COMMERCIAL

Southland Times, Issue 25302, 4 June 1935, Page 2

COMMERCIAL

DAIRY PRODUCE. LONDON MARKETS. The New Zealand Dairy Board has received the following market report from its London office dated May 31, 1935 (last week’s figures are in parenNew Zealand salted 81/82 (79/81); equals approximately 94d fo.b., unsalted 80/82 (79/82); deliveries New Zealand 1787 tons. In store New Zealand 7611 tons. Australian salted 80/81 (78/80), unsalted 80/81 (78/79). Deliveries Australian 2007 tons; in store Australian 7454 tons. Market steady, good demand. Argentine unsalted —— (71/73); Irish Cream, salted 80/82 (78/85); Danish 98/- spot, 76/- f.ob 97/98 (77/78); Dutch unsalted 75/81 (70/77); Siberian salted 74/76 (72/75); Ukranian salted 73/75 (72/74); Polish salted 71/73 ( ); Lithuanian unsalted 74/78 (72/74); Estonian salted 76/78 (73/74). Market quiet. Danish retail price unchanged 1/-. New Zealand unchanged lOd. Cheese: New Zealand white (approximately 4.33 d f.0.b.) 43/- 43/6 (43/" 43/6); coloured (approximately 4.6 d f.0.b.), 43/6 44/- (44/- 44/6); deliveries New Zealand 22,020 crates; in store New Zealand 178,326 crates. Australian, 42/- (41/6 42/-), market slow; Australian coloured 42/- (42/-); Canadian, white (steady), 61/- (62/64); coloured 61/- (60/64); deliveries Canadian 6231 boxes. In store Canadian 53,861 boxes. English Finest Farmers 82/90 (82/90); English Factory cheese 37/42 (38/42). Market quiet. New Zealand retail price unchanged at 6d. London also advises that 3300 casks of butter were shipped from the Continent to NB\\ York this week. The minimum f.o.b. prices from June until further notice are:—Butter: lOd less ij per cent, commission (81/7 c.i.f.e.) Cheese: 5d less 1J per cent, commission (44/- c.i.f.e.) The board has also received the following advice from its agents ;n Canada:—Butter: 25 cents New York; 214 cents Montreal. t N.Z. PERPETUAL FORESTS, LTD. REPORT OF THE DIRECTORS. The annual report of the directors of 'New Zealand Perpetual Forests, Ltd., states:— The balance brought forward from last year after deducting dividend paid, £ s d was 13,739 11 7 To which add the profits for the year, including interest and investments; aftermaking due provision for depreciation, future planting and maintenance costs, taxation, etc. 17,342 14 6 £31,082 6 1 Less interim dividend of 4 per cent, paid on November 20, 1934 7,901 8 7 Leaving a balance to credit of profit and loss account of £23,180 17 6 The directors recommend the payment of a dividend of 4 per cent, (which with the 4 per cent, paid in November last makes a total of 8 per cent, for the year ended March 31,1935) which it is proposed to pay as in the past to Australian shareholders from Sydney, and to New Zealand and English shareholders from Auck- < land, and which will amount to 7,901 8 6 Leaving to be carried forward to next year £15,279 9 0 The area of forests established by the company has now reached 157,063 acres, and the forest authority appointed by the trustees recently made his annual visit and has again favourably commented on the past year’s operations and the development of the forests. During the year the Companies (Bondholders Incorporation) Act 1934-35 was passed. Under this Act provision is made for “bondholders” to be converted into “shareholders” in a separate realization company with a view to facilitating the realization of the forest assets. The directors feel that the passing of this Act is a step in the right direction, and matters are now in train for the incorporation of the Investment holders of your company into “shareholders” in a realization com-

pany. Eminent counsel has been retained to ensure that the new company becomes established on a sound basis. The company will be largely interested in this new company, which it is anticipated will bring to fruition the object of New Zealand Perpetual Forests, Ltd., which is to ensure to forest owners the maximum possible return from their investments. The lines upon .which the incorporation of the new* company will be effected will be determined by the Bondholders Incorporation Commission after considering proposals which will be made by your directors and the trustees. At this stage, therefore, no particulars can be given. During the year the directors have given a considerable portion of their time to assisting the development of a sound realization programme. In view of the provisions of the new Act referred to above and the developments that are likely to occur in the near future, it will probably be necessary to make certain alterations to the Articles of Association of the company. When matters relating to the new company are further advanced a special meeting will, if necessary, be called to deal with any matters requiring the consideration of shareholders. The directors to retire by rotation are Messrs H. Landon Smith and W. L. Davidson, who, being eligible, offer themselves for reelection. SMITHFIELD LAMB PRICES. NEW ZEALAND PARITY. In regard to the published prices realized for New Zealand lamb delivered to Smithfield Market, the New Zealand Meat Producers’ Board supplies the following table, giving the equivalent New Zealand parity, after deducting ail costs, including selling commission. The costing is based, on today’s estimated skin values and includes exchange at current rates. The calculation is on the basis of a prime woolly lamb weighing, say, 341 b, delivered at freezing works:— If price delivered N.Z. “overall” parity to Smithfield is: delivered at works (d. per lb.) (approximately) (d. per lb.) 7 7.50 GJ 7.35 6J 7.20 In the above estimate the cost of killing, freezing and placing on board steamer is based on a charge of .575 d per lb. HANDLING OF RABBITSKINS. IMPROVEMENT NECESSARY. It is stated that there is a great need for propaganda throughout Southland as to how handle rabbitskins, because the difference ‘in price would be considerable if the trappers would see that all skins were, where possible, dried under cover, so that the skins would not get j wet and the fur matted, also to see that the skins were stretched on proper wires and that all fat and grease were removed. When in America a few months ago it was pointed out to a Dunedin merchant that the grease was driven through the fur by the pressure when baling, with the result that up to the present a great waste is caused, because the matted or greasy fur has to be picked out by hand. If the trappers would realize what an important point this was, they would spend more time on the skins and see that they were thoroughly clean, free from fat and grease. The actual weight of the fat and grease is so small that it can add very little to the amount the trappers receive for the skins per pound. The damage it does to the quality of the skins is so great that it keeps the market price down. The same applies to damp skins which become musty and mouldy, and skins are held until they become weevily. What is wanted is properly handled skins, sold as soon as the skins are thoroughly dry. By this means the price of rabbitskins will be much better than even the present good prices.