COMPANY NEWS

Press, Volume XCI, Issue 27642, 26 April 1955, Page 16

COMPANY NEWS

WOOLWORTH’S FINANCE POLICY Trading results of Woolworths Ltd., should continue to improve, P r °X lde d existing conditions were reasonably maintained, said the chairman, Mr C. Scott Waine at the annual meeting m Sydney. The improvement would partly come from the development programme. e4rt _ o<t It was expected to open 19 new stores during the current year. These Jn. cl u d ® d 11 in New South Wales, five in Victoria, one in Queensland, one in Western Australia, and one in Canberra. In addition, 13 stores were being enlarged or relocated. Arrangements had been made to build 11 new stores next year. The issue of £1.100,000 6 per cent, unsecured notes during the year wbs made to \provide for the development of new stores If the funds were obtained by a new share issue, the company would be paying dividends on the increased capital before it became income-producing. The directors decided to use borrowed money, to be repaid out of annual reservation of profits, and by new share issues when such stores were fully trading and income-producing. . The new share issue of £856,164 during the year was made chiefly to cover the cost of development during the last year or so. Of the note issue, £600.000 was received during the year, and £500,000 would be received this year. The currency was 10 years. The repayment rate was £55,000 a year, and the balance in the tenth year, the company having the right of earlier repayments. T ‘Provision for development” of £lOO.OOO from the year's profits was to provide for payment to the occupiers of properties acquired by the company for new stores, as compensation for vacation of premises . It was not desirable to capitalise suclcosts.

Burns, Philp (South Sea). —This company has declared a final half-year dividend of Is Fijian a share, or 5 per cent, for the year, making 10 per cent, unchanged—payable May 14.—(P.A.)

SMALL SEEDS AND GRAIN MARKETS

POTATO PROSPECTS (By Our Commercial Editor.)

Continued dullness in the small seeds markets in North Canterbury is reflected in a fall in prices for all lines. Values, however, remain very high by comparison with previous years. Markets are at present lifeless.

With northern markets seemingly well supplied at the moment, the major portion of North Canterbury’s potato crop remains underground. There are potatoes ready to dig but, in the absence of any shipping orders, merchants have not the necessary storage space available. Last year potatoes were shipped too early at the instance of northern merchants, who misjudged the supply position. In the result there was a glut in Auckland which depressed markets fdr a considerable time. Accordingly, this year there has been comparatively little forward buying on the part of the North Island. ' Well-inforr.-.ed quarters in Cashel street believe that the crop in North Canterbury will be down at least one to two tons an acre on last season’s yield. The position, it is reported, worsens further south. South Canterbury crops, it is believed, will average two to three tons an acre under last year’s harvest. Otago and Southland crops are showing a certain amount of blight, and in consequence it is expected that these provinces will have to draw upon Timaru supplies before very long. Quotations to Farmers Potatoes.—Aucklanders and other preferred whites, £l6 a ton; Dakotas £l5 15s, and other varieties, £l4 15s a ton—all f.0.b., s.e. Wheat.—lls 6d a bushel (on rail, growers’ nearest siding), with thte usual variety increments, plus the monthly holding increments Ryegrass (M.D.). —Certified perennial: mother seed, 38s a bushel, #.p. 375, uncertified, 275. Hl: mother, 365; standard, 355; uncertified, 255. Italian: mother, 345; uncertified, 25s—all subject to 98/90 minimum. White Clover (M.D.) —Mother, 5s 9d per lb: p.p., 5s 8d; uncertified, 5s 7d. Red Clover (Cowgrass).—New crop seed 4s per lb. Cocksfoot.—3s per lb (nominal) for good quality farmers’ dressed seed. Lupins.—l6s a bushel, on trucks, sacks extra. i Oats.—Gartons, 10s to 10s 6d a bushel; Algerians, 10s a bushel; Duns, 13s a bushel, and Black, 12s a bushel. Chaff.—£22 to £23 a ton, on trucks, sacks extra. Ryecorn.—2ss a bushel on trucks, sacks extra. Onions.—£l9 to £2O a ton on trucks, bags extra. Browntop.—4s per lb.