G. J. COLES' AFFAIRS

New Zealand Herald, Volume LXXIII, Issue 22517, 7 September 1936, Page 5

G. J. COLES' AFFAIRS

DIRECTORS' REMUNERATION STATEMENT FROM COMPANY Iho diflerence in the directorate of G. J. Coles, Limited, Melbourne, is causing some interest among New Zealand shareholders and proxy forms have been made available for the special meeting to bo held in Melbourne on September 2;5. Jhe following statement has been issued by the secretary of the company and the company solicitor:— "All directors and ex-directors of Or. J. Coles, Limited, who arc unfortunately in disagreement with Mr. G. J. Coles and those advising him, have complete and satisfactory answers to all allegations being made, and shareholders will be given a full and complete statement at the meeting. No bonus contracts operate till the preference dividend is paid, income tax reserve set aside, 5 per cent depreciation 011 freehold written off, and 15 per cent dividend on ordinary capital is available. The foregoing provisions must be made before bonus contracts operate. These contracts were fully approved by Mr. G. J. Coles and Mr. I'. P. Derham, company solicitor, who do not participate. Working directors have no say in tho fixing of their own bonus contracts. "Iho bonus system has been the policy of the company since its inception, and is laid down in the articles and applies to all executives and not only to directors. All store managers are also paid on salary and commission on net earnings of their stores. All other male staff members are paid a bonus on salary, and sales girls receive a bonus on sales. Shares have been issued to employees since the inception of the company. Tho system is approved by, the Melbourne Stock Exchange, and the price of issue agreed to by the listing committee of the Stock Exchange. Shares issued to directors iii recent issue were portion of issue to employees and director employees, and price was approved by listing committee of Melbourne Stock Exchange. No shares in the recent issue were issued to the joint founders of the. company, Messrs, A. W. and G. J. Coles, or to Mr. Derham.

FOREIGN EXCHANGES STERLING RATHER STRONGER (Received Septeinbor (i, 5.5 p.m.) British Wireless RUGBY, Sept. 5 The following rates on foreign exchanges were current yesterday, compared with the cabled quotations on September 3 and par:—

(Received September 0, 5.5 p.m.) LONDON, Sept. 5 On the foreign exchange market today the following quotations ruled:— New York, 5.03s dollars; Paris, TG 17 francs; Batavia, 7.38.J florins. NEW ZEALAND QUOTATIONS The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates on Saturday, on a New Zealand currency basis, subject to alteration without notice: — Selling: United States Canada On demand .. 4.04% 4.0-1% T.T. .. .. 4.03% 4.03% Buying: On demand .. 4.08% 4.0Sy 3 Following are .the' latest rates for purchases and sales of foreign exchange quoted by the Bank of New South Wales, Auckland. They are subject to alteration without notice: —

The cost in New Zealand currency of tho pound sterling, and of the principal overseas units, on the latest quotations, is as follows: Present Price Tar s (I s d Australia, pound .. 30 30.81 20 0.00 London, pound .. 24 10.05 'JO 0.00 Fiji, pound .. .. 22 5.00 20 0.00 New York, dollar .. 4 11.20 4 1.31 Montreal, dollar .. 4 11.20 4 l.ai Paris, franc . .. () 3.00 0 1 .MS Ilerlin, reichsmark .. 1 11.53 0 11.71 Copenhagen, krone .. 1 :1 ..'l3 1 1.22 Yokohama, yen .. 1 0.40 2 0.5s 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. Finally declared rates are marked:*:— Ashburton, Canada, dollars .. *5.03 Ashbiirton, America, dollars .. *5.02 Canadian Scottish, Canada, dollars 5.02 Canberra Maru, Japan, yen .. Mid Hororata, America, dollars .. 5.03/4 Chifuku Maru, Japan, yen .. 14d PRICES OF METALS A HARDENING TENDENCY (Roceived September 0, 5.5 p.m.) LONDON, Sept. 5 ■" Following were yesterday's quotations on the London metal market, compared with those of September 3: —

Quotations for other metnls, with prices on August 22 in parentheses, are: —Pig iron: Home trade, £3 12s Od Cl2s 6tl); export, £3 12s (3d (£.'J 12s 6d). Antimony•• British, £64 15s (£6-1 15s); foreign, £42 5s (£4l). .Molybdenite, £1 16s 6d (£1 16s 6d) a unit. Wolfram, £1 10s (£1 7a 6d) ft unit.

