CANTERBURY AVIATION CO.

Press, Volume LIX, Issue 17742, 19 April 1923, Page 10

CANTERBURY AVIATION CO.

THE YEAR'S OPERATIONS. " The report of the Canterbury (New Zealand) Aviation Company, Ltd., for the year ended March 31st last is as follows: — Herewith your directors beg to submit the accounts of the company for the year ended March 31st, 1923. It will be seen that, instead of a loss, the company has made a profit of £66 9s 2d. This result has been arrived at by practically closing down for the greater part of the year, and dispensing with the services of many of its staff for whom we were unable to find profitable employment. The thanks of the company are due to Captain Dickson, who has not only carried on at the smallest cost, but has voluntarily reduced his own salary. During about six weeks, from February Ist to March 12th, 1923, the Government has sent to us 24 pilots to go through a "refresher course," and this work has been successfully carried out.

Your directors draw attention to the fact that nothing has been written off during thn year. Your directors consider that the increase in value of some of the company's assets render this unnecessary, and there is a further reason, viz., that the company is at present negotiating with the Government regarding' the sale to the Government of the assets, less liabilities of the company, provided the Government can make use of fhe property as. a training ground for airmen for the defence of New Zealand. If the scheme seems likely to succeed, the shareholders will be called together and informed.

The following members of the Board of Directors retire by rotation, and, being eligible, offer themselves for reelection:—Messrs R. Allen, R. Bell, and A. W. Beaven.

During the year Mr Geo. Humphreys resigned Ms seat on the Board, owing to his departure on a lengthy visit to England, and in view of the negotiations with the Government it has not been thought necessary to fill the vacancy. It will be necessary to appoint an auditor and to fix his salary. Mr W. J. Moore has hitherto been the company's auditor. Financial Statement. The balance-sheet shows that the liabilities of the company are: Capital paid/up, £30,000; mortgages on freehold property and deposits (interest paid to due dates), £6552;

The assets include: Freehold and buildings, £23,188 6s; aeroplanes, £2812 10s; machinery, transport plant, and farm implements' and horses, £2291 3s 6d; stock—petrol, oil, machine spares, and farm produce, £2038 10s sd.

The receipts during the year totalled £3218 6s 4d, obtained from passenger flights, refresher course fees, grazing, and other earnings and fees. The expenditure totalled £3151 17s 2d, made up of general expenses, including salaries, wages, interest, insurance, commission, taxes, travelling expenses, petrol, oil, and machine spares £3119 30s 2d; and bad debts £32 7s.

TRADE WITH GERMANY. MINISTER FORESEES DIFFICULTIES. CntZSS ASSOCIATION TILEGBAIC.) WELLINGTON, April 18. The Minister of Customs, the Hon. W. Downie Stewart, fiaid at the Chamber of Comerce annual meeting, that he would like to speak at some length on the subject of the resumption of trade with Germany, but the committee of the Chamber was at present in consultation with the officers of his Department in regard to the matter t and it was therefore, to some extent, eubjudioe. He could only say thSi, whatever decisions were arrived at, and whatever regulations might be drawn up, a great difficulty must be found in administering them. His officers looked forward with some perturbation to the difficulties they would have to cope with when trade relations with Germany were resumed. He knew of the difficulties that would be experienced in Canada and Australia in regard to the matter, and nothing would please him better if it became necessary, and was possible to do it, than have some consultating body, which could be intermittently in session, to consult with the Department as difficulties arose.

FARMERS' WHEAT BOARD.

It is understood that Ehe preliminary arrangements in connexion with the establishment of a Farmers' Wheat Board are well under way, and that "the Board will commence operations on May Ist.

WELLINGTON CHAMBER OF COMMERCE. DOMINION'S RECUPERATIVE POWERS. (press association telegram.) WELLINGTON, April 18. The Hon. W. Downie Stewart, Minister of Customs, stated at the Chamber of Commerce meeting that it was the policy of the New Zealand Government to foster in-ter-Imperial trade as much as possible, as the suhatantial preference given under our tariff should de. The annual report of the Wellington Chamber of Commerce bore outstanding evidence of the recuperative powers of the Dominion, especially in regard to the dairying industry. At the present time New Zealand either supplied, or could supply, one-third of the butter required by Britain and one-half of the cheese. It 'showed that New Zealand was an outstanding country in these departments and our future if devolped on these lines, should be one of great prosperity. SYDNEY WOOL SALES. (BY CABLE —PRESS ASSOCIATION—COPTEIOHT.) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) j (Received April ISthj 9.45 p.m.) I SYDNEY, April 18. The wool sales were continued to-day. Competition was very keen, all countries operating freely, and late rates were well maintained. SHARES. (BT cable—pbbss association—copyright.) (AUSTRALIAN AND S.Z. CABLE ASSOCUTIOH.) (Received April 18th, 9.45 p.m.) LONDON, April 17. Waihi, 26s 3d; Grand Junction 6s 6d; Bank of New South Wales, £36; Union Bank, £l4 2s 6d; National Bank of New Zealand, 131s 3d; Bank of New Zealand, 57s 6d; New Zealand Loan and Mercantile (pref. debentures), £77; ordinary, £7B. DAIRY PRODUCE MARKET. ilessiß Dalgety and Co., Ltd., Christchiiroh, have received the following cabled advice from London, dated April icth:—Butter and Cheese: Since our wire of 13th instant prices are lower by 4s for butter and 8s to 10s for cheese. Both markets are weak. New Zealand salted butter is now 1665. New Zealand cheese, white, is now 114 a to 116s, coloured 116s to 1203.