FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22358, 23 March 1938, Page 13

FINANCE AND COMMERCE

EWE FAIR SEASON ENDS

COMPANY NEWS

KEMPTHORNE PROSSER

ITHE PRESS Special Service.]

/ DUNEDIN. March 22. < Tne sound financial position of the lipany was referred to by the chairi of directors, Mr F. W. Mitchell, in ring the adoption of the annual re- : and balance-sheet at the fiftyh annual meeting of Kempthorne. sser, and Company’s New Zealand g Company, Ltd., to-day. The irman also referred to the unique tion the company, held in the Doion, in that It could at present hold own with world competition, unsted by tariffs. “Hie year just closed has not been (without its problems,” said Mr MitLchell. “Undoubtedly primary producers bre realising that it pays to assist [Nature by a more liberal use of fertilisers on their lands, and as most of fihem have benefited by advances in frthe price of wool and other primary they have been able to invest .more extensively in superphosphate and kindred manures. The general ■ increase in the spending power <if the public has also affected our turnover in other branches of our ■business. These factors are reflected bn our sales at the chemical works land warehouses, resulting in greater (output, and this, in turn, has assisted jfn the economic operation of our as shown by the increased net profit. I submit this aspect of the position with much pleasure, and. feel sure that shareholders will share this satisfaction.” Referring to the bonus distribution, already announced, the chairman said that over a period exceeding 50 years . the policy of those responsible for carrying on the company’s business had been to build up assets and aim vt attaining a strong position. “This policy has borne fruit, he said, “and in view of the strength of the financial position now attained, it is recommended that a payment from these accumulations can now be made, and your directors have much pleasure in asking your approval of a bonus distribution of 5s a share. It is felt that this can be done without in any way jeopardising the assets, and, after the withdrawal of the amount necessary, total reserves, including the amount carried forward, will stand at £158.491.” After the chairman had reviewed the accounts In detail, the report was adopted. ; „ „, , Messrs W. Taylor and W. F. Edmond were re-elected directors

PRICE OF SILVER

NEW YORK TIN

CROWN MINES

<*BES3 ASSOCIATION TELEGRAM.)

AUCKLAND, March 22. Cabled advice has been received by the local attorney, Mr J. H. G. Banks, lor the New Zealand Crown Mines Company, that at the annual meeting to be held in London on March 30, the directors will recommend a dividend of 3d a share (less English income tax at 3s in the £) in respect of the year ended December 31. 1937. The rate is unchanged, but last year, income tax was 4s 9d.

SOUTH BRITISH INSURANCE

0?&£33 ASSOCIATION TELEGRAM .1

AUCKLAND. March 22. The directors of the South Britisn Insurance Company, * Ltd., have declared an interim dividend Of a share for the half-year ended February 28. Interim payment last year was Is 4d on £1 share, but shares have since been subdivided into two fully paid-up 10s shares. The dividend rate for last year was 13J per cent.

CHICAGO FUTURES

WOOLWORTHS (W.A.)

Woolworths (W.A.), Ltd., reports a net profit of £23,533 for the year ended January 31. after setting aside £7suu for taxation. The net profit the P re y ous year was £22,768, and that for 1935-36 £20,983. The 8 Per cent, preference dividend requires £I6OO, and a final ordinary dividend of 15 per cent, is recommended, making 20 per cent, for the year, against 15* per cent, the previous year. The year s orairiary dividend requires £18,978, and the balance, £2955, is to be transferred to reserve. After the transfer, the amount at credit of general reserve and reserve accounts will be £54,780. „ Capital is £114,890, of which £20,000 Is preference. Assets valued at £2JJ,i/o include freehold land and buildings £45,591, plant and fittings £27,738, stock £58,054, and goodwill £84,065.

WOOL FIRM IN WELLINGTON

Values at tho Wellington w 00l sale yesterday were fully firm on those realised at the Dunedin sale last week. The sale was bright throughout, with buyers apparently working to more elastic limits. The chief competition again came fx-om the Continent and Bi adford, but Japan was in the market solidly for crossbreds and pioyided useful competition. Some buying was • done on Canadian account, and, local mills filled Small

The catalogue was of 23,01)0 hales, of which 00 per cent were WI The North Canterbury ewe fair season closed'at Coalgate yesterday, where a small offering of mixed quality was forward. Good young sheep, and the few lines of older ewes.

showing quality held recent rates. The demand for aged sheep was very slack, particularly for cast merino ewes. The easing of political tens ion in Europe has encouraged the share market, and all segt ions are more optimistic. The local exchange yesterday continued dull, with dealings restricted and prices erratic.

