COMMERCIAL

Evening Star, Issue 22363, 12 June 1936, Page 12

COMMERCIAL

LONDON STOCK EXCHANGE Press Association —By Telegraph —Copyright LONDON, June 11. (Received June 12, at 1 p.m.) The foliowing are the latest quotations of Government securities:—

FOREIGN EXCHANGES. (British Official Wireless.) Press Association—By Telegraph—Copyright RUGBY, June 11. ' (Received June 12, at 12.30 p.m.) The following are the mean closing rates:— • Paris; franc to £1 ... 17-61 New York, dollar to £1 5.02 Montreal, dollar to £1 . 5.03 Brussels, belgas to £1 ... 29.71 Geneva, francs to £1 15.53 Amsterdam, florin to £1 ... ... 7.43^ Berlin, reichmarken to ,£1 12.47 Milan (nominal) lire to £1 63| Stockholm, 'kroner to £1 19-39$ Copenhagen, kroner to £1 22 Oslo, kroner to £1 15.90 Vienna, schilling to £1 ... 86$ Prague, kroner to £1 121 g Helsingfors, marks to £1 227 Madrid, pesetas to £• ...\ 36 15-13 Lisbon, escudo to £1 110 ‘Athens, drachmae to £1 533 •Bucharest,, lei to £1 677 Belgrade, dinars to £1 222 Warsaw, zlotys to £1 ... 26.68 •Rio de Janeiro, pence to milreas 41 Buenos Aires, pence to dollar ... 36 •Montevideo, pence to dollar ... 37 7-8 Bombay, pence to rupee ISA Shanghai, pence to dollar 14 13-32 Hongkong, pence to dollar ... ... 15 7-16 Yokohama; pence to yen 14.5-64 Batavia, florin to £1 ... 7.33 . ‘Sellers. , FRUIT AND PRODUCE. LOCAL MARKET REPORT. Reilly’s reports increased consignments of apples and pears to hand. Supplies of apples, consist principally of Jonathans, Delicious, and Stunners. Good quality pears have a better inquiry, and prices have firmed for these. Freeh vegetables are still more than sufficient for requirements and values are low. • Some very fine Freesias are coming to hand from Christchurch, and realising good values. Other flowers have a good inquiry. Hothouse tomatoes have a good inquiry. ■ . New Zealand grapefruit and lemons are meeting satisfactory sales. The market is bare of oranges, and a small transhipment of Californian Valencias from Auckland is duo next week. Niue and Samoan bananas ex the Maui. Pomare came to hand during the week, the fruit being in prime green condition, and had a satisfactory inquiry. This boat also brought a small shipment of kumeras from Niue. Fair supplies of quinces are still arriving, and also small consignments of pie melons. Marrows, pumpkins, onions, and potatoes are sufficient for requirements. Inquiries are now being received for seed potatoes, particularly early varieties. Mutton birds have a good inquiry at increased values. Owing to excessive supplies, egg values have now dropped 2d per dozen for guaranteed. There are heavy sup : plies of preserved eggs arriving. There was only a medium yarding of poultry for this week’s sale, values being fair for most lines. SYDNEY STOCK EXCHANGE. This morning's sales.—-Bonds: 4 per cent., 1938, £lO2 15s; Commercial Bank of Sydney, £2O Is; Commercial Bank of Australia, 19s 6d : Broken Hill Proprietary (new), 50s ; Dunlops, 18s ; G. J. Coles, 80s Gel; Howard Smith, 19s 4*d. THE PRICE OF GOLD. Preu Association—By Telegraph—Copyright LONDON, June 11. •(Received June 12, at noon.) Fine gold is quoted at £6 18s 9d an ounce. DOLLAR AND FRANC. Pres* Association—By Telegraph—Copyright LONDON, June 11. (Received June 12, at noon.) The dollar is quoted at 5.02 and the franc at 761. BUTTER AND CHEESE. Press Association—By Telegraph—Copyright, LONDON, June 11. (Received June 12, at 11.30 a.m.) Butter: Firm. Danish, 120 s. Choicest salted New Zealand, 112 s; unsalted, 112 s to 113 s; Australian salted and unsalted, 112 s, Cheese: Strong. New Zealand white, Gls _6d to 625: coloured, 625. No Australian available. DAIRY PRODUCE. Messrs A. S. Paterson and Co. Ltd. are to-day in receipt of the following cable advice from their principals, Messrs J. and J. Lonsdale and Co. (London) Ltd.;—Butter: Market quiet. New Zealand 112 s. Australian 110 s. Danish 9Gs. landed cost 117 s. Cheese: Market quiet. White 61?, coloured lils (kl.

