DALGETY AND COMPANY

New Zealand Herald, Volume LXIX, Issue 21333, 7 November 1932, Page 5

DALGETY AND COMPANY

LARGELY-REDUCED EARNINGS NET PROFIT OF £54,106 DIVIDEND OF 5 PER CENT (Received November G, 6.35 p.m.) LONDON, Nov. 5 A net profit of £54,106 is disclosed in the annual accounts of Dalgety and Company, Limited, merchants, slock, station and shipping agents, for the year ended June 30. The amount brought into the accounts was £212,358, making £266,464 available. The directors recommend a final dividend of 2s a share, free of British income tax, and to provido £IO,OOO for the staff provident fund, leaving £156,464 to bo carried forward. The earnings of the company show a heavy decline on previous years. In comparison with 1931 there is a fall of £74,363, while since 1929, which was one of the company's peak years, there has been a shrinkage of £368,483. An interim dividend of 3s a share, free of British income tax, was paid by the company in May, which makes the total distribution for the year 5s a share, or 5 per cent, us against 7 per cent last year, 10 per cent in 1930 and 17 per cent in 1929. The distribution requires £20,894 more than the net profit for the year apart from preference dividend and the £IO,OOO provided for the staff fund. A reduction of £15,000 has been made in the staff fund appropriation, which for many years has been constant at £25,000. Following is a comparison of the company's results and appropriations for the last three years: — 1930 1931 1932 Brought forward £227,943 £238,889 £212.358 Net profit .. 235,946 128,4f59 54,106 £463,889 £367,358 £266,464 Staff fund . . 25.000 25,000 10,000 Premises account 00,000 Dividends— Pref., 5 p.c. « 25,000 25,000 25,000 Ord. p.c. . . 10 7 , 5 Amount .. 150,000 105,000 75,000 Carried forward £235,889 £212,358 £156,164 The paid capital of the company is £2,000,000, of which £500,000 is in 5 per cent preference shares fully paid at £lO each. Reserve funds total £1,500,000. DOLLAR EXCHANGE DOMINION RATES REVISED COMPARISON OF QUOTATIONS Current dollar exchanges as quoted by the New Zealand banks are as upder, compared with previous quotations: — U.S. Dollars to £1 Oct. 25 Oct. 26 Oct. 29 Nov. 7 Buj-ing .. 3.49 3.42 3.38 3.39 Selling .. 3.29 3.22 3.1S '3.19 Canadian Dollars to £1 Buying .. 3.78 3.71 3.74 3.77 Selling .. 3.58 3.51 3.54 3.57 The rates quoted are for the conversion of dollars into English currency or English currency into dollars. Exchange is charged or allowed on drafts or bills drawn in dollars in the same way as if drawn in English currency.

THE LONDON MARKETS FROZEN MEAT (Received November 6, 5.5 p.m.) ' LONDON, Nov. 5 Following are today's quotations for frozen meat: — New Zealand Frozen Sheep.—Canterbury and North Island selected crossbred wethers and maiden ewes, 571b. to 641,b., 3£d; 651b. to 721b., 3d; North Island crossbred wethars and maiden ewes, 481b. to 561b., Sid; 571b. to 641b., 3d; 651b. to 721b., 2|d; ewes, under 481b., 2|dj 481b. to 641b., 2d; 651b. to 721b., lgd. Australian Sheap.—First quality crossbreds and/or Merino wethers, 401b. to 651b., 2id. * » New Zealand Lambs. —Canterbury, 361b. and under, s§d; 371b. to 421b., 4|d; secopd quality, average 301b., 4d; other South Island brands, 361b. and under, sid; selected North Lsland brands, including Downs, second quality, average 301b., 4d; other North Island brands, first quality, 361b. and under, 4£d; 371b. to 421b., 4^d; second quality, average 301b., 33d. Australian Lambs—Victorian, first quality, 361b. and under, 4|d; other States, first quality, 361b. and under, 4^d. Argentine Lambs.—Second quality, average 301b., 4£d. » Uruguayan Lambs. —lirst quality, 361b. and under, 3£d; third quality, average 301b., 3jd. Argentine Chilled Beef. —Ox fores, 160 lb. to 2201b., 2gd; ox hinds, 1501b. to 2201b., s£d. New Zealand Pigs.—First quality, 601b. to 1001b., average 901b., 4Jd; 1011b. to 1201b., 4£d. Australian Pigs.—First quality, 601b. to 1001b., average 901b., 4Jd; 1011b. to 1201b.. 4^d. Rabbits.—First large, ex store/ 14 s 3d to 15s. All other sorts are unchanged. The weekly quotations for the abovementioned classes of frozen meat are based on actual sales of wholesale quantities of carcases of mutton or lamb, or of quarters of beef delivered to Smithfield market and/or London stores. They are compiled by the Quotations Committee, Smithfield. To arrive at the equivalent ex ship values, one farthing per pound should be deducted from the prices quoted above. Quotations given represent the average for the week and are not selected lines, but for parcels fairly representative of the bulk of shipments now on offer. COTTON, RUBBER, JUTE, ETC. (Quotations on October 28 in parentheses.) Cotton. —Spot, 5.39 d (5.62 d) a lb.; December delivery, 5.19 d (5.32 d November). Rubber. —Para, 4|d (4|d) a lb.; plantation and smoked, 217-32 d (29-16 d). Jute.—November-December shipments, £ls 15s (£l6 2s 6d, October-November) a ton. Copra.—November-December shipments, South Sea, £l4 2s 6d (£l4 2s 6d) a ton; plantation, Rabaul, £l4 5s (£l4 ss). Linseed Oil.—£l7 10 s (£l7 10s) a ton. Turpentine. —60s (645) a cwt. The Bank of New Zealand has received the following advice from its London office as at the dose of business last week:— Wethers: There is a better demand. Ewes: There is a better inquiry. Lambs: The market is firmer for lighter weights; heavies are steady. Quotations are: Wethers, light, 3d to 3£d a lb.; heavy, 2§d to 2|d; ewes, lf d to 2gd; lambs, twos, 4|d to sid; eights, 41d to fours, 3Jd to 4d; seconds, 3ijU to 4d. FARMERS' TRADING CO. PREFERENCE DIVIDENDS The interim dividend, on the Farmers' Trading Company's A and B 7 per cent preference shares for the half-year ended September 30 will be paid on November 30. COLD AND SILVER QUOTATIONS IN LONDON LONDON. Nov. 4 Gold is quoted to-day at £6 5s 6Jd an ounce, compared with £6 4s 3d on November 2. Silver is quoted at 18 3-16 d an ounce spot and 18 5-16 d forward, compared with 18gd and 18^d yesterday.