FLOUR INDUSTRY

New Zealand Herald, Volume LXXV, Issue 23012, 13 April 1938, Page 11

FLOUR INDUSTRY

ROLLER MILLING IYEAR SMALL RETURN ON CAPITAL HIGHER PRICE NEEDED "You will appreciate the additional consideration that has been shown, but the lact remains that the gristing charge allowed is still insufficient to enable your company to earn a fair and reasonable profit," said the chairman of directors, Mr. J. B. Donald, at the annual meeting of shareholders in the Northern .Holler Milling Company, Limited, yesterday. Mr. Donald drew attention to the fact that the net return for the year's trading showed barely sufficient to pay a dividend of 3£ per cent on the ordinary capital of the company. As shown in the annual accounts (published in the Hkhald on March 30) net profit had increased from £11,7913 to £19,859, and this was largely due to the increase in the selling price of flour made by the Government during the year. The directors had given very careful scrutiny to all expenditure, said Mr. Donald, and he was convinced that very little, if any, saving could be made by way of a reduction in expenses. "It is evident, if a higher profit is to accrue," said Mr. Donald, "that it must come about by a further increase in the price of Hour, or by some other favourable circumstances,' unknown at the moment." The directors hoped that the supply of wheat from Australia this year would give a better out-turn than was obtained last year from the supply of New Zealand and Australian. "1 can assure you the interests of shareholders will not be overlooked," the chairman continued, "and opportunity will be taken to discuss the matter of profits, etc., with the Minister of Industries and Commerce. It is hoped to satisfy him that, as the Government has stepped into control of our business, it is only common justice and fair dealing to see that shareholders receive an adequate return upon capital. You will agree that a 3| per cent dividend in a trading concern is not an adequate return." It was possible that this year they might have more support for further assistance, Mr. Donald added. The Government scheme had now been in operation long enough to allow all millers to find out just exactly where they stood in the way of profits and expenses. It was generally conceded that a further increase in the price of flour was needed to allow of reasonable profits being earned. Mr. Donald referred to the resignation during the year on account of illhealth of the company's manager, Mr. ,T. S. Pask. His place had been filled by Mr. T. R. Turnbull, formerly manager of the bag factory. The retiring directors. Messrs. J. A. Peacock and J. B. Donald, were reelected. At a subsequent meeting Mr. Donald was re-elected chairman.

THE CITY MARKETS RISE IN PRICE OF EGGS HEAVY VEGETABLE SUPPLIES Very high prices were realised for tomatoes at the City Markets yesterday, supplies being short and the demand good. Apples were available in large quantities, only the highest quality lines being wanted. A shipment of Queensland pineapples arrived by the Awatea and sold fairly well. Passion fruit and ca pc gooseberries were scarce. Tree tomatoes and persimmons are now coming 011 to the market, the latter in good quantities. The market was generally well supplied with vegetables, but green peas and beans were particularly dear for good quality lines. Cabbage .supplies were heavy and prices receded slightly. Lettuce were in fair supply, but the quality was poor. Carrots, pumpkins and potatoes were plentiful with prices low. The supply of poultry was very heavy and the demand only fair. Turkeys were plentiful, but there was only a poor inquiry. Prices for cockerels were a little lower, but those fpr other lines were about the same. A rise of 2d has taken place in prices for all eggs except B grade hen eggs, which are 4d higher. Values were:— FRUIT Apples, Cox'o Orange, 4s to 7s a case; Delicious. 3s to ss; Ballarat, 3s fid to 4s Od; Granny Smith, 5s to (is Od; Jonathan, 5s to os; Statesman, 4s Od to Os; Winesap, 4s to ss; pears. L.8.J., Os Od. to Os Od; Packhams, -is (id to 5s Od; Keiffers, 4s to ss; P. Barry, 5s to Os; Winter Coles, 7s to Os; tomatoes, outdoor, extra choice, 15s to 10s Od; others, 7s Od to Ms; Hutt, 12s to 14s; tre"> tomatoes, new, black, (is to 7s; yellow, 4s to 5s Od; lemons, choice, cured, 10s to 14a; others, Os to Os; bananas, ripe, 20s to 30s; pines, Queensland, 18s to 21s; grapes, Te Kauwhata. Os to 13s Od; hothouse, Hamburg. Is to Is 3d; per lb; Coleman. extra choice, Is Od to 2s 2d; others, Od to Is Od; cape sroosoberries, Od to oV a d; passion fruit, (is to 10s Od a case; figs, 2s to 2s Od; guavas, 4s to ss; pbrsimmons, 3s Od to ss; quinces, Os to Os. FIELD PRODUCE

Beet. Sd to Is fid a dozen; celery, rooking, Od to 1s a bundle; dessert, Is 3d to 2s 3d; carrots, Gd to Is a dozen; cauliflowers, 4s to 0s a sack; cabbages, Gs to 12s; cucumbers. Is to 3s a dozen; French beans, 3s to 5s a bag; stringless beans, Gs to 12s; green peas, Gs to 17s; kumaras, 4s to Gs; leeks, 3d to Gd a bundle; lettuce, 2s Gd to 8s a case; marrows. Is Gd to 2s Gd a dozen; melons, citrons, 2s to 3s a sack; onions, 4s to Gs a bag; potatoes. Pukekohe. Is Gd to 3s Gd; Suttons, Ohakune, 4s Od to 5s 3d; other varieties. Ohakune, 3s Od to 4s Gd; pumpkins, best Crown. 5s to 7s Gd per cwt.; others, 2s to Gs a sack; parsnips, 1s to Is Gd a dozen; radish, Gd to is; rhubarb, Is Gd to 2s Gd; spinach. Is io 1s Gd; spring onions, Is to Is <id a bundle; swedes, 3s to 5s a bag; turnips. Gd to 1s a dozen; Brussels sprouts, Id to 3d per lb. POULTRY Cockerels, heavy breeds, prime. 3s to \s; not prime, Is Gd to 3s; liorht breeds, prime, is 3d to 2s fid; not. prime. Is 3d lip; fat roosters, heavy breeds, prime. 2s to 3s; light breeds. Is Gd to {2s 3d; fnl hens, heavy breeds, 2s 3d to 41.; light breeds. Is sd to 2s 3d; pullets, heavy breeds, best. Is M to Gs Od; smaller, 2s up; liurht breeds, htst. 4s to 7s; smaller, 2s to 3s; drakes, .vounc, 2s to 3s-, smaller, Is up; old. Is to 1s Od, ducks, youncr, 2s Od lo 3s nd; old, Is Od; Kcese, 3s Gd to !Ys;. turke,\ hen., 4s to 'fis Gd; gobblers, 7s to 12s.

BUTTER AND 150 OR F.cctf I"'". A -* ' ll , n o ' fv, . ( . t, 7",(t. Duck. A Bfrnde. 8» i%A'Len; B. I. OHd: C, U Mid. Farmers butter, Is Q" a d to Is - l ,pr quotations for wheat LONDON AND LIVERPOOL FUTURES IN CHICAGO LONDON, April 11 Wheat. —In cargoes business is subdued. Parcels are easier. Futures: London, May, 43s Ucl a quarter; November, Ws 7(1. Liverpool, May, 6s lid a cental; July, bs 10'dj October, Os Bid ' CHICAGO, April 11 Wheat: May, Sil cents a bushel; July, 80i cents; September, SI? cents. BRADFORD MARKET QUIETNESS OF TONE v April ll The tone of the Bradford market is quiet. Prices aro unchanged.