FINANCE AND COMMERCE.

Press, Volume LXVII, Issue 20308, 6 August 1931, Page 12

FINANCE AND COMMERCE.

RUSSIAN BUTTER. NO CAUSE FOR FUSS. DAIRY ASSOCIATION OFFICIAL'S OPINION. vUXITED I BESS ASSOCIATION—BY ELECTBIC Tf.l EGRArH —COPYRIGHT.) LONDON, August 4. '•Why this fuss about the Soviet imitating New Zealand butter-boxes?" asks Mr 11. E. Davis, of the New land Dairy Producers' Association. The fact that L'kraine butter has been packed in exact replicas of New Zealand cases is not misleading anyone. When the Soviet began exporting, us expert investigated the methods of butter-packing, and London recommended the adoption of New Zealand cases md grading as the best. The Soviet slavishly followed even to the shape. The latest consignment does not differ from previous shipments. Mr Norton, of tha Australian Dairy Board, agreed that it was absurd to accuse the Soviet of disguising butter as New Zealand. Russia had no need of trickpry to gain a market. There were cases of Siberian butter in cold ■=torage, reducing prices. RUSSIAN MATCHES. CONSIGNMENT REACHES WELLINGTON. (fEESS ASSOCIATION TILEQBAM.I WELLINGTON, August 5. The steamer Matakana, which arrived in Wellington from London this week, included in her cargo a consignment of 300 cases of Russian matches. The consignees are the Russo Export Agency, Sydney. The matches were shipped to Wellington, consigned to order. There were fifty gross in each caw, eo it means there has been landed in Wellington 150,000 gross. It is stated that a similar shipment has been made to Auckland and Wellington. A merchant says that this new development will receive tlio serious consideration of the Government. It is the intention of a well-known firm to start manufacturing safety matches m Now Zealand, which would bo the means of creating work for a number or unemployed. It is possible that the likelihood of Russian competition might cause the company referred to to alter its views and not start a factory. It might be well, ho added, for tho Government to adjust the Customs duties to meet the situation.

TOBACCO DUTIES. PROTEST BY GROWERS OP LEAP. (TOMS AMOCHTJO* TKLXMUVO NELSON, August 5. The proposal of the Government to increase the import and excise duties oil cut and other tobacco whilst not dealing with item 81 of the tariff has caused considerable consternation and agitation amongst tobacco growers throughout the district. The executive of the Tobacco Growers' Association, which watched the growers' interests in 1930, carried the following motion: —"Having given careful consideration to the incidence of the recent customs resolutions dealing with tobacco duties as passed by the House, we pray the Prime Minister to give legislative effect to the Customs recommendations proposed by the Committee of the House in 1930, namely, the recommendations in that respect of the Tobacco Industry Committee." At a subsequent meeting of growers held in Riwaka, at whicn over one hundred ' growers were present, the action of the executive was confirmed, an<l a petition signed by all presont. INTEREST RATE ON OVERDRAFTS. I REDUCTION IN SYDNEY. (Received August sth, 9.30 p.m.) SYDNEY, August 5. The Commercial Banking Company of Sydney, Limited, announces a reduction of interest on overdrafts of 1 per cent, from August Ist. PRICE OF GOLD. (CSITZD PJXESB ASSOCIATION —BY ELECTRIC TELEGRAPH—COPYEIGIIT.) (Received August oth, 5.5 p.m.) , LONDON, August 4. GoW ic quoted at 84s 93 d a fine ounce. T, PRICE OF SILVER. r . (BRITISH OmCIAZ. WIBEUSUS.) RUGBY. August 4. Silver is quoted:— Spot and forward 13 1-16 d.

HARBOUR BOARD'S FUNDS The Standing and Finance Committee of the Lyttelton Harbour Board reported to yesterday's board meeting that the investment of funds was as follows: Sinking fnnds Nos. 3 and 4—£1600 N'.Z. Government 5i per cent, debentures, maturing September, 1937. Special Renewal Fund—£3oo Stratford County Council 5| per cent, debentures, maturing July Ist, 1951, for bridge renewals in East and Mangaehii ridings; £ISOO in Christchureh City Council roading loan of £220,000, at 5} per cent. ,due July sth, 1945; .11500, Christchureh Drainage Board, sit oi per cent.; £BOO in Wnitemata County Council's Titirangi riding loan of £*13,000, nt 53 per cent., duo September Ist, 1,0-19; £'475 in New Brighton Borough road-making plant loaij of j C 1773, at 5J per cent., due April Ist. IP4I. Stwial Kin? Insurance Fund—£2oo in Kangiora Borough waterworks Joan •ft 5] per cent., duo April Ist, 1036. "There arc some fen* signs that manufaelurer# and merchants aro beginning t>, r-alibe that, although there is a 'icit htill pays I<> advertise ind A r.jilui.-fioji of tin; advertising bill, i- u t necessarily a wL-o economy, if i-ronowy at all."—Lord Cainroso, Ciisirnian of Allied Newspapers, Ltd.

