WALL STREET LOSSES

New Zealand Herald, Volume LXXIV, Issue 22864, 20 October 1937, Page 11

WALL STREET LOSSES

HEAVY SELLING WAVE SHARP DROP IN STEEL ENTIRE MARKET WEAKER (Received October 10, 5.5 p.m.) NEW YORK, Oct. 18 The Now York Stock Exchange suffered another heavy selling wave to-day, prices dropping 2 to 13 points. Steel stocks were the focal point of the attack, steel production having dropped 7 per cent over the week, and 40 per cent since last spring. Virtually the entiro market, however, was affected. The turnover was more than 2,000,000 shares. REACTION IN LONDON ' IRREGULARITY DEVELOPS c. LONDON, Oct. 18 The London stoekmarkets generally were fairly cheerful at the opening today, but in spite of this they developed ir regularity. Mines and industrials closed below the best levels. COMPANY PROFITS RESULTS IN AUSTRALIA BRIGHTER CONDITIONS RULE Brighter conditions over practically the whole field of industry are shown by a table compiled by the National Bank of Australasia in its latest circular, showing the results of 77 companies operating in Australia. The companies selected are those which closed their accounts for the preceding 12 months during April, May and Juno of this year. The following table shows that in the past three years net profits have increased from approximately £3,000,000 to about £4,500,000: —- 1037 1030 1035 £OOO,OOO JCOOO.OUO £OOO.OOO Paid-up capital . 42 41.1 30.5 Shareholders' funds 00.5 03.5 55.7 Set profits .. 4.5 3.0 3.0 Dividends paid . . 3.3 2.8 2.3 Profits toshareholders funds (p.c.) .. 0.7 5.7 5.2 The 77 companies are grouped into various sections, and the improved conditions arc most noticeable in the agricultural and pastoral group, which responded to enhanced wool values and advanced by 77 per cent over the three years' period. The recovery in secondary industries is reflected in the rise in levels of the manufacturing group, which improved by 69 per cent for apparel, 61 per cent for foodstuffs and # ll2 per cent for miscellaneous lines. The increase in aggregate profit over tli'o period is approximately equal to 47 per cent of tlie 1935 total, but this is spread unevenly over the various groups. In sharp contrast to the marked advance in pastoral and manufacturing companies, gas and electricity suppliers record a decrease of 10 per cent. Banks are higher by 18 per cent, while breweries have benefited from freer spending and show a rise of 41 per cent. An improvement of 19 per cent in retail stores has not been wholly shared by wholesale firms, where the rise is only 10 per cent. J. M. MENNIE, LIMITED PROSPECT OF REORGANISATION The attention drawn to the business ditlieulties of J. M. Mennie, Limited, biscuit and confectionery manufacturers, by the decision of the shareholders to go into voluntary liquidation has given rise t« the hope that the business may be continued on a reorganised basis. It was stated yesterday that there are prospects that this may he the outcome of the formality of 'liquidation. In the meantime the firm, which has wido connections, is remaining in operation. At its capacity the company employs a staff of approximately 150. NORTHERN ROLLER MILLS INTERIM DIVIDEND PASSED

Shareholders of the Northern Roller .Milling Company, Limited, have been advised by the directors that while the company's returns for the first six months of the year show a decided improvement in tlie trading position as compared with the first six months of last year, it is felt it would not he good policy to pay an interim dividend. Consequently, the directors have decided to await the full year's return before making any recommendation to the shareholders.

In the financial year ended February 28 last the company's profits showed a 'fall of £20,774 to £11,793. By calling upon the undivided profits to the extent of £6635, a dividend of 4 per cent (interim 2 per cent, final 2 per cent) was paid, against 5} per cent in 1936. It was stated that the decline in the company's earnings was due to the effects of State control of the industry and that future dividends could only be paid out ol profits actually earned. PRICES OF METALS TIN STILL FALLING LONDON, Oct, 18 ' Following are to-day's quotations on the London metal market, compared with those of October 15:— Oct. 18 Oct. 15 Per ton Per ton £sd £ s d Copper, stan., spot 45 8 1) 45 II 4V, Copper, stan., 3 mos. 15 15 0 45 14 4 x / a Copper, electrolytic 50 10 0 50 10 0 to to 52 10 0 52 10 0 Copper, elect., wire bars .. 52 10 0 52 10 0 Lend, soft, spot .. IS 3 I'/ 3 1s O 7'<Lead. soft, forward IS -1 4'/ a 18 3 l'/ 3 Spelter, spot .. 17 12 (i 17 14 4'/j, Spelter, forward . 17 is I'A 17 lit 4/ a Till, stan., spot . . 21!) J7 (i 222 12 0 Tin. stan., 3 mos. . 21!) 2 (J 221 17 U BUILDING SOCIETY HAMILTON STARR-BOWKETT [l-IIOM OCR OWN COKItKS I'ON OK NT ] HAMILTON. Tuesday Assets valued at £36,600 5s are disclosed in the balance-sheet of the Hamilton Starr-Howkett Building Society to be submitted to the annual meeting to be held on October 29. In their report the directors state that .during the year appropriations totalling £5519 10s had been made available to members, ami of this amount £2OOO was disposed of bv tender and realised £319 10s. The accumulated profits of the society now stand at £6542, representing £7 5s lOd per share. The retiring directors, .Messrs. H. H. Howden and F. Bullock, offer themselves for re-election.

BRADFORD MARKET CROSSBREDS QUIET BUT STEADY LONDO.W Oct. is On the Bradford market there is increased inquiry for tops. Prices are unchanged. Crossbreds aro quiet but steady.