COMMERCIAL CANTERBURY FROZEN MEAT COMPANY

Press, Volume LXXVIII, Issue 23810, 2 December 1942, Page 4

COMMERCIAL

CANTERBURY FROZEN MEAT COMPANY

STOCK EXCHANGES LOCAL MARKETS QUIET The turnover on the Christchurch Stock Exchange yesterday was small and there was very little chance in prices. Apart from vestibule business the following transactions were recorded:— Sales on 'Chance.—lasted Stocks: 100 N.Z. Farmers' Co-op. (Ist prof.). 12s (id; ,11,1011 N.Z. Govt. 3 p.c. Ins., 1952-55 £9!) 7s (Id. Sale Reported.—loo N.Z. Refrigerating (£1 paid). 24s 3d. Quotations 31 p.c. Ins., 1947. b. £9B 7s 6d; 3 p.c. Ins., 1945, b. £IOO 10s; 4 p.c. Ins., 195458. b. £IOB 10s; War Loan 1953, s £94 10s; N.Z Refrigerating p.c., 1/8/45, b. £101; E„ S„ and A. Bank, b. 735; National of Australasia, b. £l2 2s 6d; National of Australasia (£5 paid), b. £5 11s; National of New Zealand, b. 47s Id; New Zealand, b. 39S Gd, s. 40s; N.Z. Insurance, b. 755; Standard Insurance, s. 71s 3d; Dalgety and Company, b. £7: National Mortgage ("A"), b. 42s 3d; National Mortgage ("B"), b. 23s 6d; Huddart Parker, b. 46s 6d; Canterbury Frozen Meat, b. £l2 17s Gd; N.Z. Refrigerating (£1 paid I. b, 245, s. 24s Gd: N.Z. Refrigerating (10s paid), b. 10s 7d, s. 10s lOd; Bond’s Hosiery, b. 28s; Felt and Textiles, b. 39s Gd, s. 40s Gd; Manawatu Knitting (ex div.i, b. 30s, s. 355; Grey Valley, s. 7s Gd; Westport, s. 25s 3d; Chclt. Gas, s. 235; Rallins (15s paid), s. 14s; N.Z. Breweries c.d., b. 33s Gd, s. 355; Bcath and Company, b. 235, s. 2Gs; British Tobacco, b. 43s 9d; Broken Hill Pty., b. 39s 9d, s. 40s Gd; Colonial Sugar, s. £52; Dominion Fertiliser, b, 21s Gd, s. 22 s; Dunlop Rubber, b. 19s 2d; G. J. Coles, ,s. 58s; Kauri Timber (ex div.), b. 225. s. 24s Gd; N.Z. Farmers' Co-op. (Ist pref.l, b. 70s; N.Z. Farmers’ Co-op. ("A” prof.), b. 36s Gd; N.Z, Farmers' Co-op. ("B" pref.). b. 29s Gd; Otago Daily Times, b. 425, s. 44s Gd; Silverton Trams, b. 225. s. 28s; Whitcombc and Tombs, b. 83s; Woolworths, Ltd,, s. 15s 9d; Woolworths Properties, b. 255; Mount Lyell, b. 28s Gd, s. 29s Gd; Arahura. b. 2Gs; Arahura (deferred), b. 18s. s. 22s 6d; Barrytown, s. 12s Gd; Barrytown (deferred), s. 10s Gd; Grey River, b. 13s Gd, s. 14s 3d. AUCKLAND Sales.—Stock, 1/8/51-54. 3 per cent., £99 12s Gd (2); do., 15/9/47, 2J per cent., £9B; do,. 15/1/53-57, 31 per cent., £104; South British Insurance, 66s -3d; Dominion Breweries, 29s lOd (2), 30s; Broken Hill Pty., 40s; Colonial Sugar, £sl 17s Gd (2): Consolidated Brick. 8s 9d (2); Forest Products, 3s lid: Arahura, 265; Snowy River, G.s B.Jd; Broken Hill South, 26s 7id. WELLINGTON Sales.—Late on Monday: Colonial Sugar. £52; Broken Hill Pty., £2; N.Z, Farmers' Co-op. Security Deposit Stock, 4J p.c., 15/1/55, £93 17s Gd. Yesterday: Woolworths Holdings (South Africa), £1 Is, DUNEDIN Sales Reported.—N.Z, Refrigerating (20s paid), 24s 6d; National Bank of N.Z., 47s Gd. SYDNEY The release by the Federal Treasurer of higher selling price limits for about 100 stocks yesterday saw buying offers on the Sydney Stock Exchange for a large majority of shares immediately ascend from the old to the new maximum limits. Few sellers vtre attracted cy the higher bids, and the market assumed its previous “frozen” aspect. Sale;: Associated News (cx div.), Ils; Aust. Consolidated Industries, 50s Gd; Peters. 225; Anthony Hordern, 16s 3d; Tooheys, 28s Gd: National Bank (£5 paid). £5 19s; rooms, 535; Standard Cement, 21s; Comm. Bank of Sydney, £lB 19s; Dunlops, 21s.

