- Report of Foreign Issuer (6-K)
February 24 2009 - 3:33PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For
January 31, 2009
CENTRAL
FUND OF CANADA LIMITED
(Translation of
registrant's name into English)
Suite
805, 1323 - 15th Avenue S.W., Calgary, Alberta , Canada T3C
0X8
(
Address
of principal executive office)
[Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F:
Form 20-F
o
Form
40-F
x
[Indicate by check mark
whether the registrant by furnishing the information in this Form is also hereby
furnishing the information to the Commission pursuant to Rule 12g3-2(b) under
the
Securities
Exchange Act of 1934.
YES
o
NO
x
[If
"Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): N/A]
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
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CENTRAL
FUND OF CANADA LIMITED
(
Registrant
)
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Date February
23, 2009
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/s/
J.C.
STEFAN SPICER
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(
Signature)*
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*Print the name and title under the signature of the signing
officer
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J.C. Stefan Spicer, President & CEO
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EXHIBIT
INDEX
CENTRAL
FUND OF CANADA LIMITED
Exhibit
to Form 6-K for Press Release of Financial Statements February 24,
2009
Exhibit
A:
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Press
Release of 1
st
Quarter Financial Statements as of January 31,
2009.
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Exhibit
A
February
23, 2009
Central
Fund of Canada Limited (symbols: NYSE Alternext U.S. - CEF, TORONTO-CEF.A) has
today released selected comparative financial information relating to net assets
and results of operations for the three-months ended January 31,
2009.
CENTRAL
FUND OF CANADA LIMITED
Statement
of Net Assets
(expressed
in U.S. dollars, unaudited)
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January
31
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October
31
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2009
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2008
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Net
assets:
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Gold
bullion, at market, average cost
$526,252,976
(2008: $526,252,976)
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$
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892,526,795
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709,313,709
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Silver
bullion, at market, average cost
$475,723,982
(2008: $475,723,982)
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607,080,577
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450,336,352
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Cash
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851,738
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1,470,435
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Short-term
deposits
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43,396,640
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45,498,877
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Prepaid
insurance, interest receivable and other
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171,217
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262,962
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1,544,026,967
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1,206,882,335
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Accrued
liabilities
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(1,196,004
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)
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(1,358,756
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)
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Dividends
payable
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-
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(1,524,677
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)
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Net
assets representing shareholders’ equity
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$
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1,542,830,963
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1,203,998,902
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Represented
by:
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Capital
stock
Class
A shares issued:
152,467,713
(2008: 152,467,713)
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$
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1,041,758,353
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1,041,656,871
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Common
shares issued: 40,000 (2008: 40,000)
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19,458
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19,458
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1,041,777,811
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1,041,676,329
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Contributed
surplus
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3,572,357
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4,693,182
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Retained
earnings inclusive of unrealized
appreciation
of holdings
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497,480,795
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157,629,391
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$
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1,542,830,963
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1,203,998,902
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Net
asset value per share:
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Class
A shares
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$
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10.12
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7.90
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Common
shares
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$
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7.12
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4.90
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Exchange
rate:
U.S.
$1.00 = Cdn.
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$
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1.2364
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1.2165
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Net
asset value per share
expressed
in Canadian dollars:
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Class
A shares
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$
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12.51
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9.61
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Common
shares
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$
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8.80
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5.96
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This
analysis should be read in conjunction with Central Fund’s financial statements
prepared in accordance with Canadian generally accepted accounting principles
included in its 2008 Annual Report and the accompanying Management’s Discussion
and Analysis.
The
change in net assets as reported in U.S. dollars from period to period is
primarily a result of the changing market prices of gold and silver and the
proportion of each held by the Company. Changes in the value of the
U.S. dollar relative to the Canadian dollar will also have an impact on net
assets when reported in Canadian dollars.
Net
assets increased by $338.8 million during the three months ended January 31,
2009 as a result of increases in gold and silver prices.
.
- 2
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CENTRAL
FUND OF CANADA LIMITED
Statement
of Income
(expressed
in U.S. dollars, unaudited)
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Three
months ended January 31
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2009
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2008
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Income:
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Interest
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$
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180,345
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312,955
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Change
in unrealized appreciation of holdings
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339,851,404
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205,097,189
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340,031,749
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205,410,144
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Expenses:
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Administration
fees
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797,327
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760,954
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Safekeeping,
insurance and bank charges
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352,099
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355,514
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Shareholder
information
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46,862
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48,258
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Directors’
fees and expenses
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36,623
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33,097
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Stock
exchange fees
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32,591
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28,484
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Registrar
and transfer agent fees
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15,560
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13,780
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Accounting
fees
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13,580
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18,166
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Legal
fees
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5,722
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42,793
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Miscellaneous
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315
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296
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Foreign
currency exchange loss
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491
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-
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Total
expenses
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1,301,170
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1,301,342
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Net
income inclusive of change in
unrealized
appreciation of holdings
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$
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338,730,579
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204,108,802
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Net
income per share:
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Class
A shares
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$
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2.23
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1.63
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Common
shares
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$
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2.23
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1.63
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Net
income (inclusive of the change in unrealized appreciation of holdings) for the
three months ended January 31, 2009 was $338.7 million compared to $204.1
million for the comparative period in 2008. Virtually all of the
income was due to unrealized appreciation of holdings. Certain
expenses, such as administration fees which are scaled, have varied in
proportion to net asset levels or, in the case of stock exchange fees, with
market capitalization based on the number of Class A shares
issued. Administration fees, which are calculated monthly based on
net assets at each month end, increased during the three month period to
$797,327 from $760,954 as a direct result of the higher level of net assets
under administration.
Expenses
as a percentage of average month-end net assets for the three-month period ended
January 31, 2009 were 0.09%, compared to 0.10% for the same three-month period
in 2008. For the twelve months ended January 31, 2009, the expense
ratio was 0.37% compared to 0.42% for the prior twelve-month
period.
Central
Fund of Canada Limited is a specialized investment holding company which invests
primarily in long-term holdings of allocated, segregated and unencumbered gold
and silver bullion and does not speculate in gold and silver
prices. At January 31, 2009, the Class A shares of Central Fund were
backed 97.2% by gold and silver bullion and may be purchased or sold with ease
on either the NYSE Alternext U.S. (formerly the American Stock Exchange Symbol:
CEF) or The Toronto Stock Exchange (Symbols: CEF.A in Canadian dollars and CEF.U
in U.S. dollars).
For
further information please contact:
J.C.
Stefan Spicer, President & CEO
Email:
info@centralfund.com
Website:
www.centralfund.com
Telephone:
905-648-7878
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