COMMERCIAL

Poverty Bay Herald, Volume LXIV, Issue 19337, 29 May 1937, Page 8

COMMERCIAL

RESERVE BANK. RETURN EXCHANGE RISES £381,000 The Reserve Rank return for the week ended "Monday, May 2-1, was gazetted on Monday night. The statement is .balanced at. £32,081,424, or £IBB,OBB more than at the end of the previous week. A further rise of £110,457 in the level of the note issue follows the increase of £30,775 the week before. Government deposits have increased by £123,515 and those of the trading banks by £177,109. Other demand liabilities have fallen by £232,208. The sterling exchange reserve is £881,365 higher in value, while advances to the Dairy Industry Account have fallen by £662,070. Other assets are £16,588 lower. STAPLES BREWERY CONFIRMATION OF OFFER (Per Press Association.) WELLINGTON, this day. An extraordinary general meeting of shareholders of,J. Staples anil Company, Limited, was held yesterday to consider the action of the directors in giving to New Zealand Breweries Limited, an option to pui'clmse the company’s interests in licensed properties. The meeting passed a resolution ratifying the action of the directors in giving the option. GENERAL STEADINESS AUSTRALIAN EXCHANGES SYDNEY, May 28. Dealings on the Sydney Stock Exchange to-day were along quiet lines with general steadiness. Sales; Bank of New South Wales, ex dividend, £36 16s; Commercial Banking. Sydney, £22; National Bank, £lO paid, £l6 ss; Colonial Sugar, £47 10s; Associated News, 22s 9d; pref., 23s 4J.il; British Tobacco, 60s 9d; Toohey's, 335; Queensland Brewery, 265; Dunlop Perilriau, 225; pref., 36s 3d; Clolilsbrough, 38s 6d; Electrolytic Zinc, 57s 9d; Felt and Textiles, 35s lOJd; Stedman, 17s; United Provisions, 10s 6d; Clifford Love, 555; Taubmanns, 70s ; David Jones, 42s 6d; Anthony Hordern, 19s 4-J-d; Neon Signs, 17s 4£d Woolwortlis, New Zealand, buyer £7 18s, seller £8 Is; Selfridgcs, ex. dividend, buyer 30s seller, 33s ; Selfridges, New Zealand, 2s 6d, 5s 6d; Alt. Morgan, 13s 10.1; Ml. Lycll, 45s 6d; Kuala Kainpar, 22s 3il; Tongkali Harbour, 235; Taranaki Oil, 3s 9tl. Industrial stocks were inolinhil to drift on quiet trailing on the Melbourne Exchange to-day. Barriers have steadied. Gold shares have fluctuated. Sales: Commercial- Bank of Australia, 19s 2d; National Bank, £5 paid, £7 10s; National Bank, £lO paid, £ls ss; CL J. Coles, £5 11s; Dunlop Perilriau, 225; Electrolytic Zinc, 57s 9.1; Electrolytic Zinc, pref., 58s 6d; Ml. Morgan, 13s 7d : Ml. Lycll, 45s 9d; Broken Hill Proprietary, 81s 9d; North Broken Hill, 74s sd; South Broken Hill, 51s 3d; Loloma, 20s 9d; Sulphide Corporation, 15s; Satupulo, 735.

CANTERBURY PRODUCE POTATOES TOR S. AMERICA Approximately 5000 tons of potatoes •have been shipped from New Zealand to South America already this season, and within the next three weeks a further amount of approximately 7COO tons will be taken by the Tongariro, Westmoreland, Maliia, and Taiaroa. The Canterbury market is at present firm, but there lias l>een rather marked fluctuations in interest in the last few days. There was on Tuesday a good inquiry from the North Island, particularly from Wellington, and the. market was firm. Dakotas are in good request because apparently South Canterbury supplies are not as great as was thought. Digging is proceeding steadily as the weather permits, and yields further south appear to bo better than those obtained locally. Shipments of oats into Auckland from Australia have quietened the market for this commodity, but there is still a good demand for all classes at unchanged prices. The. markets arc generally quiet, with no great amount, of business passing in tiny section. BYCROFTS LIMITED DIVIDEND MAINTAINED A net profit of £10,316, a reduction of .£483, is shown in the accounts of By croft Limited, Auckland, for the year ended March 31. The directors recommend a final dividend of 4 per cent, making 8 per cent for the year. The rate is unchanged; but the dividend is paid on a paid-up capital of £125,000, against £IOO,OOO last venr, and requires £IO.OOO, against £BOOO.

The profit was struck after making the usual provision for depreciation, income tax, bad debts, etc, Tho report states that the. period of the accounts covers a complete year of trading as flourmillers under the'Wheat and Flour Regulations, 1936, and owing to the altered conditions many readjustments have been necessary. Trading conditions showed evidence of an increasing demand for the company's products, and in some respect offset the difficulties of restriction of hours and other changes affecting the conduct of a manufacturing business.