COMMERCIAL

Poverty Bay Herald, Volume LXII, Issue 18879, 3 December 1935, Page 9

COMMERCIAL

CANTERBURY MEAT 00. DIVIDEND OF 7 PER CENT (Per Press Association.) CHRISTCHURCH, last night. The annual report of the Canterbury Frozen Meat and Dairy Produce. Export Company, Limited, for the year ended November 30 has been circulated. The net profit for the year, after provision for depreciation, is £42,161 6s 9d, which, •with the amount brought forward, makes an amount at credit of the profit and loss account of £50,063 19s 2d. Out of this £IO,OOO has been added to the general reserve and £20,000 to the renewals reserve fund, leaving the sum of £80,063 19s 2d, which the directors recommend bo dealt with as follows: A dividend of S per cent, on preference shares, £5000; a dividend of 7 per cent, on ordinary shares, £7875; leaving £7IBB 19s 2d to be carried forward.

The retiring directors are Messrs. Herbert FJworthy and Gordon Fulton who offer themselves for re-election.

NATIONAL TOBACCO SLIGHTLY LOWER PROFIT The accounts of the National Tobacco Company, Limited, Napier, for the year ended October 31, show a net profit of £33,955, a decline of £sl. With £3994 brought forward, £37,949 is available, tlie directors recommend payment of a /dividend on ordinary shares of 15 per I cent, unchanged, and 8 per cent on pre- ", ference shares, requiring £19,452. The sum of £15,000 has again been transferred to reserve, leaving £3497 to be carried forward. The report states that, considering the difficulties faced, the,results of the year's trading had again been satisfactory. Reference is made to the incidence ot the duties on tobacco and cigarettes. "It is only now that we are feeling the full effect of the new tariff," states the report. "New Zealand is being swamped with cheap tobacco and cigarettes and a price-cutting war has set in. For the New Zealand manufacturer it will be a hard struggle, as the margin of protection he once enjoyed is practically wiped out and it is solely upon the merits of his goods that he depends for his success.' The report also criticises the action of tobacco growers in approaching the Government to set up a control board "to regulate not only the growing of the leaf, but to lay down certain laws for the manufacturer to observe." BRITISH TOBACCO USUAL QUARTERLY DIVIDEND British Tobacco (Australia), Limited, has advised the Stock Exchange Association that the usual quarterly dividend of li per cent will be paid on December 31. BROKEN HILL SOUTH JUBILEE MINING BONUS Broken Hill South, Limited, on Saturday cabled to the Stock Exchange Association that, to mark the fact that this year the South Mine has been worked for fifty years, the board of directors has resolved to distribute a special jubilee bonus of 2b 6d per share, to be an addition to, and paid with, thy next quarterly distribution, to be declared in January and paid in March next. A dividend of Is 6d and a bonus of Is a share were paid on September 14, and a similar distribution will be made on December 19. For the year ended Juno 30, 1935, the total distribution was 30 per cent.

N.Z. LOAN & MERCANTILE ' DEOUNE IN NET PROFIT The New Zealand Loan and Mercantile Agency Company, Limited, have received a cablegram from their London office intimating that the company will hold its annual meeting id London on December 12. The annual report and balance sheet shows, that after paying taxes, £18,940, and providing for bad and doubtful , debts and charging interest on first and second mortgage debenture stock, profit and loss account shows a balance Of £17,044, to which is to be added the amount of £77,414 brought forward from last year, making £94,458 The dividend recommended will ao gorb net £38,750,. leaving £55,708 to be carried forward. The distribution pro posed is as follows:—Dividend on o per cent, cumulative preference stocfc of 5 per cent, for the year ended Juno 30 1932, less English income tax at the rate.of 4s 6d in the £l. Ji- The company's results and approM priations for the last three years iSq compare as follow: — 1933. 1934. 1935. £ £ £• Brought fwd. - 18,552 27,126 77,414 T.nKipat ; - 41,426 ' —■ Net profit* - - 89,038 From reserve - 50,000 • 27,126 116,164 1)4,458 Div. 5% oil cum. pref. stk. ,„.„. to 30/6/32 * &,TM 38,7^0 Carry forward 27,126 77,414 55,708 •After payment of (£68,000 interest on , ;.:';: debentures. No ordinary dividends have been paid since 1929, and dividends are unpaid on the 6i per cent, cumulative second preference stock since June 30, ■ 1932 The payment now recommended on the 5 per cent, cumulative preference- stock is the second since June 30, 1930. . . The £2,500,000 capital of the company is comprised of £1,000,000 5 pet cent, cumulative preference and £5,00,000 6* per cent, cumulative second preference stock, and £1,000,000 ordinary' stock. First mortgage debenture stock is £IOO,OOO, and second mortgage debenture stock, the same amount, £300,000 of the latter being held by the company.

