PRODUCE MARKETS

Timaru Herald, Volume CXLVII, Issue 21530, 18 December 1939, Page 11

PRODUCE MARKETS

DUNEDIN By Telegraph —Press association DUNEDIN, December 15. Now that the market for milling wheat is finished for the year, interest is being centred in the new crop, and varying reports are being received from wheat-growing areas. Crops in coastal areas of Otago and throughout Southland are in good condition. Summing up the position, conditions for growing crops in areas chiefly devoted to this type of farming are not as satisfactory as could be desired, and the average yield for the Dominion will probably be affected as a consequence. The fowl wheat market is steady. Best quality is worth 5/10 a bushel, sacks extra. In the wholesale market several lines have been offered from southern districts, but the quality of this wheat is not of the best, being inclined to be thin. This wheat is selling at 4/9 a bushel, sacks extra, on trucks. In the Gore district small lines of wheat ex-local stores are realising 6/3 a bushel sacks extra. Little Interest is being shown in oats for shipment to the North Island. An occasional order is received, but there are now not many oats held in local stores. Forward buying is still taking place, and A gartons have been sold for delivery April-September next year at 3/8 f.0.b.,5.i. Oats for prompt delivery may be quoted on the basis of 3/4 to 3/8 f.0.b.,5.i., according to quaUty. The demand for chaff continues quiet. Only small stocks are held in stores, hut they are sufficient to meet the demand. Best quality is £5/15/- a ton, sacks extra, ex store. Most of the trade in potatoes is now being done with supplies from surrounding districts and Oamaru. Best quality are worth 3d to 3Jd a lb. Auckland grown tubers are still available and these are worth 2d to 25d a lb wholesale. According to reports much larger supplies of Pukekohe tubers are now on the market, and these are being quoted at £ll/10/- a ton on trucks, Pukekohe, All the seed markets remain firm, but little wholesale business is going through. The retail t: -.de Is also quiet. FRIDAY’S CLOSING PRICES United Prese Association—By Electric Telegraph—Copyright (Received December 17, 6.30 p.m.) LONDON, December 16. Friday’s closing prices were: Cotton—Spot 8.59 d per lb. January delivery 8.20 d. Rubber—Para 13d per lb; plantation smoked 11 15-16 d. Linseed oil —£36/10/- a ton. Turpentine—s9/6 per cwt. MOUNT MORGAN The production report for the four weeks ended December 14 states that the ore mined was 60,157 tons, the ore treated, sulphide 39,450 tons, oxide 26,510 tons, sulphide mill tailings retreated through the oxide mill 31,870 tons; estimated production of gold 51620z5, including 201ozs from a clean up of old treatment plants; copper 214 tons, Including five tons from copper precipitation. During the period 267 tons of blister copper are produced from concentrates. TODD MOTORS, LTD. Big Net Profit On Year The second annual meeting of shareholders of Todd Motors Corporation, Ltd., was held at Wellington on Monday, the chairman of directors (Mr Charles Todd) occupying the chair. The annual report stated as follows: “The operating companies show a net profit of £116,152/4/2, subject to income tax and social security tax for the year. Details are as follows: “Todd Motors, Ltd.—The profit and loss account for the year ended September 30, 1939, shows a net profit of £111,053/18/6, subject to income and social security tax. Provision of £57,388 has been made for taxation, and the balance, £53,637/18/6, has been transferred to the corporation.

"Todd Motor Industries, Ltd.—The profit and loss account for the year ended September 30, 1939, shows a net profit of £5116/5/8, which, after providing for Income tax and social security tax amounting to £1947/1/9, left a balance of £3169/3/11. which has been transferred to the corporation.

“The total amount of £56,817/2/5, representing the net surplus in the profit and loss appropriation accounts in the books of the above-mentioned two operating companies at September 30, 1939, has been received by the corporation. Of this sum. £30,000 was received in May last to provide for payment of half-yearly dividend to shareholders and to enable another £15,000 to be placed to the credit of the preference dividend equalisation account.

"At a meeting of directors held on May 15. 1939, resolutions were passed, authorising the transfer of the £15,000 to the preference dividend equalisation fund; payment of an interim dividend of 6 per cent, per annum for the halfyear ended May 15, 1939, to preference shareholders, absorbing £7167/2/1, and an Interim dividend of £7500 for the half-year to ordinary shareholders. The preference dividend equalisation fund now amounts to £30,000, thus providing for two years’ dividends to preference shareholders. “After making the above-mentioned payments and providing £750 for social security tax on portion of the profits, which were not taxable in the hands of the operating companies (the first £15,000 set up in the preference dividend equalisation account), and paying small accounts £2Bl/11/2, there is left a balance of £26,118/9/2 available for distribution, less £425 for directors' fees. The sum of £7500. less social security tax, £375, leaving £7125 net, is required to pay the dividend of 6 per cent, per annum for the halfyear ended November 15, 1939. to preference shareholders, and it is recommended that £18,750, less social security tax, £937/10/-, leaving £17,812 10/- net. be paid as a dividend for the half-year to ordinary shareholders (making a total dividend of 104 per cent, for the year). This would leave a balance of £755/1/2 to be carried forward.” The adoption of the report was carried on the motion of the chairman and Mr J. H. A. Hott. Reference was made to the death of Mr E. P. Yaldwyn on May 6. The vacancy on the board of directors had been filled by the appointment of Mr James Fletcher, of Auckland. The retiring directors. Mr C. P. Todd and Mr James Fletcher, were re-elected.