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Company Meeting
BENNETT AND
FISHER'S
SATISFACTORY TERM
Turnover More
Than Maintained
WOOL APPRAISEMENT
At the half-yearly general meeting of
shareholders of Bennett & Fisher,
Limited, held at noon yesterday, the
chairman of directors (Mr. T. S.
Cheadle) said: — 'As you are aware, this
being the interim half-yearly meeting,
it is not necessarv nor customare for
any statements of account to be placed
before you. However, before moving
the adoption of the directors' report for
the half-year ended December 31, 1939,
I propose to give you some comments on
the position generally.
'Dividends have been declared far the
half-year on the A and B preference
shares at the rate of £5 per cent, per
annum (paid on January 31, 1940), and
on the ordinary shares at the rate of
£2 10/ per cent, per annum, payable to
day.
'Although, until September, condi
tions were somewhat difficult, an im
provement was evident soon after the
fixing of prices for wool and meat. At
the same time, there was a keen de
mand from New South Wales and Vic
toria for sheep for restocking, and your
company received a substantial amount
of this additional business. Clients
were fortunately able to dispose of
their surplus stock at most satisfactory
prices. The company more than main
tained its turnover for the half-year;
in fact, most departments showed a
pleasing increase.
Good Betnms For Producers
'You will readily understand that our
business is vitally dependent on the
success of the primary producer. We
are indeed fortunate, therefore, that
Australia has Great Britain behind her
to lift her wool, meat, and other pro
duce at such satisfactory prices. I say
satisfactory prices, because I think
nearly everyone will agree with me that
had it not been for the arrangement
between the British and Common
wealth Governments, the man on the
land would not be receiving anything
like the same return for bis products.
'That Great Britain should be able
to take our exports while at war, be
cause she is still mistress of the seas,
gives us a sense of security and pride
to be part of the great British Empire.
Wool Appraisements
'The advent of the declaration of
war in the first week of September
naturally brought about the cancella
tion of the opening of the wool selling
season in Australia. Negotiations were
immediately begun between the Im
perial and Commonwealth Govern
ments with a view to taking over the
Australian wool clip for the duration of
the war and one full year after. Owing
to the magnitude of this proposition,
there was some slight delay before the
deal was finalised, but by the middle of
October a scheme was evolved (based
largely on the one which came into
operation during the Great War) and
instead of wool being sold by auction
as formerly, it is now appraised hr ex
perts representing the Imperial Gov
ernment and also the woolbrokers.
-'Althoug the appraisement of wool
\tes six weeks later in starting than
the usual selling season, it speaks
volumes for the organisation, when it
is realised that by Christmas the whole
of the leeway had been made up: and
over one and a half million bales of
?wool had been apraised and paid for
representing £25,000,000 in Australian
currency. Appraisements are continu
ing rapidly and smoothly and the bulk
of the Australian -wool clip win be dealt
with by the end of March.
'It is estimated that the cUp this sea
son will realise about £60,000,000 and
the distribution of this money is being
of considerable assistance to the Com
monwealth Government and financjqi
institutions in helping to finance war
expenditure and so on.
'The Imperial Government, through
Its Australian representatives, the
Central 'Wool Committee, distributes
the proceeds to growers fourteen days
after their wool has been appraised, less
ten per cent., which is retained for
contingencies. This retention money
and probably a further dividend will
be distributed to the owners of the -wool
some time after June 30, which is the
end of the wool year.
Record Figures
'Your company continues to make
satisfactory progress and it is estima
ted that we will dispose of over 50,000
bales of wool this season, this being an
increase of 7,000 bales as compared with
last year.
??'Of course, on the other hand, as
one would expect, expenses are rising,
and no doubt companies will have to
' bear their share of increased taxation.
However, I hope the Governments will
not place too heavy a burden upon
them as has been the case on some
occasions in the past.
'Seasonal conditions generally
throughout the State are quite good,
and I see no reason why the company
should, not continue to make satisfac
tory progress, despite war conditions.
'As far as fat stock Is concerned, I
consider that prices should be main
tained, because of the arrangement
with the British Government, but as
regards store stock, a lot depends on
the way the season opens. It is too
early even to attempt to forecast the
position, which will be better known
by the time we meet here again in six
months.
-This is a resume of affairs as I see
them today, and although perhaps it
is too much to expect the war to have
ended by our next meeting, let -is trust
that - the Allies' position will be so
securely established by then as to
hasten our ultimate victory.
'I now formally move the adoption
of the report and would ask seme
shareholder to second it.'
The motion was seconded by Mr. C.
W. Brebner, and carried unanimously.
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