CHAIN PHARMACIES

New Zealand Herald, Volume LXXV, Issue 23196, 16 November 1938, Page 11

CHAIN PHARMACIES

EXISTENCE JUSTIFIED NEW SOUTH WALES REPORT NO RESTRICTIONS NECESSARY The view that chain pharmacies should not bo restricted by legislation was expressed by Mr. Justice Browne, president of the Industrial Commission of New South Wales, in a report furnished to the Government. To attempt to prevent overseas interests from carrying on retail pharmacies in New South Wales unless they spent or invested their profits there, was too absurd for serious consideration."If at any time in the future," ho added, "a danger arises of any independent retail pharmacist being crushed by some company which becomes a centralised monopoly, it will be quite time' enough for Parliament to intervene. I do not think it should intervene by reason of vague fears of supposed evils that may never happen." Discussing control" by "oversea interests," Mr. Justice Browne said that it was equally true that the money spent in establishing and carrying # on a number of pharmacies in New South Wales, by, say, an English company, would, in the main, be spent in New South Wales, although some of it might bo spent as far abroad as Victoria or South Australia, just as similar moneys spent in carrying on similar pharmacies by a Sydney company or individual would be. In spite of this reassuring report, no action will bo taken by private interests to extend the existing system of chain pharmacies until the Judge's report has been reviewed by the State Cabinet and Parliament. There have been rumours in Sydney financial circles for about two years that if the report of the Industrial Commission were favourable an amalgamation would take place between Washington H. Soul, Pattinson and Company, Limited, and Boots Pure Drug Company, Limited. So far, however, no arrangements have been made to bring this result about. FELT AND TEXTILES NEW TRADE AGREEMENT EXPANSION OF BUSINESS An important agreement with an oldestablished English firm which exported exclusive types of footwear ' to Now Zealand, Australia and South Africa was announced by the chairman of Felt and Textiles of Australia, Limited, Sir Walter Massy-Greene, when addressing shareholders at the annual meeting in Sydney. Under this arrangement, ho said, the English firm would withdraw from the trade in Australia, New Zealand and South Africa in favour of the company's subsidiaries, giving them every assistance and advice in the manufacture of certain specialised slipper and shoe lines, so enabling them to secure the trade hitherto enjoyed by the British firm in the countries specified. The company's sales of felt piece goods for the slipper trade had increased during the year, not only within Australia, but in South Africa and New Zealand. The company had a 100 per cent interest in five slipper companies, which were maintaining the trade in Australia they had before the acquisition by Felt and Textiles, and, of course, were important consumers of the company's felt piece goods. The New Zealand subsidiary had had a successful year, but two smaller companies, whose businesses were acquired by the company, had yet to overcome initial establishment difficulties, although satisfactory results were anticipated for the current year. OTAGO FARMERS' CO-OP. SHARP FALL IN EARNINGS [BY TELEGRAPH —PRESS ASSOCIATION] DUNEDIN, Tuesday "The financial position of the company and the result of the year's operations indicate the effects of the serious drop in wool values, the dry season in South Otago and increased costs," states the 43rd annual report of the Otago Farmers' Co-operative Association of New Zealand, Limited, for the year ended September 30. After providing for depreciation on buildings and plant the net profit for the period is £3259. The balance brought in from last year is £4892, making £Blsl available. The directors recommend that the amount should be dealt with as follows: —Payment of a dividend on A preference shares of 5 3-5 per cent, £1799; a dividend on investment shares of 5 per cent, £6l; and on ordinary shares of 5 per cent, £1257; the baiance of £5033 to be carried forward. The net profit of the association last year was £7097 and in 1936 it was £4546. Dividend payments are unchanged. . KARANGAHAKE MINING INCREASE IN ACTIVITY [BY TELEGRAPH—OWN CORRESPONDENT] PAEROA, Tuesday Mining activity in the Karangahake district has beon' stimulated by the erection of the Talisman Dubbo battery, which is being freely used by several miners in the area. The need for a public battery has often been stressed but while the Dubbo one can be utilised the demand is not so pronounced. The mining industry in this area has for a long period been practically in the doldrums and the promising returns now being received are highly encouraging. Mining was once the principal industry in the district and although there is little likelihood of any revival reaching that stage again the improvement is very gratifying. HEMP AND TALLOW LONDON MARKETS QUIET The Department of Agriculture has received the following cablegram from tho High Commissioner for New Zealand, London:— Tallow.—The market continues quiet. Present spot quotations are unchanged except mutton, fine, 255. Hemp.—The Manila market is quiet but steady. Closing values, £l9 Cs 6d. Tho sisal market is dull and easier. Closing, sellers, November - January shipment, £l6 15s; January - Maroh shipment sold, £l7. In tho New Zealand market there is nothing to report. Stocks in London at November 1 were 189 tons, against 22 tons, at tho same time last year. Eggs.—The market is quiet. English national mark, mediums, standards and specials, 20s od, 25s 6d. English, ordinary paok, 151b. to 1541b., 21s to 235. Danish, 141b. to 181b.," 13s 6d to 18s. Australian, 13Jib. to 171b., lis 6d to 13s 6d. The Now Zealand market is slow; 141b. to 161b., 10s 6d to 12s 6d. Apples.—Tho market is weaker and prices are easier. Oregon, Now town, lis 9d to 13s 6d. British Columbian Jonathan, 6s 9d to lis. Pears. —There is a fair demand at low prices. Californian Doyenne du Cornice, 9s to 12s; Beurre Bose, 8s 9d to 10s 6d; Winter Nelis, 9s 9d to lis 6d.