FINANCE & COMMERCE

Dominion, Volume 37, Issue 7, 4 October 1943, Page 6

FINANCE & COMMERCE

Bank Of England Return

(By Telegraph.—Press Assn.—Copyright)

LONDON, September 30. The Bank of England return for th© week ended September 20 is as follows:— £ . £

The following returns are for the month of September:—Barry town, 515 ounces for 516 hours from 255,000 yards; Kanieri, 2131 ounces, 552 hours, 231,000 yards; Arahura, 1074 ounces, 443 hours, 221,000 yards.’ Nestles, Ltd., Profit Profit of £224,497 was shown by Nestle and .Anglo-Swiss Condensed Milk Co. (Australasia), Ltd., for year ended June 24, after providing £225,700 for taxation and £52,400 for depreciation. For 1942 the profit Was £223.037 (taxation £393,615 and. depreciation £52,400). Provision for taxation for 1942 and in previous years, however, was greater than necessary, resulting in a surplus of £66,000, which .was,transferred to reserve for contingencies, making it £176,000. Preference dividends of 8 per cent, and ordinary dividend reduced from 12 per cent, to 9 per cent., were recommended. Forward contracts at tlie close of the year under review amounted to £496,056, compared with £264,144 12 months earlier.

Renown Collieries', Ltd. Dominion Special Service. ■ AUCKLAND. October 2. The accounts of Renown Collieries Limited for the year ending July 31 show a net profit of £6lOO, compared with £5600 in the previous year and £7lOO in 1941. Profit is struck after makipg provision for taxation of £13.121 and includes the trausf»r of £1927 from railway adjustment account. Last year's tax provision was £1713. The directors state ' this ’ year s accounts include the basic figure arrived at by the Mines Department for average net profit in accordance with the Waikato Coal Mines Central Emergency Regulations. Gross profit at £29,031 compares _witn £14,049 in the previous year. The directors recommend a dividend of <■ per cent, on preference shares, unchanged, and. Sd. a share on ordinary shares (last year <d.). Control Of Chocolate Cocoa and chocolate arc now under control In Australia. A committee has been set up to ensure that man-power and materials are used as effectively P<>s s ible f and production goals fixed. Shortage of ericoa and chocolate for civilian consumo■tion was due to extraordinary demands by the services for chocolate tor emergency rations, and' for cocoa ana chocolate for service canteens. The entire output of one of the largest makers in the industry .had been earmarked for the services for the past vear Twelve thousand tons of West Atii can cocoa beans were brought tralia last year and 1500 tons were imported from Samoa and New Hebrides Elfore the war Ihe average annual importation was 14,000 tons. Brake On Trust Business National security regulations in Australia' had accentuated the difficulties or conducting the company’s extensive trust business, said the chairman of Perpetual Trustee Co., Ltd., Sydney. Mr. T. H. Kelly , at the annual meeting. The brake on realizations in trust estates, imposea by the regulations was a very serious one. it frequently held up administration, and in some cases to the point of preventing discharge of liabilities. N.Z. Exchange Rates

Chungking, N.Z.'pence to 1 Chinese Natl, dollar . — » Stock And Share Indices

(By Telegraph.—Press Assn.—Copyright.) 7 LONDON, October 2. Govt. Home Jndus- Gold-

Dow Jones Averages (Bv Telegraph.—Press Assn.—Copyright.) toy icive i YORK, October 1.

