FINANCE AND COMMERCE

Hawke's Bay Tribune, Volume XXII, Issue 36, 26 January 1932, Page 8

FINANCE AND COMMERCE

STERLING EXCHANGES. British Official Wireless Service. Rugby, Jan. 23. The following rates on foreign exchanges are current to-day, as compared with the cabled quotations on January 22 and par: — Par Jan. 22 Jan. "3 N.Y., dol. to £ 4.865 3.44$ 3.43 Montreal, dol. to £ ».86i 4.03 4.1 Baria, tr to £ - 124.21 87 7-16 81J Brussels hel to £ 35.00 24f 24.60 Geneva tr to £ 25 225 17 5-8 1713-16 Amsfdam, ti. to £.. 12.107 8.555 8.555 Milan, tire to £ .. 92.46 681 68 3-8 Berlin, rake to £ — 20.43 14 7-16 14$ St'holm. lint to £ .. 18.150 172 1713-16 C'hoKen. knr to £ .. 18.159 18) 18J Oslo, knr to £ 18.159 18 3-8 18 3-8 Vienna, schgs. to £ 34.585 30* 30* Prague, knr to £ . 164.25 116$ 116 llel fore, inks to £ ... 195.Z0 2325 2321 Madrid, lies to £ .. 25.225 411 411 Lisbon, eno to £ 4.50 109 J 106$' Athens, dracb to £ 375 2675 2675 Bucharest, lei to £ 813.60 575 5775 Itto de J., l> tn mil 16.70 41 4$ B Aires, p to peer 47.62 395 39 5-8 M video, pto peso 51 29 31* Bombay, p. to rup 18 18$ 18 3-32 shanghai p to tael — 221 222 II Kong p. to dol - 17$ 17 3-8 Y'hnmn, p to ven .. M SEV 253 253 Batavia, fl. to £ ... 12.107 8.56 •Nominal. AUSTRALIAN STOCK EXCHANGES WEEK OPENS BRIGHTLY Sydney, Jan. 25. Business on the Stock Exchange today opened brightly, five issues of Australian four per cent consols advancing 2/6 to 10/-, with inquiries fairly general for all such securities. Banis scrip held well. The following sales were reported:— Bank of New South Wales £3O, Commercial Bank of Sydney £l6 15/-, Commercial Bank of Australia 16/9, E.S. and A. Bank £5, Colonial Sugar £46 5/-, New Zealand debentures, 5J per cent 1937, £ll2 10/-, Australian Gaslight 6J per cent 1933 debentures £96, Dunlop Perdeau 13/5, Goldsbrough Mort. 26/3, Burns Philp 39/-, Electrolytic Zinc (pref.) 24/-, Broken Hill Proprietary 16/10), North Broken Hill 69/6, South Broken Hill 47/9, Sulphide Corporation 11/8, Mt. Lyell 23/10), Tooths 27/-. Melbourne, Jan. 25. Early Sales.—Commercial Bank 16/9, Goldsbrough Mort 26/6, Dunlop Perdeau 13/4, preference 27/3, Mt Lyell 23.9, North Broken Hill 68/6, South Broken Hill 47/6. CHRISTCHURCH GAS COMPANY Christchurch, Jan. 25. The annual report and balance sheet of tho Christchurch Gas Company disclosed a balance in the profit and loss account of £34,550 18s 7d after the writing off of £13,901 16s lid for depreciation. The directors recommend payment of a dividend of 4 per cent, which with the interim dividend of 4 per cent, already paid, will absorb £27,300 3s 6d, and carry forward the balance of £7250 15s Id. NAPIER GAS COMPANY. ANNUAL REPORT. Tho following is the annual report of the Napier Gas Co., which is to be presented to the annual meeting of shareholders on Thursday, February 4:— “Your directors herewith present their report and balance sheet for the past year. The profit and loss credit as at December 31, 1930, was £12,284 18s 9d, from which has to be deducted loss on trading for 1931 £8926 10s 2d, leaving a balance to credit of profit and loss account of £""58 8s 7d. ‘ ‘ Tho net earthquake losses to December 31, 1931, amounting to £19,831 0s lid, have been met by an appropriation from the reserve account. Our underwriters paid us £10,649 13s 2d, being earthquake insurance on our Napier and Hastings buildings, and they paid £2126 15s 4d to the contractor for repairs to our Napier gasholder. Your directors regret that in addition to the losses above mentioned a further loss is recorded in respect to revenue. This loss is the result of dislocation of business following the earthquake and fire of February 3 last. The directors do not recommend the declaration of any dividend either on ordinary, or on preference shares, the dividend on these having been paid up to June 30, 1930. “Following the reconstruction of homes in Napier and Hastings after the earthquake, gi appliances were in very general demand. It is pleasing to record that at Hastings there are more gas consumers than prior to the earthquake. In Napier due to the greater destruction of the residential area and the wholesale loss by fire of the business portion of tho city, the company lost approximately 700 consumers. “The directors applied to the Rehabilitation Committee for a loan which has been granted, but at the present moment negotiations are taking place in regard to the terms of the loan and the security to be given. It is expected that those negotiations will be concluded before the annual general meeting of the company takes place, and shareholders in that'ease will be advised of tho terms on which the loan has been grant ed. The re-building of Napier has been delayed bv town planning and street ■widening schemes, but the directors have every reason to believe that the difficulties are now being overcome, and that the work of will soon begin in earnest. Until the town is rebuilt the consumption of gas and the sale of the by-products cannot possibly approach the steady figures of pre-earth-quake days. “Messrs F. Logan and R. D. Sweetapple are the retiring directors. Both are eligible and offer themselves for reelection. It will be your duty to elect auditors for the ensuing year.”