COMMERCIAL

New Zealand Herald, Volume 82, Issue 25297, 3 September 1945, Page 2

COMMERCIAL

WOOL DISPOSAL PLAN OPINION IN BRADFORD (N.Z.P.A. Special Correspondent; BRADFORD, Sept. 1 The wool trade here has received the Empire wool disposal scheme with gratification, and regards it as an essentially practicable method of dealing with the difficult problem, it is regarded as a considerable improvement on the scheme adopted alter the last war. The full Dominion participation in financing and administering the scheme is welcomed, and the British and Dominion co-operation called for is regarded as having a special .significance in the present world conditions. Traders hero are particularly glad that, the auction system of wool disposal is to bo restored at the earliest possible moment, for this is regarded as tlio only true method of ,arriving at wool values. It is pointed out that within the general price level to be established auctions will play their part in determining tho relative values of the various qualities. it. is, recognised hero that regulated wool marketing is necessary, and tho disposal scheme, besides being practical, gives the maximum possible commercial freedom. The scheme may well prove a pattern for others in post-war commodity planning, and its progress will be watched with interest, not only by wool traders in other parts of the world, but by other commodity interests. The scheme does not end tho wool trade's problems, but only points the way to their solution, There is confidence, however, that it will ensuro a reasonable return for the producers and will safeguard the producers and i consumers from the dangers which would follow on unrestricted marketing of surpluses. With these two essentials secured, it is felt that British and Dominion co-operation will ensure the complete success of the scheme. The Yorkshire Post, in an editorial, says the industry now has a blueprint of its future, which undoubtedly opens up a new era in wool trade history. Tho full implications are not. easy to assess immediately in a scheme of such magnitude. The wool trade is about to pass into an era in which prices and stability will be maintained chiefly by the regulation of offerings, hut In which sufficient wool will always be on offer to meet the requirements of tho industry. There will ho gratification not only that, the prophecies of long-continued Government purchase will not be fulfilled, but that wool marketing will revert at the enrliest practicable moment to the traditional method of auction disposal. INCREASED OUTPUT RANGITAIKI 'DAIRY COMPANY Tho output of butter by the Rangifaiki Dairy Co. increased by 289 tons to -1790 tons for tho past year, said the chairman of directors, Mr W. A. McCracken, at the annual meeting of shareholders. Tho increase was due to favourable butter-fat production in the last six months of the season, ho said. Tho average advance pay-out for the season was 13.998 d per lb butter-fat, raised by a further Id per lb paid for the year ended June 30. The appropriation account balance would allow a further payment of 1.078 d per lb, making Ki.OTOd. said Mr McCracken. With the dividend of ,007 d, storo rebate of .112 d, and farm cost allowance averaging 2.80 d, the total average pay-out for the season would reach 19.715 d. Receipts from all departments totalled nearly £1,000,000. The directors' recommendation of a dividend of 4 per cent, requiring £2387, was adopted. DEHYDRATED VEGETABLES - PLANT TO CONTINUE WORK (0.C.) HASTINGS, Saturday " Vegetable dehydration operations arc being carried out normally," said Mr J. Wattle, managing director of Wattie Canneries, which operate a plant in Hastings, when discussing the effect of the end of tho war on the future supply of foodstuffs. Until an announcement is made by the Government it is intended, he said, to carry on because the output was taken over by the Government. Speaking of war contracts generally Mr Wattie said contracts with the United States Joint, Purchasing Board had been suspended in the meantime and discussions were taking place between the United States and New Zealand Governments. "We knew war contracts had to end some day," he said, " and we laid our plans to meet the situation when it arrived." PUBLIC TRUST OFFICE YEAR'S WORK REVIEWED During the year ended March 31 last 3855 new estates and funds of a total value of £7,305,295 were accepted for administration, compared with 3715 valued at £0,413,304 in the previous year, slates the annual report on the Public, Trust Office from the Public Trustee, Mr W. G. Baird. At, the close of tho year the number of estates and