COMPANY AFFAIRS.

Auckland Star, Volume LXIII, Issue 282, 28 November 1932, Page 4

COMPANY AFFAIRS.

GISBORNE SHEEP FARMERS. A DIFFICULT SEASON. (By Telegraph.—Special to "Star.") GISBORNE, this day. At the 31st annual general meeting of the Gisborne Sheepfarmers' Frozen Meat and Mercantile Company, Limited, held on Saturday, the chairman of directors, Mr. H. B. Williams, said that a logs in the freezing department of £7155 last year had been turned into a profit this year of £3260. The season had been a most difficult one front the selling point of view, values of -all farm products having gradually declined. The directors were fully aware of the present low realisation values of fat stock, and a reduction in freezing charges 011 mutton and lamb at both Kaiti and Tokomaru Bay had been decided on. The net result of the year's working, a profit of £3145, was regarded as very satisfactory, in view of the general conditioiis of mercantile trading and the declining value of freezing by-products, continued the chairman, and out of this the directors recommended payment on one year's freezing and mercantile preference share dividend, and to use the balance in reducing the profit and los.s appropriation account. With the transfer of the leasehold sinking fund reserve, the profit and loss appropriation account had been reduced from £13,889 to £8430, and it was hoped that at the end of the coming season the directors would be able again to reduce this debit. QUEENSLAND INSURANCE. DIVIDEND MAINTAINED. The report of the directors of the Queensland Insurance Company, Limited, for the year ended September 30, states that the amount at the credit of the revenue account is £89,353, to which has been added the balance brought forward from last year, £44,190, making a total of £133,543 available ,for distribution. This the directors propose to appropriate as follows: —To payment of a dividend of 2/ a share, £50,000; to reserve fund, £25,000 (making £325,000): and to carry forward the balance of £58,543. Following is a comparison of the company's results and appropriations for the last three years: — 1930. 1931. 1932. £ £' £ Brought forward 41.424 28.723 44.190 Net profit 62,299 90,467 89,353 103.723 119.190 133.543 To reserve 25.000 25.000 25,000 Dividend p.c... 10 10 10 Amount 50,000 50.000 50,000 28,723 44,190 55.543 OVERSEAS MARKETS. FROZEN MEAT. PRICES AT SMITHFIELD.

The New Zealand Meat Producers' Board has received the following cable from its London office, dated November 25, advising that the following are the approximate average prices realised for the week, based 011 actual transactions of wholesale quantities of the descriptions of meat mentioned, and are for representative parcels of the goods offering during week, being for business done 011 the basis of delivered to Smithiield Market and/or ex London stores:—

Canterbury and North Island selected crossbred wethers and maiden ewes, 48/561b, 4%d per lb; 57/641b, 4%d; 65/721b, 4%d; North Island, 48/561b, 4/id; 57/641b, iMd; 65/721b; 4%d; ewes, 481b and under, 3%d; 48/641 b, 3%d; 65/7'2lb, 3d.

Lambs.—Canterbury, 361b and under, 7'/id; 37/421b, 6d; 43/50 Ib, 5%d; second quality, average 301b, 5%d; other South Island brands, 361b and under, 7d; 37/421b, 5%d; 43/501b, sVid; selected North Island brands, including Downs, second quality, average 301b, 5%d; other North Island brands, first quality, 37/421b, s'/&d; second quality, average 301b, 5%d. Australian Lambs. — Victorian, Bret quality, 301b and under, 6%d; 37/421b, 5%d.

Argentine Lamb.—First quality, 361b and under, 6%d; 37/421b, sV<td. New Zealand Beef.—Ox fores, 3d; ox hinds, 3%d.

Argentine Chilled Beef.—Ox fores, 3/id; ox hinds, 6'/fcd.

Australian Frozen Beef.—Ox crops, over 1001b, 3%d; ox hinds, over 1601b, 4V6d. New Zealand Porker Pigs.—6o/100lb, 5%d; 101/1201b, 5%d; baconers, 121/180lb, sd.

Lamb market: Tone slightly easier -with consumption decreasing as usual for the time of year. Prime lambs, 2/ very firm, owing to short spot stocks. Mutton: Wethers firm. Ewes steady with fair trade. Beef: Steady with fair demand. New Zealand porker "pign: Market firm at better prices owing to advance in. laome killed; baconers, nominal.

TOO MANY EGGS. LONDON PRICES EASE. (Received 9.30 a.m.) LONDON, November 26.. The egg market has failed to maintain the position as mentioned a fortnight ago. Prices have given way about 1/6 per long 100. This is chiefly due to the heavy supplies, for this week the market has had to deal with no fewer than 100,000 boxes of Australian, containing 36,000,000 eggs. In addition there have been largo arrivals from South Africa, Argentina and Uruguay, all of which come into direct competition with Australian eggs, as they are of good quality and well packed and graded._ Another cause of weakness of Australians is that too many small receivers arc handling them, and sometimes undercutting the large importers. PRICE OF SILVER. (British Official Wireless.) (Received 1 p.m.) RUGBY, November 26. The price of silver for spot delivery is 17 15-16 d, and for forward delivery 18 l-16d. LONDON WOOL SALES. (Received 10 a.m.) LONDON, November 27. Mr. Devereux, representative of the Australian Wool Council, reports as follow:— The depreciation in sterling has stimulated Continental competition at the wool sales. All countries are competing freely. Yorkshire is now taking a better proportion of the offerings. Good combing scoureds are slightly dearer. Inferior and faulty greasy scoured and all pieces are in lesser demand at slightly lower prices. Fine crossbreds are selling well at fully October rates, medium coarse descriptions 5 per cent decline. There is very little new business in Germany. Futures at Antwerp and Roubaix are quiet. COTTON, RUBBER, JUTE, ETC. LONDON, November 26. (Quotations on Nov. 18 in parentheses.) Cotton.—Spot, 5.44 d (5.61 d) a lb; December delivery, 5.12 d (5.32 d). Rubber.—Para, 5d (5dV a lb'; plantation and smoked, 2%d (2 9-16 d). Jute.—November-December shipments, £15 12/6 (£ls 10./) a ton. Copra.—December - January shipments, South Sea. £14 5/ (£l4 5/. NovenvberDeeetnbar) a ton; plantation, Rabaul, £14 7/C (£l4 12/0). Linseed Oil.—£l7 10/ (£l7 10/) a ton. Turpentine.—s9/3 (58/6) a cwt. ■