COMMERCE AND FINANCE

Otago Daily Times, Issue 24226, 19 February 1940, Page 12

COMMERCE AND FINANCE

COMPANY EARNINGS TREND IN AUSTRALIA UPWARD MOVE ARRESTED y —y 'p i £ Profits announced by 677 Australian public companies engaged in all classes of industry, with the exception of mining, aggregated £26,335,013 in 1939, compared with £26,955,777 in the previous year..?’Fewer companies reported higher, profits, ,■ and losses were incurred by-more concerns. Steady profits were announced by 110 companies,' increased by 285 and lowered by 282. In 1938, 70 per cent, of these companies reported higher earnings.

The highest profit-earner was again the Broken Hill Proprietary Company, Ltd., with net earnings of £1,431,513, the largest profit ever announced by an Australian company. The only other seven-figure profitmaker was the Colonial Sugar Refining Company. Ltd., with £1,005,670.' Because of the low price of wool and the reduced Australian clip, pastoral houses were again the principal sufferers. These important undertakings, however, with the excellent season being, enjoyed and an assured market for their products at profitable prices, should•‘rea f pf higher profits this year. Commenting on.the figures, the Melbourne, Herald states that the upward trend Of profits of public companies has already been ■ arrested, but it is reasonable to expect that a majority will maintain c- satisfactory earning rate under war-time conditions. It remains to be seen what impacts higher taxation will make on the efficiency of company managements, and on the optimism of the share market. DIVIDENDS AND CALLS The following is a list of shares on which dividends will shortly be payable:— ; Worksop Dredge—lo p.c. (free ©£ income tax) To-day Dominion Investment - and Banking, Ltd., Auckland —5 . p.c. p.a. .. -Feb. 20 Kelburn. and- Karori Tramway. —final 2i p,c., making 5 p.c. p ; a. .. .. ... ... .. Feb. 26 Bifverton Tramway—7s : per. share ■■ V; ;. v. .v .. Feb. 29. Carlton and United Breweries —interim half-year pref, and ; y.'v ord., Is 3d per share .. . v Ffib. 29 Southland Frozen Meat-r-final, 8d peKshareVsordS. and pref. Mar. 1 Elder SmitiU'LtG., .Adelaiae — interirhkat; ? p.c; Carlton Brswe^,^.-interim half-yearlyv-7f- per .cent. .. Mar. 1 ♦N.Z. p.c. p.a. . ... .. Mar. 2 Joseph Nathan and Co.—ord., 10 per cent- .. .. •• Mar. 6 Capel Court, Ltd., Melbourne —3 p.c. . ,}K, .. .. Mar. 11 •Electrolytic .’-ZinC—drd. and pref., interim, 12 px.- p.a. .. Mar. 15 •Broken Hill South—6d per ’ • share .. ~ -..i, Mar. lb W. E. Carpenter—interim . ..... half-year,;s p.c;;;:;;; Map. 45 Huddatf; Parker—pref., 3 p.c.; ord.i;Z.p.c. .:AA Mah-<l6 Hume’Pipe (Australia), Ltd. —interim pref.;;3| p.c.; ord., 3 p.c.) •. .<■' .. .. Mar. 30 Calls . % V • Woolw'orths ; final,;. : lt)s : a, share ;■ ..V .. Feb. 29. Dunedin,: Brewery'-and ..WSL son Malt Extract Co., final, ssv*-v. : Ai*. >-•■■■'.-i ■ Mar; 1 A.C.1., new, 5s a share .. Mar. 31 •Quoted ex-dividend on Stock Ex-, change. '"'.' !>; THE NATIONAL MORTGAGE ; DIVIDEND ; DECIARED ■ j . 4 4 ' 4-S-4... i'Hn ■<: ’ ■ (United AWtji&oh)': (By Electric Teli»raph--Copyrjght)'. ■ 1 ‘ LONDON. Feb. 17. (Received Feb. 18, at 7 p.m.) The National Mortgage and Agency Company of New. Zealand has declared a 2| titer cent; dividefidv making, a total, of 5 per cent; ■vr ■: • ' SYDNEY STOCK EXCHANGE (United Press Association) i (By Electric. Telegraph—Copyright) SYDNEY. Feb. 17. (Received Feb. 18, at 7 p.m.) v The following sales were made thismornb,g:-

STOCK INDICES > (United Press Association) (By Electric Telegraph—Copyright) V LONDQN, Feb. 16. Stock Indices compiled by the Financial Times October, 15, 1926, equals 100 V

SILVER QUOTATION (United Press Association) (By Electric Telegraph—Copyright) LONDON, Feb. 16. Silver—Fine, 20id an ounce; standard, 22id.

