NEW YORK SHARE INDEX

Evening Star, Issue 22975, 4 June 1938, Page 14

NEW YORK SHARE INDEX

DDW JONES AVERAGE

COMPANY NEWS N.Z. PERPETUAL FORESTS NET PROFIT £5,218 DOWN DIVIDEND RAISED BY SPECIAL DISTRIBUTION The fifteenth annual report of New Zealand Perpetual Forests Ltd., in the words of the directors, finds “ the company’s affairs in the transitional stage which necessarily had to follow the incorporation of the Bondholders’ Company, the handing over of the forests to that company, and the negotiations and tentative agreement with respect to compounding.” The net profit of £20,812 represents a decrease of £5,218 on the previous year, while the final dividend of 4 per cent, and a special dividend of 2) per cent, brings the year’s distribution up to 10J per cent., compared with 8 per cent, for the preceding period. The directors state that,.as shareholders are aware, the company, in December last, made a preliminary agreement for compounding with New Zealand Forest Products Limited, it was confidently anticipated that by means of this tentative agreement a comprehensive and conclusive settlement with New Zealand Forest Products Limited would be expeditiously effected. Any such agreement, however, is dependent for its efficacy upon the approval of the Bondholders’ Incorporation Commission —indeed, it could have no ultimate validity without that approval. For one reason and another many delays have occurred to prevent the earlier presentation of the agreement for the consideration of the commission, and present indications are that some further delay will occur before all the authorities, Governmental and otherwise, who are now interesting themselves in the matter, are more fully informed. , It will be appreciated that the preparation of the accounts this year has presented some difficulty, as it would have been necessary to present them upon a completely different basis if compounding had been actually effected. It was found, however, that the balance sheet had to be prepared on the same basis as heretofore, except that provision had to be made for movements daring the six mouths in respect of assets which will be taken over by New Zealand Forest Products Limited should compounding be consummated. This provision has resulted in the suspense account of £07,515 appearing in the balance sheet. The forests are now under tho control of and subject to the management of New Zealand Forest Products Limited. Taxation has made very heavy calls on the company and on individual shareholders this year. Up to date the company has paid £19,329 by way of taxation on assessments received during the financial year, and individual shareholders in New Zealand have been called upon to pay on an increased basis of assessment for the year ended March. 1933, and in unexpected tax in respect of unemployment for the same year. This tax, which is in respect of the bonus units distributed in 1933, has fallen heavily on some shareholders. In consequence the directors on this occasion recommend, in addition to the usual 4 per cent, dividend, a special dividend of 2J per cent., making a total of 6J per cent., and ask approval of payment of the interim dividend of 4 per cent. Inst November.

FREEZING WORKS FOR SOUTHLAND fI*EH United PrtEss Association.] TNVHR CARGILL, June 3. The establishment of two new freezing works in Southland is the objective of a movement just launched. Beginning at Dipton to-morrow, urgent meetings are to be held in various parts of the province, and, on Wednesday, June 22, all producers interested in the proposal are to meet members of the Meat Board at Invercargill. It was stated this evening by a farmer engaged in raising fat lambs that there was at present a lack of adequate facilities for killing and freezing, and farmers had to wait for space at the works. He added that there was a strong demand by the farmers of Southland for another works. LONDON SHEEPSKIN SALES Messrs Dalgety and Co. Ltd. report having received a cable from the London office on the recent sales. There was a full attendance of buyers, with good competition. The selection was good, and Home trade, America, and Continent were principal operators. As compared with closing rates of last series (April) : —Half-bred combing (best), unchanged; half-bred (other descriptions), par to 5 per cent, higher; fine cross-bred, 5 per cent, higher; cross-breds. low to medium, 5 per cent, higher; pelts sound, 5 per cent, higher; pelts damaged, 5 per cent, to 10 per cent, higher; short and shorn, 10 per cent, higher; lambs, 5 per cent, to 10 per cent, higher. Quotations are as follows:—Merino three-quarter to full wool, quarter to half full wool, short -and shorn, not quoted ; cross-bred threequarter to full wool, fine, 8d to 9Jd; cross-bred three-quarter to full wool, medium and coarse, 6Jd to BJd; crossbred quarter to half wool. fine. 6jd to 75c1: cross-bred quarter to half wool, medium and coarse, 6d to 7ld; crossbred. short and shorn. 4id to 7d ; iambs, .'id to B.}d. Two thousand five hundred ind eighty ba'es were offered, practically all being sold.

Railroads. I nd n<t rials . Tnrnoypr, June 3 ... 20.22 109.71 280,000 June 2 ... 20.o2 110.08 ‘♦uUjUiAl J uue x ... 20.80 110.81 530,000 May 51 ... 20.31 107.74 400,000 May 28 ... 20.58 108.90 220,000 May 27 ... 20.26 107.93 760,000 May 26 ... 20.35 108.23 780,000 May 2b ... 20.98 110.60 560,000 May 24 ... 21.43 112.35 420,000 Ma,y 23 ... 21.81 113.97 330,000 May 21 ... 21.73 113,25 290,000 May 20 ... 21.90 114.99 440,000 Ma.y 19 ... 22.26 115.28 490.000 May 18 ... 22.54 117.02 400,000 M ay ] 7 ... 22.54 116.36 410,000 May 16 ... 22.57 115.38 400,000 May 14 ... 22.96 117.21 230,000 May 13 ... 23 15 116.87 600.000 May 12 ... 23.48 118.35 600,000 May 11 ... 23 48 118.52 980,000 May 10 ... 23.19 117.93' 1,040,000 1938. Highest ... 32.33 134.35 Lowest ... 19.00 98.95 1937. Highest ... 64.86 194.40 Lowest ... 28.01 113.64