COMMERCIAL

Evening Star, Issue 20653, 28 November 1930, Page 7

COMMERCIAL

DATES OF DIVIDENDS PAYABLE. . Stock. Amount. Period. Date. N.Z. Paper Mi115...8 2-5 d interim Nov, 29 ■ (approx.) Kauri .Timber 7jd final Nov. Grey Val. Coal ......7 l-5d final Nov, N.Z. Breweries 1/3 interim Doe. 4 N.Z. Loan and Mer. £2 final' Dee. 4 Bank of N.Z. ." 1/4 interim Dec. 6 , . (appyox.) P. and 0 1/- final Dec. 15 U.S.S. Co. 63-Sd final. Dec. 16 Mount Lyell ... 1/- , final Dec. 17 National Bank ot N.Z....3/ interim Jan. 3 BANK OF ENGLAND RETURNS. Press Association—By Telegraph—Copyright. LONDON, November 27. (Received November 2S, at. 11/45 ami.) ISSUE DEPARTMENT. Nolf issue in circulation ... £350,124,028 Banking department ... ...; ... ... (50,4-43,041 £416,568,569 Government debt ... /Ti 1,015,100 Other Government securities ... •... 233,041 133 Oilier securities ...... 11,477,209 Silver -com ' ... ... ‘ 4,466.058 Gold coin and bullion ... ... 156,508,560 ' ' £416.563,569 BANKING DEPARTMENT. ' FropHetors* capital ... £11,553.000 Rest ... ... ' ... 1 ... * 5.223,684 Public f deposits , 18,888,951 Other ..deposits (bankers) ... 55,901.187 Other accounts ... 36,812.757 Seven-day and other bills ... .... ... . 1,519 ■ . ' £129,381,008 Government *ecur»tic» ... ... £.34,596,247 Discounts and advances ... 6,081-597 Other secuVbics - ... '♦ 22,255.995 Notes in reserve ... ... Gold-' and suver com ' 1,004,618 ■ . , ■ . r ' . £12^381,098 The proportion of reserves to liabilities is 59.50 per. cent. Short loans are quoted at 2. per cent., three-month bills-at 2 3-lG.pcr, cent. LONDON STOCK EXCHANGE. Pres* Association—By Telegraph—Copyright. ■ LONDON. November 27. The following are the latest quotations for Government securities [

BRADFORD MARKET. Press Association—By Telegraph— Copyright. LONIiON, November ‘27. (Received November 2S, at 11 a.m.) The Bradford market is weakerand quotations are irregular. ■ Quotations; 64’s, 28JU ; oU’s,22d; 56's, lotd; oU’s, 13d ; ,4G’s, 10Jd j 10’s, Bid. '■

AUSTRALIAN MARKETS. ’ Press Association—By Telegraph—CopyrijM. SYDNEY, November 27. Wheat :, r Ex trucks, Sydney, 2s 7d; country sidings, Is lid. Flour, £B. Pollard, £4 15s. Bran, £4 ss. Potatoes: Tasmanian. £lO to £l2; local, £10; Globes, £8,10s; white, £lO per ton. Oats: White, Os 6d; Algerian, 4s 2d. Maize, 4s .'id. ADELAIDE, November 27. Wheat, 2s sd. Flour, £7 15s. Bran, £4 ss. . Pollard. £4 15s. Oats: Algerian, Is Sd. MELBOURNE, November 2S. (Received November 2S, at 11 a.m.) Wheat: 2s 5d to 2s Gd. Flour, £8 to £8 ss. Bran, £l. Pollard, £4 15s. . Oats, Is 9d to 2s. Barley; English, 2s 3d. Maize, 4s Id. BUTTER AND CHEESE. Pres* Association—By Telegraph—Copyright. LONDON, November 27. (Received November 28, at 11 a.m.) The butter market is lifeless. Danish, 1265. Choicest salted New Zealand, 102 s to 104 s; exceptionally fine. I06a; Australian, 96s to, 100 s; nnsiilted Now Zealand, 14Gs to 148 s; Australian, 120 s to 1245. Cheese is dull. New Zealand—white 60s, coloured G4s; Australian—white 645, coloured G2s, BEET SUGAR. PiMi Association—By Telegraph—Copyright. LONDON, November 27. (Received November 28, at 11 a.m.) Beet sugar: December, 4s 7£d.' LONDON WOOL SALES. Pres* Association—By Telegraph—Copyright, LONDON, November 27. (Received November 23, at, 11 a.m.*) At the wool sales 9,762 bales were offered, including 1,122 from New Zealand, and about 7,470 bales were sold. There was a splendid selection of ail merinos, but a poor lot of greasy crossbreds. There was a steady demand, and the withdrawals wore mostly inferior wools. The opening rates were fully maintained. AUSTRALIAN LAND COMPANY. BIG LOSS FOR YEAR. Press Association—By Telegraph—Copyright. LONDON, November 27. (Received November 28, at 11.30 a.m.) At the Australian Mercantile and Land Company’s meeting Mr' R. Caird, who . presided,. said that the causes of the leading diminution in profits were entirely beyond their control. The severe drought was responsible for the greatest falling off. The actual loss on the company’s properties this year was £88,641, with a profit of £48,700 in the previous year, thus showing a decline of £137,341. He said ho thought that as no heavy stocks of wool were carried anywhere, wool would be ono of the first commodities to respond when the old conditions of trade revived. Unless there was a rise in wool prices they could not expect anything, but the loss on tlio company's properties during the current .year would certainly bo mycli.smaller Ilian last year, and the position would pl'ohahlv he £60,900 or £70,000 better. ■

