchanged, ranging from 5s to 5s 5d on trucks. There is little business, most of tho milling trade being supplied for'some time ahead.

Sou thorn ryegrass of light weight (245b. to 251b ), machine-dressed, is quoted at 2s 9cl a bushel. There is no alteration in the local values of ryegrass or in those of cocksfoot and clovers, but quotations are practically nominal. The oats market is lifeless, and tlViro is only small business! in chaff. LONDON TALLOW STOCKS. LONDON, July 9. The stocks of tallow are 1969 casks; imports, 536; deliveries, 520. PARENGA TUNG OIL, LTD. The directors of Parenga (N.Z,) Tung Oil, Limited, announce an issue of 10,000 bonds of £lO each.