COMMERCIAL

Poverty Bay Herald, Volume LXIII, Issue 19139, 7 October 1936, Page 9

COMMERCIAL

SYDNEY WOOL SALES VERY FIRM MARKET GREASY MKIGNO 2U-D SYDNEY, Oci. li. At fliv* Sydney wool sales 11,9-‘>-°> ball's were offered and Hb-ldl said, and also 1227 privately. There was a very firm market, with all ihe best, features of lasi week ’s mictions again in evidence. Strong support came from Yorkshire and increased Continental compel it ion. Greasy merino made to 21,jc1. The average price for wool last week in Sydney was 117 -Is lid per bale and l.’l.’ld per lb. SEVERE CRITICISM CONTROL OF WHEAT INDUSTRY Severe criticism of the Government's scheme of control in the wheat industry which came into operation earlier this year is made in a circular issued by (lie directors of the Northern Roller Milling Company. Limited. The circular was issued togelbej; with dividend warrants for an interim dividend at the unchanged rate of 4 per cent per annum for the half-year ended August 51. ‘ Your directors l'cgrcf to inform you that owing to regulations introduced by the Government, namely, reduction of output, fixation of price, and increase in income tax and graduated land tax, the company has not earned sullicicnf lo pay this dividend, and have had to use some of Iho undivided profits,” -slates Hie circular. “Another factor lias been Iho poor qualify of the wheat, which .means Ibe extraction of less Hour and more oll’al.

“•Strong representations as to the injustice of the conditions imposed on the company's business have been made to tbe. Minister of Industries and Commerce, and also lo tbe Minister of Finance, but, so far without- result. As the Governmenl claims lo lie builders, not wreckers, your board feels dial lids company, after a successful life of 50 years, lias- the right to he allowed to carry on ils business with a reasonable margin of profit. The board will continue to press upon Ihe Governmenl Iho necessity of doing justice to our oldestablished industry.” I’lie dividend on the ordinary shares last, year was reduced from 7 per ccnl to per cent, while £5731 was added to undivided profits, making a total of £63,820.

The •hairinan of directors. Mr. John llellabv, pointed out at- the annual meeting in April that- through file Government's legislation, shareholders had had their savings or investment reduced by £125.000. that, being the difference between the value of tiieir shares then and in April, 1935. LOCAL BUTTER PRICES UNDERCUTTING IN SOUTH 'llie cutting of prices on the local butler market is causing concern in (he Wellington and ( 'aiitei'lniry provinces, and a strong appeal is being made to the Minister of Marketing, the Hon. W. Nash, to introduce a local marketing System. In Welling! hi. owing to competition between local dairy companies, butler is being sold at 12’Arl per lb, ex central depots lor cash on delivery, plus d.'.d per box for servicing. This price i--. considered lo lie well below the cost of produel uni. A voluntary arrangement by Ihe companies ol the Auckland province is being well maintained. The wholesale price is Is 2d per ll> not, and the retail price is Is dd. The price is regarded as a fair and reasonable one by the supplying companies and the retailers. MOTUROA OIL FIELDS PRODUCTION REPORT Mol uro;i Oil Fields. Limited, has received the following production report for the three months ended September 30:— Moturoa No. 1 well : Produced 1940 imperial gallons of crude oil. Total product ion to date. 65.453 imperial gallons. Moturoa No. 2 well : Produced 28,056 imperial gallons of crude oil. Total production to date, 789.982 imperial gallons. Moturoa No. 4 well: Produced 9860 imperial gallons of crude oil. Total production to date, 115,798 imperial gallons.

PRICE OF SACK FLOUR INCREASE ANNOUNCED The price of sack flour has been raised by 3s 6d a ton. making the new value £l3 15s 6d a lon. according to an announcement. made by the flour section of (lie wheat, committee. The increase is being made on 2001 b sacks. There, will be no increase in t.lie prim (o tin l public, either for flour or bread, ns the agreement is purely between the wheat, committee and the linkers. MELBOURNE STOCK EXCHANGE MELBOURNE. Oct. 5. On the, Melbourne Stock Exchange today long-dated bonds were in belter demand. Investments were steady, and Barriers were quiet-. Gold-mining shares were more active. Sales: Commercial Rank of Australia, 18s 8d : National Bank. £5 paid. £7 ss: ditto, £lO paid. £l4 10s; Howard .Smith. 18s 4(1; G. .1. Coles, 77s 9d; Drug Mouses. 30s 4!,d : Australian Iron and Steel, prof., 26s 4.'.d : Australian Glass, 04s 3d : Diinlop-Perdriau. 17s 2d ; ditto, pi'ol., 3,as 6d ; Goldsliroiigh Mori , 345, Elect rolvl ie Zinc, 435: Mount .Morgan. 14s sd: Mount l.vell. 29s 9.1 • Broken Hill Proprietary, 78s 3d: North Broken Hill. £9 10s; Zinc Corporation. 77s 3d; Emperor, 15s 2d; Loloina, 23s 3d.

Hume Pipe. 19s; Kauri Timber, 24s 9d : Herald and Times, 69s 9d : General Motors. 23s 9d.