COMPANY NEWS ECLIPSE PETRfIL ECONOMISER COMPANY DIRECTORS’ REPORT. Presenting the twentieth annual report with statement of accounts lor the year ended March 31, the directors of the Eclipse Petrol Economiser System Company Ltd. state that Mr Godward has remained in England during the period under review in order to examine all possible channels of license and distribution. He has opened negotiations with several interested groups, but tlie proposals have not been sufficiently attractive for him to recommend any new license agreement. The difficulty in regard to the supply of fuel oils in England, referred to in last year’s report, may he said to be largely responsible for this state of affairs. Consequently the directors can report no progress towards marketing of the vapounser on a satisfactory basis. General Huggins, the last licensee, has been unable to carry out the balance of his obligations, and in consequence the company is now free to deal with its patents iu any other direction. Renewal of those patents considered necessary by Mi- Godward has been attended to by the company’s London patent attorney, and it is hoped that the cost of renewals will be more than covered by the royalties payable on vapourisers already manufactured, for the sale of which Mr Godward is now negotiating. Shareholders are indebted to Mr Godward, who again has given his services to the company for the past year free of all expense. Whilst Mr Godward feels justified in rendering such generous' and unselfish service to shareholders, the directors recommend the continuation of their present policy, which is to preserve the invested funds totalling dose on £B,OOO, and if possible to avoid calling upon contributing shareholders for the uncalled capital, which course would be necessary in the event of voluntary liquidation. It will be seen from the balance sheet and profit and loss account that the financial position of the company shows little change from last year. The expenses, totalling £236 4s lOd, have been more than covered by the earnings of £283 2s 2d. resulting in the credit balance brought forward of £4l 8s 9d being increased to £BB 6s Id. The investments stand at £7,896 7s sd. The increase in the debit for patent rights and licenses account, £4l 4s 6d, represents the renewal fees paid during the year. The directors are in communication by cable with Mr Godward concerning the possible sale of the vapourisers taken over by General Huggins, but at px-esent there, is nothing definite to report in that connection. The retiring directors are Messrs G. T. Booth and W. F. Tait, who, being eligible, offer themselves for election. MAGKY, LOGAN, CALDWELL . The report of Macky, Logan, Caldwell Ltd. (in liquidation) for the year ended February 19 states that negotiations were completed for the sale of the company’s two most important assets. The new company of Macky, Logan, Caldwell Ltd., which was formed to take over the trading assets of the liquidated company, had exercised its option to purchase. The shares held in the Oamaru Woollen Company realised approximately 13s fid a share, and the factory property at Newmarket was sold for £10,500. The remaining assets, consisting of properties and securities, were not at present realisable, but sufficient income had been derived to pay the total outgoings over the whole. The appropriation account showed the results of realisations. The accumulated loss had been reduced by £29.000 during the year by the benefit of the credit from the sale of the Oamaru Woollen Company shares. During the period two dividends to unsecured creditors had been paid, totalling 10s in the pound. A further payment of 2s fid was in sight, and would be. paid as soon as the funds were available. The remaining assets represented the residues of the liquidation, and, in the absence of any satisfactory offers, it was considered best to hold them, as there were indications of improving conditions. MORRIS HEDSTROM Net profits over £B,OOO higher at £53,512 are shown in the accounts of Morris Hedstrom Ltd., Fiji, for the year ended March 31. The amount written off for depreciation has been increased .by £3,000 to £20,922, this sum being used largely in writing down the value of assets in copra districts. The vear's ordinary dividend is unchanged at 5 per cent. This absorbs £26,021, and the preference dividend requires £13,152, leaving £54.764 to be carried forward against £40,425 brought into the accounts. Results for the last three .years compare as follows: 1934. 1935. 1936. £ £ £ Brought forward ... 37,627 34,457 40,425 Not profit 30,703 45,141 53,512 £68,425 £79,598 £98,937 Div., pref., 6 p.c. ... 13,152 13,152 13,152 Ord., p.c 4 5 5 Amount 20,816 26,021 26,021 Carried forward ...£54,457 £40,425 £54,764 Total assets have been increased by £22,065 to £972,054. This is accounted for chiefly by an increase in sundry debtors and in stocks, due to improved business conditions. Paid capital is unchanged at £739,613. General reserve remains at £BO,OOO. but insurance funds have increased by £3,000 to £45,080. Sir Maynard Hedstrom, chairman of directors, states; the increased profits, the directors considered it wiser to strengthen the financial position of the company rather than increase the dividend. The prosspects for the current year are satisfactory—good crops of sugar and copra are assured, and substantial amounts are being expended in the development of the gold mining areas.” NEW ZEALAND MEAT RETAIL PRICES IN LONDON The New Zealand Meat Producers’ Board has been advised by its London manager that the following retail prices were being quoted for New Zealand lamb and mutton retailed in London during May. These prices represent a fair average of the prices quoted by the better-class shops in London for the best quality of New Zealand lamb and mutton : Lamb (per lb): Legs. 12d: shoulders, lid; loins, lid; necks. Cd ; breasts, 3d; forequarters. 8d ; hindquarters, lid. Mutton (wethers): Legs. 9d; shoulders, Scl ; loins, Sd: necks, 3d: breasts, i

