87

H.—3o.

value set out in the books at £397,212 (the actual cost less certain writings-ofl), a figure certainly too high in 1923, but there should have been an appreciable margin over and above the mortgage to the Bank of Scotland, which stood at £60,000, and probably her total loss would have relieved the company. Certainly in reviewing the matter of advances banks carefully consider collateral advantages, such as London cover, exchange, &c., but even these were by no means lacking, and therefore the reason of the banks attitude has to me yet to be explained. Attached is a table showing the movement under the various headings. Yours, &c., E. Plumek Mountfort.

APPENDIX C.

THE POVERTY BAY FARMERS' MEAT COMPANY (LIMITED). Comparative Statement of Assets from 1916 to 1923.

I 1916. 1917. 1918. 1919. 1920. 1921. 1922. | 192S. ££££££££ Paid up capital .. .. 55.195 62,447 73,230 92,376 220,923 224,057 224,609 273,639 Uncalled capital .. .. 18,666 20,668 24,206 29,000 84,245 86,435 86,435 10,400* 20,999* Bank overdraft .. .. 55,361 76,491 82,506 88,336 205,379 265,836 326,381 303,326 Works .. .. .. 126,657 157,559 156,289 186,077 178,278 217,230 219,366 221,229 Steamer .. .. .. ■ .. .. .. 398,121 395,592 396,306 397,212 Profit .. .. .. 4,377 2,428 4,836 23,238 24,062 1,270 Loss 5,414Loss 1,394 Depreciation .. .. .. 2,834 4,860 4,946 5,862 6,295 .. ! works, 13,700 steamer Preliminary expenses written off .. 300 .. 1,234 Repairs and renewals .. 49 788 7,773 15,452 21,457 8,0.97 656 1,003 * Calls in arrear.

1916. 1917. 1918. 1919. 1920. 1921. 1922. | 1923. ££££££££ Land, buildings, plant, ma- 126,658 .. 156,289 186,077 576,400 612,822 615,673 618,442 chinery, &c., and steamer from 1920 onwards Consignments .. .. 8,911 12,308 9,072 39,361 29,815 28,675 23,390 12,760 Stock and stores .. .. 10,432 21,988 38,961 28,530 38,814 37,837 15,000 9,830 Cash in hand .. .. 63 Office furniture . . .. 167 169 220 374 421 577 610 610 Accruements .. .. 1,774 7,538 17,572 Sundry debtors .. .. 6,271 4,786 .. 64,403 8,745 49,427 32,974 3,090 Preliminary expenses .. 1,534 .. 1,235 Land, buildings, plant> &c., less .. 157,559 .. .. depreciation Preliminary expenses, less amount . . 1,235 written off Advances to clients .. .. .. 4,860 .. .. .. 15,740 7,946 3,950 Sundry. debtors, including meat .. .. 78,711 and wool advances Investments — Hydro - electric Engineering .. .. .. .. 1,250 3,750 3,750 3,950 Company (Limited) New Zealand Government in- . . . . .. . . 1,000 1,000 scribed stock New Zealand Government War 1 .. .. .. .. .. 2,000 Loan Bills receivable .. .. j .. .. .. .. .. 699 .. 15,235 " Admiral Codrington " : General 1 .. .. .. . . .. .. 6,676 2,470 average and claims outstanding " Admiral CodringtonRunning .. .. .. .. .. .. 4,521 10,364 Account Profit and loss .. .. .. j .. .. .. .. 771 2,165 i I J Totals .. .. 155,810 210,443 j 302,060 j 318,745 [ 656,445 752,527 711,311 682,866 Wellington, N.Z., 13th May, 1925.