COMMERCIAL

Evening Post, Volume CXXVIII, Issue 48, 26 February 1942, Page 10

COMMERCIAL

WOOL STORAGE. I Australian -wool is being removed from port warehouses to inland sheds so that it will not be exposed to the risks of enemy action. The Minister of Commerce, bMr. Scully, said that "shadow" appraisement and storage sheds would be. built in parts of Australia considered by the Commonwealth Government most suitable for the purpose and safest against attack. It was not considered desirable to have large quantities of wool in stores on the seaboard. CHEWING GUM DEARER. Professor Copland, Australian Prices | Commissioner, has sanctioned an increase of 50 per cent, in the retail price of chewing gum in Australia. TEA EXPORT QUOTA RAISED. | Three successive increases in the tea export quota last year were based upon the desire of the United States, Canada, and Australia to accumulate stocks and thus be perpared against shipping difficulties which would follow any outbreak of hostilities in the Pacific. By increasing the quota to 110 per cent., against 92^ per cent, in 1940-41, the International Tea Committee aimed to satisfy this demand and prevent soaring prices in the producing countries. War in the Pacific, with its concomitant shipping problems, is expected by the "Economist" to have a depressing effect on prices in the producing areas. Consumption of tea is at present about the peacetime level,' and is estimated at 875,000,0001b for the season ended March 31, 1942. Total world supplies for the season are likely to reach 1,025,000,0001b. leaving an unused surplus of about 150,000,000 lb. SHEEP FOR SOUTH AMERICA. Lincoln rnms sent from New Zealand to . Soiilli America have made some extraordinary prices, two ma king tlie record of £700 each —a great tribute to New Zealand breeders who, besides supplying Argentina with outstanding sires, have also, as with tlie. Corriedale breed, exported sheep to England. A later shipment comprising 20 one-shear Lincoln rams and nine shearling Komney rains has just been sent to Argentina and Uruguay by Messrs. Wright, Stephenson, and Co., who selected and shipped tlie £700 rams. The latest shipment iucludes a number of the season's prize-winners in Hawke's Bay and Wairarapa. The Lin coins are from studs of Jlessrs. L. K. Wilton, Win. Rayner, H. J. Rayner, and E. T. Wilton. Six of the Itomneys are from studs of Messrs. .1. G. and 1. R. Donald arid Mr. A. L. Wheeler. FRUIT AND VEGETABLE PRICES. Market Gardeners, Ltd., Wellington, report values of fruit and vegetables as follows: — Tomatoes, 4s to 7s 6d; peaches, 4s to 7s; nectarines, Cs 6d to Ss; quinces, 10s; plums, 5s to 7s Cd, Bayview tomatoes, 2s to 3s; raspberries, buckets, 7s 6d to 8s 6d; grapes, per lb, ls to ls 4d. Carrots, 4s to 6s; celery, 12s to ISs: rhubarb, 4s; radish, ls, all per dozen bunches: water melons, 12s to 4Ss per dozen; cabbage, ls; marrows. Is; beetroot, -'s to 4s; swedes. 3s to 3s 6d; beans, 2s to Cs; silver beet, ls to 2s; turnips, 2s 6d; cucumbers, 4s to ss; parsnips, 6s Od to 12s; carrots, 0s; spinach, 2s to Ss; lettuce, Is to 2s, all per case: pumpkins, 9s to lis; peas, 5s to 10s per sack. LONDON SHARES AVERAGES. (By Telegraph--rress Association—Copyright.) 'Uee. 5.;.0 a.m.) LONDON, February 25. "Financial Times" indices (1020 equals 100) :— " Covt. Home Indus- Gold see's, rails, trials, mines. Feb. 4. 113.6 55.5 101.6 106.7 Feb 20 113.3 54.8 95.0 156.2 Feb. 21 US.."? 54.S 96.4 155.7 Feb. 25 113.3 5,4.8 97.0 154.7 Industrials, 1911: High, 105.9; low, 83.0. GAS AS AN INVESTMENT. .Meagre returns from gas to Investors were reported by Mr. V. J. Lamer, chairnnn of the

Auckland Gas Co. He Informed shareholders that interest to debenture holders amounted only lo one-fifteenth and shareholders' dividend to one-twenty-fourth of total receipts.

