COMMERCIAL.

Press, Volume LIX, Issue 17936, 3 December 1923, Page 10

COMMERCIAL.

CANTERBURY FROZEN MEAT CO. ANNUAL REPORT AND BALANCESHEET. The report of the directors of the Canterbury Frozen Meat and Dairy Produce Export Company, Ltd.. for the year ended November 30th last states: — The net profit for the year is £31,361 tSa, which, with the amount brought r orward from last year, makes the jniount at credit of profit and loss account, £36,969 175,. Out of this, further additions have been made to the various reserve funds, and after such apportionments, and deducting the dividend paid at the half-year, there remains a sum of £19,238 16s 3d which the directors propose should be dealt with as follows: — £, s d To payment for a further dividend of 3 per cent on the preference, and 6 per cent, on the ordinary shares . • • • 0,150 0 0 To payment of a bonus of 4 per cent, on the ordinary shares .. • • 4,500 0 0 To carry forward .. 4,988 16 3 £19,238 16 3 , The directors to retire by rotation are Messrs Herbert Elworthy and George Humphreys, and they, being eligible, offer themselves for re-election. Mr W. 11. E. Wanklvn, the auditor, also offers himself for re-election. BALANCE-SHEET. The following is the balance-sheet: Capital and Liabilities. To Capital— £ ». d. £ s- d. 15,500 Ordinary shares at £lO each 150,000 0 0 25,iAiO Preference Shares at £5 each 125,000 0 0 275,000 0 0 Issued as follows: 15,000 Ordinary rihareß p-iid up to £7 lus each 113,500 0 • 20,000 Preference Shaie3 paid up to i's each 100,000 0 0 v — 212,500 0 0 „ Drafts against Company's interest in Shipments and Creditors .. 804,163 14 11 „ General Reserve Fund Account 135,000 • • M Insurance Reserve Fund Account ... 80,000 # • Total Reserves 215,000 0 0 „To Renewals and Replacements Reserve Account 15,281 0 9 Loss Expended this year: 7,231 0 9 i , „ Balance per , - Profit and lioaa Statement .. 26,738 1« 8 Leas Divi- I deed paid ' at half year 7,509 0 0 . j , . . . ■ £758,902 11 2 ' Assets. £ a. d. By Freeiing . Works, Plant, Machinery, and Land at Belfast, Fairfield, Pareora, Hornby, Riocarton, Yaldhnrst, Southbrook, Styx, Oraxi, and Christchurch .. 331,835 IS 11 „ Debtors .. ( .. 28,345 15 3 „ Value of Interest in consignments, unrealised, including Advances to Owner* of meat, etc., and stock at work# .. .. 816,005 6 6 „ War Loan .. .. 82,615 12 6 _ „ : £758,902 11 2 xh« Profit and Loss Statement for the year ending November 80th, 1923, ia as follow*:—- . Amount added to Insurance Be- ' serve Fond ~ .. 6,000 0 0 Anxrant added to Renewals Reserve Fund .. .. 5,231 0 9 Balance ... „ », 28,738 18 3 , 486,969 17 0 By Balance from last year after * deducting Dividend .. 8,607 19 o h "lance of Account after Dodncting Wages, Working Expenses, and making pro- ~ ■ vision for Depreciation •• •• 81,888 ? 6 - ttMMfer Fee# .. 23 12 6 <B6, 17 o CHRISTCHURCH WOOL SALES. Christchurch Wo<rfbrok®rs' Association advertise the remaining dates for the Christchurch wool sales, viz • art » February ■ Ssotn, 'and March 27th. "BAD MARKS" IN FRUIT TRADE. Ihere are various ways of doing bnsinesa and of collecting payment for goods received, but the Dunedin branch of the South Island Fruit and Produce Broken' Association has hit upon » novel, and per- , hapa unique, method of seeing that it is not aaddled with any bad "marks" {says l " the "Otago Daily Times"). It has i&eoed »j circular, 'feigned by tfour ' fxuit Hftlwrign doing business in t Dunedin, to the effect that on and after December 3rd the conditions of sale are , cash before delivery with the exception of certain buyers approved by the association. Alter being' placed on this "exception list," it w ncoessaiy to leave each week a signed blank cheque to be filled in every Monday morning by the fruit broxer for tne amount ;. of the purchases of the previous week and anions this is done no further purchases can v for cash. It is pointed out • by the retailers that it is obviously inconvenient for large buyers of standing always to pay cash, and it is unfair to expect any business man to give » carte blanche dheauo Jo another parson to fill in for any amount ne pleases. In the event of the cheque getting into dishonest hands (and such things do occur) &nd the wrong amount drawn, who ia to bo the laser 7 The proposal is regarded by many as an -nnfavi- ' ?*, proposition. It is ooa. tended that if it is necessary for any altera* t»n in the present system the brokers themselves should settle who are to be given credit and who are not, and that a fair proposal miglit be to insist on weekly navxawite from those who h»re not to pay cash, v /.n • tto * monnt Ol > the cheque should be alwd in by the buyer and not by thb broker. It will be interesting to learn whether the broken will be ' able successfully to carry out their scheme. It seems probable (adds the "Times"), that it will have to be materially modified or withdrawn and something mora Jbusinessliio substituted. MATAURA PAPER MILLS. (PBZSS ▲SSOCZATXOV XBLXOSUrJ | GORE, December 1. Water was turned on to the new power plant at the Matanra Paper Mills to-day. The plant is the largest in New Zealand! The machinery is being transferred from the Riverhead mills at Auckland, as the company is making Mataura the headquarters of the industry.

