N.Z. REFRIGERATING

Evening Post, Volume CXXIII, Issue 15, 19 January 1937, Page 12

N.Z. REFRIGERATING

DIVIDEND UNALTERED LOWER NET PROFIT (By Telegraph—Press Association.) CHRISTCHURCH, January 18. The recommendation of an unchanged dividend of 5& per cent, is contained in the annual accounts of the New Zealand Refrigerating Company for the year ended October 31, 1936. The net profit at £68,055, is lower than that for the previous period of £75,670. After adding the amount brought forward, a total of £97,901 is available for distribution, and the directors recommend in addition to the dividend that £18,649 be restored to rebuilding the reserve, that £10,000 be added to the same reserve, and that £34,254 be carried forward. The dividend will absorb £34,997. Profit and loss account shows receipts from transfer fees at £92 and the balance after making provision for • repairs, renewals, taxation, and sun- , dry contingencies. £108,871, Directors' ; fees absorbed £1165, debenture interest £6375, head office expenses, rent, salaries, etc., £33,368, leaving a balance carried to the balance-sheet of £68,055. The report states that during the year the rebuilding of the Burnside works was practically completed and the works are now capable of dealing with increased supplies available. The sum of £18,649 expended on this work during the year has been cbnrged against the rebuilding reserve creatPd last year. During the year Messrs. John Macgibbon, W.. Morley. and M. W. Stevenson retired from the board of directors, and the vacancies have been filled by the appointment of Mr. E. Hay, Pigeon Bay. Mr. W. S. Glenn, Wanganui. and Mr. P. McSkimming, Balelutha. The directors retiring are Messrs. W. H. E. Flint and E. Hay. who ofl'er themselves for re-election at the annual meeting on February 17. The New Zealand Refrigerating Co. has paid a dividend of 54 per cent, each year since 1934. In 1933 the rate was 5 oer cent., no dividend was paid in 1932, when the net profit was only £9766, and in 1931 it was also 5 per cent. The company's results during the past three years are given below: 1931. 1935. ' 1930. Net profit ... £90,953 £75,070 £68,055 Div. p.c. p.a. .. ay, SV" s'/. Div. amt. £34.997 £31,997 £34,997

GREAT SPIRIT

LONDON WOOL SALES RUSSIAN PURCHASES \ Levin and Go., Ltd., have received the following' cable from their London agents, dated January 18: —The auctions are proceeding with great spirit. Catalogues are being well cleared. The market has developed a better tone since the opening. Greasy crossbreds and slipe wool generally are 5 per cent, to 10 per cent, dearer, particularly when bought on account of Russia. The following prices are current: — Merino, super 20£ dto 22d per lb, average 17Jd to 18Jd; fine halfbred. super, 56/58's, 21d to 23d. average 20d to 21d; medium, super, 50/56's. 19d to 20d', average 18d to 19d; extra fine crossbred, super, 48/50's, 17d to 18d, average 16d to ltd; fine, super, 46/48's, 16d to 16Jd, average 15Jd .to 16d; medium, super, 44/46's, 15id to 16Jd, average 15Jd to 16d; coarse, super, 40/44's. 15Jd to 16id, average 15d to 16d; low. super, 36/40's, 15Jd to 16Ad, average 15cl to 16d; pieces, 12d to 13d; ! bellies, IOJd to ll.Jd: locks, 9£d to lOd. SYDNEY WOOL SALES (By Telegraph—Press Assn.—Copyright.)' SYDNEY. January 18. The wool r,ales were resumed under strong r '.oinpetition from Japan, the Continent, and Yorkshire, The market ruled from par to 5 per cent, lower compared witi the clo-iins rates at the previous Svdpey auctions The depreciation was most marked on good average and inferior topmaking sorts and all classes of skirtings. Greasy merino made 29£ d. The offering comprised 13,382 bales and 12.010 were sold, and also 444 privately. FOREIGN EXCHANGE RATES Closing sight rates as quoted by the Bank of New South Wales, Wellington, today for buying and selling foreign currencies, based on New Zealand currency, are as follows:— On demand. On demand. Buying. Selling. New Zealand on £ s. d. £ s. d. London—£N.Z. to £ stg. 100 123 10 0 124 8 9 Australia— £ A to £N.Z. ioo ioi on ioo in o Fiji—£ Kto £X.Z. 100 . 90 7 6 19 0 0 N'ew York—Dollars to £X.Z. 1 3.98 Vi 3.94',b . Montreal—Dollars to £ ' X.Z. 1 S.OSSi 3.94 \ 2 Austria—Schillings to £ X.Z. 1 - Belgium—Belgas to £ X.Z. l — 2 . n " ! ' 7 Czechoslovakia —Crowns to £X.Z. T — 112.03 Denmark—Kroner lo £ X.Z. 1 18-263 1T.903 France — Francs lo £ N;Z. 1 rGermany—Rciclismarks to £S.Z. 1 9.(38 Holland—Florins to £ „ N.Z. 1 — '11,l 1 ,! 1 Italy—Lire to £N.Z. 1. — i4.ib Java—Florins to £N.Z. ? Norway—Kroner to £ 1r ... N.Z. 1. 16.241 15.901 Sweden—Kronor to £ X.Z. 1 15.815 15.500 Switzerland —francs to £ 1 N.Z. 1 — 11.098 Noumea —Francs to £ N.Z. 1 — 52 ' 92 Papeete—Francs to £ X.Z. 1 — 83 07 Hong Kong—N.Z. pence -t <m to 1 dollar IS 9-32 IS al-64 India and Ceylon—X.Z. pence to 1 rupee .... *■»-<" , Japan—N.Z. pence to 1 .. ! yen — 11 •> I - M Shanghai—N.Z. pence to __ 1 dollar 37 ao-64 IS% Singapore—N.Z. pence to • 1 dollar 34 41-64 3u 13-64 Chefoo—N.Z. pence to ■ ' 1 dollar li jj-64 18 3.>-64 The above rates are for on demand transactions. The £1 is £1 in New , Zealand currency. The rates are sub- i iect to alteration without notice. Based on the figures quoted by the Bank of New South Wales, the New Zealand pound, compared . with its i original par value, is equivalent to i approximately: — s s. d. ! 0 16 1 In I.ondon. 1 0-1 in Australia. 1 0 Hi 2 in U.S.A. 0 16 in Canada. ; 0 13 6% In France. > nIB -2 in, Italy. 0 9 9 in Germany. 011 B"'i in .lava. j J S 1 in Japan. LONDON HIDES MARKET 1 Weddel and Co., London, reported on December 3 that "the firm tone through- , out the market has continued, although i the rapid advance in prices during the ' last few weeks has to some extent , slowed down. There is still strong in- i terest from North America for frigorificos. On the other hand, there is a ' very strong' undercurrent of inquiry from Continental buyers all the time, t although it has been impossible to realise asking prices. However, seeing i that the North American interest continues, it appears that sooner or later ' tanners in Europe will have to follow. t Their stocks of raw material are not t heavy, and at the same time frigorificos manage to keep well sold up to kill., ( t Trading in miscellaneous and colonial ' varieties is still very slow in Europe, as " the prices asked by sellers are consid- , ered too high, but as long as North America is in the market there seems < to be no likelihood of prices being ad- ! justed in the near future. Dry B.A. Americanos are quoted today at Bjd , and dry Cordoba Sierras at 8 7-Bd. Some business has been done in New i Zealands at 6]d to 6 3-Bd, and limited t supplies are still available at these pricbs; as yet it has been impossible to realise the asking price of s?d for > abattoirs. a