BANK DIVIDENDS. FACE VALUE OF SHARES. In a statement issued by a Melbourne financial house, it was contended that rates of dividends recently announced by some of tho trading banks were likely to bo misleatTTng, in that they were based on the face value of shares and not on the actual amount paid to the bank for them. This was one of the reasons, it was said, which went to explain the consistent attacks that were made on the banks because of their allegedly "big profits and big dividends." Instead of dividends representing 9 to 13 per cent., the actual dividends were m many cases less than half. The following instances were quoted to show how the dividends would appear if based on the "issue price" that had been paid for different classes of bank shares: — Amt. of lesue Share. Price. Return. £ ,£ Percent. Bank of Adelaide .5 7 5 Australian Bank of Commerce .. 1 1/7/6 3g Auf-'tralasia ..5 11 5J Commercial Bank .. 0/10/- 1 fij E., S., and A. Bank M 6 4 National Bank ... 10 11 6J Queensland National Bai.k .. ..5 7 4* Ur.ion Bank ..5 11 3 3-16 These returns were calculated on the present rate of dividend, and what the shareholder paid to the bank —not to the market. Thus, the return represented exactly the dividend which the bank was paying to the shareholder on the amount received by the bank from him. ' "Of course," said the firm, "the whole of the capital of each of tho banks was not issued at the prices stated, but a large portion was, and a vcrv great number of the shares which were obtained by present holders were acquired from the banks on tiioso terms." AUSTRALIAN BANK OF COMMERCE. Difficult conditions have been faced by the Australian Bank of Commerce, Ltd., in the' last two years, and the to Juno 30th reveals the strain which lias been imposed. Such a heavy decline in profits has occurred that tho rate of diviciend Ims been reduced from 8 per cent, to 4 per cent, since 1029, and there has been a very heavy fall in bills receivable, securities, and money at abort call in London. The net profit ia insufficient to pay tho small dividend declared, and the balance carried forward in profit and loss has been reduced by £3,416 to £26,387. Deposits with the bank have been fairly well maintained, and the advances are on a generous scale, representing 102 per cent, of deposits. Liquid assets provide 29 per cent, of cover for outside liabilities." Following aro leading figures of the last three balancesheets:— 1929. 1930. 1931. £ £ £ Profit .. 218,515 180,693 81,001 Dividend, per cent. .. 8 7 4 Capital and reserves ... 3,294,880 8,319,860 8,819,880 Deposits .. 14,714,138 13,353,280 11,190,703 Other liahili-

ties .. 1,854,760 085,267 695,581 laqiid assets 6,65ti,117 4,5G6,347 3,410129 Advances .. 13,913,155 12,795,306 11,420',845 Premises .. 411,49G 403,855 404,705 DAIRY RESEARCH. CHEESE MANUFACTURE. | (press association telegbam) WELLINGTON, August 5. Tho Minister for Agriculture (tho Hon. A. J. Murdoch) stated to-day that arrangements had. been made by Mr W. M. Singleton, Director, of tho Dairy Division, with Professor W. Riddet, for cheese instructors of the Dairy Diyision to spend some daya this week at the Dairy Research Institute, -Palmerston North, to discuss various questions relating to cheese manufacture. ... The arrangement will enable all of tho officers devoting their whojo time, to instructionjwork to get more closely; acquainted with the work being done at the institute in connexion with cheese."and also with the various tests of milk as carried out in the institute's laboratories. The excellent cooperation existing between the institute, staff, and' the officers of the Dairy Division should. help to make this conference a particularly' valuable one and further co-drdinate the work of dairy research and instruction. A SHIPMENT OP POTATOES. ! HOW THE GROWER FARED. ■ An idea of how the grower of potatoes in Cantrebury is faring at present is conveyed in particulars given to a representative of The Press by Mr James Carr, of Methven, relative to a shipment of 55 sacks on consignment to Wellington. Changes amounted to £l6 3s 7d, and the gross proceeds at Wellington totalled &16 17s sd. Mr Carr estimated that his loss on the shipment was about £ls. The details of the charges are of interest:—