LOCAL AND OVERSEAS MARKETS

MERCHANDISE MARKET DIFFICULT TRADING CONDITIONS Business in the grocery trade is becoming more difficult every day.-as the wholesale houses cannot now supply many lines of imported goods. Moreover, a number of New Zealand packings are getting into short compass, and supplies of these have to be rationed to grocers. These factors, of course, restrict trade, whereas overhead charges remain the same. Another anxiety which has been placed on grocers follows the petrol restrictions, especially where customers live at considerable distances from their grocers, who are faced with the question of dropping this outside business, even though their association with their customers may have covered a number, of years. ... . , .Bags and Paper Advances have been recorded in the prices of satchel bags, fruit bags, and cake bags. Cable advice has been received notifying an advance in the price of parchment .paper,’. This line has been In short .supply'in Dunedin for some time past. White printing paper has also advanced in price. A difficulty is being experienced by the merchandise houses in securing supplies of brown paper. Sugar Steamers The Waimarino and the Port Waikato will arrive this week with cargoes of sugar. Supply of Sauce v ‘ A shipment of Lea and'Perrin’s sauce has just reached the market. The payment will be made under the deferred payment plan now in vogue in the Dominion. The landed cost of the sauce will be very high. Pottles and Cartons Honey pottles, drinking straws, and oyster cartons show an increase in price. . ‘ MUTUAL LIFE ASSURANCE RECORD NEW BUSINESS 1 The Mutual Life: and ; Citizens’ Assurance Ltd.,: reports that the new-business completed for the year 1939 was a record in both sections of the business. Particulars are as follows: —Ordinary branch, £8,388,170; industrial branch, £4,506,793; total, £12,894,963. LONDON MARKETS (United Press Association)

; (By Electric Telegraph—Copyright) LONDON, Feb. 17. (Received Feb. 18, at 7 p.m.) Friday’s closing prices were as follows: Cotton: Spot, 8.12 d; March, 7.93 d. ■ Rubber: Para, 13d; plantation smoked, 13 l-Bd. Linseed oil, £46 ss. Turpentine, £2 14s 9d. > MOUNT LYELL SHARES ; (United Press Association) < (By Electric Telegraph—Copyright) Y;; ' • LONDON,. Feb. 16. Mount Lyell shares, are quoted at 26s 4Jd; ..V.,- :■ V; wv'v.’i:*

; NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) ; xk • LONDON, Feb. it 6. ’•New Guinea Gold, shares are quoted 'at Is 4£d. , , • tIN QUOTATIONS A -'.HA •4 (United Press Association) ,{Bjr Electric, Telegraph—Copyright)' LONDON, Feb. 16. , ' Tin: Spot, £240 15s to £241; forward, £241. w . FOREIGN EXCHANGES (United Press Association) (By Electric ’Telegraphy-Copyright) LONDON, Feb. 16. New. York, dollar to £1 .. 4.03 Paris, .franc to £1 1768 Montreal,:dollar to,-£l ... 4.45 Amsterdam,ffioriii?, to £1 ... 75.45 .'Switzerland'.'franc to £1 .. 17.90 Stockholm, kroner’to £1 .. 16.90 Athens.'drachmae to; £1 540 Lisbon, 'escudo to £1 .. ... 16.80 Kobe, pence' to yen : . .: 14 15-64 Hongkong, pence to dollar .. 14 29-32 Shanghai, pence to dollar.’.,. . 4 9-32 Brussels, belgas to £1 . 23.825 Rome, lire to £1 .. .. ... 24.175 Tokio, pence, to yen ■ .. 20.37 Copenhagen, kroner to £1... 20.43 •Milan, lire to £1 . . 78.00 Oslo, kroner to £1 v r ,. . .. 17.70 . Argentine, pesos to £1 .. 17.30

