Important Announcements

Sun (Auckland), Volume IV, Issue 961, 2 May 1930, Page 11

Important Announcements

Market on ’Change

By “Noon Call.”

TWO events recorded in overnight cables will react with considerable force on the New 'Zealand inarket.; firstly, the announcement of a further reduction in the Bank of England discount rate to 3 per cent., an indicatiqn that a period of cheaper money and a revival of industry is definitely at hand; secondly, the news of an increase in the Canadian tariff on New Zealand butter, approximately £1,500,000 worth of which has found a market in North America this season. The New Zealand share market is so dead now that it shows little reaction to news from outside sources. Prices remain at low levels.

ci Iir.TUATIONS Price movemnets shown by a comparison of sales over the past 24 hours with the price at the time of the pervious recorded sale, include* — Devonpcrt Steam, fall of 3d. Business on the Auckland Market Business recorded on the Auckland market over the past 24 hours included: Yesterday afternoon. —English, Scottish and Australian Bank (ex div.), £6 New Zealand Inscribed Stock. 1938, n per cent., £97 17s 6d; ditto, 1936, 55 percent., £99 ss: Mount Lyell, 28s 3d; >*ew Zealand Farmers’ Fertilisers, 18s 9d. At this morning s early call.—. New Zealand (con.). ss; Devonport Steam, 21s 6d. At midday.—Bank of New South Wales, £3B Auckland Gas, 23s 9d. Nitrogen Fertilisers Pty., Ltd. Nitrogen Fertilisers Pty., Ltd., has been formed in Melbourne, with a capital of £IO,OOO. Included among the shareholders are Broken Hill Pty., Ltd., imperial Chemical Industries of Australia and New Zealand, the Metropolitan Gas Company, and the other principal gas companies of Australia. The object of the company is to carry on and extend the work of the Sulphate of Ammonia Propaganda Committee. Dunedin Brewery and Wilson’s Malt At the fourth annual meeting of the Dunedin Brewery and Wilson’s Malt Extract Company, the chairman stated that the balance sheet showed the company to be in a very sound financial position. A dividend of 4 per cent, for six months would be declared, this being as much as the directors thought prudent to pay out, in view* of the present financial state of the country. Kaitangata Coal Year A real improvement of £9.536 is shown in the accounts of the Kaitangata Coal Co.. Ltd., for the year ended March 31. Net profits are shown at £3.728, but during the year the sum of 13.498 expended in development work was charged to working expenses instead of to capital account as in the past. From the profit of £3,728 lias to be deducted the loss brought forward from last year, £1.900, leaving a credit of £1,828. Provision has been made

for income-tax amounting to £23, and the amount standing in the balance sheet as preliminary expenses has been written down by £1,156. This leaves a balance of £649. which the board recommends should be carried forward. Bank of Adelaide A decline of £7,000 in the net profits is shown by the report of the Bank Adelaide for the year ended March Interim diyidend at the rate of Ift per cent, was paid in November, and as already announced the final dividend is at the rate of 8 per cent., making 9 per cent, for the year. The report says:—“ln explanation of the reduction of the dividend to 8 per cent per annum the directors wish to state that in view of the present financial outlook in Australia they have thought it prudent to conserve and strengthen the bank’s resources rather than to distribute a dividend at the usual rate.” The addition of £15,000 to the reserve fund increases it to £1.000,000 as against the capital of £5.250,000 Following is a comparison of the bank’s results for the last three years*.— 1928. 1929. 1930 Brought forward . 39,827 33,464 38*S7L» Net profits .. .. 128,637 145.441 138.’107 _ 168,464 178,905 176,982 To reserve . . . . 20,000 15,000 15,000 Dividend, p.c. .. 10 10 9 Amount .. . _115.000 125.000 112,500 Carried forward £33,464 £38,875 £49,482" Dividends Due Leyland-O’Brien Timber Co.— G ‘ interim, lOd a share Now. British Tobacco—pref., quarterly, 1 3-S p.c Now. Waipa Collieries—s p.c. p.a. . . Now! U.S. and A. Bank—interim,s p.c. Now. Aus. Iron and Steel—intecim, pref., 7i p.c., p.a Now New Zealand Invest.—final, 4 p.c. Now I>.l C. pref.—interim, 3 p.c. .. Now. Union Oil, Soap and Candle—interim, 9d a share May 5 Bank of Adelaide final, 4 p<• Mav 7 Waihi Gold Mine—final, Is a share May 9 Dalgety and Co.—interim, 5 p.c*. May 15 National Insurance—interim, 4d a share May 15 Queensland National Bank—interim, S p.cfT p.a May 15 National Bank of Australasia final, both issues, 10 p.c. p.a. May 2S New Zealand Paper Mills —final, 7J p.c. p.a May P. and O. Deferred Stock—interim, 5 p.c., free of English tax .. May.