FINANCE AND COMMERCE

Press, Volume LXXII, Issue 21812, 18 June 1936, Page 13

FINANCE AND COMMERCE

SYDNEY WOOL VALUES LOWER GOOD SALE AT ADDINGTON Due mainly to smaller entries, practically all the major sections at yesterdays stock market at Addington showed an advance in values. Fat cattle were dearer by £1 a head, and fat lambs and export ewes from 6d to Is. Store sheep were also in keener demand. Values were again lower at the Sydney wool sales yesterdav. Competition, which came mainly from Yorkshire and the Continent, was irregular. The Christchurch Stock Exchange yesterday maintained turnover well, the bulk of the dealings again being in industrials- Some shares were written back, notably Bank of New Zealand, which closed with buyers at £2 and sellers at £2 2s Gd, A cable message from Sydney records the successes of two Canterbury pastoralists who have taken sheep to Australia for show

TRADING RANK NOTES

LIABILITY ON AMOUNT OUTSTANDING PAYMENT of £500,000 A reminder of the liability of the Irad.:,- banks to pay to the Reserve Bank the face value of all trading bank notes eut>landing on August 1 was jpvtri by S.r George Elliot, chairman of directors, at the annual meeting of the Bank of New Zealand last week. Sir George mentioned that at March 31 the amount of unpresented Bank of New Zealand notes was £32i.‘*52. At that dale all tracing bank notes outstanding 'were £315,254, so that Bank of N'”v.' Zealand notes are easily in the jnajenty. The rate of return of the notes has slowed considerably since the early stages cf Reserve bank operation and tne issue of Reserve Bank notes. At the end cf July. 1934. tne notes of the trading banks in circulation amounted to £6.220.241. A year later the total bad been reduced to £681,639 and by the end of April this year there were mil £537.624 in circulation. Recently the notes have been returning at the rate of only about £IO.OOO a month, so that it is probable £500.000 will still be outstanding at August 1. After paying to the Reserve Bank the face vaiu.- cf the notes outstanding ea August 1, the trading banks will be free of all liability on them. This does not mfßii that thev will then be worthlea. They are still currency for 40 years from August, after which they are deemed to be out of circulation and the face value cf the notes then outstanding will be paid by the Reserve Bank to the credit of the Consolidated fund. It seems remarkable that there are still £500,000 trading bank notes theoretically in the hands of the pub--1,:-, Of course, a large percentage has been left or destroyed, but there must be a go d number tucked away somewhere and forgotten by the owners. Tne imoiit on the notes which do not re;urn will go to the State, not to the Lauim: bank or the Reserve Bank. LIVE STOCK EMBARGO CATTLE BREEDERS FAVOUR REMOVAL TKEs* ASSOCIATION TELEGRAM.> PALMERSTON NORTH. June 17. Intensive competition from Australia ind Argentina in the .meat export trade was cited by speakers at the annual meeting of the Hereford Cattle Breeders’ Association, as an argument why New Zealand should take steps to have the embargo against the direct importation of live stock from Britain lifted. A motion favouring removal of the embargo was carried. Officers were elected as follows: — President. Mr F. E. Humphreys treasurer. Mr E. E. Short; council. Messrs £. Jefferson. W. K. Morton. D. Tynan. W B. While. The Red Poll Breeders' Association re-elected the Hon. Sir R. Heaton Rhodes patron. Mr J. W. Harding president, Messrs W. Leask, G. R. Forster Pratt. G. McLeod, and H. G. Bryant council. MARLBOROUGH MERINOS ANOTHER SHIPMENT OVERSEAS Another shipment of merinos is to be made from Marlborough to South America in a few days. The consignment will comprise about 12 high-class urns. NEW PIG PAVILION fAXTERBUBY SHOWGBOUNDS The Canterbury Agricultural and Pastoral Association has decided to renew the pig pavilion at the Sho v Grounds. The work will bo put in hand to ensure that the new building will bo ready for the Royal Show in November next. ‘ The new pavilion will be constructed of concrete, and roofed with a concrete material. It will have an open Mw-toclhed roof, so as to provide tbe maximum amount of ventilation. The pavilion will have various appointments for the use of exhibitors end will provide accommodation for 260 pig:-. national dairy show fixture opened yesterday ITEASS ASSOCIATION telroraM.J PALMERSTON NORTH. June 17. The thirty-fourth annual National Dairy Show ‘cf the Manawatu and West Coast Agricultural and Pastoral A.sso- , nation opened to-day. The weather i «»d greatly improved after heavy ram ywtei’d.e,'. in addition to a splendid •May of dairy produce, there are «niny novel exhibits. The show this Jit will extend over six days, cou«Winf on the King’s Birthday. COLOMBO TEA AUCTION drams mocunn trlmram.) w DUNEDIN. June W. JgLr L. M: Wright has received the Mhtdng cabled report on the to iMHa sale of June MS&S auction of 2.000.000 b, comÜBNhi idvuced 1 to 2 cents, Qu Bißypfor medium and fine HMMmMI unchanged at last week s week's sale is of 1,500,0001 b. ■HrappUeat sale for six months.

