N.Z. MEAT IN 1950’s

Press, Volume XCIX, Issue 29270, 30 July 1960, Page 16

N.Z. MEAT IN 1950’s

An Important Decade (New Zealand Press Association) WELLINGTON, July 29. The 1950 decade was the most important and spectacular in New Zealand’s history from the viewpoint- of the increased production of export meat, states the annual report of the New Zealand Meat Producers’ Board. Generally speaking, it had been a period of high prices and rising' costs, the increase in the former largely taking care of the latter. It appeared, however, the country was in an era of everrising costs about which the producer could do little except take it on the chin. Unlike the manufacturer, he could not pass his increased costs on to the consumer, whose price was generally regulated by the law of supply and demand, states the report. In a period of short supply the producer would benefit within certain limits but in a period of over-supply, like last year, he suffered a heavy depletion of income. The future of the meat industry still seemed sound but a note of warning was necessary.

Philip Morris (Aust.).—Philip Morris (Australia). Ltd., cigarette manufacturer, profit varied only slightly in the year to June 30, and will pay an ordinary dividend for the year of 6 per cent., which was indicated by a maiden 3 per cent, in January. Consolidated net profit for the year was £231,111 compared with £237,242 in the previous 12 months. Result was after edging tax down from £136.000 to £132.250. Depreciation vote, however, is up from £51,821 to £53849.—(N.Z.P.A.) Tutt Bryant Sales.—Sales of the Tutt Bryant group for the year to June 30 last rose to a record figure exceeding £lom., directors report. They say that profits for the year will show a satisfactory increase over the previous year’s figures. New products developed by the company, or made under licence, have contributed substantially to the rise in sales.—(N.Z .PA.) A.P.M. Tops £2m.—Australian Paper Manufacturers, Ltd., topped the £2m. net profit mark for the third successive year in the 12 months to June 30. Steady 8 per cent, ordinary dividend is again well covered. Today’s result, from a preliminary report, is £2,125800 compared with £2824.000 in the previous year and £2,108,489 in 1957-58. However, the latest profit is after slightly higher provisions. The 8 per cent, dividend takes £1890.800. Final 5 per cent, is payable on October I 31.—(N2.PA.)