NATIONAL INSURANCE CO.

New Zealand Herald, Volume LXIX, Issue 21324, 27 October 1932, Page 7

NATIONAL INSURANCE CO.

DECLINE IN NET INCOME DIVIDEND MAINTAINED [by® telegraph—riusss association] DUNEDIN, Wednesday Tho annual report of tlio National Insurance Company shows that tho net income for tho year, ended September 30, amounts to £249,401. After making full provision for losses outstanding there is an underwriting surplus of £16,887; interest and rents, less income tax, amount to £30,976, and tho balance brought forward from last year £37,842, amounting in all to £85,705. An interim dividend was paid in May, 1932, which absorbed £16,667, leaving available a balance of £69,038. Tho directors have added £902 to tho taxation and contingency account, £9676 to tho investment fluctuation account and written £2OOO off the premises. They now recommend the payment of a further dividend of 5d a share, making tho total distribution for tho year 9d a share, and equalling £37,500, and to carry forward £35.627. Tho dividend is at tho same rate as previously. Following is a. comparison of tho company's results for tho last thrcp years:— 1930 1931 1982 Net income . . £295.910 £273,485 £249.401 Brought forward . "£37,508 ~£37,956 £37.842 Surplus 20.289 9,200 1G.887 Interest and rents 35.465 35,489 30.97G £93,202 £82.645 £85.705 To reserves .. 17.506 7,302 12.578 Dividend, 9d . • 37,500 37,500 37.500 Carried forward . . £37,956 £37,843 £35.627 FOREIGN EXCHANGES STERLING STILL FALLING

CUSTOMS EXCHANGE RATES Rates of exchange ruling at the announced date of departure of the vessels named are shown in the following table. They are subject to confirmation by the Customs Department when the exact time of departure is learned on arrival of the vessels in New Zealand, finally declared rates being marked*: — Australind. America, dollars . . . . 3.45} Canadian Constructor, Canada, dollars 3.84 Brisbane Maru, Japan, yen . . . . 16! d Golden Cloud, America, dollars . . 3.4&J Niagara, Canada, dollars . . . . 3.78 Hauraki, America, dollars . . . . 3.45J Mariposa, America, dollars . . . . 3.392 Canadian Leader, Canada, dollars . . 3.68 i PRICES FOR EGGS LONDON MARKET FIRM The Department of Agriculture has received the following cablegram, dated October 22, from the High Commissioner for Now Zealand, London, regarding the market for eggs in London:—The market is firm, with an upward tendency. English, national pack, 16s 6d to 225; English, ordinary pack, 17s to 17s 6d; Danish, 13s 6(1 to 16s 6d; Australian, 141b. per long hundred, 12s 6d; 171b. per long hundred, 13s 6d to 13s 9d. WHALING INDUSTRY RESTRICTED OPERATIONS Renewed operations in the Antarctic arc planned by the Norwegian whaling companies after a year of inactivity, due to tho sudden collapse of the market at tho end of 1931. Since returning from the Antarctic season of 1930-31, almost all the largo whaling steamers have been laid up with full or half cargoes of whale oil still on board. This commodity has few buyers, and when these became overstocked the prico collapsed, and it was necessary to lay up the ships pending a return to normal conditions. Realising tho situation, tho companies have agreed to a voluntary restriction scheme, under which' certain vessels will go out this southern summer while others remain at home. Operations will bo'limited to tho acquisition of such quantities of oil as the market can absorb. NEW ZEALAND GRAPE-FRUIT CONFLICTING OPINIONS [from our own correspondent] LONDON, Sept. 22 Mr. H. Turner, London representative of tho Fruit Control Board, has received reports from all the brokers who handled the recent consignment of New Zealand grape-fruit. They are so conflicting that it is almost impossible to givo growers any opinion common to them all. In the meantime, Mr. Turner has sent some casos to a convalescent homo near Tring, where fruit juices are studied and analysed. A quantity has also been converted into marmalade with success. Further reports aro to bo received from retailers and consumers, and all tho opinions will in duo course be sent to the growers. At this season the manufacturers of marmalade turn their attention to soft fruits, but no doubt if tho quantities merited it and if tho results were good, manufacturers could bo found to use the New Zealand produce even during the offseason. At tho end of this week Mr. Turner will leave for a visit to Norway and Sweden, where ho will investigate tho possibilities for disposing of New Zealand apples next season.

British WirelcsB ItUGBY, Oct. 25 The? following rates on foreign exchanges arc current, compared w ith the cabled quotations on October 24 and par :— Oct. 25 Oct. 24 Par Montreal, dol. 3.605 3.60J ■1.866 New York, dol. . . 3.30i 3.325 4.866 Paris. fr 84 84.50 124.21 Brussels, belga .. 23.725 2.3 29-32 35.00 Geneva, fr. , . 17.095 17.205 25.22 Amsterdam, fl. .. 8.1958.20 12.10 Milan, lire . 04 J (»5 92.46 Berlin, r.ro. 33.885 13.995 20.43 Stockholm, kr. 19.10 19.225 18.159 Copenhagen, kr. , . 19.20 19.225 18.159 Oslo, kr. . . 19.55 19J 18.159 Vienna, ech. 28.50 + '29+ 34.585 Prague, kr. 111.50 112 164.25 Helsingfors, mark . 230 2-29.50 129.23 Madrid, pes. 40.25 40.50 25.221 Lisbon, cscu. 109.50 110 110 Athens, dr. . 575 575 375.00 Bucharest, lei. 555 570 813.6 Rio de Janeiro, mil. 5 9-32 5.251 5.899d Buenos Aires, dol. + 47.619d Montevideo, dol. . 301 301 51d Bombay, rupee . . 18 11-64 18 11-64 18d . Shanghai, tael .21 11 -10 21 7-16 — Hongkong, dol. .. 16 7-16 16* 24.58d Yokohama, yen . . 16 7-16 16 3-16 Bala via, fl. — 8.37 12.10 Belgrade, din. . . 250 257.50 276.31 1 Nominal.