CONSERVATIVE POLICY

New Zealand Herald, Volume LXXV, Issue 23206, 28 November 1938, Page 7

CONSERVATIVE POLICY

KAURI TIMBER DIVIDEND UNCERTAIN FACTORS OPERATE Reference to tho dividend policy of tho Kauri Timber Company, Limited, was made by tho chairman, Mr. John Bishop, at tho annual meeting in Melbourne. Tho directors, he said, having in mind tho dry period which tho greater portion of Australia had recently experienced, tho full effect of which, together with the further increased wages and heavier taxation both in Australia and New Zealand, could not at present bo forecast, decided upon what might appear to somo shareholders a conservative policy in not recommending a larger dividend, as tho results from this year's trading were better than those of last, but with the uncertain factors operating, together with the lower prices obtainable for exports, they considered it advisable to leave tho dividend at tho same rate as that of last year.

As tho demand for plywoods and panelling was steadily increasing, it was expected that tho "business of Commercial Boxes and Plywoods l'ty., Limited, which had been purchased last July, would prove. profitable, said the chairman. Tho ell'ect on the profit and loss account of the new business was comparatively small, because the purchase had been completed lato in tho company's financial year.

"Tho boxmaking side of this business," Mr. Bishop continued, "is to a largo as tho greater portion of its production is in export butter-boxes. Tho dry season has caused a falling-off in the yield of butter, and results are not as good as could bo wished. However, provided we have sufficient rains for pastoral purposes, the season, instead of ending in early January, may be prolonged until the end of February, in which case an additional supply of boxes would bo required." ' The drying kilns, Mr. Bishop added, were working to capacity. The company had recently installed a Ross carrier—a. machine capable of picking up and transporting approximately 4500 ft. of timber in one operation. SYDNEY STOCK EXCHANGE TRANSACTIONS ON SATURDAY SYDNEY, Nov. 2G Sales on the Sydney Stock Exchange this morning included: —

THAMES BUILDING ANNUAL MEETING [by telegraph—OWN correspondent] - THAMES. Saturday A successful year was revealed in the report and balance-sheet of the Thames Co-ppcrative Terminating Building Society, presentedt at the annual meeting. The chairman of directors, Mr. J. W. Danby, stated that the directors had adopted a policy of extreme care in the matter of securities, with the result that the group was in a sound financial position. All loans had been carefully reviewed, and it was'not anticipated that, there would bo any loss in these.

The retiring directors, Messrs. D. Mackay, C. S. Donovan, and H. Lowe were re-elected, and Mr, W. S. Clark was re-elected auditor. At a subsequent meeting of directors Mr. Danby was re-elected chairman. PRICES OF TIN FIRMER AGAIN LONDON, Nov. 25 Following are to-day's quotations on the London metal market, compared with those of yesterday:—

Quotations for other metals, with last week's prices in parentheses, are: —Pig iron: Homo trade, £5 9s (£5 9s) per ton. Antimony: British, £7O 10s (£7O 10s)': foreign, *£47 (*£4B). Molybdenite, *£2 2s 6(1: (*£2 2s 6d) a unit. Wojfram, Chinese, *£2 14s 6d (*£2 17s 6d) a unit. •Nominal.

COTTON, RUBBER, COPRA, ETC. (Received November 27, 5 5.5 p.m.) LONDON, Nov. 2(5 (Quotations on November 10 in parentheses.) Cotton. —Spot, 5.22 d (5.08(1) a lb.; December delivery, 4.86(1 (4.81(1). Rubber. Para, Tijd (73d) a lb.; plantation and smoked, 8(1 (8d). Jute. —'November - December shipments £lB 15s (£lB 17s fid) a ton. Copra.—December-January .shipments South Sen, sun-dried, £9 7s fid to London and Rotterdam (£9 5s Novem-ber-December), a ton; South Sea, smoked, £9 7s Gd to Marseilles and Genoa (£9 2s 6d); plantation, Rabaul, hot-air dried, £lO 5s to London and iiottcrdnm (£lO 2s 6d). Linseed 0i1.—£25 5s (£25) a ton. Turpentine.—-'32s (335) a cwt.