COMPANY NEWS Simpson and Williams.—The accounts of Simpson and Williams, booksellers, stationers, and publishers, of Christchurch, show a net profit of £2226 for the year ended August 31. compared with £2220 last year and £3304 in 1940. Gross profit was £24.241, against £25.068. An unchanged dividend of 71 per cent, took £I2OO. and £IOOO was added to reserves making (hem £9836. felt and Textiles Year.—Net p»ofit of Felt and Textiles of Australia, Ltd., and its subsidiaries, for the year ended June 30, is £193,861, compared with £156,674 for 1940-41 It is reached after providing £237,046 for taxation, against £113.403 last year (which was £40,000 short), and £85.083 for depreciation, against £54,246. Ordinary dividend, steady at 10 per cent . requires £109.743. The 6 per cent, preference dividends amount to £14,400. Transfer of £IO,OOO to reserve has bee.* made and after charging £40,000 shortprovided for 1940-41 taxation, carry forward is £21,386, against £56,463 brought forward The Wellington Gas Company, Ltd., has decided to pay the usual preference dividend on December 15. Gordon and Gotch (Australasia), Ltd., is paying an ordinary dividend of 6 per cent, for the half-year ending December, and a preference dividend of 4 per cent. The dividends arc unchanged but last year (hero was a bonus on ordinary scrip ol 2 per cent. Golden Bay Cement Year.—The accounts of the Golden Bay Cement Company, Ltd., for the year ended June 30 show a net profit of £lBOl, compared with a loss of £626 last year and a profit of £4147 in 1940. This year’s profit is struck after providing £9756 for taxation and £592 for directors’ Ices, With £499> brought forward, the amount available is £6792. The directors recommend a dividend of 2J per cent, requiring £lOl2, leaving £4980 to be carried forward. Last year no dividend was paid. The rcpoii stales that after protracted negotiations the company obtained permission from the Price Tribunal to advance the price of cement, but the increase did not take effect lill July, 1942. The balance-sheet shows total assets at £261.152, compared with £239,146, Brunner Collieries X^oss.—The accounts of Brunner Collieries, Ltd., for the year ended June 30 show that after provision of £2349 for interest on Government loan £1496 for interest on debentures and £3070 for depreciation, there is a loss for (ho year of £19,552. The loss in the previous tear was £12.137. The report states that" Hie result of the year’s operations has been very disappointing. The anticipated increase in output did not cvenluatc—in fact, it fell away. War conditions affecting supply of labour, and absenteeism through sickness and other causes affected the output and, in addition difficulties were encountered in the underground ' development. The increase oi £7445 in the loss as compared with last year was mainly In coal production. The sales tonnage for the year was 43,387 tons, a reduction of 5043 tons on the previous year, and the sales value was £46,969, a decrease of £4710, due to reduced output. On the liabilities side, the loan account of the Government shows an Increase of £17,121, with accrued interest increased by £2349, and the liability to debenture-holders has increased by accrued interest amounting to £1496.

ANNUAL REPORT AND BALANCE-SHEET A SATISFACTORY YEAR A satisfactory year Is recorded in the sixty-first annual report and balancesheet of (he Canterbury Frozen Meat and Dairy Produce Export Company, Ltd., to be presented to the shareholders at the annual meeting to he held at Christchurch on December !). The net, profit for the year after making pro. vision for depreciation is £.'13,145 19s sd. which, with the amount brought forward from last year, makes the amount at credit of profit and loss account £54,753 14s Id Out of this, £SOOO has been added to the general reserve fund, and £14.000 to the renewals and replacements fund, and after such appropriation there remains a sum of £35.753 14s Id, which the directors propose should be dealt with as follows:

