MARINE WAR RISKS

New Zealand Herald, Volume 82, Issue 25203, 16 May 1945, Page 4

MARINE WAR RISKS

REDUCTIONS IN RATES MANY ALTERATIONS MADE Widespread and substantial reductions to the marine war risk schedule are contained in cabled advice which was received yesterday by Auckland insurance office! from the Institute of London Underwriters. The rates, which are fixed by a special committee which meets in London, cover voyages to many parts of the world. Marine war risk from New Zealand to the United Kingdom baa been halved, while the rales to North America, both Pacific and Atlantic ports, have been reduced from 5 per cent to 1 per cent. Rates to the Continent and the Mediterranean also are substantially reduced. The alterations to the schedule, with the previous ruling rates in parentheses, are as follows: — United Kingdom and Northern Ireland.—To and from Australia or New Zealand and Hawaii, 1 per cent (•-' per cent). South America, Atlantic and Pacific ports (excluding Pacific ports via the Pacific). —To and from: Australia or New Zealand, via Cape of Good Hope, 1 per cent (2 per cent); Pacific ports, via Pacific, % per cent (1 per cent). West Indies.—To and from Australia or New Zealand: Via Cape of Good Hope or Mediterranean, 1 per cent (2 per cent and 8 per cent); via Panama. 3 /a per cent (1 per cent). Australia and New Zealand,—To and from: Continent of Europe (France and Norway inclusive, but excluding the Baltic), 1 per cent (2'/ a per cent to 4 per cent); Africa, Madagascar. Reunion and Mauritius direct. Aden, Red Sea, Egypt, Mediterranean, Greece and Turkey, per cent (2'/ a per cent to 3*4 per cent); India and Ceylon, % per cent C2y a per cent); New Guinea, held covered (same). Australia and Tasmania.—To and from New' Zealand and Pacific Islands. V, per cent !*; per cent). Australia: Interstate and intrastate. 1-8 per cent (same). New Zealand coaslal voyages; 1-8 per cent (same). New Guinea: South coast local, held covered (same). North and Central America, Atlantic and Pacific ports. —To and from Australia and New Zealand. 1 per cent (5 per cent); Atlantic, Pacific and Gulf ports via Panama and Pacific, to and from Australia or New Zealand. % per cent (1 per cent); Pacific ports, via Pacific, '/i per cent (% per cent). TRADING BANKS' FUTURE MODIFYING EXCHANGE CONTROL Banks could make their proper contribution toward development if they were regarded by their Government as, at best, co-belligerents, said Mr D. F. Anderson, chairman "of the Bank of Australasia, at the annual meeting in London. If the banks were to make their greatest contribution to the further development of Australia, their attitude must be dynamic, but no enterprise could undertake the risks of a dynamic role if it was tied down to rewards which were sufficient only for a static part. Perhaps the first steps toward encouraging new capital to flow in to Australia would be to modify the exchange control which did not even permit of capita! being remitted to London. The exchange control was introduced under financial conditions which appeared since almost to have reversed themselves. Lt* retention, far from serving any Australian interest, seemed now to be an anachronism and merely discouraging to new capital which was timid of entering any field marked "no exit." FRANKTON STOCK SALEWETHERS KEENLY SOUGHT (0.C.) HAMILTON, Tuesday A full yarding of fat wethers met with keen competition at the Frankton stock sale today, and prices realised were in advance of last week. Fat eWes were penned in increased numbers and values were firmer. A full entry of fat lambs sold readily at recent quotations. Ox beef was penned in smaller numbers and the market remained firm at last quotations. The offering of cow and heifer beef was larger than usual, and, while heifers were in firm demand and sold freely, values for fat cows were slightly easier. Values for an average entry of veal were unchanged. A large yarding of all classes of pigs was penned. Competition .throughout was steady, prices remaining on a par with last week's quotations. Extra prime wethers. 38s to 398; prime fat wethers. 30s to 37s (Id; medium, ,13s (id to 35«; light, 31s to 335; heavy prime ewes, 23s to '.'3s !)d; medium fat ewes. '2ls (Id to 22s (id; light, 18s to 'JOs; prime fat lambs, 20s to 28s ltd; medium, '-Ms to 25s (id; light, 'JOs to 235; unfinished lambs, 10b to 18s; heavy prime bullocks, £lO .is to £18; medium. £ls to £ls 17s fid; lighter, £l3 r>a to £l4 se; heavy prime heifers, £l2 to £l2 1 se; medium £ll to £ll 108; lighter. £lO to £lO 1.-fi; heavy fat cows, £9 5s to £lO 10s; medium. £8 10s to £0; runners. £5 5s to £7 2s 6(1; vealers. 35s to £4 15fl; choppers, £3 10s to £0 15s; heavy baconers, £5 to £5 6s; medium, £4 10s to £4 16s: light. £4 to £4 8s; heavy porkers. £3 5s to £3 10s; medium. £2 10s to £3 Is; light. 30s to £2 (is; large stores, 35s to £2 2s; medium, 28s to 335; slips. 23s rid to 27s fid; weaners. 10g to 10s; sows with litters, to £7; service boars, to £3 NO LEWIS EADY DIVIDEND No ordinary dividend Is recommended by Lewis Eady, Ltd., for the year-ended March 31, the report stating that this course has been adopted in view of the importance of conserving the company's resources against the possible resumption of overseas importing. Ordinary dividend last year was 6 per cent. The balance-sheet shows a net profit of £4853, against £6600 in the previous year and £6416 in 1943. With £7999 brought in there is a carry forward of £8876. Taxation reserve, stands at £3141, compared with £4OOO a year ago. Sundry creditors have increased from £897 to £2038, while a new item is a bank overdraft of £3737. Stock is shown at £3093, against £3345. The former preference capital of £6295 in 5s shares has been repaid daring the year, and nominal capital now totals £12,265 in 24,530 ordinary 10s shares. BURNS PHILP (SOUTH SEA) Net profit of £1)6,732 is shown in the accounts of Burns Philp (South Sea) Co., Ltd.. Suva, for the year ended January 31, This compares with a record of £112,589 in the previous year. The profit is reached after providing £21,839 for depreciation, an increase of £2279. The dividend rate is maintained at 8% per cent, requiring £05,625 and £20,000 is placed to reserve and £SOOO to staff retirement fund. The carry forward is £15,527, against £39,420. The equalisation and rehabilitation reserve, established in the previous year, shows an increase of £120.512 to £298,729. EARNINGS OF TUI BREWERY The accounts of Tui Brewery, Mangatainoka. for the year ended August 31, 1944. show a net profit of £7275, against £7058 in the previous year and £6626 in 1942. The dividend of 7 per cent, against 6 per cent in the previous year, requires £6830, leaving £1895 to be carried forward, against £4170 brought in. DONAGHY'S- ROPE RESULTS (0.C.) DUNEDIN. Tuesday A net, profit of £13,008 is reported in the annual accounts of Donaghy's Rope and Twine Co.. Ltd., compared with £13,254 the previous >ear and £12,481 in 1943. A final dividend of 1s 3d is recommended, making a total distribution of 2s a share, or 10 per cent, which is an unchanged rate. "Sales of all lines continue at, a high level, due mainly to the continued requirements of the Allied forces," states the report. "Rising costs, however, have offset any advantage gained by the increased turnover Buildings and plant have been depreciated by £7OOO, while provision for taxa- - Hon amounts to £39,000, which is £6OOO below the 1944 figure.