"This is truly a modest return for shareholders who have invested over half a million in this public utility company," he said. Wages, salaries, and material took £329,000, about two-thirds, and taxation £71,700, or oneseventh, ,of the receipts. Depreciation took one-twelfth. Debenture interest required £34,000 and there was £21,000 left for dividend. Manufacturing costs had risen by £14,000, including £5460 for extra cost of coal. Increasing difficulty was likely In staffing the works, and considerable overtime at penal rates had to be worked, as much of tho plant had to operate continuously. Compulsory subscription to War Loan amounted to £36,140: and £10,000 had been subscribed to the voluntary loan. DIVIDENDS ANNOUNCED. The directors of Bond's Hosiery Mills (N.Z.). Ltd., recommend a dividend for the year ended January 19, 1942, of 10 per cent., as I last year. Woolworths (N.Z.), pref., 4V£ p.c. (less tax I2s in £1), payable April 15. BANK OF AUSTRALASIA DIVIDEND. The directors of tlie Bank of Australasia have declared a dividend at the rate of 9 per cent, per annum, being a distribution of 4s (id per share, less British income tax of 5s 4V£d in the £1. An interim dividend of 3s 6d a share at the rate of 7 per cent, per annum, less British income tax at 5s 4V4d in the £ was paid on October 3. 1941. This makes a distribution for the year at the rate of 8 per cent. The net profit shown for the year is £237,012 lis ld. Tlie dividend will be payable at any branch of the Bank of Australasia at the current, rate of exchange for sight drafts on London. The New Zealand register of proprietors will be closed on March 2, and the dividend will be paid on March 27. In calculating the rate at which Income tax has been deducted from the dividend for the year, a further amount of relief due to shareholders in respect of Dominion income tax for the years 1938 and 1939 as finally agreed with the Inspector of Taxes lias been taken into account. The rate at which income tax has been deducted from both the interim and flnal dividends has been adjusted acoerdingly, with tlie result that the 'amount required to cover the dividend for tlie year has been increased by approximately £20,000, to which extent the proprietors benefit. The increase in the carry forward in recent years is partially duo to an over-deduction of tax in respect nf the years 1938 and 1939. JOSEPH NATHAN AND CO.'S YEAR. Cabled advice has been received from London announcing the trading results of Joseph Nathan and Co., Ltd., for the year ended September 30, 1941, and showing with the previous year's figures in parentheses as follows: — Gross income, £173,081 (£159,256) ; expenses, £34,732 (£35,150). Provision for taxation, £56,500 (£36,500), leaving a net profit for the year of £81,849 (£87,600). All amounts are in sterling. The directors recommend payment of a 10 per cent, dividend ou ordinary | stock (subject to a deduction of 9s Gd in the £1 for income tax). ; It is also proposed that this dividend, together with the usual halfyearly dividend on the 8 per cent, preferred ordinary stock, less deduction for tax at 9s 4.6 din the £1, will be paid on April 1 next. FOREIGN EXCHANGE RATES. The Bank of New South Wales quotes telegraphic rates of exchange (New Zealand currency) on overseas centres as follows: — On. Buying. Selling. London, £ to fistg.loo . 124 7 6 125 0 0 Australia, £A to £100 100 10 0 100 0 0 Fiji, £F to £100 90 0 0 88 12 6 S. Africa, £ to £SAIOO 123 0 0 125 5 0 New York. dols. to £1 3.2542 3.2050 Montreal, dols. to £1 3.6039 3.5290 Java, flns. to £1 6.187 6.004 India. Ceylon, d. to rupee 22 3-16 22%