COMMERCIAL STERLING EXCHANGE AT HIGHER FIGURE

Greymouth Evening Star, 6 August 1946, Page 5

COMMERCIAL STERLING EXCHANGE AT HIGHER FIGURE

(P.A.) WELLINGTON, Aug. 5. The Reserve Bank return for the week ended July 29, with the figures for the previous week also shown,

Total 125,81-1,930 125,171,038, Proportion of reserve to notes and other demand liabilities, 73.872 per cent. (73.676 per cent.). > MININGNEWS Grey River. —The Grey Rivet dredge return lor the fortnight to July 31 was 441107. from 207,946 yards in 257-. 1 . hours. Associated Gold Dredges.—l or the

week ending August 3, the company s dredges recovered. Tl9l- ounces from 76,680 yards’in 344 j dredging hours.

COMPANY NEWS Queensland Brewery. Queensland Brewery is recommending a final dividend ol' 2:; per cent, on preference and 31 per cent, on ordinary shares, making the year’s ordinary dividend 7 per cent, (unchanged). The dividends are payable on August 23. Standard Insurance. —The annual report of the directors of the Standard Insurance Company, Ltd., says that income for the year amounted to £253,062/1/4, and expenditure to £200,893/6/8, leaving a balance ol £52,168/14/8, to which has to be added the carry-forward from last year of £25,989/15/9. After making full provision for taxation, outstanding losses, depreciation and the provident fund, and placing £15,000 to reserve, payment of & dividend of 1/6 a share for the half-year ended June 30, 1946 is recommended. Felt and Textiles of N-Z. —A net profit of £35,033, compared with £25,467, the previous year, is shown in the annual accounts of Felt and Textiles of New Zealand, Ltd. The net profit was determined after providing £88,135 (£86,441) for taxation, £29,064 (£31,079) for depreciation, and after making a contribu-

tion of £4751 (£4855) to the employees’ retirement gratuity fund. During the year the capital of the company was increased from £175,000 to £500,000. The balance in the appropriation account at March 31, 1945, was £84,281. A dividend declared on September 12, 1945, absorbed £50.000, leaving a balance brought forward from the previous year of £34,281, to which is added the profit for the year of £35,033 making a balance available for appropriation of £69,314. The directors recommend that this sum be dealt with as follows: Payment of dividend on shares numbered 1 to 175,000 at the rate of 8 per cent, per annum for the year ended March 31, 1946, absorbing £14,000; payment of a dividend on shares numbered 175,001 to 325,000 at the rate of 8 per cent, per annum for the halfyear ended March 31, 1946, absorbing £6000; transfer to general reserve £lO,OOO. These appropriations leave a balance of £39,314 to be carried forward. ;

is:— General Reserve 1 Bank notes Liabilities. Previous £ (X.Z.) 1,500,000 ■15,016,146 bind Week ended July 29. £(N.Z.) 1,500,000 -15,200,225 Demand liabilities State 15,020,085 13,302,650 Banks 60,HOT,232 611 < Ollier 295,031 321,828 Liabilities in curreneies other than 35,990 X.Z 31,803 Oilier liabilities 3,070.551 J,07;>,7 th Total .... 125,814,930 125.471.038 Assets. 2,801,878 (told 2,801,878 Sterling exchange (in .85,542,875 N.Z. currency) ... 86,772,17.8 Subsidiary coin 33,707 31 .6 J — Advances— To State marketing organisations Bor 'other purposes Investments Other assets 30,000,000 ■1,010,242 2,190,500 37,710 30.000,000 4,010,242 2,038,292