MARKETS MORE OPTIMISTIC

INDUSTRIAL SHARES VERY FIRM

METALS MARKET

NEW YORK, March 21, Tin is quoted at 41.50 cents per lb,

BRITISH WAR LOAN

(BKITIM •ffICIAL VIMUM I

NEW YORK, March 21, Cents a bushel— Mar _ 18 Mar 2 i, May •- •• nil 83 July "oil si September -- .

PERPETUAL FORESTS

GENERAL INDUSTRIES

IMPROVEMENT IN LONDON

(tramo p*b«s auociatioi—coftbiout.) LONDON. March 21. The easing of political tension has induced a return of optimism into stock markets, dealings in the new account being on a fairly wide scale. British funds have improved by up to three-quarters pep cent.; gold shares are stronger and Home industrials very firm.

Oil shares also are appreciably higher though Mexicans have shown sharp declines.

LONDON, March 21. ‘ March 18. March 21. £ s. d. £ s. d. Copper— Standard, spot 40 11 10i 40 8 9 Forward .. 40 T5 7i 40 13 li Electrolytic.. 44 5 0 44 0 0 to .. 45 0 0 45 0 0 Wire bars .. 45 0 0 45 0 0 Lead— Spot .. 16 16 3 17 3 li Forward .. 16 18 9 17 3 li Spelter— Spot .. 14 16 3 14 18 li Forward .. 14 18 9 14 18 li Tin— Spot .. 184 12 6 184 12 6 Forward .. 184 18 9 184 18 9 Silver — Fine, per oz 20 9-16 d 20 7-16 d Standard, per oz .. 22 3-16 d 22 l-16d

LONDON, March 21. Spot silver is quoted at 20 7-16 d a fine ounce, and forward at 20d.

RUGBY,. March 21. War Loan 3J per cent, is quoted at £IOO ss.

BRITISH WHEAT MARKETS

LONDON, March 21. Wheat cargoes are lower and parcels easier. Futures London (a qr.)— s d. s. d. :: ::-8 8S 8 Liverpool (a cental! — n - March •• ‘ Rina elt May " Rm! 6 74 July •• 6 10* b October • •

JSS as£“ IfSHI ual Forests. Limited, and New z,ea Dfvld F Hemyso? d Aufkland, chairmo,, satisfactory settlement had been re^ h j , ed t.^s“ r tirKm.l„ed to bi ratified by, the Bondholders Incorporation Commission in New Ze land he said, but it was expected that this would be done within a few weeks, when a public announcement of the details would then be P° ss *|‘v Jj\hat meantime he assured shareholders that sum. greatly m excess of that which they had originally discussed. would be paid to the Forest Products Company. Mr S. A. Clarke, deputy chief for the forest' products division of the Coundil for Scientific and Industrial Research, had been released by his department for six months, and would immediately go to New Zealand to report on methods of utilisation. The Bondholders’ Company, New Zealand Forest Products. Ltd., was formed about two years ago under special legislation for the control and tion of the forests.

General Industries. Ltd., a holding company for which the operating companies are Metters, Ltd., and Metters K.F.B. Pty.. Ltd., in its accounts for the year ended February 28, shows that the subsidiaries made a net nrofit of £141.126. compared with £130,867 the previous year, and £96.327 for 1935-36 The dividend received by the holding company was £IOO 321. and its own profit brought in a further £1054. The 7 per cent, preference dividend reauires £2O 825. and ordinary dividend at the unchanged rate of 12J per cent reouires £79.645. Against £1153 brought forward. £2057 is carried forward. , The directors state that trading conditions continued to improve throughout the year.

Good Japanese

Buying

WELL

tun iwpi

SYDNEY MARKET FIRM

GOOD COMPETITION

WOOL FIRM IN WELLINGTON

GROWERS MEET MARKET

WELLINGTON, March 22.

Compared with the February auction, there was a much improved market at the fourth Wellington wool sale of the 1937-38 season to-day. Prices were fully firm on those at the Dunedin sale last week, and for most halfbreds and crossbreds showed an advance of from to Id, and in some cases lid, compared with Wellington February rates. Lambs’ wool, bellies, pieces, crutchings, and locks were lower than at the last Wellington sale. The total offering consisted of about 23,000 bales, of which fully 90 per cent, was sold at auction. Many of the passed-in lots were disposed of subsequently by private treaty. Bradford and the Continent were the chief buyers, and for the first time this season at Wellington there was strong competition on Japanese account for crossbreds. Some buying was done for Canada, and Dominion mills operated very sparingly, having filled their main requirements at the earlier sales.

