KAIAPOI WOOLLEN

Evening Post, Volume CXVIII, Issue 60, 8 September 1934, Page 12

KAIAPOI WOOLLEN

DIRECTORS CONGRATULATED

(By Telegraph—Press Association.) ' CHRISTCHURCH, September 7

The annual meeting of the liaiapoil Woollen, Company was held today. The chairman of directors, Mr. ■ Arnaud McKellar, said that the year's operations had yielded a.higher profit than, for four years, and the main contributing factor had been the further consolidation in the company's organisation. The indebtedness to the bank was only £38,323, which was £20,000 less than the previous year, and just over a third of what it was two years ago. Stocks were £13,000 less than last year, £38,000 less than two years ago, and £83,000 less than three years ago. Expenses had been further reduced, and would have been lower but for a national advertising campaign, which, however, the results had fully justified. The report and balance-sheet were adopted. Several speakers congratulated, the directors on having brought the company through the difficult tifties successfully. ■ Messrs. W. H. Clark and A. F. Carey were elected directors unopposed; Mr. W. S. Newburgh was elected auditor.

EXCHANGE AND POLITICS,

In the field of Dominion exchange, experience has been very different, remarks the London "Daily Telegraph" in reviewing overseas banking for 1933-34. Except in Canada, whose exchange has depreciated in sympathy with the American dollar, by which it is largely governed', the Dominion exchanges have been entirely stable in terms of sterling, and all have been maintained at values appreciably below their economic parities. The disparity has been most marked in New Zealand and in South Africa. In New Zealand, the artificial depreciation of the currency early last year has accentuated the already very favourable trade balance, with the result that the Government, under the terms of the Banks Indemnity (Exchange) Act, has been obliged to take over an increasing amount of sterling from the banks. In Australia the position has been some[what similar for, thanks to the marked rise in wool values, the country has in the past fiscal year achieved a net export surplus of some £13,000,000, and, in consequence, the London funds of the Commonwealth Bank have reached very high levels. In neither Dominion, however, is any early appreciation of the currency generally expected, for any such move would arouse the stormy opposition of primary producers—a development which might have embarrassing political consequences. SMITH AND SMITH, LTD. The directors of Smith and Smith, Ltd., oil, colour, and hardware merchants, Dunedin,have announced that half-yearly dividends on preference shares .on the current-financial year will be paid on January 31 and July'3l, 1935. Payment of the dividend in 'arrears on one ,year will be made on October 31, 1934, and April 30,-1935. In view of the improved condition of trade during the past twelve months, and with' good • prospects ahead, the directors state, the company has practically regained dividend-earning capacity. The company's year ends on June 30. Recent payments have cleared preference dividends up to the eud of the 1931-32 year. Ordinary shares have not participated since 1930. The capital of the company is £139.500, including 45,000 _,£ l cumulative .■jxpieiencs- shares.