FROZEN MEAT LEVY.

AMOUNT COLLECTED AT CHRISTCHURCH. Sinoe the levy on frozen meat for export, as prescribed by regulations under the Meat Export Control Act, 1921-22, came into force, the amount collected at Chrjstchurch from and including the June quarter 1522. to the end of Noviember, 1923, totalled £10,250 9s od. The levy is Id on each carcase of mutton or iamb, and Gd on each quarter or be».'f. The details of the levy collected at Christchurch are as follows: — 1922

LAMB FOR ENGLISH CHRISTMAS. MEAT BOARD'S PUBLICITY WORK. (PEESS ASSOCIATION TELEGHASi.) WELLINGTON, December 2. New Zealand lamb will be on the tabic next Christmas Day in many homes in the Old Country. The response to the New Zealand Meat Producers' Board's recent offer to forward single carcases of prime New Zealand lamb as Christmas presents to friends in Great Britain has brought forth greater results than were anticipated. Over 1000 carcases, most cf them to be delivered during Christmas week, have been sent through the Board and, in this way, it is estimated, that between 6000 and 7000 people, probably for. the first time, will be knowingly partaking of frozen lamb from New Zealand. By arrangement made by the Board, only the best quality lamb will be delivered. A card will be attached to each carcase, stating in large letters that it is a sample of New Zealand lamb and on the back of the card will appear printed directions as to the best method of treatment and cooking. Great importance is attached by the Board to this form of publicity.

NEW ZEALAND EGGS. INCREASED PRICES REALISED IN LONDON. (P&233 ASSOCIATION tSLXOBAM.) AUCKLAND, December 1. The New Zealand Co-operative Egg Society has been advised from London that the shipment of 51,000 eggs by the Rotorua in October brought 2a 5d per dozen in London, being 2d per dozen more than the price reached 'by the Corinthic's shipment in September. DRAINAGE BOARD'S LOAN. Applications for the Drainage Board's debentures in respect of the first instalment of the Board's loan have reached close upon the £150,000 mark, leaving £oO,OUO to be applied for to make up the amount being asked foi. There is still a steady demand for the Board's debentures and it is anticipated that tlje remainder will be disposed of in a comparatively short space of time.

VALUABLE OIL FIND. YOUNG LAD'S WINDFALL. VANCOUVER, November. 21. Dugal C&rmichael, an American soldier, settled in the Philippines when, discharged after the Spa nish-Amerit an war. He married a Filipino woman, and died 10 years ago, maJiirig no disposition with regard to several hundred acres, of barren Oklahoma land which he had bought for a "song'' a quarter of a century ago. This year his prairie state was found to contain a vast Btore of oil, arid buyers paid £1,400,000 into Court until the owner could be found. Dugal Carmichael's eon, Gregorio Velasquez Carmichaelj aged 13, haa just been discovered in a Philippine village, remote from civilisation, by an attorney, Mr Curran, who "combed" the wild interior until he found the boy. Gregorio will be> brought to America, and foroed to take the money which he never knew existed.

