FROZEN MEAT TRADE

Dominion, Volume 23, Issue 74, 20 December 1929, Page 10

FROZEN MEAT TRADE

SCIENTIFIC RESEARCH SEA TRANSPORT TESTS Dr Ezer Griffiths, F.R.S., attended a meeting of the New Zealand Meat Producers' Board yesterday in connection with the scientific survey which is at present being carried out in connection with the frozen U 'l>r. Griffiths is leaving in the Ruahine, due to depart on January S. During tne passage Home he will carry out important tests in connection with the sea transit of the ship’s meat cargo, and when lie reaches England will carry out further experimThe London manager of the Meat Board will be in cluse touch with the work to be carried out in the United Kingdom. Ihe Empire Marketing Board Is co-operating with the New Zealand Meat Producers Hoard in this important work. DAIRY PRODUCE LONDON MARKET SLOW Joseph Nathan and Co., Ltd., have received the following market report from Trengrouse and Nathan, Ltd., London dated December 18:—New Zealand butter, * owner cwt., market quiet; Zealand cheese? white, 89/- per cwt., firm on covering short sales,' coloured 807- per cwt., /llalgety and Company, Limited, have received the following market advice from their head office, London, dated December 17:—Samuel Page and Son reportßutter: Market very slow; Danish, 172/- to 176-/ (176/- to 180/-); New Zealand finest salted, 168/- to 160/- (160/- to 161/-); Australian finest unsalted, 164/- to 168/- (IG6/- to 170/-); Australian finest salted, ln4/- to 158/- (158/4 to 162/-); Australian g.a.q., 150/- to 152/- (154/- to 156/-). Cheese: Market very slow; New Zealand, white, 87/to BS/1 (88/- to 89/-); New Zealand, coloured, 86/- to 87/- (87/- to 88/-) 1 spot price for Canadian, white, 94/- to 98/(84/- to 98/-): spot price for Canadian, coloured, 94/- to 98/- (94/- to 98/-). (Last week’s quotations shown in parentheses.) The New Zealand Loan and Mercantile Agency Company Limited, have received the following advice from their London office, dated December 18:—Dairy produce (last week’s figures in parentheses) : Butter, New Zealand choicest salted, 160/- per cwt. (165/- to 166/-); market slow. Cheese, white. 88/- to 89/- per cwt. (90/-); coloured, 87/- (88/-)market steady. HUME STEEL LTD.