BEET SUGAR. Press Association —By Telegraph—Copyright. LONDON, June 11. (Received June 12, at 1 p.m.) Beet sugar, 4s SJd. BRADFORD MARKET. Press Association —By Telegraph—Copyright LONDON, June 11. (Received June 12, at 11.35 a.m.) Bradford Tops.—Merinos : Seventies, 34d a lb; sixty-fours, 32d ; sixties, 31d. Cross-breds: Fifty-eights, 24.)d; fiftysixes, 20Jd; fifties, 16d; forty-sixes. 14d; forties, 13. [c1 . There was a slightly-improved inquiry hut small business. WHEAT, FLOUR, ETC. Press Association —By Telegraph—Copyright LONDON, June 11. (Received June 12, at 2 p.m.) . Wheat.—Cargoes steady. Parcels easier. Futures—London ; July, 26s 5Jd; November, 26s 4Jd. Liverpool: July, 5s 7Jd; October, 5s 7|d; December, 5s 6Jd. The spot trade is quiet. Australian (ex ship), 30s 6d. Flour. Easier. Australian (ex store), 22s to 22s 3d. Chicago Futures.—July, 85J cents per bushel; September, 85J; December, 88. AUSTRALIAN MARKETS. Prc»»- Allocation —By Telegraph--Copy right ‘ SYDNEY, June 11. Wreat: At country sidings, 2s llsd, equal to about 3s 6d, ex trucks, Sydney. . Flour, £9 10s. Bran, £6 10s. Pollard, £6 15s. _ Potatoes: Tasmanian, to £9; others, £7. , Onions: Victorian, brown, £ll 10s to £l2. Maize: Yellow, 4s lOd; white, ss. ADELAIDE, June 11. Wheat: Growers’ lots, 3s 4d. Flour: Bakers’ lots, £9 2s 6d. Pollard, £6 10s, Oats: Algerian, 2s Id. Barley, 2s. MELBOURNE, June 12. Wheat, 3s Bid. Flour, £9 2s 6d. Bran, £6 ss. Pollard, £6 10s. Oats, 2s 4d. Barley, 2s 8d to 2s lOd, Maize, 5a 7d to 5s 7Jd. Potatoes, £6 10s to £8 ss. Onions, £9 15s to £9 17s 6d. SALES ON ’CHANGE: THIS DAY. Auckland.—Morning call; Guarantee Corporation, 5s sd; Milne, Choyce, 16s; Consolidated Brick, 10s 6d; Commercial Bank, 19s 2d; Mount Lyell, 24s sd; P. and O. Stock, 25s 9d ; Bank of New Zealand (cum div.), 455; Bank of New Zealand D Mortgage (bx div,), 28s 9d; Electrolytic Zinc,-40s, 40s 3d; Broken Hill, 71s 9d; Glass, 93s 9d; Woolworths, £9; Selfridges, 25s 3d; Bycrofts (cum bonus), 51s. Noon call; Mount Morgan, 15s 3dp New Zealand Newspapers, 41s 9d; Electrolytic Zinc, 38s; Dominion Breweries, 25s 6d, 255; Upper Watut, 7s 2d; New Zealand Stock (1946-49), £lO4 2s 6d. Wellington 4 per cent, stock (1955), £106; Woolworth’s Ltd, £5 12s 6d; Christchurch Gas,. 32s 9d; Union Steam, 2Gs 6d; Coles, 79s 9d; Woolworth’s New Zealand. £9; Australian Glass. 93s 6d, 945; Metters New Zealand Ltd," 11s. ‘ Christchurch. Goldsbrough, Mort (cum div.), 32s Id, 325; Kaiapoi (7s paid), 5s lid; Christchurch Gas, 32s 9d; N.Z. Breweries (ex div.), 53s 2d, 53s Id (2) ; Australian Iron and Steel, 25s 6d; Beath and Co.. 26s 6d; Broken Hill Proprietary, 48s 9d, 48s Bd, 48s 9d; General Industries, 19s 3d; G. J. Coles, 79s 9d; Hume Pipe (Aust.),,2os 3d; Skippers, 3Jd; Mount Morgan, 15s 3d, 15s 4d, 15s 3d (2). Reported: Australian Glass (late sale on the 11th), 93s 9d; General Motors Holdens (pref.), 23s 6d; United Provisions (late sale on the 11th), 14s 3d; Mount Lyell, 24s 5d (late sale on the 11th). Unlisted: Woolworths (Sydney, ord., ex rights), late sale on the 11th, £5 10s, £5 10s 6d.