Note issue: Govt, debt 11,000,00') In eircu- Other Govt. lation 986,400,000 securities 968,300,000 In bank- Other secs. 700,000 inc dept. 13,800,000 — — *£1,000,000,000 Gold coin 200,000 £ 1.000,200,000 £1,000,200,000 •Amount of fiduciary issue. Capital 14,500.000 Govt. sec. 209,700,000 Best 3,000,000 Discts., adDeposits: * ranees 1,900,000 Public 9,300.000 Other secs. 29,000,000 Bankers 173,400,000 Notes and Other ace. 53,200,000 coin 15,400,009 £256,000,000 £ 1256,000,009 Proportion of reserve to liabilities, 6.48 per cent., compared with 9.a4 per cent. last week. The principal items of the above return compare as follows with those of last week: — Sept. 22. Sept. 29. Deposits— £ £ 9,300,000 Bankers 164,400,000 173,400,000 Other accounts . 53,100,000 55,200,000 £224,700,000 £237,900,000 Securities— Government .. 203,800,000 209,700,000 Discts., advances 000,000 1,900.000 Other securities . 16,800,000 29,000,000 Reserve 21,200,000 15,400,090 Note circulation 080,700,000 986,400,000 Government Stock Prices (By Telegraph.—Bress Assn.—Copyright.) LONDON, September 30. Government stocks are firm but inactive. The following table gives the mean Stock Exchange quotations for consols and coloniai inscribed , stocks, compared with those of September 23:— Price Variation £ s. d . £ s. d. Consols, 2J p.c. TO 7 6 0 12 6f Fund. Loan, 1940-90 . 113 2 6x 1 12 6* War Loan, 31, 1952 . 1U4 13 9 O 3 9t Corn-, Loan, 31, 1901 . 104 12 6 0 5 Of Victory Bonds, 4 p.c. 113 1 3 o i sr C’wealth, 4, 1945-75 . 102 3 9 0 1 34 C’wealth. 4, 1943-50 . 100 5 0 O 5 ot C’wealth, 3 : ], 194S-53 . 100 15 O 0 13* C’wealth, 34, 1956-61 .. 96 12 6 C’wealth. 3, 195G-5S . 93 12 6 O 2 Of N.S.W., 31, 1930-50 .. — — Victoria, 3, 1929-49 .. 97 15 0 0 2 6t Victoria, 5. 1945-75 .. 101 17 6 O 5 Ot Q'land, 3, 1942-47 .... 98 7 6 0 7 6t S. Aust., 3, 1916 (opt.) S3 0 ( ) same S. Aust., fl. 1945-57 .. 102 0 ( ) 0 5 -Of W. Aust., 4, 1942-62 .. 100 15 0 . 0 5 Of Tasin., 4, 1942-62 .... 101 -0 0 o 5 Or N.Z., 41, 1948-55 .... 104 10 0 0 S 94 N.Z., 3, 1945 100 0 0 O 5 Of ♦Lower. fHigher. xEx interest. Gold Mining

Teleurapliic rates of exchange on overseas centres, as supplied by the Bans or New South Wales, are as follows:On Buying . Selling. New York. do!. to £N.Z. 3.2<-42 3.2050 Montreal, dol. to £N.Z. .. 3.603J India, pence to rupee .... 2’3-16 3.5290 2211-16 22 11-16 Ceylon, pence to rupee .. £-'o-lo London, £N.Z. to £ lOOstg. 124 3-8 125 Aust,. £N.Z. to £100A ..100} ■ 10O Fill £N.Z. to £100F. ... 00 S. Afrlc, £N.Z. to £100S.A. 123 S3 o-S 125 1-8

rails. trials. mines. 1942 (high) . 1942 (low) .. Sept. 23 .... Sept. 27 .... Sept. 2S .... 114.4 113.4 112.3 112.5 112.3 64.6 54.1 65. S 66.3 ■ 66.3 11S.0 iXi.H 130.il 130.2 130.2 158.1 . 128.1 164.6 165.4 . 165.1 165.6 Sept. 29 .... Sept. 30 .... Oct. 1 112.6 112.7 66.2 66.1 130.2 130.2 165.2 165-4

Dow Jones _,<{??« $ uals "roads. Industrials, sold. 1942 (high) .... 29.2S T ,!,ooi 191° (low) P-.J2 q’nnt .. 35.20 141.00 601,000 31 34.1)3 140.30 607.000 ■S'J!!' 5-1 35.18 141.08 331,000 sfSt 5s:::::: 34.70 Sent "o 34.81 13M 2 Sei» t . 30 -•••••• 35.11 140.12 007.0(3) ' 460.000 571,000 Dividends And Calls NZ. Newspapers.—int. 8d. share Bartholomew Timber—final. -i Oct. 1 Oct. 1 p.c. plus bonus 1 p.c. ..... Felt'and Textiles—hnK-year. first pref. 3 p.c.; final, ord. 5 p.c. Oct. 1 United Building (CliristeliurelO— Oct. 1 Bank A'sia-int. 5 p.e. Oct. 4 Jhimv Pipe—31 p.e. prof.. 1 pc. Oct. 4 Wairarapa Farmers’— pref. 3 p.e. Oct. 1 Woolworlhs (Sy d,)—iut., u p.c. Oct. 15 Wdolwnrths (N.Z.) — half-year pref.i 41 p.e. ......... •• -a. Norili Auck. Farmers—pref. •> Oct. 15 Oct. 4 Woolworths (Vic.)—int. 3J l’cOct. 15 Howard. Smith—int., qr.. pref.." Oct. 7 Kaninhi Reefs—(id. a share • Oct. 18 Guarantee Corp.—lid. a share .. Oct. 2'J Smith Otago Freezing—ord. •» p.e. Wm. Cable—int. pref., 31 p.c. .. I.C.T.—int., 3 p.c. p.a Dee.' 1 Electro Zinc—final, pref, and ord.,. Dec. 31