RENOWN COLLIERIES

New Zealand Herald, Volume LXXV, Issue 23109, 6 August 1938, Page 11

RENOWN COLLIERIES

EARNINGS IMPROVE NO CHANGE IN DIVIDENDS AN ADDITION TO RESERVES A profit of £12,994 is shown in the accounts of Renown Collieries, Limited, for tho year ended July 31. This compares with £11,279 earned in the previous year. Income tax is estimated to require £4994, against £4179 in 1937, giving a net result for the year's operations of £BOOO, against £7IOO in the preceding year.

Tho directors recommend tho same dividends, namely 7 per cent on preference capital and lOd a share on.ordinary shares, absorbing £7IOO. The balance of £9OO has been placed to general reserve. Proper allowance has been made for depreciation. The retiring directors, Messrs. W. P. Endean and E. N. Ormiston, offer themselves for re-election. Results and appropriations over the last three years compare as follows: — 11)36 1037 3038 Profit . .. £11,31)1 £ll,--'"O £12,904 Income tax .. 4,201 4,179 4.09-4 Dividends— Pref., 7 p.c. 2,100 2,100 2,100 Ord., lOd a share .. 5,000 5,000 5,000 To gen. reserve Total appropriations £11,301 £11,279 £12,094 Under the company's articles any surplus profits are placed to reserve. Gross profit was £23,112, against £20,242 a year ago. Administration and selling expenses were £5363, compared with £4165 in 1937. Movements in the balance-sheet figures are as follows: — LIABILITIES Variation £ £ Paid capital ... . . 102,000 Same Kescrveß and surplus 15,927 +1,028 Debenture issue .. 10,012 Same Accrued wastes ■ .. 3,854 4-203 Accrued royalties .. 250 -00 ASSETS Property .. .. 50,525 -1,43") Buildings, plant, etc. . . 25,730 -18 Stocks and shares . . 0,058 +2,182 Debtors .. .. 11,000 -808 Investments .. .. 20,540 Same Cash . 13,073 +1,904 The balancing total is £1735 higher at £138,943. The general reserve is increased by the present appropriation to £3900. HERD-TESTING YEAR WHANGAREI ASSOCIATION SHARP DROP IN AVERAGE [from our own correspondent] WHANGAREI, Friday During the past season the Whangarei Herd-Testing Association increased the number of cows under group test from 5395 in the 1936-37 season to 6542, and the number of herds from 99 to 128. Members' own sampling system from 921 cows in 52 herds went to 1256 in 54 herds. The low production season is reflected in tho fall of the association's average from 2511b. fat in 244 days to 2271b. in 241 days, a decrease of 9 per cent." The highest, herd, owned by Mr. H. Beaumont, of Maunu, produced 3451b. fat in 296 days, 1001b. lower than the best last season. The highest cow, which was in Mr. W. Stevens' herd, produced 6291b. fat in 312 days. In members' own sampling system, tho average was 2191b. fat in 225 days. » v Averages for the season in the various groups are: —Whangarei group: 18 herds, 1066 cows, 2231b. fat in 234 days. Maungatapere group: 24 herds, 1193 cows, 2531b. fat in 246 days. Hikurangi group: 30 herds, 1933 cows, 2211b. fat in 241 days. Maungakaramea group: 18 herds. 