COMPANY NEWS

Evening Star, Issue 23123, 24 November 1938, Page 10

COMPANY NEWS

M'KENZIES DEPARTMENT STORES NOW THIRTY-THREE RETAIL STORES An announcement from the directors of Al'Kenzies Department Stores Limited regarding the payment of an interim dividend will be made shortly. The business of M'Kenzies Department Stores Limited continues to expand. New stores have been opened recently in Damiovirko and Symonds street, Auckland, and arrangements are well forward for the opening of a store in Tauranga early in December. This will give the organisation 33 retail stores HENRY JONES GO-OP. DIVIDEND UNCHANGED AT 10 PER GENT. The volume of trade done by the associated companies of Henry Jones Co-operative Ltd. in their last financial year was the largest in their history, but the profit of the parent company for the 1:2 months ended October 31 was £7,513 lower, at £192,597. After providing for expenses, income earned within the Commonwealth was £137,747 from which an interim dividend of 6d a share (£35,754) was paid on June 1. Income earned outside Australia was £54,850. A final dividend of Is 6d a share is to be paid equally from income derived inside and outside Australia, and will absorb £143,017. It is proposed to transfer £49,580 to the general reserve. The year's dividend distributions make an unchanged total of 10 per cent, for the year. The parent company is purely a holding company, being the central figure in an important group of fruit-preserv-ing and jam-manufacturing concerns operating throughout Australia and New Zealand. It also has substantial interests in England and South Africa. SWAN BREWERY LAST YEAR'S EARNINGS For the six months ended September 20 the Swan Brewery Company Ltd., of Western Australia, reports a profit of £54,210, after reserving £15,552 for taxation. This compares with £68,025 in the previous half-year, and with £53,950 in the corresponding period last year. Profit for the 12 months ended September 3't amounts to £122,240, compared with £118,940 in 1936-37. A dividend on the 6 per cent, cumulative preference shares requires £1,500 and ordinary dividend for the year. Is 6d a share, requiring £51,047. With the payment of 6d, plus a bonus of 3d a a share for the previous half-year, the distribution for the full year is Is 3d (unchanged) on the 5s ordinary shares, equivalent to 25 per cent. LOSS OF £29,471 BRITISH DOMINIONS FILMS A loss of £29,471 'was incurred by British Dominions Films Ltd. in the 12 months ended June 30 last, compared with a loss of £3,485 in the preceding year. The directors do not recommend the declaration of a dividend. No dividend was paid for the previous year. In their report to shareholders the directors state that in arriving at the latest profit no amount is included for the value of contracts made with exhibitors in Australia and New Zealand, but still to be played. The loss, they state, has been brought about by the failure of some producers to deliver films in accordance with their contracts, and by the poor quality of the films exhibited. In these circumstances, the directors consider it prudent to increase considerably the amount written oft* value of film rights and copies over and above the amount which would normally be written off this item. Since the end of the financial year operations of the Athenaeum have proved profitable. Revenue from the. distribution of films has improved because of increased turnover, and expenses have been reduced. SULPHIDE CORPORATION PREFERENCE SHARE DIVIDEND [Per United Press Association.! WELLINGTON, November 23. The Sulphide Corporation head office cables that at the annua) meeting, on December 13 the directors will recommend a dividend of Is a share on preference shares, payable on December 22, subject to income tax. IMPROVED FACILITIES

INTERNATIONAL SHARE DEALINGS To facilitate international dealings in securities a company has been formed in London, under the auspices of a powerful banking consortium, to be known as International Certificates Depository Company Ltd. The main purpose of the company is to cater for Continental investors who prefer to confine their activities to.easily negotiable securities transferable by delivery. Many leading American and other shares are virtually excluded from dealings in Continental markets. To remedy this and to provide additional facilities for international stock arbitrage the new company has been formed. The idea, though not new, says the 1 Banker,’ lias in the past been limited in scope, those issuing certificates confining their activities to a small number of securities. The new concern, on the other hand, will cover an unlimited number. Unlike unit trust certificates, which confer a participation in tin* value and yield of a number of different securities, the certificates issued by the new company will represent only one security. It is merely a “ cloakroom ticket ” obtained against the deposit of the original securities.

