FINANCE & COMMERCE

Dominion, Volume 35, Issue 291, 7 September 1942, Page 2

FINANCE & COMMERCE

Bank Of England Return (By Telegraph.—Press Assn.—Copyright) LONDON, September 3. The Bank of England return for the week ended September 2 is as follows; — Issue Department.

Gold Mining The Snowy River dredge, returned 121 i ounces for 12t! hours from 20,700 yards. ' Alexander Mines, Ltd., report for the mouth of August:—Work for the mouth Wan considerably hampered by having to take men from the mine to carry out essential road work and repairs to the aerial Hue. However, the engagement of six additional'mon in the latter half of tlie month helped to Increase production a little? Stoping and filling operations were carried out. in the stopes north of No. 2 rise, and one pair of . men were part-time employed prospecting -for-an extension of stone previously” located. To 'date, this has not been found, but the major part, of tlite work has contributed mullock- tor stope filling. Tonnage for the month has been 155 tons of clean ore. Generally speaking, the mine is locking very well, the ore showing a considerable amount of free gold. The major part of the ore body now being stoped has a very fiat dip, making work more difficult than is usually the case.

Yellow Cabs Of Aust., Ltd. Yellow Cabs of Australia. Ltd., report a net protit. for the year ended June 30, of £14,470, against <30,(k»8 in tbe previous year. The directors recommend a final dividend of 41 per cent., making 8-por cent, for the year, against 1.4 per ceiit. last year, leaving a balance of £11,243 to be carried forward, against £(MOS brought in. Newton King, Ltd. Profit

A not trading profit of £20,700 compared with £20,236 last year and £25,571 in_l94o is shown in the accounts of Newton Klug, Ltd., merchants and stock ageutH, New Plymouth, for the year ended April 30. The sum of £28.611 Is brought forward, making £49,311 available. From this the directors have appropriated £13.616 for taxation reserve (£11,305 last year), and provided £9074 for payment of the years dividend on preference shares, leaving £26,621 to be carried forward. Payments of one year's preference dividend is proposed on September >3O at the unchanged rate of £5/4/- per cent, (statutory reduced from £6/10/- per cent.), less 12J per cent, security .taxes. Preference dividends are still nine''years in arrears. ' . t The biilitncing total Is '£47,408 lower at £458,245. The amount owing the bank has

been again reduced, now standing at 096, against £101,868. a year ago, creditors are £13,797 higher at £l®®'29oDebtors are less by. .£31,350 at. £208,310. Stocks stand ac £00,749, against Dow Jones. Averages (By Telegraph.—Press Assn.—Copyright.) NEW YORK, sept. 3. Dow Jones averages (1025 equals MO), and turnover on the New York Stock Lx-

Stock And Share Indices (By Telegraph.—Press Assn.;— Copyright.) LONDON, September 5, “Financial Times" stock and share indices. with previous quotations, are (Octo-

N.Z. Exchange Rates Telegraphic rates of exchange N.Z. on the overseas centres mentioned are quoted by the Bank of New South Wales as follows:— Buying. Selling. New York, dol. to £N.Z. 3.254- 3.2Q50 Montreal, dol. to £N.Z. 3.6930 India, pence to rupee .. 22 3-16 2-| Cevlon, pence to rupee'.. -2 3-16 J-i Loudon, £ N.Z. to fiStg.lOO 124 3-8 '.PJS ' Aus £N.Z. to £IOOA. .. IWi 100 Fili £NZ to £IOOF. ... 9l> 885-8 S. Africa, £NZ. to £ 1008. A. 123 . 1251-8 C. L. Innes & Co. The accounts of C. L. Innes and Co., Auckland, for the year ended June 30, dieclose a net profit of £3424, compared with £4272 last y^ ar » aQ d £3OUfi in 11M0. The amount brought forward was £2244, giving n sum available at £oo7B. lhe directors propose a dividend of 61 per cent, on both ordinary and preference shares, compared with 74 per cent, last year. This will absorb £3250, leaving £2428 to be carried forward. The report states that the result of the year’s trading must be considered very satisfactory, considering the many re. strfetions and the increased cost of materials and administration. An amount ot £lO 000 hah been set aside for income tax, which represents 75 per cent, of lhe earned profits, The total paid in respect of duty, sales tax, income tax and. security charges amounts to £51,266, a sum in excess of the capital of the company. Hume Pipe Profits After providing £29,000 for taxation, Hume Pipe Company (Australia), Limited, earned a profit of £22,549 for the year ended June 30, compared with £31,163 for 1940-41, for which taxation was £17,500. Ordinary dividend is reduced from 4 to 24 per cent. Final dividend on preference shares at 7J per cent, per annum, is unchanged.

£ £ Note issue: Govt, debt 11,000,000 In circu- Other Govt. liition 830,000,000 securities 860,100,000 In bank- Other eecuing dept. 50,200,000 Titles 1,600,000 Sliver coin 1,300,000 *£880,000,000 ' Gold coin & bullion 200,000 £880,200,000 £ 880,200,000 •Amount of fiduciary issue. Banking Department. £ £ Capital 14,500,000 Govt, secuIlest 3,500,000 ritles 131,300,000 Deposits; Discts., adPuhllc 15,100,000 rances . 7,200,000 Bankers .131,300,000 Other secuOther acs. 46,700,000 titles 21,300,000 Notes and coin 51,300,000 £211,100,000 £ 211,100,000 proportion of reserve to liabilities, 26.58 pet cent., compared with 26.43 per cent, last week. ' ' The principal items of the above return compare as follows with those of last week:— Autf.26. Sept. 2. Deposits— £ £ Public 7,300,000 15,100,000 Bankers 146,000,000 131,300,000 Other accounts .. 46,700,000 - 46,700,000 £ Securities— Government , .. Discts., advances Other securities Reserve . Note circulation . Gold coin & bullion 200,000,000 £103,100,000 130,700,000 ■ 131,300,000 6,700,000 7,200,000 18,700,000 21,300,000 52,800,000 51,300,000 828,600,000 830,000,000 200,000 200,000

change compare 1041 (high) ... 1941 (low) .... Aug 29 i*■ as follows;—, 20 Rail. 32 Shares roads. Industrials, sold. 30.88 133.50 — 24.45 109.27 - — 26.23 106.41 137,000 Aug. 31 •••••• Sept. 2. .«•••••• 26.19 26.19 26.00 . 26.09 106.33 106.28 106.40. 106.34 247,000 291.000 270,000 283,000

ber 15, 11*26 equals : (Invt. 100) Home Goldsec's. rails. trials, mines. 1941 (high) . 1941 (low) . Aug. 28 ... Aug. 31 ... Sept. 4 ... 114.6 112.0 114.4 54.3 41.5 57.4 105.9 83.0 105.2 183.3 166.4 143.0 114.6 57.6 105.6 144.2 114.6 - 57.5 105.6 144.0