COMMERCIAL.

New Zealand Herald, Volume LX, Issue 18495, 4 September 1923, Page 5

COMMERCIAL.

BROKEN 'HILL PROPRIETARY.

LOSS OF £106,036 FOR YEAR.

The statement of accounts of .the Broken Kill Pxoprietary Company, - I ***' a« dotes a net loss, tor the year £|ffl&/Kg 31 of. i 106.030. after- allowing £11>5.a04 lor depreciation. ■ and ■;£ 131,227 tor -debenture ou i. teiest. During the . previous year the com panys operations, resuted in ft net pw*« « £ 103,300. alter deducting £ 154.2*3. lor iw , precision, and; £133,143 debenture inte re « Owing to the loss'incurred for w«Q' unaef review, the directors *»»■»s£ £100,000 from reserves to the »pj? p .??000.v account, leaving reserve iunds.at.£^s The directors' report reviews tneeoou»««» conditions 'that compelled ,^e»*«£s suspend operations, and mentions that. W»u in heating the coke ovens in February las*, in heating the coke ovenn in February lasv, followed by other plants. .._Wmt nine Accounts presented covered about nine months of idleness, and only about three months of production. They covered, *»»° the costs of starting, up the large woikb. It had not been possible to realise ««»" benefit of all the ve ™H%" AitTaSd to the cessation of work at the Maitlauo collieries, with a stoppage in the aufiPlJ °\ «as coal, and a shortage in supplies oi °*& rt£ort adds: "The Parting up troubles ore being steadily overcome, and ,th* AtftitUnd collieries dispute has been settled. It * a matter tar congratulation tot ttto « preciaTion of the Quality of the P«oJggg manufactured -by; our ao ™ 9 .-. g *«$. it is claimed are not surpassed in the woria, is most marked, and the flow of orders aihcT resumption of operations has been ■SfsfactoS Given that measure of support from" the people and the Governments of Australia, which should be J°rthc°mna| to tho company'u .. enterprise, together, wun reasonable market prices the Rectors look toward to .future owtations • with a great deal of optimism.. The closest scrutiny is be?»g made of all operation* with a. view to further economies. At the present v*»? it is felt that the staff have the full enthusiasm of the men behind them in their enSours to reduce expenditure » production to the lowest possiblo limit, and place the industry on tho soundest possible basis to meet tenable competition. The lewen of the stoppage has. brought homo to all in some men sure their depondenco on the economic law." ' , ... , „•, *-_ The following figures eivo the output tor tho last two years at Newcastle:— 19-21-22. '1922-23. ■....'■ . Tons Tons Pi* i-on . . • • 235.165 62.334 • Is?'*' .. • • 219,7*9 62.810 Steel ingots . . .. * 91 . M8 efl>7flo Sulphate of ammonia... 8.801 J' 07 * Tar (gallons) ..'. • ...1.890.485 *06.1« It is anticipated that underground rnirnn* operations will be resumed at Broken Hill during October. Ore reserves at **• company's mine are estimated . at 951.000 tons.

STANDARD INSURANCE CO.

INCREASE IN PREMIUMS.

[TiX ' TELEGRAPH.—PRESS ASSOCIATION.] DUNEDIN. Monday. At the annual meeting of . the. Standard Insurance Company to-day. the chairman ol directors, Mr. W. F. Edmond. said the net pvenpnma for the year showed l" 1 "* 10^ .« £12.459. and now totalled £193.913. Fire losses were approximately normal, being only £47« in excess of the'previous years record. The company's assets exceeded the paM-up capital by £350,000. . '. The annual report and balance-sheet, as already published, were adopted. ■ It was decided to pay a bonus of .per cent, to members of tbo stag throughout the company's service. -. _ _ •,._._•,»' The retiring directors, Mr. W. F. Edmond and Sir George Fenwick. were re-elected.

HUGE MEAT COMBINATIONS.

UNION COLD- STORAGE COMPANY.

[FROM OCBOWX CORRESPONDENT. ] LONDON. July 20.

