AN IMPROVED YEAR

New Zealand Herald, Volume LXXI, Issue 21910, 20 September 1934, Page 7

AN IMPROVED YEAR

FARMERS' AUCTIONEERING LARGE PROFIT INCREASE DIVIDEND. OF 4 PER CENT [by TELEGRAPH —OWN corbespondkxt] HAMILTON. Wednesday An increase of £15,921 in net profit is disclosed in the annual accounts of the Farmers' Co-operative Auctioneering Company, Limited, which earned £.'};!,ooß for the year ended July 31. The profit was struck after providing for bad and doubtful debts and depreciation on property and plant. With £282 brought forward from last year there was available £33,290. Preference dividends for the year required £12,(501, leaving a balance of £20,629, out of which it is proposed to pay 4 per cent dividend on the ordinary share capital, income tax for the year, and to carry the balance forward. Messrs. M. Wells and J. Pohlen are the retiring directors. A further nomination necessitates an election.

The company's capital account at | £730,000, paid to £479,953, is unaltered. Liabilities, other than capital, are as follows, those for the previous year being given in parentheses:—Reserve, £20,000 (£20,000) j fixed deposits, £7950 (£16,175); current accounts, £4248 (£3370); creditors, £26,941 (£23,254); interest, £202 (£112). Assets total £566,255, compared with £554,338 in the previous year. They include the following items:—Properties, £161,445 (£165,139); plant, £3027 (£4312); furniture, £3380 (£4100); debtors, £187,862 (£191,836); investments, £11,799 (£13,197); Government stock, £28,495 (£28,495); cash, £81,986 (£59,320); stocks, stored and afloat, £88,226 (£87,710). Expenses totalled £80,735, as against £78,559 a year ago. Gross profit at £113,742 compared with £95,646 in the previous year. Following is a comparison of the company's results for the last three years: — 1931-32 1932-33 1933-34 Brought forward £1,919 £4Ol £282 Net profit .. 5,651 17.087 33,008 From reserve .. 9,764 £17,334 £17.488 £33,290 Dividends— Pref., 6 p.c. 15,193 12,661* 12.661* Old. Amount .. - 9.069 Taxation .. 1,740 4,040 Carried forward £4Ol £282 £11,560t •At- 5 per cent. tSubject to Taxation. The last occasion on which ordinary capital participated was in 1929-30, when 7 per cont was distributed. DECLINE IN BUTTER POOR DEMAND REPORTfD QUOTATIONS AT 72/- TO 75/A decline in the price of New Zealand butter on the London market owing to a poor demand is reported. Latest quotations for finest are down to 723 to 75s per cwt., compared with 75s to 76s per cwt. at the end of last week. Danish remains steady at 104s per cwt. In consequence of this unfavourable movement the Dairy Board has reduced its minimum price for f.o.b. and c.i.f. sales by id per lb. to BJd f.o.b. The New Zealand Producers' Cooperative Marketing Association, Limited, has received the following cablegram from its London house, dated September 18:—Butter: New Zealand. 72s to 755; .Danish, 104s. Cheese: White. 46s to 475; coloured, 455. Butter prices have declined to this level owing to a poor demand. Cheese is dull. BOARD'S REVISED SCHEDULE [BY TELEGRAPH PRESS ASSOCIATION] WELLINGTON, Wednesday The Dairy Produce Board has reduced the minimum prices for f.o.b. and c.i.f. sales to the basis of BJd f.o.b. for butter, and 4jd f.o.b. for cheese. The rate for butter is £d per lb. lower than that declared on Saturday. Cheese is unaltered. 1 BUTTER-FAT PAYMENTS THE HIKURANGI COMPANY [by TELEGRAPH —OWN correspondent] WHANGAREI, Wednesday The Hikurangi Dairy Company, Limited, will make an advance payment to-morrow to suppliers for August butter-fat at the rate of 8d per lb. superfine and 7sd per lb. first grade. The total distribution will be £4771. For the corresponding month last year when the advances were at the rate of 9d per lb. superfine the amount distributed was £5206. V CAMBRIDGE AND BRUNTWOOD [from oxtr own correspondent] CAMBRIDGE. Wednesday The Cambridge Co-operative Dairy Company, Limited, will make an advance to suppliers of £10,309 to-morrow at the rate of 9d per lb. for butter-fat supplied during August for both butter and cheese manufacture. In the same period last year £11,367 was paid out at the same rate per lb. The season's pay-out to date is £15,944, compared with £18,378 over the same period of 1933. The Bruntwood Dairy Company, Limited, will pay out £1977 at the rate of 9d per lb. for butter-fat supplied for cheese-making. For August, 1933, the pay-out was £2191 at the rate of lOd per lb. . PRICES OF METALS MARKET FAIRLY STEADY (Received September 19. 7.55 p.m.) LONDON, Sept. IS Following are to-day's quotations on the London metal market, compared with those of September 17:— Sept. 18 Sept. 17 Per ton Per ton £sd £ b d Copper, atnn., spot . . 27 6 10J 47 6 3 Copper, fttau., 3 mos. 27 13 lj 27 fi 7J 'Copper, electrolytic.. 30 5 0 80 10 0 to to 30 lfi 0 30 12 6 Copper, elec,, wire burs 30 15 0 30 12 6 Lead, soft, spot 10 5 0 10 5 n Lead, soft, forward . . 10 8 9 10 8 9 Spelter, spot . . . 12 5 0 12 8 9 Spelter, forward . . 12 8 9 19 11 3 Tin, stan., spot . . 228 17 6 228 15 0 Tin. stan.. 3 mos. .! 227 1 3 227 2 6 •American, 9 cents a lb. GOLD 'AND SILVER QUOTATIONS IN LONDON (Received September 19. 7.55 p.m.) .LONDON, Sept. 18 Fine gold is quoted to-day at £7 0s 6d an ounce, compared with £7 0s s}d yesterday. Silver is quoted at 21 Jd an ounce spot and 21 13-16 d forward, same as yesterday. The quotation for silver at per fine ounce is 23Jd, same as yesterday.