Commerce, Mining, & Finance

Evening Star, Issue 22441, 11 September 1936, Page 7

Commerce, Mining, & Finance

COMPANY NEWS W. R. CARPENTER LTD. The terms of the Commonwealth Government regarding interest and redemption payments on properties on the mandated territory of _ New Guinea, Sir Walter Carpenter said at the annual meeting of W. It. Carpenter and Co. Ltd.' last week, were very generous, and would have benefacial results.' Neither the State Governments nor the Federal Government, however, had supported the company with a ton of cargo, although it was the only Australian company owning steamers trading with the United Kingdom. “It is. hard,” he added, “to understand the policy of supporting foreign ships that could be used against us in times of troiible, and ignoring the existence of our own ships. It is to be hoped that the Governments will translate their many times spoken advo- « cacy 'of supporting Australian industry into deeds, and show their sincerity.” The company, he said, had acquired "two more aeroplanes of the latest design, one of which was made entirely in Australia. Sir Walter Carpenter uttered a warning, and this he emphasised was his personal view and was not necessarily that of the other directors, that the ' present prosperity was based on the rush of nations to construct armaments in order to complete defence in as short a period as possible. Slackness ■would inevitably follow the rush. Governments should stop borrowing for public works, but when the slackness became apparent they should then help by restarting their public works programmes. HOWARD SMITH The announcement of an interim ordinary dividend at the unchanged rate of 2i per cent, is an .important event for Howard Smith Ltd. In 1927_ 10 per cent, was paid, but distributions dwindled, and ordinary dividends were passed in the three years 1930-32. In 1933 li per cent, was distributed, and the rate rose to 2$ per cent, for both 1934 and 1935, payment being made after the close of accounts. In the last year the outlook has brightened. Instead of an unremunerative holding in Australian Iron and Steel Ltd., the company now owns 210,884 shares in Broken Hill Proprietary upon'which £26,360 (1.3 per cent, on Howard Smith ordinary capital) is being received annually. Another shareholding, 139,299 preference shares in Southern Portland Cement, also gave a small return this year after a long period.. The payment of this ordinary dividend by Howard Smith Ltd. is an indication that Australian Steamships Pty. Ltd., a subsidiary, has recovered from the effects of the seamen’s strikes in August and December. The 1935 profit of Howard Smith equalled 3] per cent, on ordinary capital, after allowing for ’ preference dividend requirements. , BROKEN HILL SOUTH ‘An increase of £143,687 in profits is disclosed in the accounts of Broken Hill South Ltd. for the year ended June 30. As usual, the directors of the company have made a preliminary announcement of the results. After providing for depreciation, taxation, and royalty, the profit is shown at £486,197, compared with £342,510 in the previous year. Of the profit for 1935 : 36 £387,747 came from the mining section and £98,450 from the investment section. The annual report and statement of accounts will be issued in October. A comparison of profits for the last three .years is as follows: Year ended June 30— 1934. 1935. 1930. Investment section— Profit - £80,671 ,£86,041 -£98,450 Mining seefon—Profit 139,543 255,869 387,747 Total profit ... ,£220.214 .£342,510 ,£486,197 DUNLOF-PERDRIAU PROFIT The directors of the Dunlop-Perdriau Rubber Company Ltd. have adopted the . commendable practice of issuing preliminary statements of profit. After providing for taxation the amount for the year ended June 30 was £305,680; This represents an improvement of £185,660 on last year, and equals 5.6 per cent, on ordinary capital after providing £93,000 for 10 per cent, preference dividends. Ordinary dividends, which -were passed last year, are being resumed with a 5 per cent, distribution. The following table shows how profits have recovered:— 1933. 1934. 1935. 1930. Profils ... £241,900 £287,030 £120,020 £305,680 Dividends ... 245,000 281,300 93,000 281,300 Pref. p.c. 10 10 30 10 Ord. p.c J 5 DAIRY PRODUCE LOCAL MARKETING UNSATISFACTORY [Per United Press Association.] PALMERSTON N., September 10. A meeting of the middle ward of the Dairy Board was held here to-day. The- following resolutions were carried : “ This meeting is of the opinion that tbe present condition of local marketing in New Zealand is . wholly unsatisfactory and uneconomic, and that the Minister of Marketing be urged to take immediate steps to bring about the necessary reform and equal distribution of the market among all factories.” “ That the Government be asked to fix_ the dates.of the working year of all dairy factories for balance sheet purposes.” “ In the event of there being a surplus in the Marketing Board’s accounts at the end of the year, that it be paid to the producers as a cash bonus.”

FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates (to-day) for purchase and sales of foreign exchanges (all rates, subject to alteration without notice) ' Buying. Selling. London—

Shanghai— N.Z. pence to 1 - dollar T.T. 17 23-64 18 23-64 O.D. 17 11-64 18 11-32 Singapore— N. pence to 1 dollar T.T. 34 27-64 35 31-64 O.D. 34 15-64 35 15-32 DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates to-day on a New Zealand currency basis. They are subject to alteration without notice; — U.S.A. Canada. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. (dol.) 4.051 4.05 J O. (dol.) 4.05 J 4.05 J BUYING— O.D. (dol.) ' 4.101 4.101 BRITISH AIRCRAFT EXPCRTS V. The July bulletin of the Department of Oversea Trade states that since the Great War the United Kingdom’s aircraft industry has been the world’s chief exporter of all aeronautical material, but when the announcement was made some time ago that there was to be a considerable expansion of the Royal Air Force, it was feared in many quarters that this would mean the stoppage of supplies for oversea buyers. In spite of emergency demands of the Government lor more Air Force equipment, the aircraft and aero engine builders have not overlooked the needs of their customers abroad. The well-known Avro Compdhy is now dealing with orders from Greece, Austria, Finland, and Australia The Spanish Government has ordered two types' of war aeroplanes from the Hawker Company, and Spain is also building other machines in Madrid under license from United Kingdom companies, including a squadron of Hawker Osprey biplanes for land or water use. The de Havilland Company sold aircraft or aero engines to 25 countries abroad last year, and they are now dealing with new orders from Iraq, Uruguay, Turkey, and New Zealand. Greece will shortly receiye from England 30 Tutor trainer biplanes, which are required to inaugurate a scheme for the expansion of the Greek air force. Thus United Kingdom manufacturers are rapidly expanding the British Air Force and at the same time increasing their export of machines to many countries in nearly all parts of the world. THE SEARCH FOR GOLD BOLDER DAWH RETURN The Golden Dawn Company reports that for 24 working days ended August 21, 982 tons of ore were treated for a return of £3,010, at £7 2s per gold ounce. WILCOX MOFFLIN LTD. A net profit of £35,000 for the year ended l June 30, against £30,128 in the previous year, was earned by Wilcox, Moftlin Limited, wool, hide, and skin merchants, Sydney, according to private advide received in Christchurch. A dividend of Is a share is being recommended on the 11s fully-paid shares, compared with 9d a share last year and Is a share in 1934. Dividend payment will require £20,000, as against £15,000 last rear. Paid capital is £220,000.

AUSTRALIAN STOCK EXCHANGES

Press Association—By Telegraph—Copyright SYDNEY, September 10. Investors on the Stock Exchange today appealed to be waiting on the Federal Budget, which will be delivered to-day, but the market displayed a strong tone. £ s. d.

MELBOURNE, September 10. There was good support for bonds; industrials were steady, with good buying of Coles. Barriers were quieter.

THE RESERVE BANK THE WEEKLY SUMMARY [Per United Press Association.] WELLINGTON, September 10. The ‘ Gazette ’ issued to-night contains the following statement of the liabilities and assets of the Reserve Bank of New Zealand as at the close of business on September 7. The figures at the close of last week are given for the purposes of comparison, shillings and pence being" omitted: — LIABILITIES. Last Week. This Week. £ £ X. Gcncr* 1 Peseive Fund 1,500»000 1,500,000 2. Bank ncues 11,148,294 11,061,011 3. Demand liabilities—(a. Slate 0,436,014 5,870,470 (b) Banks 5,697,437 6,073,391 (c) Other 288.682 255,994 4. Time deposits ... 5. Liabilities-, in currencies ©the- tW.n Nc* Zealand currency 0. Other liabilities ... 90,498 04,769 To»al ASSETS. 7. Reserve—,a) Gold 2,801,733 2.801.733 (b; Sierl ng exchange 19,799,236 18,847,195 1c) Gold exchange ... 8. Subsid.aiy coin 184,016 181,843 9. Discout' , «— (a* Con mct'-Ta) and agricultural bills (hi Tro‘!*u»v ar<l local body bills ... «_ 10. Advanc-:*--(u To State or Stale unlertakirgs ... 65,117 71,815 (b To othe u^blic authorities .. _ fo? Ornet ... • It. Investments 2,038,324 2,038,324 12. Rank buildings 13. Othei a.-»“t? 272,499 274,726 Total Proportion of reserve (No. 7 less No. 5) to notes and other Ua bilitles 95.88% 93.070% SYDNEY WOOL SALES Press Association—By Telegraph—Copyright SYDNEY, September 10. At the woo] sales 11,447 hales were offered and 10,126 sold, while 3,124 were disposed of privately. The market closed with values fully firm at the previous day’s level. There was good general competition, particularly from Yorkshire and the Continent. Greasy merino made to 29Jd, BANK OF ENGLAND* RETURNS Press Association—By Telegraph—Copyright LONDON, September 10. (Received September 11, at 11.30 a.m.) The following is the Bank of England return; — ISSUE DEPARTMENT. Note issue in circulation £445,600,000 Bank department 60,900,000 Government securities 247,600,000 Other securities 1,000,000 Silver coin 400,000 BANKING DEPARTMENT. Rest 3,700,000 Public deposits 20,400,000 Bankers’ deposits 99,800,000 Other accounts ... 37,800,000 Government securities 83,500,000 Discounts and advances 10,600,000 Ollier securities 20,100,000 Notes in reserve 62,000,000 Rate of reserve to liabilities is 39.26 per eeiit. Bank of England discount rate remains unchanged at 2 per cent.