A limit of 30,000 bales was originally fixed for this sale by the New Zealand Wool Committee, but due to the lower level of the market, many growers held off, and the catalogues closed last month at 26,000 bales, this quantity being reduced further by subsequent withdrawals. The sale started at o o’clock, an hour earlier than usual, to enable buyers .to get away to Auckland. . .. There was a fully representative bench, and competition was keen and for the most part well spread. Bradford the Continent, and Japan made the pace fast. Three catalogues, totalling some 12,000 bales, were cleared during the first 2i hours of the sale, which ended shortly after 1 o clock. When the sale started there were only eight onlookers in the gallery, and the attendance there at no time reached 10 The sale opened on a firm note, and from the outset it was apparent that many buyers were working on fairly elastic limits, bidding frequently being very keen. Yorkshire and the Continent bought heavily, and some good Japanese orders assisted materially in building up prices for all crossbreds showing length and style. For March, much of the wool offered was below standard, the poorer quality giving evidence of the adverse growing season. Super lots were few and far between, and brought good pnces. The offering was mainly of late snorn wools. Growers met the market very W The highest price realised for merino wool, of which there wasUttle offering, was 12|d for super, and lid tn I2d for average sorts. Best naifbreds made up to 12|d. and fine cross breds to 12id, a few specialty lines slightly exceeding these prices. The best of the medium and coarse crossbreds reached 12Jd, and * ow . breds 114 d. Top prices for hoggets were from 10Jd to 12Jd. and for lambs 12 Jd. Official Range of Prices The official range of prices compared with the February sale is;— Feb. 16. Mar. 22.

LONDON PRICES EASIER

DEMAND LESS ACTIVE

CROSSBREDS ‘KEENLY BOUGHT

LONDON, March 21

At the wool sales, 6652 bales were offered. including 663 of New Zealand, and 4418 were sold. The demand generally is less active, and prices are tending in buyers’ favour. The small supply of crossbreds offered met with keen competition. Withdrawals were frequent all round.

BRADFORD BARELY STEADY

LONDON, March 21

At Bradford, tops are barely steady. Crossbreds are firm, especially the lower grades. Yarns generally are steady.

, SYDNEY, March 22. At the wool sales there was good competition from the Continent, Japan, and Yorkshire. The market was firm at yesterday’s levels. Greasy merino fleece realised ■ The offering consisted of 10,189 bales, of which 8990 were sold at auction, while 119 were sold privately.

d. d. d. d. Merino (64/70, 60/64] Super . - Average . - 11 Inferior -. 9 — to 12 to 104 to 124 11 to 12 10J to 103 Fine Halfbred (56/58)— 114 iol 9 to to to 13 11 10 Super Average Inferior 114 to 124 92 to 11 Medium Halfbred (50/56)Super Average Inferior Toi 92 8 10 Us i to 104 to 94 104 94 to to 12 10 Extra Fine Crossbred (48/50)114 93 84 114 92 8 Super Average Inferior 10 83 74 to to to to 124 to 11 to 94 Fine Crossbred (46/48)— Super 104 to 114 ll to 124 Average Inferior si 7 to to 10 84 94 to 84 to lUJv 94 Med. Crossbred (44/46)— Super 10 to 1U 114 to 124 Average 83 to 9| to 114 Inferior 74 to 84 8 to y Coarse Crossbred (40/44) 1U H4 to 124 Super . 10 to Average 85 to 93 94 to 114 Inferior to 8| 8 to 94 Low Crossbred (36/40)— 84 Average 84 to 10 to 114 Hoggets (48/50) 94 to 10J 83 to 124 Medium (44/46) to 104 82 to 1UJ Coarse (40/44) — 9 to 104 Lambs, Down to 124 (50/56) .. 114 to 133 94 Fine (44/50) .. ll to 144 8” to 124 Seedy and inf. 64 to 10 4 to 84 Bellies & Pieces Merino: to. Good to super 94 to 104 85 94 Low to med. 64 to 8 — Halfbred: 73 to Good to super 83 to 10 93 Low to med. 62 to 84 74 to 83 Crossbred: 74. .to 9 to Good to super 74 94 Low to med. 4 to 74 53 to 74 Crutchings— 10 to 9 Med, to good 65 to 6 Inf. & seedy 4 to 74 5 to 7 Locks — 64 to 64 Merino .. , 41 to Halfbred 4 to 54 — Crossbred s .. 44 to 54 43 to 6.4