CLEARING SALE AT WOODGROVE. The N.Z. Farmers' Co-op., Ltd., conducted a, euccessiul cieiuing sale at Woodgro.ve on Friday, on account cf Mr W. Ualletly. Some of the principal sales were aa follows: —39 four, six, and eight-tooth Corriedale ewes and lambs, 38s 6d, counted; 12 ewes and 16 lambs, 29a, all counted; 22 Corriedale ews hoggets 755; 4 Corriedale ram hoggets. 4Ags. All the above sheep were in the wool. .One draught gelding, £29 JOa; 1 druught gelding, £2O 10s; 1 hack mare, 4yra, £Q; 1 bay mare, with foal at foot, £63; 1 two-year-old draught bay oolt, by Baron Everest, £47. All the cattle were sold at -very satisfactory prices. Drill £24, grass-seed sower £22 103, chain harrows £l2 10s, 5-leaf harrows £7. THE PROPERTY MARKET. Jones, McCrosti® Company, Ltd., sold by public- auction on Saturday, in their rooms, on account of Mr G. Johnson, a section situateed JTo. 383 Barbadoea street, just over the bridge, having a frontage of about 30 feet by a depth of about 70 feet, widening out at the back, together with the improvements thereon, to Mr McGillivray, for £250. SATURDAY'S POULTRY MARKET. The Canterbury Co-operative Poultry Producers. Ltd., had a good entry for their sale on Saturday. Good prices were realised for prime quality birds: —Table chickens 6s to 16s, hens 3& 6d to 9s 6d, ducks 6s to 93, ducklings 7s to 13s, geese 7o to 10s, turkeys 22s to 36a, all per pair. Egg Market. Good supplies of eggs continue to como forward, and we find no difficulty in clearing our stocks. Canterbury Co-operative Poultry Producers, Ltd., "Chain brand," first gTade eggs are Is 4d, seconds Is 2d, ducks Is id per dozen. . 6 FALL IN PRICE OF CEMENT. (arzcui< to "teh p&xss.") WELLINGTON, December 1. The. price of cement was reduced to-day by 4s 6d .per ton, equal to 3d per bag, or 3d p« cask.

CUSTOMS RETURNS.

CHRISTCHURCH FIGURES. The Customs duties oollecied at Christchurch during November, 1023, showed nn increase oi £15,580 as compared with tha corresponding month of 1922. There was, however, a oi £12,747 a3 compared with October, 1923. The beer duty collected in -November, 1523, showed an incre£S3 of £931 as compared with the corresponding month of 1922: there was a, decrease of £si)o as compared with October, 1923. The details (shillings and pence omitted) are:

