Business Gossip

Sun (Auckland), Volume I, Issue 140, 3 September 1927, Page 5

Business Gossip

New Companies.—Three private companies were registered in Auckland yesterday:—C, A. Clarke and Son, Ltd., manufacturers of cordials and mineral and aerated waters at Rotorua. Capital, £3,000, in £1 shares, 1,000 preference shares and 2,000 ordinarv. Subscribers: Charles Augustus Clarke and Albert William Clarke, 1,000 ordinary shares each: Margaret .Jean Clarke, 1,000 preference shares. Carr, Pountney and Co., 1 Ltd., general merchants. * Capital, ! £20,000, in £1 shares. Subscribers: ! Thomas Parry Pountney and Ernest Pee- i ginald Pountney, 6,667 shares each; Henry Neville Pountney, 6,666 shares. Carr, Pountney (Morrinsville), Ltd., general merchants. Capital, £lu,ooo, in £1 shares. Subscribers: Stanley Austin Carr, 9,999 shares: John Edward Russell, 1 share. Smaller Salmon Pack.—Latest news from Canada and the United States on the salmon outlook has been more cheerful from the point of view of merchants and retailers in Victoria, who are holding stocks of last season’s fish. Cable advices state that a firmer market for salmon exists in Canada, and it is now accepted there that there will be an acute shortage of supplies. United States packers have given an indication of their prices for red Alaska and Cohoe salmon. The quotation for reds discloses an increase of . about I2i per cent., and that for Cohoes about 5 per cent, advance on the prices for last season. Mail advices from America are to the effect that the run of red Alaska salmon this year was very disappointing. The tenor of both Canadian and United States reports, therefore, may influence a hardening- in prices of all grades of salmon of the new pack. Australian Wheat Prospects.—Despite adverse reports, the Railways Commissioners of Australia are confident that the wheat crop this year will be highly satisfactory. Mr. T. B. Molomby, one of the commissioners, spent last week on a tour of inspection of the main wheat areas in the lower Mallee and northern districts, and, commenting on his inspection, said that everywhere he went the farmers were optimistic of the prospects. They believed that sufficient rain had fallen in the areas visited to ensure a good crop, and if an additional two inches falls in the next two months it is expected that the crop will be very heavy. Everybody seemed confident that the yield this year would be at least equal to that of last year. Although the tentative estimate by the commissioners and the Department of Agriculture of 40,000,000 bushels had been questioned in some quarters, the commissioners had seen nothing to cause them to depart from that estimate. NORTHERN BOOT CO. PROFITS WELL MAINTAINED Deplorable as it might appear, bad debts were a conspicuous item on every balance-sheet at thb present time, stated Mr. Geo. Winstone, sen., who presided at the annual meeting of shareholders in the Northern Boot and Shoe Manufacturing Company, held yesterday. But for the loss in bad debts, the balance-sheet disclosed a very satisfactory state of affairs, said the chairman. The earning power of the company had been well maintained. The shoe industry had never been more difficult to conduct than during the past few years. The fashions for ladies’ footwear were constantly changing, and the consequent uncertainty made successful trading difficult. Mr. J. Miller considered fuller particulars should be given in the balancesheet. As the profits made during the year, £1,171, amounted to only 41 per cent, of the working capital of the company, including reserves, he thought they would be better to pass the dividend, as had been done last year. In supporting the latter suggestion, Mr. J. B. Mack}' suggested that the selling costs might be reduced. The chairman said that the particulars given in the balance-sheet were sufficient. He did not think costs could be reduced. The dividend of Is per share was approved. The retiring directors, Messrs. Geo. Winstone and G. H. Fleming, were reelected. Mr. E. L. Jones was re-elected auditor.