WELLINGTON GAS CO.

New Zealand Herald, Volume LXXII, Issue 22029, 8 February 1935, Page 5

WELLINGTON GAS CO.

DIRECTORS' FEES RAISED

QUESTION OF THE DIVIDEND

At the annual meeting of the Wellington Gas Company," Lipiited, -this week it was* decided to increase the total directors' fees to £llOO from £BOO and to grant an increase in auditors' remuneration of £SO to £2OO. A resolution was also passed that the directors should favourably consider the restoration of the -10 per cent reduction in salaries and wages. During a discussion, in which some opposition to the increased directors' fees was expressed, a shareholder raised the question of the dividend, which has been maintained at 8 per cent for some years. He asked if it • wero truo that gas companies were prevented from paying a higher dividend than 8 per cent. Sir Harold Beauohamp, chairman of directors, said there was no law against a higher dividend, but there was an understanding that the dividend would not bo increased until, the company could reduce its charges to the consumers. That time was not yet. GENERAL MOTORS HOLDENS DIVIDEND ARREARS PAID General Motors Holdens, Limited, Melbourne, has declared a dividend on the cumulative preference shares at the rate of 6 per cent per annum for the two years ending March 31, 1935. The dividend will be paid out of profits for the year ended December 31, 1934. At the end of 1933 preference dividend was two and a-lialf years in arrears. AUSTRALIAN EXCHANGES YESTERDAY'S BUSINESS (Received February 7, 9.15 p.m.) SYDNEY, Feb. 7 On the Sydney Stock Exchange today lack of buying strength caused a downward tendency on the investment market, and with one or two exceptions prices generally were lower. This morning's sales included: —Commonwealth bonds: 3i per cent, 1948, £lO2 12s 6d; 4 per cent,- 1938,. £lO4 ss; 1944, £lO7 10s; Toohey's Brewery, 30s; Tooth's Brewery, 50s 9d; Anthony Hordern, 18s 9d; Associated News, 23s 9d; Burns-Philp (South Sea), 27s 6d. Later sales included: —Bank of New South Wales, £3l 17s 6d; Commercial Bank of Sydney, £l6 19s; English, Scottish aud Australian Bank, £5 Is; Colonial Sugar, £4l 17s 6d; Associated News, 235,4|d; ditto, (preference), 245: Adelaide Steam, 31s 6d; Howard Smith, 16s 9d; Burns-Philp (South Sea), 27s 6d; Australian Gas, A shares, £8 2s 6d; Tooth's Brewery, 50s 6d; Australian Glass, 655; Dunlop-Perdriau, 198 6d; Fairymead Sugar, 37s 6d; Henry Jones, 375; Wilcox-Mofflin, 9s lid; Victoria Nyanza, 6s; Amalgamated Textiles, 9s 9d; Hume Pipe, 15s 6d; G. J. Coles, 56s 9d; General Industries, 14s 6d; Mount Morgan, 40s 6d; Broken Hill Proprietary, 53s 3d; Kuala Kampar, 13s 8d; Larut, 12s 6d; Placer Development, £29. Melbourne sales included:—British Tobacco, 39s 3d; Herald and Weekly Times, 57s 6d; Electrolytic Zinc (preference) \ 34s 6d. .

FOREIGN EXCHANGES STERLING STRONGER AGAIN (Receives February 7. 7.45 p.m.) British Wireless RUGBY, Feb. 6 The following rates on foreign exchanges are current, compared with the cabled quotations on February 5 and

NEW ZEALAND MONEY ABROAD The cost in New Zealand currency of the pound sterling, and of the principal foreign units, on the latest quotations, is as follows:

Following are the latest rates for purchases and sales of foreign exchan'ge quoted by the Bank of New South Wales, Auckland. They are subject to alteration without notice:—

