COMMERCIAL NEWS

Ashburton Guardian, Volume 61, Issue 252, 6 August 1941, Page 8

COMMERCIAL NEWS

NEW ZEALAND INSURANCE CO. ASSETS IN JAPAN FROZEN. (P.A.) AUCKLAND, August 5. “The demands upon the company arising from the war have affected our operations in many respects, but it is gratifying to record that while the company has suffered it has also ,benefited to the extent that the accounts now submitted show a very satisfactory profit.” said the chairman (Mr v . A. 'Hellaby) moving the adoption of the report and balance-sheet at Ihe eighty-seconcl annual meeting of the New Zealand Insurance Company, Ltd., to-day. , * Many factors not under the control of the company had.contributed to the result. One was the fact that to-day goods and property had become more valuable. Stocks in many eases were irreplaceable. Everywhere there tended to be a scarcity for three reasons. Doubtless, extra care was exercised, with a consequent reduction m the claims. , - , The company’s fortunes had not suffered during the year at any point and the major part of the net profits earned during the year had come from many countries beyond New Zealand in which the company operated. Threefourths of the company's business was derived from overseas branches. What the future might he in some fields it was impossible to forecast, but tbe company’s organisation should suffice to meet any contingencies which could reasonably be foreseen. “In view of recent events in TiuloChina and the action of the Japanese in freezing British credits, shareholders will be anxious to know what effect this action may have on the company’s interest,” said Mr Hellaby. “W e opened agencies in Japan 58 years ago and built a large account in recent years. However, owing to the growth of Japanese national companies, direct business with the Japanese people has steadily declined, and the account is not now very large. Assets in Japan consist mainly of Japanese bonds and fixed deposits and these will he frozen for the period during which the present state of affairs continues. It is assumed that operations will continue subject to the above restriction.’ DIVIDEND DECLARED. The Wellington Woollen Manufacturing Company has declared a final dividend of 2 per cent., plus a bonus of 3 per cent., on ordinary and preference shares, payable on August 20. The Southland Frozen Meat Company lias declared an interim dividend of 8d a share, payable on September 1. THE SHARE MARKET, The following sales were made on tlio Christchurch Stock Exchange yesterday:— LISTED STOCKS. Sales Reported.

£ s cl 100 National Bank of N.Z. . 1 19' 0 400 Dunlop Rubber 1 2 0 100 1 . Electro. Zinc (pref.) ... o 15 0