COMPANY NEWS

Press, Volume XCII, Issue 27794, 20 October 1955, Page 17

COMPANY NEWS

FINANCE FOR HOUSES GROWING DIFFICULTY NOTED “Your directors are pleased to report another satisfactory year, although shortage of funds necessitated our declining many applications for loans,” says the chairman. Mr A. S. Taylor, in the eightysecond annual report of the Christchurch Building and Land Society (Permanent). “With the general curtailment of credit facilities property finance is becoming even more difficult. “The high price of building sections and building costs are still making it extremely difficult for the average borrower to finance the purchase or building of anew home. “The housing situation is disturbing. There appears to be an increasing number of couples, both young and old, unable to save a sufficient deposit to buy a suitable home. Private landlords cannot build houses today for letting on an economic basis, and the question of providing more rental homes will need to be seriously considered,” says the report. The net profit for the year, with premium on Government loan (£180) amounted to £6096, which, with £1438 brought forward, made available for distribution £7534. For the year ended September 30, the society is paying 7 per cent., and a distribution of profit of 1J per cent, on its 6300 £lO shares, absorbing a total of £5355. With an addition the transfer of £5OO to general reserve and £lOOO to the rebuilding fund there will be £679 to carry forward. The financial statement for the year shows among receipts loans redeemed at £47,350, deposits at £108,672, and interest on mortgages and investments, etc., at £12,173. Among payments were loans and investments, £69,625, and deposits and interest £96,421. Management expenses totalled £3BBB. Members’ funds now stand at £138,679, including £67,000 in general reserve. £3OOO in office buildings rebuilding fund, and £5OOO in members’ interest equalisation reserve. Deposits and interest accrued total £140,291. Mortgages of freehold property amount to £258,309, and New Zealand Government Inscribed stock is held to the value of £18,575.

“OPEN DOOR” KILLINGS FARMERS’ DECISION IN NORTH ISLAND (New Zealand Press Association) WELLINGTON, October 19. With the intention of extending "open door” killings in the North Island, a farmers’ co-operative meat marketing organisation has told all the freezing works in the southern part of the island that its members will be requesting killing space this season. This action is the result of a meeting held last week at Palmerston North of representatives of most of the meat and wool executives of the districts of Federated Farmers in the area. The “open door” clause in the Meat Act allows farmers, either singly or in groups, on their own account to kill stock and sell the meat and by-products instead of selling he livestock outright to professional exporters. The meeting decided to introduce and foster the system in the southern part of the North Island this season. An existing farmers’ meat marketing co-operative —Producer Meats, Ltd., of Auckland—has agreed to open a district office in Palmerston North.

FIRST MAIN WOOL SALE INTEREST IN DUNEDIN OFFERING (New Zealand Press Association) DUNEDIN, October 19. The interest of woolgrowers throughout the country will centre on the Dunedin sale next Monday, as this will be the first offering of the New Zealand season. Allied interests will also watch the sale closely, as it will give a pointer to the prices which can be expected after an easing in values on the overseas market. More than 38,000 bales will be offered at the double sale, which will conclude on Wednesday. The bulk of the clip is early shorn crossbred ewe wool, with a fair proportion of hogget and a small sprinking of fine wools. Though the offering has opened up well, a drop in prices is expected. The original date for the Dunedin wool sale was October 26, but when sufficient offerings came forward for a suggested double sale the extra day was approved and the only date available was Labour day.

CANADIAN OIL PRODUCTION A net production of 10,186 barrels daily for the first six months of 1955 is reported by the Hudson’s Bay Oil and Gas Company, Ltd., which is owned 75 per cent, by the Continental Oil Company of Delaware, and 25 per cent, by the Hudson’s Bay Company. The latest production figures compare with 4930 barrels daily in the first six months of 1954, and 5931 barrels daily for the whole year.