A BUSINESS REVIVAL.

Press, Volume LXVI, Issue 20037, 19 September 1930, Page 12

A BUSINESS REVIVAL.

LORD MELCHETT'S IMPRESSIONS (BRITISH OFFICIAL WIEELESS.) (Received September 18th, 5.5 p.m.) RUGBY, September 17. Lord Melchett, chairman of the Imperial Chemicals, and a leading industrialist, who has just returned from a visit to Canada and the United States, anticipates an early business revival. He said that a more rapid transition to better conditions might take place than would at present appear- likely. In the United States there was the feeling that the worst of the trade depression was proportionate to the industrial depression and that the relatively small setback to last year's boom had been exaggerated. In Canada he found a cool and wellfounded optimism among the most responsible and best informed industrial leaders. FARMERS' CO-OPERATIVE INSURANCE ASSOCIATION. REPORT AND BALANCE-SHEET. The report and balance-sheet of the above Association to be submitted to tho 39th annual meeting of shareholders to be held at the offices of the Association, Cashel street, Christchurch, on Septembor 24th, states: — The directors have pleasure in submitting to the shareholders the statement of accounts for the year ended June 30th, 1930: 2. b, d. Net premium revenue amounts to .. .. 31,945 18 5 Interest and rents received and accrued after payment of income tax on same amount to .. 6,797 10 2 £38.743 8 7 After making full provision for losses outstanding there is a surplus in tho Underwriting Account of 5,293 2 7 Income from interest and rents bb above amounts to .. .. . . 6,797 10 2 £12,090 12 9 Less depreciation on investments .. .. 1,000 0 0 Leaving available . . £11,090 12 0 Out of this an interim dividend at the rate of 7 per cent, per annnm on preference shares for the half-year ended December 31st was paid in January, 1930, of . . 1,745 4 4 And the directors now proposo to pay a further dividend at the rate of 7 per cent, per annum os preference shares for thu .past half-year, and one shilling and; threepence per share for the year on ordinary shares, which will absorb .. . . 4,806 19 4 6,552 3 8 £4,538 9 1 To which must be added balance from June, 1929, less dividend paid September. 1929 . . 25,461 19 4 Making to be carried to the new account .. £30,000 8 5 The retiring directors are the Hon. D. Buddo and Mr H. H. Pitman, who are both eligible for re-election without notice. It wilt be necessary to elect two auditors for the current year. F. IV. JOHNSTON. Chairman. K. W. BROWN. Director. E. M. CAFFIN, Secretary.

LONDON TALLOW SALES. LONDON, September 17. At the tallow sales 810 casks" were offered and 463 sold at late rates to 6d decline. Slutton, fine, 31s;, medium, 25s 6d. Beof, fine, C3s; medium, 25s Cd Messrs A. H. Turnbull and Co. are in receipt of the following cablegram from W. Wedd'i! and Co., Ltd.. dated London. 17th inst::—Tallow market unchanged; 640 casks wero offered and 330 sold. Mutton tallow and mixed good colour Cd less. The Bank of New Zealand has received the following advice from its London ofllce, under date 17th inst.:— Tallow—There is a fair demand. Current quotations: Good mutton, ?.0s to 29s 6d per cwt; good beef, 27s 6d to 28s; good mixed, 27s 6d; gut. 22s to 25s 6d. Dalgety and Company, Limited, have received the following cablegram from their London office, dated September 17th: Tallow—At to-day's sale 810 casks wero offored and 46 per' cent. pold. Prices 6d lower except for inferior, which is unchanged. We quote fine mutton 31s 6d, good mixed 27a 6d, inferior 26b.

UNDERWRITING ACCOUNT. Dobit— £ a. To five, marine, and accident losses paid and outstanding 17,CSS 5 „ General expenses at Henri Office and Agoncies, contributions to Provident Fund, Government licenses, rates and taxes, office fumitura. find motor-oar written off .. 8,960 JO „ Reserve for unexpired risks 16,200 0 „ Balance carried to profit and loss account .. 5/290 2 d. 3 8 0 £48,145 18 5 Credit— B; reserve for unexpired risks 16,000 0 „ Fire, marine, and accident premiums, less re-insur-ances, agency commission and returns .. .. 31,943 18 0 5 £43,145 18 5 PROFIT AXD LOSS ACCOUNT. £ is. Debit— To Dividend paid Sept., 1323 .. 4,806 19 „ Interim dividend paid Jar., 1030 .. .. .. 3,745 4 „ Depreciation—investments .. 1,000 0 „ Balance to be carried to' balance-sheet .. 84,807 7 d. 4 4 0 9 £12,359 11 5 Credit— By Balance brought liovrn iiora June, 192a ... .. 20,308 18 „ Interest and rents received and accrued , .. 6|737 10 „ Balance brought down from underwriting account .. 5,293. 2 8 7 .£12,859 11 5 BALANCE-SHEET. CAPITAL AND LIABILITIES. Subscribed Capital— £ s. 15,192 Preference shares at £5 75,960 0 62 Preference shares at ±'1 52 0 48,OSS Ordinary shares at £1 48,988 0 1 ocof 1 . 1 £1?5,000 0 0 Capital Paid Up— 85 Preference shares at o3 8 lo 580 Preference ehares at 20s 580 0 9,e28 Preference shares at 603 24,070 0 3,051 Preference shares at 100s 25,255 0 48,988 Ordinary shares at 2s 4,838 16 0 0 0 0 0 £54.762 11 Reserve fund .. .. 40.00J 0 0 0 £94,762 11 Kteervo for unexpired risks .. 16,200 0 Los* appropriations .. 1,670 3 Sundry creditors .. .. 862 17 Profit and loss account balance 84,807 7 0 0 9 5 9 £143,302 19 4 ASSETS. £ 6. Freehold property .. .. 11,055 10 Offieo furniture and inoior-car £240, less depreciation £30 210 0 Investments (loans on mortgage) .. .. 45,100 0 N.Z. Govt. Inscribed Stock and War Bond3 .. .. 70,043 8 Pieferenco share® and bonds .. 6,545 0 Agency balances .. .. 2.563 12 Sundry debtors .. 2,677 3 Cash at bankers and in hand 3,173 4 d. 0 0 0 9 O 3 9 7 £143,302 19 4