NATIONAL MORTGAGE

Evening Post, Volume CXVII, Issue 73, 27 March 1934, Page 12

NATIONAL MORTGAGE

DOMINION PROFITS

(From "The Post's" Representative.) ■ n /; ' LONDON, February 23. Opinion expressed in the city is that having regard to the difficulties confronting a business engaged in producing meat and dairy produce, the report of the National Mortgage and- Agency Company of New Zealand to 30th September last exhibits a remarkably well-maintained position.

Profit, after making the tisiral allowances *"£ provisions, and including about :£ 15,000., brought forward, amounted to £33,300.: This is actually £1300 better than in the previous year. The final dividend of 2% per cent., making 5 per cent, for the year, is again proposed, leaving. £1300 to go to reserve. The latter fund thus reaches £295,000 au/1 the carry forward is roughly the same ai" the amount brought in. : •

The directors state that the course o£ the company's business in New Zealand during past year shows improvement" Ihere Has been a satisfactory rise in price or. wool and further rises have taken place since the date of balance-sheet, frozen meat prices have also shown improvement, but position of dairy produce continues very unsatisfactory. CHILLED BEEF VENTURE.

The 'Financial Time,s" iii commentine on the report, states that "this company has, of course, suffered from'the low price °E ."Oisen.'.meat-, and the necessity for .the ±sritisli Government to safeguard "the interests of the Home producer. .The same applies in the-case of butter and other dairy produce.: -■• ' ' : , " ■

; But the increase in the price of -wool lias helped to maintain profits and should " *v even m<>re marked difference in the future, in view of the further rise B™e the. date of the balance-sheet. Ihe.undoubted success achieved by recent shipments of chilled beef from New Zealand to London promises to have a far-reaching influence on the export trade of the Dominion. Closely bound up with the prospects in this direction is the. question'Of improving the quality ot the stock bred for export in chilled condition. It would be interesting to hear ■ I , HaraPden's view on the whole subject. • .