COMPANY NEWS.

Press, Volume LXVIII, Issue 20510, 1 April 1932, Page 12

COMPANY NEWS.

TEMARU BREWERY. DIVIDEND OF 7* PER CENT. Tha twenty-fourth; annual report) of the directors of the Timaru Brewery Co., Ltd., covering the year ended February 29th, ( 1332, states : In view of the economic conditions prevailing in New Zealand during the year, the operations of the company have been seriously affected. The net profit for the year's trading is £157, the amount brought forward being £8750, therefore the sum available to reserve is £8916. Since the last annual meeting- the directors deemed it advisable to make a call of 2s 6d per share upon the new issue capital. The company's plant and premises have been kept in good order, also our products still maintain their high reputation. After reviewing the position of tha company, the directors feel justified in recommending a dividend of 33 per cent, (making 7J per cent, for the year), leaving the amount in credit to be dealt •with as follows:—Paying a dividend of 3# per cent., £ISBB 2s fid; directors' fees, £250; to reserve, £7078 l'4s 9d. The retiring directors are Mr Walter Raymond and Mr J. H. Stringer, who, being eligible, offer themselves for re-election. AUSTRALIAN COMPANY'S LOSS. DECLINE IN BUILDING TRADE. Inactivity in the building trade has caused a loss in the accounts of General Industries, Ltd., an Australian company, whose subsidiaries are Matters, Ltd., K. B. 8.. foundry, Ltd., and Mettera K. V. BProprietary, Ltd., The three subsidiary companies during 1931 showed a loss of £68,466, against a loss during 1930 of £77,380. The holding company, Genera) Industries, Ltd., made a loss of £124 for the year ended February 28th, against a loss of £69'4 the previous year. In consequence of the loss made by the subsidiary companies, the surplus of assets over liabilities of those companies has been further reduced by £68,466, and in order that the holding company through its balance-sheet may reflect its proportion of the reduction, the directors have decided to make further provision of £68,447 against the shares held m such companies. The provision now amounts to £152,034, and reduces the estimated value of the shares to £1,042,336. The debit balance to be carried forward is £142,5-9. The report states that the loss in tHe trading companies was inevitable in view OI the almost complete cessation of the building' trade. The combined tne tracing companies was reduced to approximately one-third of the turnover obtained before the depression, and until the plan.s ran be more fully utilised it will be impossible to recover all the recurring overhead charges. It is stated that tha company is in a position to supply a considerable proportion of Ausrralia's-requirementls m the various lines manufactured. Since tne commencement of the year there has been an improvement in trade. Betters (N.Z.), Ltd., wMck showed a toss of £1563 last year, is a subsidiary of Metiers, Ltd. (Australia). AUSTRALIAN PRODUCE. SYDNEY MARKET. Crarrra nzaa assooxtios—bt ejkotic TKLBOaATS —COPYRIGHT.) (Received March. 31st, 9.30 p_m.) SYDNEY, Mareb. 31. Wheat—Trade is dull, and bulk wheat is ; quoted at ?« Id; hanged, nominallT 3e 2d; growers' lots for shipment, 2a lljd. Flour—£lo per ton. . Bran—£4. Pollard— £i ISa. . . ; Potatoes—Tasmanian, £10; Victon*a, s° Onions—Victorian, £IS; New Zealand, £l6. ; Oats—2b 6d to-2* Od. Maize—4g 2d. ADELAIDE MARKET. (Received March 31at, ».30 pun.) ADELAIDE, March SI. Wheat—Growers' lots, 2a 9d, 2» lOd. Flour—Bakers' lots, £B. Bran— £s sa. Pollard—£s 10s. ' Oats—Algerian feed. Is Bd, 1* 3d. METALS MARKET. haiTO PBMB aSSOCIATIQS—IT- ELICTKC xzojcokapb—corauoarr.) (Beceived March Slat, 9 p.«.) LONDON", March 30. Quotations: — Marsh 29.. March 80. per ton. per ton. Covper— - £ ■- d- £ ». d. Standard, spot .. 31 18 1J . 31 13 9 Forward .. .. 32 3 9 31 15 0 Electrolytic .. 36 0 0 SS 0 0 to .. -. 36 10 O 37 0 0 Wire bars .. 36 10 0 ST 0 0 American electrolytic: Six cents per lb. Lead— Spot .. .. II 11 a als 0 Forward .. .. 11 7 6 11 10 0 Spelter— Spot .. ~ 11 7 6 II 15 0 Forward ~ .. II 15 0 i2 1 3 TinSpot .. 118' S* » 120 7 6 Forward .. .. 119 11 3" 122 3 6 SilverStandard, per oz.j 17 11-16 d ; 17Jd Fine, per oz. .. 19 l-16d 195-16 d FOREIGN EXCHANGES. (bbitish omciu wnucLKsa.) RUGBY, March 307 The following are the current rates of exchange, compared with those of March 29th and par:— ,-. Parr Mch. 29. Mch. 30. Paris, fr. to £1 .. 124.91 95J 96} New York, dol. to XI 4.866 3.77J 3.76 Montreal, doL to £1 4.866 4.20 4.15 Brussels, belgas to £1 35 271-S2 26.95 Geneva, fr. to £1 .. 25.226 19.47J 19 7-16 Amsteidam, fl. to £1 12.107 9.351 9-32 Milan, lire to £1 .. 93.43 72| 72J Berlin, reichmarken to £1 .. - .: 20.48 15J 15.75 Stockholm, kr. to £1 18.159 18.70 18| Copenhagen, kr. to £1 18.159 18.15 18.15 Os.'o, kr. to £1 ".. 18.159 18 29-32 1829-32 Vienna, schgs. to £1 34.585 32 32 - (nom.) (nom.) Prague, kr. to £1 .. 154.26 127J 127 Heieingfors, marks to i!l .. ' .. 93.23 215 215 Madrid, pesetas to £1 .. .. 24.225 49J *»2 Lisbon, escudos to £1 .. 4.50 109J 1091 Athens, dra-ch to £1 375 300 290 Bucharest, lei to £1 816.6 ' 655 635 Rio de Janeiro, pence to milreis 4.988 3 15-16 4 Buenos Aires, pence to dol 47.577 37 37J Montevideo, ponce .to dol. .. ..51 29 29 (nom.) (nom.) Batuvia (guilder) .. 12.107 9.87 Bombay, pence to rupee .. .. 16 IS 5-32 18J Shanghai, pence, to tael .. .. 24 20 13 16 19J Kong, pence to dol 21 158 151M6 Yokohama, ■ pepce to yen .. .. 24.85 21J '• 21J LONDON MARKETS. The Bank of New South Wales is in receipt of the following message from its London office dated March- 24th:— Wool—No further change in values. Mutton—Wethers 3d, 4Jd. Large supplies caused weakening. Ewes 2Jd, 3Sd. Demand good light-weights. Lamb—6id, 7|d. Firm, good demand. Beef—2d, 3}d. Pork—4J d. s}d. Bntter—lo9s. Firm. Cheese—6ls, G2s. PROPERTY SALE. ••■'" v Messrs Evans and Bull offered by public auction yesterday 1390 acres at Omihi, on behalf of the first mortgagee. There was a very largo attendance, and after spirited bidding the property was sold to Mr O. A. McLean at £6 7s 6d per acre.