FINANCE & COMMERCE

Dominion, Volume 36, Issue 20, 19 October 1942, Page 3

FINANCE & COMMERCE

Bank Of England Return (By Telegraph.—Press Assn.—Copyright.) LONDON, October 15. The Bank of England return for the week ended l October .1-1 is as follows: —

Gold Mining The Snowy River dredge last week returned 150 ounces for 111) hours. The Molyneux dredge for the period ended October .13 returned ‘2Ol ounces f cr 450. hours. McKendrick Bros. Profit The accounts ot McKendrick Bros., Ltd., Auckland, for the year ended August 31, show net profit at D23IX), compared with £2029 the previous year aud £3137 in 11)40. The profit id struck after making provision for depredation and taxation. Interim dividend at the rate of 0} per cent, per annum on preference shares absorbed £487, leaving a balance ot £1903. The directors recommend payment of a final dividend on preference shares at the same rate and 7J per cent, on ordinary shares (unchanged), leaving a balance to be carried forward ot £290. Cunard White Star Profit The Cunard White Star Line, Ltd., has declared a further dividend of 2j per cent., following the .payment of 5 per cent, last December. The company's accounts for 1041 show that the operating profit aud interest after providing for deferred repairs amounted to £2,100,958, which compares with £2,’574,501 for 1940; to tills sum is added interest on investment in the name of the trustees for the first mortgage debenture and income debenture stocks amounting to £32,758 (£9799), making £2,190,717 (£2,581,003). Depreciation ot’ the licet takes £1,ill),310 (£1,182,375), and £10,533 (£l-1,344) is-ilpplled to depreciation of plant and office furniture. After paying interest on the -first mortgage debenture stocks, and adding £lB5O (£3235) to reserve for cash, deposits and balances in European countries, the net profit for the year was £050,027 (£1,284,094), which with £1.414.351 (£130,258) brought in, makes £2,305,278. The sum of £1,500,000 has been allocated to a new general coutingencles reserve. After providing tor the dividend paid in December last and that now recommended there remains £400,278 to be carried forward. The fleet figures in the balance-sheet at cost less depreciation, at £13,589,200.

Mataki Junction Year

Accounts .of Matakl Junction Gold Dredging Company (Sydney) show a loss for the year ended June 30. ot £197. The report states that the company’s principal asset is 34,000 fully-paid shares of »/- each in Slab Hut Creek Gold Dredging Company (West Coast), which commenced operations in May and bad its first washup in June. The weekly costs ot the Slab Hut dredge were estimated at an equivalent ot 3Ooz. ot bullion. The average production for eight weeks to August 20 had been 570 z. a week. ,

Drug Houses Of Aust., Ltd.

Drug Houses of Australia, Ltd., and its subsidiary companies, made a profit of £183.049 for the year to June '3O. compared with £194.087 for 10/0-41. The parent company shows a profit of £li-.4<s. against £I(IS.2SI lust year, dividends from subsidiaries ’being £175,097, against 3SO. Preference dividend of 0 per cent, and ordinary dividend of 01 per cent (unchanged) together required £100,891. Dow Jones Averages

(By Telegraph;—Press Assn.— Copyright.) NEW YORK, October 17.

(By Telegraph.—Press Assn. LONDON, October IS. “Financial Times” stock and share indices with previous quotations are (Octo-

Profit earned by Australian Paper ■Manufacturers, Ltd., for the year to June '3O was £243,558, after providing £24G.5M for depreciation and £2500 for ’bad debts, sum of £200,000 is provided for taxation and other contingencies. This compares with profit of £242,378 in the year before, when. £200,077 was charged for taxation and contingencies and £2500 for bad debts. Amount allowed for depreciation was £234.930. APM is the operating company of Australasian Paper and Pulp, of Melbourne, which liolds 78 per cent, or ordinary capital, £2,200,000, and of Cumberland Paper, of Sydney, which holds 22 per. cent, of ordinary capital. Preference dividend of (1 -per cent, takes £OO,OOO. Ordinary dividend to the holding companies is £162,000, equal to 7.4 per cent, on' ordinary capital at June 00, against £208,000 aud 9.5 per cent, last vear. During the year record output ot 128,770 tons of paper and board products was attained. Greater part of the output was applied to tiie direct aud indirect defence requirements and the remainder to essential civilian needs.

Issue Department. £ £ Note issue: Govt, debt 11,000,000 Incircu- Other Govt. lation 840,300,000 securities 866,200,000 In bank- Other secuing dept. 33,900,000 rities . i Silver coin 1,200,000 *£880,000,000 Gold coin & billlion 200.000 £880,200,000 £ 880,200,000 •Amount of fiduciary issue. > Bunking Department. £ Capital 14,500,000 Govt, secu- • Best 3,100,000 rities 154,800,000 Deposits: Disets., adPublic 8.2011,000 vances 2,000,000 Bankers 135.300.000 Other secuOtheraes 52,200,1100 rities 20,71X1,000 Notes and coin 35,200,000 £213,300,000 £ 213,300,000 Proportion of reserve to liabilities, 18.02 per cent., compared with 19.72 per cent, last week. , The principal items of the above return ‘compare as follows with those of last wcek: ~ oct. 7. Oct. 14. UC puhii'e* - 5,600,000 8,200,000 Bankers 138.200,000 135,300,000 Other accounts . 50,200,000 52,200,000 £19-1,200,000 £195,700,000 Securities — Government, .. 148,400,000 154,800,000 Discts., advances 3,100,000 2,000,000 Other securities . 21,700,000 20,700,000 Reserve 38,300,000 35,200,000 Note circulation /. . 843,200,000 840,300,000 Gold coin & 'bullion 200,000 200,000

Dow Jones averages (1920 equals 100) and turnover on the New York block -bichange compare as follows:— 20 Rail- ' 32 shares roads. Industrials, sold. 1941 (high) . 30.88 133.50 — 1941 (low) . . 24.45 109.27 Oct. 9 . 28.58 .113.93 1,054,000 Oct. 10 . 20.02 114.93 456,000 Oct. 13 . 28.98 115.01 857,000 Oct. 14 . 28.73 114.69 660,000 Oct. 16 . 28.50. 113.27 596,UGO Stock And Share Indices

her 15. .1026, equals 100) :■ — Industrials. Goldmines. sec’s. rails. 1941 (high) 114.6 54.3 105.9 183.3 1941 (low) . 112.0 41.5 S3.0 166.4 Oct. 114.1 61.3 310.95 150.7 Oct. 13 114.1 01.7 111.1 150.0 Oct. 14 114.1 61.9 111.4 ■150.1 Oct. 36 114.1 62.0 111.6 149.6 Oct. 17 114.1 62.2 111.9 ' 149.6 Aust. Paper Manufacturers, Ltd.