Unassociated Document


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.

     
CENTRAL FUND OF CANADA LIMITED
(Registrant)
  
         
         
Date           February 23, 2009        
/s/ J.C. STEFAN SPICER
  
 
    
(Signature)*
  
         
*Print the name and title under the signature of the signing officer   
  
J.C. Stefan Spicer, President & CEO
  

 
 
 
 
 
 
                                                                                                                  
EXHIBIT INDEX
 
CENTRAL FUND OF CANADA LIMITED
 
 
Exhibit to Form 6-K for Press Release of Financial Statements February 24, 2009
 
 
Exhibit A:
Press Release of 1st Quarter Financial Statements as of January 31, 2009.
 

 
 
 
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)

   
January 31
    
October 31
  
   
2009
    
2008
  
 
Net assets:
            
Gold bullion, at market, average cost
  $526,252,976 (2008: $526,252,976)
   $ 892,526,795       709,313,709  
Silver bullion, at market, average cost
  $475,723,982 (2008: $475,723,982)
     607,080,577       450,336,352  
Cash
     851,738       1,470,435  
Short-term deposits
     43,396,640       45,498,877  
Prepaid insurance, interest receivable and other
     171,217       262,962  
      1,544,026,967       1,206,882,335  
Accrued liabilities
     (1,196,004 )     (1,358,756 )
Dividends payable
     -       (1,524,677 )
Net assets representing shareholders’ equity
   $ 1,542,830,963       1,203,998,902  
 
Represented by:
                
Capital stock
  Class A shares issued:
  152,467,713 (2008: 152,467,713)
   $ 1,041,758,353         1,041,656,871  
  Common shares issued:  40,000 (2008: 40,000)
     19,458       19,458  
      1,041,777,811       1,041,676,329  
Contributed surplus
     3,572,357       4,693,182  
Retained earnings inclusive of unrealized
  appreciation of holdings
     497,480,795       157,629,391  
    $ 1,542,830,963       1,203,998,902  
                 
Net asset value per share:
                
Class A shares
   $ 10.12       7.90  
Common shares
   $ 7.12       4.90  
 
Exchange rate:                                       U.S. $1.00 = Cdn.
   $ 1.2364       1.2165  
                 
Net asset value per share
expressed in Canadian dollars:
                
Class A shares
   $ 12.51       9.61  
Common shares
   $ 8.80       5.96  


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 -
 
 
 
 
CENTRAL FUND OF CANADA LIMITED
Statement of Income
(expressed in U.S. dollars, unaudited)


   
Three months ended January 31
  
   
2009
    
2008
  
Income:
            
 Interest
   $ 180,345       312,955  
 Change in unrealized appreciation of holdings
     339,851,404       205,097,189  
      340,031,749       205,410,144  
Expenses:
                
 Administration fees
     797,327       760,954  
 Safekeeping, insurance and bank charges
     352,099       355,514  
 Shareholder information
     46,862       48,258  
 Directors’ fees and expenses
     36,623       33,097  
 Stock exchange fees
     32,591       28,484  
 Registrar and transfer agent fees
     15,560       13,780  
 Accounting fees
     13,580       18,166  
 Legal fees
     5,722       42,793  
 Miscellaneous
     315       296  
 Foreign currency exchange loss
     491       -  
Total expenses
     1,301,170       1,301,342  
 Net income inclusive of change in
  unrealized appreciation of holdings
   $ 338,730,579       204,108,802  
Net income per share:
                
 Class A shares
   $ 2.23       1.63  
Common shares
   $ 2.23       1.63  


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