PUKEMIRO COAL

New Zealand Herald, Volume LXXV, Issue 23145, 17 September 1938, Page 11

PUKEMIRO COAL

LOWER PROFIT SHOWN NO CHANGE IN DIVIDEND CASH AND INVESTMENTS RISE After allowing £2669 for depreciation, a not profit of £7153 is shown in the accounts of Pukemiro Collieries, Limited, for the year ended August 31. This compares with a profit of £7Bll in the previous year, after £4OOO was provided for depreciation. The directors recommend a final dividend of 4J per cent, making 7 per cent for tho year, unchanged. The balance of profit transferred to the appropriation account is £9822, which, with £2567 brought in and an income tax surplus of 17s 6d, makes £12,390 available. Interim dividend of £2500 and depreciation required £5169. The final dividend recommended absorbs £4500, leaving £2721 to bo carried forward. Tho directors record with regret the death of Mr. A. W. G. Le Quesne, and a tribute is paid to his valuable services throughout his term on the board of directors. Air. A. S. Bailey was appointed to fill the vacancy. Tho retiring director, Mr. B. A. Smith, is eligible for re-election. liesults and appropriations for tho past three years are as follows: 1930 1937 1938 Brought forward £36,311* £1,756 £2,5681 Net profit .. 6,445 7,811 7.153 £7,756 £9,567 £9,721 Dividend, p.c. 0 7 7 Amount . . 0,000 7,000 7,000 Carried forward £1,750 £2,507 £2,721 •Before the transfer of £35,000 to general reserve. {lncluding income tax surplus. Gross profit for the year at £21,388 compares with £25,973 in the previous year. Interest, rents and transfer fees totalled £4996, against £4843. Expenses amounted to £2443 less at £16,562, tho main alteration being a drop of £llß6 in income tax. Chief movements in tho balancesheet items are: — LIABILITIES £ jP Capital . . .. 100,000 Same General reserve .. 35,000 Same Investment reserve •» .5,523 +lO Income tat reserve 4,414 -1,186 Creditors . . .. 5,170 +757 Appropriation account . 7,221 +154 ASSETS £ £ Property, plant, etc. .. 62,428 -2,972 Investments .. .. 61,242 +3,480 Slocks .. .. 851 +162 Debtors .. .. 12,912 -6,079 Cash .. .. 19,800 +5,744 The total of assets is £157,329, which shows the slight decrease of £265. The item investments includes Government stock, at cost, £20,000; mortgage, £2000; shares in Waikato Carbonisation, Limited, £ft cost, £25,292, and debentures in tho same company, at cost, £9950; Auckland City Council debentures, at cost," £4OOO. The last item is a new holding, and counteracts a decline of £520 in the mortgage. THE CITY MARKETS GENERAL TONE STEADY ORANGES IN SHORT SUPPLY With heavy supplies coming forward in most sections, sales at the City Markets yesterday were generally only steady, with some decreases. There was no demand for inferior lines of apples and that for choice coloured and the Granny Smith variety was only fair, hi spite of the shipment which arrived by the Wanganella on Tuesday supplies of oranges are still low. New Zealand grapefruit sold fairly well, but there was no demand for lemons. Plentiful supplies of vegetables came forward and prices fell in some sections. Cauliflowers sold at lower rates, but cabbages maintained former levels. Good quality celery sold at high prices. Prices were:— FRUIT Apples, Delicious, local. Is to 6s a case; Hawke's Bay, Os to 7s fid; Dougherty. 