PROFITABLE YEAR

Press, Volume LXX, Issue 21308, 30 October 1934, Page 13

PROFITABLE YEAR

NATIONAL INSURANCE COMPANY DIVIDEND MAINTAINED tl'ttESS ASSOCIATION XELEOHAM.) DUNEDIN. October 29. The annual report of the National Insurance Company of New Zealand, Ltd., shows a net income for the year ended September 30 1934. of £237,903 19s. After making full provision foi losses outstanding, there is an underwriting surplus of £28,097 16s Bd. Interest and rents (less income tax) amount to £27,622 9s 2d, and the balance brought forward from last year £35,588 8s 2d, amounting m all to £91,308 14s. An interim dividend, paid in May, 193-1, absorbed £16,666 13s 4d, leaving available a balance of £74,642 0s Bd. The directors have added £1167 los 6d to the taxation and contingency account, £IO,OOO to the reserve fund, and written £5732 off . the company's premises, and recommend the payment of a further dividend of 5d a share (making a total distribution for the year of S)d a share, equalling £37,500), and to carry forward £36,909 0s 6d. The main items in the balance-sheets of the last two years are as follows: — 1933. 1934. £ £ Paid-up capiial .. 350,000 350,000 Net income . . 235,941 237,959 Underwriting surplus 20,545 28,097 Interest and rents .. 26,675 27,622 Balance brought forward 35,627 35,588 Dividend, p.c. .. 10.7 10.7 Amount • • 37,500 37,500 Balance available . . 66,181 74,642 Written off premises 8,560 5,732 Carried forward .. 35,533 36,909 VACUUM PRODUCTS REGISTRATION OF LONDON COMPANY (Fltu.u OUK OWN* COIIRKSI'UX UKN'I-) LONDON, September 20. After somewhat prolonged negotiations, the London distributing agents of the Vacuum Products (New Zealand), Ltd., have been registered as a company, under the name V.P. Produce. The formal Gazette notice mentions the capital as £SOO in 5s shares, and the purpose of the company "to deal in, market, and pack perishable commodities capable of being preserved, either as principals or agents for Vacuum Products (New Zealand), and to manufacture containers, etc." The nominal capital, it is understood, is to be £250,000. Of this amount £125,000 is to be issued at once, and the remaining £135,000 at such a time as may be desirable. Sir Thomas Wilford is chairman of directors, and Mr H. W. Castle, managing director. The company will have the sole marketing rights for all produce packed by the Vacuum Products iNew Zealand), Ltd. Just south of the Southwark bridge there is a new building which appears to be constructed largely of glass and steel. ft is very handy to the wholesale butter and cheese houses, but somewhat removed from the Tooley street importers. Here, the new company lias taken up its headquarters and has started operations. Mr n. W. Castle, who lias been the Honey Control Board's representative in Europe since its inception, has smicably severed his connexion with Messrs C. and E. Morton. Messrs Morton retain the agency for Imperial Bee honey lor the present, and Mr Castle continues lo hold his position as honorary European representative, and remains responsible to Die board. FOREIGN EXCHANGES

(ni'.rn^ri OFF It I A f. V.'HIKI.SSfO I UiiiiY, (irtoh.-r 27. Par. Or f. 20. 0' t. 27. Paris fr. to l KM.- 1 7 ."> '.) :;j 7 5 M r; 2 New York, d"l. In X I •i..•?»;»•» ■ Montreal. dn|. to X\ . .si;"; -1. KI> P» V1 ] S * (' 1 , bel-a.- to VI ;;r» 2 1.2'i ! Geneva. fi\ <•> n.,j ! 10..1 AtnMerdatn, 11. to £1 J 2.107 .33 7.":: A M il;ni, lire to y l 92, P; 7 PVIO 57 15 in j Berlin, roi.-li-lo SI 20.1:; J 2.22 i2.;;2i Stockholm, kr. n A' i JH.l.Ml I).:;:!?. I9.:;ii Copenhagen. kr. 1o XI js.159 2.!,./.)£ OLm>, J;r to A' 1. IS. 159 . 1 '.I.OO/; Vienna, sch;j.s to XI 34.585 - r.i 21a Prague, kr. to .i.1 J 1 1.25 J 1S£ 1 1 s 5 Ilelsinsfors, murks to XI io;i 23 2">£ 22 <i£ Madrid, pesetas to XV 2 5.21'1. ") • 0 11 -;;2 :io 5-10 Lisbon, eseiid o s to x] 1 1 0 MO.; .11 OA Bucharest, lei to X\. SIS. (j 495 51 5 Belgrade. dinars 2 5. 2 21 5 1.7 — liio do Janeiro pence to milreis . . •1 , S !) 2 • ■J \ Buenos Aires, pf'TWO to dol. 4 r» .577 (i j. ;; ti i AI oti tev irj Co. peneei to dol. 57 Bombay, pejuo to rupee 19 18 110 IS 1-1(3 Shanghai, pence to do!. * tni-ii; in J Ion;; Kong, pence to do!. * ■j : l 10:'; Yokohama, pence to yon •-M.57 . :: J 5-10 Ki 15-16 Warsaw, par zlo vis to XI — Batavia, guilders 12.107 1 — * Determined by in'ice of silver. EXCHANGE RATES The following rales for tlie sale and purebasn of exchange wore (liioted yesterday by tho Bank of New South "Wales Ohristchurch. The rales nr subjeef to alteration without notice : r tiy ing. Selling. France — Francs to SI N.Z. T.T. 01.14 fiil.84 O.D. 01.44 59.89 Noumea— Francs (o ,1-1 N.Z. T.T. 02.00 59.09 o.d. 02.49 ,09.11 Papeete— Francs to XL N.Z. t.t. 02.0!) 59.09 O.D. 02.4:) 59.14 Beleium — Belgas to £1 N.Z. T.T. 17.10 1 :10.761 O.D. 17.501 10.770 Germany— Reicbmarks to XI N.Z. T.T. — 9,70:1 o.f>. — 9.70S ItalyLire. to XI N.Z. T.T. 45.90 O.D. -15.9 t Switzerland — Francs to £1 N.Z. T.T. 12.Mr, 12.0-15 O.D. 12.520 12.055 Holland — Florins to XI N.Z. T.T. O.02O 5.770 O.D. 0.070 5.774 Java — Florins to £1 N.Z. T.T. 5.975 5.750 O.D. 6.025 5.75 1 Japan— N.Z.pence to yen T T. 17 9-1G O.D. — — Shanghai— N.Z. pence to dol. T.T. 2 9 9-;i2 20 19- !j2 O.D. 19 5-'32 20 17-32 India and Ceylon— N.Z. pence to rup. T.T. 22 5-16 22 21-32 O.D. 22 3-16 22 19-32 Hong Kong— * N.Z. pence tc dol. T.T. 24 1-32 25 3-32 O.D. 23 29-32 25 1-32 SingaporeN.Z. pence to dol. T.T. 34 .1 5-32 35 13-32 O.D. 34 11-32 35 11-32 T.T. represents telegraphic transfers. O.D. represents oa demand transactions.