DAIRY PRODUCE PRICES.

New Zealand Herald, Volume LXVIII, Issue 20989, 28 September 1931, Page 3

DAIRY PRODUCE PRICES.

FIRM MARKET CONTINUES*- * ' ' HIGHER RATES MAINTAINED. 1 | ' - The New Zealand Producers' Co-opera-tive Marketing Association, Limited, has received the following advice from its London office, dated September 25:—New Zealand butter, 116s to 120s; unsalted, 114s to 118s; Danish, 1365. The marketFis firm. White clieeso, 653 to 665; coloured, . 65s to 675. The market is active and prices are advancing. . A. H. Turnbull and Company, Limited, has. received the following advice from its principals, W. Weddel and Company, Limited, dated London, September 25:-* Danish butter, 1365; New Zealand, unsalted, 114s to 118s; salted, 116s to 120%> New Zealand cheese, white and coloured, 65s to 655. The market is firm for both butter and cheese. TARANAKI DAIRYING. HOPES FOR BETTER PRICES. [BY TELEGRAPH. —OWN CORRESPONDENT.] NEW PLYMOUTH, Saturday. ' Better prices are anticipated for dairy produce this season by directors of dairy companies, who e.xpeet a shortage in supply*;as a result, of the prolf aged ' and rough winter. Weather conditions have meant that many cows have come into profit in poor condition, with a comparative shortage of pasture feed. A coastal factory in North Taranaki has received an offer from a Tooley Street firm of 6d per lb. for 100 tons of cheese, and has been asked to place its August-September-October make on firm offer at 63d per lb. Directors, however, are stated not to be keen to accept oSers, as they believe that prices should harden considerably, especially since the shortage of feed has led to a decline in milk supply. As an example, the Oaonui factory is at present making two and a-half vats less than was the case last season during the corresponding period, and that is equivalent to a dacrease of 30 per cent. This position is only typical of that obtaining in most parts of the province. With a yield of 2.64, 6d per lb. offered would return about 13d to the producer per lb. butter-fat, while 63d would net about 13jd Pastures are now showing real signs of improvement as the result of the mild ■weather experienced during the past ten days, and that has been a factor in bringing about a better tone in the market for young dryry cows in profit and heifers close to profit. PREFERENCE DIVIDENDS. MELBOURNE FIRM'S ARREARS. LIABILITY ON FUTURE PROFITS. The position in which some companies with large issues' of cumulative preference shares are finding themselves owing to greatly reduced profits was revealed at the annual meeting of Rolfe and Company, Limited, provision merchants, at Melbourne last week. Of the capital of £185,000 of the company, £IOO,GGO is in cumulative preference shares, on which the company is-obliged to pay £BOOO a year. There has been no dividend for two years, although the company showed a net profit of £ll7B at the end of the year, and of future profits. £16,000 must be paid in arrears on these shares before there is any dividend declared. A shareholder asked if there was any possibility of preference shareholders accepting a lower rate of dividend in accordance with the spirit of the rehabilitation plan. Tho chairman, Mr. W. A. Watt, 831(1 he was afraid that was a matter for individual negotiation. The plan began with reduction of interest on Government loans. Bank interest followed, and then mortgage interest, but there it slopped. There had been no attempt to say to preference shareholders, "You must take less than is owing to you." It could be done only by a* voluntary sacrifice or by reorganisation of the company.

STERLINQ IN CANADA. \ RISE I& QUOTATION. (Received September 27, 5.5 p.m.) MONTREAL, Sept 2«. Sterling exchange is quoted to-day at 4 dollars 20 cents. The quotation yesterday was 4 dollars 10 cents. THE PRECIOUS METALS. RISE IN QUOTATIONS. (Received September 27, 5.5 p.a.) LONDON, Sept. 26. Quotations for platinum and osmiridium and all the other precious metals have advanced by from 20 to 30 per cent, as a result of the depreciation in the pound sterling. Osmiridium is quoted as follows:—Tasmanian, £l6 to £l9 per oz; South African, about £ls. COMPANY LAW. NEW QUEENSLAND BILL. The amending Companies Bill, which is before (he Queensland Parliament, provides that no company shall be registered with a name which contains the words "Royal" or "Imperial" or suggests a connection with a Government or municipality without the consent of the Governor-in-Council. The bill provides for tho .restriction of extravagant commissions. The impersonation of a shareholder is made a criminal offence, for which tho penalty may be seven years' hard labour. If an undischarged bank- ' nipt acts as a director he may be imprisoned for six months or fined an amount up to £SOO, or both. Limited liability companies may have directors with unlimited liability, tho onus being on the man appointed to make sure what his position is.