WAIHI GOLD MINE

New Zealand Herald, Volume LXXV, Issue 23019, 22 April 1938, Page 5

WAIHI GOLD MINE

MARTHA PROFIT £100,427 INCREASE IN EARNINGS SUM OF £75,939 IN TAXATION A net profit of £100,427 is shown in the accounts of the Martha Gold Mining Company (Waihi), Limited, for the year ended December 31. This compares with £98,870 in the previous year. The decision of the directors to pay a final dividend of Is a share (sterling), making 2s a share unchanged for the year, was published in the Hekald on April 12. Cabled advice received from London by the New Zealand attorney, Mr. J. H. G. Banks, states that the groos profit for the year was £lßl,lßl. The amount brought forward was £9293. Incomo tax in London and New Zealand required £75,939 and depreciation written olf was £lßls. After payment of the interim dividend, requiring £49,590, there was a balance in the revenue account of £60,130, out of which the directors recommend the final dividend of Is a share (free of income tax), payable on May 6. The final dividend absorbs £49,591, leaving £10,539 to be carried forward. The annual meeting will be held in London on May 5. Details of the company's results since it took over the plant and property of the Waihi Gold Mining Company are:— ■ 1935* 1936 1937 Gross profit £141,573 £173,193 £lßl,lßl Taxation . . 51,955 09,115 75,939 Depreciation 5,0 "id 0,208 4,815 Balance .. £83,990 £98,870 £100,427 Brt. forward Dividend, p.c. 30 40 40 Amount . 74,386 99,181 99,181 Car. forward £9,604 £9,29.3 £10,539 •The figures for 1935 are for the period from March 15, the date of incorporation of the company, to December 31.

EXPORT OF BUTTER MARCH INCREASE EIGHT MONTHS OF SEASON SHIPMENTS 1789 TONS HIGHER Exports of butter from New Zealand in March totalled 15,184 tons, an»increase over shipments in March, 1937, of 709 tons. For the eight months of the current export season the total quantity of butter exported is 108,149 tons, an increase of 1789 tons on last season's corresponding figure. Shipments of butter in the firs't three mouths of 1938 and 1937 compare as follows :-r 39-38 1837 (tons) (tons) January .. . 15,515 17,085 , February .. 12,823 12,(569 March . . 15,184 14,475 A feature of the season to date is the shipment of 1000 tons of butter to Germany and 2212 tons to "other countries," as against only 497 tons to "other countries" at this datfe last year. Fairly steady quantities have also been exported to Honolulu, 'Panama and the West Indies. Australian " shipments do not yet reflect the effect of the decline in production due to dry weather. In March exports of butter were 8192 tons, against 6466 tons for that month, of 1937. Since August 1, 1937, to the end of last month, 65,122 tons have been exported, against 51,450 tons for the same period last season. The total butter exports from New Zealand and Australia in March were 22,974 tons, against 22,850 tons in March, 1937.

Outstanding in tlie return of imports of butter into Great Britain for the first quarter of 1938 is the absence of any supply from Russia, which once threatened to be a serious rival of New Zealand. Largely increased domestic consumption is now absorbing the whole of the Russian production, a factor which is having an important influence* in the present strength of the market.

Imports of butter into Britain, in tons, from all sources in the three months ended March in the-last three years are as follows:

1938 3937 1936 New Zealand .. 44,011 45,679 39,154 Australia .. 28,607 20,243 31,917 Irish Free State .. 130 160 349 Other British .. 465 2,G35 2,539 Empire .. 73,246 68,717 73,959 Denmark .. .. 24,559. 25,772 23,812 Finland .. .. 1,845 1,771 1,500 Russia .. .. Sweden .. !,.' 3,543 2,047 * 1,647 Netherlandg .. 5,489 4,954 4,351 Esthonia . .. 1,465 1,025 728 Latvia .. .. 2,601 1,891 935 Lithuania .. .. 1,388 962 755 Argentine .. 594 3,908 3,141 Other foreign .. ,4,290 1,082 1,920 Foreign .. 45,774 44,401 38,800 Total .. 110,020 l)h,'118 112,759 The estimated stocks of all butters in London on April 1, together with stocks in New Zealand and afloat, were 42,914 tons, compared with 49,834 tons a year ago. Stocks in London were estimated at 20,128 tons, as against 23,238 a year ago. MARKETING REPORT FIRM ANp ACTIVE CONDITIONS By arrangement with the Primary Products Marketing Department, the following information is supplied by the New Zealand Dairy Board for the week ended April 14, figures for the previous Aveek being given in parentheses:— •

Butter.—New Zealand, salted, 121s to 1235, exceptionally, 124s (118s to 119s) ; unsaltecl, 123$ to 12os (121s to 1225). Deliveries: New Zealand, 1727 tons (last year a 2498 tons); in store, 5335 tons (last year, 5471 tons). Australian, salted, 121s to 123s (118s); mi salted, 122s to 124s (120s'to 121s). Australian, 1673 tons (last year, 1697 tons); in store, 3586 tons (last year, 5956 tons). Danish, 103s, f.0.b.; 123s spot (100s, 1225); Dutch, unsalted, 118s to 119s (115s to 118s); Lithuanian, unsalted, 122s (118s). The market is firm and active. Retail prices are unchanged. New Zealand, Is 2d to Is 3d; Danish, Is 3d to Is 4d. The Imperial Economic.. Committee estimate of stocks of all butters in store is 629,012 boxes (last year, 623,831). Cheese.—-New Zealand, white, 70s (69s 6d to 70s); coloured, 70s 6d (70s to 70s 6d. Deliveries: New Zealand, 14,984 crates (last year, 19,618 crates); in store, 70,782 crates (last year, crates). Australian: White, 67s (67s to 68s); coloured, 68s to 69s (67s to 68s 6d). The market is steady. New Zealand retail price unchanged, 9d. Canadian, white, 76s to 78s (76s to 78s); coloured, 76s to 78s (76s to 78s). Deliveries: Canadian, 3084 boxes (last year, 6486 boxes); in stores, 66,074 boxes (last year, 65,620 boxes). English, finest farmers, 102s to 104s (102s to 104s). The market is steady.

SHARLAND AND COMPANY NO CHANGE IN RATE [by telegraph—press association] WELLINGTON, Friday The directors of Sharland and Company, Limited, have decided to distribute an interim dividend of 2} per cent on all shares in the company, payable on May 10. The rate is unchanged.