BLACKWATER MINES

New Zealand Herald, Volume LXXIV, Issue 22767, 29 June 1937, Page 5

BLACKWATER MINES

YEAR'S PROFIT .LOWER

REDUCTION IN OUTPUT LEGISLATION AFFECTS EARNINGS [from our own correspondent] LONDON, June 12 A sharp decline in the profits of Blackwater Mines, Limited, is shown in the accounts for 1936. Profits fell by £14,000 to £27,300, and a dividend of 2s a share, or 10 per cent, tax-free, compared with 3s a share, or 15 per cent, tax-free, in 1935. During the year the company treated '12,000 tons, against 45,700 tons, for a working surplus of 27s 3.80 d a ton, against 27s 8.17 d. Ore reserves showed a small decrease, but values indicate a higher grade of ore with depth. The decline, states the Financial Times, was "due in large measure to circumstances outside the company's control. Legislation initiated by the New Zealand Government had the effect of raising wages and shortening hours. The effect 'on the company was an increase in expenses and a smaller tonnage treated, owing to reduced working hours. An important contributory cause was the large-scale programme of public works undertaken by the Government. Under the r-ounter-attraction of Government schemes the company suffered - a shortage of labour, miners leaving to join the public works. The company did its best to fill the gap with unskilled labour, but the total output necessarily suffered." It is proposed to introduce such up-to-date mechanical appliances as are practicable to increase the output. An extra ton-head had already been installed in the battery, but was not re(| i ji reel. Net profit for 1936 of Consolidated Gold Fields of New Zealand, Limited, the holding company in Blackwater Mines, was £21,775, against £12,510. A sum of £21,536 was brought in. The year's dividend of Is 6d a share, compared with Is in 1935, absorbed £18,750, leaving £24,561 to be carried forward. An interim dividend for 1937 of 6d a share, tax-free, is payable on June 30.

GUARANTEED PRICE EX-MINISTER'S CRITICISM "PLAYTHING OF POLITICIANS" The guaranteeing of dairy produce prices was the subject of some comment yesterday by the Hon. A. I). McLeod, who held the post of Minister of Lands in the Massey and Coates administrations, and at present is receiving health treatment at Helcnsville. He said he had always voted against the State entering into business for the reason that in the main it always proved more costly. Farmers were quite capable of managing their own business very much more cheaply than, and as well as, any State Department. If butter-fat prices were to be guaranteed, then it should be for a period of years and certainly for not more than a living return. In one of his last speeches in Parliament on this question he had expressed the opinion that guaranteeing the price from year to year would bring out all that was bad in democracy and that sooner or later it would become the plaything of politicians. It would appear, he said, as if that position had already arrived. DAIRY PRODUCTION RUAWAI COMPANY'S OUTPUT SUBSTANTIAL INCREASE SHOWN

[by telegh.vph OWN courf.si'ondent] DARGAVILLE, Monday

A largo increase in the production of butter for May, compared with the corresponding month of last year, is shown in returns of the Ruawai Cooperative Dairy Company, Limited. During May this year 157,0361b. of butter was made, the amount last year being 105,1281b., showing an increase of 51,9081b.

To the end of May the total production for the current season was 3,935,5041b.. as compared with 3,448 ; 8181b. for the same period last year, the increase for the period being 180.6861b. Advances for May totalled £6143 12s lid, an increase of £2517 Is Gd in comparison with the £3(326 8s 5d advanced in May last year. Advances of £159,894 4s 2d have been made during the current season up till May 31, the corresponding total for last year being £116.538 17s sd, or £43,355 6s 9d less than for the current season.

PUKEKOHE PRODUCE

FAIRLY FIRM TENDENCY

[from our own correspondent] PUKEKOHE. Monday Values for locally-grown produce opened this week with a fairly firm tendency, the demand being good. Pumpkins particularly aro in short supply and prices have risen since last Monday from 7s 6d per cwt., f.o.r. Pukekohe to as high as 10s to-day in some quarters. Onions remain at lis 6d and seed potatoes at 8s 6d, while some lots of table potatoes are still available at 10s. Cabbages have 'fallen 3d a sack, to ss, and cauliflowers have eased about 9d a sack during the past week, to-day's value being 9s 3d, with super bag lots at 7s 6d. Carrots and parsnips sell at 5s a sugar bag, beetroot at 4s 6d and swedes at 3s 6d. Cabbage plants remain at 8s a thousand and cauliflower plants at 9s Gd.

STOCK SALES

CATTLE AT TE TEKO [by TELEGRAPH —ow.v con itKsroxllf.nt] VTHAKATANE, Monday The New Zealand Loan and Mercantile Agency Company, Limited, reports having held a clearing sale at Te Teko today in conjunction with the usual stock sale. Mr. K. Knight's herd of 70 cows came forward in very good condition and brought an average of £7 los. Best early calvers sold from £lO to £'lo 10s; August-Sep-tember calvers, £8 to £0 U">s; more backward cows. £t 10s to i' 7 10s; springing heifers, £7 10s to £!» OS. Heavy fat cows made £5 10s to £0 His; medium. £-1 to £0; boner coivs. £'i to £0 tOs.