FINANCIAL JOTTINGS.

Otago Witness, Issue 3015, 27 December 1911, Page 13

FINANCIAL JOTTINGS.

LONDON, November 10. (Froii Ous Own Correspondent.) SOUTH AMERICAN TRADE COMBINE.

The registration of Lamport and Holt (Ltd.), South American shippers, with a capital of £1,000,000, is announced. Three directors of the Royal Mail Company, including Lord Pirrie and Sir Owen Philippe, are members of the new board, and, as that concern recently took over the business of the Pacific Steam Navigation Company, its position in the trade with South America, both from Europe and the United States, will be greatly strengthened. EASTERN EXTENSION AUSTRALAbL AND CHINA TELEGRAPH.

The report of the Eastern Extension Australasia and China Telegraph Company lor the hall-year ended 30th June, 1911, states that the gross receipts amounted to £329,709, against £344,960, for the corresponding half-year of 1910. The working expenses, including £18,973 for maintenance of cables, absorb £151,618, against £152,407, leaving a balance cf £178,091. Prom this is deducted £2942 for income tax payable in England, £15,048 for interest on debenture stock, and £11,020 for Coronation bonus to staff and other special expenses, leaving £149,080 as net profit for the half-year. After adding £27,617 brought forward, there is an available balance of £176,698. Two quarterly interim dividends of ljper cent, each, amounting to £75,000, have been paid for the half-year, leaving £101,698, of which £50,000 has been transferred to the general reserve fund, and the balance of £51,698 is carried forward. WARSHIP CONSTRUCTION,

The British, shipbuilder still holds his position as the premier constructor of warships and their armaments. There were building in the United Kingdom at the end of September 69 warshps, with a total displacement of 418,550 tons. Of the total number of warships now building 10 vessels, representing 97,440 tolas, were under construction in the Royal dockyards, while private shipbuilders were answerable for 53 vessels, representing 270,560 tons, for the British Government and six for foreign Governments. Very few of the contracts given. out by foreign Powers of late for the building and for the armament of war vessels have gone outside the British yards. One contract, however, did pass them by, when the orders, for the Argentine battleships Rivadavia and her sister ship, the Moreno, now building, were given to the Fore River Shipbuilding Company at Quincy and the New York Shipbuilding Company respectively. PANAMA CANAL POSSIBILITIES. "Shipbuilders may look forward to busy times in new construction of both passenger ships and cargo vessels in view of wide possibilities to be opened up when this new waterway is ready,", writes a shipping correspondent. "It is already reported that American shipbuilders have more constructional work on hand than they can accomplish for a considerable time to come. It appears that nearly all the vessels ordered are for tha coastal trade, and will, for the most part, be used as freight and oil carriers. President Taft predicts that the first ship will pass through the canal in July,. 19?3. The great depth of 41ft—a navigable d..pth, say, of 39ft against the 28ft navigabjei depth of the Suez Canal, —a minimum width of 300 ft, and locks of 1000 ft in length by 110 ft in width, should present no navigational difficulties for the biggest ship to use the canal. A recent report of the British Minister informs us that docks will be constructed on the Atlantic side of reinforced concrete. These docks will be five in number, and there will be accommodation for 10 1000 ft vessels to lie in them at the same time." COMPANY REPORT: A SATISFACTORY YEAR. ■ The twenty-seventh annual report of Messrs Dalgety and Co. for the year ended June 30 shows a credit balance of £271,717. In May last an interim dividend was paid at the rate of 8 per cent, per annum for the half-year ending December 31, amounting to £40,000, leaving a balance available of £231,717, which the directors recommend should be appropriated as follows :—£40,000 in payment of a dividend at the rate of 8 per cent, per annum, free of income tax for the half-year, making, with the above payment, 8 per cent, for the year; £60,000 to the reserve fund, thereby raising it to £440 000; £40,000"to writing down cost of premises; £IO,OOO to the staff benevolent fund; and £81,717 to be carried forward. The financial year which closed on June 30 last was one of general prosperity in the Commonwealth and the Dominion. The season was favourable, and prices of produce on the whole were well maintained.

Regretful reference is made to the deaths of Mr W.' W. Phipps (deputy chairman) a-nd Mr Joseph Dowling. The vacancies thus caused on the board haye been filled by the appointment of the Hon. E. W. Parker as deputy chairman and the election of Mr R. E. Bush and Mr S. R. Livingetorift-Pearmonth aa directors. *ln accordance with the articles of association, Mr S. Fairbairn and Mr W. 0. Gilchrist anc? the Hon. Edmund W. Parker retire from the board, but, being eligible, offer themselves for re-election.