AN INVESTOR’S NOTEBOOK

Evening Star, Issue 25745, 19 March 1946, Page 6

AN INVESTOR’S NOTEBOOK

EXCHANGE CONTROL FUNDS HANDLED IN 1945 The substantial increase in exports during the calendar year 1945 is reflected in the summary of transactions under exchange control in the latest statistical summary issued by the Reserve Bank of New Zealand. Under the heading of receipts £97,574,000 was received for exports comparing with £80,546,000 in 1944 and £76,686,000 in 1943. Interest, dividends, legacies, immigrants’ funds, repatriated capital, and private debts duo in New Zealand show a rise from £5,368,000 in 1944 to £7,432,000. Trade debts due in New Zealand, including overseas earnings of New Zealand firms, totalled £5,112,000 against £3,958,000 in 1944. The.sharp decline in American activities in the Dominion is seen by the receipts on account of American authorities and personnel—£l4,329,ooo in 1943, £8,085,000 in 1944 and £3,724,000 last year. Total receipts were £129,152,000 compared with £126,468,000 last year and £104,478,000 in 1943 The main item among payments is Government debt and other services, including imports; this totals £40,195,000 against £55,337,000 last year. Imports, excluding payments respecting Government imports and respecting goods imported prior to introduction of licensing system were £31,744,000 against £30,045,000 last year. Payments for American authorities and personnel amounted to £2,886,000 against £6,752,000 in 1943. Total payments in the last three years were £85,997,000, £98,764,000, and £101,306,000. CHEMICAL INDUSTRIES. As part of their post-war development programme, Imperial Chemical Industries have bought more than 3,500 acres in Yorkshire, which will be developed over the next five years or so for the large-scale production of heavy organic chemicals, whether from oil or coal. Capital expendi. tura is estimated over the period at £10,000,000. The enterprise is the greatest single industrial project so far announced by ' British industry. Initiated in April, 1944, the project is finally exxpected to give emoloyinent to more than 10,000 persons and a labour force of about 3,000 will be required for construction and development. NEW GUINEA’S PROSPECTS. The potentialities of New Guinea in postwar production of gold, rubber, timber, fish, and crops are attracting considerable attention from Australian industrial interests. Gold discovery, aided by air transport, dominated the pioneering stages of New Guinea’s pre-war development. In 1939-40 gold exports from tho two territories of New Guinea and Papua were valued at more than £3,000,000. There are signs now, however, of a wider range of products. The possibility of a big strike of petroleum oil is being spoken of. Rubber has already been obtained in small quantities since Unwar—in the last pre-.var year value of rubber exports was £200,000. The brightest-long-term possibilities apparently lie in timber, fish, and various crops like coffee, cocoa, copra, kapok, and hemp. Natives will have to be taught cultivation methods, but already some of them practise rotations in their own domestic gardens. MACDUFFS LIMITED. The net profit of Macduffs Ltd. department stores, was £11,942 for 1945, a reduction of £305. By a further payment of 6 per cent., making 9 per cent, for the year, the directors propose to clear 18 months’ arrears on preierence shares to March 31, 1945, leaving only nine months in arrears. After tax allowances, total dividend will absorb £11,556, leaving £386 to increase undivided profits to £2,150. The directors report buoyant trading conditions, but shortages of many lines and increased expenses of operations affected the net result. SOUTH BRITISH INSURANCE. The directors of the South British Insurance Company have declared an interim dividend of Is" per share, payable on April 11. The rate is the same as in the past two years. In October last a peace bonus of Is 6d was distributed with a final dividend of Is. MINING NEWS. Ctullha River.—For the week ended March 15 the Clutha River dredge operating at Alexandra worked 126 hours and recovered 266 ounces. Dredge returns for first half of March: — Kanieri: 244 hours. 137,000 yards, 668 ounces. Arahura: 233 hours, 125,000 yards, 332 ounces.