MEAT TRADE.

Star (Christchurch), Volume LXVI, Issue 20425, 2 October 1934, Page 9

MEAT TRADE.

Bi-monthly Shipments to United Kingdom. PRODUCERS' REPORT. The New Zealand Meat Producer. Board reports that the shipments to the United Kingdom during the first half of September were as follows: Sth. X.Z. Au*t. Amer. Mutton (c’e£s.) 74.64 1 37.1<i'J 10,257 Lamb (qrs.) 177,621 38.150 66.603 Beef— Frozen (qrs.) 11,576 67.527 52 4 Chilled (qrs.) 497 Killings for Export. Killings for export from October 1. 1933, to September 15. 193 4. and for the corresponding ucriod of last season NORTH ISLAND. 1933-34. 1932-33. Beef, qrs 381,78 1 427.566 Wether mutton. e’es 783,707 926.828 Ewe mutton, c cs 641,60.) 553.260 Lamb e’es 4,545,932 4.199.391 Porkers, e'es 3 3 5.775 2 62.060 Baconers. e’es, . . 92.985 52,323 Boneless beef. frt. e’es 449.087 371,160 Sundries, frt. c’cs. 205,488 275,642 SOUTH ISLAND. Beef, qrs 404 1,210 Wether mutton. e’es 58.268 157.557 Ewe mutton, c’cs. 345.528 374.178 Lamb, c’cs 4,205,777 4,595.483 Porkers, c’cs 14.820 2.293 Baconers, c’cs. . . 8,064 1,534 Boneless beef. frt. f.’cs 63.380 63.686 Sundries, frt. c’cs. 89,704 69.458 Stocks on Hand. Stocks on hand on September 15 this and last year were:— NORTH ISLAND. Sept. 15. Sept. 15. 1934. 1933. Beef, qrs 89,505 14 9,123 Wether mutton, . c’cs 51.357 34,306 Ewe mutton, c’cs. 34.192 16.887 Lamb, c’cs 56,040 41.593 Porkers, c’cs 26,43 4 49.290 Baconers, c’cs. . . 2,259 3,182 Boneless beef. frt. c’cs 162.951 41.872 Sundries, frt. c’cs. 54,823 103,656 SOUTH ISLAND. Beef, qrs 404 1,134 Wether mutton. c’cs 1.612 1.391 Ewe mutton, c’cs. 27.728 19.525 Lamb, c’csi 10.129 49,053 Porkers, c’cs. 939 31 Baconers, c’cs. . . 965 400 Boneless beef. frt. c’cs 22.784 8.479 Sundries, fri. c’cs 18.184 7,773 ENTERPRISING POLICY. Accounts of Farmers’ Auctioneering Co. Definite and convincing evidence that the disastrous (dump which threatened to paralyse New Zealand industry, has been left well in the rear. is provided in the annual accounts of the Farmers’ Auctioneering Company, which have just been made available. These indicate a very heavy turnover, and show both gross and net profits at a higher figure than they have been for four years. An enterprising policy, coupled with keen and careful management, had, in prosperous times, built up a strong financial position; so strong that the stress of business depression, while curtailing its profits, never seriously impaired its inherent strength. Thus, when wool and meat values improved last year, substantially increasing the receipts of the Waikato farmers, the Farmers’ Auctioneering Company was in excellent shape to take advantage of the improved conditions. As a consequence profits have increased to such a degree that the directors have felt justified in resuming the payment of dividends to ordinary j shareholders. In this connection it should be emphasised that- holders of preference shares have always received their distributions without any interruption or any deduction other than that imposed by the National ExpendituTe Act. Past Years Compared. The following table indicates the trend o£ operations in recent years: Profits. Dir. General Gross. Net. p.c. Reserves, il H Pref. Ord. £ 192 r, . 200.107 55.508 G 8 20,376 11)26 . 131.373 37.930 6 6 26.376 1927 . 107.862 18.294 « 1928 . 130.530 41,065 « 6 20,376 1920 . 148.991 51.009 6 8 29.704 1930 . 146,578 40,261 6 7 29.764 1931 . 103.45 4 13.196 6 1932 . 88.510 5.651 0 1933 . 95.646 17,087 6* 1934 . 113,742 33,008 C* 4 20,000 •Subject to reduction to 5 per cent it* terms of the National Expenditure Adjustment Act. The accounts submitted on October 2S, 192,5, were for a period of eighteen mouths ending July 31. . Strong Financial Position. The balance-sheet provides the most convincing evidence of the definitely forward move that has been made since the last accounts were presented. For the purposes of comparison the position at July 31 over three years is shown below:— LIABILITIES. 1931. 1933. 1931. Paid capital . . 479.593 479~953 475L953 Mortgages .... 386 314 Fixed deposits . 23.701 16.175 7.950 Sundry creditors 46.474 23.367 26,942 Customers’ ors. 5.012 3.371 4.248 London office .. 1.945 - —, Bank of N.Z. . . 23.632 Total outside liabilities .. 101,211 43.227 39.342 The capital account shows £750,000 authorised: £658.267 has been subscribed, of which £405.055 are ordinary shares of £5 each. Uncalled under this head totals £178.314. Preference shares at £1 ea Y. al/ caiied up, total £253,212. ASSETS. 1931. 1933. 1934. et c Properties .... 16!).402 105,139 161.445 Mneliinery and plant 6,963 4.312 3.027 Office equipment 4,687 4.100 3.360 London office . . Sundry debtors, etc 310.086 192,005 167.897 Stocks 80.322 87,710 88.226 Investments .. 39.883 41.691 40,293 Ban# N.Z., etc. Total assets . 023.405 554.338 566.255 When the difficulties which have confronted fanner financing organisations throughout the country over the last three years are borne in mind —difficulties which have involved tremendous losses to many old-established concerns—the record of Farmers’ Auctioneering becomes impressive in its evidence of sound and careful management. During all the turmoil of the disastrous slump years it never talk'd at balancing time to show a credit in the profit and loss account. Preference shareholders have never missed a dividend payment at due date, and. although ordinary shareholders have been compelled to forego their usual distribution, their capital was never in jeopardy and now their turn has come for a dividend. EXPORT OF EGGS. (Special to the “Star.”) DUNEDIN. October 2. The Otago Egg Exporting Committee has already sent two shipments of 31.000 dozen eggs to London and is sending another 60,000 dozen in two more shipments. The aim of the exporters is to get the eggs to London in time for the Christmas demand when the prices are best. This is the eleventh season of New Zealand’s exporting and it is satisfactory to learn from a leader in the venture that he has never heard of a claim on account of eggs going bad.