TRADERS' FINANCE

New Zealand Herald, Volume LXXIV, Issue 22901, 2 December 1937, Page 9

TRADERS' FINANCE

FURTHER PROFIT RISE

INCREASE IN DIVIDEND PAYMENT OF FIVE PER CENT Tho steady improvement in the earnings of the Traders' Finance Corporation, Limited, has been continued during the year ended September J3O. It is stated in the act-omits that business has been well maintained, Jiefore providing for income tax and directors' fees, the net profit is £10,530, cornpared with £7706 in . the previous year and £4988 in 15)35. Ample provision has been made for bad and doubtful debts. Provision for income tax absorbs £'.'3859, against £2177, white directors' fees again require £SOO. With £115)6 brought forward, there is £7376 available for distribution. The directors recommend payment of the usual preference dividend, amounting to £I9OB, and a dividend at the rate of 5 per cent on ordinary shares on the amounts paid up. This absorbs £2871, leaving £2597 to be carried forward. The ordinary payment compares with 4 per cent in the previous year and 2} per cent in 1935, which was the first distribution since 1930, when 4 per cent was paid. The retiring directors, Messrs.; J. Miller and H. Morpeth, are available /or re-election. Following is a comparison of the results and appropriations of the corporation:— 1930 1936 1937 Broneht forward . £4Hi £582 £1,198 •Profit .. . . 3,300 4,810 6,150 £3,925 £5,401 £7,376 Dividends— Pref., 5 3-5 p.c. l,t#» 1,908 1,908 Ord., p.c. . .. 2% 4 5 Amount .. 1,133 '2,297 2,871 Carried forward .. £582 £!,1»6 £2,597 •After deduction of income tax and directors' fees. The total assets of the company amount to £213,866, against £207,603 in the previous 3'ear. The chief balance-sheet items, with last years figures in parentheses, are: —Liabilities: Funds on deposit, £10,809 (£12.092); bank, £97,057 (£93.054). Assets: Loan accounts, £15,972 (£13,572); a(lvan ce s, £168,548 (£166,118) ; shares in subsidiary companies, £10,190 (£10,199). BUTTER IN LONDON MARKET TONE QUIET NO NEW ZEALAND OFFERING LONDON. Nov. 30 The butter market is quiet. Danish is quoted at Ills to 145s per cwt.; Australian, choicest salted, 114s; unsalted, 116s. No New Zealand supplies are offering. LEICESTER SALES CAMPAIGN NEW ZEALAND EXHIBITION LONDON. Nov. 30 The High Commissioner for New Zealand, Mr. W. J. Jordan, to-day inaugurated a New Zealand dairy sales campaign at Leicester, a feature of which was a shop exhibition in/ the centre of the city which the Lord Mayor declared open. Mr. Jordan was the chief guest at a luncheon. Replying to the toast of New Zealand, ho enumerated the manufactures New Zealand received from Leicester, including hosiery and footwear. "We want to buy more but we want two-way trade," he said. ADVICE TO PRODUCERS NEW ZEALAND'S EXAMPLE SYDNEY, Dec. 1 A circular is being issued by Norco and other butter companies to dairy farmers oh the north coast emphasising the necessity for an increase in viuld per acre and quoting facts and figures concerning the efficiency of the dairying industry in New Zealand and Denmark. . . The circular also insists that their standards must be cultivated if local producers wish to safeguard their own future, and advises better feeding and fodder supplies, better breeding and recording of c.ows and better butterfat production

RUBBER QUOTA CUT I FIRST QUARTER OF 1938 LONDON, Nov. 30 The International Rubber Committee has decided to cut the quota for the first quarter of 1938 to 70 per cent. 'I he decision has been received with lively satisfaction on the market and has re* suited in an outburst of activity in rubber shares and rising prices for the commodity, which jumped to 7|d a lb. TEA INDUSTRY | QUOTA' SURPRISES MARKET ' - LONDON, Nov. 30 Tho tea quota has been fixed at 92i per cent of the standard export. This represents an increase of 5 per cent. The market is surprised at the decision as it expected the increase to be only per cent. MERINO TOPS HIGHER HAND-TO-MOUTH BUYING Wright. Stephenson and Company, Limited, and Abraham and Williams, Limited, have received cabled advice from their Bradford agent regarding the tops market, as follows: —Merino tops are Jd up and crossbred tops are id down. A fairly large amount ,of business has been done in Merino tops. Users are buying only for their near needs. w. R. CARPENTER ISSUE The directors of W. R. Carpenter and Company, Limited, Sydney, have issued 16.500 additional fully paid shares of £1 each, in settlement of a contract acquiring further property. The shares rank for dividend equally with existing shares. NEW PRIVATE COMPANIES The following private companies have been registered in Auckland:— Nicholson Hardware Company, Limited, to take over the Nicholson Hardware Company at Morrinsville and elsewhere, general and automobile agents and dealers.—Capital: £301)0, in £1 shares. Subscribers: A. L. Stedman, L. K. Munro, A. V. Nicholson and A. L. Nicholson, 000 shares each. Robinson's Finance Company (Dunedin), Limited, pawnbrokers, moneylenders, general merchants, importers, dealers, carriers and agents.—Capital: £IOOO, in £1 'share?. Subscribers: H. Robinson, 350 shares; A. Robinson and E. Robinson, 325 each.