DALGETY AND COMPANY

New Zealand Herald, Volume LXXIV, Issue 22619, 6 January 1937, Page 5

DALGETY AND COMPANY

DEBENTURE LIABILITY REDUCTION DURING YEAR ADDITIONAL STAFF PROVISION Reference was made by the chairman of Dalgety and Comnany, Limited, the Hon. Kdmund W. Parker, at the annual meeting in London to the fact that, during the year, terminable debentures among the liabilities bad been reduced by L'27.'J,GoO to L* 1,0139,0(38, and that, since the end of the financial year, June .'io, other large amounts had been rena ill. To effect the reduction, special remittances were brought from overseas for the purpose of paying off the debentures, and the cost of exchange was charged to general reserve, which was the reason of its reduction by £IOO,OOO to £IOO,OOO. As the average rate of interest payable on the debentures redeemed is round about 5 per cent, the saving in the long run will be considerable. Dalgety and Company, Mr. Parker said, continued to be the largest woolselling house in the world. In 19.'i0-.'3t3 it sold in Australia, Now Zealand and London 008,170 bales, against Ol.'i.Jla bales in the 19-' i season. In regard to sheep, the figures were, Australia. ]f 1 ,(399,08-5 head, showing a decrease of 417,.'592 head over 19.'!]-, New Zealand, .'»0,0.'59,KJ.'i head, an increase of 902,.'179 head over 19.'51. The attention of shareholders was called by Mr. Parker to the staff provident fund, to which they were being asked to vote the sum of £'25.000. Up to ]9:'l, the company had been in the habit of adding this sum to the fund, but, during the years of depression, the hoard did not ask shareholders to vote more than £IO,OOO. It had, however, been thought advisable on the present occasion, in view of the improved results, to ask shareholders to revert to the figure of £2"),000. He felt sure that, having regard to the necessity of making adequate provision for old members of the staff who had given faithful service, shareholders would not hesitate to adopt the directors' suggestion.

TRADE AND ARMAMENTS MISGIVINGS EXPRESSED COMMERCE BARRIERS PERSIST LONDON, Dee. 20 "If goods don't soon cross frontiers, armies will." In these words, a London business man summed up the international trade position. It. is widely felt that, in spite of the marked trade recovery in Britain—largely based on armaments expenditure—the outlook is not reassuring, in view of the worldwide restrictions on commerce. It was believed that, as the depression passed, the shackles would be removed, or at least the leg-irons would bo made lighter, but those concerned complain that there is a widespread tendency to stiffen up economic nationalism, even allowing for attempts by the United States to secure lower tariffs by agreements throughout the Americas and elsewhere, and for British trado treaties with various countries, some lowering inter-Empire barriers.

Curiously enough, international trade is freer in raw materials and armaments than in most other things. A cynic might suggest that this free trade in death is a gesture of gratitude on the part of the leading nations for internal recovery and the decrease in unemployment caused by the rearmament race which is not- yet nearly over.

It \\;ii* dors not conic to speed up tilings, it will ho two years before Britain's rearmament passes its peak, and when that happens, what will follow if outlets for the products of the plants at present engaged on arma-ment-making are still blocked? To a certain extent, the armaments boom lias been 'responsible for an increased demand and higher prices for foodstuffs and raw materials, although undoubtedly there is a genuine world need for these tilings which would mean a permanently improved outlook if it were not for the cross-currents iu national policies. While restrictions are being loosened in the production of some commodities, it is suggested that the tea restriction scheme may be extended beyond lIKiS. However, efforts to rope in producers still outside .the scheme, such as China and .Japan, have so far proved unsuccessful.

Finally, it is suggested that some nations may soon refuse to accept the alternative "'guns or butter," and may say, "If you June guns you can get butter."

GOLD AND SILVER QUOTATIONS IN LONDON (Received January p.m.) LONDON, Jan. I Fine <roli 1 is (|iiot,c(l to-day at U~ Is Sd an ounce, compared with £7 Is 7d on December HI. Silver is quoted at L'U.jil an ounce spot and I'UJil forward, compared with l'ij|d and 21 .'(-Kid on December .'id. The (|iiotation tor .silver at per line ounce is '2'2 l-Vllid, compared with L'.'icl on December iiJ. The following: is a summary of the fluctuation in the price per ounce of line gold in and this year to date: l ,S (1

PRICES OF METALS COPPER FIRMER, TIN WEAKER

LONDON, Jan. I Following are to-day's quotations on the London metal market, compared with those of December .'U: — Jan. I Dec. .'il Per Ton Per Ton ■L s d c s d C'op., stall., spot . <t!l I I 3 .lit 8 l' j Cop., stall., I! nios. 4!> Mi ii I)i II I' Cop., electrolytic . r>4 to o :>i o o to to r>r> (i o at mi o Cop., elect., wire bars .. 0 0 ".1 10 0 Lead, soft, spot . . 27 2 (i 2S 17 (I Lead, soft, forward 27 2 (i 28 :i 0 Spelter, spot l!i is ii in is I) Spelter, forward , . 20 (i ii 20 1 3 Tin, stan., spot .. 2:11 2 (i 233 2 (i Tin, stall., 3 inos. 231 12 (i 233 12 0 SHIPBUILDING PROGRESS EXPANSION IN SYDNEY As a result of the progress of the shipbuilding industry in Australia it is officially stated the Cockatoo Dock and .Engineering Company has not had recourse to the Government financial guarantee,

Highest price, November S 7 •_> Lowest price, September . (! 17 •_>' December -1 . 7 1 <>' Decomher "JK . 7 1 (>/ . 7 1 1 December December •in 7 18 December .'it . 7 1 7 January 1 7 :t s