DAIRY PRODUCE AND LAMB

Otago Daily Times, Issue 22708, 22 October 1935, Page 6

DAIRY PRODUCE AND LAMB

LATE EXPORT SEASON FIRMING EFFECT ON PRICES (Special to Daily Times) AUCKLAND. October 21. The late spring in the Auckland province is causing serious delay in the shipping programme for the New Zealand export. season. Exporters are having an anxious time in securing their requirements and vessels are loitering on the coast, waiting for sufficient dairy produce and meat to complete their cargoes. Usually at this time of the year dairy produce gradings are mounting rapidly and there is a reasonable working margin between the time of grading and the time of shipment. This year, however, the cold weather extended through September and the early part of October, with the result that the milk supply dropped sharply and stock lost condition. Pastures are now beginning to develop, but it will be some weeks before the leeway is made up. , Another effect of the lower milk supply has been to reduce the numbers of baconer pigs for shipment, as skim milk plays a large part in pig feeding. Export prices for heavy-weight porkers and bacouers were increased this week. It is estimated that the lamb season is about a month later than last year. Some forward drafts are now being shipped for the English Christmas trade, but the main lot of early lambs is not in sight. It is usual to announce the first export schedule for lambs at Hawke’s Bay show. The show will be held this week, but U is doubtful whether any schedule will be fi xe ch • „ „ The expected late arrival of New Zealand spring supplies of dairy produce and meat has caused a distinct firming in the London markets, which is likely to last until the end of the calendar year. FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Cony right.)

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin quoted the following rates for purchases and sales of foreign exchange yesterday:— London— Buying. Selling

DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted tinfollowing dollar rates yesterday on a New Zealand currency basis. They are subject to alteration without notice f U.S.A. Canada (per £1 (per £1 N.Z.) S.Z.I Selling— (iols dois T.T. .. 3.93 J 4.00 O.D 3.94$ 4.00 J Buying— O.D 3.99 4.05 Scott Bros., produce merchants and commission agents, agents for the Dunedin Egg Suppliers’ Association, report;— Eggs: Poultry farmers’, lOd to lid; storekeepers’, 9d to lOd. Butter: 10Ad to lid per lb. Honey; Bulk. 3Jd to 4d per lb. Poultry; liens, light Is 3d to Is Cd; heavy, to Is Od; roosters. Is to Js 3d. Ducks: Is Cd to 2s. Geese: To 3s each. Turkeys: Ileus. 8d per lb; gobblers, 9d per lb. Pigs: Prime bacoucrs. to Cd per lb; porkers, 54d to Cd per lb. Fat: Nominally, 14g to 19s per cwt. Potatoes: Nominally Arran Chief £l2, King Edwards £l3. Chaff: Prime oaten sheaf, to £G per ton. bags extra, ex store. Onions: Californian and Canadian, 27s Cd per 1001 b crate, to arrive. Partridge peas; To 0s Cd per bushel, sacks extra. Feed barley: 3s 9d per bushel, sacks extra. Whole fowl wheat: 5s to 5s 3d per bushel, sacks extra. Whole maize: 5s 9d per bushel. Oats: Gartons, 3s Cd to 4s per bushel, sacks extra. Oyster grit; Cs per 1001 b. Stocks held of Perfection chick foods, lucerne meal, mcatmeals. Free use of fowl crates ’on application. October 21, 1935.

COMPANY BALANCE SHEETS

THE SOUTH BRITISH INSURANCE COMPANY, LTD. Paid up capital: 1924-27, £773,730; 1928-35, £1,031,640.

