SOUND POSITION

Dominion, Volume 30, Issue 186, 4 May 1937, Page 12

SOUND POSITION

N.Z. Investment, Mortgage Co.

DIVIDEND UNCHANGED

At the thirty-first annual meeting of tlic New Zealand Investment. Mortgage and Deposit Co.. Ltd., yesterday the ehairman. Mr. Gerald Fitzgerald, moving the adoption of the directors’ report ami the balance-sheet, printed in this column on April .14, reviewed (lie progress made by the company during the last financial year.

The company's lending fund consisted of capital moneys which at £35,000 were unchanged. Deposits £87,445 .showed an increase of over £9OOO. The remaining capital items, interest suspense, taxation, reserve ami profit and loss appropriation showed little variation. Ou the assets side the total mortgage investments, after deducting £5OO provision for adjustment, were £12,673 higher than last year. The increase was mainly due to the higher total of deposits, together with a reduced bank credit of some £lBOO and the annual addition of £lOOO to reserves. 'The soundness of the policy of the board in maintaining steady increases in reserve had been amply proved over the past few years. It had ensured the unfailing payment of a reasonable dividend to shareholders, at. the same time affording an assurance to depositors, who provided the bulk of the investable funds. The stability of the company nad ever been tne chief consideration in every department of its activities. All advances were most carefully scrutinised and some measure of the care that had been exercised was obvious when it was realised that never in the history of the company had it been necessary to write off any part of its investment in any security. The position created by the mortgage legislation of last year must of course be met, and the company was obliged to abide by its regulations and to meet a situation over which it had no influence or control. Accordingly the provision from revenue of £5OO was an amount which the directors felt would be sufficient to meet the expected adjustment.

In the profit and loss account interest paid to depositors was much the same as last year, while charges generally were somewhat increased .and a new item of £5OO mortgage adjustment now appeared. On the income side interest, rents, fees, etc., _ were £543 higher. The increased earnings had been absorbed by the adjustment provision and higher charges and the net result was a profit of £2692 against £2787 last year. The company's freeholds were being well maintained and with the annual depreciation represented a sound and appreciating asset.

Hie report and balance-sheet and the recommendation of a final dividend of 3 per cent., making 5 per cent, for the year were adopted.

The retiring director, Mr. W. H. Denton, and the auditors. Henry Kember and Sons, were re-elected.

FOREIGN EXCHANGES

Position of Sterling

By telegraph.— Press Assn.—Copyright.

~ London, May 1. Ilie following mean closing rates on loreig" exchanges were current to-day compared with those ruling on April .‘JO - -- v v , , , I'ar. Apr. 30. May J. -X. York. dol. to £• 4.866 -1.94 13-11;

~ , , , , 4.941-16 Mon! real. dol. to £ 4.8611 4.93 13-10 i 934 laris fr. to £ 124.21 1103-10 110375 Brussels, pel, to £ -18.011 29 ”85 "9 ”5 Geneva, fr. to £ 25.225 21 505 ”158 Amst’dani fl. to £ 12.107 9.01 J 9.005 Berlin, inks, to £ 20.43 cl" .30 1” ”<> S't’holm, knr. t 0 £ 18.159 1941 i«7Ti Chagen, knr. to £ 1 ,5.10!i 2 2.-to 22.10 Oslo, knr. to £ 18.159 19 90 19IX) Y lenna, schgs. to £ 34.585 2G.511 2050 Prague, knr. to £ 1G4.25 141 875 141 575 Hel'fors, inks. (0 £ 193.23 220.125 '”G ”5 Madrid. pes. to £ 25.225 ‘ Lisbon, esc. | 0 £ ioo’“ 1103-1 G 1to:t-1G M> iln , 1 I e (o f ~ 93 15-10 93.875 Athens, drac. to ,C 375 *5-17 A *5474 Bucharest, lei to £ 813.00 *072.50 *672.50 Belgrade, din. to £ 27G.31 215 •■!.-, Rio do J., p. Io mil 5.899 fit f.| 1 B. Aires, p. to peso 47.02 _ _ T t M. Y Idoo, p. to peso 51 +39J Calcutta, p. to rup. 18 18’ jsi Shanghai, p. to dol. - 14'9-10 14* H. p. to dol. _ 14 15-10 14 15-16 I. riania, p. to yen. 24.592 14 14 Batavia, fl. to .£ 12.107 0.00 5.985 ♦Unofliclal. f Official. ... . . _ w , London, Mav 1. \ ,ol d. —& 7/0/8 an ounce, fine. oo ~ — Spot ’ an ounce; forward, 4-lbd.

