BRITISH TOBACCO CO.

Dominion, Volume 34, Issue 135, 4 March 1941, Page 3

BRITISH TOBACCO CO.

Trading Difficulties

Difficulties with which the Australian tobacco industry is faced were referred to by the chairman, Mr. K. J. A. Massie. at tile aunual meeting of the British lobaceo Co. (Australia), Ltd., in Sydney on Thursday. , , iff Two important changes in the taint affecting tobacco and cigarettes had been made during the year, he pointed out, both of which had resulted in increased costs of the products of the subsidiary companies, and adjustments in selling prices. In the case of a popular brand of cigarettes retailing at 10 tor '«•> slightly more than 4d. was paid in duty and exise. ~ . , The company, Mr. Massie proceeded, had provisionally secured its normal requirements of leaf of the 1940 American crop at satisfactory prices. This lent had been purchased on the company s behalf by the. Commodity Credit Corporation, an organization set up by the United States Government to deal with the position created by dollar exchange restrictions, and was being held by the corporation at the company’s option-till July 1, 1942. As and when dollar exchange became available the leaf would be brought to Australia. The company was investigating the possibilities of purchasing Em-pire-grown tobacco leaf from the sterling group, including Rhodesia, but on account of the necessity for England to secure the major portion of this leaf, the company so far had been able to obtain only a small quantity. Canadian leaf was in the non-sterling group. Mr. Massie said the company was rationing its products in conformity with the plan to assist the Federal Governmciit to conserve dollar exchange. Under this plan factory output by manufacturers was limited for the nine months from October 1. 1940, to June 30, 1941, to nine-twelfths of the output for the 12 months ended September 30, 1940. In making reference to. the acquisition of the ordinary shares'.of Carreras Ltd., Melbourne,' he said the deal had proved a profitable ojje.

Rubber Companies’ Dividends

The Dunlop Perdriau Rubber Co. Ltd. has advised the Stock Exchange Association that the (board of directors announce payment of an interim dividend for the half-year ended December 31 of 5 per cent, on the cumulative preference shares. They also declare an interim dividend of 34 per cent, on the ordinary shares for the same period. . ■ The directors of the Barnett Glass Rubber Co. Ltd. advise payment of an interim dividend for the half-year ended December 31 of 4 per cent, on the cumulative preference shares. They also declare an interim dividend of 3? per cent, on the ordinary; shares for the same period. The dividends of both companies, will be posted to shareholders on March 31. Transfer books will be closed from March 18 to 29, both days inclusive.

Union Bank Of Australia

The accounts of the Union Bank of Australia, Limited, show a rise of some £2,805,000 to £41,549,130 in deposits. Bills ’ discounted are lower at £31,88»,921, against £35,483,941. Investments in Government securities are £2,400,000 more at £6.460,212. With the additioy of British Treasury bills to Commonwealth and New Zealand Treasury bills, the amount under this heading is increased from- £1,200,000 to £3,300,000. The balance-sheet.-total has risen from approximately £49.500,000 to £52,000,000.

Woolworths' (W.A.) Dividend

Woolworths (Western Australia), Limited,-has declared a . final ordinary dividend of 12J per cent, and a bonus of 2+ per cent., making 22| per cent., unchanged for the year ended January 31. The dividend is payable on April li>.

Pukekohe Produce Prices Dominion Special Service.

PUKEKOHE, March 3. Grey pumpkins are now coming forward from produce growers at Pukekohe and are selling at 10/- a cwt., on rail, Pukekohe. The Red Warren pumpkin remains at last Monday’s price, namely, 8/-, while cooking onions are still at 11/-, pickling onions at 13/-, and potatoes at 7/-. Carrots continue to sell at 7/- a sugar-bag; tomatoes at about 6/- a case, cooking apples at about 5/6, and dessert apples at about. 8/6. Cabbage plants are still going away at 10/6 a 1000 in bundles of 25. The tone of business remains fairly steady. !