FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22371, 7 April 1938, Page 13

FINANCE AND COMMERCE

COMPANY NEWS DEANES, LTD. Deanes, Ltd., advise that at a meet- " ing of directors, held yesterday morning, an interim dividend for the halfyear ended February 28, at the rate „ of 8 per cent, per annum, was de- * dared on both the ordinary and preference share capital of the company. The dividend will be payable on April 10. AUSTRALIAN IRON AND STEEL •' \ ' Australian Iron - and Steel. Ltd. reports a net profit of £145,379 for the year ended November 30, after providing £201,001 for depreciation, compared with a net loss of £29,733 the previous year, when £83,500 was provided for depreciation. In 1935-36 also there was a loss of £43,500 on the disposal of shares in Southern Slue Metal Quarries, Ltd. Preference dividend of 74 per cent., less the statutory deduction, for the two halfyears to May 1, 1934, require £58,125, and £351,050 is carried forward, . against £263,795 brought forward. Recent results:— Year ended Nov, 30, 1935. 1936. 1937. £ £ £ Net profit . . 80,009 Net loss ... Loss, other compa ny’s shares .. Div., pref. '.. * t 65,142 $56,125 *58,125 . Forward .. 395,154 263,795 351,050, * Year to May 1, 1934. t Year to May 1. 1932. $ Year to May 1, 1933: Shareholders will be asked to increase thq nominal capital from £5,000,000 'to £8,500,000 by creating 3,500,000 ordinary shares of £1 each. ' The directors state that it is not proposed to issue the whole of the new shares at the present time. Extensions to the company’s works have been rendered possible by loans from the Broken Jlill Pty. Company. Ltd., • and it is proposed to negotiate for the by that company of £2,000,000 in ordinary shares to liquidate most of the advances. The directors state that this would place the Australian Iron and Steel accounts on a more satisfactory basis. The Broken Hill Pty. Company, Ltd., already owns the issued ordinary ■ capital. J ; SOUTH AUSTRALIAN BREWING - “In the 50 years it has been in existence the. South Australian Brewing Company, Ltd., has paid more : than £1,000,000 in dividends,” ’ the chairman (Sir Howard Lloyd) told shareholders at the jubilee annual meeting. : . Net profit for the year ended February's, 1938, of £72,878 was the best yet made by the company, Sir Howard Lloyd said. Shareholders’ had increased by £24,418 to Current liabilities of £106,345 were more than covered by floating and liquid assets of £251,482. PERMEWAN, WRIGHT Permewan, Wright, Ltd., general merchants, carriers, shipping agents, etc., reports a profit of £22,379 for the year ended January 31, compared with £18,064 in 1936-37 and £12,561 in the , preceding year. Dividend for the year is 10 per cent, (interim 5, final s)* requiring £15,000 against 8 per cent, in , “*e previous transfer £6499 to insurance fund (making it £36,500) and £IOOO to dividend , equalisation fund. directors recently announced their intention of issuing further capital of £25,000 on April 30, at a premium of 4s a share. Authorised capital is to be raised from £200,000 -to £500,000. COLOMBO TEA AUCTION ' (press association telegram.) DUNEDIN, April 6. .Mr k- M. Wright has received the following cabled report on the Colombo tea auction .of April 4:—“ At yesterday’s sale of 2,250,0001 b, good quality teas were in keen demand, and prices " remained firm. Common and medium ’ grades were easier, and closed at slightly under last week’s quotations, A total, of 3,125,0001 b will be offered at next week’s sale.” BRITISH WAR LOAN (SBITISB OFFICIAL WIRELESS.) RUGBY, April 5. , War Loan, 3} per cent., is quoted at £lO2 ss. PRICE OF GOLD . LONDON, April' 5. Gold is quoted at £7 0s 04 d a fine ounce, unchanged from yesterday.

EXPORT INCOME DECLINES LAMBS DEARER AT ADDINGTON Figures for the overseas trade of New Zealand show that the value of exports over imports declined in February from £4,018,000 to £1,320,000, when compared with February last year. Exports were down from £7,731,000 to £5,716,000, and imports rose from £3,713,000 to £4,396,000. For the two months this year, the export surplus is £3,229,000, against £6,393,000 for the same months last year. Though quality was in general mediocre, fat lambs met an extremely keen sale at Addington yesterday. Both butchers and exporters competed, and for prime sorts there was a rise of Is 6d a head. Good fat ewes, of which there was a shortage, were dearer by up to 2s a head, and wethers were firmer by Is. Fat cattle fully maintained last week’s rates. The store ewe yarding was considerably smaller than recent offerings, and was of poor quality. Good ewes, especially crossbreds, were eagerly sought, and sold well. Others were dull. The Stock Exchanges remain quiet and prices are erratic. The further fall in metals prices has made itself felt.

