HUME PIPE COMPANY

New Zealand Herald, Volume LXXI, Issue 21921, 3 October 1934, Page 7

HUME PIPE COMPANY

IMPROVEMENT IN OUTLOOK DIVIDEND POSSIBILITIES Earnings of Hume Pipe Company (Australia), Limited, for the year ended June 30 totalled £5013. No reference is made to the amount provided for taxation, but the figure stated compares with net profits of £7187 for the previous 12 months, when allowance was made for income tax. The directors are unable to recommend the payment of a dividend in respect of the past year, but consideration will be given to the payment of an interim dividend at the conclusion of the first six pionths' operations of 1934-35. After transferring £IO,OOO to reserves, a credit balance of £19,799 is carried forward, against £24,786 brought into the accounts. The directors state that the volume of business offering in Australia and New Zealand showed a gradual improvement during the year. Unfortunately, the increased business in Australia was gained at centres where, owing to extreme competition, prices were unremunerative. Prices at all trading centres have now been placed, on a reasonable basis, and, coupled with the increased volume of business offering, have materially enhanced the company's prospects. Tho directors are confident that trading operations for the current year will show a marked improvement. Tho last dividend paid by tho company was 6 per cent in 1930. Capital is £500,000 in £1 shares. MARKETING OF PRODUCE DOMINION AND AUSTRALIA DAIRY EXPERTS VIEWS Reference to a report on marketing conditions for dairy produce by Mr. G. Stening, an Australian authority, who has been visiting Great Britain, is made in a statement issued by the New Zealand Dairy Produce Board. The board states: "Probably the most noteworthy recommendation made by Mr. Stening is that there be much fuller co-operation with New Zealand in regulating shipments to the British market. This is ono of the matters which the New Zealand board has been urging upon Australia, and Mr. Stening mentions that the maximum quantity which should go on to the English market from either New Zealand or Australia in any one month is 12,000 tons. Ever since its inception, the New Zealand board has carefully regulated butter shipments, and cooperation with Australia will be welcomed . "In view of the board's new marketing regulations Mr, Stening's opinion that forward sales are definitely detrimental to the marketing of Australian butter at various times of the year, is particularly interesting. Mr. Stening has some commendatory remarks to make upon tfile wav in which New Zealand s attempt to control second grade and whey butter is being carried into effect in England, and he deplores the fact that butter which is 99 per cent foreign and 1 per cent Empire can be marked 'Empire,' " THE TEA MARKET ADVANCE IN PRICES The tea market continues to react to the lower prices touched a few weeks ago. Firmer levels are again reported at this week's Calcutta sale, prices advancing Jd per lb. GIANT PIPE-LINE IRAK PETROLEUM COMPANY Costing £10.000.000 and representing the most remarkable undertaking of its kind, the scheme of the Irak Petroleum Company, Limited, to provide for supplies of oil being brought from Mesopotamia across Syria for shipment from the ports of Haifa and Tripoli was practically completed in August. The work has occupied two years. The pipe-line begins at Kirkuk, Mesopotamia, and the distance of the route from there to Haifa is 617 miles and to Tripoli 531 miles. When the full pumping capacity provided under the scheme is available, it will be possible for the total output through the pipe-lines to average 4,000,000 tons a year. The oilfield in which is being drawn upon by the pipe-line, is about 40 miles square, and is said to bo exceptionally rich in oil. The interests mainly represented in the Irak Petroleum Company are British, Dutch, French and American. LOWER INTEREST RATES TRUST CHAIRMAN'S FORECAST [by telegraph—own correspondent] WELLINGTON. Tuesday That still lower interest rates would prevail over a long period, unless war or unforeseen demands for the investment of capital occurred., was tho opinion expressed by Mr. A. W. Gibson, chairman of directors of the Aew Zealand Investment Trust, Limited, at tho second annual meeting in Wellington. The report stated that the reserve account tor the period ended May 31 was £5295, and, after payment of debenture interest, £I4OB arid expenses of £1541, writing £1092 oil preliminary expenses, and providing £328 for 'auditors' fees and provision for income tax, the net profit available for distribution was £A22. Ihe directors recommended payment of| ji 5 per cent dividend, absorbing £635, the balance, £287, to be carried forward. GOLD AND SILVER QUOTATIONS IN LONDON (Received October 2. 7.35 p.m.) LONDON. Oct. 1 Fine gold is quoted to-day at £7 1s 6d an oz., compared with £7 Is L]d on Saturday. Silver is quoted at 22 7-16 d an 07.. spot, and 22 9-lCd forward, compared with 22 5-lGd and 22 7-lGd on Saturday. The quotation for silver at per iuie ounce is 24 3-10 d, same as on September 28. Following is a summary of the fluctuations in the price per ounce of fine gold this year: — £ s d Highest price, Sept. 3 .. 7 1 7 Lowest price, Jan. !> .. 6 0 oj Sept. 21 0 i SeTit. 22 Z n 1? Sept. 24 7 0 11 Rent. 23 1 Sept. 26 , Sept. 27 1 ni Sept. 2« I 0 Sept. 20 I \ l h Oct. 1 ' STATISTICS OF TIN LONDON. Oct, 1 The statistical position of tin at the close of September compares with tho two previous periods as follows:July Aug. Sept. Tone Tons Tons World visible supplies 15.929 15,385 15,247 Straits carry-over . . 2,460 -.442 1,74Supplics .. •• 6,204 6 683 6,521 Deliveries .. .. '.ooa 27 G,6j9