LOWER EARNINGS

New Zealand Herald, Volume LXXVI, Issue 23490, 30 October 1939, Page 5

LOWER EARNINGS

WAIIII INVESTMENTS DIVIDEND RATE HALVED HEAVIER TAX REDUCTION * A net profit of £4255 is reported in the fourth annual accounts of Waihi Investments and Exploration, Limited, for the year ended September 30, according to cabled advice received on Saturday by the New Zealand attorney, Mr. 11. G. Milligan. The annual meeting will be held in London oil November 16. The directors recommend a dividend of 3 per cent, less English income tax at 7s in the pound, to be payable on November 17. The report discloses a holding of 400,000 shares of 5s each in llarrietville (Tronoli), Limited, a new golddredging proposition in Victoria, Australia. Results for the past three years are:— 1937 1938 1939 Krought forward . £ 1,035 .C 2.050 £2,1-17 Net profit .. 12.179 11,177 4,255 £ 13,179 jE 3 3.233 jL'0,702 Div., p.c. p.a.* (i 0 3 Amount* .. 3 1,158 30,780 -1,834. Carried forward . £'2,050 £2,117 £3,808 *Less tax at 5s in tlio pound in 1037, 5s Od in 393S and 7.s in 3939. The profit for the year is £6922 lower than that of the 1938 year. The rate of dividend is halved, while the return to shareholders is further reduced by the increase in British income tax deduction from 5s 6d in the pound to 7s. The dividend is paid in sterling, so that tho return to New Zealand shareholders. after allowing for tax and taking into account exchange, will bo approximately £2 8s 2d per cent, against £5 7s lid per cent in the previous year. Waihi Investments and Exploration, Limited, originated in the liquidation in 1935 of the Waihi Gold Mining Company Limited. Tho former Waihi company's shareholding in Puket Tin Dredging, with various assets, including investments other than those transferred to the Martha company, was vested in Waihi Investments and Exploration.

CHEAP MONEY RETURNS BANK RATE REDUCTION GROWTH OF CONFIDENCE LONDON, Oct. 27 The reduction in the bank rate yesterday to 2 per cent is described in the City column of the Times as at once an acknowledgment of and a further contribution to the growth of confidence which has taken place over the last few weeks. The City editor of the Daily Telegraph says the restoration of the pre-war regime of cheap money is remarkable testimony to the effectiveness of the new technique of control and to the solid basis of the nation's finances. The first instalment of the war loan may be delayed some weeks, as the rise in gilt-edged securities has not yet lowered yields enough to make the issue sufficiently attractive. Dominion issues have benefited from the improvement in gilt-edged stocks.

IMPROVED MARKET TONE INDUSTRIAL SHARES BETTER (Received October 29, 8.5 p.m.) British Wireless LONDON. Oct. 28 Looking back on the week's stock markets, press commentators record a consolidation of the firm undertone which has been growing over the past few weeks. War loan, which closed yesterday at £9l 17s 6d (ex dividend), had made a net advance over the week of £2 7s (3d. The index of industrial shares compiled by the Financial News rose 1.5 to 74.6 following rises of 2 and 2.4 in the two preceding weeks. The Treasury bill rate fell yesterday to 23s B.Slid, compared with 34s 3.39 d last week. SYDNEY STOCK EXCHANGE BUSINESS ON SATURDAY SYDNEY, Oct. 28 Sales on the Sydney Stock Exchange this morning included: — £ s d Tooth's Breweries . . .. 2 10 0 Associated News (pref.) .. 0 1!) G A.C.I. 1 10 0 Aust. Iron and Steel (pref.) . 15 6 British Tobacco .. .. 2 7 0 Broken Hill Pty 3 10 0 Wool worths (Syd.) . . . . 13 0 CHRISTCHURCH TURNOVER IMPROVEMENT LAST WEEK Turnover on the Christchurch Stock Exchange last week was valued at £13,410, against £12,601 in the previous week. The disposition of business was as follows: —Government loans, £1138; banks, £174; loan and agency, £630; frozen meat, £l2; breweries. £1569; miscellaneous, £8816; mining, £741 CALL AND DIVIDEND LIST Dividends— Due A us. Iron and Steel—pref. (books closed Oct. 10), *2'/ x years' arrears, 2s 10.57.V1 a share . . . . . . Nov. 1 Bank Adelaide—int. (books closed Ocl. 10), 2/1 p.c. . . N'ov. 1 Mack.v, Loiran—int. (books closed Oct. 2.">), 5 p.c. p.a. N'ov. 1 Kuala Karnpar—(books closed Oct. 2.'1), 2d sljj. a share . . Nov. 2 Martha—int. (books closed Oct.. 13), <!d sic. a share (free of British inc. lax) . . .. Nov. 2 Dominion Pictures—pref. (books close Nov. 1), 1y 3 years, at (> p.c. pa.. . . Nov. 8 Roloiti Timber—final (books close Oct. 31), pref., Cf! fis p.c. p.a.; ord., -I p.c. pa. . . . . . . Nov. 10 D.l.O—final (books closed Oct. 10). pref., -Vj p.c.; ord., G p.c . . . . . . Nov. 11 N.Z. Paper Mills —int. (books close Nov. 2), 3 p.c. . . Nov. 15 Burns. Philp—int. (books closo Nov. 1), 5 P.c. . . Nov. 15 A.C.l.—int. (books close Nov. 2). p.c. .. . Nov. 10 B.vcrcfl —int. (books closed Oct.. 0), -1 p.c. . . . . Nov. 10 W'lihi Investments yearly (hooks close. Oct. 31), :! p.c. stg:., (less Br. incomo tax) v Nov. 17 Dnnec'in Brewery—int. (books closed Oct. 13), 3 p.c. , . Nov. 27 Broken Hill Pty.—int. (books close Nov. 1), Is 3d a share Nov. 20 Nat. Bank A'asia—int. (books close Nov. 10), 3 p.c. _. . Nov. 20 Emperor—fifth (books close Nov. 10), Od a share . . . . Nov. 30 r.C.T. (London) —ord. fitk., 3 p.c. sttc* . • • • Dec. 1 Tarintramulu-Totarn final (books close Nov. 15), 4 p.c. .. • • ■ • Dec. 1 Loloma —-seventh (books close —), is a share: bonus Od a share . . . . Dec. S Bank N.Z.—int. (books close Nov. 17), Js a share; D Mort., 3% p.c . . . . Dec. 0

Calls — G. J. Coles—new, 10s a share.. Jan. 31 A.C.l.—new, 6s a share .. Mar. 31