SYDNEY WOOL SALES. Pres* Asiociation—By Telegraph—Copyright. , SYDNEY, November 27. At ; the wool sales tho offerings amounted to 11,071 bales, of which 10.324 were sold, • while 436 were disposed; of privately. There was an improved demand u>ving to the better selection of wool, and values recovered, prices generally being, on a, level with the earlier sales of the week. Competition for superfine was pronounced. Greasy merino made 27) d. COLONIAL SUGAR COMPANY. PROFITS FOR LAST YFAR. Pres* Association—By Telegraph—Copyright. ' SYDNEY, November 28. (Received November 28, at 12.45 p.m.) Giving evidence at the sugar inquiry, Mr Goldfinch (general manager of the Colonial Sugar Company) said that the gross profit last year had been £601,000, from which an income tax of 4s 6d in the pound was deducted, amounting to £135,225. Tlie net profit was thus £465,775. Tho surplus sugar financed gratuitously was equivalent to a remission of £56,000 in interest. Replying to the chairman, witness stated that dividends absorbed £730,090'. ( NEW ZEALAND AND AUSTRALIAN LAND. Final dividend declared by the New Zealand and Australian Land Co. Ltd., on its ordinary shares, for the year ended March 31 last, is at tho x-ate of .2 per cent. Interim dividend paid in May last was on the saxno basis, so the disbni'senient for the twelve months is at the rate of 4 per cent. For the px-e----ceding trading year the company paid ordinary dividend of 8 per cent., the disbursement on preference capital also being at the rate of 8 per rent. Gross profit for 1928-29 aniounted to £330,C 67, which was an increase of £101,432 oil the sum for the previous twelve months. After provision had been made for ' taxation there was net profit of £250,196, which compared with £168,267 disclosed in accounts published a vear earlier; but in 1926-27 there was a revealed loss of £57.204, and in that year £140,000 was withdrawn from reserves. From the fact that the hoax'd has deemed it prudent to halve the into of dividend for the period to March 31 last, it is inferred that the company’s net profit will bo shown in tho .accounts to havo mxdei'gono material contraction from that cleared in 1928-29. , LONDON ‘TIMES.’ For the year ended June 30 the 'Times’ Publishing Co., shows a net profit of £236.373, compared with £331,592 for 1923-29. As £115,258 is hi-onght forward, the balance available for distribution is £351,631. Dividend of 5 per cent, on prefei’enco shares, and a further distribution on tli s class of shares on the surplus profit at the same rate in terms of articles of association require £28.390, and ordinary shareholders again receive 15 per cent, for the year, absorbing £96,750. To reserve for rebuilding and contingencies £50,000 is allotted, the staff pension fund is voted £25,000, to reserve for taxation £50,000 is transferred, and £100,990 is' carried forward. Tho'issued capital of the company is £965,000,, of which £320,000. is’ picl'oronco and £045,1100 ordinarv capital. The reserve linul is £IOO,OOO.

