SANFORD, LIMITED

New Zealand Herald, Volume LXXI, Issue 21876, 11 August 1934, Page 7

SANFORD, LIMITED

PAST YEAR'S OPERATIONS NON-RECURRING EXPENSES DIRECTORS' FEES REDUCED "In spite of the fact that the loss on the year's operations is greater than in tho previous year, the company is in a very much bettor position," said Mr. A. F. .Tagger, chairman of directors of Sanford, Limited, at the annual meeting yesterday. Mr. Jagger said there had been a larger turnover during the year, but the gross profit was reduced owing to keen and increased competition. The expenditure during the year included several charges of a non-recurring nature, amounting to over £3IOO. The loss of tho trawler Serfib necessitated tho overhaul and refitting of the trawler James Cosgrove. Fire caused by spontaneous combustion, which could not be insured against, had resulted in tho loss of fertiliser stocks. However, it was hoped that a .demand would be created sufficient to absorb the output as manufactured, thus minimising the fire risk. Tho insurance money received on account of tho Serfib had been used to reduce the bank overdraft, for the refitting of tho James Cosgrove, to pay arrears of directors' fees and settle overdue accounts. Charges incidental to the establishment of a branch in Sydney and the extension of trade in Melbourne were also met. The directors believed that tho export trade must be fostered if the company was to become a payable proposition. The method of packing and transport had been improved and present indications were that a regular and profitable trade could be established. Contracts with local fishermen and companies had been made for the supply of varieties of fish not generally obtained by the company's trawlers. Mr. Jagger said increased provision for depreciation had been made. The subsidiary company of Munro Brothers, Limited, had now ceased to function and it had been decided to liquidate this account, which showed a debit balance. Stocks at the end of the year showed an increase, but they were reduced considerably by shipments in June.

The report and balance-sheet, which appeared in the Herald on August 4, were adopted. Messrs. R. C. Hammond and F. M. Hills were re-elected directors.

Mr. Jagger said that following the cancellation of 12s 6d a share on ordinary capital in 1933, holders of the £20,000 7 per cent preference capital were approached with a view to securing a reduction in the preference capital, but many refused, and, as unanimous consent was needed, tho matter was not pursued. It was decided to request the preference shareholders to accept a reduction in the interest rate beyond the statutory 20 per cent. The last payment of preference share interest was made in respect of the 1930-31 year. The directors' fees, now aggregating £6OO a year, were discussed, and it was decided to fix the amount at £SOO for the current year and to make provision for annual consideration of tho amount.

THE CITY MARKETS PRICES REMAIN STEADY VEGETABLES STILL PLENTIFUL Fair supplies of most varieties of fruit were available at the City Markets yesterday, and prices remained steady, although bananas were slightly dearer. The first of the season's Californian grapes sold at 24s to 27s 6d. The market was heavily supplied with cabbages, onions and cauliflowers, and there were also large quantities of new potatoes, kumaras, swedes and pumpkins and all vegetables in season. The demand was fair. The supply of poultry was medium and thero was a keen demand for all table birds. Prices remained firm. prices were:— FRUIT Apples, Delicious, 2s to 4s a case; Jonathans, 3s to 5s Gd; Salome, 2s 6d to 4s Gd; Ballarats, 4s to 5g 3d; Granny Smith, 5b Gd to 7s 6d; Sturmers, 3s 6d to ss; extra fancy, tip to 7s. Pears, Coles, Gs to 7s Gd; Nelis, Gs to 8s; passions, Gs to ISs; mushrooms, 2s to 2s Gd; plums, Californian, 19s 3d; oranges, Island, 14s to 23s Gd; lemons, cured, 9s to 32s (3d; others, 4s to 8s; grapefruit, New Zealand, large, 5s to 7s Gd; medium, 3s to ss; 6mall, 2s Gd to 3s; Californian, 30s to 32s Gd; tomatoes, Island, 10s 6d to lis; hothouse, Gd to Is OJd lb; bananas, 9s to 17s; No. 2, 10s to lis; medium, 14s to 15s; choice, 17s; tree tomatoes, 3s Gd to Gs; grapes, Californian, 24s to 27s Gd; coconuts, 12s Gd sack. FIELD PRODUCE Potatoes, 'new. Id to 2Jd lb; Southern. 5s Gd to Gs Gd cwt.; swedes, Is Gd to 2s Gd bag; onions, 3s to 4s Gd; kumaras, 5s to Gs Gd; cabbages, Is to 4s sack; on benches. Gd to Is Gd dozen; cauliflowers. Is to 4s sack; on benches, Gd to 2a dozen; pumpkins, 7s toll4s cwt.; cucumbers, 10s to 13s dozen; carrots, 5d to 9d; parsnips, Gd to lOd; beet, Gd to lOd; turnips, 3d to Gd; radish, 3d to 7d; spring onions, 4d to Is; spinach, Gd to Is Gd; leeks. Id to 5d bundle; French beans, hothouse, 9d to Is Gd lb; marrows, 9d to Is 9d dozen; melons. Is to 2s each; lettuce, Is to 7s case; celery, cooking. 4d to 9d bundle; dessert, Is to 3s; rhubarb, 2s Gd to 4s Gd dozen. POULTRY Cockerels, hea-vy breeds, prime, 4s to 5s Gd; not prime, 2s Gd up; light breeds, prime. 2s 9d to 4s; not prime. Is 6d up; fat roosters, heavy breeds, prime, 2s Gd to 3s fid; lgiht breeds, 23 to 3s; fat hens, heavy breeds, 2s 9d to 3s 9d; light breeds, 2s to 3s Gd; pullets, heavy breeds, best, 8s to 4s Gd; smaller, 2s up; light breeds, beat, 2s fid to 4s; smaller, Is Gd up; drakes, young, prime, 2s to 2s 9d; smaller. Is Gd up; old, Is Gd to 2s; ducks, young, 2s to 3s; old. Is Gd to 2s; guinea fowls, 2s Gd to 4s; geese, 4a to Gs; turkey hens, Gs Gd to lis. PEDIGREE JERSEY CATTLE DISPOSAL AT PUKEKOHE

[IJY TELEGRAPH—OWN CORRESPONDENT] PUKEKOHE, Friday Prices for cows ranged up to 31 guineas nt a srde to-day of the Tyrone Jersey stock, the property of Mr. R. J. Johnston, of liuncimnn..'Bulls realised up to 9}gn.. which price was paid for one of the yearlings. Newly-born heifer calves made to 6}eii. Forty-seven cows and 11 bulls were offered and all except seven head were sold. PUKEKOHE HORSE FAIR ' GOOD PRICES REALISED [from our own correspondent] PUKEKOHE, Friday Fifty-one horses were offered at Alfred Buckliind and Sons' fortnightly horse fair •it Pukekohe to-day. Good three-quarter and medium draughts made £34 to £4'2; lighter draughts, £2l 10s to £3O; ordinary farm horses, £l7 to £'2:! 10s; light harness sorts and hacks. £5 5s to £9. In unbroken horses, two-year-old light and medium draughts realised £ll 10s to £'2l. * DEMAND AT MORRINSVILLE Dalgety and Company, Limited, reports having held the Moirinsville horse sale on Thursday There wtra n small yarding, and all good sorts offered commanded good competition at full market rates. The following were the principal sales:—Draught gildings. £:»> 10s, £35 10s. £35 10s, £3l. £3O; aged geldings. £-21 10s; draught marcs, aged, i'lti to £3fi; aged and, inferior; sorts. £4 to £9.