COMMERCIAL.

Taranaki Daily News, 10 November 1922, Page 2

COMMERCIAL.

QUEENSLAND WHEAT HARVEST. By Telegraph.—Press Assn.—Copyright. Brisbane, Nov. 9. The wheat estimate for the 1922 season is 1,961,000 bushels. The total in 1921 was 3,025,000 bushels. NELSON BROS.’ DIVIDEND. London, Nov. 7. Nelson Brothers’ meeting showed a creditbalance of £74,974. A dividend of 10 per cent, for the year tax free was declared, and £25,636 was carried forward. FOREIGN EXCHANGE’S AFFECTED BY REPARATIONS. London, Nov. 7. Ths Foreign Exchanges are demoralised owing to the reparations difficulties, combined with the disturbing Turkish news. Marks slumped heavily touching 39,000, and closed at 35,500. French francs closed at 69.15, Belgian at 75.35. LOCAL MARKET PRICES. The present market prices are as follows

WELLINGTON MEAT EXPORT CO. AN UNPROFITABLE YEAR. The balance-sheet of the Wellington Meat Export Company, Ltd., for the fifteen months ended September 30 shows that the company, in common with many similar concerns, has suffered from the slump in values. The gross return from freezing, sales, manufactures, etc., was £39,761, and transfer fees brought in £lO, and there was brought forward from the previous year £2644, making the total £.42,415. Interest, discount, and exchange absorbed £23,137, and the expenses under all heads totalled £11,628, making the aggregate’ £34,765, and showing a surplus of £7650. In order to write off £15,000 for depreciation of works, properties, and plant, £Bll3 has been taken from the reserve fund and added to the credit balance for the period, making £15,763. After writing off the amount stated above £763 remiains, which is to be carried forward. That means that there is to be no dividend this year. There is a sum of £15,000 at credit of the dividend equalisation account, which could have been drawn upon to pay a dividend, but the directors preferred not to touch this reserve. At thei last annual meeting the company’s financial period was altered to end at September 30, instead of June 30, in order to give more time for the realisation of the season’s produce before balancing; while this adjustment will be beneficial In the future, a slight disadvantage is reflected in the accounts now under review, as three months of the slack season have been added to the ordinary year, when very little revenue was received, while overhead expenses were considerable. The principal items in the balance-sheets or

It will be noted that the liabilities have been substantially reduced, the bank overdraft being. £128,623 less than « year ago, the deposits received have been reduced by £15,629, and drafts against shipments are less than half what they were last year. The meat trade is a fluctuating one, and if the season now about to open sees prices steady most of the freezing companies that have shown losses this year will recover their position.

(spot cash) : — Buying. Selling Eggs • • 10 12 Hams 0 10 1 1 Butter (creamery) pats .. 1 10 Butter (creamery) bulk .. 1 9 Butter (separator) <14 10

this year and last year compare as under:— 1922. 1921. Liabilities— £ £ Capital paid up 227,597 227,542 Unclaimed dividend 88 7.OIK) 302,044 Bank overdraft 173,421 1,738 17,367 29,774 43,783 101,829 205,972 Drafts against shipments 105,000 113,113 763 11,748 647,210 928,668 Assets — 376,300 379,532 Land, premises, etc 43,875 110,041 Consignments 108,452 97,524 213,577 204,475 21,000 21,000 43 60 647.210 92S.66S