With a pronounced increase in the premium income, which more than covers the larger losses, and with a comparatively slight rise in charges, the underwriting account shows a surplus of £134,782, or nearly £20,000 in excess of that for 193334. Assistance is given by the investments. which contribute a growing revenue of £126,756, so that the total available for disposal is £261.538. The dividend is retained at 2s 8d per share, or equivalent to 13 1-3 per cent., which absorbs £137,552. Unexpired risks and contingencies reserve are strengthened by the addition of £40,000 and £50,000 respectively, which, after premises are written down by £30,000, leaves £3986 to add to the undivided surplus carried forward. Roughly, one-half of the total surplus is retained in the business. After the reduction effected in charges during 1933-34, a rise of £2BIO is recorded The larger business has thus been acquired at a small cost. As expenditure is grouped in one sum. no comparison is available for the component, parts. Interest and rent have brought in an amount larger by over £2OOO. Apparently, the recent reduction in interest rates and rents has now taken full effect, but doubtless the trustee business has contributed something towards the increase. A comparison of charges with the general revenue comes out thus:— General

1934-35 .. .. 277,974 1.022.453 27.19 Premium income, which, after a steady decline for some years, began to rise again in 1933-34, has made a decided move upward. An increase of some £82,000 has been accompanied by a rise of £60,000 approximately in losses, so that the benefit from the new business has not been as great as might have been, expected. The ratio of losses to premium income has risen, but with the larger income concerned the margin between the two has increased. Losses have stood to premium income as follows; —

Among invested funds, Government securities, although reduced to £1,203,177, contain the bulk. The names of the Governments concerned and the basis of valuation are not given. Municipal and harbour board debentures (£403,148) and loans on mortgage (£86,227) both show additions, but it is in the general shares group that the increase chiefly lies. Including stocks and debentures, they have risen to £377,575, or by some £75,000. Shares in subsidiary companies at £282,276 are practically as before. Premises, at £433,112, show the effect of the £30,000 written off, which, approximately amounts to 6J per cent. Including premises, the total investments at £2,785,516 have increased by nearly £23,000, so that while the cash portion has risen by over £50,000, there has been a considerable redistribution in the manner of their employment. A pronounced increase is seen in the group containing cash in bank, deposits, short-dated investments, and bills of exchange. This group now stands at £440,281, but whether the difference of nearly £IOO,OOO is due to the revenueearning portion does not appear. It may be assumed that an apprecaible portion of the increase is assisting to swell the revenue. Balances at branches and agencies, at £132,555, are practically unchanged, while sundry debtors have dropped to £71,260. Distinction is not drawn in the balance sheet between premiums due and overdue and other sundry debtors.

The largest liability is the £89,900 reserved to meet losses outstanding. This is smaller than at August, 1934, notwithstanding the larger total of losses involved, being equivalent to about 18J per cent. Bills payable and sundry creditors, which, at £60,864, have altered little, contain the taxation provision. If this item is taken at an approximate figure, it may not be wholly required to meet the charge. . The reserves which have received additions are those for unexpired risks, which is raised to £490,000, and for contingencies, the latter now appearing at £190,000, and as it was established only a year ago, its growth has been rapid. Investment fluctuation fund, at £278,701, has also been augmented from some source. General reserve has been left intact at £1,000,000, and, seeing that it closely approaches the amount of the paid-up capital, the decision to build up the other reserves preferably can be understood. The_ strength of reserves, general and special, is a special feature of the accounts. The appended statement of the trust, executor, and agency business states the nature and amounts of the various funds, but gives no information regarding the trading result. The amount as credit of estates under administration has expanded to £9,047,624, while a further sum of £3,591,673 consists of securities held as trustees for debenture holders. The rise in the funds administered is well distributed. Landed property remains the largest, but it has dropped during the year, and at £2,434,158 is closely followed bv mortgages, now increased to £2,248,862. Shares at £1.932,082, New Zealand Government securities at £810,040 and debentures at £597,378 have all risen, but the sundries group, which may claim an attention out of proportion to its size, has fallen to £209,820. During a lifetime of some 20 years, this section of the company's business has steadily grown, and is likely to continue to do so. PUBLIC TRUST OFFICE STATEMENT FOR SEPTEMBER. Estates of a value of £447,827 were reported and accepted for administration by the Public Trustee during the month of September. New business for the six months ended September 30 wa» £3.392,500. . , Grants of administration made by the court in favour of the Public -trustee numbered 129 for the month. During-the month 319 new Mills ap pointing the Public Trustee executor were deposited for safe custody by living testators and 290 existing wills were revised to provide for changes desired by testators. A NEW BOARD AUSTRALIAN MEAT TRADE. A conference of Federal and State Ministers and representatives of the meat industry has agreed to the establishment of a Meat Export Control Board tor Australia with defined statutory powers The conference recommended that the board should comprise 18 members, including representatives of pig producers, co-operative meat works, exporters, rcpiesentatives of public-controlled abattoirs ■nul freezing works, and one representative of the Federal Government. It was recommended that the board should regulate shipments; recommend rates of levies from time to time on exported meat not to exceed the maximum rates under the Meat Export Charges Act; advise on the allocation between the States and between individual exporters of quantities of meat in any export programme which might be fixed from time to time; advertise Australian meat overseas, and foster scientific research; and appoint a London representative.

