POST OFFICE NOTICES.

Otago Daily Times, Issue 19042, 12 December 1923, Page 6

POST OFFICE NOTICES.

Mails close at the Chief Post Office, Dunedin, as under: — TO-DAY (WEDNESDAY), DEO. 12. For Australian States, South Africa, and the East, via Sydney* (per Marama. from Auckland!, by North Express, at 6 a.m. Late-fee letters at mail van at 8 a.m. THURSDAY, DECEMBER 13. For Australian States. South Africa, and the East, via Sydney (per Ulimaroa, from Wellington), by North Express, at 10.15 a.m. Late-fee leters at guard’s van at 11.15 a.mFor United Kingdom and Continent of Europe, also Pitcairn Island, Christobel, and Panama Canal, via Panama (per Rimutaka, from Wellington), by North Express, at 10 a.m. Late-fee letters at guard’s van at 11.15 a.m. Correspondence must be specially addressed. TUESDAY, DECEMBER 18. For United Kingdom and Continent of Europe (per Arawa, from Wellington), via Montevideo and Teneriffe, by North Express, at 10.15 a.m. Date-fee letters at guard’s van at 11.15 turn. Correspondence must be specially addressed. Parcel mail closes at noon on Friday, December 14. A. E. M'Geegoe, Chief Postmaster.

FOREIGN EXCHANGE RATES. c’Ma Association —By Telegraph—Copyris'rt * LONDON, December 10. (Received Dec. 31, afc 8.15 p.m.) The foreign exchange rates are as follow

The exchange rate on Berlin (par 20.23 marks to tho pound) is nominally from 17 to 23 billion marks.—A. and N.Z. Cable. COMPANY REPORTS. MESSRS DALGETY'3 STRONG POSITION. (From Oto Own Corberpondent.V LONDON, November 1. Messrs Dulgety’s report made up to June 30 last, is a good one. The net profits of £151,000 compares favourably with £253,0uJ a year ago, but on that occasion the figures were largely affected by the item of £158,000, representing excess profits duty recovered, whereas the actual gross profits for the past year, after providing for bad and doubtful debts and depreciation, amounted to £321,000, against £776,000 a year ago. After paying a final dividend on the ordinary shares of 5s per/ehare, free of tax, making 10 per cent, per annum, a bonus is being paid on tue ordinary shares of 5s per share, free of tax, both the dividend and bonus to be payable on the 16th proximo. The sum of £15,000 is placed to staff fund, as compared with £IO,OOO lest year, while £50,000 is written off premises as against £20,000 last year, and, as will bo seen from tho particulars which follow, there is also a considerable increase in the carry forward:—

A feature of the present.balance sheet is the increase of the reserve fund to £1,000,000 as a result of the appropriation sanctioned at the last annual meeting. This amount is equal to the paid-up ordinary share capital of the company. The directors remark that the past financial year, though bringing its own special problems and difficulties, has witnessed some further recovery from the depression of 19201921. This movement has been specially marked in New Zealand, where the outlook generally is much more satisfactory. Seasonal conditions, broadly speaking, have not been favourable. Large areas of Australia suffered from drought, which was not re’ Heved until May, and this will be followed in 1923-24 by its natural sequel—namely, a reduced wool clip, and a lambing percentage below the average rate. New Zealand, ‘on the other hand, has had an over-abundance of rain, with heavy falls of snow in the South Island—tho pastoral and agricultural interests being prejudiced thereby. The position has now. considerably improved on the whole, both in Australia and New Zealand, hut in the former country some important pastoral districts are still badly in want of rain. P. AND 0. DIVIDEND. For the third year in succession the P. and O. Company is paying 12 per cent., free of income tax, upon its deferred stock, the directors yesterday intimating that they will recommend a final dividend of 6 per cent, at tho annual meeting, which will be held on December 12. For 1920 the deferred stock received 15 per cent., with a bonus in deferred stock equivalent to a further 6 per cent. The price of P, and O. deferred has recently remained very steady at a little over £3OO, at which the yield is about 4 per cent., free of income tax, equal to 6i per cent, on a “loss tax” basis. That the P. and O, Company should be able to maintain a regular 12 per cent, dividend in these depressing days for the shipping industry, doubtless indicates such strength of the financial position that in Jjetter times a return to higher distributions may be counted upon, thus justifying the comparatively low return on the stock at the present time.

Paris, fr. to £1 ... — Dee. 7. _ _ 81.00 Dec. 10. 81.75 Brussels, fr. to £1 _ 94.55 Christiania, kr. to £1 ... 29.34 29.00 Copenhagen, kt. to £1 Ktockhohn, kr. to £1 ... ... 24.51 24.56 16.G7 Rome, lire to £1 ... ... 100* 1004 New York, doL to £1 ... 4.38* 4.35J Montreal. tlol. to £1 ... 4.474 4.46 Yokohama, st. to ven ._ ... 26 1-16 26 1-16 Hongkong, do!, to £1 ... 27| Calcutta, st. to rupee ... 17 174

. 1820-21, 1021-22. 1822-23. Ket profit ... _ „. £140,606 £252,700 £264,142 Brought forward ... 128,606 94,112 101,8.11 25,000 Preference dividend 25,000 25,000 Ordinary dividend nd bonus ... 10 p.o. 15 p.c. 15 p.o. Total disoottnt on ordinary shares ... 100,000 150,000 150,000 To reserve 60,000 30,000 — To staff fund 10,000 10,000 15.000 50.000 Of! premises ... — 20,000 Carry forward ... ... 84,113 101,001 116,063