COMMERCIAL.

Star (Christchurch), Issue 16736, 18 May 1922, Page 8

COMMERCIAL.

SURPLUS BUTTER STOCKS. IMPORTERS RESENT ALLEGATIONS. SALE FORCED BY TREASURY' OFFICIALS. By Telegraph—Press Association—Copyright Australian and N.Z. Cable Association. (.Received May 18, 9.55 a.m.; LONDON, May 17. The butter importers greatly resent tho criticisms which have appeared in Australia aud New Zealand regarding their purchase of tho Government’s surplus stocks, especially the suggestion that they depressed the market, and raised it after the purchase had been completed in order to get exorbitant profits. Interviewed by th© Australian Press Association one of th© leading importers said: “The real facts are: This butter was retailed throughout the country from lOd to 16d a lb. As a result tho consumption rose from 2500 tons weekly to between 5000 and 6000 tons, the demand being so great that huge supplies of new butter were also readily cleared. Tho prices for such butter have never looked back, but if the prices of butter generally had been maintained tho consumption would have been so small the* Australian and New Zealand prodi i would have suffered seriously in regam to this season's output, as the collapse, which was created by the British Treasury forcing the sale, would have come much later when accumulations would have been considerably heavier, and loss accordingly so much greater. Importers transferred the bulk of th© Government butter to big retail combinaions for merely a nominal commission. The accusations levelled at the importers are altogether erroneous and false. The Board of Trade did not Bell at the request of any individual or combination of importers, but only at the extreme pressure of the Treasury officials.” BURNS. PHILP COY. TTTWVOVFT? FALLS BV £2.000.000 By Telegraph—Preps Association —Copyright Australian and N.Z. Cable Association. . (Received May 18, noon.) SYDNEY. May IS. Sir James Bums, presiding at the annual meeting of Burns, Philp Coy., said that there had been a diminution of £2,000,000 in the turnover for last year. Tho reduction was mainly attributable to the reduced values of exports and imports and the lessening of prices. The net profit equalled *2 per cent on the total cash receipts for the year. The future was regarded as being uncertain, in view of the fear of strikes and unsettled European affairs.

STOCK EXCHANGE

CHRISTCHURCH. The following arc the latest quotations:— Stock Buyers. Sellers. £ s d N.Z. GOVT. STOCK— £ s d 4£ p.c. Inscribed, 1938 . 94 0 0 94 lO 0 4i p.c. Bond?, 1038 94 0 0 p.c. Inscribed, 1933 . BANKS — Commercial of Austra9S 5 0 lia .... Commercial of Austra1 14 0 1 15 0 lia (4 per cent, cum pref.) National of New Zea6 10 0 land (cum rights) . National of New Zea5 IS 0 5 19 0 land (rights) 0 16 6 0 17 6 Royal (£1 paid) . 19 6 12 16 0 Union of Australia . INSURANCE— National 3 0 6 South British • • 1 16 6 1 17 G Standard . . • LOAN AND AGENCY— 19 0 Goldsbrough. Mort . 1 15 6 1 16 G N.Z. and River Plate . SHIPPING— 0 18 6 Huddart-Parker P. and O. Deferred 2 7 0 2 8 0 Stock (c\im div.) FROZEN MEAT— Canterbury (6 per cent, 330 0 0 cum prof.) N.Z. Refrigerating (10s 5 0 0 0 15 0 paid) .... WOOLLENS— Kaiapoi (£1 paid) 1 5 S Kaiapoi (LOs paid) . GAS— 0 11 6 0 12 G Christchurch BREWERIES— 6 15 0 Crown * 1 12 9 1 16 0 Manning . . • MISCELLANEOUS— 3 5 0 Beath and Co. Mason. Strutbers (£1 15 6 paid) Mason, Struthers (14s 119 paid) .... 0 14 0 N.Z. Milk Products MINING— 110 15 0 Mount Lyell . 0 15 3 Wnihi Grand Junctior l 0 7 0 Sales Reported:—New Zealand Governraent oi per cent Bondf «, 1933, £98; Commerciai Bank of Austral lia. £1 14s.