FINANCIAL JOTTINGS

Otago Witness, Issue 2860, 6 January 1909, Page 18

FINANCIAL JOTTINGS

(From Out. Own Correspondent.) LONDON, October 10. The profit and loss account of the Colonial Consignment and Distributing Company, including £1856 brought from the previous year's account, shows earnings of £40,046, ti'om which must be deducted depreciation and debenture interest amounting to £13,440, leaving a, balance of £26,606, on which there has been applied in payment of one year's dividend on cumulative preference shaies at the rate of 6 per cent, par annum £4500, leaving £22,106. Out of the above sum the directors recommend the payment of a divident of 6 per cent., free of income tax, on the ordinary shares, which will absorb £13,500; to transfer to reserve £6945, increasing that account to £24,000 ; and to carry forward the balance of £1661. The amount of business placed with the company during the 12 months again shows an increase, which was not unexpected in view of the fact that the total importations of frozen meat in 1907 exceeded those of any previous year. The recovery in Australian exporte was a particularly satisfactory feature. Prices for frozen meat on the Home markets have been fairly satisfactory to shippers, but the decline in the value of wool, skins, and tallow has substantially increased the cost of the meat. WELLINGTON AND MANAWATU j RAILWAY COMPANY. j On Tuesday, at the Cannon Street Hotel, a meeting of English shareholders in the Wellington and Manawatu Railway Company was held to consider the acquisition of that line by the New Zealand Government. Sir H. Kimber, M.P., presided. The proceedings were private, but the acquisition was approved. DIVIDEND ANNOUNCEMENTS. The directors of the Shaw, Savill, and Albion Company have declared an interim dividend for the half-year ended June 30 on the ordinary shares at the rate of 5 per cent, per annum, free of income tax, payable on November 2. A year ago the dividend was at the same rate. It is announced that the directors of | the Eastern Extension, Australasia, and , China Telegraph Company have declared ! an interim dividend for the quarter ended ! June 30 last of 2s 6d per snare, free of lucome tax, payable on the 15th prox. RUSSIAN LOAN. The Paris correspondent of the Financial News is in a position to state that " the Russian loan has been indefinitely post- j poned owing to the Balkan crisis. It is j certain now that the issue will not be ' made this year, and its eventual date depends entirely on the course of events in the Near East. If an early settlement is arrived at the big Russian issue may be j expected in the early part of next year, | and unless the worst fears now expressed j on the Bourse regarding the course of \ political events are realised the Rufe&ian | Government will assuredly carry through some sort of financial operation within the 1 first three months of the coming year." TRANSVAAL MINING COSTS AND PROFITS. The full returns of the Chamber of Mines just to hand from Johannesburg, for the month of July, show that the Witwatersrand declared £4,114,446 in dividends for { the seven months of the current year, as , compared with £3,317,358 for the seven j months of 1907 ; while outside districts 1 declared £135,726 m both periods. The ' table of operations of Witvvatersrand | mines for July .shows an average \alue of jjold ie<.overed of 30.95s per ton milled. The wOlw ol king cost was 17s 9d per ton, and the working profit 13s 5d per ton — representing an aggregate profit of £1.003,236 for the month BAXK AT YOUR GROCER'S. I The Savings Bank Department opened I by Messib Liptors (Ltd.), in connection j with then gigantL business lias .already proved a phenomenal success. The system has bujn La existence less than a fortnight, | yet the number of customers with money on depotit is attua-lly in excess of that which was antk-ipat^d for the end of the >ear. No fryer than 425 l,r. inches ot the firm in the United Kingdom have harried oat pass-ljook-s to t-iii ifty },- ople. many of vi horn h^ve opened accounts with the ; niodt->*. .sum or 3d, which is the minimum ; ] 1 a ;m-at miml^r have had pLiccd to ih^n- ritflit -us-i- lanoin/ fioin £1 to £10. |< h eki "1, the L<< ik-- -how tlut the incr< T-e ' , in t'to nun h^i of .i'-couat s since the in- ' ;

ception of the scheme has been at the rate of 1000 per day, and the promoters have every reason to believe that within the next lew weeks the increase will be even more. The deposit book issued in not [ unlike that of the Post Office Savings Bank. Each deposit is entered in figures and in writing, and the date stamp of the branch is impressed in the circular form so familiar to those who have banked with the G.P.O. Interest will be allowed at the rate of 4 per cent, per annum on each complete pound on the minimum monthly balance at the depositor's credit. No balance will bear interest until it has been on deposit at least one calendar month. IMPENDING .BIG ISSUE OF DEBENTURES BY WHITE STAR LINE. The directors of the Oceanic Steam Navigation Company (better known as the White Star Line), of Liverpool, have decided to make an issue of £1,250,000 of 4£ per cent, -first-mortgage debentures at £97 10s per cent. The four steamers which Messrs Harland and Wolff have under construction for the company — two for the Southampton-New York mail service and two for a Canadian service to be instituted — are estimated to cost £3,600,000, and the additional capital is required for these. The new debentures will be secured by a first charge over the whole of the company's fleet and the new vessels as and when completed.