LONDON STOCK EXCHANGE.

New Zealand Herald, Volume LXV, Issue 20080, 18 October 1928, Page 11

LONDON STOCK EXCHANGE.

P. AND 0. DEFERRED STOCK. QUOTATIONS IN £1 UNITS. Australian and N.Z. Frews Association. LONDON. Oct. 16 From to-day P. and 0. deferred stock will he quoted on the London Stock Exchange m the form of £1 units instead of £IOO units. The reason for the change is to make a freer market and facilitate dealings hy small investors To-day's quotation for the £1 units is 535. WHEAT IN AUSTRALIA. LARGE YIELD EXPECTED. RECENT BOUNTIFUL RAIN. Writ Hi. from Melbourne, under date October 5, Messrs. J. B. Were and Son remark that of infinitely greater significance than tne waterside strike lias been iho news of the most beneficial rains of the season throughout the agricultural belts of Victoria, South Australia and New South Wales. The rain was both generous and general, and, as a consequence, thovo was a complete transformation in the harvest outlook. A largo crop is now confidently predicted in the four clncf wheat-producing States. Ar indication of thn improvement in the prospecLs is afforded by the fact that, whereas tho Victorian Railway Commissioners ir the previous week felt that it was incumbent on them to amend their estimates of revenue and expenditure on the basis of a wheat crop of 40,000,000 bushels or less, as against 53.000.000 bushels previously calculated upon, they are now hasitig their calculations upon the original forecast. South Australia is looking for a crop of 35,000,000 bushels or more, which is about 50 per cent above last year's yield. In New South Wales general rains have vastly improved the crop situation, especially in the Riverina, and in Western Australia the situation remains good. An estimate of the area sown with wheat in New South Wales has been issued by tho Government statistician of J that State He calculates it as 4,420,200 acres, of which 4,082,900 acres arc to he harvested for grain and 337.300 acres cut for hay. As compared with the area sown in 1927 there was an increase of 421.440 acres. From the beginning of the year good rams fell over most of tho State. This rainfall ensured a splendid sowing season and afforded the opportunity for the growers to sow an area under wheat which is the greatest since 1916-17, and lias only been exceeded twice —in the year mentioned and in the record year 1915-16. which was the result of a special war effort. In 1927 wheat was grown on 16.«00 holdings: in the current season 16,986 growers have furnished returns—an increase of 186. SYDNEY WOOL SALES. KEEN DEMAND MAINTAINED. Australian and N '/•. Press Association. (Received October IS. 12.5 a.m.) SYDNEY. Oct.. 17. At the Sydney wool sales to-day 11,223 bales were sold. There was keen demand for the better descriptions of fleece and •skirtings at full late rates. Greasy Merino sold to 26d. CELANESE COMPANY. NO FACTORY IN AUSTRALIA. SYDNEY, Oct. 17. In connection with the prediction made by the late Mi. H. E. Prat-ten, formerly Federal Minister of Trade and Customs, that a Coianeso factory would bo established in Australia, it is understood that no further consideration has been given to the project, to which the Celanese Company says it was never seriously committed. Inquiries suggest that, in view of the incessant Labour troubles in Australia the prospect of the consummation of the project is very remote. DRAPERY IMPORTING CO. ORDINARY DIVIDEND 10 PER CENT. Tho forty-fourth annual report and bal-ance-sheet of the Drapery and General Importing Company of Now Zealand has been issued to shareholders. r lhc net profits for the. past year, after making full provision for land and income tax, are £42,727 16s lid. which, with £35,981 9s 5d brought forward from last year, show a total to tho credit of profit and loss account of £78,709 6s 4d. Last January the portion of the company's building in Wellington fronting Lambton Quay was demolished and a start made with rebuilding. Since then tho Wellington business has been carried on under tho most trying conditions in about half tho floor space formerly occupied, and returns have naturally suffered to somo extent. All the heavy expenditure involved in generally making the restricted accommodation as suitable as possible for all departments has been provided for. On May 1 an interim dividend was paid on preference shares at the rate of 6 per cent, per annum for the half-year ended February 20, which absorbed £7500, and leaves £71,209 6s 4d now available for division. This sum tho directors propose to deal with as follows:—Payment of dividend at the rate of 6 per cent per annum en shares for half-year ended August 20, 1928, £7500; payment of dividend at the rate of 10 per cent, per annum on ordinary shares, £17.851 15s 8d; addition to reserve fund (which will then stand at £70,000), £4937 ss; balance to be carried forward, £40,920 5s 8d; total, £71,209 6s 4d. Messrs. E. ]. Ilalsted and I. S. de Beer retire from tho directorate, and offer themselves for re-election. Following is a comparison of the com. pany's results and appropriations for the last three years:— 1920. 1927. 1928. Brouprlit forward £25,G5(5 £.11,904 £35,981 Not profit . . 18,982 16,873 12,723 £7.1,038 £78,777 £78,709 I o reserve . . 9.932 9,908 4,937 Dividends— P-c. •• 15.000 15.000 15.000 Old., 10 p.c. .. 17,802 J 7,828 17,852 Carried forward £31,901 £35.981 £10,920 SOUTHERN EXCHANGES. [llY TELEGRAPH.—-PRESS ASSOCIATION.] WELLINGTON, Wednesday. The following sales were made on the Stock Exchange to-day Australian Bank of Commerce, 33s 3d; Bank of New Zealand, 61s 4d; National Insurance, 16s 4(1; Staple's Brewery, 38s lid. CHRISTCHUItCII. Wednesday. 'I lie following sales were made on the Stock Exchange to-day-Stockton Coal (ord.), 3s 6d; Ashburton Gas, £5 lis 6d; Tooth's Brewery, 48s; Mahakipawa, Ls 6d (seven parcels), Is sd, Is 4d (six parcels); Standard Insurance, 64s 9d. DUNE DIN. Wednesday. The following sales wore made on tho Stock Exchange to-day:—New Zealand Breweries, 24s Id (two); Union Bank, £ls 7s; National Bank of Australasia, £9 13s; New Zealand Broweries (shares), 55s 3d (two).