COMMERCIAL

Greymouth Evening Star, 13 June 1940, Page 11

COMMERCIAL

POTATOES FOR AUSTRALIA. WELLINGTON, June 12. “No arrangement has been made between the New Zealand and Australian Governments for the export of potatoes to Australia,’’ said the Minister for Marketing (Mr Nash) in an interview to-day. Asked if negotiations were proceeding, Mr Nash replied in the affirmative, but he added that he did not know when any arrangement for the export of potatoes could be expected. STOCKS AND .SHARES. WELLINGTON, June 13. Sales reported: Bank of New Zealand £l/18/6. To-day: Four per cent. Stock 1958 £lO3/10/-, Bank of New Zealand £l/18/6. The Stock Exchange of New Zealand advises that authority has been granted for quotation of shares of the Bank of New South Wales; Blackwater Mines, Ltd., and Consolidated Goldfields of New Zealand, Ltd. CHRISTCHURCH, June 13.

Sales: New Zealand Breweries, 31/-; Broken Hill Pty., 40/11, 41/- (2). Reported: Government 4 per cent 1946, £lO2/10/-, South British Insurance, 44/-. SYDNEY, June 13. Sales on Exchange: Bank of New South Wales £125/7/-, Australian Consolidated Industries 30/6, Australian Iron and Steel (pref.) 24/-, Broken Hill Proprietary 40/6, Dunlop Perdriau 16/-. MCKENZIE’S STORES. WELLINGTON, June 12. The annual meeting of McKenzie’s Department Stores, Ltd 1 ., was held today, Sir Charles Statham presiding over a large attendance of shareholders.

Reviewing the annual report, the chairman said the balance-sheet would convince shareholders that the business was sound. The trading companies finished the year with a profit of £87,589. Reservation for taxation at the maximum rates now ruling had been made. Dividends were now free of tax for shareholders. After payment of the proposed final dividend of 7 per cent, the companies would have to carry forward to next year’s profit and loss appropriation account £81,070, exceeding last year’s carry forward of £72,436. The net value of the property account last year, after deducting mortgages and depreciation, was £229,801, compared with this year’s figure of £161,390. This was accounted for by the fact that during the year certain properties were mortgaged, reducing the amount by which it was required to call on the bankers for this year. The net indebtedness to the bank was only £14,000, after bringing in oversea balances, as against £ 107,574 at this time last year. Referring to the placing in the hands of the Government the free-of-interest sum of £lO,OOO, the chairman said it had been felt that the company should' shoulder in some small way the burden of carrying on the cost of the war. Referring to the adaptation to altered trading conditions, Mr J. R. McKenzie said this had been done in spite of a mass of difficulties. Even before the declaration of war, they were faced with the problem of restricted overseas imports, meaning less variety of overseas goods on the counters, and the extent to which the buyers had succeeded in replacing these good's was shown in the profit position of the company and the maintenance up till now of stocks at a reasonable level. “Pulling our weight in the war,” continued Mr McKenzie, “will mean a very heavy burden o£ taxation to cover the cost of carrying out our obligations to the Mother Country, and we on our part will shoulder our resopnsibility accordingly.” “Shareholders will agree that the management and staff are to be congratulated on the results obtained in a year of great trial and difficulty,” said Mr J. M. A. Hott, a director. “Our turnover has been increased. Though faced with a difficult year, the company is in a strong position to meet any problem that might arise.”

The recommendation that a final dividend of 7 per cent, on the paid-up-capital of £500,000, making 14 per cent, for the year, be paid, was carried.