COMMERCIAL

Hawera Star, Volume XLIX, 15 January 1930, Page 10

COMMERCIAL

REFRIGERATING COMPANY

UNABLE TO PAY DIVIDEND

(By Telegraph—Press Association.)

CHRISTCHURCH, Jan. 16

The annual report of the New Zealand Refrigerating Company, Ltd., is as follows :

It will have been apparent to everybody that the continuous fall in prices which has taken place during the past year in nearly ail the principal products exported by the company could only result in a heavy loss. So far as we are concerned the losses have to a large extent been minimised by a prudent forward selling policy, and the stability of our balance-sheet remains unimpaired owing to the fact that the directors have in the past by a conservative handling of accounts made provisions for such contingencies, and from such provisions have this year transferred £IOO,OOO to the credit of the profit and loss account. The directors regret, however, and they are unable to recommend the payment of a dividend. The amount available for appropriation is £30,103 4s lOd, which the directors recommend should be carried forward to the credit of the profit and loss account.

CANTERBURY PRODUCE

REMOVAL OF DUTIES

CHRISTCHURCH, Jan. 14

There is still little business passing in the local grain, and produce markets. So far as the position in regard to the removal of the duty on bran and pollard is concerned, the opinion is expressed' that it is problematical whether this will make very much difference in the price here. When there is a surplus in Australia the price may have to he reduced in New Zealand, and in the same way when prices are high in Australia New Zealand prices may be increased by the millers to compensate for periods of low prices. It will he some time before it will be possible to tell the effect on the poultry industry of the removal of the duties.

There is a good demand for fowl wheat at 6s lid per bushel f.o.b. the demand coming chiefly from the North Island. Supplies are sufficent to meet the demand. The weather has altered the outlook for milling wheat compared with that of two months ago, and there will he an improved yield, though not as good as that of last year. The result is tlia millers are displaying a cautious police in buying. To-day’s values are 6s f)d for Tuscan, 6s for Hunters and 6s 3d for pearl on trucks, sacks extra.

Merchants are waiting for the new prop of oats. Gartens are nominally quoted at 3s to 3s 3d on trucks. There are a few old Algerians about, and these arc quoted' at about 3s 3d on trucks. Good bright chaff is worth £5 6s to £5 10s per ton on trucks. The weather is favourable to the growing linseed crops, which look well. So far as small seeds are concerned there is practically nothing doing. Merchants are waiting for the new crop to reach the market. There is some ryegrass now in stock. Some merchants are importing Irish seed, of which the landed price will be in the vicinity of 6s c.i.f. This will probably have the effect of limiting the demand from the North Island until southern seed is on the market. Machine dressed cocksfoot is quoted at T-3id f.0.b., sacks extra. Sales have been made at this figure. White clover prices are unchanged. Crop prospects are for a fairly good yield. There is no demand for red clover. English and European still being quoted at very low money for imported seed. A little forward business has been done in potatoes this week at £3 10s for whites to £3 12s 6d for Dakotas, on trucks, for April-May-June delivery. For .Tuly-Sentember delivery £5 12s 6d f.0.b., sacks in, is the price.