Consols, 2g per cent ... £85 0 0 Funding Loan. 4 p.c., 1968-90 ... 116 10 0 Assented War Loan ... 105 15 0 Conversion Loan. 54 ... 107 0 0 Victory Bonds, 4 (ex div.) ... ... 114 15 0 Commonwealth, 5, 1945-75 ... 109 12 6 Commonwealth, 34, 1936-37 ... 101 12 6 Commonwealth, 4', 1945-48 ... ... 104 0 0 Commonwealth, 3|, 1948-53 102 8 9 Commonwealth, 3*, 1956-61 ... 93 17 6 Commonwealth. 3, 1955-58 ... ... 93 16 9 New South Wales, 3$, 1930-50 ... 101 5 0 New South Wales. 44, 1935-45 ... 100 12 6 Victoria, 3, 1929-49 ... 97 17 6 Victoria, 4$, 1940-60 ... 105 0 0 Queensland, 3, 1922-47 ... 97 17 6 Queensland, 5, 1910-60 ... 107 17 6 Chiecnsland.5, 1922-47 ... 107 17 6 South Australia, 3, 1916 (opt.j 87 7 6 South Australia, 5, 1945-75 ... 109 7 6 West Australia, 4, 1942-62 ... ... 101 17 6 Tasmania, 3i. 1920-40 ... 102 2 6 Tasmania, 4, 1910-50 ... 101 7 6 New Zealand, 44, 1948-55 ... ... 108 11 3 New Zealand, 3i, 1940 ... 102 7 6 New Zealand, 6, 1936-51 ... 101 2 6 Now Zealand, 3, 1945 ... 102 12 6