Total .. 16 3 7 GRASS LANDS. RESEARCH INTO PROBLEMS. (PEES 8 ASSOCIATION TELEOEAM.) PALMEBI3TON N., August 5. No previous meeting of its kind has been so full of potentialities for grassland advancement as the conference held at Palmcrston North to-day of representatives of the interests concerned with all aspects" of grass fariftiug. This important gathering; will not conclude its deliberations until Friday. Mr A. H. Cockayno, Assistant-Direc-tor-General of Agriculture, who prosided, gave an address outlining de pelopmcnts that led up to the meeting, arid touched upon the objectives of the conference. Papers were contributed by Mr A. W. Hudson, who reviewed the fertiliser ppsition, with special reference to the problems attaching to it; 'Mr E. Bruco Levy, who gave a review of the present and future aspects of the "strain" position, and Mr F. L. 0. Scrivener, who dealt with limo research at Massey Agricultural College,

INSULATOR WORKS MENTION IN THE HOUSE. OFFER OF LOAN REFUSED. [Fkom Our Parliamentary Reporter. 1 WELLINGTON, August 5. The Government's attitude toward the Insulator Company at Teniuka was mentioned in the House of Representatives to-day, when Mr T. D. Burnett (11., Temuka) asked the Hon. S. G. Smith whether seeing that the Post and Telegraph Department took Ti per cent, of its insulator requirements from the Temuka Insulator Company, the only works of the kind in New Zealand, the Government could give nelp irom the (j nompioyment i'una i-o reopen the woriis, wrncii were ciosed on (Saturday last, and 30 employees dismissed. Mr .burnett added tnat the works two years aso employed up to /(> men.

Mr Smith replied that the question of assisting the company to keep its hands in employment for tho next six months was considered by the Unemployment . Board, and the Board submitted a recommendation to the Minister for Finance, who approved ol a loan of £IOO a month being made available from the Unemployment Fund to the company for a period not exceeding six months, repayment to be made by the company over three years at 4 per cent, per annum. The loan was conditional on tho company giving a guarantee that the services of all its present employees would be retained for the period during which assistance was given bv the Board. "In the first place," the Minister added, "these monthly advances were to be made for a period of three months only, when the position was i-o be reviewed by the Board for which purpose a report was to be obtained on tho company's activities and prospects. In declining this ofler, the chairman of directors of the company said it was not capital that was required, but niorelv assistance to keep tho men in emnlovment. Ho also stated that merchants were fairly well stocked with tiles, that the cost of running tbe works could not be met for some little time to come by the business offering, and operations "could not bo continued for tho next six months without making such heavy losses that it would not be fair to the . shareholders of tho company to continue. Ho further stated that he was therefore arranging to c'oso down until tho demand for tiles, firebricks, and insulators uvnrovod. T understand tho Post nnd Telectrnnh T)e«« reonirements for insulators have been met for tho present. . n nd further s"nolies aro not likclv to be necessary for some time to come " PARA RUBBER COMPANY. ANNUAL MEETING. The annual meeting of shareholder? of the Para Rubber Company, Ltd., was held on Tuesday in tho Chamber of Commerce Buildings. Tho directors' report showed that the year's profit with tho balance brought forward from credit of P. and L. Account, £2495 12s 4d, left an amount of £4521 lis 2d available for distribution.

It was decided to pay a dividend of 6 per cent, per annum (against 8 per cont.'pcr annum last year), to set asido £350 for income -tax, to add £SOO to general reserve, and to carry forward £2052 15s 2d. After payment of dividend, the position of financial reserves and balances is: £10,500 general reserve, £IOOO bad debts reserve, £SOO staff provident fund, and balanco carried forward £2051 15s 2d. With payment of 6 per cent, dividend this year, shareholders have had 9S per cent, of their capital returned to them since 1920. The. directors report that' trading conditions for tho present year have been extremely difficult, and that tho utmost caro was necessary to avoid credit losses. Almost all tho company's capital was invested in fluid aesots. Stocks have been conservatively valued, and now tho item £3OOO goodwill had been entirely written oJT. The retiring directors, Messrs J. A. B. Cookson, A. D. Ford, C. S. McCully, H. T. Stubberfleld, and J. W. Simes, and tho retiring auditors, Messrs Stewart, Beckett, and Company, were re-elected. MINING. ' ? CORNISH POINT G.M. CO., LTD. The mine manager reports under date July 31st: — "We have driven a distance of 1G feet for tho week ended July 31st for a.return of lldwt 12gr. There w.js a good face of wash i'or a start, but after we had driven eight feet, tho bottom rose to half-way up tho face, and at sixteen feet it cut out altogether, with a high reef swinging to the left, and a gutter two feet wido containing eighteen inches of wash on the left of tho drive. "Wo havo been three days blasting rock to obtain tho necessary fall for tho water. At tbe present timo there is every indication of the bottom dipping again and swinging to the right, but if wo do not get through the high bar in another >toii or twelve feet. 1 intend to cross-cut about twenty-live feet back from the faco. I havo put on two extra men to try and get on as quickly as possible, but if tho rock continues, I shall discharge them."