792 cows, 2251b. fat in 245 days. Waipil group: 21 herds, 971 cows, 2221b. fat in 246 clays. Ruakaka group: 14 herds, 695 cows, 2121b. fat in 232 days. Highest herds: 3451b.'fat in 296 days. THE CITY MARKETS APPLES IN HEAVY SUPPLY HIGH PRICES FOR LETTUCE The general tone of the fruit' sales at the City Markets was' dull yesterday. Large supplies of dessert apples again came forward, hut best quality fruit only was in demand. Citrus fruits were again slow of sale, with a poor demand for hothouse tomatoes. Queensland pineapples and tree tomatoes met with a fair inqyirv, while the last hothouse grapes of the season brought up to 8s a pound. There was a good inquiry for mushrooms. The market was Still over-supplied with carrots and pumpkins, prices remaining at low levels. Cabbages and cauliflowers were in fair supply and met with a good inquiry, with high prices being realised for good quality lettuce. Kumaras and onions 1 sold * at last week's rates. Prices were:— FRUIT Apples, Delicious, 3s 6d to 6s; BallarSt, 5s to Gs; Granny Smith, 4s to 6s fid; Jonathan, 3s to 4s; Bome Beauty, 5s to 9s; Statesman, Os to 7s; Slurmer, 3s fid to Gs; \\iiiesap, Gs lo }>s; pears, Peter Barrv, 5s to (is (id; Winter Coles, Os lo 8s; Winter Aelis, os to Os; tomatoes, hothouse, Is to Is Od per lb; bananas, ripe, Ss lo ISs; tree tomatoes, new black, 5s to .Ss Od; yellow. Is Od In Gs; oranges. Australian. I.ls to 21s; grapefruit, New Zealand, extra choice, 4s Od to ss; others, 3s Od to Is; lemons, choice, cured, 4s to (is; others, 3s to 4s; pines, Queensland', 12s Od to I ts Gd; grapes, hothouso, Coleman, extra choice, up to Ss per lb; passion fruit, 10s to IPs; mushrooms, about 3s 3d per lb. FIELD PRODUCE Beet, (id fo Is 3d a dozen; celery, cooking, Od to Is 3d a bundle;'dessert, Is 6d to 3s Od; carrots, '2s to 4s Gd a bag; Sd to Is 3d a dozen; caulillowers, Gs fid to 9s a sack; on benches, 3s to Os fid a dozen; cabbage, 3s (id to 12s a sack; on benches, 3s to 5s a dozen; cucumbers, Is to 8s; French beans, Is to 10s a case; kumaras, Island, lis to lis fid a cwt; Tauranga, 4s to 5s a bag; leeks, 3d to Od a bundle; lettuce, .3s to 12s a case; marrows, 3s to 5s a sack; melons. Is to Is fid; onions, local, sound, lis to 13s Gd a bag; Southern, 15s to 10s Gd a cental; potatoes. Southern, Gs to Gs Gd a cwt; Ohaknne, 3s to 4s Od a bag; pumpkins, clioico, .Triunible, Is (id to 8s a sack; medium. 2s (id to 4s; parsnips, (is to 0s Od a bag. Is to Is Gd a dozen; radish, Gd to Od; rhubarb, 2s fid to Is Gd; spinach, Is fid to 2s fid; spring onions, Od to Is a bundle; swedes. 2s Gd to 3s fid a bag; turnips, (id to Pd a dozen; Brussels sprouts, Sd to lid per lb. POULTRY Cockenels. heavy breeds, prime, 5s Gd to 7s each; not prime, 3s up; light breeds,' prime, 2s Od to 3s; not prime, Is fid; up? fat roosters, heavy breeds, prime, 3s to -Is; light breeds, 2s to 3s; fat hens, heavy breeds. 3s 3d to ss; light breeds, 2s to Is; pullets, heavy breeds, best, 4s fid to Os; smaller. 2s up; light breeds, best, Is to 7s; smaller, 2s to 3s; drakes, young, orime, 3s (id to 4s; smaller, 2s fo 3s; old, 2s to 3s; ducks, young, 3s to ss; old, 2s to 3s; geese, 3s to ss; turkey hens, 5s Gd lo 7s Oil; gobblers. 7s to 10s. „ BUTTER AND EGGS Eggs, lieu, A grade, Is SVid a dozen; B, Is 7Vid; C, Is 3'/ a d; duck, A grade, Is 7'/ a d a dozen Is OV^d; C, Is 4V a d. Farmers' butter, Is Id to Is 3d a pound. HIKURANGI DAIRY COMPANY [from ouk own correspondent] WHANGAREI. Friday Tho retiring directors, Messrs. F. Elliott and F. G. McDonald, have been elected to the directorate Df the Hikurnngi Duirv Company as the result of a postal ballot among the shareholders. The voting was: —Elliott, 686: McDonald. 488; H. W. Rusk, 432. Only. 53 per cent of thos© eligibta recorded their votes.