FINANCE & COMMERCE

Dominion, Volume 35, Issue 9, 6 October 1941, Page 3

FINANCE & COMMERCE

FOREIGN EXCHANGES Position Of Sterling (By Telegrapn.—Press Assn.—Copyright.) LONDON, October 3. The following mean closing rate.- on foreign exchanges were current today

♦Dealings suspended. LONDON, October 3. Silver.—Standard. 23 7-16 d. an ounce; tine, 25 5-16(1. Golt}.— £B/8/- an ounce, fine. , Harris- 1 Scarfe, Ltd. Net profit of Harris Scarfe, Ltd., Adelaide, for the year to June 30 is £57,996, against' £60,977 for 1939-40. Steady dividends of 4J per cent, on or- ■ dinarv shares requires £24,372, and 5 per cent, preference dividend £lO,OOO. Robertson And Mullens Robertson and Mullens, Ltd., Melbourne, shows for the year to June 30 a profit of £6485, after providing £3500 for taxation, against £6473 in 1939-40, for which tax provision' was £1950. Ordinary dividend is increased from 5 to ' 6 per cent., requiring £3862. '■ Alfred Lawrence And Co. Net profit of Alfred Lawrence and Co., Ltd.. Sydney, is £15078 for the year ended July 31, compared with £14,115 for 1939-40. It is struck after providing £9OOO for taxation and £3527 for depreciation against £7OOO and £2864 respectively last year. Ordinary dividend o£ 10 per cent, (unchanged) requires £5500. and the 8 per cent, preference dividend amounts to £2805. Other allocations are £775 to contingencies reserve, ■ £3500 to general reserve, and £2500 to superannuation fund, leaving £2120 to carry forward, against £2122 brought forward. Lincoln Mills (Aust.), Ltd. Monthly output of the spinning mill now was double the pre-war output, and the knitting mill was producing ever-in-creasing quantities of underwear, pullovers, and socks for the Services, said Mr. E. T. H. Richardson, acting chairman, at the annual meeting of Lincoln Mills (Aust.), Ltd., in Melbourne. A considerable quantity of spinning ma- . chinery had been ordered from England, and buildings were being extended. Landed cost of this plant would be nearly double that of pre-war; An auxiliary knitting mill at Woodepd would he in production in a few weeks. Snow’s Men’s Wear Though turnover of Snow’s Men’s Wear Ltd. had increased substantially, directors considered that it still fell short of what might be regarded as a reasonable return on capital employed, said the chairman. Sir Sydney Snow, at the annual meeting in Melbourne. Increased turnover for the year was almost wholly in cash, trade. Concern for the future was whether sufficient merchandise could be procured to meet the demand. Most of the goods sold were made in Australia, and it was increasingly difficult to procure. a reasonable assortment. Tq date sufficient stocks and varieties had been secured. Charles Birks And Co. Charles Birks and Co., Ltd., Adelaide, dhows a net profit of £32,470 for the year to August 31, compared with £20,131 in 1939-40. Dividends of 7J per cent, on “A” preference shares, 6J per cent, on “B” preference shares, and 5J per cent, on ordinary shares are all 1 per cent, higher, and require £24,698. . A transfer of £5OOO is made to goodwill reserve, leaving £7783 to carry forward, against £5Oll brought forward. Gold Mining Returns (By Telegraph—Press Association.) GREYMOUTH, October 4._ The Snowy River dredge returned 205 J ounces for 122 hours from 25,500 yards. The Price Of Tin (By Telegraph.—Press Assn.—Copyright.) ‘ LONDON, October 3. The price of tin is quoted as follows: — Spot, buyers £256/5/- a ton, sellers £256 10/-; forward, buyers £260/5/-, sellers £260/10/-. Big River Report Big River Gold Mines, Limited, for the month of September:—No. 7 level winze : Now deepened to 74 feet. At 68ft. point, a strong body of quartz made across the winze from the south end. This reef is five feet wide, and is now across the full length of the winze. Stone is carrying visible gold, particularly on footwall side stone. No. 6 level stopes: All quartz on south side of winze from No. 1 intermediate to No. 6 level has been extracted. A small block between Nos. 1 and 2 intermediates is now being stoped. Prospecting: Work in the rise off north drive of No. 7 level stopped, as the reef pinched out. In No. 4 level north-west of old workings, 20 feet has been driven on a promising reef track. This work has been temporarily stopped, the men being required on more, important work reconditioning the main shaft below No. 7 level. Eighty-one tons of ore sent to battery for month.

Stock And Share Indices (By Telegraph.—Press Assn - ('t>|iyi’lght.) LONDON, October 3. • "Financial Times” stock and share indices, with previous quotations, are (October 15, 1926. equals.l(K)O)':—

Dow Jones Averages (By Telegraph. -Press Assn.-Copyright.) NEW YORK, October 4. Dow Jones average i I92ti eqimis Uk>) find turnover ou the New York Stock

Par. Oct. 3. New Xork, dollar . to £ 4.bbO 4.03 Montreal, dollar .. to ±; 4.«hb 4.45 Paris francs ...... to £ 124.21 V 17.35 St’holin, kroner ... to £ 23.43 16.90 Lisbon, 1 -esc. ....... to £ 100 110-25 to £ 92 Athens, drac to H 375 846 Rio de J., d. to mH 4.49 — Buenos Aires, d. to pe«a 57.62 17.965. Monte Video, d. to pesa 51 Calcutta, (1. to rupee .. 18 IS Shanghai, d. to dol. .. — 3 1-32 . Hone Kong, d. to dollar — 15 Kobe, d. to yen 24.582 —- ■

Govt, sec’s. Home Rails. Industrials. Gold mines. Feb. 4 112.3 •43.9 88.5 173.4 Mar. 112.3 42.3 85.6 170 5 Apl. 3 - . . . 113.2 45.2 85.4 173.9 Mar 2 113.2 45.2 84.3 167.3 June ,3 1131 45.1 87.4 170.0 Julv 2 . - . . 113.847.3 S8.3 168.5 Auk. 1 113.5 49.0 93.3 171.8 Sept. 2 113.6 52.4 96 7 176.2 Sept. 23 ... 113.9 51.2 97.6 177.0 Sept. 24 114.0 51.6 9S.5 177.6 Sept. 114.1 51.6 98.5 178.2 Sept. 26 ... 113.9 51.3 98.1 178.3 Sept. 30 114.0 51.5 98.2 17S.1 Oct. 1 114.0 51.5 98.4 177.8 Oct. 2 . . . 114.0 52.0 99.7 17S.2 Oct. o 114.2 52.1 99.6 17S.0

Exchange compare as follows — 20 Rail- 30 Share* roads. Industrials sold Jan. 6 .... 28.40 132.83 72O.OO0 Mar. 27.32 120 88 330.000 Apr. 2 28.97 123.47 450.000 May 28.51 115.72 41X1.0(10 June 2 27.56 116.18 260.000 July 2 • • • • 28.45 123.58 390 0O0 Aug. 1 .... 30.88 128 22 680.000 Sept 2 .... 30 17 128.31 520.00(1 Sept. 29.10 127.54 550.000 Sept. 26 .... 28.66 125.81 490.000 Sept. 27 ■28.97 126 03 190,(8X1 Sept. 29 9R 126.05 400.000 Sept. 30 .... 28.90 126.82 460.000 Oct. 1 .... 28.83 126.85 370.000 Oet. 2 • • • • 28.90 126.15 460.000 Oct. 4 .... 29.16 126.10 210,000