The securities will be transferred into the name of a subsidiary company registered in Geneva, the International Certificates Depository Company, which will take possession of the securities and deposit them with trustees. Thereupon it will issue bearer certificates and endeavours are being made to secure quotation of those certificates on the Stock Exchange. The company’s profit will come from the commission'which it charges on the issue of the certificates.

The compilin' is international in character, the 12 sponsoring banks representing four countries—England, France, Switzerland, and Belgium.

FOREIGN EXCHANGES

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates to-day for purchase and sales of foreign exchanges (all rates subject to alteration without notice) : „ . _ Buying. Selling.

, 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 £INZ,| SELLING—TT. (dot) 3.70 3 4 3.73 1-2 O.D. (dol) ... 3.71 3.73 3-4 BUYINGO.D. (dol) ... 3.76 ,3-16 3.79 1-8 DOLLAR AND FRANC Press Association—By Telegraph—Coypright LONDQN, November 23. (Received November 24, at 11 a.rn.) The dollar is quoted at 4.66 J. The franc is quoted at 178 9-16. SYDNEY WOOL SALES Press Association—By Telegraph—Copyright SYDNEY, November 23. At the wool sales 12,918 bales were offered and 12,067 sold, while 939 wore disposed of privately. There was animated and strong competition from all sections, particularly the Continent. Greasy merino njade to 21^el.

London— £100 stg. N.Z. T.T. O.D. £124 10/ £124 1/3 £125 £124 19/6 Australia — £A to £100 N.Z. T.T. £100 10/ £100 Fiji— £F to £100 N.Z. T.T. £90 £88 12/6 New York— Dollars to £1 N.Z T.T. O.D. 3.7620 3.7670 3.7175 3.7185 Montreal— Dollars to £1 N.Z. T.T. O.D. 3.7924 3.8011 3.7406 3.7416 Belgium— Belgas to £1 N.Z T.T. O.D. 22.336 22.411 21.871 21.876 Czechoslovakia — Korunas to £1 N.Z T.T. O.D. - 108.24 108.26 Denmark— Kroner to £1 N.Z T.T. O.D. 18.219 18.279 17.753 17.755 Finland — Marks to £1 N.Z T.T. O.D. 186.15 186.55 177.45 177.55 France— Francs to £1 N.Z T.T. O.D. 145.12 141.56 141.38 Germany— . Reiclimarks to £1 N.Z. T.T. O.D. _ 9.208 9.210 Greece — Drachmae to £1 N.Z. ... T.T. O.D. . ~ 423.83 423.98 Holland — Florins to £1 N.Z T.T. O.D. 7.006 7.046 6.781 6.783 Italy— Lire to £1 N.Z T.T. O.D. — 70.532 70.557 J ava — Florins to £1 N.Z T.T. O.D. 6.978 7.018 6.753 6.755 Norway— Kroner to £1 N.Z T.T. O.D. 16.202 16.262 15.766 15.769 Noumea — Francs to £1 N.Z T.T. O.D. 148.87 138.74 138.78 Pa peete— Francs to £1 N.Z T.T. O.D. 147.97 138,96 139.00 Sweden — Kroner to £1 N.Z. ... . ... T.T. O.D. 15.826 15.886 15.383 15.386 Switzerland — Francs to £1 N.Z T.T. O.D. 16.726 16.831 15.321 16.323 Hongkong— N:Z. pence to 1 dollar T.T. O.D. 18 23-64 18 21-64 18 59-64 18 59-64 India and Ceylon N.Z. pence to 1 rupee ~T.T. O.D. 22 9-64 22 7-64 22-37-64 22 37-64 Japan— N.Z. pence to 1 yen T.T. O.D. - 17 21-32 17 21-32 Singapore— N.Z. pence to 1 dollar T.T. O.D. 34 29-64 34 23-64 35 33-64 35 33-64