FREEZING INDUSTRY

New Zealand Herald, Volume LXXV, Issue 23123, 23 August 1938, Page 5

FREEZING INDUSTRY

AUCKLAND FARMERS' CO. REDUCTION IN EARNINGS DIVIDEND AT 6 PER CENT Reduced earnings are recorded in the accounts of the Auckland Farmers' Freezing Company, Limited, for the year ended June 30. Net profit for the year, after making full provision for depreciation and income . tax, was £23,285, a decline of £7475 from the previous year, when earnings were a record. The year's dividend is unchanged at 0 per cent, requiring £15,228. A sum of £IO,OOO is to be added to general reserve, leaving £3357 to be carried forward, against £5300 brought in. The report states that in the aggregate stock killings were maintained on about a par with those of the previous year. Increases were made in cattle, vealer calves and sheep, while fewer lambs, pigs and bobby calves were killed, Butter receipts were less, -but cheese and fruit increased. Details of the quantities handled were published in the Hkiiald on July 19. Satisfactory progress is recorded with tbe,erection of the additional cold storage building on the eastern waterfront at Auckland. The com- j pany's other buildings and plant ha\«.» been well maintained. ! The retiring directors, Messrs. H. E Worsp and Alex. Orr, have been nomi- j nated for re-election. Results of the past three years com- | j pare, as follows: — j 1930 1937 1938 i ! Brought forward £1',710 £4,.>71 £5,300 I Net profit .. 28,700 ,30,760 • 23,265, i £31,506 £'35,331 £28,585 To reserve . . 12,000 15,000 10.000 i Dividend, 0 p.c. 14.035 15,031 15.228 | Carried forward £1,571 £5,300 £3,357 ( i Variations in the balance-sheet items ; i are:— i I LIABILITIES ! Variation £ £ ; Paid capital .. .. 251,985 +3,3«5 General reserve . .. 117,000 +15,000 Works replacement .. 17,775 +2,155 i Unclaimed dividends .. 300 +B9 Bank loan . . . . 3<>.<;•_'!» +22,287 I Creditors 107,211 -13,035 ; Profit and loss . . 28,585 -6,710 ASSETS Land, buildings, etc. . . 101,123 +0.300 Share inveslmcnts .. 005 Same j Replacement invest. .. 17,7.3 +2,500 j ! Slocks and stores . . 38,813 +5,0.31 j i Sundry debtors . . . . 40,101 +5,701 j jCash 80 -170, The balance-sheet total is £562,584, ! an increase of £23,415. Tbe proposed j transfer to reserve will increase this fund to £127,000. The substantial increase in bank loan, which last year was largely reduced, is no doubt a reflection of tbe erection of the new cold store. Adininstration expenses and income tax provision amounted to £61,927, against £59,930 in 1937 and £53,141 in 1936. j LOW COPRA PRICES \ " " TRADE IN THE ISLANDS STATE OF DEPRESSION [from our own correspondent] SUVA, August 16 The opinion that both Tonga and Samoa are depressed as a result of the low price of copra was expressed by Sir Maynard Hedstrom, managingdirector of Morris, Hedstrom, Limited, who has returned from an inspection of the firm's branches in Tonga and Samoa. Referring to the price of copra in Samoa, Sir Maynard said the buying price at stations outside Apia was only £2 a ton. Tbe copri was not of good quality and there was a large loss of weight in transit. As a result of the low juice very little copra was being made. Sir Maynard was impressed with the way in which the Government was facing the problem of finding employment for people of mixed descent in Apia. Part of tbe Crown estates, about 6000 acres in the hills, some 400 or 500 feet above sea level, is being opened up for a settlement scheme. The people are given a lease of areas from 30 to 50 acres'of heavily timbered country with a very rich soil, and are assisted with loans while clearing the land. They are encouraged to grow bananas for three or four years and then cut them out, leaving room for cocoa. Success was also attending the experiment of growing citrus fruits on the Crown estates, and shipments of grapefruit had soi l well in Auckland. If, largo areas could be put in. ho thought that eventually Samoa might supply the New Zealand market entirely if given preferential treatment.

STOCK MARKET FIRM VALUES IN NORTH AUCKLAND [FItOM OUR OWN CORRESPONDENT] WHANGAREI, Monday With tho advent of better weather conditions and a consequent growth in the pasture there has been a firming of the stock market in the North, practically all classes of cattle showing an advance in the sales held during the past week. This advance has been most marked in tho prices realised for pigs, while fat stock has also appreciated in price. Store cattle are on the move, but tho demand for sheep is not great, and there has been little doing with this class. Although it is rather late in tho season for dairy stock .still at recent clearing sales good prices have been realised. There is a steady flow of cattle from the North to the Waikato and this week about 30 truck loads will be despatched south, the majority of the cattle being dairy stock for the Waikato. CLEARANCE AT OPOTIKI [by telegraph—OWN correspondent] OPOTIIvI. Monday The New Zealand Loan and Mercantile Agency Company, Limited, reports a very large attendance of buyers at a clearing sale conducted on account of Mr. P. J. Power, at Opotiki. The herd contained some nico cows and heifers, and competition was good throughout the sale. The demand was excellent for quality cows close to profit. Quality Jersey cows, close to calving, £lO 10s to £ 12; September calvers, £8 to £10; later sorts, £4 JOs to £7 ss; good Jersey in-calf heifers. £8 lo £lO ss; backward heifers, £6 Jss to £7 us; yearling Jersey heifers, small. £3 3s; three-year herd bull. £*H; ycarlinc Jersey bull, £5 ss; five-year half-draught gelding, all work, bare shafts, £27; aged mare, £5 10s; school pony and foal, £1; sow. close to farrowing, £0 10s.

WAIUKU DISPOSAL [from our own correspondent] WAIUKU, Monday Alfred Buckland and Sons, Limited, reports a very successful clearance sale on account of Mr. F,. J. Hogan at Waiuku. There was a Inrtrc attendance and competition was keen throughout. The whole herd of 35 Jersey and Jersey-cross cows averaged just over i!t. Best cows in milk, £lO to £l2 10s; good. A's to i.'!) 10s; others, £5 to £7 10s; bestcows, close to profit, £lO to £l2; others, ,C 7 to £0 10s; sow with litter of eight. £0 1 Os; store pigs, 20s; sows \sy pig. £4 5s to £<> Lss: yearling Jersey heifers, to £-1 15s; scrcice hulls, Bgns to lOgns; yearling Jersey bulls. 3'/;gns to flgns.