CITY PROPERTY MARKET

GROWTH OF TURNOVER RETURNING CONFIDENCE SHOWN BY INVESTORS The comparative activity in the market for city properties during the last 12 months or so is considered to indicate a growing trend in favour of real estate, within the business area, as a sound form of investment. In the absence of any general clearing house for information about city property transactions, comparative data on the subject of sales are naturally difficult to procure. Enquiries made by a representative of “The Press,” however, point to a revival of interest in • city freeholds. Values, although not so depressed as during the worst period of the slump, are still relatively low enough to show an ample margin of interest for investors. That the return of confidence in the market, although slow, is steadily appreciating may be gauged from the number of sales recorded during the last year. The following list, although not complete, comprises the majority of important transactions; — A properly in Worcester street, adjacent to the Automobile Association’s buildings, sold by Dr. Thacker to P. C. Webb and G. R. Hunter. Three-quarters of an acre of land in Tuam street, sold by the liquidators cf R. W. England and Sons to a group of local motor-car importing interests for the erection of a car-assembling factory. Sale of an option over the large vacant section adjoining the Clarendon Hotel in Worcester street, to a company which, it is stated, proposes to erect a large and modern garage for the storage of 140 cars. A building in Tuam street, sold by the liquidators of R. W. England and Suns to R. and E. Tingey and Company, Ltd. A shop property in Manchester street, opposite the City Council offices, sold on account of the estate of the late George Simpson. A property in Cashel street, running through to Lichfield street, sold by Andersons. Ltd., to Charles Bell. A property in Lichfield street, sola by J. Eallantyne and Company, Ltd., to Andersons, Ltd. A section on Madras and' High streets, sold to Maddren Bros., Ltd., and Bunting and Company, Ltd. A building in Worcester street, occunied by the Mutual Benefit Building Society, purchased # by Fletcher, Humphreys and Company, Ltd. Garage property in Gloucester street, sold by the trustees of the late Sir Henry Wigram to W. J. Scott. Property in Worcester street, pied by Willis and Aiken, purchased by D. Mcßeath. The Somerset building in. Hereford street, purchased by a financial gioup controlled by T. N. Gibbs. The Economic building, m Cashel street, purchased by R- E. McDougall. Broadways Corner, sold by C. y. McKellar to the Colonial Mutual Life Assurance Society, Ltd., for £62,000. Union Chambers, in Cashel street, sold by* John Bates and Son, Ltd., to the trustees of the Greenwood estate. Property in Gloucester street, purchased by Hay’s, Ltd., for building extension purposes from the estate of the late P. J. de la Cour. . ~ Warehouse premises m Lichfield street, purchased by Gordon and Gotch. Ltd., from Ross and Glendining, Ltd. Property on the corner of Manchester and Tuam streets, purchased by Murray Hobbs, who has erected a new building thereon. Several smaller transactions have taken place, including the sale of vacant sections to established businesses requiring more room for building extensions. These include the sale of a section on Moorhouse avenue with a frontage of about 80 feet, for the sum of £IBOO. AUSTRALIAN LOAN DEALINGS OPEN AT SMALL DISCOUNT LONDON, June 16. The “Evening News” says that cash applicants for the Australian loan up to £10,003 sterling received the full allotment. Thereafter the basis of allotment was approximately 68* per cent, of requirements. Dealings opened at a discount of 4 per cent. FRENCH AND AMERICAN EXCHANGE LONDON, June 16. United States and French exchange closed to-day at; Dollars S.OSj, francs 76 15-16 to £1 sterling. BRITISH WAR LOAN LONDON, June 15. W r ar Loan, 3i per cent., is quoted at £lO5 11s 3d. national dairy show FINE DISPLAY OF PHODUCE (PRESS association telegram.) PALMERSTON N.. June 17. The thirty-fourth annual National Dairy Show of the Manawatu and West Coast Agricultural and Pastoral Association opened to-day. The weather had greatly improved after heavy rain yesterday. In addition to a splendid display of dairy' produce, there are many novel exhibits. The show this year will extend over six •days, concluding on the King’s Birthday. • 1

