ANCE AND COMMERCE

Press, Volume LXXII, Issue 21909, 9 October 1936, Page 13

ANCE AND COMMERCE

WTgESERVE BANK FIGURES mf r ' ___

f DAIRY DEBIT INCREASES ; "i----i

i fl* weekly figures of the Reserve Bank show a further in the debit to the dairy account, the amount being Investments are £62,700 greater. Sterling exchange L *dined by £189,400, and coin by £I6OO. On the liabUinotes are shown as £120,600 greater. Demand liabiliE to the State are £72,200 less, and the item other demand SfwMries is £lll,lOO smaller, but those to the banks have jjjgJS by £281,800. Other liabilities are £3IOO taS A I The Christchurch Stock Exchange yesterday was fairly with dealings well spread. Government loans were in deJjid, and other sections maintained their firmness.

; XJie accounts of the New Zealand Guarantee Corporation jM, show that the comply has improved both its earnings JJjts profit this year. Dividend has been raised.

SYDNEY WOOL ; SALES

N.Z. GUARANTEE CORPORATION

OBN ALL-ROUND COMPETITION

YORKSHIRE, AM) FRANCE ACTIVE

jam tm* UIOCIATIOM-COPTBIGHT.)

SYDNEY, October 8. U the wool sales to-day 10,944 bales goffered, and 9574 sold at auction. Atefter 1472 were sold privately, was keen all-round competithe best wools cleared in ,|as , flmwr. All other descriptions firm. Yfffcshire and France were the outjtanding'buyers, with good support gio Germany and the United States. faffnj merino made to 201 d.

GERMANY’S POLICY

EFFECT on trading OPERATIONS

im Germany’s financial policy has jfprH her trading operations with (flat countries is clearly shown by a tanmerdal manifesto contained in a leant issue of “Das Echo,’’ a leading getiii} trade journal, which has reached Auckland. Before the war Gamaßjr was in a fair way toward jecurinl, by her policy of peaceful penetration, the commercial hegemony of the world: now, it is shown, her policy of “no finance” outside her frontiers has made it necessary for GerasßJ merchants and manufacturers b negotiate few overseas trade on the fcsis cl barter or compensation. Under the heading "Barter Busijess," a table is set out in the journal giving details of the goods Germany requires and the articles which she is prepared to exchange for them. From Neff Zealand, Australia and Canada, it is stated, wool is wanted. Other commodities asked fer are honey from Mexico, cotton from Malta, Jamaica mm and arrack, raw materials for glue, leather, asbestos, gum, rubber, skins, hides and residues containing precious and other metals.

far these goods | Germany offers Shine and Moselle wines, essential oik, glut instruments, Solingen steel Sooit shaving brushes, salts for preparations for galvanisjcwllery, electric lighting equipfflffltitr bicycles, magazine pencils and tyefett and ear-rings. Underneath is the slogan: “Buy from who buy from you—Germany is “Mwld’t best customer.” It is to be that the basis of the exchange gWttwM raw products for Germany’s “ffiaartured goods.

AUSTRALIAN PRODUCE PRICES

!OHW Watt tMOCIATIOM—COPTaiOHT.) - A SYDNEY, October 8. J* wheat market is less active, jw* to reports of rain in the Argencaused prices to react #2s* , i 15 a * country sidings is at 4s 3id equal to about 4s tracks, Sydney. ft»r-£l2 ss. ««1 Pollard—£6 15s. £H 10s; others

fefos-~Victorian. Brown, £lB, *we-Yellow. 4s 6d.

tyNDON MONEY MARKET

~ LONDON, October 7. CJ™ discount and short loan inar.e:— t0 day loans, i 1 bbL?* bills, three months, hJe bank bills, three jWßper cent., six months, | lnUnL’t *® asur y bills, two months, three months, £ per cent.

I®* tore call money

S4'ftJ£ EW » YORK ’ October 7. . * cent* money 15 unchanged

FARMER AND COMPANY

- PRICE OF GOLD

GqU. LONDON, October 7. “ fluoted at £7 2s a fine ounce.

price of silver

******** Official WIKILUS.) . i* RLGBY. October 7. b both toS°^. at a fine ounce •J* 0 and forward.

SOUTH BRITISH INSURANCE

DIVIDEND

(PBBS* ASSOCIATION TBLBOBAU.)