SALE OF FURNITURE AND ANTIQUES. An interesting salo by auction of . antiques and period furnituro was begun yesterday at the Choral.Hall by Messrs Jones, McCrostio Co., Ltd. Included in the catalogue is furnituro iu mahogany, rosewood, walnut, and ebony, oil paintings, old china, Sheffield plate, bronze, and pewter ware. All the articles have been imported to New Zealand from a private collection overseas. The salo wU le continued at 1 p.m. to-day. BANKS AND PUBLIC. "Iu view of the many erroneous and mischievous statements that aro being continually made by members of the community, which' aro detrimental to the banks, and the need that exists i'or people to bo correctly informed as to certain banking operations," the recent Wellington conference of tho New Zealand Bank Officers' Guild recommended that the Associated Banks publish from time to time statements (as was done recently in connexion witii the cost of tho note issue) "to enable membors of the staffs discreetly to counteract the incorrect views concerning the banks which are so widely held and expressed."

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Recorded dealings on call yesterday wero restricted chiefly to bank shares, New Zealand Breweries, and Gold Mining, in which there was a good volume of business Transactions, oxclusivo of vestibulo business, included : 25 Bank of Australasia. 200 Commercial Bank of Australia (cum div.). 25 National Bank of New Zealand.' 10 Bank of New South Wales (umu div.). 100 Bank of New Zealand. 100 Goldsbrougli. Mort. 905 New Zealand Breweries. 150 1X1.C., ord'nnry, 10(s paid. 1300 Kins Solomon. 3000 Mahakipawa. 450 Okaritos.. Bank of Australasia shares wero easier at £8 12s 6d, market closing £8 lis buyers, £8 15s sellers. Commercial Bank of Australia, ordinary shares, cum dividend, remained at 13s 9d, buyers staying in at that price, sellers at 13s lOd National Bank ot Now Zealand shares realised £4 2s 6d, closing quotations 6d on either side. Bank of New South Wales shares, cum dividend, changed hands at £24 5s and £24 7s 6d, and there were further buyers at £24 ss. sellers at £24 10s. Bank of New Zealand relapsed to 48s 7d, and there were further buyers at that figure, sellers at 48s Od Miscellaneous. New Zealand Insurance shares, ex dividend of Is per share, claimed buyers at 39s 6d. but sellers wanted 41s. Goldsbrough. Morts were firm, with buyers and business at 19s 6d, sellers at 19s 7cl. Now Zealand Breweries shares further eased to 28s 6d and 23s 3d. market closing 28s 3d buyers, 28s 5d sellers. Sellers of Staples Brewerv shares came down to 275, buyers at 255. D.T.C.. ordinary 10s paid shares, realised l-l« 7d. market closmtr 14.3 buvers. 15s (id sellers. Victoria Nvanza Sugar shares were weaker, with sellers at 17s 4d, buyers at 14s 10'1. Kin< T Solomon Gobi Minim? shares cased from ~d to 2= 3d. sellers stayin at the lowest nriee buyers at **3 2d Mahakinawa Goldfiflds shares lvd" at 7*d. and more were offered at that nrire. buvers at fiid. Olcai-ifo Gobi Minim' ehnn™"d '"-nds at 10<! s>d 10c Id and 10s. ""nvers <-f Golden T),iwn Gold Mining shares ."'Vanned their offers to Bs, sellers at 9s (3d. LATEST QUOTATIONS.

YESTERDAY'S SALES. CHRISTCHURCH.

LONDON STOCK EXCHANGE. EFFECT OF CREDIT ARRANGEMENTS. (BRITISH OFFICIAL WIEZLESB.) (Received August sth, 5.5 p.m.) 11UGBY, August 4. Developments in connexion with credit arrangements for the Bank of England, which occurred during the week-end, were reflected in the condition of the stock markets to-day. The offect of recent banking developments is regarded its an entirely favourable factor in the general outlook on the London < Stock Exchango and in the foreign exchango market. When business was resumed this morning after tho holiday, tho rateof exchange, London on New York, which was 4.85J, went up to 4.86}, and London on Paris, which was 123.90, increased to 124. Tn the stock markets marked in certain leading' gilt-edged securities was an outstanding feature of business. LONDON SHARE" MARKET. BANK AND MERCANTILE STOCKS. (UNITED rur-SS ASSOCIATION—BY ELECTRIC! TELEGRAPH —COriKIGXtT.) (Received August sth, 5.5 p.m.) LONDON, August 4. , Quotations on tho Royal Exchange are:—

