FINANCE AND COMMERCE

Press, Volume LXXVI, Issue 22919, 16 January 1940, Page 9

FINANCE AND COMMERCE

COMPANY NEWS ♦ UNION BANK DIVIDEND TAXATION ABSORBS MORE The Union Bank of Australia, Ltd., has declared a final dividend equal to 4s (English currency) a share, less British income tax of 9.9 d a share, making the net dividend 3s 2.1 d a share, English currency. Warrants will be drawn on Wellington and will be-payable at any of the bank’s branches in New Zealand at the buying rate of exchange for demand drafts on London at the date of the warrants, namely January 31. An interim dividend of 3s sterling a share, less tax of 6.6 d a share, making 2s 5.4 d a share, was paid in July. This makes 5s 7.5 d sterling a share for the year ended August 31. The declared rate is unchanged at 7 per cent, per annum, less tax, but owing to the increase in British income tax shareholders will receive slightly less. Actually in New Zealand the return will be around £6 19s per cent., against approximately £7 4s 2d per cent, for the 1937-38 # financial year. N.Z. AND RIVER PLATE DIVIDEND RATE TO FOUR PER CENT. The New Zealand and River Plate Land Mortgage Company, Ltd., has cabled its New Zealand attorney, Messrs R. G. Milligan and A. Owens, that at the annual general meeting, to be held in London on January 25, the directors will recommend a dividend of 4 per cent., less English income tax at 7s in the pound, in respect of the year ended October 31, 1939. This will absorb £28,000. The sum of £SOOO is being put to reserve and £24,760 is being carried forward. On the figures cabled the net profit is £32,694, against £32,566 in the previous year. . Results compare as follows: 1937. 1938. 1939. £ £ £ Brt. forward.. 22,800 23,750 25,066 Net profit 30,450 32,566 32,694 53,250 56.316 57,760 To reserve .. 5,000 5,000 5,000 Dividend. p.c. 3| 3} 4 Amount .. 24,500 26,250 28,000 Car. forward .. 23,750 25,066 24,760 From 1928 to 1931 the company distributed 9 per cent., but after that period the dividend was reduced and fell as low as 3 per cent, in the years 1934 to 1936.

STOCK EXCHANGE BUSINESS MODERATE TURNOVER LOCALLY BROKEN HILL AND WOOLWORTHS ACTIVE Turnover on the Christchurch Stock Exchange yesterday was moderate, with activity in Broken Hill Proprietary and Woolworths, Ltd. Commercial Bank of Australia were fractionally firmer at 16s 3d, sellers staying in at that price, buyers at 16s 2d. National Insurance were weaker with business at 18s 3d, market closing 18s buyers, 18s 9d sellers. Buyers of Standard Insurance raised their bids to 58s, but sellers were reticent. Westport-Stockton Coal (ord.) had business at 3s 7d and more were wanted at 3s 6d. New Zealand Breweries were firmer on buyers’ offers 37s 6d. Broken Hill Proprietary were easier with dealings at 87s 9d and 87s 6d, and further sellers at the lower price, buyers at 87s 4d. Electrolytic Zinc were firmer with buyers and business at 66s 6d, sellers at 68s. Macdutfs (ord.) were firmer with business at 4s. New Zealand Farmers’ Co-op. 4J per cent. Stock, due 1955, changed hands at £B9, and late offers of £BB failed to attract sellerv. Woolworths, Ltd., changed hands at 25s 4d and 25s sd, market closing 25s 4d buyers, 25s 6d sellers. Buyers of Broken Hlil South moved up to 32s 6d, no sellers offering. Mount Lyells were fractionally weaker at 32s 6d. closing quotations 32s 4d buyers, 32s 9d sellers. Austral. (N.Z.) Mining at 30s, scored a rise of 2s 6d on last recorded business about a month ago, and more were wanted at 295, sellers at 355. Maori Gold had business at 9Jd. Ngahere remained unaltered at 29s 3d. A late, sale of the deferred shares on Friday was reported at 21s 6d. Among the unlisted stocks a late of sale of Associated Gold Dredges (7s paid) was reported at 10s, an easing of 3d, LISTED STOCKS Sales on ’Change

