COMMERCIAL

Greymouth Evening Star, 16 May 1939, Page 8

COMMERCIAL

GOLD AND EXCHANGE. [BY CABLE —PBESS ASSN. —COPYKIGIIT. | LONDON, May l. r >. Gold 14S/SJ, dollar ■HIX. 1 ,, franc 1711:;. ‘•INFLATIONAKY BOOM.” LONDON, May 11. “An inflationary boom is already liere,” declares the “investor's Chronicle.” “Il is a, boom which arouses little enthusiasm, as everyone knows it is unsound, being based on borrowed money spent on unproductive projects.”

Markets, though very firm, certainly have not. responded exuberantly to the abundance of good domestic nows, including declining unemployment figures.

Opinion, however, is growing that the axis Powers will shrink from war unless assured of a walk-over.

RADIO CORPORATION OF N.Z

The Radio Corporation of New Zealand Ltd. held its second annual general meeting on Thursday, April 27. The chairman of directors, Hon. Sir Charles Statham, presided. The directors’ report, and annual statement of accounts and balance-sheet were adopted.

The net profit earned "for the year 1938 amounted to £10,462/4/7. as against £3,235/12/11 for the 16 months ended December 31, 1937, which, with the £416/10/- balance carried forward from last year, brought the total amount at credit of profit and loss appropriation account up to £10.878/14/7. Out of this sum provision has been made for income tax £3,765 and for social security tax £5OO, writing off the balance of £793 outstanding for preliminary expenses, leaving the net balance of profit and loss appropriation account at £5,027 19/7.

The directors’ recommendation that a dividend of 6A per cent, on both preference and ordinary shares for the year 1938 was agreed to, the dividend on the preference shares being made payable in cash, and provision being made for satisfying the dividend on the ordinary shares by the allotment of fully-paid ordinary shares in the company.

A special resolution increasing the nominal capital of the company to £160,000 by the creation of additional capital of £BO,OOO divided into 20.000 preference shares of £1 each and 60,000 ordinary shares of £1 each was unanimously agreed to,'the consent of the preference shareholders having been obtained prior to the meeting.

STOCKS AND SHARES. WELLINGTON, May IG. Sale reported: Woolworths • ord. 23/11. CHRISTCHURCH, May IG. Sales: Bank of New Zealand (C.D.) 39/11, Broken Hill Pty (C.D.) 65/11, 66/-, Broken Hill South (C.D.) 2S/S. Reported: Government 35 per cent. Stock 1938-41 (ex interest) £9B/5/-. DUNEDIN. May IG. Sales: Standard Insurance £2/11/3, late yesterday, G.J. Coles £4/6/6 cum rights, Gillespies Bd. DOMINION FERTILISER DUNEDIN, May 15. Net profit of £15,783, against £21,127 last year, and the maintenance of the 6 per cent, dividend, are reported by the Dominion Fertiliser Company, Limited, for the year ended March 31. Sales show a decline of £24,469 at £182,941. The unappropriated belance brought forward from the profit and loss account last year was £1721, which, less additional income tax in respect of the year ended March, 1938 (£l9), and with the net profit this year, leaves available for distribution the sum of £17,486. The directors recommend payment of a dividend of 6 per cent., absorbing £14,434, and to carry forward £3052.

TOOTH’S BREWERY

WELLINGTON. May 15

Tooth’s Brewery, Sydney, has advised the Stock Exchange Association that an interim dividend has been declared at the rate of 12 per cent, per annm.

MINING. M ATARI. The Mataki return for the week ended' May 12 was 1G ounces for 12G hours and 7700 yards. OKARITO. The Okarito dredge obtained a return of 41 ounces 3dwt for 127 hours’ dredging. CLUTHA RIVER. Clutha River Gold Dredging, Ltd., reports a wash-up of 232 ounces for 106 hours, for the week ended May 12. MOLYNEUX. For the two weeks ended May 12, the Molyneux dredge worked 204 hours and recovered llSoz. of gold. WELLINGTON ALLU VIALS. WELLINGTON. May IG. A progress report, issued, in Melbourne on May 5 by Wellington Alluvials. Limited, for the four weeks ended April 29, stated that 515 hours and 217.000 cubic yards were worked, for an estimated return of 1017 ounces of fine gold.