COMMERCIAL

Nelson Evening Mail, Volume LXVI, 14 December 1932, Page 10

COMMERCIAL

GEAR MEAT COMPANY final dividend passed (By Tolegraph—PrnßH Association) WELLINGTON, 12tl) December. T'hf aiiniKi 1 report and balance-sheet of the Clear .Meat Company for the year ending 3t)tli November has been issued. The report states: — “The directors, in presenting the bul-lanee-sheet and profit and loss account for the year ended 30th November last regret 'that the. operations for the period do not show a satisfactory result. The loss for the year is £12,-!)-!S J Is Bd, less amount carried forward UOth November, 1931, £5333 10s 7d, leaving £7015 Is Id. To this is added the interim dividend paid in June .i;11,500. leaving- a total debit ill the profit and loss account of £19,115 Is Id. •■The directors recommend that this amount be carried forward to next year. The directors have decided that, having regard to the losses sustained by the company for the past six months, the Board regrets exceedingly that it cannot recommend any dividend beyond the dividend paid in June last.” The retiring directors are >Sir Francis Bell and Mr A. de B. Brandon, who being eligible, offer themselves for reelection.

Last season the profit on sales and manufactures, interest, etc, amounted to £(10,5(15, against a loss of £24,737 in 1930. With transfer fees and the amount brought forward, the total was .£(52,853. A dividend of 10 per cent -was paid. Besides paying the usual charges and expenses, the sum of £2021 was added to the marine, tire, and accident insurance reserve. A dividend of fid a share was paid in June, 1932, the same as the interim dividend in June, 1931. The capital of the company is £400,000, and the dividend of 10 per cent in 1931 represented a distribution of £40,000, all of which was paid out of the year’s profits, leaving a balance to add to reserves. WELLINGTONMEAT EXPORT COMPANY PROFIT SHOWN WELLINGTON, 12th December. The directors of the Wellington Meat Export Company, reporting for the year ended 30th September last, state that, after providing £BOOO for depreciation there is a profit of £12,229 4s 9d for the year. This amount lias been carried to the credit of the appropriation account, bringing the debit in that account down to £41,(109 11s 4d. It has not been considered advisable, state the directors, to recommend the payment of a dividend on preference shares.

The 1931 report stated that at last balance the company had certain stocks of meat, wool, pelts, etc., at its risk unsold, and although these stocks were taken in at what was considered a conservative value, the subsequent decline in the overseas marekt left a considerable loss on realisation. This loss absorbed the major portion of last year’s revenue, leaving a balance of £4978 14s, which was carried to the credit of the appropriation account. Since the commencement of the past seasons’ operations the company had ceased to take any market risks, and the future revenue was assured from the operations of the freezing works. At the balance the appropriation account stood in debit to the extent of £53,908 10s, and the payment of a preference dividend was further deferred. The contingent liability on preference shares was £21,033. Paid-up capital of the company is £230,432. frui'Tyields OTAGO CENTRAL CROP Fruit orchards throughout Otago Central are looking particularly well, with every indication that the harvest will be an abundant one. Fruitgrowers from Beaumont to Coal Creek are now in the midst of their strawberry and cherry season, and are well pleased with their crops. The yields in nearly every instance being very satisfactory. LONDON WOOL SALES FIRM AT LATE RATES (United Press Association—By Eleotrio Toiegraph—Copyright) LONDON, 12th December. Oll’erings at the wool sales to-day were 7041 bales, including 2907 bales New Zealand. About 5080 bales were sold. Home and Continental buyers put up brisk competition, and tbe market was firm at late rates. New Zealand sales were: Crossbred, “London Hill,” highest Old, average Hid;. slipe, half bred lamb, “Fairfield,” highest 12R1, average llijd. Bradford shows slightly more activity in tbe market for line tops. BANK OF INTERNATIONAL SETTLEMENTS (British Official Wireless) RUGBY', 12th December. The Council of the Bank of International Settlements decided to abandon its intention to establish a new monetary system based on l gold until the debts question is settled between the Governments interested. BRITISH TRADE SLIGHT INCREASE IN NOVEMBER RUGBY r , 12th December. The United Kingdom trade returns for November show a slight increase in both imports and export compared with the previous month. Compared with November Just year an improvement in the trade balance is. indicated by a decline of over £21,000,000 in imports against a decrease of £750,000 in exports. For the J 1 mouths of the year imports show an increase of £142,500,000, exports a decrease of £24,000,000 compared with the • corresponding period of 1931, the figures being—imports £<>42,575,000, and exports £332,041,000. POUND HIGHER (Received 14th December, 11.5 a.m.) NEW YORK, 13th December. Advancing after an early decline the pound closed 1£ cents higher at 3.272- for cables. 'I he Canadian dollar closed three-six-teenths stronger at 86 3-16ths.