WRITTEN DOWN

Sun (Auckland), Volume II, Issue 538, 15 December 1928, Page 12

WRITTEN DOWN

FINANCE CORPORATION SHARES £21,000 LOSS QUERIED The directors had a very anxious and strenuous time during the past year, said Mr. J. B. Macfarlane, chairman of directors of the Traders’ Finance Corporation, who presided at the annual meeting yesterday. It was felt, however, that the company had turned the corner and was in a better position than it had been. He would never consent to dividend when there was an amount of £14,000 for preliminary expenses on the debit side of the balance sheet. A shareholder asked for an explanation of the loss of £21,000 the previous year. He said it had never been given. He understood he was taking part in an investment and not a speculation. Another shareholder said it had been expected the loss would have been virtually covered by the allowance made of £12,000. A further £9,000 had now been written off. He questioned if the company had authority to lend money under second mortgage. The reason the company was “in the soup” was that there was no manager. Mr. Macfarlane said the directors had not advanced money on second mortgage. It was a case of security against a bad debt. It was impossible at the present moment to take shareholders into his confidence. Replying to a question he said there was a possibility of a return being made on the loss. Mr. A. E. Warnock said the balance sheet was a conservative one. If the ordinary shares were written down by 2s 6d each, he had no doubt they would soon figure in the dividends. A resolution to appoint two shareholders to meet the directors to investigate the company’s loss lapsed for want of a seconder and several shareholders expressed confidence in the directors to carry on the business. Messrs. R. Burns and J. A. Gillett were re-elected to the directorate. A proposal to write down the shares by 2s 6d each was carried. TRADE IN POTATOES FORWARD MARKET ACTIVE Press Association CHRISTCHURCH, Friday. The deluge of rain has invested the market postion with a little new interest. However, it is considered that so far very little damage has been done, though it will be a few days before the position is known. The bright conditions since the rain ceased this morning are encouraging for the time being. Reports from the country are to the effect that much less wheat is “laid” than was feared. There is no change in the milling wheat market, and buyers are going slow. Fowlwheat is offering freely at 5s 7d, f.o.b. A little more business has taken place in forward oats. There have been sellers of A Gartons at 3s 7£d on trucks. A substantial amount of forward business has been done in potatoes at £4 17s 6d and £5, f.0.b., s.i., for April-June, and purchases have been made from farmers at the rather bare equivalent of £3 15s on trucks. Reports are that crops on low-lying land were under water yesterday, but the potatoes are not far enough advanced to be affected, and the water is likely to get away quickly under the drying conditions that have set in. Quotations for main crop onions are £4 15s a ton, and for February £5, on trucks. Business at £6 ss, f.0.b., s.i., has taken place, but Northern buyers are not much interested.

TE AWAMUTU STOCK SALE The New Zealand Loan and Mercantile Agency Company, Ltd., Hamilton, report:— At the Te Awamutu sale on Thursday last we had a good yarding of fat and store cattle, also several lines of ewes and lambs and pigs. Beef sold under steady competition at fully ruling rates. The ewes and lambs met with a keen demand. The demand for store cattle was fairly good, but the advertised steers failed to reach the owner’s reserve. Prices ranged—Fat steers, £l3 15s to £l4 7s 6d; lighter ditto, £ll to £l2 ss; heavy fat cows, 9 17s 6d to £lO 15s; fat cows and heifers, medium weights, £8 5s to £9 10s; lighter ditto, £7 2s to £7 17s 6d; unfinished cows, £6 5s to £7; cows in forward condition, £4 15s to £6 3s; 15-months S.H. heifers running with bull, £5 ss; Jersey cross ditto, £3 15s to £5 18s; high-grade Jersey heifer weaner calves £3 16s to £4 6s; smaller ditto, £3 2s 6d; four lines of shorn ewes and lambs, £1 4s 5d to 18s 6d. Dairy cows, £8 5s to £lO 15s; dairy heifers, £7 5s to £9 15s; stores, £1 8s to £1 15s; slips, ISs to £1 4s; weaners, 6s to 11s. AUCKLAND BUILDING SOCIETY The Auckland Co-operative Terminating Building Society draws the attention of those interested to the December meeting for appropriations, to be held at St. James’s Hall on Wednesday evening, 19th inst., a week earlier than usual, to avoid the Christmas holidays, when £IO,OOO will be distributed by ballot and sale. Monday, 17th inst., is the last day on which shares can be made financial for the appropriations. The next new group to be opened. Group 69, is also referred to.