INCREASED EARNINGS

Dominion, Volume 28, Issue 81, 29 December 1934, Page 14

INCREASED EARNINGS

N.Z. Loan & Mercantile Agency The accounts o£ the New Zealand Loan and Mercantile Agency Company for the year ended June 30 reflect the improvement in the price of wool last season. Gross profits rose from £354,520 for 193233 to £485,948, and there is a net profit, after all charges, including debenture interest and taxation, of £89,038, which compares with net losses for each of the three preceding years, that for 1932-33 being £41,426. It is proposed to pay a year s arrears to June 30, 1931, on the prefetence stock, requiring £38,750 net, and the remainder of the profit is added to the balance forward, making it £77,414. For the fourth successive year no payment is proposed on the ordinary stock. The balance-sheet shows an advance on the year in cash from £454,356 to £965,563, and in the buildings of trustee recurities from £366,948 to £517,096. Advances on wool and produce, however, show a decline from £326,578 to £215,609, and secured loans and other advances i decline from £2,823.263 to £2.295,466. Current accounts owing to the company are larger at £606,639, against £560 ; 485. Current accounts due by the coinpanj stand at £583,396, against £585,072, thi. item including contingent and taxatic.’j reserves. The balance-sheet again contains a note stating that no provision has been made for depreciation in the currency values of the net assets in Aus tralia. Less Idle Shipping

The latest quarterly return of the Chamber of Shipping reveals a further' appreciable reduction in the tonnage of ships laid up in Great Britain anti Ireland. Changes in the net tonnage of idle shipping since 1932 arc shown below : —

Not all of the 91 vessels which were removed from their “rusting places” during the third quarter of this year found employment on the high seas under the British flag, for 49 British ships have been reported sold to foreign traders and to British and foreign ship-breakers. But the figures suggest that there has been an increase of about 155,000 gross tons in British shipping in commission between July 1 and October 1. This, at least, is a sign of a welcome, if meagre, improvement, remarks the “Economist.”

No. Net Ions Oct. 1. J932 .... of ships 871 (OOO'.s) 2182 Jan. 1, 1933 .... "GO 1971 April 1, 1933 .. "GO 18(M July 1, 1933 ... "93 195S Oct. 1, 1933 .... G12 1589 Jan. 1, 1934 .... 482 11239 April 1, 1934 .. 453 1079 July 1, 1934 ... 421 1042 Oct. 1, 1934 .... 330 818