£ s d Bank of New South Wales 29 It) 0 Australian Glass 5 2 0 Aust. Iron and Steel (pref.) 1 8 a Broken Hill Proprietary .. 2 16 (i Burns, Philp 2 11 3 Electrolytic Zinc 2 0 3 Ditto (pref.) 2 0 3 Commonwealth Bonds.—i per cent. 1011. £100 12s lid; .1011, .€101 oS; lOoO, £102 IDs; 1$)5S), £ 10'J 7s fid.

Nov . 25 Nov. 21 Per r L'on Per Ton £ s <1 £ s d Copper, stan., spot 45 2 (i 45 5 TV i/? Copper, stan., 3 mos. 45 G T*/ < /2 45 » 4/i Copper, electrolytic 51 5 to 15 0 51 5 to 0 0 51 0 52 0 Copper, elect., wire 0 0 bars 51 15 0 52 Lead, soft, spot . 1(5 (1 10% 10 7 6 Lead, soft, forward 1(? 8 VA 10 8 ictft 4Va Spelter, spot 14 3 0 It 0 Spelter, forward , 14 5 f i /a 14 0 Tin, stan., spot .. 21(5 1 3 215 .17 0 Tin; stan., 3 mos. 217 2 G 210 13 9

CALL AND DIVIDEND LIST Dividends— Duo Nat. Bank A'asia—int., 0 p.c. I>.a. Nov. 30 i oolh's Brewery—final, (.1 p.c. .. Nov. 30 Swan Brewery—int., pref., 3 p.c.; ord., (?d a share . . Nov. 30 Anthony Hordern —int., pref., 7Va p.c. p.a. (less fitat. deduction); ord., 5 p.c. p.a. Nov. 30 Colonial Sugar—int., 15s a share Nov. 30 Farmers' Trading — A and B pref., 5 3-5 p.c. p.a.: C Nov. pref., 5 p.c, p.a, 30 Claude Neon (N.Z.) —final, 3 p.c. Nov, 30 Taringamutu Totara—final, 4% Dec. p.c. . . t . 1 Henry Jones—final, is Gd a share Dec. 1 Dunedin Brewery—int., 3 p.c. , . Dec. 1 Victoria Laundry—int., 2% p.c. Dec. 1 Clutha Dredging—int., %d stg. a share (less British income tax) .. .. ... Dec, 3 Victoria Nyanza—0 p.c. p.a. .'. Dec. 7 Consolidated Brick—int., 2 p.c. Dec. 7 Loioma—>In a share .. , Dec. 8 North Broken Hill—(Id a share Dec. is Moonlight Goldfields—~Z 3 P-c. .. Dec. 0 Buloio—int.. 1.50 dol. (Canadian), less tax Dec. 0 Placer—int.. <10 cents (Cana- • /lian), less tax Dec. 0 N.Z. Breweries —int., 4 p.c. .. Dec. 10 Bank N.Z. —int., ord.. Is a share; D niort., 3% p.c.. .. Dec. 10 Broken Hill South —(id a share Dec. 15 P. and 0. Def. —final, 2% p.c.; bonus, 3 p.c. . Dec. 15 Dominion Breweries—int., 11 p.c. p.a. Dec. 10 Mt. Lyell—final, is a share .. Dec. 11) McKenzies —int., 7 p.c. . Dec. 20 Sulphide Corpn.—pref.. Is sterling a share . Dec. 22 Morris Hedstrom —int., 3 p.c. . . Dec. 31 Calls —- Broken Tlill Ply,—new, 5? a share . .. .... Nov. 30 Dominion Breweries—new, 2nd. a eUuro - «..«<* }' Dec. 11