FRUIT AND PRODUCE WORLD Reilly’s report selling:— Per Dozen—Eggs: Guaranteed, fis 9d; storekeepers’, Is 6d to Is 7d. Carrots, Is. Parsnips, Is 6d. Lettuce, Is. Each.—Champion egg crates. 24 dozen, 18s. Per Half-case. —Peaches, 4s 6d to 6s. Apricots, 5s 6d to Bs. Nectarines, 4s 6d to 6s. Plums: Burbank, 2s 6d to 4s 6d; Satsumas, 3s 6d to ss. Greengages: 3s 6d to 6s 6d. Plums: Dessert, 3s 6d to 5s 6d; cooking plums, 2s to 3s. Pears: William Bon Cretian, 4s 6d to 6s 6d. . Per Case—Lemons: Californians, 58s. Oranges: Jamaicans, 22s to 30s. Jamaican grapefruit, 14s 6d to 25s 6d. Bananas, ripe, 255. Pines, 22s 6d. Apples; Gravensteins, 7s 6d to 9s 6d; cooking, 7s; Worcester Pearmains, 7s to 8s 6d. Per Bucket— Raspberries, 13s 6d; loganberries, 12s 6d; cultivated blackberries, 10s 6d. „ . , Per Lb.—Grapes, Is 5d to Is 6d. Peaches, dessert, 3Jd to sd. Apricots, dessert, 5d to 5Jd. Nectarines, 3d to 4d. Plums, 2a to 4£d. Black currants. sd. Green Peas. 3d to 3|d. French beans, 2|d. Scarlet runners, 2|d. Butter beans, 2d. Rhubarb, Id. Sweet corn, 3s 6d. Local and Kakanui tomatoes, 4d to 7Jd; Christchurch outdoor, 2d to 3d; Central Otago, 2id to _ 4d. Kumeras, 2d. Mushrooms, Is 3d. Pickling onions, 2d. Garlic, 6d. Butter: Storekeepers’, lid. Bacon, prime, Is 3d. Pigs: Baconers, B£d to 8d; porkers, BJd; over-weights, 3d to 4d. Clover honey, 7d to 8d; second grade, 6d. Beeswax, Is 4d. Per Bag.—Cauliflowers, 2s to 4s. Cabbages. Is to 3s. Per cwt. —Marrows. 4s. Onions, 17s sd. Potatoes, 5s to 6s. Olive oil, 18s. Lime sulphur, 3s 9d per gallon. Restar, i-gallons, 4s 6d. Semesan, 11m 8s 6d. Red Rose nicotine, sulphate, 101 b 435, 21b 13s 6d, lib 7s 6d. lib 4s 6d D.P. derris for white butterfly control. 11b tins 2s 3d. 101 b tins 15s. Woodwool, 30s. Fruit wrapping paper, 2s 9d ream. , , . Fowl wheat, to 7s; second grade, 6s. Maize. 7s 6d. Oats: Gartons. to 3s 6d per bushel: crushed oats. 12s 6d. Cross • keys meatmeal, 15s per bag. Oyster grit, 6s 6d per bag. Bran, £ 5 10s Pollard £6 15s. Chaff, 8.G.5.. £5 10s. Oaten sheaf, £3. Hay, £4 15s per ton Palmer’s chickfood, 21s 6d per iooib. , y- ' Per Pair. —One hundred and seventeen cockerels at Is 2d to 10s, 419 hens Is 6d to 5s Bd. 33 ducks 6s 6d to Bs, and 14 pullets 5s 6d to 13s per pair. REILLY’S CENTRAL PRODUCE MART. Moray place, Dunedin, Cl.