MELBOURNE Sales & s. d. Loloma .. •*•'}}§?■ Mount Lyell .. .. JlO 0 Woolworths •• •• I JJ 8 Dunlop Perdriau •. •• OID 6 Herald and Weekly .. -• 216 9 Gordon and Gotch .. •• 2. S 6 • MINING ' Clutha River—The Clutha River wash-up for the week ended January 12 is 620z for 112 hours. White’s Electric—The White’s Electric return for the period ended January 11 is 25pz from 600 yards in 115 hours. „ , , Gillespie’s Beach—The Gillespies Beach wash-up for the week ended January 13 was 360z 6dwt for 140 hours from 14,800 cubic yards. DUNEDIN TOMATO MARKET First-grade tomatoes were bringing up to lid per lb in the Dunedin market yesterday, and second grade from 8d to lOd. Cucumbers eased in Dunedin at the end of last week to 10s a case because of heavy North Island shipments. CANADIAN WAR LOAN PREFERENCE FOR SMALL • INVESTORS (UNITED PBESS ASSOCIATION—COPYRIGHT.) (Received January 15, 5,5 p.m.) OTTAWA, January 14. The Minister for Finance, Mi- J. L. Ralston, in a broadcast address, said that cash subscriptions to the Canadian War Loan, . announced on Saturday, would he limited to 200,000,000 dollars. Small investors would be given preference in allotments. Even if the loan was immediately over-subscribed, it would remain open to allow small investors to record their applications.

£ s. 200 Comm. Bank of Aust. (cum div.) .. 0 16 d. 3 100 Natl. Insurance 0 18 3 300 Broken Hill Pty. .. 4 7 9 (3) 4 7 6 100 Macduffs (ord.) 0 4 0 700 Woolworths ' (Syd., ord.) 1 5 4 (6) 1 5 5 100 Mount Lyell .. 1 12 6 50 Ngahere 1 9 3 Sales Reported 350 Westport-Stockton Coal (ord.) 0 3 .7 50 Broken Hill Pty. .. 4 7 6 100 Electro. Zinc (ord., cum div.) 3 6 6 £150 N.Z. Farmers’ Co-op. (4J p.c, stk., 1955) .. 89 0 0 100 Austral N.Z. 1 10 0 1200 Maori Gold 0 0 9£ 400 Ngahere deferred (late sales Friday) (2) 1 1 6 UNLISTED STOCKS Sales Reported 100 Assoc. Gold Dredges (7s paid) (late sale Friday) .. 0 10 0