AMERICAN TIRADE AGREEMENT NEGOTIATIONS STILL PROCEEDING (BRITISH OFFICIAL WIRELESS.) RUGBY, April 5. Anglo-American trade negotiations have been proceeding at Washington continuously since February 2, and the president of the Board of Trade (Mr Oliver Stanley) stated in the House of Commons that he believe’d that the public hearings, which began on March 14, were now concluded. He was unable to say when the negotiations were likely to end. FOREIGN EXCHANGES (BRITISH OFFICIAL WIRELESS.)

pence to yen 24.58 13 31-32 13 31-32 Batavia, guißlers 12.107 8.95 8.95 Warsaw, par z'otys to £1 43.36 •Determined by price of silver. BANK OF NEW SOUTH WALES The Bank of New South Wales quoted the following exchange rates yesterday:— Buying. Selling.

ASSOCIATED BANKS* DOLLAR RATES Tlie Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday, on a New Zealand currency -basis. They are subject to alteration without notice:— * U.S.A. . Canada. (Per £1 N.Z.) » dol., dol. Selling- # T.T. .. .. 3.98 3-16 4.002 DID. .. A .. 3.982 4.00 J Buying— 9 T.T. ~ .. 4.01 J • 4.032 O.D. .. .. 4.022 4.043

EXPORT SURPLUS LOWER

Marked Decrease In February HIGHER PAYMENTS FOR IMPORTS Sranaa association telxqraia.) WELLINGTON, April 6. New Zealand’s exports during February were valued substantially lower than those for the corresponding month of the previous year, while imports were considerably higher. The net result is an excess of exports of £ 1,320,000, compared with an excess of exports of £4,018,000 in February of 1937. For the two months ended February 28, the trend of overseas trade is pronouncedly towards a smaller export excess. A rise of £1,600,000 in imports during these months compared with the corresponding period a year ago is accompanied by a fall in export values of £1,560,000. The excess of exports this year so far is £3,229,000, against an export excess of £6,393,000 a year ago. The detailed figures, excluding specie, are as follows; February . Excess of Exports. Imports. Exports. £ £ £ 1938 .. 5,716,000 4,396,000 1,320,000 1937 .. 7,731,000 3,713,000 4,018,000 1936 .. 5,251,000 2,986,000 2,265,000 Two Months Ended February 1938 .. 13,209,000 9,980,000 3,229,000 1937 .. 14,771)000 8,378,000 6,393,000 1936 .. 11,350,000 6,584,000 4,766,000 The value of specie excluded is: February, 1938, exports £SOO, imports £679. For the two months ended February, 1938, the figures are £SOO and £2479 respectively. SYDNEY WOOL SALES MARKET REMAINS UNCHANGED SYDNEY. April 6. At the wool sales. 9482 bales were offered and 8440 sold, 1022 privately. The market was without change, Gifeasy merino made 18Jd. . JAPANESE WOOL BUYING i POSSIBLE PURCHASES THIS YEAR (UNITED PRESS ASSOCIATION—COPYRIGHT.) TOKYO. April 5. A leading wool merchant informed the Australian Associated Press that he expects Australia to supply 78 per cent, of the 450,000 bales of wool that Japan is likely to buy in 1938. The army prefers New Zealand wool, of which it is likely to take 70,000 bales. South Africa and South America supplying the remainder. MINING i BUNDI The chairman of the Bundi Tin Dredging Company, N.L., Mr W. A. Anderson, told shareholders at the annual meeting that results of boring on the company’s holdings in New Zealand appeared to be satisfactory. A cablegram which he read stated that four bores, of an average depth of 20£t, had been put down, and a report on the gold values was being awaited from the School of Mines. PENINSULA TIN Peninsula Tin, N.L., which operates in Siam, has declared a dividend (the eighth) of Is (Australian) a share, payable on April 14. Books closed on April 6. Previous distribution was Is a share on January 15. BLACKWATER (PRESS ASSOCIATION TELEGRAMS.) REEFTON, April 6. The Blackwater mines return for March is:—Crushed 4103 tons, yielding 1506 fine ounces of gold, of a value, at £6 19s 6d an ounce, of £10,593. Working expenses were £7532, leaving a working profit of £2971. Capital expenditure was £7975, and development expenses £725. DAIRY PRODUCE BUTTER FIRMER IN LONDON ■ (UNITED PRESS ASSOCIATION- -COPYRIGHT.) LONDON, April 5. The butter market is firmer. Choicest salted Australian and New Zealand, 118 s; unsalted, New Zealand 1225, Australian 120 s. METALS MARKET r - LONDON, April 5. April 4. April 5. £ s. d. £ s. d. {standard, spot 38 19 44 38 9 44 Forward .. 39 4 4J 38 13 14 Electrolytic .. 42 15 0 42 10 0 to .. 43 15 0 43 5 0 Wire bars ~ 43 15 0 43 5 0 Lead — Spot .. 16 0 7* 15 13 14 Forward '.. 16 1 3 15 13 14 Spelter— Spot .. 13 15 74 13 10 74 Forward .. 14 0 7| 13 16 104 Tin— Spot .. 173 17 6 168 2 6 Forward .. 174 5 0' 168 12 6 Silver — Fine, per oz. 18|d 19id Standard, per ~ , oz. .. 20|d 20|d PRICE OF SILVER (BRITISH OFFICIAL WIRELESS.) RUGBY, April 5. Spot silver is quoted at 19|d a fine ounce, and forward at 18fd.

