WAIKATO COAL TRADE

New Zealand Herald, Volume LXXII, Issue 22225, 27 September 1935, Page 7

WAIKATO COAL TRADE

AN IMPROVED BASTS

THE PUKEMIRO COMPANY PROGRESS IN PAST 25 YEARS "The prospects for smooth running in the coal industry are better to-day than for several- years past," said Mr. A. Howey Walker, chairman of directors of Pukemiro Collieries, Limited, at the 25th annual meeting yesterday. Mr. Walker said that since the heginning of March the company had 1 been trading under normal conditions. However, lor several years up to the end of February the Waikato coal industry was in a deplorable stato. Trading conditions were most trying, owing to the severe price-cutting which threatened to extinguish the company's trade. The company took a firm stand, and it had maintained a strong position throughout. Some loss was suffered during tho years when price-cutting was at its height, but the company had emerged with a strong following and with considerable assets still intact. "Jn its 25 years the company has made considerable progress," said Mr. Walker. "On an original paid capital of £50,000 we have paid in dividends besides 50,000 fully-paid bonus shares. During the period wo have paid £168,000 in income tax. The mine has still many years of activity ahead of it and we have an excellent goodwill among our customers."

Mr. J. P. Wright said the wise policy of the directors in building up substantial reserves during previous successful years of trading had resulted in tho company emerging from the price-cutting war with its assets intact./

The. report and balance-sheet, which were published in the Hkhai.ti on September 11, were ndopted. The retiring directors, Messrs. Howey Walker and A. \V, G. he Quesne, were re-elected. At a subsequent meeting of directors Mr. Walker was re-elected chairman. FOREIGN EXCHANGES STERLING STRONGER AGAIN (Received September 26, 5.15 p.m.) British Wireless RUGBY, Sept. 25 The following rates on foreign exchanges arc current, compared with the cabled quotations on September 24 and par:— Sept. 25 Sept. U Par Montreal, dol. .. 4.97% 4.9714 . 4.866 New York, dol. . 4.9: i% 4.91%, 4.866 Paris, fr. . . 74% 747,, 124.21 Brussels, helga . 29.14 29.09'/, 35.00 Geneva.fr. .. 15.16*/, 15.13'/, 25.22 Amsterdam, fl. . 7.29% 7.28'/, 12.10 Milan, lire ~ 60"/ 3 , 607,* 92,46 Berlin, r.m. . . 12.23'/,• 12,22 20.43 Stockholm, kr. . 19.39'/, 19.39'/, 18.U>9 Copenhagen, kr. . 23.39'/, 23.39'/, 18.159 Oslo, kr. .. 19.90'/, 19.90'/, 18.159 Vienna, sch. .. 26 26 34.585 Prague, kr. .. 118% 1187 e 164.25 flelsingfors. mark 226% 226% 129.23 Madrid, pea. . . 3(1% 36 25.221 Dishon. escu. .. 110% 110% 110 Athens, dr, ~ 516* 51(J* 375.00 Bucharest, lei. . 623* 623* 813.6 RiodeJaneiro.mil. 4%d* 4%d* 5.899 d Buenos Aires, dol. 85d* 35d* 47.619 d Montevideo, dol. SO'lod' 39% d* 51d Bombay, rupee . IB%d 18% d IBd Shanghai, dol. . IB%d 18% d Hongkong, dol. . 24% d 24%„d Yokohama, yen . 14'/,,d 14'/,„d 24.55 d Batavia, fl. . . 7.32'/, 7.27% 12.10 Belgrade, din. ! . 216 215 276.31 •Sellers NEW ZEALAND QUOTATIONS The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday, on a New Zealand currency basis, subject to alteration without notico: Selling: United States Canada T.T 3.91% 3.99% On demand . . 8.91% 4.00% Buying: On demand '. . 3.99% 4.04'/, Following are the latest rates for purchases and sales of foreign exchange quoted by the Bank of Now South Wales, Auckland. They are subject to alteration without notico:— T.T. On Demand To £1 N.Z. Currency Selling Buying Selling U.S.A., dol. .. 3.94% 3.99% 3.91% Canada, dol. ~ 3.99% 4.04% 4.00 France, fr. .. 59.40 61.00 59.45 Noumea, fr. .. 58.65 62.05 58.70 Papeete, fr. .. 58.65 62.05 58.70 Belgium, belga ~ 23.114 Germany, r.m. .. 9.630 Italy, lire ~ .. 47.&1 Switzerland, fr. .. 12.013 12.488 12.023 Holland, fl. .. 5.748 6.048 5.752 Java, 11 5.754 6.029 5.758 Sweden, kr. .. 15.457 15.827 15.467 Norway, kr. .. 15.867 16.237 15.877 Denmark, kr. .. 17.878 18.248 17.888 Austria, sch. .. 20.42 Czecho-Hlovakia, cr, 94.93 N.Z. pence to Japan, yen .. 17% Shanghai, dol. •. 23'%, 21"/,e 23 India, rupee .1 22 3 V3, 22/3, 22 J / 3J Ceylon, rupee .. 22 a %, 22/ ? , 22'%, Hongkong, do). .. 30"/„ 29% 30% Singapore, dol. .. 357 m 34%, 35/«

The cost in New Zealand currency of the pound sterling, and of the principal overseas units, on the latest quotations, is as follows: — Present Price Par sd s d Australia, pound •• 19 10.81 20 0.00 London, pound • • 24 10.05 20 0.00 Fiji, pound .. •• 22 5.00 20 0.00 New York, dollar •• 6 0.50 4 1.31 Montreal, dollar „ • • 4 11.98 4 1.31 Paris, franc .. •• 0 92 2 , !'2? Berlin, reichmnrk .. 2 0.40 0 Copenhagen, krono .. 1 1-33 1 1.2«. Yokohnma. yen . . • • 1 6*19 v 0.6 H

CUSTOMS EXCHANGE RATES Rates of exchange ruling at the announced dates of departure of 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 vessel in New Zealand. Finally declared rates are marked*: Australind, America, dollars .. Sydney Maru. Japan, yen . . .. 14/,.d Canadian Conqueror, Canada, dol. 4.91.4 Golden Cloud. America, dollars .. 4.95 A e Cape York, America, dollars . . 4.9j . Niagara, Canada, dollar* . . . . 4.95.4 City of Tokio, America, dollars . ■ 4-9>» /« INSURANCE DEVELOPMENT COMPANY LEAVES ASSOCIATIONS The General Accident, Fire and Life Insurance Company, one of tho large British underwriting companies that has been operating in tho Dominion for a number of years, has notified the underwriting associations of its intention to retire from membership. This will bo tho first important breakaway from tho associations that have controlled insurance conditions and premium rates in New Zealand. Numerous non-tariff offices have operated, but their insurances have represented only a small proportion of tho aggregate volume of business. It is contended that the withdrawal does not mean any intensive competition by rato cutting, but amendments of existing practice are contemplated, so that many classes of risks will bo rated on their morits ; and premiums generally will be revised to conform with actual experience of claims payments.

GUARANTEE CORPORATION YEAR'S DIVIDEND LOWER Tho directors of the Now Zealand Gun ran toe Corporation, Uniited, Wellington, propose payment of a finnl dividend of lid a share, making 3d a share, or 8 1-3 per cent, for tho year. Last year, 4d a share, or 11 1-9 por cent, was paid.