MILNE AND CHOYCE, LTD.

New Zealand Herald, Volume LXXI, Issue 21910, 20 September 1934, Page 7

MILNE AND CHOYCE, LTD.

BUSINESS IMPROVEMENT INCREASE IN TURNOVER "Business improved during the past year, but it must be remembered that the continued progress of the Dominion depends largely on its ' produce markets," said Sir George Elliot, chairman of directors of Milne and Choyce, Limited, at the annual meeting yesterday.

Sir George said the improvement was reflected in the company's accounts and the turnover had increased. The dividend on ordinary shares and debenture stock was i per cent higher at 3.} per cent. This could be regarded as an earnest of better times and it was not thought prudent to recommend a larger increase.

Referring to the reserve of £50.000 shown for stock depreciation. Sir George said this was necessary owing to fluctuations in fashions. It had been necessary during the year to spend a good deal on maintenance and on opening and altering departments, but this was provided for in the accounts. The company's employees had increased from 552 to 588.

The report and balance-sheet, which appeared in the Herald on September 11, were adopted. The retiring directors, Mr. H. C. Choyce and \tr. J. S. Milne, were re-elected, and Messrs. Morris, Duncan and Gyllies were reappointed auditors. A motion expressing appreciation of the services of tfio directors and staff was carried. Mr. Milne referred to the death of Mr. William Elliot, a director, who had been associated with the company since its inception, and a motion of sympathy was passed. AUSTRALIAN EXCHANGES YESTERDAY'S BUSINESS SYDNEY MARKET ACTIVE (Received September 19, 7.55 p.m.) SYDNEY. Sept. 19 On the Sydney Stock Exchange today the market was again buoyant and active. This morning's sales included: —Commonwealth 4 per cent bonds, 1938, £lO5 17s 6d. Commercial Bank of Sydney, £18; Australian Gas, A shares, £7 17s 6d; Tooth's Brewery, 46s 9d; Associated News, 23s 9d; British Tobacco, 38s 9d; Colonial Sugar, £67 ss; Goldsbrough-Mort, 30s ljd. Later sales included: —Bank of New South Wales, £32 17s 6d; Commercial Bank of Sydney, £18; Commercial Bank of Australia, New Zealand delivery, 17s 4Jd; Australian General Insurance, 14s 3d; Mercantile Mutual In23s 9d; Associated News, 245; Burns Philp, South Se.a, 24s 6d; British Tobacco, 88s 6d; Tooth's Brewery, 46s 9d; Carlton Brewery, 465; Australian Glass, 545; GoldsbroughMort, 30s; Dunlop-Perdriau, 20s lid; Winchcombe Carson, 28s 6d; Morris Hedstrom, 16s 4Jd; Wilcox Mofflin, lis 9d; Millaquin Sugar, 32s 6d; Electrolytio Zinc, 28s; Mount Morgan, 335; Mount Lyell, 20s; Broken Hill Proprietary, 52s 6d; Placer Development, £26 10s; Euratha Gold, lis 3d. Melbourne sales included: —National Bank (£5 paid), £6 lis; Commercial Bank of Australia, 17s 7d; Golds-brough-Mort, 30s; Metropolitan Gas, £l4 10s. FOREIGN EXCHANGES MINOR FLUCTUATIONS (Received September 19, 6.5 p.m.) British Wireless RUGBY, Sept. 18 . The following rates on foreign exchanges arc current, compared with the cabled quotations on September 17 and Par ' Sept. 18 Sept. 17 Par. Montreal, dol. .. New York, dol. . 5.00"/,. o.00"A, 4.Bt»b jr. . . 7»> 70/\ti 12*.21 Brussels, belga . 21.05% Geneva, fr. .. 