THE NATIONAL MORTGAGE CO.

Otago Daily Times, Issue 18850, 1 May 1923, Page 10

THE NATIONAL MORTGAGE CO.

, ANNUAL MEETING. BRIGHTER OUTLOOK. iFbou Oub Own Cobbesbondent.) LONDON, March 8. A more optimistic feeling prevailed at the annual meeting ol the National Mortgage and Agency Company yesterday than has .been uie case for the past three years. Beside the chairman (Mr Robert Logan), other members ot tne board were Mr C. B. Grenfell, Mr L. E. Smith, and Viscount Hampden. The Chairman, first referred, to the . death of a late colleague—Mr Edward Pearce who J had been closely associated with the company since it inauguration some 47 years ago—first as an agent in Wellington, and for about 17 years as a, member of the board in London. Sir Thonjas Mackenzie and Sir James Mills, said the chairman, were at present in New Zealand carefully watching the interests of the company and assisting the general manager (Air G. R. Ritchie) with their advice and ripe experience of affairs.

Air Logan summarised the conditions of trade during tho past year. Things hod changed, he said, entirely for the bettor. Largo quantities of law material had passed into consumption, not through Lonaon only but also at the various sources of origin, and instead of large stocks of wool remaining on hand, ns was the case a year ago, it was safe to say that these stocks had been absorbed with tho exception, of course, of B.A.W.R.A. wool. The quantity of raw wool taken into consumption during the past year was estimated at 5,000,000 bales, of which B.A.W.R.A.' wool accounted for well over 1,000,000 bales. The totdll offerings in London during 1922 were estimated at 1,265,030 bales, an increase over 1921 of 272,000 bales Of last year’s total New Zealand contributed 467,000 bales, as compared with 3b1,0C0 bales in 1921. In the last year 729,000 bales were stated to have been .bought on Home account. 429,000 bales for the Continent, and 41,000 for uho United States. Lastly, the average value was £22 a bale in 1922. as against £lB in 1921. For 1916 and 1917 the figures were £27 and £32 10s per bale respectively. The increase of merinos and fine crossbreds was estimated at from 25 per cent, to 30 per cent, while coarse and medium crossbreds, of wilich the greater part of the New Zealand clip was composed, had risen something like 35 per cent, to 40 per cent. PROSPECT OF FIRMER PRICES.

From’ this it was evident that the demand for wool'at-the-present time was considerably 1 in excess of the rate of production, and that fine qualities were mostly sought after. There were, however, indications that the manufacturers were turning their atrention to the coarser grades to satisfy the requirements of their customers-Qin event which would, no doubt, be hastened by the liquidation of B.A.W.R. A. , stocks, which now- totalled only 1.000,000 bales, as compared wittf 2,500,000 bales at the beginning of last season. Firmer prices, therefore, might bo anticipated from this cause. Another important factor which would in-

fluence the situation was the decrease in tne number ot sheep throughout the world. Dairy farming had been rapidly increasing in the dominion, and last season showed a substantial improvement in the total output. The new season had been very remunerative to all engaged in this important industry. Values d£ .New Zealand butter were now nearly up to 2s per lb wholesale, and some snrinkage in the de-. mand was almost inevitable. Cheese, also, continued to make excellent prices. The frozen beef outlook was still difficult and uncertain. Unfortunately, not much could be said for New Zealand frozen beef, which could not, apparently, compete successfully with, the chilled article from America. The total importations of frozen and chilled meats into the United Kingdom during 1922 amounted to 821,900 tons, compared witii 917,000 in 1921, and 720,000 in 1913. New Zealand shipments, however, showed a decrease of about 30 per cent, on the previous year’s figures, while the proportion supplied by the whole of the British dominions was about 35 per cent, of the total importations,* against 40 per cent, the year before.. . Another interesting item was that 1100 ,tons,-of fresh-killed beef and mutton wore imported from the Continent, and 49,500 head of cattle from Canada and the United States.

The Chairman then quoted statistics with regard to sheep in New Zealand, and mentioned that a satisfactory feature of the returns was an addition of 348,000 breeding ewes. Speaking of the Meat Export Control Act, ho said, although created nearly a year ago, the board, so far. had abtsained from exercising the very full and drastic , es^owe d upon them, while, on the whole, the board’s operations had met with a fair amount of approval.

THE BALANCE SHEET. Issued capital, continued the chairman, remained ■ the same, and also the reserve fund, which was £55,250 in excess of the paid-up. capital." Liabilities showed the usual,fluctuations. Sundry creditors showed a decrease of £133,000. Bills payable showed an - increase of £40,000, due chiefly increased business in Eastern goods shipped to branches and customers in New Zealand, for which acceptances against documents were given Loans on mortgages oio accounts show’ed an increase of -42,438, which was accounted for not so much by now business as by further transfers of unsecured accounts to the secured category. Advances on wool and produce showed a decrease of £38,101, due chiefly to the firmer tone of the markets and better prices ruling for staple products,-which had enabled the prompt clearance of shipments upon arrival, particularly in the case of frozen meat towards the end of the year *5, gross profits of the company was £189,100, as against £145,209 in the preotce?. year. 'Charges in London were xooOO down, a very satisfactory result. Provision had been made for a bonus to the staff of 5 per cent, on their salaries riiey could not give the staff any bonus last year, although they thoroughly deserved it In bad limes equally with good times they got the most unstinted service from the staff both here and in the dominion', and the directors were glad’ to recognise this.

Debenture interest bad increased nearly £5099. which was partly due to the rates for debenture money mounting so ranidlv. New Zealand taxation amounted to £84.600, and to meet a portion of tHjs amount they had drawn upon contingencies reserve to th 4 extent of £30,000. This approximately represented arrears of taxation—the result v of unsettled items spread over previous years which had now been finall- cleared off. They expected their taxation in New Zealand in the current year would be reduced. The boa>’d looked forward to a prosperous year, always provided that they did not experience any unforeseen setback either in England or the dominion. Mr Logan concluded by asking the meeting to pass the customary vote of thanks to the staff at Home and in the dominion. Viscount Hnnmden and Mr L. E. Smith were reappointed directors. In the end he went to the dentist and had • the tooth extracted. True, the pain has gone, but so has the tooth! If he had applied a little Barraclough’s Magic Nervine the pain would have disappeared just as quickly. Nervine stops the pain -because it kills the nerve. Barraclough’s : Magic Nervine has givon satisfaction for over 25 years. Price la 6d everywhere, or post free from Barraclough’s Pty., Box 1247. Wellington. Money hack if not satisfied. 168; Rheumo Rapidly Removes Rheumatism. 2p 6d and 4s 6d. Progandra Cures Corns Quickly. Is 6d.