RUGBY, October 19. Paris— Par. Oct. 18. Oct. 19. Francs to £1 1 124.21 74 33-64 74 9-16 Brussels— 29.21 Belgas to £1 30 29.20 Oslo— 19.90} Kroner to £1 18.180 19.90J Stockholm— 19.39} 19.39} Kroner to £1 18.130 Copenhagen— 22 22 Kroner to £1 18.150 Berlin— 12.21} Marks to £1 20.34 12.21 Montreal— 4.983 Dollars to £1 4.86 2-3 4.981 New York— 4.91 7-16 Dollars to £1 4.88 2-3 4.90 13-16 Yokohama— 14 3-64 Pence to yen 24.582 14 3-64 Hongkong— 24 3-10 24 3-16 Pence to dollar 24.58 Bombay— 18} 18} Pence to rupee — Batarla— 7.23} Florins to £1 12.10 7.23} Milan— 60 5-16 60} Lire to £ 1 82.46 Amsterdam— 7.233 7.243 Guilder to £1 12.107 Prague— Kioner to £1 104} 1181 1181 Genera— 15.08} 15.10 Francs to £1 25.22} Vienna— 26 26 Schillings to £1 84 86a Helsingfors— 226% 226% Marks to £1 193.23 Madrid — 36 36 Pesetas to £1 25.22} Belgrade— 216 218 Dinars to £1 25.22} Athens— Drachma to BIS 615 £1 .. .. S75 Lisbon — 1101 nog Escudos to £1 110 Bucharest— 625 625 Lei to £1 .. 931.6 Rio de Janeiro— Pence to 4}, 4} mllrels .. B.890 Buenos Aires— 36} 36} Pence to pesos 47.22 Shanghai— Pence to tael _ 171 171 Montevideo — 39 11-16 39 11-16 Pence to pesos — Warsaw — Zlotys to £ 1 — 26.06 28.08

