TAUPIRI COAL YEAR

New Zealand Herald, Volume LXXIV, Issue 22726, 12 May 1937, Page 7

TAUPIRI COAL YEAR

PROFIT SLIGHTLY LOWER

DIVIDEND UNCHANGED

EARNINGS COVER AMOUNT

A net profit of £7813 is shown in the accounts of Taupiri Coal Mines, Limited, for the year ended March 31, The profit is struck after allowing for depreciation and compares with £8042 in the previous year and £1134 in 1931-35. The dividend is maintained at last year's rate of 5 per cent, which was the first distribution the company had made since 1933. With £3291 brought in there is £11.104 available. Preference share dividends, absorbing £I2BO, have been paid, and the directors recommend a dividend of Is a share on ordinary shares, requiring £6500, leaving £3324 to be carried forward. Gross profit on coal sales after providing for depreciation was £16,517, an increase of £603. The report records with regret the resignation during the year on account of ill-health of Mr. J. Paynes, who had been a director for 19 years. Mr. C. I. Nathan was appointed to the vacant seat. The retiring directors, Messrs. W. J. Ralph and C. I. Nathan, offer themselves for re-election. Results for the past three years compare as follows: — i!i:r> m3O 1037 Brought forward. £7,100t £3,020 £3,201 Net profit .. 1,1 at 8,012 7,813 From reserves . 11,000 £1,035 £11,071 £ll,lOl Dividends — Prof., 0 2-5 p.c. 3.250 1.250 1,080 Ord.. p.c. . . Amount . , Loss written off 320 Carried forward . .t'3.020 £3,201 £3,32-1 tDrbit. Balance-sheet figures compare as follows LIABILITIES Paid capital .. .. £150,000 Same Dividend reserve .. 1,720 Same Income tax reserve .. 1,100 + I,U>O Creditors, etc. . . 15.572 -7.000 •Divine to liark .. I*l +IM 11.l 1 . and L. app. a/c. .. 0,821 +33 ASSETS Land, buildings, plant 77,771 -L221 Morten kcs . . . 0,070 -2,21-> Investments .. •• 71,070 +(>00 Debtors .. 21,253 +-32 Cash and bank 717 -3,(M0 The total of assets is £5773 lower at £178,700. Fixed assets are again lower. Debtors have risen slightly, but a contraction has taken place in cash items. A holding of 600 £1 fully-paid shares in New Zealand Soluble Slags is responsible for the rise in investments, which also include £36,629 in Government loans and £34,750 in Waikato Carbonisation, Limited. FARMERS' TRADING COMPANY PREFERENCE DIVIDENDS The final dividend on the Farmers' Trading Company's A and B preference shares at 5 3-5 per cent per annum, and on the C preference at 5 per cent per annum, will be paid on May 31. PRUDENTIAL ASSURANCE HUGE ANNUAL INCOME The income from all sources for 1936 of the Prudential Assurance Company, Limited, was 52,890,000. or approximately £1.000,000 a week. Assets now stand at £315,924,000, an increase of £13,500.000, compared with 1935. Total sums assured in force, including declared bonuses in the life branches, now amount to £813,774,000. The surplus arising from the life business was £9,976,000, and in the ordinary branch the company has declared a reversionary bonus for each £IOO sum assured of £2 6s for whole life assurances, and of £2 for endowment assurances. GOLD AND SILVER QUOTATIONS IN LONDON LONDON, May 10 Fine gold is quoted to-dav at £7 Os 9d an ounce, compared with £7 Os Sid on Saturday. Silver is quoted at 20gd an ounce spot and 20Id forward, compared with 202(1 and 20 7-lGd on Saturday. The quotation for silver at per fine ounce is 22d, same as on May 7. • The following is a summary of the fluctuation in the price per ounce of line gold this year: —• £ s d Highest price, March 6 ..7 2 IXA1 X A Lowest price, April 30 ..7 0 3 May 1 7 0 8% May 5 7 0 !>V ? May 6 7 0 7 ,-a May 7 7 0 8 May 8 7 0 S'/ a May 10 7 0 O PRICES OF METALS A FIRMER TENDENCY LONDON, May 10 Following are to-day's quotations on the London metal market, compared with those of May 7: — May 10 May 7 Per ton Per ton £ s d £ sri Copper, stan., spot . 0117 0 00 3 O Copper stan., 3 nios. .">8 So 18 o Copper, electrolytic 01 0 0 03 O 0 to to 05 10 0 05 0 O Copper, electric, wire bars ~ •. 05 io o Oo o o Lead, soft spot .. 21 10 O 21 1 3 Lead, soft, forward . 21 7 0 21 O O Spelter, spot, .. 23 11 3 23 3 o Spelter, forward . . 23 17 O 23 10 0 'Pin, stan., spot. . . 252 o 0 210 2 o Tin, stan., 3 mos. . . 250 7 0 217 5 0 LONDON MARKET REPORTS FULL SUPPLY OF FRUIT The Department of Agriculture has received the following cablegram, dated May 8, from the High Commissioner for New Zealand, London: — Tallow. —The market is very quiet at about 6d below last week's rates. Hemp.—The Manila market is steady. There was a better tone at the close. "K" grade for April-June shipments sold at £33. The sisal market is quiet and easier; closing values for .Tune-August shipments, £2B 17s 6d. In New Zealand there is nothing to report. Fruit. —The Sydney Star, Wairangi, Northumberland and Arawn discharged in good condition. The market is affected owing to heavy quantities and to the bus strike. Current prices for apples are: —Cox's Orange, 13s to 17s; Jonathans, Delicious, 10s to 12s; Cleopatra, 10s to Us; Dunn's Favourite, London Pippins, 9s Gd to 10s Gd; Lord Wolseley, 9s Gd; Alfriston, Ballarat, 8s to 8s 6d. The market for pears is weak. Prices arc:—Cornice, 13s to 15s; Winter Nelis, 10s to lis; Winter Cole, Josephine, Betirre Bose, Conference, Packham's Triumph, Glou .Morceau, 9s to 10s Gd; Bcurre C'lairgeau, Bcurre Capiamont, 7s 6d to 8s Gd.