DAIRY CONTROL BOARD. (special to "tee PEESS.'') WAIMATE, December 2. An address by Mr L.e, candidate for tie Dairy Control Board, was given in Waimiita on Saturday afternoon, 'i'lie candidate wa3 accorded a vky attentive hearing throughout. Mr Meredith, chairman o; the Waimate Co-op. Dairy Co., presided. In introducing Mr Lcj, who is the producers' nominee fur tne l)a:ry Control B-ard, ha said tie Mi. Lea would bi a worker. They ha J tj vote for men. If they dia want to split tha vote, all snouid vote for the co-operativo nominee and keep out the proprietary candidates. Mr Lee slid hi had dairy business. He believed ihe compulsory clause essenti-al to the wjrjtin,' ot tne B;U. He deprecated the lack oi interest shown by the farmers. Oniy '23 per tent, voted on the Meat Control Bill. He had been accused of not supporting control. This was wrong. He had certainly ciiiicis:d certain clauses of the Bill. If it had been identical with the Meat Control Bill, ha would have supported it wli hejrtodly. "Whatever was nec.ssary in inUi.ests of ths producers would D 3 his first and last consideration. They must do s?mithin'r to ensure the English public getting New Zealand butter. It was moved by Mr Wallao? that it ba a recommendation to tin" suppliers to th.2 Waimate Dairy Company to vote, for Mr Lee. Mr Meredith said it was bett-.ir for tha formers in the district to wait for advice from the company directors before voting, so as not to split tha votas. The meeting closed with a vote of thank 3 to Mr Lee. (press association telegram.) MASTERTON, December 2. Tlie suppliers of the Pirinoa Hhiiry Company unanimously decided that the ticket proposed by the Dairy Council—Messrs Goodfellow, Grounds, Motion, Forsyth, Dalrymple, and lorns—having been identified with the passage of tihe Control Bill, should be supported at the election. WAIKAKEI, LTD. EFFECT OF THE EARTHQUAKES. SHARP PASSAGES AT ANNUAL MEETING V (special to "tbx rasas. / . AUCKLAND, December 1. The fourth annual meeting of Wairakei Ltd., held yesterday, was characterised by several sharp passages and recriminations between certain shareholders, lively inter- ' changes between Mr Arthur Cieave and the Hon. G. R. W. HacDonald, of Sydney, being a feature of the proceedings. The annual report stated that an Investigation Committee had made an exhaustive enquiry into the affairs of the company, and its report had been submitted to the shareholders. The directors . had taken independent counsel's opinion as to the position disclosed in the report, and had been advised to take action on behalf of the com--pany to recover from Mr Arthur Cleave various sums amounting, together with interest thereon, to over £II,OOO. A writ had accordingly been issued, and on action was pending. Among the list of unsecured creditors, amounting to £1782, shown in the balance-sheet, appeared the nam& of Arthur Cleave for an amount of £1605, representing the balance of purchase money claimed by. him. The directors had not recognised that claim, nor had they anticipated the reEult of pending litigation by disturbing the balance-sheet, but if the company's action proved successful not only should that debt disappear, but a substantial credit should appear In place thereof on the next balance-sheet. The directors successfully defended an action for a refund of £3OOO brought against the company. Tho directors found it necessary to arrange an overdraft of £IOOO for trading purposes, and that was promptly repaid when the season commenced. Want of funds had, however, necessitated the postponement of the full policy of the directors. The trading profit for the year was £2751, but general overhead and exceptional expenses reduced that. The chairman of directors (Mr A. K. Graham), in moving the adoption of the report and accounts, said that Wairakei had suffered from a series of earthquakes, and for some five or six months that had a very detrimental effect upoi? the tourist traffic. Yet another adverse factor -was the shipping strike about Christmas time. For tha second half of the year the receipts exceeded those of the previous corresponding six • months. During the last four months the new management had beon in char»o of the place, and the receipts had increased by something like 25 per cent. They were very hopeful that that increase would continn®- , • V J .. Mr C. B. Norwood said he had paid £IOOO for 1000 shares, ajid he spoke as one who had found the money, and had gone into the matter on the assumption that the company was going to be well managed. The auditors had made certain suggestions, and he'moved a»*an amendment that the balancesheet be referred back to the Board to carry into effect the recommendations of the auditors, and in particular to make such writings down as on proper revaluations, they to be advised within two months. After a long discussion the amendment was carried on the voice 3. The Hon. G. R. W. Mac Donald demanded a poll, but after discussion this demand was dropped, and the amendment accepted as Ca There was also considerable discussion on a motion by Mr Norwood to increase the number of directors to eleven. He declared that shareholders would then get better representation. . The company's legal adviser (Mr H. F. Richmond) declared it would be illegal to increase the number of directors at a meeting which was called expressly to elect only two directors in place of two retiring.

SMITHFIELD MARKEt. The New Zealand Meat Producers' Board has received the following cable from ita London Office, dated November 30th, 1923, advising SmitMeld delivered prices at that date as follows: N.Z. wethers and maidens—Canterbury quality, selected brands; 56ib and under, Sid per lb; 57-641b, 7Jd; Go-721b, 7|d. Other brands: 56-under, 7j}d; " 57-64, 7£d; 65-72, 7Jd. N.Z. ewes—6-1-under, 6£d. N.Z. lamb—Canterbury quality, 36-under, llid; 37-412, 10|d; 43-50, 9Jd; seconds, led. Selected brands, SB-nnder, 10$ d, 37-45, 10JU. other brands, first quality, 42-under, 9£d; eeconds, 9Jd. N.Z. beef —Ox forea, 3jd; ox hinds, 4Jd; cow fores, 2|d; cow hinds, 3Jd. Argentine chilled beef—Ox fores, 4d; ox hinds, 5Jd. Argentine frozen beef—Ox fores, 3Jd; ox hinds, 42d. Frozen pork—None on the market. The mutton market is firm, with good demand, owing to depleted stocks. Ewes are likely to advance. The lamb market is steady. There is a slightly better demand for beef, owing -to lighter arrivals of Argpntiiß* Called

CHRISTCHURCH STOCK

EXCHANGE.

