COMPANY NEWS

Press, Volume LXXXVIII, Issue 26868, 22 October 1952, Page 12

COMPANY NEWS

CHRISTCHURCH BUILDING SOCIETY A “satisfactory though difficult’’ year is reported by the directors of the Christchurch Building and Land Society (Permanent). Net profit for the year ended September 30, at £6744, is down by £205 on the previous year’s figure. With £662 brought forward. £7406 is available for distribution. Total distribution for the year (7 per cent, to “A” share members, £3lO to subscription share members, and a further payment to members of £945) takes £5665. General, reserve and office rebuilding fund each receive £5OO, leaving £741 to be carried forward. .Mortgages of freehold property in the society’s assets total £230,906, a decline of £20,248. “Lack of funds for investment necessitated our declining many applications for loqns on good securities,” says the directors’ report. “Shortage of funds has been fairly general in the business community, but apparently this position is already rectifying itself. The housing situation does not appear to be easing to any considerable extent. Costs have risen to such an extent that many young couples find it impossible to finance the building or purchase of a home.” New Zealand Guarantee.—Net profit of the New Zealand Guarantee Corporation, Ltd., for the year ended August 31 was £6063, compared with £4601 in the previous year. Dividend of lid a share, or 64 per cent, (unchanged), takes £4424. During the year the company had to meet a Social Security charge of £612 on bonus distributions from capital reserves made in 1947, 1948, and 1950. The payfnent was charged against the general reserve account.—(P.A.) Bums, Philp.—An interim half-yearly dividend of Is on old shares and 9d on new sares is payable, ex October 27. (P.A.) Hadfields Steel.—A final dividend of 4 oer cent. (8 per cent, for the year) is recommended, ex November 5.—(P.A.) Lines Bros., N.Z., Ltd.—Balance date has been changed to June 30. Net taxnaid profit for 10 months was £12,516. Annual dividend is 3 per cent.—(P.A.) National Timber Company.—An interim dividend of 6d a share is payable on November 20, ex November 20.—(P.A.) Mutual Benefit.—A final dividend of 34 oer cent., plus a bonus of 1 per cent., bringing total payment for the year to 7 J per cent, (unchanged) on “A” capital shares, are recommended by the directors of the Mutual Benefit Building and Investment Society of Canterbury (Permanent). The society offered £25,000 of the unallotted “A” capital shares to existing shareholders at a premium of 10s a share after converting the denomination for this class of share from £lO to £1 each. This resulted in 14,730 new £1 shares being taken up. “This must be considered satisfactory in view of the recent lack of funds that has obtained,” says the directors’ report. On these new shares a 2 per cent, dividend is proposed. After providing for dividends on “A” capital shares (£4045), interest on “B” investment shares (£359) and rebates to borrowers (£166), the sum of £4136 is left. Unchanged transfers of £lOOO each to the security depreciation reserve and the general reserve are proposed, leaving a carryforward of £2136 (compared with £3958). Advances on mortgage total £256,448 and investments £24,745.

FOREIGN EXCHANGE RATES

STERLING RECOVERY CONTINUES Sterling gained 1 cent on the Canadian dollar and nearly 1 cent on the United States dollar in the week ended yesterday. A cable message from London says that on Monday sterling reached its highest level for some months at 2.79% dollars, and was similarly strong in foreign centres. Reuter’s financial correspondent says that only a month ago it was bogged down at its lower limit of 2.78 dollars. It has snapped back almost all the way to its par value of 2.80 dollars. Over the same short period discount on forward sterling against the dollar has halved. Foreign exchange experts today treated developments with cautious optimism, but as far as it went they regarded the sterling recovery as genuine. Continental and American operators, who were short of sterling, or sold it speculatively earlier in the year when the outlook was black, are buying again. Reasons contributing to the recovery included the transformation of gold losses of January and February into the stabilisation of gold reserves since the March Budget, and Britain’s surplus of 37,000,000 dollars with the European Payments Union in September. Hopes of favourable developments from the Commonwealth Prime Ministers’ conference in November and the good steel and coal output figures are other factors, according to Reuter’s financial correspondent. ’ Altered telegraphic exchange rates, as advised by the Bank of New South Wales, are as follows: N.Z. on New York: buying, 2.7920 dollars to £1 N.Z. (2.7833 on October 7); selling, 2.7596 (2.7516). N.Z. on Montreal: 2.6853 dollars to £1 N.Z. (2.6753); 2.6504 (2.6406). N.Z. on Holland: 10.79 guilders to £1 N.Z. (10.78); 10.54 (10r52).

CATALOGUE FOR WOOL SALE AT AUCKLAND

SELLING TIME EXTENDED (New Zealand Press Association) AUCKLAND, Oct. 21. The catalogue for the first Auckland wool sale of. the 1952-53 season closed this morning. Approximately 30,000 bales will be offered at next month’s sale, which will open on Saturday, November 8. Mr J. E. Conner, secretary of the Auckland Woolbrokers' Association, said that the sale would be held in two parts. At the first sale on the Saturday, commencing at 7.30 p.m., at the Town Hall concert chamber, crutchings. locks, lambs’ wool, and necks will be offered. The main part of the catalogue will be offered on Monday, November 10, as originally scheduled. This sale will begin at 8 a.m. VEGETABLES AND FRUIT Citrus fruits are again in plentiful supply, with the distribution of a further shipment of South Australian oranges this week. The rain of the last few days will have the effect of bringing on many spring vegetables, particularly if it is followed by a warm spell. Retail Prices Australian potatoes, 6d per lb; New Zealand potatoes (old crop), 3d per Ib. new crops Is 3d per lb; onions, 6d per lb; spring onions, 6d a bunch} sweet turnips, 4d per lb; carrots, 6d per lb; parsnips, 6d per lb; leeks, Is to Is 3d per lb; artichokes. 8d per lb; cauliflowers, 6d to 2s each; spring cabbages, 9d to Is 3d; spinach, 8d to Is a bunch. Lettuces, Is to Is 6d each; beetroot, 6d to 9d a bunch: garlic, 2d per oz: green peas, Is 6d per lb; hothouse tomatoes, 5s 6d to 7s 6d per lb; hothouse cucumbers, 3s 6d per lb; celery. Is to 2s a bunch; radishes, 6d a bunch; asparagus, 2s a bunch. Wolseley apples, 9d per lb; Granny Smith apples. Is per lb; Sturmer apples. lOd per lb; Delicious apples, lOd to Is per lb; dessert pears. Is 2d per lb; rhubarb, Is 6d a bunch; Chinese gooseberries, 2s to 2s 6d per ib; tree tomatoes, Is 6d to 2s per lb Australian oranges. Is 3d per lb; tangerines, Is 6d; mandarins, Is 6d; grapefruit, Is; Meyer lemons. Is Id; New Zealand lemons. Is Id; marmalade oranges, 9d to is; Australian lemons, Is 6d; Australian pineapples, 4s to 6a.