JOSEPH NATHAN AND CO.

Evening Post, Volume CXV, Issue 101, 2 May 1933, Page 9

JOSEPH NATHAN AND CO.

A SATISFACTORY POSITION

CHAIRMAN'S IMPRESSIONS

(From "The Post's" Representative.) LONDON, March 23. Mr. Alec Xathan (chairman), presiding, ,it the annual meeting ol" Messrs. Joseph Niithiin mill Co., yesterday, said that the financial stute ol' the company was satisfactory. Liquid assets wcro £352,787' and current liabilities £231,320. From an available balance at credit ol1 appropriation account of £00,302, £IiOO3 hud been transferred to reserve for subsidiary and associated companies, and the year's dividend on the 7 per cent. pruturence capital paid. There tvas, Iheveloru, a balance in .hand of i;i!i,2B(j 17s 7d. The world wus still passing through unprccedentedly bad times, and • the company's pi'oiits had bulfcred accordingly, "but in the exceptional times, he thought, they were remarkably . good. The , company's'business was international, covering the British Empire and many foreign countries. It dealt in many commodities and was interested in a wide variety of businesses, and it had passed through one of the worst years of the crisis with credit. While in New Zealand lie had examined every branch of the company's- business aud, whore necessary, reorganisation was effected. Since the beginning of the financial year the merchandising side of ihnt business had been reorganised. The loss recently incurred promised to ,be turned into a, profit during the current year. In the produce section prices hadbeen the lowest since the butter and cheese industry had become a commercial proposition hi 1836,., when the cream separator and the refrigerator had been invented. Their company had been the pioneers of that industry, and the pioneers had never expected to see butter being sold in London as low as 72s per cwt, and cheese at 42's. OVER-VALUED LANDS. He found farm land in New Zealand hopelessly over-valued in proportion to its earning power, aud, until the disparity of values was adjusted, there would be no real prosperity in the Dominion. Every commercial activity was overcrowded, and there was1 excessive and lion-profitable competition. Conditions such as that, coupled with heavy taxation, and exceedingly low prices for primary products, made New Zealand' a difficult and unprofitable country in which to trade. The company's business in New Zealand was one* of the oldest, and the company had large vested interests. It had always loyally supported the.. Dominion, but, unfortunately, in recent years at considerable cost to itself. In regard, to Australia, the chairman stated that/ from personal inspection, he could .say that the company had a healthy, growing business. The present sound Government, coupled with a few favourable seasons, should enable Australia to make a satisfactory recovery.' Already there waa a' brighter tone, and prospects were more promising than a year ago. INTERESTS IN OTHER COUNTRIES. In India the difficult position 'created by a high duty and lowered purchasing power of the public had been met by the introduction of new lines, which tliley expected to prove satisfactory profitearners. The prospects in South America were hopeful. Duties and exchange con* ditions,had made it necessary for them to establish a factory and- packing plant in the Argentine. The scope of the Greek company had recently been enlarged, and its prospects, from the trade viewpoint, were better, but 'until the currency was more stable the future position must re; main uncertain. The Italian company was now fully functioning as a trading and packing concern, and they looked upon its future with confidence. In both thjs Italian and 'Greek' companies, they were fortunate in having as active partners and co-shareholders those who acted as their agents so successfully for years past. . ... "PRICES MUST RISE." lv England they had made good progress on the pharmaceutical tide of the business, which was now an important part of the company's activities. The products had justly earned an enviable reputation for purity, standardisation, and reliability, with members of the. medical profession not only in Great Britain and' the colonies, but in all countries, abroad where they had been able to introduce them. Their wholesale grocery business had maintained its profits, while the .process cheese turnover had so increased that they had had to increase the plant threefold. No one would seriously dispute 'that the company had done well to produce .the results before the meeting. As to the current year, the figures to date were better than those for the previous year. He could not say more than that with confidence, as no one could say how world and home conditions would change during ■the coming twelve months. Present prices must rise. No pendulum could swina one way ■ only, and he was bold enough to believe that the pendulum of world trade was past the bottom of its stroke. The chairman concluded by moving the adoption of the report and accounts. llr. Sydney Jacobs and Mr. H. Jephcott, M.Se., F.1.C.. Ph.C. were re-electod directors. '