HIGH SHARE VALUES

New Zealand Herald, Volume LXXIII, Issue 22574, 12 November 1936, Page 9

HIGH SHARE VALUES

MSES IN AUSTRALIA CONFIDENCE OF PUBLIC STOCK EXCHANGE VIEWPOINT An optimistic outlook for the future i was taken by the chairman of the Stock Exchange of Melbourne, Mr. W. < Forster Woods, when addressing mein- . hers at the annual meeting. Mr. Woods ) said there was nothing showing on the ) horizon that could interfere with the , prosperity of Australia, with the ex- . eeption of the war cloud which was ■ overshadowing the world. It was to bo ' hoped that common sense would prevail, and that the cloud would vanish. The high level of the share market showed the confidence that the public had in the future of the industries of Australia, Mr. Woods said. The high prices must give cause for serious thought. The Stock Exchange received no credit for them, nor did it deserve any, but if anything occurred to •i cause a sharp reaction, such as a rise i in the value of money, the v Stock Ex- ■ change then got a large share of the 1 blame. It likewise did not deserve it. ' Both factors were the reflection of in- ' dividual opinions and of the activities 1 of the investing public. The Stock Ex- ' change was fundamentally a marketplace, and, although stringent regulations were imposed to protect the investing public, listing of a company did not imply that it would necessarily J be. a profitable investment. Governments should do everything possible to ensure sound national finance under which recovery of private enterprise could proceed, Mr. Woods added. Stimulants supplied by Governments to. industries should be eased up, as they nearly always became uneconomic. Less resort should be made to the loan market as times continued to improve. I IMPERIAL CHEMICALS i VISIT BY THE CHAIRMAN : DUE AUCKLAND DECEMBER 24 (Received November 31, r>.s p.m.) LONDON, Nov. 10 Sir Harry McGowan, chairman of Imperial Chemicals, Limited, is about to visit New Zealand and Australia for the first time. He will arrived at Auckland on December 24, and at Sydney on January 9. The object of the visit is to strengthen the connection of the company in the two Dominions. AFFORESTATION, LIMITED BALANCE-SHEET CHANGES Satisfactory development of plantations is reported in the 13th report of the directors of Afforestation, Limited, for the year ended July 31. Maintenance costs are expected to increase as a result of recent legislation, but it is considered the company has sufficient assets to enable it to maintain the forests until realisation. It is stated, however, that it may be desirable to issue tlie balance of the unallotted shares to provide funds for the machinery and plant necessary to convert the growing timber into a realisable asset. Interest and dividends received totalled £ll9. while expenses, including i'.'lO!) for bridge-building, amounted to £2Oll, leaving £2192 to be transferred to the development account. This account, which represents the amount actually spent in developing the company's assets, now stands at £36,667. The principal balance-sheet figures are as follows, last year's figures being given in parentheses:—Liabilities: Paid capital, £42,575 (£41,646); creditors, £973 (£373); investment fluctuation reserve, £475 (£475); general reserve, £7915 (£6570); forfeited shares reserve, £2321 (£2321). Assets: Land, £7771 (£777P; development account, £36,667 (£34,474); cash, £1698 (£1084); maintenance reserve, in Government stock and on deposit, £505 l (£5475); investments, £1951 (£1951). DOMINION PICTURES LAND TAX BURDEN The heavy burden of rates and taxes was commented upon by Mr. J. A. Gentles, chairman of directors of Dominion Pictures Theatres Company, Limited, at the annual meeting of shareholders yesterday. Land tax usually amounted to £l7l a year, lie said, but this year the assessment was £945, an increase of £774. A further liability of £177 was incurred as income tax on the land tax. making a total land tax of £1122. The reduction in tho ordinary dividend from 5 per cent to 3J per cent was due solely to this increase in taxation. At present, the company -paid £2193 in rates and land and income tax. leaving only £I4SS lor shareholders. The report and balance-sheet, published in the Hkrald on October 24, were adopted. The retiring directors, Messrs. G. R. Buttle and 11. T. Michaels, were re-elected. NEW COMPANIES AUCKLAND REGISTRATIONS The following companies have been registered in Auckland: — PUBLIC Berkeley Investments, Limited, to carry on the businesses of theatre and hall proprietors, caterers, etc. Capital, £BOOO in £1 shares. Subscribers: A. A. Ross, F. Restall and J. J. Mein, 500 shares each; W. G. Warren, C. P. Karle, (). A. Jensen and It. H. Stanley, ono each. PRIVATE Cambridge Theatre Company, Limited, to erect a theatre building and three shops at Cambridge, and to carry on tho "business of theatre proprietors. Capital, £SOOO in £1 shares. Subscribers: T. F. Richards, 2000 shares; I. J. Law, 11. Simpson, J. Webb, W. E. Westlake, F. E. Coote and W. 11. Garrard, 500 each. Barclays (N.Z.), Limited, agents, brokers and underwriters, etc. Capital, £2200 in £1 shares. Subscribers: T. A. Pel to n, 1150 shares; E. P. Gill, 550 ; J. C. Pairman, 500. Housb.v Brothers, Limited, manufacturers and producers of sporting requisites, etc. Capital, £l7;>o in £1 shares. Subscribers: T. J. Housby, 1000 shares; W. C. Housby, 750. FINANCIAL YEAR BOOK A long-felt want t>f those engaged in finance and commerce has been filled by the publication by the New Zealand Financial Times Company, Limited, of a year book of Dominion public companies. The book lists information about the financial structure and history of the chief public companies, directors and auditors' names, bonus shares, debentures issued, and a tablo showing net profit, reserves and dividends for the past three years. There is also a list of the directorships held by each. man v