FINANCE AND COMMERCE

Press, Volume LXXII, Issue 21797, 1 June 1936, Page 13

FINANCE AND COMMERCE

BREWERIES’ PROFITS HIGHER

r NEW ZEALAND BUTTER REACHES 104 -

New Zealand Breweries, Ltd., accounts for the year ended March 31 show a useful increase in profits and disclose a continuance of the returning prosperity noted last year. Dividend has been increased from 7 to 7J per cent.

Rom London record that butter has reached 104s • sna that the market is firm in spite of the substantial gams that have been made in the last week. The meat market js also in a healthy position.

Turnover on the Christchurch Stock Exchange on Saturday v. good, interest being again shown in a wide range of stocks.

CUSTOMS REVENUE

CHRISTCHURCH FIGURES COMPARED

£1 Loon INCREASE IN TWO

MONTHS

For the two months ended May 31 cf the present financial year the receipts of the Department of Customs in Christchurch increased more than £14.000 by comparison with those of tne corresponding period of the previous financial year. The receipts for last month, however, are nearly £SOOO less than those during May. 1935. There was a drop of £6OOO last month ni the customs receipts by comparison with May of last year, when £79.195 was received. Last month this portion of the department's takings totalled £73,124. Beer duties in the months under review showed little change, but there is a substantial increase—of £2500 for the month and £6500 for the two months of the financial year —in the receipts of sales tax. The petrol tax resulted in a fall in icvtnue cf £ISOO last month by comparison with May cf last year, but £2OO more was taken in the meat levy last menth. Following are the detailed figures:— 1935. 1936. May. 2 Mths, May. 2 Mths. £ £ £ £

AUCKLAND pkß'« ilioruMfo riiiauu.i AUCKLAND, May 31. +■■ increase of £20.288 is shown in o---Tcms duty collected at Auckland in Mnv. compared whh the tot'*! for May. I 0 '”' ’h" figure being £232.243. against £211+55 Increases have been reC o-d"d each month this year, and for L rive months the total gain over * m + m ■ period Irv.t vear is £198.590. The tax on motor-spirit, combined w.th tvre duty, returned £56.752 in May. compared with £53,183 in May last year, an increase of £3589. For the first five months of this year, the returns from these sources were higher bv £83,152. than those for the January-May period in 1935. Excise on beer was higher last month, and ar o lor the first five months. Sales I:.x collected in May totalled £68,938, esmpared with £54.633 in May, 1935. Collections for the year to date under th s heading are £322,177, compared wah £267,728 between January and May last year, a rise of £54,449. WELLINGTON ! ASSUI IAI SOB TKI.EG RAM .) WELLINGTON. May 31. Customs collected at Wellington in May was £262.191, compared with £249.461 in May last year, making £1.278.687 for the year to date, compared with £1,079,084 last year. Motor spirit duty was £56.803. making £611.904: tyre tax was £1789, making £8590; sales tax was £87.354. making £408.741: beer duty was £4909. making £24.G24 for the year to dale. DUNEDIN '.ft MCt AMOCIATIOW TILKQJtAU.) DUNEDIN, May 31. A slight decrease is shown in the cuhems revenue collected at the port of Otago during the month just ended, when a comparison is made with the returns for the corresponding month of last year, collections for last month having been £56.607, and for May. 1935. £58,404. For the first two menths < f the current financial year the total revenue was £106.225, a drop of £4743 from the returns for the Annl-May period of 1935, when £lll 073 was collected. For the month, beer duty showed a slight increase vhen compared with the figures for 1935, returns amounting to £19,048, while those for May, 1935, were £18.241. For the two months, ended to-day, however, returns of beer duty revealed a decrease of £731 from the amount collected during April and Mav. 1935. Perhaps the most significant feature of the monthly statistics is.the amount of sales tax collected. With the exception of January, 1935, and 1938, the returns last month 1 £24,357» were the heaviest since the tax came into operation, and the total returns reveal an increase of £3985 over those for the correspondent month of last year. A considerable gam is also shown in collections lor »he last two months, compared with figures for April and May, 1935, returns being respectively £46,888 J*nd £40.238. During the last month colle'tions of petrol tax totalled £ 14,753. an increase of £687 over the returns fur May, 1935, but figures for the two-menthiy period reveal a drop <>l £3479 Irorn the returns for April imd May of last year. A comparison ‘>f the icturns of lyre tax xor the last month and the first two months cf the current financial year with those of the corresponding periods of last year reveals in both cases a drop of nearly 50 per cent., the respective figures for the month being £490 and £Bl5, and for the two months, £9OL and £1702. Gold duty for the last *ncnth shewed a gain of £625 over amount collected during May, 1935, and a slight increase is also •nown lor the two months. PRICE OF SILVER LONDON. May 29. quoted at; Spot 19|d, forWtd IS 15-16 d a fine ounce.

