BRITAIN'S FINANCES

New Zealand Herald, Volume LXXVII, Issue 23828, 2 December 1940, Page 3

BRITAIN'S FINANCES

OVERSEAS INVESTMENTS VALUE OF EMPIRE ASSETS LONDON, Nov. 2& Tile City is sceptical about Lord Lothian's statements that Britain s available gold securities have virtually disappeared. Lord Lothian s object was to stress the urgent need to remove legal obstacles now prohibiting; credits to Britain. Britain is believed to have still sufficient gold and foreign securities. to finance the war for fit least 18 to 24 months. The Statist concludes from an analysis of the relevant figures that if. we have already parted with the bulk of our assets realisable in the United States this must have been very largely for defence requirements for the second }ear of the war. Other commentators say that apart from dollar securities Britain has considerable overseas investments which could easily be pledged and realised. Some suggest that American interests would be only too eager to obtain ft stake in undertakings like South African and Australian gold mines, Australian lead and zinc, Malayan tin mid rubber, and Rhodesian copper companies. Empire assets of this kind would be realised only as a last resort, but they foa'm a second line reserve of external assets. BALANCES IN AMERICA DECLINE IN BANK FIGURES WASHINGTON, Nov. 30 The Treasury has announced that foreign banking funds in the United States at the end of the first year or the war reached a record figure of 3.601,000,000 dollars, including the ar- | rival during the year of 800,000,000 dollars in refugee funds. British banking balances in the United States have decreased by 320,000.000 dollars. Britain's shortterm holdings at September 4 were | valued at 385,000,000 dollars and I Canada's at 395,000,000 dollars.

DALGETY DIVIDEND LOWER YEAR'S PAYMENT LONDON, Nov. 20 Daigety and Company, Limited, has limited the ordinary dividend to 1 l>er cent for the vear ended June 30, including interim dividend of 3 per cent. The directors state that, shareholders should not expect any further distribution from profits for the past year. The dividend in the previous year was 6 per cent, made up of an interim of 2 per j cent and final of 3 per cent. NEW NAPIER COMPANY Notification of the registration of the following private company in Napier is contained in the Mercantile Gazette: —Waipukurau transport Company, Limited. Capital, into £5 shares. Subscribers —Waipukurau: C. Cassidy 1300. I. W. X. Mac-Jde 2, (' R. Watson 5. Waipawa: A. D. Kithow 25. Waipukurau: Porangahau Transport Company 400. Hatuma: J. A. F. Swinburn 10, G. Watson -100. TOOTH AND CO., LTD. The fact that the heavy increase in excise duty would not necessarily mean a decrease in turnover was stressed by Mr. 0. Phillip!, I chairman of Tooth and Limited, I brewers, at the annual meeting in Sydney on Friday. This would largely depend oil conditions of employment and the outlook ' for primary industry. Although many probi lems had been faced in the past year, these, to some extent, had been offset by the com- : pany's policy of brewery extensions and imj provements to its hotel properties. WOOLWORTHS (VIC.), LTD. Net profit of Woolworths CVictoria), LirrI ited, is £10.823 for the year ended Septen;- : her MO. compared with £33,283 for the previous year. The profit is struck after providing £lS."i3B for taxation and £19,233 for depreciation, against £11,701 and £16,165 respectively in 1938-39. Ordinary dividend Is reduced from 1.5 per cent to 12% per cent., and requires £25,001 on an Increased capital. Preference dividend of 7 per cer;t amounts to £5600. The remainder of the profit, £10,222, is carried forward.

