COMMERCIAL NEWS

Northern Advocate, 4 May 1933, Page 9

COMMERCIAL NEWS

WILSONS PORTLAND CEMENT. DIVIDEND DECLARED. REDUCTION OF CAPITAL. '(Per Pres« Association. —coDyriahi.) WELLINGTON, This Day. The Stock Exchange Association-has been advised that at a mooting hold yesterday, the directors of Wilsons (N.Z.) Portland Cement, Ltd., decided to recommend payment of a final dividend of one shilling a share, for the year ended March 31. It was also decided to recommend that the capital of the company be reduced by £300,000 by returning to shareholders 10/- a share in the form of 34 per cent, inscribed stock free of income tax. The directors proposed returning £lO2 stock for each £IOO of capital reduced, with cash payment for amounts under £5 or for fractious over multiples of £5. •

The annual meeting of shareholders will be held on June 7. WOOL DISPOSAL. SYDNEY MARKET FIRM. SYDNEY, May 3. At the Sydney wool sales today 12,852 bales were offered, and 11,2-89 were sold; also 2,002 bales were sold privately. There was very keen general com petition, and the market reflected all the best features of previous sales, closing very Jinn at the recently improved level. Greasy merino sold to 17fd.

LONDON SALES. NEXT WEEK’S OFFERING. LONDON, May 2. For the Loudon wool sales to be opened on May 9, the wool available totals 194,000. bales, including the following new arrivals: Australian, 18,700 bales; New Zealand, 70,000. It is expected that 151,000 will be catalogued. COLONIAL SUGAR COMPANY. HALF-YEARLY ACCOUNTS. SITUATION STEADY. SYDNEY, May 3. The accounts of the Colonial Sugar Refining Company, Ltd., for the halfyear ended March 31, disclose a not profit of £422,122 from factories and investments, an increase of £51,834 over the previous half-year..

The usual dividend of 20/- a share and bonus of 5/- a share, equal to 124 per cent, per annum, will absorb £305,625, leaving £50,407 to be added to the profit and loss account, the balance in which is increased to £408,206. Of this sum the board recommends the transfer of £IOO,OOO to the reserve fund, leaving £368,290 to be carried forward. The chairman, Air E. R. Knox, at the meeting today, said the last season was unusually favourable in North Queensland and Fiji, all crop estimates being exceeded. The Fiji output, 138,000 tons of sugar, was the largest recorded. As a result, combined with increased British preference and a continued advantage from a favourable Exchange, the company’s Fiji figures had been more than satisfactory.

In regard to the future the chairman said a smaller crop was in prospoet, while the exchange position was uncertain. The industry would have to continue its efforts to reduce costs ’n order to adjust itself to the reduction in the Australian retail sugar prices, namely, a halfpenny per Hi. There had been some improvement in the world position of sugar, ruling prices having shown a slight increase, while Java and Cuba had deliberately restricted. production to reduce or eliminate the surplus which had been depressing the market for several years. The report and balance sheet were adopted.

BONDS AND SHARES. ATJSTR ALLAN Tlt ANSA CTION S. SYDNEY, May On the Sydney Stock Exchange today there was a heavy turnover, particularly in the mining sections. Sellers, however, adopted a linn attitude. Morning sales included:—Toohey ’s Brewery, 21/3; Bank of New Zealand, intcr-State delivery, 44/0; British Tobacco, 84/D; Wilcox Molflin, 3/0; Associated News, 8/-. Afternoon sales included:—fonimcrcial Bank of Sydney, £I3 12/0; Union Bank, £7 JO/-; Bank of New Zealand, in tcr-Si ate delivery, -11/1(1; t’olonisl Sugar, ex dividend, £33 ,10/-; Associated News, 8/1; ditto, preference, 18/0; Adelaide Steam, 21/6; Berlei, 23/0; Gordon and Gotch, 32/9; British Tobacco, 34/9; Australian Glass, -IS/-; Goldsborough Atort, 23/11; Henrv Jones, 37/-; Dunlop Perdreau, 10/KP. Electro Zinc, preference, 30/3; Tooth ’s Brewery, 3G/9; Toohey’s Brewery, 21/3. Commonwealth 4 per cent, bonds, Hh?,s, £lO4 3/-; 1041, £lO4 10/ ; 1947, £UC fi/3; 1937, £103; 1939, £lO3 10/-.

Melbourne sales included:—British Tobacco, 34/0; Herald and Weekly Times, 5!)/-; Electro Zinc, 17/-; ditto, preference/N'n/-; North Broken Hill, 74/-.

A/;. QOJfp AND SILVER, LATEST QUOTATIONS. LONDON, May 2. Fine gold is quoted today at fd -1 an ounce, compared wPh £0 3/i» yesteiday. Silver is quoted at 20-jd spot and forward, compared with 20Jd and 20 0-1 Cd yesterday. The quotation for silver at per tine ounce- is 21 id, compared with 221,d y esterday. GOLD-DREDGING ISSUE. NEW ZEALAND CORPORATION. LONDON, May 3. The “Financial Times” stales that the underwriting lias been started of an issue at par 100,000 of £1 shares of the New Zealand Gold-dredging Corporation.