BUTTER AGAIN HIGHER

New Zealand Herald, Volume LXXI, Issue 21793, 7 May 1934, Page 5

BUTTER AGAIN HIGHER

SELLING AT 74V- PER CWT.

GOOD DEMAND REPORTED UPWARD MOVE IN CHEESE There li;is boon a further improvement, in the London butter market and New Zealand finest is now quoted ui> to 71s per cwt., a rise of Is. Cheese also is higher by about Is per cwt., white being quoted to 'Ms and coloured to 43s (id. Jioth markets are firm, and one advice states that prices arc advancing under a good demand.

Offers have been current for MayJune shipment at 9Jd per lb. f.0.b., and one price available on Saturday was 9jjd. This is equal to slightly over 80s per cwt., London. Stocks of New Zealand butter in London were reduced by 386 tons to 10,405 tons during the past week. This eonfpares with 831S tons held at. the same date last year. Australian stocks are 3GO tons higher over the week at 72% tons, v.'hicli compares with 4SOO tons in store last year. Merchants have received the following cablegrams, dated May 4, from their London principals:— Mr. H. S. Withers, from A. C. Bowson. —Butter: Finest, 745; firsts, 735. Cheese: White, 41s; coloured, 43s 6d. Both markets are advancing under a good demand. The New Zealand Co-operative Marketing Association, Limited. —Butter: Now Zealand, 72s to 745; Danish, 82s. The market is firm. Cheese: White, 43s to 43s 6cl; coloured, 42s 6d to 435. The market is firing with more inquiry. A. H. Turnbull and, Company, Limited, from W. Wcddel and Company, Limited. —Butter: Danish, 82s; New Zealand, salted, 72s to 745; Australian, 70s to 725. Cheese: White, 43s to 43s Gd; coloured, 42s Gd to 435. Both markets arc firm.

DAIRY BOARD'S REPORT The Now Zealand Dairy Produce Board lias received the following market report from its London office under date May 4, figures for the previous week being given in parentheses: — Butter.—New Zealand: Salted, 72s 6d to 745, equals approximately 8.4 d f.o.b. (70s to 71s); unsalted, 72s to 745, exceptional 75s (71s to 745). Deliveries. New Zealand, 1921 tons (last year, 1950 tons) ; in store, 10,405 tons "(last year, 8318 tons). Australian: Salted and unsalted, 71s to 72s (69s to 70s, to 70s). Deliveries, Australian, 1839 tons (last year, 2362 tons); in store, 7296 tons (last year, 4800 tons). The market was firmer at the end of the week. Argentine: Unsalted, 70s (70s). Danish: 61s f.0.b., 82s spot (60s, 82s). Dutch: Unsalted, 70s to 77s (69s to 775). Estonian: Unsalted, 68s to 69s (695). Latvian: Salted and unsalted, 68s to 69s (68s to 70s). Siberian: Salted, 67s to 68s (67s to 68s). Lithuanian:. Salted, 67s to 68s (68s to 695); unsalted, 68s to 69s (68s to 70s). The market is steady. Retail prices unchanged. New Zeajand, 9d; Danish, lOd, lid. The Imperial Economic Committee's estimated stocks of all butters, 1,097.666 boxes (last year, 984,279 boxes). Cheese. —New Zealand: White, 43s to 43s 6d (42s 6d to 435); coloured, 42s 6d to 435, 43s equals approximately 4£d f.o.b. (425). Deliveries, New Zealand, 18,604 crates (last year, 25,168 ciates); in store, 127,409 crates (last year, 124,172 crates). The market was firmer at the end of the week. Canadian: White, 50s to 54s to 565; coloured, 52s to 54s ✓(s2s to 565). Deliveries, Canadian, 5702 boxes (last year, 4700 boxes); in store, 101,516 boxes (last year, 74,000 boxes). The market is steady. New Zealand retail price unchanged, Od. The board has also received the following advice from its agents in Canada: —Butter: New York, 25} cents; Montreal, cents. Cheese gradings for the week ended April 28: —17,964 crates white and 8316 crates coloured.

BURNS, PHILP, LIMITED

SMALL PROFIT DECREASE NO CHANGE IN DIVIDEND Accounts of Burns, Philp and Company, Limited, merchants and shipowners, for the year ended March 31 show a net profit of £203,257, a reduction of £5274. Gross profits increased by £23,075 to £735,586. While expenses of management decreased slightly, an addition of £30,142 was made. to depreciation branch and other reserves. Dividend, unchanged at 10 per cent, absorbs £150,000. A sum of £25,000 has been transferred to the reserve fund,' making it £975,000, and £25,000 to the special depreciation from the company's copra plantations. Against £24,826 brought forward, £28,083 is carried forward.

Following is a comparison of the profits and appropriations over the past three years: — 1932 1933 193 i Brought forward £33,888 £36,295 £24,826 Net profits . . 202,407 205.531 203,257 £230,295 £244,52fi £228,083 Dividend, p.c . !0 10 10 Amount . . . 150,(100 150.000 1 ,000 To reserve . . 50,000 25,000 25.000 Copra deprec't'n a'c Staff bonus . . Carried forward £30,205 £2<I,S2G £28,083 The directors report that further improvement was made in the Australian section of the company's merchandise business, sales showing again an appreciable increase in volume. Earnings from the shipping services were also maintained in spite of the ever-increas-ing foreign competition. Trading in Papua and the Mandated Territory was seriously affected throughout the year by a steadily-falling market for copra, descending to an unprecedented low level that now rendered the handling of that article unreniunerativo. Prospects for any immediate appreciable recovery in this market were not bright. Capital is unchanged at £1,500,000 and the reserve fund stands at £950,000. Liabilities to the public have been reduced by £105,078. Of the assets, tho amount of merchandise held at balancing date is £37,083 less than a year previously, cash items are lower by £20,711, and debtors have reduced the amounts due to the company by £89,671. A substantial increase, £67,374 has taken place in the item "property, shipping property and investments."

DAIRY FACTORY MANAGERS

AUCKLAND BRANCH REPORT The annual report of.tho New Zealand Dairv Factory Managers' Association (Auckland district) states that one of the most important events of tho past year was tho passing of an Act making it compulsory for all factory managers to be registered. Members would agree that this was a move in the right direction and one that would meet with the unanimous approval of those closely connected with the dairying industry.

The statement of accounts for the year shows an excess of income of £24. The association will hold its usual grading competition in connection with the Waikato Winter Show at Hamilton on May 30. The annual meeting of the branch will lie held on the same day, followed by a conference.