MINING NEWS ARGO DREDGE RETURN (Per United Press Association) GREYMOUTHj Feb. 17. The Argo Dredge return was 290 z for 130 hours’ work and 12,000 yards treated. NEW RIVER RETURN The official return of gold won by the New River Company’s dredge during the week ended on February 15 was 40oz from 9500 yards treated in 121 hours. MOLYNEUX DREDGE For the period ended on February 9 the Molyneux Company’s dredge operated 105 hours and recovered 104 oz of gold. WHITE’S ELECTRIC DREDGE White’s Electric dredge, during the week ended on February 15, won l 290 z of gold from 3600 yards treated m 119 hours’ dredging time. WORKSOP RETURN A return of 30oz of gold obtained from 8800 yards in 93 hours is reported by the Worksop Extended Gold Dredging Company for the period ended on February 15. * BIG RIVER REPORT Big River Gold Mines. Ltd., submits the following report for the week ended on February 15:— No. 5 Level—North stope: Stone 3ft 6in wide. This stope is rapidly shortening. . , , _ No. 6 Level.—Drive; Advanced five feet; stringers in face. South block: Stone 4ft 6in in width; length, 14 feet. Shaft; Sunk five feet; total, 112 feet. Battery.—Twenty-seven tons of stone w?re sent to the battery.

MACDUFFS, LTD. CONSIDERABLE PROGRESS ACCOUNTS SHOW NET PROFIT OF £17,366 The accounts of Macduffs, Ltd., chain store proprietors, for the 12 months ended December 31, 1939, show that considerable progress has been made. The company made a net profit ot £17,365 15s sd, against a loss, of £34,384 in 1938, and it considerably improved the position ot its liabilities. The net profit has been transferred to the profit and loss appropriation account. leaving a debit balance to be carried forward of £17,018 9s lid. It will be recalled that a receiver was appointed in this company on November 1, 1938, following difficulties which arose after an amalgamation with Shillings, Ltd., in December. 1937. Later the board of directors was reconstructed. The reconstructed board announced in its last annual report that it had taken steps for the efficient internal reorganisation of the company, and it now reports that by the end of March. 1939, duplicate stores in Wellington and Christchurch had been closed and all plans for the rehabilitation of the company were m process of execution. From then on, they report, in spite of the many other difficulties common to all traders, the position of the company had progressively improved. In September the company made a payment of 7s 6d in the £ to its deferred creditors, who unanimously extended their moratorium to February 29, 1940. The report contains figures showing the improvement in the company’s liabilities. The bank overdraft was reduced during the year by £28.041, the amount owing to deferred creditors by £19,403, and the net reduction in liabilities' was £44,832. The amount owing to current creditors showed an increase of £2612. It is now being proposed to the deferred creditors that they accept a further payment of 7s 6d in the £ and grant a period of 12 months within which the balance owing to them is to be paid. The directors record their appreciation of the substantial assistance given to them by the deferred creditors. “The accounts show,a net profit of £17,365 15s 5d,” the report continues, “ after taking full account of all known losses and writing off all allowable depreciation. This amount has been transferred to profit and loss appropriation account, leaving a debit balance to be carried forward of £17,018 9s lid.”

Commonwealth Bonds—* /• ~ 3 p.c. Bonds, 1954 ... 103' 9 4 d.C. Bonds, 1941 ... 163 4 p.cl Bonds. 1950- - ...104 0 0 Associated News (pref.)- ; ,c . 0 18 6 Permanent Trustee ■ n • ... 1 u 9 Broken Hill Pty. (bonuS) •? /. 2 8 6 Millaquin Sugar .. ;v 2 3 0

Govt. SecuriHome IndusGold 'ties. rails trials. mines. Feb. 5 . 109.2 52.0 95.8 190.4 Feb. 6 . . -109.0.. 51.7 96.3 190.8 Feb. 7 . . ; 108.8 52,9 96.5 190.9 Feb. 8 . . .108.1 54.1 96.3 190.7 Feb. 9 . . 109.0 55.2 . 96.5 190.2 Feb. 12 . , 109.1 57.1 96.8 189.8 Feb. 13 . . 108.-1 57.0 96.5 186.0 Feb. 14 . . 109.2 58.2 96.7 188.4 Feb. 15 . . 109.2 57.9 96.7 187.8 , Feb. 16 . . 109.1 57.2 96.7 188.9 '