COMMONWEALTH LOAN. Some largo subscriptions were received for the Commonwealth conversion loan of £23,000,000 last week. The National Mutual Lite Association of Australasia Ltd. lodged cash subscriptions totalling £155,000, and conversion applications for £38,920, a total from this association of £193,920. The Shell Company of Australia Ltd. lodged a cash subscription of £IOO,OOO, and the Equity. Trustees, Executors, and Agency Company Ltd. applied tor the conversion of £24,480. According to a statement issued by the Federal Ireasurer, the loan of £19,778,690 which matures on December lo is spread oiei 33,110 individual holders, giving an average holding of £597. , SWAN BREWERY COMPANY. After writing off £11,421 for depreciation, the Swan Brewery Company Ltd., Perth, for the half-year ended September 30 shows a net profit of £55,352, compared with £55,873 for the corresponding period of 1929. b With £25,825 brought forward there is available £81,177. Dividend on the 6 per cent, preference shares takes £1,500,and ordinary shareholders receive Is a share, absorbing £34,036. The reserve fund is strengthened by a transfer of £IO,OOO, and £9,599 is reserved for income tax. In the corresponding half-year in 1929 the ordinary dividend was 2s a share, and bonus of 6d a share was paid to ordinary shareholders. The amount carried forward to the current term is £26,043. Capital paid up is £475,454; the reserve fund is £437.068; leasehold, liability, guarantee, and trade account, _£79,161; equalisation reserve, £43,508; and, with the profit and loss balance of £61,579 shown in the balance-sheet, shareholders’ funds total £1,.117,120, compared with 1.087.023 at September 30, 1929. Outsido liabilities consist of amount on. open accounts £44,/43, compared with £59,935; debts duo on mortgage of hotel properties. £44,611; and account in credit, including goodwills accruing, £115,267, compared with £97,221. Assets aggregate £1,321,741. Brewery lands and buildings amount to £146,077, compared with £169,872 a rear, ago; brewery plant, etc., £169,722, compared with £182,627; and hotel properties £644,711, the total of freeholds and plant being £978,833. Debtors owe £91,951, compared with £120,985; stock-in-trade is £60,20G, compared with £74.072; money lent on mortgage is £41,253, compared with £41,479; shares in other companies are unchanged at £111,722, and cash amounts to £17,753. Contingent liabilities are shown, at £5/,1/1. A sum of £4,623 received from the West Australian Glass Manufacturers Limited in the term is placed to the credit of leasehold liability, guarantee and trade account. GREY VALLEY COLLIERIES. A total credit of £19,591 17s 6d is shown bv the balance-sheet :oi' Grey Valley Collieries, Ltd., to be presented to the annual meeting of shareholders. The report states that the balance transferred from the profit and loss account to the appropriation account is £19,070 2s Id. which, with the . credit balance of £521 15s _ od brought forward from the previous year, makes a total credit of £19,591 17s 6d. Depreciation and taxation, together with the 3 per cent, interim dividend paid in May last, account for 1 £11,500 It is recommended that the I balance of £8,091 17s Gd be dealt with as follows:—Transfer to general reserve £4,500 (bringing this account to £7,000); payment of final dividend of 3 per cent, (making 6 per cent, for the year) £3,000; carry forward £591 17s 6d. I The' output for the year amounted to ' 125.059 tons. This is a small reduction on tho tonnage won the previous year, and is attributed partly to labour ' trouble and partly to a serious (though temporary) curtailment of coal required for railway purposed. Tho_ plant and equipment have been maintained in first-class condition, and have been added to considerably during tho year. Development work lias been well advanced, and the colliery is now well equipped to produce an increased tonnage. During tho year an additional area of nineteen acres was acquired from adjoining owners, and a further area of six acres was also released, adding, in all, twenty-five acres to the leases already held. Messrs C. Chris. Davis and F. 11. Hogarth retire from the board and offer themselves for re-election. Mr J. Catchpole resigned from the board during the year, and Mr H. Morpeth, of i Auckland, was appointed to fill tho ; vacancy. I COMMODITY PRICES. With tho commodity markets just as narrow as stock markets, comparatively small offerings have had an exaggerated effect,, says the ‘ Financial Times.’ Completion of liquidation will no doubt he followed by irregular recoveries,, but a definite termination ot the downward movement as a whole and its replacement by a sustained rally can only be looked for when manufacturers decide they cannot afford to wait longer to replenish supplies or to once more carry reasonable stocks. This feeling will probably wait to seme extent on tho further fall in retail prices which is needed to stimulate consumption. What will finally bring about that change of view or sentiment jt is impossible to forecast beforehand. _ London seems to anticipate that it will be developments of a political or semi-political .nature, and rumour has been busy canvassing the possibilities of an early election; how whatever party may be in power will deal with the next Budget, and what, if any, effect the deliberations of the various party committees now considering such problems as unemployment, the state of trade, and of monetary policy may have in the near future. The feeling persists that w e are bumping along tho bottom, though it may be a very uneven bottom presenting some unexpected and disturbing iiregularities. Markets are now in such a technically sound state that they aro readier to respond to moderately good news than to unfavourable factors, other than what might be termed major factors. BETTER QUALITY LAMBS WANTED. Mcsis Henry Fitter and Son, Ltd., Leadenhall Market, London, in thentrade letter of September 29 reported: “ Good prime New Zealand lambs have remained steadv, although naturally tho demand is beginning to decrease. Many of the secondary lambs now beinj offered are of extremely poor quality. The better brands, however, are passing into consumption fairly freely, inis season will go down to history as being one of the poorest for quality that New Zealand has ever experienced. It tho dominion is to maintain her great reputation it is to bo hoped that the matter of grading will receive the most careful attention, especially as omng to the low price of wool other countries are likely to breed more meat than in the past.” 1

