COMMONWEALTH BONDS.

Press, Volume LXVI, Issue 20088, 18 November 1930, Page 12

COMMONWEALTH BONDS.

HIGHER YIELDS. Omitting the issue maturing in December next, the average yield from Commonwealth Government bonds on the Stock Exchange of Melbourne en November stli, was £7 Is 6d per cent. Dealing with the subject at the annual meeting of the Melbourne Stock Exchange, the chairman (Mr O. E. Bowden) pointed out that the average return for September, of £6 9s Id per cent., was higher than at any time since September, 1924, when the average yield was £6 12s per cent. During the previous economic depression the average yield in January, 1921, reached £7 10s per cent. Mr Bowden said little comfort could be extracted from the fact that interest rates during the present depression had not, until last week, reached the

point recorded in 1921. Relatively the rates recorded this year would have been higher had not certain factors operated. One reason was that large sums were retained in Australia because of the high cost of transference abroad. The transfer of funds overseas now was much more costly than it was during the 1921 period. COMPANY NEWS. Anthony Hordern. Directors of Anthony Hordern and Sons,' Limited, have declared dividends for the halfyear ended August 27th, payable on Novexn* ber 26th, on preference shares, at the rale of 7£ per cent, per annum, and on ordinary shares at the rate of 4 per cent, per annum. Transfer books will be closed from November 14th to November 26th, both days inclusive. The dividend on ordinary shares for the corresponding period last year was 4 per cent., and fmaL dividend 3 per cent., making 7 per cent, for the year. Colonial Sugar. Net profits realised by the Colonial Sugar Refining Company, Ltd., for the half year 1 ended September 30th, 1930, from the work of the factories and from other investments, after providing for depreciation and other amount to £350,726, contrasting with. £445,336 for the previous half year. The sum brought in is £390,488. The Board propose to pay a dividend of 20s and a bonus of os per £2O share, which, together,, will take £365,625, leave £375,589 to the credit of the profit and loss account. For the half year ended March 31st last dividend and bonus were at the above rates. The report of the directors states that the world's sugar market has been greatly depressed during the past six months, and that there is no sign yet of an advance in the prices now ruling. Both in Australia and Fiji the weather has recently been favourable for the growing crops, and the cane cut this season has been about the average in sweetness. Subject to the -endorsement by the commissioner, the percentage of the dividends and bonuses paid during the twelve months ended June 30th, 1930, liable to Commonwealth income tax is 67.7. Comparisons of main balance-sheet items are given beneath: --- Mar. 31, Sept. 30, 1929. 1930. Liabilities— Capital paid 'up .. 5,850,000 5,850,000 Reserve fund . . 975,000 1,075,000 Replacement and depreciation fund 2.189,883 2,240,195 Sundry creditors . . 1,310,479 586,027 Expense Accounts 3,015,826 3,017,129 Assets— Refineries—Australian and N.Z. 2.942,390 2,980,183 Distillery .. 119,880 120,169 Sugar mills in Aust. with plant, etc. 2.351,449 2,484,100 Sugar mills in Fiji with plant, etc. 1.391,911 1,271,778 Stock of material .. 336,914 353,659 Ocean steamers .. 100,000 * 100,000 Stocks of sugar . . 2,473,175 2,476,990 Office premises . . 66,849 56,010 Sundry debtors .. .1.513.655 2,039.932 Cash, etc. . . 2,628,020 1,673,695 Australian Glass. The directors of Australian Glass Manufacturers Co., Ltd., Spotswood, have decided to declare an interim dividend for the half year ended September 30th, 1930, on the preference shares at the rate of*4& per cent., and an interim dividend on the ordinary shares at the rate of 3 per cent., payable on December Ist. The transfer books will be closed from November 17th to 30th, both days inclusive. For the year ended March 31st last ordinary shareholders received 10 per cent, dividend and 2£ per'cent, bonus. Cox Investments. Shareholders of Cox Investments, Ltd.. at the annual meeting of the company recently, approved of the directors' report and balancesheet. The company owns all the issued ordinary shares of Cox Bros. (Aust.), Ltd. The chairman of directors, Mr B. J. Cox, explained that the aggregate profit for the year was £24,758, compared with £31,606 for the previous year. The lower figures reflected the lower profits shown by the subsidiary company, but the uet profit, though smaller, was considered by the Board to be eminently satis-

factory. In. view of the need for economy all wages and salaries had been revised and every person in the employ of the company from the Board of directors downwards, was voluntarily accepting a percentage reduction in money or a rationing of work. Sufficient profits were earned to pay the old rate of 3 0 per cent, on ordinary shares, but the directors considered it more prudent to reduce the rate to 8 per cent. The rate of interest charged by the investment company to the trading company had been fixed at T per cent. The retiring directors, Messrs T. A. McKay and A, V. Walker, and the retiring auditor, Mr G. W. Bruce, were re-elected. Shareholders approved the purchase by the company of a new issue of 21.750 ordinary shares in Cox Bros. (Aust.), Ltd. SOUTHLAND BREWERIES, LTD. | A meet-in? of directors ol' the Southland i Breweries Co., L/td., was held at JnvercarI gill on Friday, November J 4th. Tho plans for ; the new brewery were submitted by Mr A. C. J- ord, the company's architect, and approved, it was stated that the bottling plant, which comprised a new and up-to-date process of bottling, hud been, ordered and" considerable i progress had been made in modernising the j malt house and bottling store in preparation •• for a new plant which was being installed. 1 All the brick buildings had been rough, cast. It was anticipated that tenders would be called for new buildings during the week. The appointment of a brewer would bp made at the next meeting of directors.