HEAVY LOSS ON TRADING.

Taranaki Daily News, 21 September 1931, Page 16

HEAVY LOSS ON TRADING.

CANTERBURY FARMERS’ CO-OP. A loss of £97,000 on the year’s working is shown in the accounts of the Canterbury Farmers’ Co-operative Association, Ltd., Timaru, for the year ended July 31. In their report the directors state: “We are now in the second year of the world depression —a depression which is unprecedented in its intensity, and which is taking extremely heavy toll of assets in this country; in addition the huge diminution in proceeds realised from primary products has, of necessity, acted detrimentally in merchandise sales to the extent of a 20 per cent, reduction in turnover, by loss of buying power on the part of farmers and the public generally. “It was found necessary during the year to provide against inflation of assets in farmers’ accounts, to make reserve against merchandise stocks, and to reserve interest on various accounts, with the result that the association shows a loss on the year’s working of £97,081. Against this we have reserves amounting to £29,972, which means that capital has depreciated to the extent of £67,109. This amount has been placed to the debit of appropriation account, so showing the true position of the association as obtaining at this time. “The foregoing gives a clear indication of what the depression means and its effect upon the country and businesses generally; especially does this apply to the ease of primary producers, who are suffering greatly. The position calls for the urgent attention of the Government for remedial measures in costs of production, etc., to enable the whole farming business to be ad-

July 31, July 31, 1930. 1931. Bank overdraft ... 147,490 127,702 Overdraft in .London 971 6,124 Current acc’ts in ■ credit 40,309 21,593 Debentures 250,423 250,408 Totals .. £439,193 405,827

or an improvement of liability in finance of £33,366 on the year.” WOOL SALES IN LONDON. PRICES REMAIN STEADY. I London, September 18. At the wool sales 9824 bales were offered, including 2879 from New Zealand and approximately 6510 were sold. There was fair general competition and prices were steady. The New Zealand Merino clip brought top price, 18Jd., with an average of 16|d, RAW MATERIALS MARKET. By Telegraph—Press Assn.—Copyright. Rec. 6.50 p.m. London, Sept. 19. Friday’s closing prices, with those for September 11 in parentheses, are:— Cotton: October delivery, 3.54 d (3.57 d. per lb. Rubber: Para, 3 l-Bd. (3£d.) per lb.; plantation, smoked, 2 3-Bd. (27-16 d. ■Jute: September-October shipments, £l6 10s. ( £l7) per ton. Hemp: None offering ( £l9 per ton). Copra, October shipments: South Sea, £lO 7e. 6d. (£lO 12s. 6d.) per ton);’ plantation, Rabaul, £lO 7s. 6d. (£lO 155.). Linseed oil: £l3 ( £l4 10s.) per ton. Turpentine: 475. (485.) per cwt. COMPANY REGISTERED. The following private company has been registered: — W. S. Ward and Co., Ltd.? New Plymouth, wholesale and retail provision merchants, etc. Capital, £2OOO in £1 shares. Subscribers: W. S. Ward, 350 shares; Kibby and Calgher, Ltd., 300 shares; J. C. Barclay, A. A. Hammond, J. Morris, H. J. Mills, J. McLean and J. McNeill 150 shares each; Dunbars Cash Stores, Ltd., and Gadds, Ltd., 149 shares each; W. T. Johnson and J. Hey, 75 shares each; F. E. Gadd and' W. H. Fuller, 1 share each. SHAREMARKET TRANSACTIONS. Wellington, September 19: Reported sales: 5 l-Bd. per cent, bonds (1937), £9l 10s.; Bycroft and Co., 265. 6d., 265. 7|d. Dunedin, September 19: Sales reported: Golden Point, Is. Id.; 5j per cent, bonds and inscribed stock (1937), £95. After call Okarito, 3s. 2d.; 5j per cent, bonds (1937), £95 2s. 6d. Auckland, September 19: Sharemarket sales: Inscribed stock, 1937, 5| per cent., £95; Bank of Australasia, £8; Union Bank, £6 Ils.; Waihi, 15s. 9d., 15s. lOd. Christchurch, September 19: Sales on exchange: Australian Bank of Commerce, 12s. 10d.; Bank of New Zealand, 41s. 7d.; New Zealand Refrigerating ( £1 paid), 95.; Okarito, Bs., Bs. Id. (two parcels). Sales reported: New Zealand Government, 5J per cent, inscribed, 1937, £95.

justed to work suceesasfully on present values of products, which appear to be stabilising at below the parity of 1014 values. “Full depreciation of buildings, fixtures and plant have been made amounting to £5410; while general working expenses show a reduction of £0981 on the year. . “The association has, notwithstanding the difficult time through which the country is passing, been able to substantially reduce its financial responsibilities, instanced by the foreign comparison:—