Finance and Investment

Evening Star, Issue 25782, 3 May 1946, Page 6

Finance and Investment

JIN INVESTOR’S NOTEBOOK

STERLING FUNDS HIGHER RESERVE BANK'S EASTER STATEMENT An increase of £1,567,398 in the sterling holding of the Reserve Bank is reported for the week ended April 22, the item standing at £74,386,704 at that date. Bank notes show a slight increase, reflecting the increased demand for money to nold over the Easter holiday period. Other items show little appreciable change, but the “ proportion ” has improved by 1 per cent. The statement is as follows: —Liabilities.—

Total £128,442,202 £130,336,295 Proportion of reserves to note and other demand liabilities, 62.294 per cent. (61.225 per cent.;; 1.C.1.’S BIG FIGURES. (P.A.) WELLINGTON, May 2. The directors of Imperial Chemical Industries Ltd. announce a final dividend on ordinary stock of 5 per cent, which, with the interim payment of 3 per cent., makes 8 per cent, for the year 1945, less income tax. Income for 1945, after providing for taxation and £2,500,000 for central obsolescence and depreciation reserve, amounted to £7,409,593, compared with £6,972,988 for 1944. The total amount available for 1945, including £1,145,274, brought forward from 1944. is. £8,554,867. The dividend on preference stock amounts to £1,685,438, and on ordinary stock. £4,032,149, leaving £1,337,280 to becarried forward after 1,500,000 is allocated to reserve. LONDON STORES’ RECORD. Sales by London Stores Ltd. for its last financial year established a record for the company, Mr Edward Ward, the chairman, told shareholders at the annual meeting. The exceptional turnover for the year had made inroads into the company’s stocks, and it was difficult to replace all items as quickly, as formerly. A staff superannuation and provident fund had been established, to which £4,000 out of last year’s profits had been allocated. There* was every prospect of resumption of half-yearly -dividends. INTEREST CHARGE REDUCED. (P.A.) INVERCARGILL, May 2. The Southland Building Society created new records on its activities for the year ended March 31. During the : year £617,625 was lent on mortgage, the previous record being £604,950 lent in 1939. The total advances have passed the four million mark, and since 1936 the society has

doubled its business. “ The growth of the society has been phenomenal,” said the secretary, Mr Ritchie, “ and it is safe to say that it is the largest organisation of its kind in Australia or New Zealand.” A reduction in the lending rate to borrowers from 41 per cent, to 4 per cent, as from April 1 last is announced in the report. WOOL APPRAISAL. The Dunedin Stock Agents and Woolbrokers’ Association reports that catalogues totalling 8,573 bales were submitted for. the appraisal just concluded. The offerings comprised principally cross-breds, with a small proportion of merinos and half-breds. The bulk of the cross-breds opened up fairly well and there was a proportion of bright lots. 'Wool that was shorn in late February was a little dull in colour. The merinos and half-breds offered were not particularly attractive. Seed was evident in some clips, and in a number of cases bid-a-bid was noticeable in necks, pieces, and bellies. Several parcels of cross-bred pieces and bellies showed a good deal of. yelloW, owing to the wet conditions prevailing during the seaosn. This discoloration cannot be wholly removed by scouring. Crutchings consisted principally of lambs’, and although generally bright, were rather short in staple, the price being affected accordingyl. The general preparation and get-up of the woo! was satisfactory. More attention is being paid to the proper skirting of the fleece, but some growers are still mixing necks and pieces together, and consequnetly they are realising lower values.

Apl. 15. £ Apl. 22. £ Keserve Fund ... 1,500,000 1,500,000 Bank notes 44,212,523 44,581,247 Demand LiabilitiesState ... ... 25,970,226 22,500,359 Banks 52,613,506 56,542,084 Other Liabilities in other than New Zea627.689 261,423 land currency 53,846 14,759 Other liabilities ... 3,464,609 4,936,423 • Total ... ...£128.442,202 £130,336,295 —Assets.— Gold Sterling exchange 2.801.877 2,801,877 (New Zealand currency) 72,819,306 74,386,704 Subsidiary coin 12,790 11,707 Advances to State or State undertakings— Marketing orgamsations 1,553,254 1,925,696 For other purposes 45,000,000 45,000,000 Investments 5,191,752 5,191,752 Other assets ... 1,063,220 1,018,559