On Nqyy' Zealand Currency Basis

Die Lank of New South YVales, YVclllngton, quoted the following rates for tlieir purchases and sales of foreign exeiuin-e yesterday:— ”

London Butter Market Quiet London, May 2. The butter market is quiet, but rather difficult. However, Tooley Street trade opinion appears to be that there will be no break in prices. Ranieri Gold Dredging, Ltd. Directors of Kanieri Gold Dredging, Ltd. (N.Z.), anticipate that the dredge will be ready to commence operations at the beginning of 1938. Electrically operated, the dredge will be fitted with IS cubic feet buckets, capable of digging and treating 400,000 cubic yards monthly. T’..c design includes the most modern type of gold-saving plant. Calculations have been based on gold valued at £4/16/- sterling ' £6 New Zealand per ounce, which the directors consider sufficiently conservative to cover any vari tion in the London price of gold and/or any variation in the existing exchange rate.

Tallow, Hemp and Peas The Department of Agriculture has received the following cablegram, dated May 1. from the High Commissioner for New Zealand, London:— Tallow —Market very quiet: prices unchanged. Hemp —Manila : Market quiet aud easier. “K” grade for May-June shipments, closing values £32/10/-. Sisal: Market quiet. .Mnv shipments sold early this week £29/12/6: closing values, 'MayJuly shipments. £29/7/6. New Zealand: Nothing to report. Peas —Maples: Market quiet; buyers reserved. Karly this month “A” grade Tasmanian for May shipments sold 57/6. Iteeently New Zealand—old crops—according to sample, for May-June shipments. sold at 52/-. New crops, No. .1, for May-June shipments, offered at 55/-; “A” grade Tasmanian. 57/6. without finding buyers. Blues: Better demand. “A” jxrade Tasmanian, for May-June shipment, sold £l2. London, May 2.

Supplies of fresh apples appear to be quite inadequate to meet the strong demand. Prices are firm, and the situation is likely to continue so, as buyers are s', rt of stocks.

London Fruit Market The Department of Agriculture has received the following cablegram, dated May 1. from the High Commissioner for New Zealand, London : — Apples: Hurunui discharged in good condition; market steadier. Current prices are: Cox's Orange. 12/- to 16/-: Jonathans. 12/- to 14/-; Cleopatra, 11/to 13/-; Dunn’s Favourite, 9/- to 10/6; YVillie Sharp, Purlin Beauty, S/6 to 10/-; London Pippins, Ballarat, 8/6 to 11/6 5 Lord YY'olselev, All’riston, 8/- to 9/-. Pears: Market is weaker. Current prices are: Coinice, 13/- to 15/-; YY'inter Cole. Beurre Bosco. I)/- to 11/-: Conference. I’ackham’s Triumph. 9/- to 10/6; Marie Louise, 9/- to 10/-: Duchess. Beurre Clairgcau. 8/- io 9/-; Beurre Capiamont, 7/- to 8/6. London Wool Market Strong London, Ylay 2. The strength of the wool market is especially notable. If Russian competition develops next week prices may go still higher. AUCTION DIARY TO-DAY. 39 Bond Street, Dunedin, 12 noon—Dunedin city freehold (Park Reynolds, Ltd., John Reid and Sons, Ltd., joint auctioneers). Pahiatua cattle fair, 11.30 a.m.—900 head station cattle (Dalgety and Co., Ltd., incorporated in England). 8 Willeston Street, 10 a.m.—Seven tons fencing wire (E. Johnston and Co.). 104 Courtenay Place, 12 noon—Drapery Sale account W. H. Campbell, Ltd. (E. Johnston and Co.). Levin sale. 11.30 a.m.—Mixed stock. Mart, 91 Dixon Street, 1.30 p.m.—Superior Household Furniture (C. W. Price). Fordell Sale, 1 p.m.—Mixed Sheep and Cattle (N.Z, Loan and Mercantile Agency). TO-MORROW. Rooms', Bank N.Z. Bldgs., 2.30 p.m.—Property. Kelburn Parade, a/c. Mrs. John Beveridge (G. C Tolhurst and Son). On the Farm. Oroua Downs—Unreserved Clearing Salo a/c. D. C. Cowdrey (N.Z. Loan and Merc. Agency, Incorp in England). At Auction Rooms, Timaru, 1.30 p.m.—Sale of Antiques a/c. R. L. Orbell Est. (Morton and Co., Ltd., auctioneers), 91 Tuam Street. Christchurch, 12 noon— Sale Stock Machinery. Plant, a/c. Hepburn nad Sons Foundry (11. C. Smith). Main 'Road. Te Horo, 11.30 a.m.—Unreserved sale a/e. S. N. Signal (T. L. Bennett Ltd.-Harold Taylor). 33 Liffey Street, Island Bay, .10.30 a.m.— Antique General Furniture (Kitigsways Ltd.). Farm, I.ongburn. 11 a.m.—Three important Jersey Sales —“Santa Rosa” Jersey Stud, Tararua Jersey Stud, Heatherlea Jerse.y Stud Cattle (Wright, Stephenson and Co., Ltd.-Abraham Williams Ltd.). Johnsonville Fat Stock Sale, 1 p.m.—Mixed stock (Wright, Stephenson and Co., Ltd.). Masterton Sale, 11 a.m.—2850 Sheep. THURSDAY.

