MANUFACTURERS’ PROFITS

Press, Volume LXXXVIII, Issue 26633, 19 January 1952, Page 9

MANUFACTURERS’ PROFITS

DECLINE IN UNITED STATES FIGURES FOR THIRD QUARTER OF 1951 Profits of United States manufacturing corporations continued during the third qdarter of 1951 the general downward trend that began at the end of 1950, according to a joint report of the Securities and Exchange Commission and the Federal Trade Commission. The report said that net profits totalled 5,900,000,000 dollars, a 15 per cent, decline from the preceding quarter, and 11 per cent, below the’•third quarter of 1950. Net profits for the third quarter, after Federal income and excess profits taxes, totalled 2,400,000,000 dollars, 23 per cent, less than in the preceding quarter and 36 per cent, below a year ago. The report said that sales declined from record levels for the first time since the end of 1949. Sales totalled 51.100,000,000 dollars compared with 53.700,000,000 dollars in the second quarter of 1951 and 48,600,000,000 dollars in the third quarter of 1950. Of the 22 different manufacturing industries classified in the report, only four showed any increase in profits. These were food, tobacco, apparel, and finished textiles, and petroleum. As in a number of recent quarters, the petroleum group had the highest percenage profit after taxes related to sates—lo. 6 per cent. Total assets at the end of September, 1951, according to the report, were estimated at 140,200,000,000 dollars. This compared with 136,500,000,000 dollars three months previously and 120,500,000,000 dollars a year ago.

SHARE MARKET INDICES

RESERVE BANK RETURN

The sterling held by the Reserve Bank dropped only £llO,OOO, compared with the average of £2,000,000 in the previous three weeks in the week ended January a. rne bank s other reserves were red9ced b y £299 °- Details, with the figures a° r / d F P revl °us week in parenthesis, are

Liabilities.—General reserve fund S;W O nJn anic J’ bank notes, £66,948,000 demand liabilities: State, l £ JmmA> £l2 ’ 988 ' M0,: banks - £60,375.000 '^?2x 92^,999^: other, £320,000 (£179,000); liabilities in currencies other than New Zealand. £9OOO (£12,000); other liabilities, £5,233,000 (£5,235 000) Total, £148,003,000 (£149,042,000). ' , A 8!?1 S A —Reserve gold, £5,550,000 sterbng exchange, £26,355,000 pm’S. ool ' ° ther exchange, £519,000 J J 9 ; subsidiary coin, £559,000 (£563,000), advances: to State marketing organisations, £737,000 (£1,474,000); for other purposes, £50.572,000 (£50,000,000)other advances, £6,019,000 (same); investments, £54,182,000 (same); other assets ( £ £ 3 i 5 4»01 4 - 300 ’ 00<)) - TOta1 ' £l48 ’ 093 ’ 909 MINING Snowy River.—The Snowy River dredge return for the last fortnight ended yesterday, was 85 ounces of gold from 45,700 yards of material treated in 263 hours.

New York 100) :— —Dow Jones (1926 equals Feb. 28 Rails. Industry. Shares .. 83.10 252.05 1.640.000 March 31 .. 80.58 247.94 480.000 April 30 May 31 .. 82.92 259.13 1.790,000 .. 79.64 249.67 1,200,000 June 29 .. 73.39 242.64 1,730,000 July 31 .. 80.54 257.86 1,550,000 August 31 .. 80.33 270.25 1.530,000 Sept. 29 .. 64.76 271.16 1,390,000 Oct. 31 .. 80.26 262.55 1,490,000 Nov. 30 .. 81.43 261.27 1,530,000 Dec. 31 .. 81.70 269.23 1,440,1100 Jan. 2 .. 82.11 269.86 1.070,000 Jan. 9 .. 82.03 268.08 1,370,000 Jan. 12 .. 84.12 270.73 740,000 Jan. 14 .. 84.17 271.59 1,510,000 Jan. 16 .. 83.94 271.13 1,430,000 Jan. 17 .. 85.12 271.91 1.590,000 London.—"Financial Times”: Indus, ord. (1936 equals equals 100) 100): Govt, and gold (1926 Indus, ord. .Govt. Gold. Jan. 31 .. 120.8 105.95 117.14 Feb. 28 .. 122.4 104.86 120.95 March 30 .. 120.9 104.73 119.67 April 30 May 31 .. 132.9 103.42 120.56 .. 137.2 102.38 116.76 June 29 .. 135.8 101.58 111.43 July 31 .. 127.1 101.76 111.48 August 31 .. 133.0 101 98 109.88 Oct. 31 .. 132.7 101.30 111.37 Nov. 30 .. 126.3 98.36 104.20 Dec. 31 .. 129.1 96.01 101.30 Jan. 1 .. 121.5 95.90 100.93 Jan. 2 .. 121.2 95.52 100.46 Jan. 1 .. 121.0 95.76 100.12 Jan. 8 .. 120.9 95.85 99.98 Jan. 9 .. 120.3 95.94 100.43 Jan. 10 .. 119.8 95.94 100.09 Jan. 11 .. 119.0 95.94 99.04 Jan. 16 .. 116.0 95.96 100.02