HUDDART PARKER, LTD.

New Zealand Herald, Volume LXXI, Issue 21742, 6 March 1934, Page 5

HUDDART PARKER, LTD.

SMALL INCREASE IN PROFIT FREIGHT AND PASSENGERS The net profit earned by HuddartParker, Limited, Melbourne, for the year ended December 31 was £72,964, compared with £71,636 in the previous year and £70,303 in 1931. As stated in the Herald on February 10, a preference dividend of 6 per cent is payable for the year and ordinary dividend has been maintained at 5 per cent. These absorb £67,500, leaving £57,665 to bo carried forward, against £52,101 brought into the accounts. The directors state that the motorvessel Wanganella had proved suitable and popular in the Australia-New Zealand trade, but tho number of vessels fiarticipating in this trade precluded it rom obtaining the full measure of support that would otherwise be received. A slight advance in general freight and passenger earnings had been 'maintained, but the New South Wales coal position had not improved. Following is a comparison of the company's results and appropriations for the last three years:—

1931 1932 1933 Brought forward . £45,102 £47,965 £52,10f Not profit .. .. 70,363 71,636 72,964 £115,465 £119,601 £125,065 Dividends—-i-'ref., 6 p.c, . . 80,000 80,000 80.000 Ord., p.o. 6 5 5 Amount .. 87,500 87,500 87,500 Carried forward . £47,965 £52,101 £57,565 The balance-sheet shows capital and reserve fund unchanged at £1,250,000 and £400,000 respectively. The insurance fund is increased slightly _to £310,287 and reserve for contingencies, taxation, maintenance, etc., is the same at £424,690. Deposits have been reduced by £62,604 to £53,268, creditors being £63,605 higher at £333,146, On the assets side steamships, properties and shares are £53,374 lower at £1,525,127, and Government securities and other investments have been reduced by £157,473 to £1,204,301. Increases are shown in coal stocks and shares at £35,471 and debtors at £93,533.

VICTORIA NYANZA SUGAR

LOSS OF £38,617 SHOWN EAST AFRICAN COFFEE DEBT The accounts of the Victoria Nyanza Sugar Company, Limited, Melbourne, for the year ended April <3O, 1933, disclose a loss of £21,238 after providing for management and administration expenses. With depreciation of £13,655 and income tax of £3724, the loss is increased to £38,617. An amount of £15,779 is brought forward, and the debit at profit and loss account is extinguished by a transfer of £22,838 from reserve, reducing it to £22,162. In the previous year, a net profit of £7lB was earned. The directors state that the loss was due to a plague of locusts, general depression in Kenya, world over-produc-tion of sugar and the lack of regulations for its sale, and to a partial drought at the company's plantations. They stato that, in the last 12 months, the company's estates have been, practically free from locusts. Until 1921, the company had been in a position to dispose of the whole of its sugar in Kenya, but since then considerable areas in East Africa, Uganda, and Tanganyika had been brought into cultivation. Efforts were being made to conclude a marketing agreement with other mills. With" regard to the debt due by the East African Qcffee Plantations, Limited, which raised £15,000 additional capital, the directors had been informed that immediately cir-. cumstances warrant it a commencement would be made with the liquidation of the debt to the company. The company has a paid capital of £300,000. Tho last dividend paid was 10 per cent in 1930.

BRITISH WAR LOAN NEW HIGH RECORD British "Wireless EUGBY, Mar. 3 War Loan, 3J per cent, is quoted today at £lO3 13s 9d (a new high record), compared with £lO3 5s yesterday. FOREIGN EXCHANGES British Wireless RUGBY, March 8 The following rates on foreign exchanges are current, compared with tha cabled quotations on March 2 and 3r ' Mar. 3 Mar, 2 Par. Montreal, dol. 5.10 i'orr New York, dol. . 5.07% 5.08% 4 866 Paris, fr. .. 77% .77% 124.21 Brussels, belga .. 21.80 21.79 35.00 Geneva, fr. .. 15.72 15.70 .25.22 Anisterdarn, fl. .. 7MVt 7.6 A oo'lr Milan, lire .. 59/,. 58/4 92.46 Berlin, r.m. .. 12.80 12.80 20.43 Stockholm, kr. .. 19.39% 19 39% 18.169 Copenhagen, kr. . 22.40 22.40 }§'•}§? Oslo. kr. .. 19.90 19.90 18.159 Vienna, sch. . 28% 28% 34.585 Prague, kr. .. 122'» 122VS 164.25 Helsinsfora, mark 226'/i 226% 129.23 Madrid, pes. .. 37 9-32 37 11-32 25.221 Lisbon, escu. •.. 109% 109% 110 Athens, dr. .. 630* 530* 375.00 Bucharest, lei. ... 510 s l3 * 6 , Riode Janeiro, mil. 4%d * 4/ 8 d 5.899 a Buenos Aires, dol, Montevideo, dol. 38VSc[* 38Ved* Sid Bombay, rupee .. 18 3-32 dlB 3-32 d 18d Shanghai, dol. .. le'/ad 16% d Hongkong, dol. . 18% d 18% d —- Yokohama, yen . 147i«d 14 7-32 d 24.58 d Batavia, fl. .. 7.52 7.54 12.10 Belgrade, din. .. ' *Sellerß.

NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by the New Zealand' banks', aro as under, compared with previous quotations: — U.S. Dollars to £1 Feb. 8 Feb. 12 Feb. 17 Feb. 26 Mar. 5 Buying 5.08 6.11 6.19 5.17 5.17 Selling 4.88 4.91 . 4.99 4.97 4.97 Canadian Dollars to £1 Buying 5.14 5.15 5.23 5.20 5.19 Selling 4.94 4.95 5.03 5.00 4.99 The cost in New Zealand currency of the pound sterling and of the principal foreign units, on the latest quotations. is as follows: — ' . Present price Par 8d s d Australia, pound .; 20 0.00 20 0.00 London, pound .. .. 24 11.58 20 0.00 New "Xork, dollar .. 5 0.30 4 1.31 v. SSS IS BS&JSW :: Yokohama, yen . . .. 1 6.58 - 0.58 These valuations represent the current rates at which the banks sell drafts payable on demand.

CUSTOMS EXCHANGE RATES Rates of exchange ruling at the, announced dates 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*:— Melbourne Moru, Japun, yen .. 141 9.32 d Canadian Constructor,. Canada, dol. 4.08 Niagara, Canada, dollars City of Canberra, America, dollars 5.08J Golden Coast, America, dollars , . 5 - OC * Sydney Maru, Japan, yen • . ■. 14 3-J.fid Wairuna, America, dollars . •. 5.08}

DAIRY PRODUCE PRICES Joseph Nathan and Company, Limited, has received the following cablegram, dated March 3, from Trengrouse and Nathan, Limited.-^-Butter: 70s. The market is quiet. Cheese: White, 42s 6d; coloured, 44s 6d.