BONUS TO DAIRY FARMERS. With reference to ail extract from the "New Z.ealand Exporter," published recently, that there is a bonus of two or three million pounds sterling, from exchange, to be distributed amongst tho dairy farmers of the Dominion, tho Tai Tapu Co-operative Dairy Company states that there is no foundation for tho statement. "Daity farmers have certainly benefited by the premium on exchange, but the amount has been received and paid out at tho time of shipment,'' says the company. BURNSIDE MARKET. (PBESS ASSOCIATION TILEGRAit.) DUNEDIN, August 5. There was a good demand for all classes of sheep at Burnsido to-day, and values for prime lots showed an advance of Is to Is Gd per head. Tho demand for fat cattlo was much weaker, and prices declined from 20s to 25s per head. There was little demand for storo cattle. All classes of pigs mot with a brisk sale, porkers and baconers being sold at an advanco ot 5s per head. Fat Cattle—An entry of 230 head included a largo sprinkling of plain animals and a fnw pens of extra good quality bullocks. Heavy bullocks Fold to £l9, medium to £lO 10s, light <o £ll 10s, heavy heifers to £9, medium to £7 10s, light to £6, heavy cows to £9 10s, medium to £7 10s, and light to £0 15s. Sheep—About 3800 head were offered of fair to priuio quality; also a few heavy open wool wclhers. The proportion 'of finewool sheep was large, including about 250 very fair hoggets and some prime morinn wetliers. Tho sale opened with a good demand for all classes. Extra prime wethers sold to 2Gs 3d, prime to 23s 3d, medium to 17s, light to 13s 3d, prime owes to 17s Cd, medium to Ms, light 12s, merino to lis 9d, prime hoggets to 38s Gd, and medium to 14s. Storo Cattle—AUout 50 wero yarded, including one peu of steers, Die balance being cows. There was no change in prices. I'igs—The entry consisted of 03 fats and 30 stores. All classes met with a keen demand. l'rimo porkers sold at prices equivalent to G:id, and primo baconers to sid per lb. A SYDNEY CITY LOAN. A Sydney City loan, which amounted to £1,000,000 had a currency of ten years when floated at a rate of interest of 6J per cent., matured August Ist. It was floated at .97. Tho loan will be converted in 61 per cent, debentures at 98, with a five years'' currency. Holders will receive £2 in cash for each £IOO converted. Tho conversion of the loan in London will savo the Council £300,000 that would Otherwise have had to be paid in exchange. The Commonwealth Bank and three. Sydney banks underwrote the loan,

COMPANY NEWS. ery, Ud„ for the year ended Ja»« i lha to £31,167, c° m P« rc^ iv Td o nd rate has been previous year. Tho divide 1930 to 8 per reduced from 10 per cent, gn d £7259 cent. Dividends ™«W re J;rv reserve. Capital is transferred to c . on *"J,|S?aei and reserves of tlia company is t ai77 123 include ffl Sti£S&* £180,338, and stocks £92,G*l. ELDER 3MITH AND 00. -.-r. Elder Smith and Co., at tho nient on September Ist ° nrmm for tho half* rate o£ 3 I'er cent, per annum tor dWi . year ended June. This,.««» tni djfi . dend. paid in March last, m , Teari aB comtribution of 4 per cent. W 1929-30, and 10 pared with 5 per cent, for 10-* per cent, for 1925-29. RICHARDSON AND WKENOH. Messrs Richardson and cn^f® n c ° 0^0 t the fallney, reports that in consequ . j n rea i in g-off in sales and £?"/"' the estate, the directors £"L^ r]y interim divipnyment of the u fiua ] ba 'f J i<no was 10 per dend. The dividend for 19*". cent., and for 1939 20 p«r cent. AUSTRALIA HOTEL. #37 065 A profit of £1999, compare W ÜBt^a jj a for the previous J'e ar -, IS t l e ye ar ended Juno Hotel Company, Ltd., *°E * ho j * e^C ess of the 30th. The profit is fl» » «*®" nee diviamount required to P 8 ? .£?® h P j s accordingly dtnd of 6 per cent., , ,-j £2210 13 paid. With £2191 brought forward, carried forward. ADELAIDE MOTORS. . In' a circular to preference share g j atß directors of Adelaide Motors, conditions that owing to the adve "® *1 „ jf aV a decided of tho past twelve months they _jj 0 n to postpone tho payment of the dmdena on the preference shares for that period.

