COMMERCIAL WOOL HELD IN DOMINION

Greymouth Evening Star, 30 July 1946, Page 9

COMMERCIAL WOOL HELD IN DOMINION

(P.A.) WELLINGTON, July 29. The New Zealand Wool Board, in a, statement issued after its usual monthly meeting held m Wellington last week, states that the total quailtity of wool held in New Zealand has been reduced to 1,251,472 bales. Shipments since last report amounted to 95,192 bales (greasy, slips, and scoured), and included 57,664 bales to Great Britain, 19,881 to France, and 14.109 to the-United States. The Board decided that a sub-com-mittee should meet the New Zealand Meat Producers’ Board at its next meeting, and endeavour to reach an agreement regarding the proposed veterinary service to farmers.

The sub-committee reported that a panel of names had been submitted to the Minister of Agriculture for the selection of producers’ representatives on the Royal Commission to be appointed to investigate the sheepfarming industry. STERLING EXCHANGE FUNDS STEADY (P.A.) WELLINGTON, July 29. The Reserve Bank return for the week ended July 22, with the figures Cor the previous week also shown, is:— Liabilities. Week ended Previous

Proportion of reserve to notes and other demand liabilities, 73.67 G per cent. (73.577 per cent.). company" news

Woolworths (W.A.). —Advice has been received that, an interim, dividend of 5 per cent, has been declared on paid-up ordinary share capital of Woolworths (W.A.), Ltd., based on shareholdings as at August 31, 1946, and will be paid on September 15, 1946.-- (P.A.) Rubber Distributors. — Net profit of Rubber Distributors, Ltd., for the year ended March 31 was £2334, against £2222 the previous year. The balance date has been altered from February 28. The latest accounts, therefore, cover 13 months. Paid-up capital is £43,078. compared with £33,658. Gross profit for the 13 months is £5770, compared with £6653 for the previous 12 months. General administrative charges required £1664, an increase of £279. Dividends recommended require £2507, which necessitates drawing on the carry forward in the appropriation account. New Zealand Insurance. — Premium income of £2,398,939 from fire, marine, and accident business is shown in the accounts of. the New Zealand Insurance Co., Ltd., for the year ended May 31. This is an increase of £50,701 on the previous year’s income. but the total is £123,147 below the record figure attained in 1944. After the addition of £43,000 to the unexpired risks reserve, against a reduction of £75,000 in the previous year, the underwriting surplus for the vear just ended is £58,714 lower at £225,553. Net income from rents is £3587 higher at £ 175,691, and makes the year’s total earnings £401.244, against £456,371 in 1945. To provide for the peace bonus of 2/6 a share, approved by the shareholders at the last annual meeting and requiring £187,500, the directors have withdrawn this sum from the investment fluctuation, exchange and contingencies reserve. Dividend for the yeari is maintained at 121 per cent, (final 1/6 a share), absorbingin all £187,500. A sum of £210,000 (against £265,000) has been transferred to the investment fluctuation, exchange and contingencies reserve, leaving £3744 to increase undivided profits to £246,336. Broken Hill Proprietary.— The Broken Hill Proprietary Co., Ltd., reports a net profit.of. £799,392 Lor the year ended May 31, a rise of £20,025 from that of the previous year. The profit was struck, however, after providing £432,326 less for depreciation (£1 012,968) and £450,000 less for taxation (£375,000): The big drop in income tax provision and in depreciation allowance before striking the net profit is indicative of the adverse effect on the company’s earnings caused through Australian industrial interruptions in the last year. Depreciation allowance is the lowest made since 1940. Dividend, the final on which was paid m May, was held at 5 per cent.

mining news

Associated Gold Dredges.— For the week ended July 27 the company s dredges recovered 200 oz from 82,672 yards in 359 dredging hours.

.Itilv 22. £(N.Z.) week. £ (X’.Z.) General Reserve Fund 1,500,000 1,500,000 Bank notes 45.010,1411 4-1,925, 111 Demand liabilities —■ State 13.302,050 12,920,019 Banks . . 111.315.717 02,021.900 iOther 324.828 312.117.8 reneies oilier than X.Z 35.11'10 34,757 Other liabilities .... 3.075,707 3.212,570 Total 12-1.471,038 121,933.140 Assets. Gold 2.801,878 2.801.878 Sterling exchange (in X.Z. currency) . . . 85.542.875 85,(102.235 Subsidiary coin .... 34,042 35.245 Advances— To State marketing organisations 37.710 315.211 For other purposes 30.000.01111 30.000.000 Investments 4,010,212 1,010,242 Other assets 2.038.292 2.102,330 Total 124.471,038 124,933,140