STOCK SALES ASHBURTON Increased entries, consisting mainly of shorn ewes, were received for the Ashburton stock sale yesterday. No woolly ewes were ottered. Prices for good hcavv-weight ewes ranged from 20s to 26s lOd for two sold for G. J, Suttie (Greenstreet). Light-weight ewes made from 14s to 18s. Prices for lambs were firm and ranged from 2fis lOd to 3.1s 7d. Shorn wethers made from 24s 4d to 36s lOd. RANGIORA There were good entries in the cattle section, but smaller entries in the sheep and pig sections at the weekly slock market held at Rangiora yesterday. Values were as follows:—Sheep: Fat wethers. 29s to 32s 6d; ewes and lambs (all counted), 20s 6d; wether hoggets, 235. Cattle; Fat cows, £6 15s to £9 17s 6d; store cows, £1 to £5 15s; two-year-old steers, £8 10s to £lO ss; 18 months heifers, £5 5s to £8 10s; store cows. £3 2s fid; bulls, £4 7s fid. Pigs: Stores, 42s to 455; slips. 30s to 345; weaners, 24s to 28s. LORNEVILLE (P.A.) INVERCARGILL, Dec. 1. There was a full yarding in the fat sheep section at Lorneville to-day, consisting mainly of ewes, a number of which were aged and unfinished. Wethers were on a par with the quality offering last week, and values were firm at last week’s rates. Ewe values were a little easier. Prime heavy woolly wethers realised from 46s 6d to 495, light-weights 40s to 43s fid. good quality shorn wethers 35s 3d to 36s 6d. medium 32s 6d to 345, light-weights 28s fid to 29s (id: prime young woolly ewes up to 35s 9d, good qualify 31s to 32s fid, unfinished 26s to 27s fid. aged 20s to 255; prime young shorn ewes 23s to 24s fid, good qualify 20s to 21s fid, medium 17s fid to 18s fid, and inferior 13s to 15s. A large proportion of the fat cattle were aged and inferior cows. For bullocks, heifers, and good quality cows, the market was much the same as the previous week, but unfinished cattle, particularly cows, were difficult to dispose of. Prime heavy bullocks sold at from £l7 10s to £lB 10s, medium-weights £l4 15s to £ls 10s. and light-weights £ll to £l2 10s Extra good heifers brought up to £l4, prime medium-weights £lO 15s to £l2, and light-weights £8 10s to £9 10s Heavy-weight cow's sold at up to £l3. good quality £lO 10s to £ll 10s. average £9 to £9 15s. unfinished £7 5s to £B, and inferior £4 10s to £5 10s. The fat lamb entry w'as much smaller than last week’s, and values showed an improvement, heavy-weight lambs realising up to 41s. prime 33s to 35s 6d, and medium 28s fid to 30s.

£ 5. d. To payment of a dividend of fi per cent, on the preference shares . 6000 0 0 To payment of a dividend of 7 per cent, on the ordinary shares . 7875 0 0 To carry forward . 21,878 14 1 35,753 14 1 The directors to retire by rotation are Messrs John Grieg and Gordon Fulton, and they, being eligible, offer themselves for re-election. Messrs Stewart, Beckett and Company, the auditors, also oiler themselves for re-election. The summarised balance-sheet as at November 30, 1942, is as follows:— Capital and Liabilities To authorised share capital 275,000 0 0 ,. Paid-up capital 212,500 0 0 ., Drafts against Companv's interest in ship396,981 19 ments y „ General Reserve Fund Account 130.000 0 0 „ Insurance Reserve Fund Account 90,000 0 0 220,000 0 0 „ Renewals and replace14,802 ments account 5 i Less expended this year 12,385 5 8 2,416 19 5 „ Balance per profit and 35,753 14 loss statement 1 £867,052 13 3 Assets By freezing ' works, land, plant, machinery, etc.. at Belfast, Fairfield, and Pareora at cost, less 0 depreciation 195,951 8 ,. Cash at bankers and money at short call .. 238,893 0 10 ,, Value of interest in consignments unrealised, including advances to owners of meat, stock at works, and investments 337,767 0 3 ,. Sundry debtors 15,039 4 2 ., New Zealand Government War Loans 85,000 0 0 867,652 13 3 Profit and Loss Statement £ s. d. Added to General Reserve Fund 5,000 0 0 Added to Renewals and Replacements Fund 14.000 0 0 Balance 35,753 14 1 £54,753 14 1 By balance from last year after deducting divi8 dend 21,607 14 „ Balance of accounts after deducting wages, working expenses, taxes, depreciation, etc., and directors' foes. £1350 33,141 6 11 ,, Transfer fees 4 12 6 £54,753 14 i