PERPETUAL FORESTS

New Zealand Herald, Volume LXXIV, Issue 22777, 10 July 1937, Page 11

PERPETUAL FORESTS

PROFITS AGAIN RISE

THE DIVIDEND UNCHANGED GROSS EARNINGS LOWER A net profit of £26,030, against £22,104 in the previous year, was earned by New Zealand Perpetual Forests, Limited, for the year ended March 31. The year's dividend is unchanged at 8 per cent. Gross income,, including interest, decreased from £281,755 to £230,002. However, expenses, including depreciation, maintenance charges and tax provision, amounted to £203,973, against £262,651. Interim and final dividends of 4 per cent require £15,803, and the balance of net profit, £10,227, increases tho floating reserve from £21,581 to £31,808. Tho net planted acreage established to date 'is 169,311 acres, the report states, a further area of 6765 acres having been planted during the year. Negotiations for compounding the contract between the company and New Zealand Forest Products, Limited, were commenced, but were later referred to the Bondholders' Incorporation Commission and as proceedings are still current, all matters aro sub judice. Tho retiring director, Mr. Owen Jones, is available for re-election. Results for tho past three years compare as follows: — 1935 1930 1937 ' Bt. forward ..£13,710 £15,280 £21,581 Net profit .. 17,313 22,101 20,030 £31,083 £37,3.84 £47,011 Dividend, 8 p.c. 15,803 15,803 15,50U Car. forward. . £15,250 £21,581 £31,808 Balance-sheet movements over tho past year are:— LIABILITIES £ £ Paid capital .. 197,530 Creditors, etc. . . 120,007 -18,952 Reserve for planting 1,157,114 +30,530 Other reserves .. 38,583 +1(3,315 ASSETS Land, plant, etc. .. 39,510 +1,870 Inventories .. .. 5,191 -78 Maintenance invest. .. 595,178 -2-12 Reserve fund invest. . . 120,733 -3,001 Subsidiaries' accounts. . 35,073 +9,710 Debtors .. .. 104,897 +94,7-12 Forestry investors . . 102,782 -57,453 Invest., cash, etc. .. 452,371 -29,717 Total assets are £21,893 higher at £1,521,741. The main increase is in debtors, which show a rise of £94,742. Investments, mortgage and cash litems again are lower. Subsidiaries' accounts include shares in subsidiary companies, £7997, which is unchanged, and loans to subsidiaries, £27,076. The reserve for planting and maintenance has reached the high figure of £1,157,114, an increase of £30,530. Included in tho other reserves are reserve account, £6640; forfeited shares reserve, £135; and the floating balance, after payment of the final dividend. Provision for taxation is included in the item creditors.

