COMMERCIAL

Greymouth Evening Star, 12 September 1924, Page 7

COMMERCIAL

ANTWERP WOOL SALES (Australian and N.Z. Cable Association.) -| ANTWERP, September 10. { Eight thousand bales of River Plate . wool were offered at the sales here. 1 One third were sold. The prices 1 show a ten per cent rise. France ' and England were the principal buy- . ers: GRAIN AND PRODUCE. MELBOURNE, September 12. Oats 3/ to 3/3; barley, English, 4/3 to 4/6; Cape, 3/8 to 3/10. Potatoes £1 15/ to £2 10. Onions, £l4 10/ to £l4 15/N.Z. FARMERS’ CO-OP. ASSN. (Special to “Star”). CHRISTCHURCH, Sept. 11. The 43rd annual balance sheet of N.Z. Farmers’ Co-op. Association of Canterbury Ltd., for the year ending July 31, has been issued to shareholders. The report accompanying the balance sheet states: When taken in consideration the abnormal conditions under which your Association has

operated during the past twelve months, we feel confident that shareholders will accept the. present bal-, ance sheet as satisfactory, and agree with the directors in tjje feeling that the “corner” has been “turned,” and that the Association is once again upon a return to a state of prosperity. A good deal of reorganisation work has taken place throughout the period under review, and all departments are now upon a profit earning basis. In November last the directors for the purpose of stabilising the finances of

the Association and giving depositors and bondholders specific security, thereby fully protecting their interest, introduced “a finance proposal” which was adopted almost unanimously, and the benefits of which are plainly evident when perusing the balance sheet, and more particularly the statement of and liabilities. The full benefit of introduction ’ of this proposal will be more fully ' demonstrated (particularly with re- ■ gard to interest account) during the ! forthcoming period. Your directors 1 have considered it wise to deal fair- ' ly drastically with regard to the pro--1 vision for bad and doubtful accounts, 1 the sum of £41,247 being provided in a special reserve account for this 3 purpose. The gross profit amounted 1 to £191,281 as against £168,175 last J year an increase of £23,105, whilst ’ overhead costs have been reduced l ’ from £163,101 to £150,335, a total reduction of £12,765. After providing for bad and doubtful accounts;

and depreciation of plant, the net profit is £32,319 which it is proposed to carry to profit and loss appropriation account. When the proposal adopted at the last annual general meeting, of Writing down the share capital is givm effect, the present, deficit as shown in the profit and loss appropriation account will disappear thereby enabling the Association to resume payment of dividends as soon

as profits permit, and your directors feel sanguine that this will be possible at an early date. WEALTH OF NATIONS MINE, Lid. For the month of August, the battery crushed 600 tons of ore for a return by amlagamation of £865 18/9. There was no cynadie clean-up. From August 22 until' September 2, work in the mine had to be suspended whilst repairs were being done in the shaft. The mine manager reports that the new block of stone in No. 12 North is now widened to feft at bottom and is somewhat broken in the back of the drive. A machine is now in position and at work in this face.