MEAT COMPANY'S LOSSES.

New Zealand Herald, Volume LXV, Issue 20098, 8 November 1928, Page 9

MEAT COMPANY'S LOSSES.

PROPOSED WRITING DOWN.

GISBORNE SHEEPFARMERS, LTD

The directors of the Gisborne Sheepfarmers' Frozen Meat and Mercantile Company report an increase in the quantity of stock treated, particularly in the number on "owners' account." The handling capacity of the works has been increased, and the company reports to clients that it can cope with any quantity of stock they wish to freeze. The results of the mercantile department arc described as satisfactory, but still capable of improvement. The profit for tho year, including £24 brought forward from last year, amounted to £18,797, which it is proposed to dispose, of as follows:—Freezing and mercantile preference shares, £975; transfer to bad debts reserve account, £15,000; carry forward, £2821. The balance-sheet shows a reduction in the bank overdraft from £114.883 to £55,507. The company has out 7i per cent, mortgage debentures to the amount of £500,000, which mature in 1931. There is a credit balance of £5728 shown in the mercantile department. It is proposed to utilise this to pay a mercantile. preference share dividend for the year amounting to £375. and to transfer tho balance to bad and doubtful debts reserve.

At an extraordinary meeting it will be proposed to write down the capital, as follows: Reduce paid-up freezing shares of £1 by 10s per share; reduce paid-up mercantile shares by ss; reduco uncalled mercantile capital by ss; reduco 1000 fully paid-up mercantile shares by 10s; to cancel all 1 Ticks Hay shares; to double the number of all unissued freezing and mercantile shares, and make them 10s shares, and to cancel 87,747 unissued mercantile shares. In addition, tho directors propose to use the whole of this year's profit for the purpose of further provision, and thus cover every possible contingency. The directors explain that "while the earning power of the company has so much improved, there are still very heavy losses to he cleared off in tho shape of surplus assets taken over at the time of amalgamation at peak values, bad debts, and depreciated assets, among the latter being tho Hicks Hay works on which the estimated net loss outstanding is £168,000. The total losses at Hicks Hay contributed bv the company to the end of August last is £296,000, toward which the Hicks Bav shareholders have contributed some £28.000."

TIIK LONDON MARKETS: FOREIGN EXCHANGES. (Received November 7, 5.5 p.m.) British Wireless. RUGBY, Nov. G. '1 ho following rates on foreign exchanges are current to-day, as compared with I lie ; cabled quotations on November 1 and ! par:— Nov. 0. Nov. 1. Par. Montreal, do!. .. 1.851 4.85J 4.800 New York, dol. .. 4.81 29-32 4.81 15-16 4 WC.ll Pans, fr. . . 121.15 121.10 121.21 I Brussels, belg.i . . :U.89 35.00 (iiitieva. fr. . . 25.20 25.20 / 25.22 Amsterdam. 11. .. 12.08, 12.091 12.10 Rome, lire . . 92.00 92.55 92.10 Berlin, i .in. .. 20.30 20.30 20.43 Stockholm, kr. .. 18.11 18.11 18.159 Oslo. kr. .. 18. lit 18.1!) 18.159 Copenhagen, kr. . 18.19 15.19 18.150 Vienna, sell. , . 31.(7 31.19 31.584 Prague, kr. '. . I0:>; I('..iJ 21.02 I lelsingfors. mail; 102; 192,' 192.23 Madrid, .pes. .. 30.07 30.05 25.221 Lisbon, f-cii. . . 107 107; Alliens, dr. .. 375 375 375.00 Bucharest, lei. . . 805 802' 25.22] Rio de Janeiro, mil, 52 032 52 832 Buenos Aires, dol. 17! 17 15-32 17,57(1 ! Calcutta, rupee .. 18 3-32 18 1-10 18d Shanghai, tael .. 31,' d 31Jd Ilouekon::, dol. . . 2t;d 21.1 Yokohama, veil 22 31-32 23 5-32 24.5 Rd Balavia, t!. . . 12.05; _ 12.10 STOCKS OF 1:1: BRER. The stocks of rubber are 22,838 tons. TIIK PRICK OF GOLD. Cmld is quoted at 84s lljbl per oz. Willi AT. Wheat.—Cargoes aro quiet in tone and nominally unchanged. Parcels attract little attention. Bv tin unnamed vessel for India. 'l4s 4gd. Liverpool futures: December, 9s per cental; March, 0s 4Jd: May, Os 4^l. WESTPORT COAL COMPANY. DIVIDEND AND BONUS. [ l:v TKI.KdHAI'II. —IM'.ESS ASSOCIATION.] DI'.VMI)IX. Wednesday. The directors of the West port Coal Company will recommend at the annual meeting a dividend for the. half-year of Od a share and a bonus of 6d ;i share from the insurance fund, making a total distribution of 2s 3d a share for the year. The dividend and bonus will together amount to llj per cent., as against 10 per cent, hist year and 12i per cent, in 1926. BRISBANE WOOL SALES. KEEN COMPETITION RULES. Australian and N.Z. Press Association. BRISBANE, Nov. 7. 'I lie second series of Brisbane wool sales was opened to-day. Competition was keen with all the best features of the Sydney and Melbourne markets. Prices showed a 5 per cent, increase. The top price paid' for greasy Merino was 27Jd. NEW ZEALAND MILK POWDER. PROPOSED AUSTRALIAN DU'LT. SYDNEY, Nov. 7. Mr. Andrew Frecbairn, of the New Zealand Co-operative Dairy Company, Limited, appeared before the Tariff Board. He opposed the application for a dumping duty on New Zealand skim milk powder. He said the Australian manufacturers were already protected to tho extent of £l9 a ton,' and any increaso would seriously endanger the use of skim milk powder for manufacturing purposes. Ho warned the Tariff Board (hat retaliatory measures would be imposed by those parts of the Empire against \yhom Australia was imposing duties. It would niako Irado within the Empire impossible. Mr. Patrick Grant, of the Primary Producers' Union of New South Wales; in supporting the application, said that as loin; tis Australian manufacturers could supply their own reasonable requirements some measure of protection was desirable. The board has adjourned. SOUTHERN EXCHANGES. [llY TKr.KOllAl'll IMtr.SS ASSOCIATION.] WELLINGTON. Wednesday. Tho following sales were made on the Stock Exchange today:—Bank of New Zealand, 6Ls (id. Bank of New Zealand D" shares, 28s 3d; South British Insurance, 645; Wilsons Cement, 40s ,3d. CHItISTCHURCTL Wednesday The following stiles were made 011 the Stock Exchange to-day :—New Zealand Government s.j> per cent. Inscribed Slock (1941), £99 ss; National Bank of Australasia (£lO paid, cum div.), £l9 5s fid; Bank of New Zealand, 6ls 6d (three) ; Union Bank of Australia, £ls 7s fid: New Zealand Breweries, 55s (two); Staples' Brewery, 40s 3d; Mahakipawa, Is 4d (six): Daigetv and Co., £ls 7s 6d ; New Zealand Refrigerating (10s paid), 9s 3d (two). DUNIODIN, Wednesday. Tho following stiles were mado on the Stock Exchange to-day:—Rank of New Zealand. 61s 6d; Dominion Rubber, 295; Now Zealand Refrigerating (conlribnting), 9s 3d; National Mortgage, 88s 6d.