PHOENIX ASSURANCE CO. LAST YEAR'S RESULTS. In their annual report for the year ended December 31st, 1930, tho directors of the Phoenix Assurance Company, Ltd., wbicß 13 now in its 150 th year, show that m spite of a very difiicu-t year dividenfis were maintained, generous allocations made to reserves, and tho financial ■ position 01 8 .company improved. In the firo department thenet premium* amounted to ZtfiMfiZl. 'ihe claims paid and outstanding totalled £l,o^B, 720, 0? 54. per cent, of the premiums. Ihe and expenses amounted' to £1,460,19/, ox 47.2 per cent, of tho premiums. After adjusting the' reserve of 40 per cent, for unexpired risks, the sum of £'76,262 was transferred to profit and loss account. In the accident department, the combinea net 'premiums amounted to £0,7J1,0»1, against which claims paid and outstanding ■amounted' to £2,259,568 or 59,6 per cent, cf tho premiums. The total commission m>,l expenses, including Dominion and joreign taxc3, amounted to £1,557,237, or 41.1 jier cent, of the premiums. After adjusting tho ■ reserve of 40 per cent, for unexpired risks, £40,259 has been transferred to profit and loss account. The accident _ funds (excluding the reserve for outstanding claims) amdunt to £1,517,500. No transfer was made from tho marine department to profit and. loss. In the life department, during the year 5993 life policies were issued, assuring £3,048.762, with annual premiums of £116,159 and single pic-miums of £24,367. After deduction of ica&trar&nces the net new assur ances were £2,934,512, the net new annual premiums £110,370, and the single premiums £23,330. The consideration money received for annuities was £113,739 Claim* by death amounted to £703,479, and £336,349 bocamo due in respect of endowment assurances matured The total life funds an>cunted to £15,841,928. A total sum of £191,501 was transferred to tho profit and loss account. Interest amounted to £576,979. The sum of £'545,212 has been set aside for the dividends payable in 1931. A reserve of £200,000 "has been made to write off the cost of businesses acquired, after which the balance of profit and loss account to be carried forward is £1,405,248. The directors recommend that & dividend of 14s per ehaw bo declared, to be payable in two instalments of 7a each, on Juno 15th and December loth, 1931.

WELLINGTON WOOLLEN COMPANY. FLUCTUATIONS OF WOOL '' MARKET. Directors of "the Wellington Woollen Manufacturing Company, Limited, report as follows; Shareholder*, in receiving this, th« fortyeighth balance-sheot and statement of profit and loss* for tho twelve months onded June BOth, 1031, will be pleased to leara that th» wirectors. after writing down stocks, and making other necessary provisions, are able to recommend tho payment of a further dividend of 3 per cent, (making 6 per cent, for the year) on both preference and ordinary shares, and that the remainder, £3083 2s lid, bo carried forward. The usual gun bf £SOOO has been written off for depreciation of plant and 'buildings, which have been well maintained out of revenue. The commercial depression mentioned in several preceding reports became more acute within the year, resulting in the company's output being materially lessened. The wool market fluctuated considerably, which added difficulty* to trading, and the earthquake at Hawke's Bay in Kobruary ' also hampered business in a large part of the Dominion where the company's products were formerly in firm demand. The directors to retire are Messrs J. JT. Dyer and A. K. Mabin, who offer themselves for re-election. The balance-sheet shows, among liabilities, capital £300,000; reserve, including Are insurance rcservo, £69,100; bank, sundry creditors, and employees' deposits, £63,031; profit end loss, less interim dividend, £12,083. Assets iucludo freehold land, buildings, plant (less depreciation), £226,331; Btocks of raw materials and gflods, £168,130; sundry debtors, £52,592, and bills receivable, £2587, less reserve fqr bad debts and discounts, £5903; insurance premiums and cash in hand £S9G.

FOREIGN EXCHANGES. (BRITISH OmCIXL WIRELISS) (Received August sth, 5.5 p.m.) RUGBY, August 4. The following are the current rates of exchange compared with those of July 28th. and par:— Par. July 26. Aug. 4

Falling flown a disused chalk pit at Blue Bell Hill, near Maidstone, Kent, ft fe\v weelis ago, a. nine-year-old boy, Charles Collier, had a remarkable escape from death. . He was birdnestinc; at the too of a pit , when he slipped through some bushes to tbe botttan. a drop of 150 ft. A playmate gave the alarm to the boy's mother, who, with a neighbour, went in search of her son. Found lying among rocks, the boy was conscious. He was sent to hospital suffering from a fractured am and severe head injuries.