Sept. 4 Sept. 3 Par Montreal, dol. 5.03% 5.03% 4.860 New York, dol. 5.03% 6.03% 4.806 Paris, fr. 7 <% 70 1 % a 124.21 Brussels, bclga 29.81% 29.82% 35.00 Geneva, fr. Amsterdam, fl. 15.15 15.10 25.22 7.-12% 7.42 12.10 Milan, lire Cl'/tB 04 92.46 Berlin, r.m. .. 12.52 1 /* 12.52 20.43 Stockholm, kr. 10.39V a 10.39%18.159 Copenhagen, kr. 23.37% 23.37'/, 18.150 Oslo, kr. 25.00% 19.90% 18.159 Vienna, sch. .. 26% 20% 84.585 Prague, kr. .. 121% 121 7 /s 104.25 Helsingfors, m. o._>7 227 193.23 Madrid, pes. . . 4-lyj 41% 25.221 Lisbon, cseu. . no % a 110%, 110 Athens, dr. .. 630* 530* 875.00 Bucharest, lei. o~r>* 675* 813.0 Rio de Janeiro 4'All 4%d 5.809d Buenos Aires, d. 35d Sod 47.610d Montevideo, dol. 3S%d 88% d 51d Bombay, rupee 18/ad ISVfld 18d Shanghai,, dol. 14»/„d l» l3 /„d — Hongkong, dol. 14«/ 3a d 14 3 % a d Yokohama, yeu l'iy tg d H'/ied 24.58(1 Batavia, fl. 7.38% 7.37 12.10 Belgrade, din. 220 220 276.31 Warsaw, zloty — 20.75 43.38 'Sellers. {Nominal.

To JC1 N.Z. TT. On Demand Currency Buying Selling Buying •U.S.A., dol. .. 4.03% 4.08% 4.08/a 4.01% Canada, dol. .. 4.03% 4.04% Austria, sch. .. 20.07 — 20.00 Belgium, belga 23.816 — 23.827 Czecho'vakia, cr. 00.82 00.S7 Denmark, kr. . 17.893 18.263 17.003 France, fr. .. 61.19 —- 61.23 Germany, r.in. . 0.004 — 0.000 Holland, fl. .. 5.012 —. 5.016 Italy, lire 61.10 — 51.24 Java, fl. 6.873 — 5.877 Norway, kr. .. 15.801 16.211 15.001 Sweden, kr, .. 15.480 15.844 ' 15.400 Switzerland, fr. 12.310 12.231 Noumea, fr. .. 50.82 — 50.88 Papeete, fr. .. 50.07 — 60.03 N.Z. pence to— Hongkong, dol. 18 63-04 17 57-64 18 61-64 India, rupee .. 22 20-32 22 1-32 22 57-04 Ceylon, rupee . 22 20-32 22 1-32 22 57-64 Japan, yen .. 17 41-01 — 17% Shanghai, dol. . Singapore, dol. 18 13-32 17 7-32 18 25-64 35 31-04 34 15-04 35 lo-32

Sept. 4 Kept. 3 l'er ton l'er ton £ s d £ s d Copper, stall., spot 38 13 1%. 38 9 4'/, Copper, st., 3 irios. 38 18 PA 38 It 4% Copper, electrolytic 43 0 0. 4 '2 15 0 to to 43 10 0 43 5 0 Copper, elect., wire bars 43 10 0 43 5 0 Lead, soft, spot . . 17 8 I) ] 7 6 3 Lead, soft, forward 17 10 0 17 7 6 Spelter, spot 13 7 0 13 7 0 Spelter, forward . 13 13 9 ]3 13 9 Tin, stan., spot .. 180 0 0 187 2 6 Tin, stan., 3 mos. 180 7 0 18-1*11 3