STOCK EXCHANGES.

New Zealand Herald, Volume LXVIII, Issue 20930, 21 July 1931, Page 5

STOCK EXCHANGES.

YESTERDAY'S SALES. RETURN ON INVESTMENTS. Following is a list of yesterday's transactions on New Zealand Stock Exchanges. In the second column is given the return, based on the last annual dividend, from investment at the quoted price. In the case of Government and other redeemable securities the return includes redemption. In calculating, the returns on shares in companies which pay their dividends outside New Zealand exchange rates, being liable to fluctuations, have not been taken into consideration. The first column gives the figures at wliich tile sales weio made:— AUCKLAND EXCHANGE. Return on Sulci Price. Investment, -;£n d £ s d N.Z. Insurance ..214 4 16 9 N.Z. and River Plato 1 2 0 718 3 Auckland Gas . . 1 3 G 616 2 Dovonport Ferry . . 019 (5 713 10 N.Z. Breweries (2) 113 G 7 9 3 ililne and Choyce (deb -stock) . . 0 19. 0 The following sales also took place.— New Zealand Breweries, debenture*, 225; King Solomon, 2s IGd (2), 2a 9d (2), 2s lQd, 2s 9jd WELLINGTON EXCHANGE. Ins. Stock, 1933, 5i 100 0 0 5 10 0 National Insurance . 013 0 516 2 N.Z. Breweries 1 13 3 7 10 5 Mount Lyell 0 18 0 * The following sale also took place:— Mahakipawa, 0 7-Sd. , CHRISTCHURCH EXCHANGE. The following sales took place:—Mahakipawa, 7d (4); Okarito, 9s 9d; Golden Point (Is paid), Is ltd. DUNEDIN EXCHANGE. Union Steam (pref.) 1 0 3 5 8 7 The following sales also took place:— Paddy's Point, 3s (id; Golden Point (Is paid), 2s, Is lid (2); King Solomon, 2s lid. 'lnterim dividend reduced. BUTTER AND CHEESE. —~~~~~ ' ' SHIPMENTS TO LONDON,

PRICES BECOMING FIRMER. Butter totalling 37,664 tons is expected to arrive in the United Kingdom from New Zealand in July, August, and September. In the corresponding quarter of 1930 actual arrivals totalled 13,574 tons, and in 1929 the total was 6406 tons.

As_ regards cheese, the arrivals from the Dominion are estimated to /total 11,756 tons, compared with 20,435 tons in 1930 and 15,316 tons in 1929.

These estimates are furnished by A. H. Tu'rnbull and Company, Limited, representing the London house of W. Weddel and Company, Limited. An accompanying report, datfed July 17, says:— " Weddels, state that we are now past the flush of the Northern Hemisphere season, and already prices are beginning to respond to the lighter offerings. For the first two weeks in this month salted butter has increased by from 5s to 6s a cwt," with a firm market, and out principals cable that they expect a- steady market for some time to come. " Turning to gradings, in June there was a considerable increase in manufacture. This was due to the fact that a great many of the larger dual factories have turned their whole attention to butter. The gradings for June this year amount to 1433 tons, against 978 for the same month last year. Further we have in store about 2400 tons more than we had at the end of June, 1930. The demand in the United Kingdom, however, has been quite good, and we do not anticipate any difficulty in marketing the additional quantity on hand without disturbing values. There has been no active forward buying, although some individual sales have been reported at 12jjd for JulyAugust shipment." The report adds that the cheese market is firm and should show further improvement. There has been considerable forward buying in the past fortnight. Prices opened at 5 9-16 d and rose steadily to 6d net f.o.b. for unshipped cheese and. s|d for afloats, but the probability was that the factories adhering to a consignment policy wouild realise better prices.

REPORTS OF MERCHANTS. Leonard and Son, Limited, has received tho following cablegram from London, dated July 17:—Butter: Finest, 115s; first grade, 114s. Cheese: White, 61s; coloured, 645. The demand for both is steady and the markets are firm. Advances are anticipated. Deliveries ' of cheese: New Zealand and Australian, 21,450 crates. Canadian, 6258 boxes. Stock: New Zealand and Australian, 136,503 crates; Canadian, 137,440 boxes. DAIRYING IN NORTH. MAUNGATAPERE COMPANY. A DISAPPOINTING SEASON. [BY TELEGRAI'H. —OWN CORRESPONDENT.] WHANGAREI, Monday. The annual meeting of the Maungatapere Dairy Company, Limited, was held at Maungatapero to-day, tho chairman of directors, Mr. J. H. Ilayward, presiding over a large attendance of share-' holders.

The annual report and balance-sheet showed that tho butter manufactured, 645 tons 16cwt., was a decrease of 27 tons as compared with the previous season. Tho butter manufactured showed an average grade of 93.168 for the shipping season. The average price realised for butter sold, and tho estimated value of butter on hand, including exchange, was 10.910 d per lb. Tho average price paid to suppliers as advance payment was 10.102 d per lb. butter-fat. With the deferred payment, the return to suppliers was 11.684 d per lb., and with the cost of cream collection added 12.129 d per lb. The weight of butter made from each pound of butter-fat was 1.2121b. The chairman, in his report, stated that tlie season had been disappointing, chiefly through a shortage of feed. Referring to tho Dairy Produce Board, ho pointed out that the industry had paid to the board sinco its inception approxi-' rnately £269,000 in levies. The board had effected savings in reductions on freight and other costs of over £2,000,000. Dealing with criticism of tho North Auckland Bos Company, in which the Maungatapere Dairy Company has £941 invested, tho chairman said that prior to the box company's operation 2s 9d was paid for boxes, but tho price was reduced by the box company to Is 9d. This reduction meant a saving of £IOOO per annum to the Maungatapere Dairy Company When all costs and conditions were taken into consideration, local boxes were cheaper than foreign. Recently the company secured another order for 50,000 boxes and it was confidently expected that the box company would not make a loss for the coming season. The retiring directors were Messrs, J. H. .Hayward, J. A. Cutforth and F. G. Watson, who offered themselves for ro--election. Three other candidates were Messrs. Dysart, Millington< and D. G. Morrison. The election resulted in the return of Messrs. Cutforth, Watson and Morrison.

A resolution was carried, reducing the directors' fees by 20 per cent, on' last year's fees. Mi Hayward, on retiring, wished the company every success and said he would continue to give it every support. A hearty vote of thanks was extended to him for past services as director and chairman.

A meeting of directors was held immediately after 'the annual meeting, when Mr. L. Reynolds was elected chairman.