Rates of exchange ruling at the announced dates of departure of the vessels named arc shown in tho following table. They are subject to confirmation by the Customs Department when the. exact time of departure is learned on arrival of the vessel in New Zealand, finally declared rates being marked*:— Brisbane. Mnru, Japan, yen .. lid Ardenvohr, America, dollars .. 4.01 /,„ Canadian Scottish. Canada, dollars 4.90% Niagara, Canada, dollars . . .. 4.87 A Port Auckland. America, dollars .. 4.87% Canadian Challenger. Canada, dol. 4.87/, Golden Bear. America, dollars .. 4.87/„ GOLD AND SILVER QUOTATIONS IN LONDON (•Receded February 7. 7.45 b.m.) LONDON. Feb. G Fine gold is quoted to-day at £7 Is IOJd an oz., compared with £7 2s ljd yesterday. -- - ' ' Silver is quoted at 24 7-16 d an oz. spot,, and 24 9-16 d forward, same as yesterday. . " * , . • The quotation for silver at. per fine oz. is 264 d, compared with 26|d yesterday, t . 1 v BRITISH WAR LOAN (Beceii-ed February 7. 7.45 p.m.) British Wirele's RUGBY, I* eb. 6 War loan, 3A per cent, is quoted today at £IOB Gs 3d, compared with £IOB lcis 3d on February 4.

par: — Feb. 6 Feb. 5 Par Montreal, dol. .. 4.88% 4.88% 4.866 New York, dol. . 4.88%. 4.88 , / 18 4.866 Paris, fr. 74'/„ 74'/, 124.21 Brussels, belga . 21.03% 21.02 35.00 Geneva, fr. 15.16% 15.15 25.22 Amsterdam, fl. •. 7.26% 7.25 . 12.10 Milan, lire 57% 57% 92.46 Berlin, r.m. .. 12.23 12.22 20.43 Stockholm, kr. . 19.40 19.40 18.1'59 Copenhagen, kr, . 22.39% 22.39% 18.159 Oslo,- kr. 19.80% 19.90% 18.159 Vienna, sch. .. 26% 26% 34.585 Prague, kr. 117% 117% 164.25 Helsingfors, mark 226% 226% 129.23 Madrid, pes. 36 a %a 37% , 25.221 Lisbon, escu. .. 110% . ■ 110% lib Athens, dr. 515* 515* 375.00 Bucharest, lei. . 487% 487% 813.6 Riode Janeiro, mil. 4%d* 4%d* 5.899d Buenos Aires, dol. 35d* 35d* ■ 47.619d Montevideo, dol. 39% d* 39%d* 5 id Bombay, rupee 18'/„d 18% a d . . 18d Shanghai, dol. . _ +•■ — Hongkong, dol. . — — .Yokohama, yen . 14d 14d 24.58d Bn!:ivia, fl. 7.23% 7.21% 12.10 Belgrade, din. . .' '226 226 276.31 •Sellers. +Holiday.

Present Price Par 6 d b d Australia, pound . 19 10.81 20 0. London, jjound . 24 10.50 20 0. N T ew York, dollar . 5 1.93 4 1. worn real, dollar . . 6 1.93 4 1. Paris , franc . . , . 0 4.01 0 1. Borli n, reiclimark - . . 2 0.41 0 11. Cope Yoko nhasen, krone Siama, yen . 1 1.33 1 1. . 1 5.41 2 0.

T.T. On Demand To £1 N.Z. Currency Selling Buying Selling 'U.S.A., dol. . . 3.90% 3.97 % 3.90% Canada, dol. .. 3.91^e 3.96% 3.92 V# Franco, fr. . . 59.13 60.73 ,59.18 Noumea, fr. .. 58.38 61.78 58.43 Papeete, fr. . . 58.38 61.78 58.43 Belgium, belga ,. 16.579 17.379 16.594 Germany, r.m. .. 9.618 — 9,623 Italy, lire . . .. 45.67 — 45.71 Switzerland, fr. .. 12.005 • 12.480 12.015 Holland, fl. .. 5.719 6.019 5.723 Java, fl. .. 5.706 5.981 5.710 N.Z. ponce to .. 17"/„ Japan, yen 5 — — Shanghai, dol. . . 22% 20% 22%g India, rupee . . 22% 22% a 22"/, „ Ceylon, rupee . . 22% 22%, 22 1 '/in Hongkong, dol. ,. 27% a 25% 27",2 Singapore, dol. . . 35% 34%„ 35%b CUSTOMS EXCHANGE RATES