OTHER EXCHANGES. (PRESS ASSOCIATION TELEGRAMS.) AUCKLAND, December 2. Sales—Grand Junction., 4a fid. LONDON MARKETS. (]IY CABLE—PEES 3 ASSOCIATION COPYKIGHT.) IIAUSTBAJUAN AND N.Z. CABLE ASSOCIATION.) (Received December 2nd, 5.5 p.m.) I/ONDON, December 1. Mutton—Argentine, light 'i i a, heavy 6Jd, ewe 3 Gid. Lambs—Canterbury, light ll&d; Argentine, lij;ht 10|d, heavy 9d, seconds 9£d. Frozen, beef—New Zealand, fores 3Jd, hinds 4&d; Australian, crops 3jjd, hinds did; Argentine, fores 3;Jd, hinds 4|d; Uruguayan, tores 3£d, hinds 4Jd; chilled Argentine fores 4d, hinds s|d; "Uruguayan fores 3|d, hinds sd. Other meats are unchanged. Cotton—The .Liverpool quotation is American middle upland, 21.67 d a pound. Jute—Jsa-tivq, first marks, £24 a ton. Rubber—Fine hard Para, 12Jd a p'ound. Plantation, ~rat latex crepe and smoked ribbed sheet, 14id to 14gd. Copra—South Sea bagged December-Janu-ary shipment, £2B 2s 6d a ton. Linseed oil—£43 a ton, equal to 3s 5Jd a gallon. Turpentine—733 3d ft cwt, equal to 5s 6 I-3d a' gallon. 'Wheat—Cargoes are quoted about last-re-ported levels. Parcels are quiet, and occasionally 3 a bushel easier. FROZEN MEAT MARKET.

Messrs Ka'ye and Carter, Ltd., have received cable advice irom London of tile following Smithfield prices for the past week, ending November 30th (these prices are on th'j "delivered" basis, that- ia, including storage charges, cartage, etc.): —Prime Canterbury lamb, U-36 Hid, 36-42 lOjJd. 43-50 9Jd; second quality Canterbury lamb, lOJd; pr,.me Southland North Island Down lambs. U-36 —,36-42 —; Ncrth Island lambs, ordinary, U-42, lud; Canterbury prime wethers and/or maiden ewes, 48-56 &Jd. 56-64 7j£d, 64-72 7|d; Southland' wethera and/or maiden ewes, 56-64 , 7id; beist North island wethera and/or maiden ewes, 56-64, 7Jd; North Island ordinary, £6-64, 7£d; prime ewes, U-64, 6Jd; New Zealand beef (prime ox lynds), 160-220. 3£d.

LONDON WOOL SALES. lieasra Dalgety and Co., Ltd., have received the following cabled advice from London:—At the Liverpool B.A.W.R.A. wool sales 14,750 bales of Australian and 17,250 New Zealand were offered and practically all sold. The attendance of buyers was very large, and competition very animated. English wool buyers were the principal operators. Aa compared with closing ratee of the last London wool sales, merino wools are: part to 5 per cent, higher, fine crossbred 5 ;?er cent, higher, mfedium crossbred 10 to 12J per cent, higher, coarse crossbred 10 per cent, higher, and slipe wools 7£ to 10 per cent, higher.