FOREIGN EXCHANGE

rinsing telegraphic rates for purchases and sales of foreign exchange Auckland on overseas centres for Saturday were supplied Hy the Bank of New South Wales as follows: November 30 Buying Selling T.T T.T. New York: dol. to S .. 3.2542 3.2050 Montreal: dol. to £ .. 3.6039 3.5200 Greece: drachmae to £ Java: fl. to ,C ■■ ■■ 6.157 6.004 Manila: pesos to £ .. 6.559 6.442 Hongkong: pence to dol. 18% 1 -32 Itidifi: pence to rupee . 22 5-32 22 49-64 Ceylon: pence to rupee . 22 5-32 22 l!M!4 Shanghai: pence to d01. . Singapore: pence to dol. 34 41-64 35 41-64 ■Sth. A f.: CN.Z. fS.A. 100 123 125 London: CN.Z. £stg. 100 121/7/6 125 \u«t : £A. .CN.Z. 100 . 100/10/- 100 Fiji: £F. £N.Z. 100 . . 00 86/12/6 QUOTATIONS IN LONDON LONDON, Nov. 29 Foreign exchange rates are:-—New York (dollar), 4.03; Montreal (dollar), 4.45: Switzerland (fr.). 17.35; India (rupee), Is <id; Hongkong (dollar). 15d; Kobe (yen). Shanghai (dollar), 3 25-32 d; Argentine (peso), 17.015; Stockholm ikr.). 16.90. SHAREMARKET INDICES London Financial Times (1926 equals 100): — Govt. Home Indus- Gold securities rails trials mines November 27 111.5 41.6 87.3 175.5 November 28 311.7 41.0 .87.2 175.4 November 29 111.8 41.0 87.2 175.4 New York Dow Jones' (1026 equals 100): 20 Rail- 30 Shares roads Industrials sold November 28 25.:»1 130.14 470.000 November 29 . 28.15 130,03 530,00!) November 30 . 27.97 131.00 340,000 Highest and lowest in 19.19.—Hails, "5.90—24.15; industrials. 151.22 —121.4. NO CHANGE IN EGG PRICES The Auckland Egg Marketing Committee advises that, there is no change in the wholesale price of eggs. Standard grade hen are is 8'' 2 d a dozen and large duck Is sVjd, with usual differentials for other sizes.

CALL AND DIVIDEND LIST

Dividends — Due Tarinpimutu—final, 2 p.c. . . . To-day Wilsons Cement —int.. • ■ To-day Manawatu Knitting—final. 7 p.c. . Dec. !> Traders' Finance—3 p.c. p.a. . . Dec. (5 Bk. X.Z. —int., ord, Is; D, p.c. Dec. Jjolomn —ls . . . Dec. !) W'wortlis (X.Z.) —ord., final, 9 p.c. Dec. 1(i Mossv Creek —Id . . . Dec. 10 Claticle Neon (X.Z.) —5 p.c. Dec. 11 Cordon and Cotch (A'asis) —int., pf.. 1 p.c.; ord., 0 p.c. . . . Dec. 31 X.Z. Breweries —int., p.c. . . Dec. 12 Xorih Broken Hill —half-yearly, Is Dec. 32 Gas —int., pf., 2Vi p.c. . . Dec. 15 Henry .Tones —final. Is tid . . . Dec. 1(5 Bulolo — half-yearly, 1.50 dol. (Canadian), less absentee tax, 5 p.c. Dec. lfi Placer—half-yearly, 60 cents (Canadian), less absentee tax of 5 p.c Doc. l(i Broken Hill South—half-yearly, Is Dec. 18 Mt, Lvell—final, Is 3d Dec. 18 E., S. and A. Bank—final, 8% p.c.. sty. (less Br. inc. tax (is in £1) Dec. 1© Dorn. Brew. —int., pf. and ord., p.c Dpc. 20 Golds.-Mort,—int., 2 p.c. . . . . Dec. 2D Loan and Merc. —pf. stk., 5 p.c. p.a.; ord. stk., 3 p.c. p. a. (less tax) Dec. 30 Morris Hedstrom —int., ord., 3 p.c. Dec. 33 Brit, Tobacco —final, 2 p.c.; int. (3 9 It), I p.c. . . . Dec. 31 P. and O.—final pfd., 2V, p.c.; clef., 3 p.c., plus bonus 1% p.c, (less British income tax) . . ■ . Deo.