SHIPPING PROFIT

New Zealand Herald, Volume LXXIV, Issue 22725, 11 May 1937, Page 7

SHIPPING PROFIT

CUNARD-WIIITE STAR THE QUEEN MARY'S SUCCESS DOMINION TRADE IMPROVES n The Queen Mary, the Cunard-White - Star's great liner, is stated in the comI j panv's report for 1936 to have fully s justified all expectations and to have > proved very popular with the travcl- " ling public. '> Tho report states that the improvement in Atlantic passenger traffic which was noticeable in the previous year, continued steadily during 1930 and tho company secured its share of tho increased movement, being helped ,l by tho advent of the Queen Mary. After providing for depreciation of plant machinery and office furniture and debenture interest, the accounts jj of Cunard-White Star, Limited, for tho ir year showed a profit of £546,659. After il deducting from this sum the 'loss tl brough.t forward from 1935, namely, " £469,859* there remains a credit balanco of £76,800 to be carried forward. Holding Company's Eesults v The report of tho Cunard Steamship ', j Company, the holding company, for s i 1936 states that after providing for de- | preciation of ships and of other propj erties and plant, debenture interest, t i etc., there was a profit for tho year r of £22,740. The balance brought for--0 ward from 1935 was £130,590, making a total of £153,330 to be carried forward. • Commonwealth and Dominion Line. Limited (Port Line), had maintained its services to Australia and New Zealand and outward cargoes continued on e a more satisfactory basis, states the ti i report. A drought in Australia affected 1 ! tho export of refrigerated produce for I a period, but good rains had now made - prospects more favourable. New Dominion Service In conjunction with two other com--0 panies, tho Port Line had taken over - the fleet and services of tho Canadian r Government Line, trading with Ause tralia and New Zealand. Several of - these vessels had been sold and it was s intended as soon as possible to substi- , tute a number of single-screw motorvessels for the service. The trade from India, it was stated, " had expanded satisfactorily. Discus- - sions with tho commercial interests " with whom the company had been asso- ' ciated in their coal-oil project had continued throughout the year and delij nito progress had been made. \ NORTHERN INVESTMENT f HIGHER TRUST EARNINGS ) ' s DIVIDEND MAINTAINED A net profit of £2309 is shown in the accounts of the Northern Co-opera-tive Investment Trust, Limited, for the year ended March 31. This compares with £l6Bl in the previous year and £1917 in 1934-35. The -dividend lor the year is being maintained at 7 per cent on ordinary shares. The balance brought forward was £2lO, making £2519 available. Interim dividends of 7 per cent per annum on ordinary shares and 4£- per cent per 1 annum on preference shares absorbed ; £866. Final payments recommended at the same rates require a similar sum, , and it is proposed to transfer £427 to general reserve. This will leaves £360 to be carried forward. The retiring directors, Messrs. N. B. Spencer and J. A. Warnock, offer 1 themselves for re-election, j The revenue for the year amounted to £4501, against £3865. Total assets at £43,178 are £1456 higher, and comprise investments, advances on shares and mortgages, £41,953, and deposits and cash, £1225. Paid capital is unchanged at £28,034, and reserves total £2BOI, against £2746 a year ago. Following the annual meeting, a special meeting is to be held to consider proposals to convert the share capital from shares of 5s denomination to • shares of a nominal value of £1 fully paid. NEW COMPANY'S RESULTS „ FIRST YKAR DISTRIBUTION The first accounts of the Second Northern Investment Trust, Limited, which coverv a period ' of only ten months to March 31, show a not profit of £428, out of which the directors recommend a dividend at the Hate of 5 per cent per annum. This will absorb £317, leaving £lll to be carried forward. The directors state that in a business of this nature it is impossible* in tho initial stage to invest all the funds as they come to hand to the greatest advantage, and therefore the results must be regarded as satisfactory. The whole of the preliminary expenses, which were kept at the very low figure of £75, have been written off Tho retiring directors are Messrs. G. Winstone and A. G. Limn, who offer themselves for re-election. Revenue for the period amounted to £854. Total assets stand at £13,526, comprising investments, advances on shares and mortgages. £12,300, and cash, £1226. Paid capital amounts to £8728. v STOCK SALES OHAUPO CATTLE PRICES Dalgety and Company, Limited, reports having held its Ohaupo sale on Friday. A full yarding: of rattle came forward, mostly of fleshy Jersey and Jersey-cross cows, which i met with keen competition before a good bench of buyers. No heavy fat cows wore yarded. Light fat Jersey and Jersey-cross rows and heifers, f I 12s to £5; Rood fleshj boner cows, X' 3 15s to £•] 7s l>d; boner cows, x '~ ,~ s . ,() L ' :i 12s, according to weight and condition; pctter bulls, C 3 5s to £5 -is; lijjht fat Jersey steers. £3 15s; medium fat lambs. £1 '2s (ill. VALUES AT TIRAU [l-'KOM oUU OWN coriuospondent] PUTARURU. Monday The Farmers Co-operative Auctioneering Company reports a medium entry of sheep and cattle at Iho monthly sale at Tirau. Competition was keen and prices were firm at recent quotations. Sheep: Low-conditioned small-mouth ewes running •with rams. 225; fat lambs, ITs lid: store lambs, IDs lo lis (id. Cattle: Heavy fat cows, £5 10s to .CO 8s; medium, £4 15s to £5 SS; light, £4 :'.s to X'l 12s (id; fat Jersey heifers, £1 10s to £5 ss: fat Jersey cows, £,' l 10s to £4 Is; medium, (.'2 15s to l;$ 7s od; boner cows, '_> os to £2 ids; potter bulls, X'l '_'s to ,C 5 ss. NORTHERN CATTLE PRICES [_l''il()M OIFR OWN COHUKSPONDUNT ] WIIANGABISI, Monday The North Auckland Farmers' Co-opera-tive, Limited, reports holding a stock sale at i'aparoa, wnen tho market for cow beef was very good. Tho number oflering was fair and tho bidding was brisk. Best fat cows bromht £t> 5s to £'(> ITs (id; medium, ,t l 12s (id to X's ss; light, isis to X I 10s; good boner cows, X' 3 to x;i 17s; lighter, X'2 7s (id to £2 ins; potter cows, 17s to 255; boner bulls, £3 10s to £3 17s; springing dairy cows. X'l to X'O 10s; steer calves, X'2 15s; yearling Jersey heifers, X'2 Bs. The same company had a fair yarding of cattle for the Maungaturoto sale, when fat cows made X'l 17s (id to £5; light fat cows, X'l; cows and calves, £4 10s to X's (is; smaller, X'.'S 5s to X' 3 Ids; boner cows, X'2 12s (id to X 3 3s; light, £2 to X'2 10s; boner bulls, £4 to X's 10s; best dairy cows, X'l 15s to £5 12s Gd: backward and inferior cows, £3 108 to £i sb.