STEEL INTERESTS

New Zealand Herald, Volume LXXII, Issue 22197, 26 August 1935, Page 7

STEEL INTERESTS

REPORTED MERGER NO OFFICIAL CONFIRMATION BOTH PARTIES RETICENT The report that the Broken Hill Proprietary Company, Limited, Melbourne, is negotiating with Australian Iron and Steel. Limited, for a controlling interest in the latter company has been referred to Mr. H. G. Darling, chairman of directors of the Broken Hill Company, who refused to comment on it, while the principals of Australian Iron and Steel were equally reticent. The Melbourne Argus states: —"Interest attaches to the suggestion that the companies may join forces, because the large, profit of £670,442 shown by Broken Hill Proprietary Company, Limited, this year, of which only £298,800 is required for the dividend declared, has led to much speculation concerning the method that may be adopted by the company to use its surplus profits. Australian Iron and Steel is in need of capital, as cumulative preference dividends were withheld for some time because the company required funds for new plant, "Ordinary shareholders in Australian Iron and Steel, Limited, are Howard Smith, Limited, Dorm an, Long and Company, Limited, Baldwin's, Limited, and holders of ordinary shares in Hoskins Iron and Steel Company, Limited, which joined with Dorman, Long to form Australian Iron and Steel, Limited, in 1928. It has been suggested that the two English companies, Dorman Long and Baldwins, may not wish to meet the uncalled liability on the shares that they hold, and that the introduction of now capital therefore would be welcome." FRUIT EXPORT BOARD

COMPLETE CONTROL ASSUMED j NO PRACTICAL DIFFERENCE I Notice that it has taken over complete control of the export of fruit from the Dominion as from August 1 has been given by the New Zealand Fruit Export Control Board. It is stated officially that the step taken by the board involves no practical change in its operations. In the past the board has exercised partial | control only, but, in practice, all ex- | ports have been made through the ! board for about eight years. The formal j step now taken is designed to proi mote a better working basis. The order | covers all markets for New Zealand fruit. j MILK FOR UNEMPLOYED PLAN IN BRITAIN | MARKETING BOARD'S POLICY Further criticism of the British Milk : Marketing Board's scheme for increasj ing the consumption of milk is expressed j in the Economist, which states that it | is still doubtful whether the scheme is ; to be used to cheapen supplies and inI crease consumption $or to exploit consumers in the interests of a producers' monopoly. "The plan to sell liquid milk at cheap j rates to unemployed in the distressed | areas is meeting with great opposition I from the retailers, and the board may j be forced to abandon its efforts," the j journal states. "The retailers insist on i the preservation of their normal mar- | gin and if the board attempts to ar- | range its own system of distribution | reprisals by the retailers might place I it in a difficult position. In these circumstances., it is hard to see how the scheme can go forward without a Government subsidy. "Mr. Baldwin, in a speech on Government policy, said the Cabinet was 'examining whether further experiments cannot be made to make liquid milk more accessible to all classes of the community.' If ever there was a case for a subsidy, it is here. There is a surplus of unsaleable milk and the unemployed and their families are suffering from malnutrition for lack of it. Notwithstanding all this, however, farming interests are not trying to | bring milk to the unemployed by lowerj ing the price of liquid milk, but to ! keep it away from them by raising the I price of tinned milk, which is at pres--1 ent the only variety they can afford to | buy. Application has been mado for an ! increased tariff on tinned milk. To | grant this request, while leaving the i liquid price unsubsidised, would be a | glaring example of regressive 'plani ning.' " DAIRY COMPANY'S YEAR TOKOROA'S FINAL PAYMENTS [from our own correspondent] PUTARURU. Saturday In contrast to many cheese factories during the last dry season the Tokoroa Co-operative Dairy Company's production had shown an increase, record figures being reached, said the chairman of directors, Mr. J. H. Lory, at the annual meeting of the company. The second-grade cheese production had been a sore point, but this had puzzled factory managers in other parts last season. Advico was received from the New Zealand Railways that it had decided to reduce the company's freight charges from Putaruru to Auckland from 38s od to 35s a ton. The retiring directors, Messrs. .T. H. Nicholson and H. L. Pearson, did not. offer themselves for re-election and were accorded a vote of thanks. Messrs. C. E. Wishnowski and J. Larner were appointed to the vacancies. At a subsequent directors' meeting Mr. J. Mossop was appointed chairman. It was decided to mako a bonus payment of varying amount over different months which wonlrl bring tljo total pay-out for the season to date to 9Jd. with a possibility of a further small bonus later. WHEAT IN AMERICA CHICAGO, Aug. 24 Wheat. —September, 89 cents a bushel; December, 901 cents; May, 92J cents. The New York price for cash is 1 dollar 17 cents. WHOLESALE EGG PRICES Wholesale prices of hen and duck eggs in Auckland are unchanged as follows: —First grade, Is OJd a dozen: B grade, II id; C grade, 9Jd.