Danuevrike Racecourse, 1.30 p.m.—Horse Sale; Sale of Remounts (H.B. Farmers’ Co-op. Assoc., Ltd.). Eketahuna Sale, 11.30 a.m.—1600 Sheep. Paddock Adjoining Waipukurnu Saleyards, 11 a.m.—Special Sale of Farm Horses (H.B. Farmers’ Co-op. Assoc., Ltd.).

New Zealand Buying. Selling. London T.T £124 4 : 124/10/£N'.Z. to £stg. 100 O.D. £ 123/10/-£12-1/8/9 Australia T.T. £A to £ N.Z. 100 O.D. }£IO1 } £100/10/Fiji T.T. £F to £N.Z. 101) O.D. } £ 90/7/0 I } £89 New York T.T. 3.9945 3.9577 Doi. to £N.Z. .. O.D. 4.0070 3.9027 Montreal ’I’ 3’ 3.9873 3.9521 Doi. to £N.Z .. ( ) I ) :1.999s 3.9571 Austria U . T. — 20.78 Seligs, to £N.Z. O.D. 20.S0 Belgium T.T. •••» j | Bel. to £N.Z. .. O.D. 23.37S Czechoslovakia ... T.T. — 1l:i.o: Crs. to £ N.Z. .. O.D. — 113.11 Don mark T.T. IS. 203 17.893 Kr. to £ N.Z. .. O.D. 18.203 17.903 France T.T. 88.4’3 Frs. to £ N.Z. .. O.D. — 88.47 Germany T.T. — 9.797 Mks. to £N.Z. . O.D. — 9.802 Holland T.T. 7 33*1 7.189 FIs. to £N.Z. . O.D. 7.3.99 7.19.3 Italy ’.. T.T. —- 75 25 Lire to £ N.Z. .. O.D. 75.30 Java T.T. 7.321 7.101 FIs. to £N.Z. .. O.D. 7.381 7.105 Norway T.T. lli.182 1 ~ s' r* Kr. to £N.Z. .. O.D. 10.242 15.902 Sweden T.T. 15.791 15.496 Kr. to £ N.Z. .. O.D. 1-..Si'll 15.506 Switzerland . .. ’I’ T 1 . 17-518 17.248 Frs. to £N.Z. .. O.D. 17.023 17.25.3 Noumea T T. —— 87.06 Frs. to £ N.Z. .. O.D. —• 87.12 Faucet a T.T. 87.21 Frs. Io £N.Z. . O.D. Dong-Kong .... T.T. 18 19-64 18 5.1-64 N.Z. d. to Doi. . O.D. 18 17-04 IS 25-32 Dulin and Ceylon . T.T. oon 22 21-32 N.Z. d. to It up. O.D. 22 11-32 22 41-64 rp rj. 17 15-32 N.Z. d. to Yon . O.D. 17 20-0-1 Shanghai T.T. 17? 18} N.Z. d. to Doi. .. O.D. 17 23-32 18 15-64 Singapore T.T. .34 2.3-32 35 13-64 N.Z. d. to Doi. . O.D. 34 5 35 3-16 (’h<*f oo T.T. 17 25-32 18 13-32 N.Z. d. to Doi. . O.D. 17 47-64 IS 25-64 The Associated Banks (other than the Bank of Now South Wales) quoted the following dollar rates yesterday, on a New Zealand currency I )asis. They are subject to alteration without notice. IT. .S.A-. Doi. Canadian Doi. Selling (Per T/r. £1 N .Z.) (Per £1 N.Z.) ! ).' > q 3.95 0.1). 8.902 3.954 Buying O.D. •1.00 11-16 3.99