WELLINGTON, October 7.

COX BROTHERS, LIMITED

COMPANY NEWS

INCREASED EARNINGS AND PROFIT

Substantially increased earnings and profits are shown in she accounts of the New Zealand Guarantee Corporation, Ltd., for the year ended August 31. The directors will recommend to the annual meeting in Wellington on October 29 the payment of a final dividend of 2d a share, which, with the interim dividend of ljd paid in February, makes 9.7 per cent, for the year, against 8.3 last year. The directors' report states: — "During the year business has steadily increased, the total of the advances for the period reaching a very satisfactory figure. The net profit for the year, after providing for income tax and making full provision for losses on doubtful securities, amounts to £9376 10s 3d. An amount of £583 15s is still unclaimed by shareholders on account of refunds due in connexion with the reduction of capital. The shareholders concerned are requested to forward their old scrip and obtain the capital refund and new share certificates as early as possible. "The bank overdraft amounts to £95,670 16s Id, including accrued interest. All investments have now been realised, with the exception of a small parcel. "An interim dividend at the rate of ljd a share on ordinary shares was paid for the half-year ended February 29, this accounting for the sum of £3OOO 2s lOd, and the directors now recommend the payment of a dividend ! of 2d a share. This will absorb £4OOO. and the balance to be carried forward will amount to £4660 14s lOd, as

Farmer and Company, Ltd., a softgoods organisation, reports a profit of £90,187 for the year ended July 31. after paying debenture interest of £25,000. The profit is £12,693 in advance of the profit of the previous year. Preference dividends, 6 per cent, on first preference shares, and 7 per cent, on second preference shares, account for £40,000. and ordinary dividend is 7i per cent., requiring £30,000 To the staff retirement fund, inaugurated during the year, £SOOO is allocated. The balance of £15,187, added to £24,044 brought forward, gives £39,231 to be carried forward.

A communication has been received by the New Zealand Uock Exchange Association, from the South British Insurance Company, announcing that a final dividend of Is 4d has been recommended for the approval of shareholders.

The improvement in the .profits of Cox Brothers (Australia) .Ltd., in the last five years was referred to by the chairman Of the compway fMr T. A. McKay) at the annual meeting recently In 1881*32, he said, the co ™~ pany had earned £SIL Last year, ite Stehad Aggregated £00,834. All of the Sd-eatowlshed btpnch.es of the rnmpfl n y inade coaSwterable headhad been extended and imprwed. and in many Country centres where ton -company was established the y„iarg<td or remedtiled. Ihmng the financial year two new branches had

under: — £ s. d. Balance in profit and losi account, August 31, 1935 5,284 4 4 Less final dividend to August 31, 1935 ,3,000 2 11 £2,284 1 5 Add profit for year ended August 31, 1936 9,376 16 3 £11,660 17 8 Less interim dividend to February 29, 1936 3,000 2 10 Dividend now recom■r. mended " ".". 4,000 0 0 £7,000 2 10 Balance carried for- * ward £4,660 14 10 "Two of the directors, Messrs K. D. Duncan and G. W. Magnus, retire, but offer themselves for re-election. The corporation's auditors, Messrs Watkins, Hull, Wheeler, and Johnston, offer themselves for re-election " Liabilities Aug. 31, Change from 1936. £ last year. £ Capital issued and paid up .. 74.000 Reserves .. 30,099 — 1 Unclaimed refunds of capital .. 584 — 62 Unclaimed divs. .. 16 — 7 Creditors .. 2,478 + 1,940 Bank ,. 95,561 + 73,070 Mortgage on property .. 15,000 — Income tax. res. .. 3.972 4- 3,754 Profit and loss .. 8,660 + 3,377 Total . . 218,480 + 72,070 Assets Property .. 19,663 — 714 Furniture and fittings .. 226 — 25 Shares .. .. 400 -13.787 Bills receivable. debtors, loans and mortgages 208,181 + 96,590 Cash .. 10 — Total .. 218,480 + 72,070 August 31. 1934. 1935. 1936. Gross profit . . 29.789 17,861 26,198 | Net profit .. 19,603 5,027 9,377 Dividend, p.c. .. 11.11 8 1-3 9.7