Reports have, been circulated of an impending large issue of capital by the Union Cold Storage Company, and turther lignton tue matter is afforded by a. circular which has been posted to shareholders. Ibis gives notice of special general meetings, stating that it is proposed to increase the capital of the company to £8,780,UU0 by the issue of 8.300.tu0 further 6 per cent, cumulative preference shares, and 700.000 ordinary shares. ..■ , i»ie directors, moreover, express " the opinion that' the company should bo In « position to ensure on a very large scale the wholesale and retail distribution tof meat organised by the company, and with that object in view it is announced that tho company has entered into a contract to acquire from the Western United Investment Company, Ltd., at the price of tour million pooadit, the whole of the. ordinary shares in the undermentioned companies, controlling more than two thousand four hundred retail shops, depots, and market stalls in this country, together with factories and wholesale selling establishments: British and Argentine Meat Company (1923), i.i Faptmana', Ltd. (except 81 shares out of a total of 620.820): proprietors of Fletcher's (meat importers), Ltd.: Argonta Meat Company, Ltd.: British Beef Company, Ltd. North Australian Meat Company, Ltd.; Lonsdale and Thompson, Ltd.: John Layton and Company. Ltd.; and Donald Cock and Son, Ltd. The board strongly recommends tho adoption of the resolutions to be proposed at the various- meetings, " being satisfied that the i r.'iiusitiori of this largo wholesale and retail distributing organisation will put the company in an, unrivalled position, -in auuflion to greatly increasing its revenue and strengthening the security for the payment of the dividends on all classes of preference shares."

NEW ZEALAND BREWERIES. The statutory meeting of shareholders in New Zealand Breweries, Ltd., will be held in Wellington on September 12. The report to be submitted to the meeting States that 162,254 shares have been allotted, of which 162,247 shares have been issued as fully paid to . the vendor companies or their nominees. The remaining seven shares were allotted to the subscribers to the Memoran dura of Association, the payment in cash for these shares being the only, cash toceived by the company on account of shares Other receipts amounted to £412,185 on account of debentures iseued to the public, and payments to date are £222,239 as part payment of consideration to the vendor companies and £0482 on account of preliminary expenses, there being an estimated balance of £2000 to bo, paid under the latter heading. The .nominal share .capital of the company is £500,000 in ordinary shares of £1 each, and the nominal amount of loan capital is £1,000,000 in 10 per cent, first mortgage debenture stock.

STOCK SALES. . MANAWATU.' . Dalgety and Co. report:— At Feilding sale on Friday there was a fair entry of fat sheep, lambs, and store sheep, all of,which met with a ready sale. There was a ) fair yarding of fat cattle and store cattle, practically all of which changed hands. Quotation; Fat hoggets, 24s 6d to 275.; good, to 33a 3d; extra prim* heavy, to 87s 9d; fat owes, 25s 6d, 27s 6d, 38s 6d: extra heavy, £2 4s 6d to £2 6s; fat ' wethers. £2, £2 Is; light sorts, 88s; fat b.f. 2-tooths, £2; small mixed hogircts, 21a to 225: fair mixed hoggets, 23s 6d to 255; good hoggets. 25s 6d to 265; ewe hoggets, 28s; light fat bullocks, £7 2s 6d, £7 6s; fat bullocks, £9 .to £10 14s; fat heifers and cows, £610s. £7, E5 £8 63; 1 extra prime heavy bullock, £20 rough 1-year bullocks. £5 4s to £5 lis; Jersey cross springing heifers, good. £9 10» -to/.. £10; crossbred springing heifera, £4 to £6 12s. Cd; dairy cows, £5 to £11- 2-year Hereford steers, £4 19s 6d; 2-year p.&. steers, £4 19a 6d. * KING COUNTRY. ' \ Abraham and Williams, Ltd., report: At Taumarunui on Tuesday t our yarding comprised 1503 sheep (mostly hoggottf), 237 head of cattle and 27 pigs. Sheep of all classes were keenly competed for, and all lots changed hands. Included in the cattle were some nice fat and '~ forward well-bred steers, which realised very satisfactory prices. All store cattle were in demand, and dairy cows and heifers were, if any thing, a shade better. Pigs were keenly competed for. Quotations: —Fat hoggets, 32s 9d: fat and forward wethers, S2s; empty ewes, 24s 6d; ewe hoggets, 26s to 28s 6d: wether hogcots. 19s to 24a; M.S. hoggets, 22s 6d to 27u 6d. Prime fat bullocks. £10 17s 6d: prime fat cows. £4 to £6 2s '6d; [ fat and forward P.A. and Hereford steers. £6 10s to £7 Is; medium 2-year steers, £2 15s to £3 9s; yearling steers, £2:18a.t0. £3 fia; yearling P.A. cross heifers in coif. £8 15s; others, £4 to £5 Gs; dairy cows, £3 to £7; slips, 20s to 303; Bmall porkers, 36s to £2 Bs. ! -;'.' r ~ ..'..- PROPERTY SALES. A number of small holdings situated at Otumbetai Township, three miles from Tauranga, will be offered for &ale by puollo auction to-morrow afternoon at {J p.m. -in the rooms of Smith and Halcombe, Ltd., Customs Street East. The soil in this part of the Bay of Plenty is noted - for its fertility, and the sections comprise part of the well-known Tanner's Farm Estate. -