INCREASE IN PROFIT.

New Zealand Herald, Volume LXIX, Issue 21221, 29 June 1932, Page 7

INCREASE IN PROFIT.

FARMERS' FERTILISER CO.

DIVIDEND PAYMENT RESUMED.

IMPROVEMENT IN OUTPUT.

An increase of £11,136 in net profit is disclosed in tho annual report and balance-sheet of the New Zealand Farmers' Fertiliser Company, Limited, Auckland, for the year ended May 31, in comparison with the previous year. The amount earned in tho past year was £15,785, which, with the unappropriated balance brought forward from tho previous year of £20,009, makes £35,794 available for distribution. A sum of £2352 has been added to reserve and the directors propose a dividend of 5 per cent, for the year, absorbing £13,100, leaving £20,342 to be carried forward. No dividend was paid last year. The report states that the output showed a satisfactory improvement over tho previous year, duo to lower prices brought about with Government assistance, but was still a long way short of the capacity of both works. Tho future, so far as the primary producer was concerned, was still very uncertain, but shareholders, and, in fact, all farmers, would bo gratified to learn thai tho Government had decided to meet the situation by continuing the subsidy for a further period. Economy had been the watchword of tho directors throughout the year, and in spite of tho greater tonnage of output, overhead costs showed only a moderate advance. Stocks, which were low, had been valued on a conservative basis, and the usual adequate provision had been made for depreciation. Refez-ence is made in the report to tho loss to the company by the death of Mr. James Boddie, who had been a director of the company since its inception. The board as no\v constituted fully complied with the articles of association, and there was no vacancy to bo filled. Tho retiring directors were Messrs. J. S. Connett, F. R. Flatman and G. L. Marshall, who were offering themselves for re-election at tho annual meeting in Auckland on July 29. Following is a comparison of the company's results and appropriations for the last three years:—

1020-30 1930-31 1931-32 Brought forward . . £15,338 £15,300 £20,009 Net profit . . . . 30,975* 4,049 15,785 £40,313 £20,009 £35,791 To reserve . . . . Dividend p.c. p.a. .8 Amount . . . . 24,453 Eights and conces. . . 0,500 Carried forward . . £15,300 £20,009 £20,342 *Owing to the change in the date of the closing of the company's accounts for the financial year from March 31 to May 31, 1930, this amount is for a period of 14 months. • The balance-sheet shows the paid capital of the company unaltered at £261,995, while the past year's appropriation increases the reserve fund to £20,000. The liability to bankers has been reduced by £39,434 to £156,218, and open accounts, which stood at £8666 last year have disappeared. Sundry creditors have increased £1253 to £10,936, while unclaimed dividends are lower by £667 at £930. Assets stand at £483.571, a reduction of £31,729. Land, buildings, machinery, plant, etc., at Auckland and New Plymouth, less depreciation, havo been written down £6363 to £408,516. Stock is substantially lower by £34,446 at £44.902, and sundry debtors have risen £SO79 to £30,082. Gross profit for the year was £69,789. as against £54,352 last year, while expenses amounted to £54.201, compared with £49,926.

THE CITY MARKETS.

YESTERDAY'S AUCTIONS.

DEMAND GENERALLY WEAK

There were few alterations in the prices of fruit at the Auckland City Markets yesterday, compared with the values ruling at Friday's sale. Apples, pears and lemons were again in heavy supply, but the demand was poor. A further shipment of Australian citrus fruit came to hand and realised rather low rates. Island oranges wore not freely sought and poorman oranges were also dull of sale. There was a good demand for fine qualitv local hothouso tomatoes, but only a fair demand for tree tomatoes. Local hothouso grapes are now practically finished, and very few are coming forward. The values of local passion fruit havo eased considerably.

