NEW DAIRY SEASON

New Zealand Herald, Volume LXXVI, Issue 23413, 1 August 1939, Page 5

NEW DAIRY SEASON

PAST YEAR'S OUTPUT DECLINE IN EXPORTS DEFICIT IN DAIRY ACCOUNT Another new dairying export year will commence to-day, although it will bo some time before any new season's produce is exported. So far no announcement has been xnade regarding the guaranteed price for the new season, which will be well under way before producers know what rates will bo paid for their milk and cream.

The Minister of Marketing, the Hon W. Nash, has suggested that the industry should accept the guaranteed values for the season just ended, 14.89 d per lb. for butter and 8.42 d for,cheese. Last year the price was not announced until half-way through September, but arrangements were made so that the level of the previous season was guaranteed until the new rate was declared. Drop In 11 Months

Although t final export figures for the season just ended are not yet available, it is evident that there will be a fairly substantial decline. Figures for the 11 months ended. June 30 show that butter exports dropped by over 14 per cent from 135,712 tons to 116,060 tons. Allowing for July exports, a conservative estimate of the season's shipments should be 123,000 tons, as against 141,740 tons in the 1937-38 season.

Cheese shipments for the 11 months of the season were over 4 per cent lower. It is estimated that the full season's shipments will be about 82,000 tons, compared with 84,783 tons in the 1937-38 season. Past Seasons Compared Exports, in tons, for the past three seasons compare as follows: ; nwo-37 j 037-38 in3B-:»> Butter .. 3*0.003+ 111,710 ♦123,000 Cheese .. So, 100 81,783 *82,000 tßecord. *ENtimated. In tho season now euded, butter reached its highest point of 127s per cwt. in January, while the lowest level of 105s was touched in May. Only on about four separate occasions has the price exceeded the London equivalent of the guaranteed price, which is 124s 3d. It has been estimated that the deficit in the Dairy Account will be close on £3,000,000 for the entire season.

MINING NEWS GREY RIVER DREDGE The directors of the Grey River Dredging Company, Limited (West Coast), in their second annual report, state that the dredge commenced digging operations on December 3, 1938, and operated satisfactorily through the end of the year. Completion of the dredge was delayed owing primarily to shortage of skilled labour. During the period December 3 to 31, 1938, the dredge dug 218,499 cubic yards, from which 439 crude ounces of gold were produced, having an estimated value of £3749. : The volume excavated was below anticipated normal because of opening out of, the pond, Christmas holidays and causes incidental to the commencement of a dredging operation. Due to the delay in completion of the dredge, together with the rising cost of labour and materials during the period of construction, it was found necessary for the company to arrange a bank overdraft in order to complete the dredge and to provide for working capital aiul property payments. As shown in the balance-sheet at December 31, 1938, £11,931 had been borrowed on overdraft.

As the 1938 production figures and operating accounts cover a period of less than one month, it is the intention of the director's to give at the annual meeting a summary covering operations and estimated finances for the first eight months of 1939. /

GOLDFIELDS . FINANCE Tho directors , of Goldfields Dredging Company, Limited (Shotover River), propose to raise £3OOO by. means of debentures to discharge present liabilities and provide money to work the dredge into a suitable position for dismantling, or from which to. remove it to another area, and to provide money for boring under Government supervision the lower area of 500 acres already , held bv the company. The directors point out that a stage has been reached in the company's affairs when cither more capital must bo provided or liquidation proposals considered.

YIELDS OF COMPANIES Mataki Dredging (Murchison).— Week ended July 28, a total of -Soz. from 11,200 yards in 132 hours. Worksop Extended (West Const).— 240/.. from 11.500 yards in 127 hours. Okarito Dredging (South Westland). —2907.. for 131 hours. Gillespie's Beach (South Westland). — 340z. from 1-1,560 cubic yards in 134 hours. REPORTS OF MANAGERS Loloma (Fiji).—reriort ended July 22: Cody shaft, 22-1 ft level, main south drive advanced to 1209 ft. average value from 1187 ft to 1205 ft, 20.«dwt. a ton, over width of 70in. Mount Lyell (Tasmania). —Fortnight ended Julv 10: Ore extracted—North Lyell, 2451 tons; Crown Lyell, 1052 tons; West Lyell, 35,530 tons; now ore transfer pass construction work in prottrcss. Lyell Comstock, 3103 tons. Reduction works, furnace in blast' full period, 10,008 tons, refinery anodes made,for the current, year; concentrator mill operated 330 hours, treated -12,500 tons ore. producing 2151 lons concentrates. Copper refinery tank house in operation throughout fortnight; 557 tons cathode copper produced for period. Tola? for current year. 10,277 tons.