SYDNEY STOCK EXCHANGE

Otago Daily Times, Issue 21977, 12 June 1933, Page 12

SYDNEY STOCK EXCHANGE

(United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, June 10. (Received June 10, at 5 p.m.) On the Stock Exchange the following sales were made:—Bonds (4 per cent.), .1938, £lO4 Is 3d; 1941, £lO2 15s; 1950, £lO3 1.55; 1953, £lO3 ss; 1955, £lO3 12s 6d; 1957, £lO2 12s 6d; 1961, £lO3 10s; Australian Gas. £7 3e; Toohey’s, 23s 6d: Tooths, 38s; Associated News, 9s 3d (pref., 19s 3d) ; Broken Hill Proprietary 34s 6d; Burns, Philp, 53s 3d: Dunlop Perdriau, 18s 10id; Howard Smith* 10s 6d; Pitt, Son, Bargery, 37e 0d; Wilcox, Mofflin, Se. LONDON STOCK EXCHANGE (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY, June 9. (Received June 10, at 5 pan.) The stock markets closed with irregularity, due to gome p&fit-taking. British funds are slightly easier. War Loan (31 per cent.) sold at £9B 7s Bd. German Bonds, after fluctuating freely throughout the day, closed somewhat steadier, with 5i per cents, selling at £44, and 7 per cents, at £64. City opinion is critical of Germany’s action regarding the moratorium, but it is regarded as inconceivable that Germany really intends to default on the Young and Dawes Plan payments, as this would obviously strike a deadly blow at Germany’s credit at a time when she -needs credit most. To-day’s recovery in German Bonds from the lower levels touched at the outset is based on hopes regarding the meeting in Loudon on June 13 of Germany’s long-term creditors and representatives of the Bank of Internationa] Settlements. PRICE OF TIN ADVANCED (United Press Association.) (By Electric Telegraph—Copy right.) LONDON, June 10. (Received June XI, at 6.30 p.m.) A further advance of £S in tin prices is recorded. THE TALLpW MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 10. (Received June 11, at 0.30 p.m.) The tallow stocks total 1927 tons, the imports 1109 tons, and the deliveries 982 tons. BABCOCK AND WILCOX \ The directors of Babcock and Wilcox, Ltd., the British engineers and water tube steam boiler manufacturers, whose Australian works when operated at their full capacity require upwards of 600 hands, announce for the year ended December 31, 1932, a net profit of £200.812, contrasting with £504,783 for 1931. In addition to all other charges, adequate provision is made for maintenance and depreciation. A sum of £32,671 is brought in and £125,000 is transferred from the dividend fund to profit and loss. The amount contributed to the staff pensions fund, before net profit was struck, was £18,432. Preference dividend takes £14,952,1 and dividend on the ordinary shares, which is reduced from 14 per cent, to 7J per cent., plus li per cent, from sale of investments, yielding £64,495, requires £386,970, leaving £21,056 to carry forward. Authorised capital is £4,620,000, in £1 shares, and all is paid up except 20,944 second preference shares and 20,344 ordinary shares. HELPING THE PRODUCER A BANKER’S OPINION. Presiding for the first time at the annual meeting of shareholders of the National Bank of Australasia at Melbourne last week, Sir James Elder offered to those critics of banking institutions who are inclined- to think that primary producers as a body are being harshly dealt with a timely reminder that it is to the interest of the banks to enable worthy settlers to remain on their holdings, and to that end they are usually treated with every consideration. “ The policy of the bank,” Sir Janies Elder said, " is deliberately lenient and helpful, and in no case where adverse action in the interest of the bank had to be taken was this course followed without full and adequate reasons. Indeed,” he added, “ actual dispossession by the banks is very rare, and in the case of the National Bank it hardly ever occurs. In certain urgently necessitous cases the bank has remitted all interest for a period, and in many others the rates have been reduced substantially below those ruling from time to time where the advances were granted to farmers for ‘carry on’ purposes.” THE ZINC INDUSTRY A most interesting brochure issued by the Imperial Braelting Corporation describes the many uses to which zinc and the by-products of zinc ores are applied. In a foreword Sir Robert Horne deals with the importance of the zinc smelting industry from an Imperial viewpoint, and its striking development in Great Britain since the war. He states that before the war, although the British Empire was a large producer of the raw material of zinc, nearly the whole of the production was smelted in foreign countries. The ■weakness incidental to such a position was demonstrated during hostilities, and an effort was made to set up adequate smelting plants in Britain. Consequently the National Smelting Company and its subsidiary undertakings w-ere established. The whole of the capital of the National Smelting Company is owned by the Imperial Smelting Corporation, in which several Broken Hill and allied companies are interested. The works at Avonmouth and Swansea Yale have a capacity of more than 65,000 tons of zinc and 150,000 tons of sulphuric acid a year. These works smelt Imperial concentrates, and, together with the works of the Electrolytic Zinc Company of Australasia- and the Consolidated Mining and Smelting Company of Canada, they are capable of supplying the whole zinc requirements of the British Empire. DAVID JONES AND CO. The great drapery firm of David Jones and Co., Sydney, has just celebrated its ninety-fifth anniversary. _ The company today exemplifies the dignity and enterprise of modern trade in its massive buildings, which it took over in 1928, at a cost of approximately £1,000,000. The Sydney Morning Herald states that the original shop wag a room 25ft by 16ft, occupied by the founder of the firm, Mr David Jones. The building to-day covers eight acres of floor space. In the original shop there were three or four hands; the company to-day has 3400 employees on its pay-roll. The company claims that it is one of the oldest emporiums in the world remaining continuously under the direction of the same family. The founder, Mr David. Jones, established a business in 1835, under the partnership of Messrs Appleton and Jones, in premises, long since demolished, on the site now occupied by Farmer and Co., Ltd., in Pitt street. In 1838 the partnership was dissolved, and m May of that year Mr Jones commenced business in a small room on the ground floor of a building at the corner of George and Barrack streets. The company's present building on the same site was erected later.