SYDNEY STOCK EXCHANGE SYDNEY, Nov. 30. Stock Exchange sales to-day include : Commonwealth bonds, 3A per cent, 1943, £99 15s- 3| per cent, 1942, £lO2 10s; 4 per cent. 1944, £102; 1947, £lO2 17s 6d; 1953, £lO3 10s; Huddart Parker, 40s; Tooths Brewery, 555; Associated News, prcf, 34s 3d; British Tobacco, 40s; Colonial Sugar,' £42 10s; Morris lledstrom, 24s lO^d. CHICAGO WHEAT FUTURES NEW YORK, Nov. 30. Chicago wheat futures: December 97£ cents a bushel; May, 97g; July, 89g. New York, cash, 126 J cents. GOLD MINING RETURNS Worksop Extended Gold Dredging Company on Friday reported to the Wellington ' Stock Exchange a return of 45 ounces from 10,000 cubic yards worked in 135 hours. The manager of the Bundi dredge at Cameron's reports that for the two weeks ended November 20 the dredge operated 264 hours, treating 60,000 cub. yds of material for a recovery of 23505 s idwt 7gr of gold. This plant is now running in first-class order. Minor adjustments only have caused recent brief stoppages, which resulted in a slight loss of dredging time., The return at the King Solomon mine last .week was 115 oz. 3dwt. Talisman Dubbo (Karangahake).— Sixty-threo and three-quarter tons of ore were treated at the Golden Dawn Battery for an approximate realisation of £498. The Argo Gold Dredging Company, Limited, has reported to the Wellington Stock Exchange a return of 68 ounces of golrl from 14,400 cubic yards worked in 143 hours. The Maori Gully return was 550 z. 4dwt. for 122 hours. The Mossy Creek dredge return was 330 z. 7dwt. from 10,745 yards in 131 hours. The Gillespie's Beach retain was 320 z. 9dwt. for 129 hours. The Waipawa Beach return totalled 38cfc for 121 hours. The Goldfiolds dredge returned soz. NORTH BROKEN HILL MINING The board of directors of North Broken Hill, Limited, has advised the Stock Exchange Association that it has been decided to proceed with the necessary work preparatory to the opening of "the British section of the North Mine. It is anticipated that this work will be finished by April, 1936.

OKARITO DIVIDEND The Okarito Five Mile Beach' Gold Dredging Company, Limited, has advised the Stock Exchange Association that the directors have declared a dividend of 10 per cent (6d per share) payable on December 17. The share registers and transfer books of the company will be closed from Tuesday, December 10, until Monday, December 16, both days inclusive. MOSSY CREEK DIVIDEND The Mossy Creek Gold Dredging Company, Limited, have declared a third dividend of Id per share, payable on December 23 A profit of £4988 before making provision for income tax and directors 1 fees, is shown in the eleventh-annual report of Traders' Finance Corporation, Limited, Auckland. This compares with £2463 in the previous year, and £2643 in 1933. The directors' recommend an ordinary dividend of % per cent, the first since 1930.