RUGBY. April 5. Par. April 4. April 5. Paris, fr. to £1 124.21 159 5-16 160 7-16 New York, dol. to £1 4.866 4.96 9-16 4.96 9-16 Montreal, dol. to £1 4.866 4.99 7-16 4.99 5-16 Brussels, 29.50* belgas to £ 1 35 29.48* Geneva, 21.642 fr. to £1 25.2215 21.64 Amsterdam, 8.961 8.961 fl. to £1 12.107 Milan, 94g lire to £1 92.43 941 Berlin, reich12.362 marken to £1 20.43 12.38 Copenhagen. 22.40 22.40 kr. to £1 18.159 Stockholm, 19.40* kr. to £1 18.159 19.40* Oslo, kr. to £1 18.159 19.90 19.90 Vienna, schgs. to £1 34.585 — — Prague, 1421 1421 kr. to £1 154.25 Helsingfors. 226* 226* marks to £1 193.23 Madrid, pese25.2215 • tas to £1 — — Lisbon, escuHO 3-16 dos to £1 375 110 3-16 Athens, drach 547* to £1 375 547* Bucharest, 677* lei to £1 813.60 677* Belgrade, 217 217 « dinars 376.3 Rio de Janeiro, pence to milreis 2 13-16 2 13-16 4.90 Buenos Aires, pence to dol. 51 ’ — , — Montevideo, 20* pence to peso • 20* Bombay, pence 18 - 18* to rupee 18* Shanghai, 12* 12* pence to dol. • Hong Kong, 143 14 13-16 pence to yen •

N.Z. on London— £N.Z. to £100 stg. T.T. 124 124/10/O.D. 123/10/124/8/9 Australia— £ A. to £100 N.Z. T.T. 101 100/10/Fiji— O.D. 101 100/10/£F. to £100 N.Z. T.T. 90/7/6 89 O.D. 90/7/6 89 New York— Dol. to £1 N-Z. T.T. 4.0150 3.9805 O.D. 4.0250 3.9845 Montreal— Dol. to £1 N.Z. T.T. 4.0380 4.0058 O.D. 4.0500 4.0096 Austria— Schgs. to £1 N.Z. Not, quoted. Belgium— Belgas to £1 N.Z. T.T. 23,904 23.594 Czechoslovakia— O.D. 23.979 23.605 Korunas to £1 N.Z. T.T. — 113.46 O.D. — 113.51 Denmark— Kroner to £1 N.Z. T.T. 18.203 17.893 O.D. 18.263 17.899 Finland— Marks to £1 N.Z. T.T. 184.94 179.14 O.D. 185.34 179.24 France — Francs to £1 N.Z. T.T. 127.22 Germany— O.D. — 127.26 Reichmarks to £1 N.Z. T.T. — 9.866 O.D. — 9.871 Greece— - Drach. to £1 N.Z. T.T. —- 429.54 O.D. 429.84 Holland— Florins to £1 N.Z. T.T. 7.307 7,157 O.D. 7.347 • 7.161 Italy— •Lire to £1' N.Z. T.T. — 75.65 Java— O.D. — 75.70 Florins to £1 N.Z. T.T. 7.279 7.129 O.D. 7.319 7.133 Norway— Kroner to £1N.Z. T.T. 16.181 15.891 O.D. 16.241 15.897 Noumea— Francs to £1 N.Z. T.T. — 125.9,7 Papeete— O.D. — 126.01 Francs to £1 N.Z. T.T. — 126.02 O.D. 126.06 Sweden— Kronor to £ 1 N.Z. T.T. 15.793 15.498 Switzerland— O.D. 15.853 15.504 Francs to £1 N.Z. T.T. 17.574 17.304 O.D. 17.679 17.309 Chefoo— N.Z. pence to dol. Not quoted. Hong Kong— N.Z. pence to dol. T.T. 18 7-32 18 19-32 O.D. 18 3-16 18 19-32 India and Ceylon— N.Z. pence to rup. T.T. 223 22 21-32 O.D. 22 11-32 22 21-32 Japan— N.Z.pence to yen T.T. — 17 33-64 Manila— O.D. — 17 33-64 N.Z. pence tp peso T.T. 29 39-64 30 7-64 O.D. 29 33-64 30 7-64 Shanghai— N.Z. pence to dol. Singapore— Not quoted. N.Z. pence to dol. T.TT 34 15-32 34 61-64 O.D. 34g . 34 61-64