ItEILLY'S (DUNEDIN) MARKET REPORT. Actual prices secured for Chrifltchurch consignors at yesterday's sale: — Tomatoes, <Jhiistchurch, stems on, Is 6d, la 7d, Is 7|d, Is 9d, Is 9Jd; Btemless, Is 6d, 19 7d; seconds, la 3d, Is id. Is 6d; cherries, choice, 9d, 10£ d; extra choice, Is 4Jd; gooseberries, 2|d, 3d; black currants, BUI; local grapes, 6a Id; potatoes, l£d, 2d; green peas. 3d, 4d, 4Jd, 6d; broad b>eans, 3d; strawberries, Waimate's, Bd, 9d, lid, Is; cabbages, 4s; lettuce, 2s; cucumbers, loi! for choice; small, inferior mis-shaperi, 7s 6d tp 12a; asparagus, S3 6d, 9s 6d, 10s; guaranteed eggs, Is 4d; choice Winter Nelia pears. 15s. (Consign your produce to Beilly'a Central Produce Mart, Ltd., Dunedin. Prompt action, record sales, and honest service are asijured. - 6

June quarter September quarter December quarter £. .. 2-376 .. 2206 .. 231 t 8. 12 13 (j d. 0 1 ti Total for 1922 March quarter June quarter September quarter October November .. 5074 .. 1749 .. 1674 .. 1210 ... 26t> .. 274 12 5 19 3 14 14 0 5 2 6 9 Total llmos. 1923 . .. 5175 17 u

Xov., Nov., 1923. 1922. £ £ Net customs .. . ■ 20,518 74.5G7 Beor duty S.Ool S.,093 The amounts collected at Christ-church for the eleven months January to >. ovexuber, 1323. r.s compared with the same psriod of 192 - 2, are as icllovs: — .Tan.Xov., Nov., 1923. 1922. £ £ Net customs r.-» . 974,734 71<,626 Beer duty .. ■. 86,854 84,403

SATURDAY'S TRANSACTIONS. Saies on 'Change—Mason. Struthers (is paid), 4a 3d (2 parcels). LATEST QUOTATIONS. Stock. Buyers. Sellers. £ s. d. £ s. a. N.Z. GOVT. DEBENTURES— 4£ per cent. Inscribed, 1939 96 10 0 37 0 0 5 per cent. Bonds, 19-27 97 12 6 5i per cent. Inscribed, 1933 100 12 6 per cent. Bonds, 1933 100 15 0 BANKS— Australasia — i.'i -2 « Comm. of Australia (cum rights) — 1 15 6 New South Wales (cum. div.) — 40 12 6 New Zealand (old) — 2 11 6 New Zealand (new) .. — 2 10 0 Royal (£1 paid) — 1 1G 6 Royal (£4 p^id) 6 11 6 6 17 6 Union of Australia 14 17 0 INSURANCE— National 3 15 0 South British 1 17 6 1 19 0 LOAN AND AGENCY— National Mortgage 3 15 0 N.Z. Loan and Mercantile (ord. stock cum div.) SO 10 0 83 0 0 SHIPPING - Howard, Smith — 2 11 3 Huddart-Parker 2 0 9 2 1 3 Huddart-Parker (pref.) 1 O 0 Union (pref.) 1 0 6 1 10 FROZEN MEAT— N.Z. Refrig. (paio) .. 1 2 9 1 3 6 N.Z. Refrig. (contr.) .. 0 11 0 0 11 6 COAL— Westport 2 0 (j WOOLLENS—' Kaiapoi (ord.) — 1 1 3 Kaiapoi (contr.) 0 "10 0 0 10 9 .Kaiapoi (pref.) — 1 1 6 GAS— - Auckland 1 5 6 Auckland (2s paid) .. 0 3 3 Christchwrch 8 1 6 BREWERIES— Crown 2 16 6 2 17 6 Manning /I 5 0 1 5 9 Ward 2 1 "6 2 3 6 T;[MBER— ■n.auri (cum div.) 1 8 0 MISCELLANEOUS— Beath and Co. — 1 13 0 British Tobacco (Aust.) 2 0 0 2 2 0 Burns, Philp 1 11 6 1 12 0 Mason. Struthers (£1 paid) 1 2 6 ■— Mason, Struthers (14s paid) 0 14 6 0 15 10 Mason, Struthers (6s paid) — 0 7 0 Mason, Struthers (4s paid) 0 i 2 0 4 3 N.Z. Sugar of Milk .. 1 7 0 1 8 0 'United Pictures 1 6 0 1 9 0 B.A/W.R.A. .. 0 15 10 —