EXPORT LAMB COMPETITION

JUDGES’ HIGH PRAISE

Smith field judges who examined the 450 lambs comprising the South Island entries for this year’s district lamb competition of the New Zealand Meat Producers’ Board, state in their report that “the lambs representing the 10 districts constitute one of the finest collections we have ever seen, and generally represent choice high-grade lambs eminently suitable for the average butcher.” The display was held on April 29 at Smithfield, and attracted as usual a great deal of interest in the wholesale and retail meat trade. The Judges, appointed by the Imported Meat Trade Association, were Messrs D. C. Messent, F. H. Dennison, and Eric Fitter, and they spent a great deal of time in making close comparisons between the 10 district entries, comprising 15 pens of three lambs each.

Dealing first with the district entries for the South Island challenge shield, the Judges state in their reP or h—“All the districts contained individual lambs of exceptional merit, but after very careful examination and consideration, we decided that the shield for the best district exhibit as a whole must be awarded to Southland, with East Southland second. North Otago third, and Nelson fourth.” The Judges’ remarks on each district exhibit as a whole were as follows: Southland—Very fine collection of choice lambs. Exceedingly even and all beautifully shaped, and full of meat. For size and an entire absence of waste an ideal exhibit. Perfect butchers’ meat.

East Southland—This exhibit deserves high praise for the general make and shape of the lamb, concerning which there can be no adverse criticism.

