AUSTRALIAN STOCKS

New Zealand Herald, Volume LXIX, Issue 21305, 5 October 1932, Page 7

AUSTRALIAN STOCKS

LOAN REACHES PAR REMARKABLE RECOVERY [rnoji our own correspondent] SYDNEY, Sept. 20 'J ho boom on the Stock Exchanges of Sydney and Melbourne continues, indicating that tliero has been a general return of confidence among tlio investing public. During the past few weeks there have been some outstanding recoveries among stock, which had fallen far below its real value, and on Monday, for the first time since the now securities came on the market last year, and Australian consolidated 4 per cent loan, which, a year ago, sold as low as £BO, reached par. Tlio whole loan. group had been gradually nearing tlio par mark for several months, but always stopped short whenover the slightest additional impetus bocame necessary. Monday's market 011 the Sydney Stock Exchange, therefore, made history, when tho 4 per cent 1938 loan, which is regarded as an "indicator" issue, gained tho mark of honour. At tlio end of last week tho price, after allowing for accrued interest, stood at but a few pence below £IOO. A modest advance on Monday carried tho markot rate to £lOl 3s 9d, which, after deducting £1 2s 6d accrued interest, meant a net prico of £IOO 2s 3d, or above par. A final sale at £lOl 2s 6d placed tho loan at exactly par. Other 4 per cent loans moved a step closer to par, notably tlio long-dated 1961 issue, which, with only 2s 4d interest accrued, sold at £IOO. A comparison with prices of a year ago, when the consolidated loans wero issued as a result of tho huge conversion loans, illustrates tlio pronounced recovery of tho national credit. Last September tho 4 per cent 1938 issue sold at £BO, and tho 1961 issue at £7O. In the interval thore has been a heavy fall in interest rates, both locally and abroad, but tho improvement in Government crodit has been largely tho direct result of tho efforts to check tho drift in Government finances and reach stability. DAIRY PRODUCE PRICES

BUTTER MARKET QUIET Joseph Nathan and Company, Limited, lias received the following cablegram from Trengrouso and Nathan, Limited, dated October 3: —Butter, 115s; first, 103s to 109s. Tho market is quiet. TALLOW MARKET QUIET HEMP, PEAS AND EGGS The Department of Agriculture has received the following cablegram, dated October 1, from tho High Commissioner for New Zealand, London: — Tallow.—No auction this week. Ihe market is quiet, but firm at about the last rates quoted. Ilcmp.—Tho Manila market continues dull aud unchanged. Tho sisal market is quiet and easier. N.o. 1 good marks close at hand sold down to £ls 12s 6d, and for November-Janary shipment £ls 15s. Ihe New Zealand market is unchanged. Peas. —Stocks of Maples are small and the spot market has advanced. Tasmanian ex store sell at 72s 6d to 755. New Zealand. 65s to 67s 6d. Tasmanian new crop for February-March shipment sold at 555. Nominal valuo for New Zealand for Sep-tember-October shipment, 60s. The- market for Blues is firm. Tasmanian for Febru-ary-March shipment sold at £l7. Nominal value, New Zealand Prussians, £ls 10s. Eggs.—The market is steady. English, national pack, 15s to 18s; English, ordinary pack, 15s to 16s 6d; Danish, lis 6d to 14s; Australian, l2s to 13s; South African, lis 9d to 13s 6d. MALAYAN TIN FIELDS KUALA KAM PAR PROFIT After providing £5085 for depreciation Kuala Kampar Tin Fields, Limited, Federated Malay States, shows a net profit of £7271 for tho year ended March 31, as against £13,819 for the previous year. A sum of £1423 has been written off obsolete stores, and the balance increases tho carry forward to £25,187. The two dredges treated 2,716,000 cubic yards for a recovery of 512 tons tin oxide. The average yield was ,421b. a cubic yard, against ,491b. in the previous year. Working costs were reduced to 2.41 d a cubic yard from 2.94 d. At March 31 creditors were £3386, against which were cash £99,342, debtors £2058, and tin oro stocks £4840. To effect tho drastic restrictions required, tho directors chose tho alternative of production at the rate of 25 per cent por annum for tho year ending June 30. 1933, as being more in tho interests of tho company. RAWANG'S BETTER RESULT ' NET PROFIT HIGHER

A net profit of £28,842 is disclosed in tne accounts of Rawang Tin Fields, Limited, Malay, for the year ended March 31, compared with £24,161. in tho previous year. A dividend, the first of 3d a share, absorbed £21,900 and £3113 has been appropriated for removal and reerection of dredge and sluicing plant, leaving £28,935 to lie carried forward, against £25,106 brought forward. Depreciation allowed was £6596. Tho cost of troatinont was reduced from 3.81 d a cubic yard to 2.94 d. ORIENT STEAM NAVIGATION FOR MA L REG ISTR AT lON The Orient Steam Navigation Company, Limited, has been registered as a public company. The registration is a formality to comply with tho requirements of tho Tit los Office. Details of tho registration are as follows: —Capital, £6,250,000, divided into 200,000 6 per cent preference shares of £lO each; 2,500.000 per cent preference shares of £1 each; and 1,750,000 ordinary shares of £1 each.

DRUG (INVESTMENTS), LTD. AUSTRALIAN COMPANY'S YEAR Australian Drug (Investments), Limited, principally a holding company, possessing 169,026 ordinary shares of £1 each in Drug Houses of Australia, Limited, which includes 11 other drug organisations in Australia, shows a gross revenue for the year ended June 30 of £19,006, comprising £16.471 rentals of freehold property, and £2535 being 3 per cent dividend for the half-year ended December 31 last on the shares held in Drug Houses of Australia, Limited. Expenditure was £16.583, leaving a net revenue of £2423. With £12,181 brought forward thero is a credit to profit and loss of £14,604. No recommendation is made as to dividend. Arrears of preference dividend in respect of the venrs ended Juno 30, 1931, and June 30, 3932, are £8621. Tlio capital value of the company is £225,000. of which £162,225 is ordinary and £62,775 preference. Reserve accounts are practically unchanged, namely, general reserve, £35,000, dividend equalisation. £4700, and special reserve, £3160. The directors state that the assets of the company are practically the same as they were before the slump in business.