PRODUCE AND MARKET REPORTS FROM DAY TO DAY

Evening Post, Volume CXIII, Issue 137, 14 June 1927, Page 11

PRODUCE AND MARKET REPORTS FROM DAY TO DAY

FREEZING INDUSTRY

is it over capitalised f

"Evening Post," 14th June. Some interesting figures relative to the freezing industry of New Zealand have been prepared by Mr. H. G. Stringer, public accountant, Wauganui, for the New Zealand Freezing Works and Related Trades Industrial Association of Workers. These figures are presented by the association as "evidence showing the enormous over-capitalisation of the New Zealand freezing industry." The association will ask for a Government inquiry into the position of. the industry based on Mr. Stringer's investigations. These take the form., of the following comparison of the figures relative to. the position in 1914 and 1924, and omitting shillings and penco.

In the above figures estimates of £300,----000 are allowed for the values in 1914 of the freezing works of Messrs. Birt and Co., Borthwicks, Nelson Brothers, South British, and Hawkes Bay and Longburn companies; and the estimated value in 1924 of Ocean Beach, Borthwicks, Vestey Brothers, and Longburn works" is put at a total of £625,000. An allowance of £598,989 is made for works ceased operation. Individual companies are dealt with by Mr. Stringer, also the wages costs in the various departments.

r '■•■ £' ■ &' .nterest at 6% per cent. on stock killed 118,143 346,297 Increase in annual in- <■ terest charge 228,154 Nominal capital 1,605,670 5,582.155 Paid-up capital 1,002,620 3,521.531 Bank overdrafts 188,891 1,034,034 credit at banks 37,745 84,260 Buildings, plant, land 1,817,588 5,327,654