PUKET TIN RESULTS

New Zealand Herald, Volume LXXIV, Issue 22767, 29 June 1937, Page 5

PUKET TIN RESULTS

IMPROVED CONDITIONS

ACCOUNTS WRITTEN DOWN DIVIDEND POSSIBILITIES [FROM OUR OWN CORRESPONDENT] LONDON, June 0 Mention of the dividend prospects of Puket Tin Dredging, Limited, Siam, was made by the chairman, Mr. G. H. Mitchison. at the annual meeting in London. After stating that £9931 was written off property and administration accounts in 1936, Mr. Mitchison said the improved results gave hope that a further £20,000 might bo written off out of the current year's profits. The administration account, which represented expenses incurred up to the commencement of dredging, had this year been reduced to £20,000 by writing off £1770 from profit and loss.

To propose or promise an interim dividend at present, Mr. Mitchison added, would bo premature. It was, however, not outside the range of possibility in the near future. Working conditions on the property had much improved, said Mr. Mitchison. The water supply was reported to be better and an increase in the area for the disposal of tailings had made it easier to keep the paddock water reasonably clear. The dredge continued to work satisfactorily. 'lhe total output for the first five months of 1937 was 260 tons, and the estimated mine profit, subject to amortisation and London expenses, £25,945. The quota in Siam for the half-year ending June 30 in the case of the company was 278 tons.

Waihi Investments and Exploration. Limited, ami the Waihi Grand Junction Gold Company, Limited, are shareholders in the Puket Company.

IMPERIAL AIRWAYS NEW ISSUE OF SHARES SHAREHOLDERS' DISCONTENT LONDON. June '2.1 Imperinl Airways' issue of shares at .'sos has caused considerable discontent among the shareholders, many of whom have paid more than 50s a share and are given only preference in the allotment in the new issue. Moreover, there is a commission of 4id a share payable to the underwriters, which the Financial Times describes as a sheer waste of the shareholders' money.

BUTTER IN LONDON

POSITION VERY SENSITIVE MARKET MAY BE EASIER LONDON, June 27 After a featureless week butter dealers apparently are tired of admiring their stocks and are accepting lower prices. Buyers, however, are slow in responding, and the market may uo still easier before interest revives. The position is very sensitive, but Toolev Street interests expect a gradual easing in prices rather than an appreciable break. The total arrivals of butter in May were 11,01(3 tons, compared with •IG.GoO last year. Stocks to June 5 increased by 3-75 tons compared with the previous month, and now total ly.fi.'l.) tons. Cheese is in poor demand and buyers are only covering immediate requirements.

GRAIN AND PRODUCE

FURTHER WHEAT SHIPMENT MAIZE PRICES REDUCED A slight but welcome relief to poultry and pig-keepers has been afforded by reductions in prices for 'Australian fowl wheat and South African maize. The alteration in wheat is only small, but maize is 2d a bushel cheaper. Stocks of both these lines are plentiful and a further shipment of Australian fowl wheat has been arranged by the Government. There lias been a slight reduction in oats. Business generally in grain and produce is steady and the main demand is being carried by these lines. Supplies of pollard are short and a quantity was over-carried by the AVanganella. There is a iirmer market for potatoes from the South Island and the price of reds has been advanced. POTATOES Storks of potatoes held in Auckland are only normal. The position in the South Island is firm, particularly for red?, which appear to he more popular this season than usual. Exceptionally heavy export has been carried out to Montevideo from Lyttelton, where the. extra work has found employment for over too unemployed. Several consignments of over 1000 tons already have been shipped and there is still a large quantity a waiting shipment. Local prices for reds have been advanced by r>s a ton, the current through store rate being from ill) to A'lo .7s a ton. Whites arc unchanged at from £0 r»s to £0 10s a ton. ONIONS - Business in onions is quiet and only limited supplies are coining forward from the South Island. These are selling at the unaltered rate of 10s (id per cwt., through store. Local onions are still available at the unchanged through-store value of i.'s (id per cwt. FOWL WHEAT A further shipment, of Australian wheat has been arranged by the Government and is due to arrive at the end of next month. This is the third shipment 'which has been imported by the Government to relieve the shortage of stocks which has ruled for some time, flood supplies of the previous shipment from Australia are available locally and are selling slightly lower at from 7s Md to 7s fid a bushel, through store. The position is steady. MAIZE

Values for maize have been reduced by it bout 'J (I a bushel during (he past week, the current through-store quotations ranging from lis .">d to Us 7d a bushel. The position is slightly easier. Local stocks are sufficient to meet the demand until the next shipment arrives from South Africa by the Matakana next month

BARLEY The market for Australian barley continues to be very firm and through-store valu's are slightly higher at about (is (Id a bushel for clipped. This high price is restricting businehs in this grain and only small quantities arc nrriving. OATS AND CHAFF Only restricted business is being done In oats. Prices have been reduced since last week to 5s Ud a bushel, through store, Stockn of graded are difficult to procure and inquiries have been made in Melbourne, but it is reported that no holders ha\> intimated their willingness to sell oats to New Zealand, as stocks are barely sufficient to moot their own needs. The inquiry for chaff Is quiet and the through-store quotation remains at the high level of £lO ob a ton. Stocks are fairly light BRAN AND POLLARD Supplies of Australian .pollard in Auckland are short end the position has been aggravated by the fact that a shipment was carried bark to the Commonwealth on ''the Wanganella, which was unable to complete unloading. Merchants are unable to obtain sufficient quantities from the mills for their requirements. The position is very firm. Prices are unaltered at from £lO to £lO "m a ton, through store. The local value, as fixed by the Wheat Committee, is unaltered at ,(;7 a ton.

A slightly improved demand has been noticeable lately for bran. There has been no alteration in tho through-store price of £t> IDs a too. «