& s d Commission at "Wellington . 1 5 4 Freight from Lyttelton. . 4 15 6 Cartage at Wellington 0 16 6 Wharfage at Wellington . 1 0 8 Beceiving and delivering at Wellington 0 4 7 Weighing at Wellington , 0 2 6 Grading at Lyttelton . 0 5 6 Branding at Ly ttelton 0 1 6 Boat noto and agency fee . - 0 5 0 Brokerage 0 12 9 Cartage from farm to rail . 1 7 C Sacks, 55 at 8d Bailage, Moth vein to f.o.b. 1 1G 8 at 13s lid 3 9 7

Buyers. Sellers. £ s. d. £ s. d. N.Z. Government Debentures — <i per cent. Inscribed, 1938 99 17 6 MO 2 6 41 per cent. Inscribed, 1933 99 10 0 100 5 0 14 per cent. Bonda, 1028 .. ... 99 16 0 100 fi O 5i per cont. Inscribed, — 09 10 O 1933 Si per cent. Bonds, 193C. and Inscribed, 1937 99 5 0 — 51 por cent. Bonds, 1937 99 7 6 —

Other Debentures— North Canterbury Hospital, 52 per cent., 10*0 100 0 0 101 0 0 Bay of Plenty Electric, 5 i pet cent., 1063 — 101 0 0 Thames Harbour Board, ' ' ' 6 per cent., 1943 .. —. "!» 17 0 N.Z. Breweries, Bonds 1 1 e — Glaxo, GJ per cent., 1915 £6 0 0 90 0 0 N.Z. Hcfrig., Gi per cent., 1935 93 0 0 100 0 0 Booth, Macdonald, CJ per cent., 1932 cr, o 0 67 0 0 Banks— Ausl;. o£ Commerco — 0 13 6 Australasia S 11 0 8 IS 0 Comm. o£ Aust. (cum div.) 0 13 3 0 13 10 Comm. of Aunt, (pref., cum div.) 5 10 0 G 15 0 E., S., and A. 3 0 0 3 17 6 National of Australasia (£10 paid) 0 0 0 9 15 0 National of Australasia (.£3 paid) .. 4 7 r, 4 11 G National of N.Z. 4. 2 0 4 3 0 Now South Wales (cum div.) 24 5 0 21 10 0 New Zoaland .. 2 8 7 2 8 D New Zealand (I) Jlortsago shn res) 1 7 0 — Union of Aust. C 10 0 6 11 G Insurance— National 0 12 8 0 13 0 Now Zealand (ex div.) 1 10 G 2 1 0 Queensland 1 2 c> 1 10 0 South British 2 10 0 — Standard 3 0 0 2 5 3 Loan and Agency— i Dalgety and Co, 6 8 6 8 12 0 GoldBbrough, Hort 0 19 G 0 19 7 'National Mortgage 2 0 0 2 6 0 I/nitcd Building Society 0 14 0 0 15 5 N.Z. Guarantee Corpn. 0 4 9 0 5 1 N.Z. and Mercantile (ord. stock) 42 0 0 57 0 0 Shipping— Huddart-Parker 1 1 4 Union (pref.) .. 0 19 9 1 1 3 Frozen Meat— Canterbury (ord.) 3 10 0 __ N.Z. Itefrig. (£1 paid) 0 10 3 0 11 3 N.Z. Itefrig. (10s paid) 0 3 1 0 3 3 Woollens— Kaiapoi (17s raid) 0 5 0 0 7 0 CoalGrey Valley " 0 17 G Westport 1 3 0 1 4 0 GasAuckland .. 1 2 6 Breweries— New Zealand .. .. 1 8 3 1 8 5 Staples .. 1 5 0 1 7 0 Timaru .. .. — 0 13 0 Titnaru (5s paid) .. 0 4 4 0 5 G Tooths .. 0 16 0 0 1G 11