North Otago—A splendid run of choice lambs. For shape and make, fullness of meat and an entire absence of waste, this district received the judges highest commendation. Nelson—A run of admirable lambs which were in the closest competition with North Otago from every point of view on’y falling short of that district, m the case of four carcases which were lacking in the ideal shape and make of the majority of North Otago Mid-Canterbury— A very good run of lambs indeed. General shape and make satisfactory, but a few carried an excess of fat on the lorn. North Canterbury—A fine run of lambs full of meat, of good shape and on the whole a much better exhibit than that of last year. A few carcases, however, fell short of the high average standard of other district exhibits in general make and shape South Canterbury—An attractive exhibit showing a marked improvement over last year. The tendency of a few carcases to be rather inclined to fat robbed this district of a better position in the whole exhibit. Marlborough—A very good exhibit. We would, however, remark that tins district as 3 whole was scarcely up. so far as fullness of meat and general atti activeness of shape and make are concerned, to the high standard of i-he other disicicta Central Otago—A beautiful run of lambs. A few slightly inclined to excess fat on loins, but otherwise excellent. South Otago—A run of lambs of ideal size and good shape and make An attractive lamb to the London butcher. NEW CAPITAL ISSUES INCREASE iBKITISn OmilAL WIEELKSS ) RUGBY, May 29. New capital issues in May amounted to £19,505,000, compared with £10,456,000 m April and £19,728,000 in May, 1935. The total for the first five months of the year is £90,573,000, compared with £65,800,000 for the corresponding period last year. DAIRY PRODUCE BUTTER AT 1047cheese MARKET STEADY The New Zealand Dairy Board has received the following market report from its London office, dated May 29, 1936; Butter —New Zealand salted, 102s to 103s, ex, 104s (last week 97s to 98s) (equals approximately 12.075 d f.0.b.). New Zealand unsalted, 103s to 104s Australian salted, 100s to 101s (965). Australian unsalted, 100s to 101s (96s to 975). Market quiet at the advance. New Zealand retail price increased to Is. South Africa salted, 95s to 98s; Dutch unsalted, 96s to 98s 'BBs to 945); Siberian salted. 98s to 100s (96s to 975); Polish Salted, 93s (88s to 90s); Danish, 89s f.0.b., 110s spot <BBs and 108s). Market quiet at the advance. Danish retail price unchanged. Is Id. The Imperial Economic Committee’s estimated stocks, all butters. 642,123 boxes (last year. 920,337 boxes). t Cheese —New Zealand white, 58s (last week 57s 6d to 58s) (equals anproximately 6.42 d f.0.b.). New Zealand coloured. 565, ex. 56s 6d (55s 6d) (equals approximately, 6.16 d f.0.b.). Australian coloured, 53s to 54s (53s 6d to 545). Market steady. New Zealand retail price unchanged. 7d. Canadian white. 645. ex. 65s (645, ex. 665); Canadian coloured, 65s to 66s (655): Canadian new season’s white, c.i.f., 57s 6d; Canadian new season’s coloured c.i.f., 56s 6d. English factory cheese. 53s to 56s (50s to 545). Market steady. The board’s Canadian agents advise that butter in New York is quoted at 28 cents and in Montreal at 203 cents. The minimum f.o.b. prices for the period. May 30, 1936, until further notice. are as follows:—Butter, 12|d, less U per cent, commission (99s 6d c.i.f.e.). Cheese. 6Jd. less li per cent, commission (53s 5d c.Lf.e.). A. If. Turnbull and Co.’s Report A. H. Turnbull and Company report that they have received the following advice from London:—Danish butter 110s. New Zealand finest 103s, Kangaroo 101s. New Zealand cheese, white 58s. coloured 565. Canadian 655. Both markets are firm.

N.Z. BREWERIES ACCOUNTS

Net Profit For Year Higher DIVIDEND INCREASED TO 7* PER CENT. Net profit of £85,402, against £77,836 last year, is shown m the accounts of New Zealand Breweries, Ltd., for the year ended March 31, 1938. Dividend has been increased from 7 to 7i per cent. The balance-sheet shows that the year has been one of steady advancement. The annual meeting will be held in Wellington on June 10. The directors in their report state:— “After writing off depreciation on buildings, plant,, machinery, rolling stock, etc., and paying a sum of £508,680 0s 6d as excise duty, and making provision for land and income taxes and contingencies, there regains a net profit of £85,402 8s Bd, to which there is to be added the amount brought forward from last year—£l4,sl2 Is 9d, making £99,914 10s sd. From this amount must be deducted the sum of £38,229 0s 9d, being interim dividend paid for the period ended September 30, 1935, leaving a sum of £61,685 9s 8d to be dealt with. “Your directors recommend that this amount shall be appropriated as follows; Payment of dividend of 4 per cent, for the half year, making 7i per cent, for the year, £43,691 5s 9d; and to be carried forward, £17,994 3s lid. “The directors to retire are Messrs E. T. Chrisp, Eliot R. Davis, and A. S. Duncan, who, being eligible for reelection, offer themselves accordingly. The retiring auditors, Messrs Watkins, Hull, Wheeler and Johnston, offer themselves for reappointment.” i