JANTZEN (AUSTRALIA). LTD.

PRICE OF FINE GOLD

Jantzen (Australia), Ltd., a company manufacturing knitted goods, reports a net profit of £l9ll for the year ended March 31, compared with profits of £223 in the previous year, and £7866 for 1930-31. Dividends paid during the year on the 9 per cent, cumulative preference shares required £1743, representing 9 per cent, lees 4s Od in the £. With £420 brought forward, £593 is carried forward. The directors state that preference dividends will continue to be paid this year. The report states that the company s turnover showed a slight improvement over the previous year's. This was partly offset by reduced profit rates, which caused a decline of gross profit. However, economics resulted in an improvement in net earnings. _ The directors expect the improvement in turnover and net profit to continue at a moderate rate.

(United Press Association.) ' (By Electric Telegraph—Copyright.) LONDON, June 9. Fine gold is quoted at £6 2s 4Jd per oz. LONDON. June 10. (Received June 11, at 6.30 p.m.) Gold is quoted at £6 2s Cd. LONDON PRODUCE MARKET The Bank of New Zealand has received the following advice from its London office under date June 9:— Frozen Meat.—-For wethers the demand and prices are improving. For ewes the market is firm, but there is little business doing. Prices of lambs have advanced owing to speculative demand. Wethers—light, 34d to 4|d per lb; heavy, ajd to 3Jd per lb; ewes, 2l<l to 34d per lb; lambs —twos, 6d to 64d per lb; eights, 5Jd to 6id per lb; fours, 6Jd to per lb; seconds, 5Jd to 6d per .lb. COMMONWEALTH BANK The board and management of the National Bank of Australasia, Ltd., believed that the Commonwealth Bank was performing the functions of a central bank in a most satisfactory manner, said Sir James Elder, chairman of directors of the bank, when addressing shareholders at the annual meeting in Melbourne. Statements had been made from time to time, he went on, that there was a necessity in Australia for the establishment of a properly constituted reserve bank. Alternatively, it bad been proposed that the Commonwealth Bank should be altered to enable it to perform the functions of a reserve bank. Most, if not all, of the trading banks, he said, were satisfied that the Commonwealth Bank was already performing these functions satisfactorily. It appeared adequately to meet all the financial needs of the country, and had been a tower of strength throughout the difficult times through which they had been passing. It enjoyed the fullest confidence of the banks, and it would be a matter of deep concern to those who were in a position thoroughly to appraise its great value and use to the country if any misguided action were taken to interfere with a system which had functioned so well in the general interests of the Commonwealth during the worst years of Australia’s financial history. They felt strongly that it was highly desirable to allow the Commonwealth Bank further to develop as a central bank, along existing lines, without any legislative action.