11l the field produce section there were heavy supplies of pumpkins and celery and fair supplies of other vegetables. Generally speaking, inquiries were not strong. New pota'toes were fairly plentiful and sold at from l|d to lfjd a lb., an increase of while Southern potatoes sold at from 8s to 8s 6d a cwt., a decrease of 3d for best quality. Tho prices for poultry remained about level with thoso ruling at earlier sales. There was a medium supply and a fair inquiry. Increased supplies of both hen and duck eggs and a poor demand resulted in a fall in prices. Best quality sold at Is 6Ad, a decline of 3d. Farmers' butter was keenly bid for and tho supply was short. Trices were firm at BAd to Hid. Yesterday's prices were:— FRUIT. Apples, DeliciouH, 3a (id to Gs a case; Jonathan, -Is to 5s Get; Ballnrats. 4s Gd -to sa; Granny Smith, 5s to Gs; Doughertys, 2s Gd to 4s; Yates. 8a to 4s; pears, Coles nnd Nelis. Gs to 7s Gd; Keiffers. 3a to 4b; passions, local, Gs to 9s; Australian, 9s to lis; treo tomatoes, 3s to Gs; grapes, hothouse, extra choice, up to 2s Gd a lb.; Oolman, others. lOd to Is Gd; Australian Whiles, 17s Gd a case; oranges, Island. Us to 15s: Australian, small cases, 7s to 9s; largo cases, 10s to 12s Gd; lemons, .Is to 7s; mandarins, Australian. Gs to 7s Gd; pines, Australian, lGs to 19s; tomatoes, hothouse, No. I, 10a to 15s; medium and small, Gs to 10s; outdoor, 3s to 7s Gd: poorman oranges, 2s Gd to 4s: bananas. No. 1, repacked, ripe, up to 13s; No. 2 and mediums, Gs to 9s; guavas, 4s. FIELD PRODUCE. Potatoes, Southern. 8s to 8s Gd a cwt.; new, lid to IJd a lb.; onions, local. 19s to 19s Gd a cwt.: kumaras, local. 3s to 4s a bag: Tauranga, 2s Gd to Sa Gd; cabbage, 2s to 4s Gd a sack; cauliflower, 2s to 7s; swedes. Is Gd to 2a a bag; pumpkins, Crown and Triumble, 3s to Gs a cwt.; others, 2s io 4s a sack; citron melons, 2s to 2s Gd; lettuce. Is to 3s. a case; cucumbers, hothouse, 4s 6d to 5s 3d a dozen; vegetable marrows. Is to 2s Gd; cabbage, loose, 1« to 4s a dozen; cauliflower, loose. Is ,to 4s Gd a dozen; celery. Gd to 2h 4d a bundle; rhubarb, Is Gd to Gd a dozen; spinach. Gd <o Is a dozen; pumpkins, looso, 2d to Bd each; radish, 4d to Gd a dozen; spring onions. 4d to 7d a bundle: Carrots, parsnips, beet and turnips, 4d to 9d a dozen ; Brussels sprouts, nid to 4d a lb.; leeks, 2d to 4d a bundle; ohokos, le to Is 9d ft doson. POULTRY. Cockerels, heavy breeds, prime, 2s 9d to 4s 9d each; not prime Is Gd up; light breeds, prime, Is Gd s to 3s; not prime. Is lip; fat roosters, heavy prime, la 9d to 2s 3d; light, Is 3d to Is 9d; fat. hens, heavy breeds. 2s to 2s Od ; light. Is 3d to Is 9d; pullets, heavy breeds, best, 3s to ss; smaller. Is Gd up; light breeds, best, 3s to ss; smaller, Is Gd up - drakes, young, prime, Is 9d to 2s 9d- smaller. Is 3d up; old, In 3d to Is 9d; ducks, young, 2a to 3s Gd; old. Is 3d to 2s; turkey hens, 2s Gd to 4s; gobblers, 4s to 10s

EGGS AND FARMERS' BUTTER. Errs, hen and duck, first grade, Is 6?d a dozen; B grade, Is 5 Jd; C grade, lf> 3!d. Farmers' butter, 8H to lHd a lb. MOTUROA OIL FIELDS, LTD. PRODUCTION LAST WEEK. Moturoa Oil Fields, Limited (New Plyreports as follows for the, week ended Juno 25:—Moturoa No. 2 well produced 130 barrels of oil (4550 Imperial gallons). One day was lest clean-' ing out tubing. The total production to date is 199,844 gallons.