NEW WORKS IN WELLINGTON

The report of Hume Steel. Limited, for the year ended September 30, states that satisfactory progress of the company’s business Is shown. Owing to the state of finances of the Governments of the Straits Settlements and Federated Malay States, and the fail' In the price of rubber, the Singapore works did not receive any orders from those sources in the first half of the financial year. A freehold site has been purchased on extended terms at Wellington (New Zealaud), and plant is being assembled there. Improvements to the Melbourne plant have been made. Depreciation has been made at the usual rate of 10 per cent., but the directors consider that this may be insufficient to provide fully for developments. To provide funds to meet the expenses of the negotiations Hume Steel, Limited, Las taken up 12,000 8 per eent. cumulative preference shares of £1 each, fully paid, in Steel Pipe and Lining Company (Humes), Limited. As the directors hold that the company’s business in Australia and the successful development of the company's manufacturing process abroad is dependent largely on the founder, Mr. W. R. Hume, they have taken out an insurance policy on his life of £20,000. Net trading profit of Hume Steel, Limited, for 1928-29 is £31,862, against £29,849 for the previous year, and with £31,875 brought forward the balance at credit of profit and loss is £63,737. The 10 per cent, dividend on the A and B preference shares takes £5567. Provision for taxation is £B5OO. An amount of £19,400 is placed to plant depreciation reserve, and £30,271 is carried forward. Issued capital is £305,670, plant depreciation reserve £20,000, provision for taxation, etc., £26,392, Singapore Hume Pipe Company, loan and Interest £19,960, loans at call £39,935, and creditors are owed £20,750. Assets aggregregate £4(15,886. The company was registered in Victoria In October, 1923, and was formed to acquire the world's rights in Mr. Hume’s inventions. The preference dividends have been paid since 1926, but no dividend has yet been paid on the £250,000 of ordinary capital. FILM PRODUCERS’ PROFITS According to the “New York Times,” Warner Brothers Pictures, Inc., reported net profits of 17,271,805 dollars (about £3,450,000) for the year ended on August 31 This Includes the profits of the Stanley Company of America and First National Pictures, Inc., subsidiaries of Warner Brothers. Net profits for the year were 744.6 per cent, greater than those of the year ended on August 31. 1928, which were reported as 2,044.841 dollars. The net profit for the last year is equivalent to 6.28 dollars a share on the 2,627,405 shares of the common stock outstanding, after deduction of preferred dividends. This compares with net profit equivalent to 3.72 dollars a share on the 550,000 combined Class A and common stock outstanding on August 31. 1928. Last June the company split the common stock on a two-for-one basis, and recently Increased the .dividend rate to 4 dollars annually a share. Common stock and surplus on August 31 totalled 73,611,990 dollars, against 3.675,155 dollars on August 31, 1928. Total assets were 167,189,024 dollars, against 15,785,801 a year previously. Harry Warner, president of the company, in a letter to stockholders, accompanying the report, said:— "On the basis of the first two months of the current fiscal year and contracts which have been written, it is expected that the net profits for the current year will show a substantial increase over those for the year ended August 31, 1929.” SYDNEY WOOL SALES (Rec. December 19, 10.15 p.m.) Sydney, December 19. At the wool sales to-day 10,260 bales were sold, these being the closing auctions of the year. The market was firm, with a particularly strong demand for fine quality lines. Greasy merino made 20i}d. ENGLISH COMPANIES ACT The new Companies Act came into force on November 1, and a number of important changes will be made thereby in company practice (says “The Times”). One of the most important of these is the alteration in the form in which balance-sheets must be drawn up. It is now necessary to distinguish between the amounts respectively of the fixejl assets and the floating assets; in addition, every balancesheet must now state how the values of the fixed assets have been arrived at. In the ease of holding companies a statement must lie appended to the balance-sheet stating how the profits and losses of the subsidiary company or companies have been dealt with for the purpose of the holding company’s accounts, and to what extent provision has been made for the losses of any subsidiary company in the accounts of that company or of the holding concern, and to what extent the losses of anv subsidiary company have been taken into account by the directors of the parent company in arriving at ijs profits or losses. The fact that counsel has expressed the opinion that balance-sheets submitted to shareholders' meetings on or after November 1 must be drawn up in the new form regardless of the date on which they were struck or published, explains the large number of company meetings—nearly 70—held yesterday, the last day before the coining into force of the new Act. Another important provision of the Act Is that the familiar "Offer for sale" statement must give the same information as an ordinary prospectus. Moreover, shareholders are now entitled to be told the aggregate remuneration of their directors; and the familiar "compensation for loss of

WITHIN WIRELESS RANGE. The following vessels are expected to be within range of the under-mentioned wireless stations last night:— AUCKLAND.—Niagara, Tofua, Kalingo, Otokia. Waiotapu, Falsterbo. CHATHAM ISLANDS. —Riniutaka. ■ WELLINGTON.—Maori, Wahine, Arahura, Tamahine, Aorangl, Canadian Conqueror, Iris, Invergorden, Surrey, Akera, Mln, Bencruachan, British Glory, Tutanekai, Ruahine, Norfolk, Waipahl. AWARUA.—Makura, Tahiti, Maheno, Kawatiri, Wairuna, Sir J. C. Ross. Kosmos, Southern Princess. C. A. Larsen. Mahia. SURREY FROM MELBOURNE. The Federal Company's steamer Surrey is due at Wellington about 8 o'clock this morning from Melbourne. The vessel will start loading at Wellington on December 30 for Now Bouton, Halifax, and