£100 stg. £124 10/ N.Z. ... T.T. £124 O.D. £123 10/ £124 8/9 Australia — £A to £100 £100 10/ N.Z. ... T.T. £101 Fiji— £F to £100 £90 7/6 £89 N.Z. ... T.T. New York — Dollar to £1 4.08£ 4.05^ N.Z, ... T.T. O.D, 4.10* 4.05| Montreal — Dollar to £1 4.08i’ 4.05*N.Z. ... T.T. O.D. 4.10 4.05* Austria— 11 ... T.T. Schillings to N.Z. .., ... 21.08 O.D. — 21.10 Belgium— Belgas to £1 .:. t.t. 23.909 O.D, — 23.920 Czechoslovakia — Crowns to £1 97.15 N.Z ... T.T. — O.D. —- 97.20 Denmark — Kroner to £1 18.203 17.893 N.Z ... T.T. O.D. 18.263 17.903 France — Francs to £1 61.42 61.46 N.Z ... T.T. o:d. Germany— £1 Keichraarks to ; 10.035 N.Z. ... T.T. — O.D. — 10.040 Holland— Florins to £1 5.942 N.Z. ... T.T. •— O.D. •. — 5.946 Italv— Lire to £1 51.40 N.Z ... T.T. >— O.D. — 51.45 Java — Florins to £1 5.906 N.Z ... T.T. — O.D. -— 5,910 Norway — Kroner to £1 16.181 15.891 N.Z ... T.T. O.D. 16.241 15.901 Sweden-!— Kroner to £1 15.490 N.Z ... T.T. 15.785 O.D. 15.845 15.500 Switzerland — Francs to £1 12.377 N.Z ... T.T. .— O.D. • — 12.382 Noumea— Francs to £1 60.05 N.Z ... T.T. — O.D. —■ , 60.11 Papeete— Francs to £1 ... T.T. 60.20 N.Z — O.D. — 60.26 Hongkong— N.Z. pence to dollar 1 ... T.T. 17 55-64 18 55-64 O.D. 17 49-64 18 53-64 India and Ceylon— N.Z. pence to rupee ... 1 ... T.T. O.D. 22 9-64 22 3-64 22 57-64 224 Japan— N.Z. pence to yen ... . 1 . T.T. O.D. - 17 41-64 17|

Bank of New South Wales 33 2 6 Commercial Bank of Sydney 19 13 0 Australian General Insurance 0 16 9 Associated News ... (pref.) 1 1 2 3 7i 0 Australian Gas (B) 7 8 0 Tooheys 1 12 7i Carlton Brewery 2 19 6 G. J. Coles 4 0 6 British Tobacco ... 2 2 3 Australian Glass 4 14 0 Henry Jones 2 1 3 Electrolytic Zinc (ex div.) 2 0 6 Goodyear (prof.) 1 10 6 Steelman 0 18 3 Sargent’s ... 1 9 0 Permanent Trustee 4 17 6 Victoria Nyanza ... 0 13 0 Peters 2 2 3 Hackshalls 0 15 6 Mount Morgan ... 0 13 3 Mount Lyell 1 9 0 Broken Hill Pty. (new) 3 18 2 17 0 i 6 South Broken Hill 6 4 0 Zinc Corporation 4 2 6 Placer Development 5 1 6

Commercial Bank of Australia • •• 0 18 6 National Bank (£6 paid) ... 7 2 0 (£10 paid) 14/10 0 British Tobacco 2 2 6 Carlton Brewery 2 19 6 G. J. Coles ... ... 4 0 6 Electrolytic Zinc (ex div.) 2 1 3 Victoria Nyanza 0 13 0 Mount 'Lyell 1 8 10* Broken Hill Proprietary ... 3 17 ’ 9 South Broken Hill ... ... 6 4 0 Zinc Corporation 4 2 6 Emperor 0 16 2 Loloina ... 1 4 10* United Provisions 0 12 0 Sulphide Corporation 0 17 0 Irowat 0 2 1 Silverton Trams 1 17 3 General Motors 1 4 3 ‘ Herald ’ and ‘ Times ’ ... 3 9 0 • Upper Watut 0 3 0