STOCK EXCHANGE.

Press, Volume LXIV, Issue 19448, 23 October 1928, Page 10

STOCK EXCHANGE.

GILT-ED GEDS POPULAR. COMMERCIAL SUMMARY. (CITITID PRESS ASSOCIATION —BT ELECTRIC TELEOKAfH—COPrBIGHT.) LONDON, October 20. A feature of the Stock Exchange during' the last few weeks lias been tho wonderful strength of the purely investment sections of the market, notably gilt-edgeds, with the 5 per cent, war loan leading. In spite of counter-attractions of a more speculative character, of which a flood of new issues continues, every day sees the publication of seven or eight j new prospectuses, mostly move or less speculative, and dealing with all sorts of commodities, ranging from gramophones to disinfectants. Most of these have been fully applied for, notably the gramophone issues. This week's public issues total just under £9,500,000, bringing th'e year's aggregate to £37,195,000. Commenting on this state of affairs, the financial editor of the "Spectator" points out, "that during the past seven years the capital value of the 365 representative securities selected by the "Bankers' Magazine," has appreciated by no less than £1,500,000,000, therefore it is scarcely surprising, in view of the talk of depression in certain heavy industries, and the great volume of unemployment, that the question constantly asked is, "where does the money come from?" Anglo-Persian Oil. A considerable sensation was caused last March when the directors of the Anglo-Persian Oil Company decided not to pay an interim dividend "and to defer the question till the full year's accounts were available." It has now announced a dividend of 7i per cent, for the year, compared with 12$ per cent last year. This will come ,as a relief, for nobody had expected more than 3 per cent., and there were some pessimists who expected less, or even nothing. It is interesting to note that the British Government holds seven and a half million shares in the Anglo-Per-sian Oil Company, on which it will receive £562,500 in dividends. As the Government investment cost only £5,000,000, this is a good return. Wine Trade Depressed. The wine trade (discloses a generally depressed condition, and both the imports and consumption of wine from all sources show serious declines. This particularly applies to Australian, which is suffering severely from the combined effects q£ the reduced export bbunty and the increased import duty here. In September, 1927, imports of Australian wine amounted to 783,311 gallons. Last month they only amounted to 45,517 gallons. During the first nine months of 1927 Australian j imports totalled 3,127,281 gallons, audi for the corresponding period in 19-8, they were 1,511,305 gallons. ' Australian Eggs. | The first arrivals of Australian eggs have not met with a- satisfactory market, as supplies from all' sources are plentiful. Consequently the best price obtainable for Australian imports isabout. 17s 6d per 120. Importers have not been pushing sales, as they nope, that the market will improve air the. weather becomes colder and . Home Continental supplies get smaller. AR ready the Danish production is showing a considerable decreaso, and importers are expecting an' early improvement in prices—Australian Press Association. DAVID. JONES* LOWER EARNINGS. ' Profit of David Jones, Ltd., Sydney, * or the yea* ended July 81it was £8749 lower, at £98.186. For tho latter part of the year the capital was £84,967 more, and with tho ordinary dividend maintained at 10 per cent., and with the preference dividend, there is distributed- 'among shareholders an additional £11,866. As th« »mount tranßferred to reserve; i# maintained .at £Zs,ouu, there is carried forward £29,915, a sum £13,804 leas than was brought forward. ' . Tear ended July 31. 1937. 1928. £ / £ Net nrofit .. 106,885 98,186 ?o roeervo ■ .. 25,000 25,000 Dividend, ordinary, p.c. " , $ Dividend, ordinary, amt. 52,704 09,537 # > P ' C ' 22,329 27,402 Carried forward . 43,719 29,915 LI .. *600,000 600,000 First prelf, 6 p.c. .. 150,000 150,000 Second pref, 71 p.c. 350,000 250,000 Reserve fund 275,000 300,000 Bank .. Deposits • • 10,373 _ 50,715 Sundry creditors • • 178,023 211,352 Mortgages . ■ • 175,875 i 452,531 Branch balances .. 53,199 12,905 ASSETS— Freehold and leasehold buildings, t • fixtures, etc. .. 993,258 1,324,473 ■Stock .. 438,953' 597,766 Sundry debtors . • 239,227 272,015 Investments •• 5,275 6,275 Cash .. •• 88,503 720 * Less uncalled on both issues, £50,000, and plus £15,048 paid in advance. Tho balance-sheet is' the first since 'tho entrance to the new building, and the now building accounts for a great part of the increase, £486,838, in the balance-sheet total to £2,202,056. The increase of £331,215 in j the iteip freehold land and buildingß among . the assets accounts for the increase in the mortgage of £276,656, and for an increase of £40,342 in deposits accounts. Cash, which is £37,777 lower at, £726, is practically till-monev, and in its place thoro is a bank overdraft of £100,760, which is supported by an increase of £158,813 in stock. With an 1 increaso of £38,329 in sundry creditors, there aro additions to debtors of £32,788. , The directors state that the transfer of the company's business to. its new premises, completed during the year, though it- involved sotne dislocation of business, which had its effect on. the expenses rate of .the first part of the trading period. Had been shown by the results to be amply justified. The additional space' available had resulted in an increase in turnover quite uj> to expectations.

HORDERN BROS., LTD. Increase of £1936 in net profit at £42,595 shown in the accounts of Hordern Bros., Ltd., for tho year,to July 31st, was earned on an "increased' gross'profit of £9448. A comparison of accounts follows: — Yoar ended July 31. 1927. 1928. •£ • A Gross profit . • 234,308 243,753 Expenses, depreciation, and taxation .. 193,60S 201,158 Net profit . . 40,659 42,595 Preliminary expenses written off .. Dividend,' pref., 9 p.c. 9,000 9,000 Dividend, ord., 6 p.c. 13,500 , 13,500 To reserve .. 24,757 15,000 Forward .. .. 3,616 8,711 LIABILITIES— - ■ ' Capital: . Preference. .. 100,000 100,000 Ordinary .. 225,000 226,000 Reserve .. 243 • '25,000 Creditors, mortgage, and overdraft .. 173,108 234,746 ASSETS— Freehold, leasehold, fixtures, and plant 322,778 • 280,611 Stocks .. 175,723 199,102 Debtors .. 49,074 52,507 Cash and sundry assets .. . 44,554 41,644 Goodwill ~ 48,093 48,093 Rebuilding operations, the report states, were continued during the vear, and are proceeding satisfactorily. .The balance-oheet shows ( an increase in combined creditors, -mortgage, and overdraft item of £61.638, and nn the assets side the rroun freehold, leasehold. fixtures, and plant ii higher by £5T,833. Stocks, which the directors state have been valued on n conservative basis, have increased by £33,370.