funds remaining under administration was 21,105, of ;in aggregate value of (.'07,013,1)31, us against 21,030 valued fit £00,788,292 at the end of the previous year. A total of 0910 new wills appointing the Public Trustee executor were placed on deposit, compared with 7357 for the previous year. Funds representing enemy property collected or realised by the Public Trustee amount to £309,481. Enemy property, together with tho income from it, is held in trust fo? all persons having an interest in the property, and the money is invested in accordance with the directions of the Minister of Finance. „ , The gross Teturn from investments has shown a steadily falling tendency. The rate of interest was reduced by X A P" cent to 3y t per cent as from April 1, 1945. The year's operations resulted in a net loss of £3590. BIG DEBENTURE ISSUE FELT AND TEXTILES Felt, and Textiles of Australia, Ltd., will shortly announce a 4 per cent debenture issue of £1,000,000, with a currency of 15-20 years, The capital of the company has increased to L 1,500,000 from £OOOO in less than 25 years. The company, with a group of about 20 subsidiaries in Australia, and controlling interests in associated companies in New Zealand and South Africa, is claimed to be the largest user of raw wool in Australia. The debenture issue will be underwritten and will ho used to establish now industries, in addition to developing existing activities. The debentures will mature on August 31, 1905, or, at the option of the company, on August 31, 1900, on six months' notice. Terms include a cumulative sinking fund of 2 per cent per annum. Earlier this month a record debenture Issue of £2,250,000 by Australian Paper Manufacturers, Ltd., closed fully subscribed. EGG PRICES UNCHANGED There Is no change in tho price of eggs this week in tho Auckland marketing area and the Tauranga and [Hamilton special marketing area. Prices for standard hen and standard duck eggs remain at Is B%d a dozen wholesale and Is lid retail. Country storekeepers' buying prices for ungraded hen eggs are is Od a dozen, and for duck eggs, Is 3'/ 3 d. RABBITSKIN PRICES ' Dalgety's report that competition at the Dunedin rabhitskin sales was limited. A largo catalogue was offered and prices on the average, were ltd to 2'Bd per lb lower for all grades of bucks, and Od to isd per lb lower for does. Low grades were Id to 3d per lb cheaper. Tho quality of skins offering has deteriorated considerably, only small parcels of good winters being available. WAR INSURANCE RATES The following war insurance rates operate from September :l, the previous rates being shown in parentheses:—Now Zealand coastal, Is per cent (2« (Id per cent); New Zealand to or from Chatham Islands, Is Od per cent, (5s per cent)-, Australian inter-State and intrastate voyages, Is per cent (2s Od per cent). MINING YIELDS West Const Mines.—-Snowy River; Last week, 21407,, lO.OOo.vds, 258 hours. Blackball Creek: Last week, sSoz, 220 hours. SIIA REMARKET INDICES London. —Financial Times (1920 equals 100) : Govt. Rails Indus. Gold July 31 .. I I 1.9 01.s 137.1 155.5 Aug. 28 . . 1 15.0 03.2 I 10.1 158.0 .Aug. 29 .. 115.0 02.7 110.3 159.2 Aug. 30 .. 115.0 02.5 110.3 159.5 Aug. 31 . . I 15.7 02.1 141.0 101.4 Now York, — Dow Jones (1020 equals 100); 1939: Highest (Sept.), rails. 35.00; industrials, 151.22. Lowest (April), rails, 21.15; industrials, 121.4. , Hails Indus. Shares sold July 31 .. 57,12 102.88 870,000 Aug. 28 .. 55,0S 172.32 1,200,000 .Aug. 29 ■> 54.72 172.00 920.000 •Aug. 30 .. 54.99 172.37 800,000 Aug. 31 .. 55.28 174.20 1,100.000 ('ALL LIST Dividends— Due Sid. lusce. —final, Is 3d a sharo (books August 21) .. .. Today W'wths (W..A.)—int., 5 p.c. (books August 27) . . . . . Sept. 15 Wright, Stephenson—final, pf., 2 1 /j p.c, (less tax); ord., 2% p.c. Sept, 18 Hud.-Parker —int., pf., 3 p.c.; ord., 5 p.c. . . . . . . Sept. 20 Newton-King—prof., 5, 1-5 p.c. (less tax) . . .. . . Sept. 20 <Aust. Found. Invest.—l p.c. (books September 13) . . . .. Sept,. 24 Bank A'twitt—lnl... 2s (Id slg. a share, less U.K. lax (books September 1) . . . . . . Sept. 28 British Tobacco—int., qrly,, 2 p.c. (books Sept. 7) Sept. 28 Dun lop final, prof., 5 p.c.; ord., 2V, p.c. . . . . Sept. 29 (len, Industries—irit,., pref., 3% p.c. Sept. 29 Fell and Textiles--final Isl pf., 3 p.c.-, ord., 5 p.c. ibk.s. Sept. 17) Oct. 1 N.Z. Insce-—peace bonus, 2s (Id a share . . . , . . Oct. 3 W'wths (Syd.)—int., ord., 5 p.c. (books Sept. 17) .. .. Oct. 15 Bradford Cotton final, pf., 3 p.c.,; ord., 5 p.c. (books Sept. 29) .. Oct. 31 Milne and Choyce— final., ord., pf., 4 p.c.j B pf., 3% p.c. (books Sept. 17) .. .. mm