GRAMOPHONE PROFITS. The • accounts issued last month by the'Gramophone'Company are the first, for six years to show a reduction in earnings. , They cover the twelve months ended June 30, for which period u net profit of £811,931 was earned, after providing for debenture service and directors’ fees. This figure compares with a total for the previous year of £1,168,217, which was a record. The directors state that the ,profits have been adversely affected by the trade depression prevailing in most countries of the world. The dividend for the year is 20 per cent., and the balance carried forward is raised from £1,210,440 to £1,399,371, an increase which would have sufficed to pay a further 5| per cent, on the ordinary shares. For the preceding year the dividend was 60 per cent., but the ordinary capital has since been doubled.

The report states that the total assets of the company as shown by the balance-sheet (irrespective of patents, trademarks, and goodwill), and of the foreign branches and factories at June 30 amounted to £6,722,057.. Deducting liabilities and debenture stock amounts mg to £963,178,- there remain net tangible assets of £5.,753,879, in respect of a capital of £3,340,000, of which £IOO,OOO is in preference shares.

HENRY JONES CO-OPERATIVE LTD. Accounts of Henry Jones Co-opera-* tire Ltd., for the year ended October 31, disclose a substantial decrease in earnings, compared with the previous year. Income earned within the Commonwealth for the term amounted to £71,481, as compared with £116,318, and from outside the Commonwealth £46,866, as compared with £44.819. Tim total net profit was £118.347. compared with £160,637 for 1928-29, Interim dividend of 9d per share from Commonwealth profits absorbs £53,-361, and final dividend from income from this source is l|d a share, and from external profits .7id a share, together requiring £56.631.

Imperial Contois 2J p.c. ... >2 0 War . loan, 5 ’ p c., 1927*47 ... 102 IV 6 Funding' loan, 4 p.c-, 1960-1990 ■ 93 2 6 0 Conversion. loan, 3$ p.c 82 0 Victoiv bonds 4 p.c 97 0 0 Commonwealth (i p.c., 1931-41 93 10 0 Commonwealth 5‘p.c., 1943-73 83 10 0 New Zealand'6 p.c., ... 106 10 6 New . Zealand 4 p.c, 1921) ... 97 0 New Zealand p.c., 1040 ... ' 90 12 (1 New Zealand 3 p.c., 1940 ... M 10 0 New South Wales pc./ 1930-40 91 10 0 New South Wales 0 p.c., 1922*31 13 0 0 New South Wales 5} p.c., 1930-40 89 0 New Sooth Wales 4 p.c.. 1933 87 10 0 New South Wales 31 p.c., 1030-30 39 3 0 New South Wales'3 p.c., 1035 10 0 Victoria p.c. 1930-40 83 ]() 0 Victoria* 3 p.c, 1032 42 ... ... 82 0 0 Victoria. ‘4J p.c, 1940-60 t 80 0 u Victoria 3i p.c , 1920-49 .. 39 0 0 Victoria 3 pc., 1029*40 38 10 0 Queensland 6 p.c., 1930-40 ... 9! 0 0 Queensland 3 pc., 1940*60 ... 79 • 0 Queensland 3 p.c., 1922*47 ... 60 10 0 South Australia 6} p.c., • 1930-40 • 93 () 0 South Australia 3J pc., 1930 77 JO 0 South Australia 3 pc, 1916 or after 30 tl 0 0 West Australia 6 p.c., 1930-40 93 0 West Australia 3$ p.c, 1920-33 79 0 0 0 West Australia 3 p.c., 1913-35 77 0 Tasmania - 64 p.'*, 1930*40 ... 97 1j 0 Tasmania S| pc., 1920*40 ... Tasmania 3 p.c., 1920*40 ... 76 74 0 0 0 0