£1 N.Z. to £100 stg. .. • • T.T. 124 124/10/ O.D. 123/10/- ■ 124/8/9 Australia — £ A to £100 N.Z. T.T. 101 100/10/O.D. 101 100/10/FIJI— £ F to £100 N.Z T.T. 90/7/6 89 O.D. 90/7/fl 89 New York— Dollars to £ N.Z. T.T. 3.97? 3.93? O.D. 8.99? 3.94g Montreal— Dollars to fi N.Z, T.T. 4.031 4.00 O.D. 4.05 4.00i France— Francs to £ N.Z, T.T. 60.56 59.26 O.D. 60.86 59.51 Noumea— Franca to £ N.Z. T.T. 61.51 58.51 O.D. 61.91 58.56 Papeete— Francs to £ N.Z. T.T. 61.51 58.51 O.D. 61.91 58.56 Belgium— ' ■ Belgas to £ N.Z. T.T. _ 23.151 O.D. — 23.166 Germany— Reichsmarks to £ N.Z T.T. 9.602 O.D. — 9.607 Italy— Lire to £ N.Z. T.T. 47.94 O.D. — 47.98 Switzerland — Francs to £ N.Z. T.T. 12.357 11.957 O.D. 12.432 11.967 Holland— Florins to £ N.Z. T.T. 5.958 5.708 O.D, 6.00S 5.712 Florins to £ N.Z. T.T. 5.915 5.690 O.D. 5.965 5.694 Japan— N.Z. Pence to 1 Yen .. .. T.T. 17 11-16 O.D. — 17 43-04 Shanghai— N.Z. Pence to 1 Dollar .. .. T.T. 21 15-32 22 25-32 O.D. 21 11-32 22 23-32 India and Ceylon— N.Z. Pence to 1 Rupee .. .. T.T. 229 22 23-32 O.D, 22} 22 21-S2 Hongkong— N.Z. Pence to 1 Dollar .. .. T.T. 29 23-32 30 25-32 O.D. 29 19-32 30 23-32 Singapore— N.Z. Pence to 1 Dollar .. .. T.T. 349 35 5-16 O.D 341 35} Sweden— Kroner to £ N.Z. T.T. 15.790 15.460 O.D. 15.830 15.470 Norway— Kroner to £ N.Z. T.T. 16.200 15.870 O.D. 10.240 15.880 Denmark— Kroner to £ N.Z. T.T. 18.208 17.878 O.D. 18.248 17.888 Austria— Schillings to £ N.Z T.T. 20.47 O.D. — 20.49 Czechoslovakia— Crowns to £ N.Z, T.T. 95.01 O.D. — 95.06 All rates subject to alteration without notice

General Underwriting investment Dividend lug. 31. lleacrres. Surplus. Revenue. per share. £ £ £ s. d. 1924 .. 751.310 81,769 103,113 1 11 1025 840,445 85,820 111.001 2 1 1928 .. 942.714 82,171 117.490 2 - 1927 .. 1,020,088 83.385 120.760 2 3 1928 .. 092.859 80,970 120,150 |2 5 1929 .. 1.105.439 90.770 134.346 2 7 1030 .. 1.171.082 70.221 140,870 2 8 1931 .. 1,128.047 *611 137,654 2 8 1032 .. 1.145.935 69.255 132.008 2 8 1933 .. 1,100.502 64.402 122.925 2 8 1034 .. 1,309,310 115,339 124.090 2 8 1933 .. 1.309.630 134.782 126,756 2 8 • Deficiency t Shares fully paid.

Charges. Revenue. Ratio. £ £ p.c. 1923-24 .. 308.302 982.912 31.27 1924-25 .. 313,382 1,107,009 30.81 1925-20 .. 318,359 1,057,024 30,12 1926-27 .. 311.800 1.107.534 20.70 1927-28 .. 322,513 1,104,197 27.70 1928-29 317,589 1,180.180 20.77 1929-30 .. 304,357 1,132,517 20.87 1930-31 .. 281,387 985,272 28.50 1931-32 274,089 937.542 29.23 1032 33 .. 295,571 914,403 32.32 1933-34 .. 275,104 038,102 20.33

Premium Losses. Income. Ratio. £ £ P.c. 1023-24 480.608 879.790 55.60 1924-25 .. 490,709 905.017 54.83 1925-26 .. 621,003 939.533 55.45 1920-27 .. 017.802 1,040,753 59.00 1927-28 .. 628,550 1,038,048 60.65 1923-29 .. 641,483 1,051,842 00.90 1920-30 .. 617,069 991,647 62.23 1930-31 .. 666,942 847.718 80.88 1931-82 .. 470.200 804,634 63.45 1932-33 .. 431,605 701.538 54.61 1988-34 .. 422,969 813,472 62.00 1034-38 .. 482,041 895.097 53.92