Miscellaneous— Amalgamated Wireless (contr.) .. — 0 15 0 Australian Glass 14 0 Heath and Co. 1- 2 3 13 6 Death and Co. (la pd.) ft 2 6 0 3 0 British Tobacco 1 3 9 14 0 Colonial Sugar 33 10 0 35 0 0 1VI.C. (103 paid, ord,) 0 14 0 0 15 0 Mt. Lyell 0 IP, 8 0 ]0 9 N.Z. i)riu» Co. 2 a 3 2 14 0 ■N.Z. farmers' Co-op. (OJ per cent. Stock, 1940) .. ' 55 0 0 N.Z. Farmers' Co-op. (dh per cent; Stock, 1915) CO 0 0 Quill, Morris .. 0 G 11 Virtoria Nyanza Sugar 0 u 30 0 17 4 Whitcomho and Tombs 1 12 0 AVoulworths (N.Z.), prof. 1 3 e 1C0 Mining— Cornish Point ... 0 0 s 0 0 8i King Solomon ... 0 2 0 0 2 3 Mahukipawu 0 0 Gi 0 ' 0 74 Mahakipawa (prof.) 0 0 0 0 0 11 Wailii 0 1G 0 Wailii Grand Junction 0 3 10 0 4 0 Okarito 0 10 0 0 10 1 Golden Point (Is pitjd) 0 1 5 0 17 C!olden Point (10W. pd.) 0 1 3 0 17 Golden Dawn .. 0 8 0 0 0 G

Sales on 'Change— Bank of Australasia ... Commercial Bank of Ans- ' tralia (cum div.) (2) National Bank of New ZeaNew South Wales (cum div.) Bank of New Zealand (2) New Zealand Breweries (b) King Solomon (-) Mahakipawa • » W Okarito (5) Sales Reported— TCpw Zealand Breweries ... PIO. (10s paid, ord.) ... £ s. 8 12 0 13 4 2 24 5 24 7 2 8 1 8 0 2 0 2 0 2 0 2 0 0 0 10 0 10 0 10 1 8 0 11 a. 6 9 6 0 6 7 6 5 4 34 3 74 2 1 0 3 7 - AUCKLAND. gales on 'Change— Govt. Bonds, 1937, 54 per cent. ••• ••• Bank of New South Wales Bank of New Zealand ... Taranaki Oil .... Waihi Grand Junction ... £ s. 100 -o 24 10 2 8 0 1 0 3 d. 0 0 9 0 11 WELLINGTON. Sales Reported — New Zealand Breweries (3) Commercial Bank of Australia (ord.) £ 8. 1 8 1 8 1 8 0 13 d. 9 3 6 9 dunedin. Sales on 'Change— Okarito (2) King Solomon ... Golden Progress ... £ 6. 0 10 0 2 1 6 <1. 0 4 0 Sales Reported— Paddy's Point (2) Okarito (2) Mahakipawa King Solomon ... Four and a half per cent. Bonds (1938) Four and a half per cent. Stock (1038) Five and a-half per cent. . Bonds (1037) 0 4 0 10 0 0 0 2 0 2 100 2 100 0 100 0 0 0 74 4 6 0 0

£ s. d. Bank of Australasia 7 15 6 Bank of New South "Wales 23 10 0 Union Bank of Australia ... 5 15 0 National Bank of New Zealand (cx dividend) . ... 3 7 6 Bauk of New Zealand, 4 per cent. 95 10 0 Bank of Now Zealand shares 2 7 6 Loan and Mercantile, 4 per cent. Debentures 62 10 0 Loan and Mercantile, ordinary stock 40 0 0

Paris, fr. to £1 121.21 123.9 123.90 Brussels, belgaB to £1 35 34.79 31.84 Oslo, kr. to £1 18.169 18.16J 18.16J Copenhagen, kr. to £1 18.169 18.164 18.161 Stockholm, kr. to £1 18.159 18.15J 16.15S Amsterdam, fl. to £1 12.107 , 12.04i 12.04i Berlin, roichmarken to £1 .. 20.43 2C* 20J Kcw York, dol. to £1 4.866 4.35 9-16 4.85 13-1« Montreal, dol. to £1 4.860 4.87 5-16 4.87J Prague, kr. to £1 .. 164.25 164 164 Geneva,, it. to £1 .. 25.226 24.89 24.91 Milan, lire to £ I ■ .. 93.43 .92.8 92.90 Vienna, scligs. to £1 34.535 34.55 31.57 § llelsingfors, marks to £1 193.25 193 183i Madrid, }>unctas to £1 . 23.22)5 53.55 54.26 Lisbon, <:Scudos to £t 4.50 110 no Allioirj, drach to £1 375 375 375 Bucharest, lei to £L 818.6 817 817 Rio do Janeiro, pence to inilreis 4.98S 3& 3 5-16 Buenos Ayrcs pence to dol 47.577 33-i 33 Montevideo, pence to dol. 51 ' 24J Bombay, penco to mpeo IS 172 171 Shanghai, pence to tael 211 u& 118 IToiip-lCong, pence, to dol. 21 H3 11« Yokohama, pence to yen .. 31.56 2*113-32 213