COMPANY NEWS

Evening Star, Issue 23000, 4 July 1938, Page 6

COMPANY NEWS

ASSOCIATED MOTORISTS STRONG FINANCIAL POSITION ORDINARY DIVIDEND OF 25 PER GENT. “ Tiie balance sheet disclosed a strong financial position, and the company’s properties and assets are now such as to enable a larger volume of business than heretofore to be handled,” said Mr Charles Todd, chairman, at the annual meeting of the Associated Motorists’ Petrol Company Ltd., in Wellington last month. The dividends were approved, being at the rate of 25 per cent, per annum to ordinary shareholders, and 10 per cent, per annum to preference shareholders. The Chairman stated that the increased capital outlay incurred in the marketing of the new product had been amply justified by increased returns. Total turnover for the past year amounted to £953,434, a satisfactory increase compared with £898,270 for the previous year, and £464,332 for the first \year of operations. It was noteworthy that in each year sales had shown a progressive increase, which spoke well for the quality of the products. Net profit for the year from all sources was £23,492, 17s 6d, which, allowing for adjustment of profits on other commodities, was equivalent to .46d a gallon on motor spirit sold, and under all the circumstances could be considered satisfactory. It was anticipated that the benefits of much of the extensive development work of the past year would he reflected in the present and future years’ operations. A. AND T. BURT LTD. A profit of £44,969 is reported by A. and T. Burt Ltd. for the year ended April 30. against £38,-595 last year. Both profits are subject to the payment of income tax. FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates for purchase and sales of foreign exchanges (all rates subject to alteration without notice): — Buying. Selling. London — £IOO stg. T.T. £124 £124 10/ N.Z. ... O.D. £123 10/ £124 8/9 Australia —

DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) to-day quoted, the following dollar rates on a New Zealand currency basis. They are subject to alteration without notice: — . U.S.A. CANADA. ' (Per £1 N.Z.) (Per£lN.Z.) SELLING— T.T. (do!) ... 3.97 7-16 4.00 15-16 O.D. (dol) ... 3.97 13-16 4.01 3-8 buying— O.D. (dol) ... 4.01 3-4 4.05 3-8

A £1 to £100 N.Z T.T. £101 £100 10/ Fiji— £F to £100 N.Z. O.D. £90 7/6 £89 New York— Dollars to £1 N.Z T.T. O.D. 4.0085 4.0185 3.9739 3.9779 Montreal — Dollar to £1 N.Z T.T. O.D. 4.0428 4.0548 4.0103 4.0143 Belgium— Belgas to £1 N.Z T.T. O.D. 23.687 23.762 23.377 23.388 Czechoslovakia — Korunas to £1 N.Z T.T. O.D. - 113.82 113.87 Denmark— Kroner to £1 N.Z T.T. O.D. 18.203 18.263 17.893 17.899 Finland— Marks to £1 N.Z T.T. O.D. 185.37 185.77 179.57 179.67 France— Francs to £1 N.Z. ... ... T.T. O.D. 144.41 145.41 141.93 141.95 Germany— Reichsmarks to £1 N.Z. ... T.T. O.D. - 9.813 9.818 Greece— Drachmas to £1 N.Z. ... T.T. O.D. \ “ 429.54 429.84 Holland — Florins to £1 N.Z. ... T.T. O.D. 7.296 7.336 7.146 7,150 Italy— Lire to £1 N.Z. ... ... T.T. O.D. - 75.51 75.56 Java— Florins to £1 N.Z. ... T.T. O.D. 7.275 7.315 7.125 7.129 Norway— Kroner to £1 N.Z T.T. O.D. 16.182 16.242 15.892 15.898 Noumea— Francs to £1 N.Z T.T. O.D. 146.91 147.41 140.16 140.20 Papeete— Francs to £1 N.Z T.T. O.D. 146.31 147.31> 140.31 140.35 Sweden— Kroner to £1 N.Z T.T. O.D. 15.785 15.845 15.490 15.496 Switzerland — Francs to £1 N.Z T.T. O.D. 17.546 17.651 17.276 17.281 Hongkong— N.Z. pence to 1 dollar T.T. O.D. 18 13-32 18 3-8 18 25-32 18 25-32 India and Ceylon N.Z. pence to 1 rupee T.T. O.D. 21.63-64 21 61-64 22 17-64 22 17-64 Japan— N.Z. pence to 1 yen T.T. O.D. - 17 9-16 17 9-16 Manila— N.Z. pence to 1 peso T.T. O.D. 28 11-16 29 19-32 30 3-16. 30 3-16 Singapore— N.Z. pence to 1 dollar T.T. O.D. 34 3-8 34 15-32 34 55-64 34 55-64