BRITISH TOBACCO The British Tobacco Company (Australia). Ltd., announces an interim quarterly dividend on ordinary shares of 1J per cent, payable one June 30. This is at the rate of 7 per cent, per annum, compared with 6 per cent, for the full year last year. DUNLOP RUBBER The directors of the Dunlop Perdriau Rubber Company announce that indications are that the profit for the current trading year ending on June 30 will show a substantial improvement over last year. The following table of results since 1933 shows that £27,020. or less than :J per cent, on their capital, remained for ordinary shareholders last year after meeting the 10 per cent, preference charge:— 1933. 1934. 1935. £ £ £ Profits .. 241.900 287,930 120,020 Dividends .. 243.600 281,300 93,000 Pref., p.c. .. 10 10 10 Ord, p.c. .. 4 5 BUILDING BUSINESS VALUE OF CONTINUOUS ADVERTISING Mr John Wanaker. who built one of America’s greatest businesses, once said: — “Continuous advertising, like continuous work, is the most effective. If there is any enterprise in the world that a quitter should leave severely alone, it is advertising. “Advertising does not Jerk—it pulls. It begins gently at first, but its pull is steady. It increases day by day, month by month, year by year. To discontinue your advertising is the same thing as taking down your sign. If you want to do business, you must let people know it.” BRITISH TREASURY BILLS (BRITISH OFTICIAI. WIRELESS.) RUGBY, May 29. The total amount applied for in tenders for £50.000.000 worth of Treasury bills was £67,935,000. The average rate per cent, for bills at three months was 11s 5.54 d, against 11 0.47 d a week ago. DUTCH BANK RATE RAISED AMSTERDAM, May 29. The Dutch bank rate has been increased to 3§ per cent. LONDON PRODUCE MARKETS LONDON, May 29. Friday’s closing prices were:— Cotton—Spot. 6.64 d per lb; June, 6.21 d. Rubber—Para, 9d per lb; plantation smoked, 7 5-16 d. Jute—June-July. £l7 13s 9d r ton. Linseed oil—£26 15s a ton. Turpentine—Sßs 6d per cwt. LONDON FRUIT MARKET LONDON, May 29. Apples are easier. Australian Cox’s 10s to 13s 6d. Cleopatras 7s to 10s, Jonathans 5s 9d to 8s 6d. Stunners 6s 3d to 9s 6d. Pears are easier. Australian Winter Coles 7s 3d to 9s 9d. Winter Nelis 7s 3d to 12s 6d. BRITISH WAR LOAN IUHTTED PRESS ASSOCIATION —COPTRIGHT.) LONDON, May 29. War Loan, 3i per cent., is quoted at £lO5 10s.

CuMciru Fact 79.195 150.519 73.124 161.040 duty Spies C.573 14.892 6.559 13,121 tax Petrol 27,493 52.543 30,072 59.104 tax Tv re 19.300 39.003 17.842 38.324 Jut V LiUht* 1.112 2.259 1,042 1,873 duos Dairy 031 1.184 825 1,163 levy Mr at 42 62 79 80 levy Misccllc OO j n1,431 1.074 1,679 ecus 13 23 40 83 Totals 135.461 251.916 130.657 276,467

Liabilities Variation from 1936. 1935. £ £ Capital .. 1,092,271 — Insurance Res. 45,000 + 5.000 Reserve fund 115.000 ' Mortgage 8,200 — Creditors 94,954 4-38,290 Tax reserve 75,000 4-10,000 Profit and loss account 01,685 4-8.943 Total . . 1,492,110 4- 70,433 Assets Land and buildings 450,236 4- 2.049 Machinery, plant, etc. 69,949 4- 9.563 Stocks 119,729 —6,325 Advances against barley and hops 19.907 + 768 Furniture and fittings .. 2,589 4-2531 Investments and advances 629,915 + 46.144 Shares in subsidiary co’s. 17.C01 — Debtors 123.184 4 24,083 Bank and cash 58,670 —8,419 Total .. 1,421,677 + 70,433 March— 1934. 1935. 19.36. £ £ £ Profit .. 551,035 564,857 594,082 Beer duty . 474,214 487,021 508,680 Net profit .. 76,821 77.836 85,402 Dividend .. 7 7 71