BRITAIN'S BUSINESS

New Zealand Herald, Volume LXXVII, Issue 23780, 7 October 1940, Page 3

BRITAIN'S BUSINESS

SWING TO STATE CONTROL WARTIME RESTRICTIONS (Received Octoher 0, 0.30 p.m.) LONDON. Oct. 5 Revolutions are occuring weekly in Britain's business systems, in spite of a hard light by traditionalists, who fear that restrictions imposed in wartime will be most hard to overthrow in peace time. There have been many upsets and disruptions, but it is surprising that the switch from private to State-controlled industry has not caused greater chaos. In spite of a long struggle to maintain independence, there is now hardly one commodity with anything like an open market in the United Kingdom. A few with any scope for the influence of supply and demand have fixed schedules for minimum and maximum prices.

LONDON STOCK MARKET INCREASED INTEREST SHOWN LONDON, Oct. 4 The Japan-Axis agreement had only a short-lived effect on the stock markets. A notable feature lias, been the increased interest in leading equities. Gilt-edged issues are slightly easier, but ordinary shares of prominent industrials have experienced an increased demand. RISE ON WALL STREET HIGHEST LEVELS SINCE -MAY NEW YORK, Oct. 5 Stocks on the New York Stock Exchange have advanced to the highest levels since the middle of May, with the heavy industries' shares leading. The upward trend is ascribed to increased good feeling from the belief that England is safe from invasion at least until the end of winter.

ASSOCIATED MOTORISTS CAPITALISATION OF PROFITS The Associated Motorists Petrol Company, Limited, Wellington,-showed a surplus of £03,530 in the year ended March 31. This included the total stocks reserve, after provision for income tax, and tbe surplus is thus in excess of actual trading profit, which is not disclosed. Earnings last year were £51,014. An unchanged preference dividend of 10 per cent, less social security tax, is recommended.

The directors propose that no cash divident should be paid on ordinary shares. and they recommend that £50.000. representing accumulated profits available for dividend, should be distributed among ordinary shareholders as at May 30 in payment in full for 50.000 ordinary shares of £1 each. These will be issued in proportion to those already held, and will he treated as an increase in capital and not as income.

Ordinary shareholders last year received a dividend of 150 per/enf and in the previous year 25 per cent. Ordinary share capital is £25.000, having been increased in 1935-36 from £SOOO. Turnover at £1,185.825 was a record. The directors are considering a revaluation of assets.

FOREIGN EXCHANGE Closing telegraphic rates for purchases and sales of foreign exchange Auckland on oversea? centres on Saturday were supplied by the Bank of New South Wales as follows: October 5 Buying Selling T.T. T.T. NTow York: dot. to £ . . n.251'2 3.2050 Montreal: dol. to £ . . 3.0039 3.5200 "Greece: drachmae to C •T" va : (1 to £ . . .. 0.l K7 0.004 Manila: pesos to £ .. 0.55!) 0.M2 Hongkong: pence to dol. 10 1-32 India: pence to rupee . 2'_'s-32 22 49-04 Ceylon: pence to rupee 22 5-32 22-19-01 Shanghai: pence to dol. -01 Singapore: pence to dol. 31 11-01 35 11-01 Hth. Af. CN.Z. IS.A. 100 123 125 London: i'N.Z. Cstg. 100 12-1/7/0 125 Australia: t'A. tN.Z. 100 100/10/- 100 Fiji: CF. I'N.Z. 100 .. 00 SS/12/0 Rhodesia: ,I'N.Z. to .CRo. 123/15/- 125/15/-

j QUOTATIONS IN LONDON (Received October (i. 7.50 p.m.) LONDON, Oct. 5 Foreign exchange rates are:— New York (dollar). Montreal (dollar), 4.45; Switzerland <fr.). 17.50; India (rupee). Is (id; Hnntrknnt; (dollar), .15(1; Kobe (yen), ll'/id; Shanghai (dollar), 3 35-<>4d; < Argentine (peso), 17.015; Stockholm (.kr.). IG.SHi SILVER AND TIN VALUES LONDON, Oct, 4 Silver is unchanged at 23 7-3 Gel a standard ounce and 25 5-16 d an ounce fine. Tin again is a shade higher. SpotBuyers. £255 15s a ton; sellers. £256 Forward; Buyers, £260; sellers, £260 ss. STARR-BOWKETT SOCIETY [ I'ItO.M OUll OWN CORHKSI'ONDENT] HAMILTON, Sunday Appropriations totalling £SOOO were made hv the Hamilton Starr-Bowkett Society during the; year ended August 4, 19)0, the whole sum being distributed by ballot. Accumulated profits of the society now total £6555, representing £8 lis Id a share. RATES FOR BRADFORD TOPS LONDON, Oct. 4 The following are new home trade issue prices for Bradford tops:—Seventies, !sjd per lb.; Sixty-fours, 4-'iJd; sixties. I2;jcl; fifty-eights, 10} d; fiftysixes, 88tl; fifties, 33 id; forty-sixes, SHAREMARKET INDICES London Stock indices compiled by the Financial Times, London, are as follows (October 15. 1926. equals 100: Oovt, Home Indus- Gold securities rails trials mines October '2 . 110.3 HH.fi 70.0 10S.fi October 3 . 110.1 3(i.(i SO. 1 lltn.O October 4 110.5 37.0 81.1 Hi!").-J New York Dow Jones' averages (1926 equals 100) and turnover on the New York Stock Kxchange are as follows: '.lO Hail- 30 Shares roads Industrials sold October 1 .. ■.'!).( 15 13 1,33 Sio.oon October I ~ 'JO. 17 133.71) 470.00" 'October 5 .. 133.H0 L'OO.OOO Highest and lowest .in 19.'19. — Hails, :55.U0—2-1.15; industrials, 151.22—121 .-1. CALL AND DIVIDEND LIST Dividends— Due. Hume I'ipe—pf., 3 3 -j p.c.; ord., 3 p.c . . . . . . To-day Grey Rivor— .. .. Oct. II Wwths t.N.Z.)--final, pf., !) p.c. p.a., less tax . . . . Oct. 15 Woolworths (Syd.) - -int., 0 p.c. . . Oct. 15 W'wths (Vic.) int., pf., 3" a p.c. Oct. 15 Hays final, (i p.c., plus bonus 'J p.c. . . . . . Oct. Hi Bth. Brit,—final, Md, and bonus 3d Oct. '_' l Amal. Wireless final, .5 p.c. .. Oct. 1 Guar. Corpn.—final, 1(1 (less tax) Oct. •.!!) Martha—int., (id sts. . . . . Nov. 1 Rhrres are quoted cx dividend on the business day alter the closinir of transfer books for the payment of the dividend.