TRANSITION PERIOD.

Auckland Star, Volume LXX, Issue 302, 22 December 1939, Page 4

TRANSITION PERIOD.

SANFORDS' TRADING YEAR.

PROBLEMS OF FISH INDUSTRY.

NET PROFIT DOWN" TO £3579.

"The fact that we have been able to complete the year's operations and show a net profit of £3579 gives some satisfaction, but naturally we regret that last year's progress has not been maintained," said Mr. A. F. .Tagger, chairman of directore of Sanforde, Limited, in addressing shareholders at the company's annual meeting yesterday. The year had been a very trying one, stated Mr. Jagger, and no stone had been left unturned to meet the unusual eircumstancee as thev arose. Referring to the attitude of the Government, Mr. .Tagger said that as from January 1 the whole of the industry would become licensed and it would be necessary for every fisherman, retail shop and wholesale market to apply for a license under the regulations laid down and applied by the Bureau of Industries. This would have the effect of bringing about some measure of control of the industry, which was highly desirable from the company's viewpoint. It would possibly bring about the fixation of prices throughout the Dominion, which wae also to be desired. The chairman had indicated last year that there was a possibility of the number of markets in Auckland being reduced to two or three, but so far this had not been brought about, and at this etage he did not think there was any likelihood of any material reduction taking place. The whole fishing industry automatically came under the food controller on the outbreak of war and he understood this matter wae still under consideration by him. During the year the trawlers operated to a greater extent than for some years l>a*t. This was iyronght a.bout by the tact that they had to go further afield over a longer period than formerly, and nlno because of the conditions rhey have to operate under through new trawler awards. Naturally, the changed conditions ateo affected the co*t of catching fish to <a large extent, and the company had 'been faced wieh increased costs of production on all sides, while at the same time it fcae not been found possible to pas« the whole of the increase on to the [actual consumer.

Fertiliser Trade. 4. Tl' e 4 . f ?f tnie er department has operated to ite iul extent and all etocke have been successfully deposed of. In fact the demand exceeded the supply, eaid Mr Jairrfer. " '

f hue °? s had more succeeelully than last year, and an improved type ot «hop bad been opened in Queen Street! if enovatione and improvements to the other shops have been under consideration for some time, and in the near future ti«n!rf" 0 n m 5i be ff ooeeded wirh - he continued. Considerable expenditure was reaUy necessary to b»ing the remaining ehops up to the standard the directors had in mmd, but they felt at the moment that it wae more prudent to await some hnaltfy being reached by the Government m respect to the control of the induntrv S? re a o ny , ffreat expenditure was inr,,, red The Sydney branch had maintained a satirfactory connection in spite of serious competition from other Xew South Wales wholesalers, who were now able to procure supplies of Auckland fi*h at β-imilar pricee to Sanforck.

War Time Operations. A matter of contsiderable importance to the company B mce the outbreak of hostilities had been the eommandeerin" of IT" by J^ e Admiralty. Ir w a | impossible at this stage to foretell the effect the war would eventually have on the

Like everybody in business to-dav, I do not feel justified in endeavouring to anticipate the future," said Mr. Jagger but you may reet aeeured the director appreciate the true position and are resolved to do their utmost to maintain ancl care for the shareholders' interests" Ihe direcfors' report and balance-sheet were adopted and the retiring director. Mr. W Claud Motion, was re-eleete-l. me meeting? carried a motion recommending the directors to take steps to fill the vacancy on the board caused by the death of Mr. P. BaJjraVnie.