BEEF CONTRACTS.

Press, Volume LXIII, Issue 19110, 20 September 1927, Page 10

BEEF CONTRACTS.

alleged substitution. ARGENTINE FOR NEW ZEALAND BEEF. (WtOU OCa 07," if CORRESPONDENT.) LONDON, August 13. A preference is given to Empire producers when tenders for the Navy and Army meat contract are considered. It is a very valuable consideration towards the Dominions and enables them to compete fairly with the Argentine. Naturally, the London Manager of the New Zealand Meat Board (Mr E. S. Forsyth) considers that such a preference should be jealously guarded, and when he had word from a private source that ail irregularity was being practised in a certain direction 116 followed up the matter with the utmost vigour. His information was to the effect that a certain firm of contractors in Scotland, who are responsible for supplying the Navy with New Zealand beef, had been tampering with brands and foisting 011 to one of His Majesty's ships-frozen Argentine beef instead of New Zealand beef. His information was sufficiently authoritative to approach the Admiralty and request an investigation into the matter. At first the Admiralty were not' inclined to grant Mr Forsyth's request, but lie stated that if an investigation was not made the subject would' be brought up on the floor of the House of Commons. A week or two went bv aiul-then the Admiralty wrote to Mr Forsyth saying that the warship which had obtained the meat in dispute was at the Orkney Islands, and if the Board's inspector would go there he could examine the meat. Mr Forsyth immediately sent his inspector north with the result that the accusations were undeniably proved. Two forequarters of frozen beef on board the warship were submitted for inspection as samples of forty-two others which had been delivered. The covers on each of these quarters were plain unmarked hessian covers, and each had a large patch about 10 inches square, hot apparently to cover a burst, but to replace a piece which had been cut out and upon which had been the original brand.

Change of Ink Brand. Argentine meat is branded with an indelible ink brand on the flesh itself indicating the country of origin, while New Zealand meat has no such brand. Oil the outside of the brisket there was evidence that this purple indelible stamp' mark had been erased. Distinct traces of purple ink, however, remained to. show that some kind of mark had -been there originally- Directly underneath this obliteration was in light green (or Cambridge Blue) ink a mark reading "N.Z. Eureka," There is no such New Zealand factory brand. This evidence in itself was certainly enough to indicate that someone had been trifling with the brands, but whoever was responsible had not been : thorough in his work, for inside on the ribs of each forequarter appeared the South American grade marks of a certain wellknown firm, and these marks indicated that the forequarters were third-grade South American beef and that' they camg from a certain mob of cattle.

The Admiralty were i-it qnce .acquainted with the result of the inspection and the two forequarters have been placed in cold store as evidence. In the meantime the matter has been handed over to the Legal Department of the Admiralty with a. view to proceedings; being taken against the contractor. WILCOX, MOFFLIN (N.S.W.). , Wilcoi,. Slofflin, Ltd,,, wool, hide, and skin merchant, sjiowa a profit of £47,133 ,for its year's trading, an increase of £8686. The dividend is one .higher at 8 per cent., and Absorbs <£32,000, a sum of .£15,000 is car-' ried to reserve, £SOOO higher than the transfer of the previous .year, and, with £720 brought into the account, a sum of £853 -is carried forward. A comparison of accounts follows: Year ended June 30. 1936. 1927. 0 jrl Net profits .. 33,4-17 47,133 'Dividend, - p.o. " 7 • s Amount'of dividend .. 28,000 82,000 To reserve .. 10.000 15,000 , Carried forward .. 720 353 Liabilities—--Capital .. .- 400,000,400,000 Overdraft, deposits, and sundry creditors 120,590 171,504 Suspense accounts _.. 1 28,289 41,467 Res for depreciation, ' ■ etc. .. 31.709 31,995 Reserve fund .. 00,000 75,000 Properties, plant, etc. 354,328 343,378 I:'' Stock ... .. 135,144 183,9511 ' Sundry debtors .. 129,041 224,289 , Cash . . . 793 1,198 Creditors are higher by £50,914, and debtors 'are higher by £95,248. The directors report that the volume of business transacted during the year was satisfactory, a notable' feature being the continuity of oversea orders, indicating a return to more normal conditions, particularly in Great Britain and the Continent. The widely fluctuating markets which prevailed during the first half of the company's year -were followed by steadier trading in. the second half. MELBOURNE STEAM.

Melbourne Steamship. Company, Ltd., shows a profit of £35,740 for. the year ended June 30th, compared with £35,893 the previous year. The dividends, 10 per cent, ordinary, and 6 per cent, preference, account for £SS,SGO, and with £9261 brought forward, "there is £9442 -to be carried forward. A comparison o£ accounts follows: — • Tear ended June . . ■ 30th. 1926. 1927. Net profit ... • 35,693 35,740 Div., ord., p.u. . . JO 10 Div. ord. amount .. 34,000 34,000 Div., pref., 6 p.c. .". 1,560 1,560 Carried forward . . 9,261 9,442 LIABILITIES— Capital— Ordinary . . 340,000 340,030 Preferences . . 26,000 20,000 Reserve funds . . 76,576 80,073 Depreciation .. 266,509 290,657 Creditors .. .. 75.200 .99,(347 ASSETS— Steamships, dock, plant, } ■ buildings . . 432,647 478,265 "Wharf and coal plant 2,00: i 2,G9G Freehold .. • • 49,715 49,715 Investments ' - • 203,291 193,392 Debtors •. • . 8G,497 98,294 ' Coal stores, c(e. ... . 11,757 28,924 Engineering stock .. Cash .. •• 29,517 12,320 Provision for depreciation lias increased by £24,148, and steamships by £45,618. Creditors are £21,447 higher, and investments arc down by £9899. Debtors are up by £11,787. The report states that busmess has been marked by some troublesome" features, but the company is reaping the advantage of tho economy of the modern vessels of the fleet. INTERNATIONAL MERCANTILE MARINE. The Americans Ehow wonderful capacity for managing large scale busmess undertakings within their country, tut thej do not -seem able to manage shipping qu ; te as well and the International Mercantile Marine is a case in point. This concern recently sold the White Star Line to the Royal Steam Packet -Company, and tn transfer was effected in -the accounts of the International Mercantile Marino for 1926 include the income from the White Star Line. The net result of operating the .company ar,d its suWiari.s (American Line, Red btar Line, Whrte Star Line, Atlantic Transport Line, £ ana ® A Pacific Line, and Leyland Line), after de ducting''depreciation on f.teamsrs skovrs a loss of d 2096,525, as compared with a Of £312,000 for 1925.' Before deducting appreciation on steamers, there was a from the actual" operation or all alearners and business of the company of -£7ll, The consolidated balance-sheet shows that the paid up capital is £2O 319,360, of which £10,345,000 is - in preferred stock, and tn balance is in common stock. T he la^ t dl 7' dend paid on the preferred stock was 1J per cent.. in . February, 1923, the axreawto date being-. 67i per c?nt. The fleets, aft* deducting £14,009,327 depreciation, stand at £33.737,537. The' combined tonna = e on December 31st, 1926, was 1,039,438 tons, but thts included the White Star Line steers which,.have now passed into. British hands.