DOLLAR EXCHANGE.

New Zealand Herald, Volume LXIX, Issue 21120, 1 March 1932, Page 5

DOLLAR EXCHANGE.

DOMINION RATES REVISED. COMPARISON OF QUOTATIONS. Current dollar exchanges as quoted by (lie New Zealand banks yesterday are as under, compared with previous quotations : U.S. DOLLARS TO £1 N.Z. Feb. 3. Feb. 15. Feb. 22, Feb. 2D. Buying . 3.55 3.54 3.55 3.58 Selling . . 3.35 3.31 3.35 3.38 CANADIAN DOLLARS TO XI N.Z. Buying . 4.05 4.08 4.04 4.0r. Selling . . 3.85 3.88 3.84 3.8G BOOTH, MACDONALD AND CO. TRADING LOSS OF £3916. EXTENSION OF DEBENTURES. A loss of £17,784 is disclosed in the annual accounts of Booth, Macdonald arid Company, Limited, of Christchurch, for the year ended December 31. '1 his compares with a loss of £5114 in the previous year and a profit of £f>sls in 1929. The trading loss for the year was £3916 and to that is ad dad debenture interest, £7394, and depreciation, £6506, while allowance is made for £-32 brought m from the previous year's accounts. "Difficult as -we found 1930 trading conditions." states the report of the directors, "in 193 L they were very much worse and the year ended with a very heavy reduction in turnover as compared with 1930 " Full depreciation was allowed notwithstanding the fact that the company machinery was not running at its full capacity during the year. Apart from writing off the known uncollectable accounts, the directors also increased the reserve for bad debts to £4OOO. The company's mortgage debentures, totalling £113,750, mature on June 1, b-,it the directors state that an extension of five years has been arranged. The gross profit in the trading account was £19,983, as against £46,252 in the previous year. Expenses amounted lo £30,405, as against £43,743 ■ The capital of the company is inchanged at £186.519, ss, comprising 176,163 per cent, preference shares of £l, and 82,850 ordinary shares at !2s 6d, fully paid. No dividend was paid last year, but preference shareholders received 2£ per cent, in 1930. That was the first distribution to shareholders n the company since the interim dividend on preference capital was paid in 1922. BUTTER MARKET SLOW. LONDON DEMAND EASES. Effects of tariff awaited. The market for New Zealand dairy produce in London is displaying a weaker tendency. The demand has eased considerably and the price of butter has fallen back to 108s a cwt. for finest. The effects of the tariff, which came into operation yesterday, are being awaited. Merchants have received the following cablegrams from their London houses, dated February 26: Leonard and Son. —Butter: Fir;est, 108s; first grade, 106s. The demand is slow, and the market, is weak. The outlook is doubtful until the effects of tie tariff are seen. Cheese: White, 60s; coloured, 61s. The demand is very slow and the market is weak. Joseph Nathan and Company, Limited. —Butter, 107s. The market is very quiet. Cheese: White, 59s to 60s; coloured, 6.'.5. The market is steady. FINANCE COMPANY'S YEAR. METROPOLITAN BUILDING. A net profit of £10,153 was earned by the Metropolitan Permanent Building a:id Investment Society, Wellington, for the year ended February 15. The directors recommend a dividend of 8 per cent, for the year, together with a bonus of 1 per cent., that £2OOO be added to reserve, which will then stand at £36,000, and that £IOOO should be transferred to depreciation of securities fund, leaving £2113 to be carried forward. The sum of £406 of interest due but unpaid has not been taken into account.

Last year the company made a net profit of £11,210 and paid a dividend and bonus at the same rate as the present distribution. j PUKEKOHE PRODUCE. [FROM OUr. OWN CORRESPONDENT.] rUKEKOHE, Monday. A reduction of 6d per cwt. is shown in to-day's quotations for locally-grown new potatoes, the price being 5s 3d per cwt. f.o.r. Pukekolie, as against 5s 9d last Monday. The price for new season's onions is uncertain, as quantities are required for shipping overseas. Quotations to-d;iy are about 10s per "cwt., against 9s (3d last Monday.