IN SOUND POSITION

Sun (Auckland), Volume II, Issue 429, 10 August 1928, Page 12

IN SOUND POSITION

INVESTMENT AND BANKING ASSOCIATION “Good wine needs no bush —a good balance-sheet needs no comment, and no amount of explanation is enough for a bad one/’ said Mr. Alfred G. Lunn, chairman of directors of the Dominion Investment and Banking Association, at the annual meeting yesterday afternoon, when the report for the past year was adopted unanimously and without comment.

A feeling of complete satisfaction at the results already achieved, combined with a note of optimism regarding the future, was apparent at the meeting of five directors and 26 shareholders. The report was described by the chairman as being an exceedingly satisfactory one in every respect. Supporting the chairman were the following directors: Sir James Gunson and Messrs. C. H. Furness, E. R. N. Russell and G. Winstone, jun. The remaining directors, Messrs. H. P. R. Caugliey, D. Pollok and J. A. Warnock were absent. “The results of the past year should be eminently satisfactory to all shareholders.” said the chairman in moving the adoption of the annual report and balance sheet.. “It has been an unusual year, and as far as we are concerned it has been employed in strengthening founda“The increase of 80 per cent, in the shares gives an indication of the substantial amount of work that has been done and I should like to stress the fact that *it has been carried out at an exceedingly low cost. I do not think that the comparative costs of any other association on record have been so low. “There has been a very large increase in savings bank deposits—an increase of 100 per cent, up to the time the bal-ance-sheet was printed. Since then there has been an increase of £4.000.” It was unnecessary, he said, to tell shareholders of the depression that had existed during the past two years. It had not been easy to get money, and the depreciation in the value of old buildings, together with the general state of values, had necessitated the use of the greatest care in selecting securities. He welcomed Sir James Gunson back to Auckland, and observed that Mr. Caughey would soon be returning. “I do not think there is any possible doubt that we shall be able to go on as we have done in the past,” he added. “We are paying a dividend of 7 per cent, and are putting away a little. Last year's reserve of £SOO is to be added to by another £SOO, and I hope that, in the future, we shall be able to make very considerable additions. “Everything about the balance-sheet indicates that the association will have the happiest possible future. On the motion of Mr. C. McCullough it was decided to fix the remuneration of the directors at £SOO a year, not only for the future, but for last year, the amount to be distributed in the manner from time to time resolved upon by them. In thanking the shareholders for their action, the chairman said that the question had come before the annual meeting last year, but the directors had decided to decline the offer as they wished the association to gain a sound footing. They were now of the opinion that a fee for their services could be accepted. The retiring directors, Messrs. J. A. Warnock and G. Winstone, jun., were re-elected, and Messrs. Hutchison, Elliffe and Cameron were reappointed auditors. APPLE SALES SLOW

ISLAND ORANGES IN DEMAND: ROUND THE MARKETS Or> the city markets to-#iay the demand for apples varied, but sales all round were rather slow, Poorman oranges are down, but Islands are selling freely, fT'REE tomatoes are almost finished. - 1 * Ripe tomatoes will be dear this month. Repacks now sell from 25s to 30s. Island bananas, ex Tofua, sell at 17s green. The shipment was 1,200 cases. The market was bare until the new lot arrived. Kumeras, pumpkins and swedes are in good supply and there are fair quantities of cabbages and cauliflowers. Vegetables are in keen demand. To-day's poultry sale was well supplied with birds. Values were firm. Hens and cockerels are selling well, but the inquiry for ducks has fallen considerably. Pigs met with slightly easier values Weaners brought 8s to 12s: slips 34s to 18s; porkers, £2 to £2 ss; ' and baconers, £3 5s to £4. Quotations: fruit r Apples.—Sturmers, 5s to 8s: Delicious Smith, Os ?o°T 2 r£un 4 i S oe t s? & Wmesaps, 7s to 8s b 1 ' Ba P r?rs?Ts C °^ S 9s and NeliS ' 6s to = Tomatoes.—lsland, 4s to 6s. Lemons.—Bs to 14s. Oranges.—Repacks (Island), 16s to 17s* Poorman, 6s to Bs. Bananas.—Repacks, 25s to 30s. Fruit by the Marama realised these prices:— Mandarins.—los to 14s. Passions.—23s to 27s 6d. Lemons.—los to 15s. Navel Oranges.—los to 14s Common Sydney Oranges.—Bs to 10s. FIELD PRODUCE Potatoes.—Southern, 7s 9d to 8s 6d cwt; new, 2d to 41d a lb. Onions.—Californian. 18s 6d a crate; Japanese, 16s 6d to 17s 6d a crate. Kumeras.—Tauranga, 14s to 16s a cwt; Island, 12s 6d to 15s a cwt. Cabbage.—Best quality, 12s to 20s a sack; second quality, 2s 6d to 7s 6d a sack. Cauliflower.—First quality, 12s to 16s a sack; seconds, 5s to 8s a sack. Swedes.—2s 6d to 3s 6d a bag. Pumpkins.—Triumble, 10s to 12s a cwt; Iron Bark, 6s to 8s a cwt. Citron Melons. —5s to 8s a cwt. Beans. —9d to Is 6d a lb. Lettuce.—ls to 6s a case. Cucumbers.—ss to 7s 6d a dozen. Vegetable Marrows.—4s to 7s a dozen. Cabbage.—On benches, 2s 6d to 9s a dozen. Cauliflower.—On benches, 3d to Is 3d each. Celery.—Best quality, 4s 6d to 7s a bundle; others, Is to 3s a bundle. Rhubarb. —4s to 6s a dozen bundles. Spinach.—9d to Is 3d a dozen bundles. Pumpkins.—On benches, 9d to 2s 6d each. Spring Onions. —3d to 7d a bundle. Radish. —6d a dozen bundles. Carrots. Parsnips. Beet and Turnips.— 9d to Is 3d a dozen bundles. Leeks.—3d to 6d a bundle. POULTRY Bay-old Chicks. —5d to lOd. Cock Chicks. —2s to 2s 9d. Prime Heavy Cockerels. —5s to 6s. Prime Lighter Cockerels. —4s to 4s 6d. Light Cockerels. —2s 9d to 5s 7d. Heavy Hens.—3s 9d to ss. Lighter Hens.—3s to 3s lOd. Roosters. —3s to 3s 9d. Bucks. —Old, 2s 4d to 3s; young, 3s 6cl to 4s 6d. Muscovy Bucks.—2s to 4s 4d. Pullets.—ss to 7s. Goblers. —12s to 19s. Turkey Hens. —6s Od to Bs. CAMBRIDGE DAIRY COY. BONUS TO SUPPLIERS (From Our Own Correspondent) CAMBRIBGE, Thursday. The Cambridge Bairy Company will distribute £23,000 to-morrow to suppliers, being an interim bonus on butter and cheese for the past season. The final bonus will be available when stocks are realised, and when final figures are available the company’s payout for the past season is expected to be as high as any in South Auckland.