NEW ZEALANDERS’ SUCCESSES

PRIZES AT SYDNEY SHEEP SHOW PROMINENT CANTERBURY BREEDERS (gsiteu press ASSOCIATION—COPYRIGHT.) SYDNEY, June 17. The stud sheep show opened to-day in The° j impressed by the solendid quality of the exhibits of Donald Grant, of Elloughton Grange. Timaru who competed unsuccessfully S m tSe U Comeda.e classy Jtedof wCoblaYned the champion and reserve champion awards for Gomedale rams. Mr Grant, however, obtained first prize for a Border LeicesfpT* ram under ono yesr. ter rwn orthy. of Timaru, won first urixe for a Southdown ewe one year or under, and second prize for a pen ° f Th^e r S keen competition in British breeds. .The Southdowns were a particularly fine display. COMPANY NEWS DUNLOP RUBBER Nat nrofits of the Dunlop Rubber Net P rolU * „ land for 1935 were £°S244 Compared with £1,687,687 in i 934 The dividend on the ordinary stock is maintained at 8 percent.ihe level to which it was raised for 1933, although allocations are smaller. Sere is no counterpart to last year s transfer of £250,000 to dividend equal■sSSn reserve, while the appropriation to reserve for contingencies is again £IOO,OOO and to taxation reserve £419 761 against £550,060. It is evident that the higher price of rubber prevailing in 1934 was one of the chief causes of the reduction m earnings, and that so far the company has derived little benefit.from the fall ?n rubber which occurred last year. The company’s own plantations pr - vided a very small proportion only the company’s requirements and bj far the greater proportion of its sheet rubber requirements have to be pur chased in the market. BOOTS PURE DRUG Net profits of Boots Pure Drug Company. of Nottingham England, to March 31 last amounted to £77B ,°° J ' against £750,037 for the preceding vfar. In addition to the four interim dividends already paid. a^ ol l" tl ”A in 0 24 per cent., less tax, on the 5s ordinary shares a bonus of 3d a share, or 5 per cent.! free of tax, was to be paid to'hareholders. This i= ** tribution as paid for the last seven years The 5s ordinary shares were quoted on the London Stock Exchange recently at 56s 9d. CUNARD COMPANY Sneaking at the meeting of the Cunard Steam Shin Company in Liverpool Sir Percy Bates, chairman of directors, said that shareholders had asked for an estimate of the date when the resumption of dividends might be expected, but the answer depended on th? course of business. There was no trado wh ; ch could make or lose money quicker than the North Atlantic passenger trade: the company was well Placed in the trade and, given fair traffic, could make money in it. bir p-r CV said he was hopeful as to the prospects, but to give dates for dividends was quite beyond himand might well be misleading. He had every reason to believe that the liner Queen Mary would prove to be a most profitable shin, first for her owners Cunard White Star, Ltd., and. through them, for the Cunard Steam Shin Company. The Government first mortgage debenture stock had he pointed out. now Sen tp E 1.150.000 by £1,000.000 expendec on the ship, the interest on which varied with the bank rate and was now at the rate of 1J per cent. CONSOLIDATED BRICK FIRST DIVIDEND FOR FIVE YEARS [THE PRESS Special Service.! AUCKLAND. June 17. Consolidated Brick and Pipe Investments, Ltd., a holding company, reports a net for tbe year ended May 30, of £12,077, of which £12,000 is accounted for by dividends from subsidiary companies. The result compares with £4234 earned in 1935 with losses’ incurred in the previous three y6 The company is paying its first dividend for five years with a ■recommended payment of 2 per cent. This requires £11,175, and £7284 is carried forward against £6382 brought into the accounts. The balance-sheet shows paid capital as slightly higher at £558,519. Shares in subsidiaries are valued at £558,522, and there is a bank balance of £12,159. WESTPORT-STOCKTON COAL The Westport-Stockton Coal Company will pay off approximately onethird of its per cent, first mortgage debentures, according to a statement made bv the chairman of director, Mr William Hardie. The last balance-sheet of the company for the year ended December 31, 1935, disclosed that secured debentures amounted to £48,550, with accrued interest at £631, making a total of £49,181. Balance at bank on deposit and in current account, and cash in hand at that date, were shown at £28,493. DIVIDENDS DUE The following dividends have been announced or recommended:— Robinson Ice Cream—6 p.c. .. June 18 Gordon and Gotch—Half-year pref. 4 p.c., ord, 6 p.c. June 18 Hume Steel —Half-year pref. at 7i p.c. p.a. .. •• •• June 20 Mount Lyell—lnt„ 6d a share June 23 Blackwater Mines —Final, 2s a share (.stg., tax free) .. June 23 Consolidated Goldfields —Int., Is a share (stg., tax free) .. June 23 Australian Glass —Final, ord. 10 p.c.. pref. 4i p.c June 24 Wilson’s Cement —Final, 9d a share, and bonus Os a share June 24 Farmers’ Trading—Final, ord. 5 p.c. • • • • • • June 25 Gear Meat—lnt.. 3d a share .. June 25 North Broken Hill—2s 6d a share and bonus Is a share June 26 Goldsbrough, Mort—Final, 5 p.c. June 26 Morris Hedstrom—Final, 2i p.c. June 30 British Tobacco—Quarterly, 13 p.c, .. • • • • June 30 National Mortgage—lnt.. at 3 p.c. р. July 1 Woolworths (N.Z.)—lnt., ord. 5 p.c. •• July 1 Zinc Corporation—2s 6d on pref. and ord , making 4s 6d for the year, and first half fixed с. of 2s on pref.. all dividends English currency, less Income tax July 1 Placer Development—lnt., 50 cents (Can.) a share July 2 Bulolo Gold —Int., 1 dollar 40 cents (Can.) a share July 2 Dominion Breweries—Ord. and pref., 6i p.c. p.a. July 4 Guinea Gold—9l p.c. a share .. July 10 National Bank N.Z.—Final, 2 p.c., making 4 p.c. (stg.) .. July 11