5s to 7s Od; Granny Smith, 7s Od to 9s; Rome Beauty, 0s to 9s; Statesman, Os to 7s; Sturmer, 4s to 0s Od; Winesap, 7s to 10s; pears, Peter Barry, 0s to 7s; Winter Coles, Os to 9s; Winter Nclis, 4s Od to 7s Od; tree tomatoes, new black, 8s Od to 10s; yellow, 0s to 7s. Od: others, 3s 6d to 4s Od; grapefruit, New* Zealand, extra choice. 5s to Os a caso; others, 4s to 4s 6d; Californian, 32s 0d; lemons, choice, cured, 4s to Os; others, 3s to 4s; bananas, ripe, 12s to 20s; pines, Queensland, 12s Od to 14s Od; grapes, Californian, white, 26s a chest; black, 355; passion fruit, 8s to 10s a case; mushrooms, about 2s 9d to 3s a lb FIELD PRODUCE Asparagus, Sd to Is 8d a bundle; beet, Od to Is 3d a dozen; celery, cooking, Od to Is Od a bundle; dessert, 2s to 0s Od; carrots, 2s to 5s a bag, Od to Is a dozen; cauliflowers, 2s 6d to 7s Od a sack; on benches, 2s to 4s a dozen; cabbages, 3s to lis a sack; on benches, Is Od to 4s a dozen; cucumbers, hothouse, 0s to 8s Od a dozen; French beans, Is Od to-2s a lb; green peas. 9d to Is Od; kumaras, Island, 10s to 10s Od a cwt; Tauranga, 3s Od to 4s Od a bag; leeks, 2d to 4d a bundle; lettuce, Is 6d to 7s a, case; onions, Australian, 12s to 13s a cental; potatoes, southern, 5s 6d to 0s a cwt; Ohakune, 2s Od to 5s a bag; No. 1 new potatoes, 2d to 3%d a lb; No. 2, 3s to Os a bag; pumpkins, chQico Triumble, 7s Od to 12s Od a sack; medium and mixed, 3s to 0s; parsnips, 8s to 13s a bag, or Is to 2s a dozen; radish, Sd to Is Od; rhubarb, 2s Od to ss; spinach, Is to 2s Od; spring onions, Sd to Is 3d a bundle; swedes, 3s to 4s (id a bag; turnips. 8d to Is 3d a dozen; Brussels sprouts. 1d to Sd a lb. POULTRY Cockerels, heavy breeds, prime, 5s to Os; not prime, 2s Od up; light, prime, 2s fid to 3s; not -prime, Is Od up; fat roosters, heavy, prime, 2s Od to 3s Od; light, 2s to 3s; fat hens, heavy, 3s to ss; light, 2s Od to 3s Od; pullets, heavy, .best, 4s Od to Os; smaller 2s up; light, best, 4s to 7s; smaller, 2s to 3s; drakes, young, prime, Ss to 4s; smaller, 2s to 3s; -old, 2s to 2s Od; ducks, young, 3s to 4s; old, 2s to 2s Od; geese, 3s to ss; turkoy hens, 5s Od to 7s Od; gobblers, 7s to 10s. Eggs.—Hen, first grade, Is 4%d a dozen; B, Is 3%d; C. ll%d. Duck. First grade, Is 4%d; B, Is 3%d; C, Is l%d. Farmers' Butter. —Is to Is 2d per lb. MINING NEWS YIELDS OF COMPANIES Nokomai (West Coast)—3o2oz. 2dwt. from a quarter of an acre. This area borders the edge of the claim adjoining the hillside. Nearly half of the paddock was high bottom. LONDON WOOL SALES LOWER VALUES EXPECTED The Union Bank of Australia, Limited, has received the following cablegram from its produce department in London: —At the wool sales opening on Tuesday it is anticipated that prices as compared with the last sales will be approximately as follows:—Merinos, 5 per cent cheaper; crossbred, fine, 5 per cent cheaper; medium and course, unchanged. WIIANGAREI DAIRY COMPANY DIRECTORS RE-ELECTED [llY TBI.KGHAPH—OWN CORRESPONDENT] WHANGAREI, Friday The retiring directors, Messrs. E. S. Tremaino and A. C. M. Finlayson, were returned to the board of directors of the Whangarei Dairy Company as a result of a postal ballot which was concluded to-day. . The voting was:—Mr. Tremaine, 941; Mr. Finlayson, 631; Mr. A- C. Syines, 371.