MILNE AND CHOYCE, LTD.

New Zealand Herald, Volume LXVIII, Issue 20986, 24 September 1931, Page 5

MILNE AND CHOYCE, LTD.

DIFFICULT TRADING YEAR. HIGH COST OF EXCHANGE. t "The company's experience is in line with what is happening to businesses throughout the city and the Dominion," said Mr. Charles Rhodes, in addressing shareholders of Milne and Choyce, Ltd., ' at the 30th annual meeting yesterday. Mr. Rhodes presided in the absence of the chairman of directors, Sir George Elliot, who is in England and from whom an apology for absence was received. Details of the company's results for the year ended July 31 were published in the Herald on September 10. The directors recommended payment of a final dividend at the rate of 7 per cent, per annum on B preference shares and at the rate of 6 per cent, per annum on other classes, which is a reduction frorn 8 per cent, paid on all classes of shares last year. In reviewing the accounts, Mr. Rhodes said that with the further amount provided for income tax any increase in that direction was fully provided for. Stocks had been taken in at a conservative figure and were as good value as any that had appeared in previous balancesheets. In answer to a shareholder, Mr. J. S. Milne said the staff was somewhat less than last year, but no member had been dismissed for anything other than failing to come up to expectations. Members who had resigned for various reasons had not been replaced and the vacancies had been filled by reorganisation. One thing the management had tried to do was to keep everybody employed. The report and balance-sheet, on the motion of Mr. Rhodes, were adopted. The retiring directors, Sir George Elliot and Mr. Rhodes, were re-elected. Mr. Rhodes thanked shareholders for their continued confidence at a time when there were a lot of anxious matters to be faced. "It is extremely difficult accurately to diagnose what is likely to happen in any company at the present time and 'he directors think it wiser not to predict," said Mr. Rhodes. It was felt, he added, that shareholders were just' as capable of judging the prospects facing the Dominion as the directors. If trade continued as it had been, there must be a reflex in the company's position. If it could not create the turnover, then it could not make the same profit. If turnover could be sustained, then the present dividend could be maintained. The position could not be put better than that. Reference to the effect of the heavy cost of exchange upon the company's business was made by Mr. Rhodes, lor the year, he said, exchange had involved an amount equal to that being distributed in dividend to shareholders, which indicated the tremendous effect that the unfavourable exchange had on profits. Changes were now occurring at Home and the position was obscure, but so far as the company's operations with foreign countries was concerned it seemed certain that a higher rate would have to be faced. The auditors, MessrsS Morris, Duncan i and Gyllies, were reappointed. Votes of thanks were accorded to the directors and to the staff. In moving in the latter direction, Mr. Rhodes paid a tribute to the loyal service that had been given by the staff, particularly }ast year. WAIKATO STOCK MABKET. j - STRONGER TONE FOR BEEF. PIG BUSINESS IMPROVES. 1- | Although some improvement in t£e 3 weather has taken place the temperature is not suggestive of spring; in fact, frost r is almost a nightly happening. The 6tock i market shows little of the activity usually r apparent at this time of year, although it ; must be said that the offerings of stock are '■ i not such as to encourage it. Apart from the 3 fat section, it is rare to see a pen that il j arrests the eye. Fat stock maintains a | fairly steady level. Stocks on hand of prime beef are not extensive. ■* Conditions as they affect the separate i- branches are: — r e BEEF. 0 At the main centres, the tendency is to advance and at the central yards on Tuesday a j much, stronger tone was evident. Ox beef, 3 especially, was keenly competed for, al- ' though more in the medium than heavy i classes. Co-.v beef, on the contrary, was . ! barely stationary, except for plain quality, ' j which advanced. Frime medium ox sold to 3 i 275; heavy ox, 22s to 235; prime heifer beef. i 24s to '2ss; prime cow, 21s to 225; ordinary. ' | 203; plain, 16s. £ j MUTTON. t ! Tins section remains fairly steady, sup- ', e plies being just about adequate for requiret ments. Export competition still meets the j plainer quality. Hard times have stirred e ! fanners early this year to purge their breed- : 1 ing flocks of the dry ewes and fair drafts - ! of these are supplementing the market. Good 0 ! supplies of hoggets also drift in. Values '• ! are; —Extra heavy wethers v ISs Gd- to 20s; •• I medium-weights, 14s 6d to 16s Od; light and e unfinished, 12s to 13s 6d; heavy ewes, ires 9 6d to 14s 6d; lighter sheep. 10s Gd to lls*"bd; best hoggets, 15s Gd to ISs; medium, 13s Gd e to 15s; light, from 10s 9d; spring lambs, 14s Gd to 20s 6d. 3 s STORE CATTLE. : Competition for good steer > cattle of all e ages is fairly brisk, also for well-grown Jersey heifers. It seems to be the intention not to refuse the bulls so early this season, it being generally held that most of last year's • drafts came to profit before dairymen could • handle them. This may not be a wise plan, for universal adoption, but the extra months' grazing before mating takes place is what the majority of the young stock stand in need of, and the benefit will later be apparent. Values are:—Grown steers, £4 5s to £5 ss; three-year, £2 15s to £3 10s; twoyear, £2 to £'2 12s 6d; yearlings, £1 5s to ' £1 12s Gd; fresh young cows, £2 5s to £3 ss; Jerseys, 25s to 355; store cows, £1 53 to £1 15s; small, 15s to 22s Gd; best Jersey heifers, £3 10s to £4 5s f medium, £2 to 6 £2 15s; Jersey cross, £1 10s to £2; small, £1 to £1 10s. STORE SHEEP. The yardings in this section are extremely 1 small and api>arently not much speculation 1 is intended. There still exists an inquiry for good ewes with lambs tit foot, but at the prices offering holders prefer, now that the risk of lambing is over and winter past, to ' carry on in the hope that export lamb rates will justify their optimism". Values are:— , Forward wethers, 10s Gd to 12s; stores. 9s to 10s; forward ewes, Gs Gd to Ss; store , ■ t hoggets, best, to Ss Gd; medium, Gs Gd to , 7s Gd; ewes, with lambs, young, 15s to lGs; five-year, 12s to 14s. DAIRY CATTLE. The demand has shown an inclination to 1 ease and competition at a number of, recent sales lias been spiritless. In the paddock fair business is still being done, but it ' would seem as if the rush had ended for - this season. Best heifers sell from £7 10s to £S 10s; medium, £6 to £7; backward and poor condition, £4 10s to £5 10s. ncs. A largo increise in the volume of busi- ; ness is to be observed and buyers are ; actively following operations at all recognised centres. At the Frankton yards this week a very heavy entry was penned and the brisk reception accorded elevated prices from 4s to 5s a head. Best baconers sold to £3 10s; medium, £2_ 14s to £3; best porkers, to £2 Ss; lighter weights, from 355. RELIANCE LOAN CO." DECISION TO CARRY ON. Further consideration of the affairs ol the Reliance Loan, Mortgage and Discount Corporation, Ltd., has resulted in the decision of shareholders to carry on. This course was agreed upon yesterday, when an adjourned meeting was resumed to consider confirmation of the resolution adopted on August 31 to go into voluntary liquidation. Reconstruction proposals in regard to the company's capital will pos--1 sibly be undertaken at a later date. CHICAGO WHEAT MARKET. CHICAGO, Sept. 22. Wheat.—September, 47| cents a bushel; December, 48 cents; March, SI centsi j May, 521 cents. »