GOOD BUTTER MARKET

New Zealand Herald, Volume LXXII, Issue 22215, 16 September 1935, Page 5

GOOD BUTTER MARKET

STOCK POSITION SOUND

CONSUMPTION MAINTAINED RETAIL PRICE ADVANCES (Received September 15, 5.5 p.m.) LONDON, Scipt. 14 The London butter market has developed great strength. Owing to short supplies and active demand, prices have reached a higher level than for many years past. Quotations for Australian and New Zealand are about 32s a cwt. higher than on .June 1. The activity has lessened slightly in the last day or two, but, as the statistical position is sound, it is generally expected that prices will be maintained for some time. The consumptive demand remains strong and even the advance in the retail price to 14d a lb. appears unlikely to affect it. Probably retailers will have to raise the price still further, for what they are selling this week was bought before the big advance took place. Any further increase in the retail price may divert some of the consumptive demand to margarine, in which case the prices may relapse somewhat. The cheese market also is firm with an upward tendency, as supplies are limited and consumption is good.

REPORTS FROM MERCHANTS TOP RATE MAINTAINED The top price of New Zealand butter in London is still l]2s per cwt., but slightly lower figures are quoted in some reports. The market is quieter. Cheese remains firm at 53s to 54s per cwt.

Merchants have received the following cablegrams, dated September 13, from their London principals:— A. H. Turnbull and Company, Limited, from W. Weddel and Company, Limited. —Butter: Danish, 128s; New Zealand, salted, 112s; Australian, 112s. The market is quiet. New Zealand cheese: White and coloured, 545. The market is firm.

Allen and Findlav, Limited, from Armour and Company, Limited.—Butter: The market is quieter. New Zealand, salted, 110s to 112s; unsalted, 110s to 112s; Australian, 112s; Danish, 130s. Cheese: The market is firm. New Zealand, white and coloured, 53s to 545; Canadian, 545. New Zealand Producers' Co-operative Marketing Association, Limited. —Butter: New Zealand. Ills to 112s; Danish, 128s. Cheese: White, 545; coloured, 53s 6d to 545. Both markets are firm.

GOOD FUTURE ANTICIPATED OFFERS OF 12JD PER LB. F. 0.8. [FROM OCR OWN COR RESPONDENT*] WHAXGAREI, Saturday In commenting on the increase in the price of New Zealand butter on the English market, Mr. A. J. Murdoch. M.P., chairman of the New Zealand Dairy Board, expressed the opinion that the price would continue for some time. Optimism prevailed among those with a knowledge of conditions in the world's markets. One of the main factors in the rise was the shortage of supply, due in a large measure to the drought in Australia. Advice now received indicates that extensive rain has fallen in Queensland. Mr. Murdoch remarked that offers of 12Jd per lb. were being received by companies for f.o.b. business. NEW COMPANIES WELLINGTON REGISTRATIONS

Registration of the following private companies in Wellington is announced in the Mercantile Gazette: —

Heinemann (N. M.), Limited, wholesale jewellers, Wellington. Capital, £SOOO in 5000 shares of £1 each. Subscribers: Wellington—M. M. Heinemann, 4450; Bessie A. Heinemann, 50; J. W. Heinemann, 500. Metropolitan Theatre Company, Limited. Wellington. Capital, £12.000 in 12,000 shares of £1 each. Subscribers: Wellington—F. Beaumont Smith, 250; J. C. Williamson Picture Corporation, Limited, 11,250; E. M. Sladden, 250. Melbourne —J. H. Tait, 250. Objects: To carry on at Auckland and elsewhere in New Zealand picture theatres, concert halls, etc. BRUNNER COLLIERIES LOSS OF £ 1819 FOR YEAR The accounts of Brunner Collieries, Limited, Grevmouth, for the year ended June 30, show a loss of £lßl9, after providing £1915 for debenture interest and £1635 for depreciation. The loss compares with profits of £1907 in tlie previous vear and £940 in 1932-33. The loss has been transferred to the profit and loss appropriation account, and. after deducting £3BB brought forward, there remains a debit balance of £1431. The directors attribute the loss to reduced output and increased mining costs. Sales totalled 44.027 tons, against 53,718 tons in the previous year. An increase of 5 per cent in "wages was agreed to by Dominion mine owners, and the company had to fall into line. Owing to keen competition, the increase could not be passed on to consumers. Every endeavour is being made to reduce working costs. An endless ropeway is being installed and this should reduce costs somewhat, as well as enabling the output to be increased. Additions to plant and buildings, mainly in connection with the new haulage system, required £1843.

BUILDING SOCIETY YEAR WHANGAREI CO-OPERATIVE [from our own correspondent! WHANGAREI, Saturday The annual report of the W hangarei Co-operative Terminating Building Society records a successful year, and discloses a sound financial position. Increased profits were earned in both groups. No. 1 group appropriations offered during the year totalled £6BOO, of which £3600 was offered by ballot and £3200 by tender. Jn the No. 2 group £I4OO was offered by ballot and £I2OO bv tender, a total of £2600. Withdrawals from No. 1 group totalled £4222, against £2830 in the previous year. The number of live shares in No. 1 group is 919. and No. 2 group 802. Profits for the year for No. 1 group were £B3l, against £394 in the previous year, and for No. 2 group were £424, against £193. The accumulated profits in the No. 1 group are £9951 and in No. 2 group £665. In the first group the profit a share was 18s Id, against 7s 4d last year, and the accumulated profits are £lO 16s 6d a share. A levy of 2s' a share in both groups is to be made to meet working expenses for the year. The retiring directors, Messrs. R. G. Hosking and R. S. Finch, offer themselves for re-election.