BUTTER AGAIN LOWER

New Zealand Herald, Volume LXXV, Issue 23061, 11 June 1938, Page 11

BUTTER AGAIN LOWER

QUIET LONDON MAfiXET NEW ZEALAND SELLS /AT 121^ CHEESE ALSO EASIER Further easing has taken place on the London market for butter during the past few days. In spite of a sharp drop in store stocks last week, prices for New Zealand are again slightly, lower. The market is quiet. The current quotation for choicest salted Newj Zealand, which is around 121s, represents a decline of approximately Is per cwt. over thfe week. ..

There has been a slight downward movement in cheese, with New Zealand white and coloured showing a reduction of approximately Is 3d per cwt* on the rates ruling last week. A Pres3 Association message sent from London on Thursday states thati the butter market is quiet. Danish is quoted at 122s per cwt.; choicest salted New Zealand, 121s; Australian, 118 a 6d; unsalted, New Zealand, 124s 6d;| Australian, 1225. Cheese: New Zealand white and coloured, 685.-6 d.to 69s;] Australian, 66s to 675. Recent quotations and those of a year ago are as follows: — June 10 June 3 May 13 June 11 Butter— 1938 1!(38 : 1838 1937 New Zealand 121/- 122/- * 134/- 110/Australian . 118/6 110/6 182/- 109/< Danish . . 122/- 124/. 130/- 112/Cheese— •' ■.. New Zealand: White .. 68/9 70/- 70/- 74/8 Coloured .. 68/9. 70/- 70/6 73/9 Canadian: ■: White .. 79/- 78/- 77/6 79/Coloured .. 79/- 78/- *.■ 77/6 79/. The basic rates fixed under the ,Newj Zealand guaranteed price scheme, subject to quality differentials, are 123s 8d for butter and 70s 4id for' ghees© ?er cwt., f.0.b., New Zealand currency* he equivalent landed price for butter in London is 112s and for cheese 675. The guaranteed price for butter is equal to 13.25 d per lb., f.0.b., and the current London quotation is equal to 14.43 d, New Zealand ports. The equivalent price for cheese is around 7.78 d per lb., f.0.b., compared with the guaranteed price of 7.54 d, A. S. Patferson and Company, Limited, quote: —Butter: The market is slow. New Zealand/* ; 121s per ewt.;j Australian, 118s; Danish, 1245. Cheesei! The market is quiet. New Zealand* white and coloured, 695.

MINING NEWS

BIG RIVER RESULTS WORKING PROFIT OF £6229 The accounts of Big River Gold Mines, Limited, Reefton, for the year ended December 31 show a working profit of £6229. The value of gold won was £16,941, and interest on a loan yielded £37. Expenses were £10 # 748. In the previous year there was a loss of £7640. f

The profit is used to reduce the debit balance at profit .and loss account to £5389, but against this the balance* Bheet shows a fixed deposit of £4OOO, debtors, £249,.and bank.credit of £807,a total of £5056: Creditors arer owed £292. Paid capital is £30,000.

The directors' report; states that; the results of this year's Operations have produced satisfactory* profits and have enabled the first dividend of Id a share* representing £2500, free of income tax,to be declared. This .was paid on March 1 last. A substantial reserve is also being maintained. The directors anticipate being able to declare further divix dends during the current year. The report adds that it is intended to make further representations to" the Government' during the- coming session urging the repeal of the gold export tax. The company has paid a total sum under this heading of £4141. A shortage of experienced quartz miners exists and good men are hard to secure. The award governing wages and conditions of employment at • the company's mine recently expired, and a demand from the Inangahua Miners' Union was made-for increased rates of pay and also for paid holidays. A more excessive demand in both these directions was made on the Blackwater Mines. Both these disputes were heard before the Arbitration Court between May 11 and 13. The Court's reserved decision is expected to be announced very shortly. . , ~

FURTHER ARGO DIVIDEND A dividend of Id. a share, free of income tax, has been declared by the ' directors of the Argo Gold Dredging Company, Limited (West Coast), payable on June 25. The distribution requires £2OOO and will bring the total amount paid to shareholders since operations were commenced in 1935 to £27,200. A sum of £2OO has been placed to reserve, increasing it to £2600. . Paid capital is £22,302, in shares of Is each. The last dividend, also Id aj share, was paid on May 23. MOUNT MORGAN PAYMENTv The directors of Mount Morgan, Limited, Queensland, have confirmed their proposal to pay a dividend of 3d a share in July. " YIELDS OF COMPANIES Nemona (West Coast) .—76oz. frottf 14,100 yards in 117 hours. Waitahu (West Coast). —No. 15 paddock has been compLeted, the final washup being 670z. 12dwt. for 27 shifts of eight hours each. This makes a total of 2040z. 4dwt. from the paddock since elevating operations commenced on March 26 this year. HERD TESTING WHANGAREI GROUP AVERAGES [FROM OCR OWN correspondent] WHANGAREI, Friday The following are the averages for the month of May for the Whangarei Group Herd Testing Association:— Whangarei Group.—No. of herds, 9; cowb, 322; averages. 3071b milk, 5.7 test. 17.41b fat; highest herd, 22 cows, 24.641b fat: lowest herd, 35 cows, 12.431b fat; highest cow, 411b fat. i, Maungakaramea of herds, 11} cows. 347; averages, 27118 milk, 6.3 test. 16.751b fat: highest herd, cows, 23.281b fat; lowest herd, 19 cows, 11.8t71b fat; highest cow, 441b fat. I Maungatapere Group.—No. of herds, 14j cows. 45G; averages, 3421b milk, 6.2 test; 21.091b fat; highest herd. 43 cows, 31.331b fat; lowest herd, .10 cows, 16.51b fat; high;st cow, 52!'0 fat. ' " . • ftuakaka Group.—No. of herds, 11; cows; 352; averages, 3191b milk, 5.1 test, 16.461b fat; highest herd, 46 cows, 21.831b fat; lowest herd, 35 cows. 11.861b fat; highest cow. r>(ilb fat ■" Waipu Group.—No. of herds, 13; cows, 3G9; averages, 2791b milk, 5.8 test 16.271b fat; highest herd, 49 cows, 19.611b. fat: lowest herd, 14 cows, 11.291b fat; highest cow, 461b fat. . • . , n . Hikurangi Group.— 19: 977; averages, 287 ib lowest fat; highest herd, 24 cows, 23.71Jb fat.lowest herd, 54 cows. 11.931b fat; highest cow. Averages.-JS.o. of. herds. 77» cows, 2823: average, .