THE CITY MARKETS POOR INQUIRY FOR APPLES' HIGH PRICES FOR LEMONS Apples, of which there was a good supply, and pears sold slowly at the City Markets yesterday. Prime-quality-lemons realised high prices, while local marmalade oranges were also in good demand. Tree ' tomatoes sold fairly well, as did good quality passion fruit, which, however, were scarce. Supplies of hothouse grapes will soon' he finished. A small quantity of mixed Californian fruits, including plums, apricots, cherries and grapefruit, was unloaded from the Mariposa yesterday. Cabbages and cauliflowers were in good supply, the price for the former advancing slightly. Swedes were still in over-supply and sold at low rates. Kumaras were plentiful, still realising high prices, while best quality pumpkins advanced in price. Choice celer> also brought high prices, and Brussels .sprouts, which were scarce, had good' inquiry. Carrots and parsnips wore in much heavier supply. Values were:— FRUIT Apples, Delicious, 4s to 6s a case; Ballarat, 5s Gd to 7s; Granny Smith, Gs to Ss: Jonathan, -Is to 6s Gd; Mnnro, 3s to ss; Rome Beauty, 7s to 8s; Sturmer, 5s to 7s; Winesap, 6s Gd to 9s; pears, Keiffers, ■ls to ss; Peter Barry, 7s io Ss; Winter Coles, 10s to 13s? tomatoes, outdoor, extra choice, 7s to Ss; others, 2s Gd to 4s; hothouse, 4d to 9(1 per lb; few oxtra choice, Is per lb; tree tomatoes, New Black, fis 6d to 6s 6d a case; extra choice, 7s 6d; yellow, 5s to Gs 6d; marmalade oranges, local, extra choice, Ss to Os; others, 5s to 7s 6d; lemons, choice, cured-, 16s to 20s; others, 5s to 14s; bananas, ripe, 16s to 2Ss; pines, Queensland, ISs to 20s; grapes, hothouse, Coleman, choice, 3s 2d per lb; others. Is !)d to 2s Gd; passion fruit, 7s to 12s a case. FIELD PRODUCE Beet, 6d to 9d a dozen; celery, cookinp, fid to Is a bundle; dessert, Is 3d to 4s 3d a bundle; carrots, Sd to Is Gd a dozen; cauliflowers, 2s Gd to 7s a sack; on benches. Is to 3s a dozen; cabbages, 2s to Gs a sack; on benches, Is to 2s Gd a dozen; French beans, hothouse, 8d to Is 6d per lb; kumarhs, local, Gs to 10s a bag; Tauranga, 5s Gd to 7s Gd a bag; leek's, 3d to 4d a bundle; lettuce, 2s to 12s a case; marrows, Is to 3s a dozen; melons, citrus, 2d to 2%d_ per lb; mushrooms, ahout 3s per lb; onions, local, choice, Gs to 7s a bag; Southern, 9s to lis Gd a cwt; potatoes, Southern, 9s Gd to 10s Gd a cwt; Ohakune Suttons, Gs to (Is 9(1 a bag; Pukekoho, 4s (id to 5s Gd a bag; pumpkins, choico Crown and Triumble, Ss to 15s a cwt; parsuips, (id to Od a dozen; radish, 3d to Gd a dozen; rhubarb, 2s Gd to 5s 3d a dozen; spinach. Is to 2s a dozen; spring onions. Is to Is Gd a bundle; swedes, Is to 2s (id a bag; turnips, Gd a dozen; Brussels sprouts, 6d to 7%d per lb. ( POULTRY Cockerels, heavy breeds, prime, '4s 6d to 6s each; not prime, Is 6d up; light breeds, prime, 2s to 3s Gd; not prime, Is up; fat roosters, heavy breeds, prime, 2s to 3s; light breeds, 2s to 2s Gd; fat hens, heavy breeds, 3s 3d to 5s 3d; light breeds, 2s 3d to 4s 3d; pullots, heavy breeds, best, 3s to ss; smaller, 2s up; light breeds, best, 3s to ss; smaller, Is Gd up; drakes, young, primo, 2s Gd to 3s Gd; smaller, Is Gd up; old, 2s to 2s Gd; ducks, young*. 2s (id to 3s Gd; old, 2s (id to 3s (3d; geese, 4s to fes; turkey hens, 4s Gd to 7s; gobblers, 10s to lis; day-old chicks. Black Orpington, Gd to 9d. BUTTER AND EGGS Eggs, hen, A grade, 2s 4%d a dozen; B grade, 2s 3%d; C grade, Is 10% d; duck, A grade, 2s 3%d; B grade, ,2s 2%d; C grade. Is 9%d; fanners' butter, la Id to Is 2d per lb. ' NEW COMPANIESAUCKLAND REGISTRATIONS The following private companies havo been registered in Auckland:— Insulite, Limited, patont building board and tile manufacturers. Capital, £4OOO in £1 shares. Subscribers: T. A. Felton. 2000 shares; E. L. Hardy, 500; Tuck and Watkins, Limited, 400; M. G. Tuck, 250; S. T. Nolan, C. Corbett, 11. S. Orr, J. B. Mitchell, A. 11. Radford, P. O. Borhan, 100 each; W. E. Watkins, G. T. Watkins, B. 0. Bartlett. J. llcsford,«,\J. M. Spear, 50 each. Kiteroa, Limited, stock breeders and dealers. Capital. £3OOO in £1 shares. Subscribers: S. I. Crookes, 260(1 shares?. Mrs. M. L. Crookes, Miss M. W. Crookes, S. ,1. Crookes juti., and.P. C. I. Crookes. 100 each. WHEAT IN CHICAGO CHICAGO, July -■ Wheat.—July, 1 dollar 241 cents n bushel: September, 1 dollar 25} cents; December, 1 dollars 272 cents.