15..15% 15.15/, 20.2'2 Amsterdam, fl. . ".29% Milan, lire .. 57/ i 57 Berlin, r.m. .. 12.38 12.38/* 20.43 Stockholm, kr. . 19.39VJ 19.39%~ 18.159 Copenhagen, kr. . 22.40 22.40 18.159 Oslo. kr. .. 19.90% 19.90% 18.159 Vienna, sch. .. 26% 20% 34.585 Prague, kr. .. 118'<! 118% 164.25 Helsingfors, mark 226% 220% 129.23 Madrid, pea. .. 36%. 36 s /;, 25.221 ! Lisbon, escu. .. 110% 110% 110 ! Athena, dr. . . 516* 516* 375.00 Bucharest, lei. . . 495 495 813.6 i RiodeJaneiro.mil. 4%d* 4',-id* 5.899 d I Buenos Aires, dol. 36% d* 36% d* 47.619 d ; Montevideo, dol. 89% d* 39% d" sld Bombay, rupee . 18Vi«d 18Y lr ,d IBd j Shanghai, dol. . . 17d 17d Hongkong, dol. . 18V<d 18 3 id Yokohama, yen . 14 V,,d 14% d 24.5 Rd Bstavia, fl. . . 7.27 7.28 12.10 Belgrade, din. . . 216 *Sellers. NEW ZEALAND MONEY ABROAD Current dollar exchanges as quoted by the New Zealand banks, are as under: — U.S. Dollars to £1 sterling. Buying Selling United States .. 5.11 4.91 Canada .. •. 4.96 4.76 Following are the latest rates for purchases and sales of foreign exchange quoted bj' the Bank of New South Wales, Auckland. They are subject to alteration without notice: T.T. On Demand To £1 N.Z. Currency Selling Buying Selling France, fr. •. 59.63 61.23 59.68 Noumea, fr. .. 58.88 62.28 58.93 Papeete, fr. . . 58.88 62.28 58.93 Belgium, belga .. 16.593 17.393 16.608 Germany, r.m. . . 9.738 Italy, lire . .. 45.67 Switzerland, fr. .. 11.998 12.473 12.008 Holland, fl. .. 5.746 6.046 5.750 Java, fl 5.734 6.009 5.738 N.Z. pence to Japan, yen .. 18'/« Shanghai, dol. .. 21 3 %, '20%, 21 al / 3 , India, rupee .. 22*%, 22V,, 22'%, Ceylon, rupee .. 22 a % a 22V,« 22 10 /„ Hongkong, dol. .. 23®%, 22"/,, 23'%, Singapore, dol. . . 85% 34%, 35 The cost in New Zealand purrencv of the pound sterling, and of the principal foreign units, on the latest quotations, is as follows:—• Present Price Par ad ad Australia, pound .. 19 10.81 20 0.00 London, pound .. .. 24 10.50 20 0.00 New York, dollar .. 5 0.79 4 1.31 Montreal, dollar .. 5 2.71 4 1.31 Paris, franc . .. 7 0 3.98 0 1.9S Berlin, reichmark .. 2 0.11 0 11.74 Copenhagen, krone .. 1 1.83 1 1.22 Yokohama, yen ; . .. 1 5.85 2 0.58 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 markedi: — Canadian Britisher, America, dol. *5.04 Canadian Britisher, Canada, dol. .. *4.96 'City of Winchester, America, dol. .. 5.06| Waikawa, America, dol. .. H.o3i Golden Cloud, America, dol. .. 4.99 Canadian Leader, Canada, dol. .. 4.881 Aorangi. Canada, dollars ~ 4.851 CALL AND DIVIDEND LIST Dividends— wP"? Bartholomew Timber—24 d.c. . . To-dnv N.Z. Drug—interim. 3} d.o. .. Sept. 22 Kuala Kampur—<ld a share Sent. 27 Bank A'asio- intorim. 3s 6d (sterling) a share, less tax at 4s 6d in the £1 •. •. Sept. 28 North Broken Hill—final. Is 6d honus, la a share ~ .. Sept. 28 Auck. Farm. Freezing—6 t>.o. . . Sent. OS Puk' miro Collieries—-24 p.c. . . Sept. 28 Dunlon Pordriau—ord., 5 p.c. nref., final. 5 p.c. Sept. 28 Britinh Tobacco—-quarterly, 1] p.c., mnkinsr 6 p.c. for year Sept. 29 Mil burn Lime—final. 5 n.c. Sept. Farm. Auctioneering—ord.. 4 p.c. p.a. Oct, 6 Milne nn-1 Choyce—pref.. 6 p.o. p.a.: B prof., 7 p.c. p.a.; ord. and d"b.. 31 n.c. p.a. Oct. 10 N.Z. Guar. Corp.—final. 2d a share . . . . . • Oct.. 15 CallAlexander Mines—con., 6a » •hare Sept. 27