LATEST QUOTATIONS N.Z. Govt. Debentures Buyers. Sellers. £ s. d. £ 5. d. 31 p.c. Ins., 1053-57 .. 94 0 0 ... 4 p.c. Ins., 1948 ' ... 100 12 6 — — 4 p.c. Inis., 1940-43 .. 99 IS 0 — 4 p.c. Ins., . .. 93 10 0 4 p.c. Bonds, 1948 100 10 0 —— 4 p.c. Bonds, 1955 99 15 0 — Rural Bonds, 5 p.c,, 98 15/9/47 • ... 0 0 ■ Other Debentures Bom. Fertiliser, 6 p.c., 1/2/41 N.Z. Refrig., 4J p.c.. 100 10 0 —- 99 1/8/40-45 .. 0 0 •— Banks Comm, of Aust. (cum 0 16 2 0 16 3 National of N.Z. — 2 3 0 New South Wales —• 6 31 0 0 New Zealand .. a 0 2 1 3 Union of Aust. 8 2 0 — Insurance National (7s paid) 0 18 0 0 18 9 New Zealand (cum div.. £1) 3 0 0 —- South British (10s) .. 2 9 3 — Standard (£1 paid) .. 2 18 0 — Loan and Agency Dalgety and Co. (£5. paid) Goldsbrough, M. (£1) 1 11 2 7 S 1 11 0 5 N.Z. Guarantee Corpn. (3s) •— 0 3 11 N.Z. Loan and Merc. (ord. Stock, £100) .. 26 0 0 — United Building (£1) 1 0 5 — Shipping P. and O. Def. Stock 6 (£1) 1 0 — Union (pref., £1) 1 3 6 Frozen Meat Cantby. (£7 10s paid) — 8 4 10 0 0 N.Z. Ref rig. (£1 paid) N.Z. Ref rig. (10s paid) 0 19 0 3 1 0 3 Woollens Felt and Textiles (£1) 2 1 6 — Kalapoi (17s paid) .. 0 12 10 U 13 1 Kalapoi (7s paid) 0 4 9 O D Kalapoi (pref., 17s) Mosgiel (£4 paid) 9 — 6 0 16 12 Oamaru (£1) .. 0 15 0 : U 14. 3 Coal Grey Valley (£1) — 0 s 0 Westport (10s) 1 2 0 — Westport-Stockton (10s) 0 3 6 0 4 0 Westport-Stockton , (pf., 10s) 0 8 3 0 9 3 , Gas Christchurch (£1) 1 6 6 — Breweries Balllns (15s paid) 0 10 6 0 11 3 Dominion (£1) 1 11 0 —• New Zealand (£1) 1 17 6 HI 9 Swan (5s) 1 12 0 Ward (in liqdn.) — 0 1 4 Miscellaneous Alloy Steel (Aus.) (£1) 0 5 6 — Aust. Consolid. Indust. 6 (£1) . 2 2 —* Aust. Consolid. Indust. 19 (4s paid) .. 0 0 1 1 0 Beath and Co. (£1) .. 0 14 0 0 16 6 Booth, Macdonald (pf.. 4 £1) —- 0 2 British Tobacco (£1) 2 13 0 — 6 Broken Hill Pty, (£1) 4 7 4 4 7 British Tobacco (pf., 6 £1) 1 10 — Canty. Farmers’ Co-op. 8 Assn. 0 0 •— Colonial Sugar (£20) 56 0 0 — — 9 Consolid. Brick (£1) 0 8 6 0 9 Dom. Fertiliser (£1) 1 6 U — • Donaghy Rope (£1) .. 2 8 6 — 11 Dunlop Rubber (£1) 1 1 6 1 1 Electro. Zinc (cum div., 8 . £1) 3 6 6 3 0 Electro. Zinc (pref., 9 cum div., £1) 3 7 6 3 0 G. J. Coles (£1) 4 3 0 Hay’s, Ltd. (cont., 15s 15 paid) .. 0 0 Gen. Industries (12/6) 0 18 6 — Howard Smith (£!)• .. 1 6 0 1 9 0 Millaauin Sugar (£1) 2 6 0 — Morris Hedstrom (£1) 1 7 0 — Moturoa Oil (5s) — 0 4 3 Macduffs (pref., £1) .. 0 n 9 Macduffs (6rd., £1) .. 0 4 0 0 4 2 McKenzies, Ltd. (£1) 1 19 9 2 i 0 N.Z. Farmers’ Co-op. (10s paid) .. N.Z. Farmers* Co-op. •— 1 0 0 1 ("A” pref., £4) 1 7 8 N.Z. Farmers’ Co-op. (41 p.c. Stock, 1950, 88 £100) 0 0 N.Z. Farmers’ Co-op. (43 p.c. ' Stock, 1955, £100) .. 83 0 0 *9 8 N.Z. Newspapers (16/8) N.Z. Paper Mills (£1) Quill, Morris (1936, £1) 1 1 6 6 0 0 1 1 3 9 — 1 0 0 Standard Cement (£1) .0 — 1 4 0 Taranaki Oil. (24/7 pd.) 5 0 0 6 0 Taranaki Oil Develop. 0 2 1 0 2 6 United Provisions (£1) 0 » 6 0 10 3 Whltcomtae and Tombs 18 6 (£2 10s paid) 2 17 6 2 Wilcox, Mofflln (11s) 0 7 3 0 8 0 Wool worths (Sydney) 6 (ordi, 5s) .. 1 5 4 1 5 Woolworths (N.Z.) (5s) 0 16 3 0 16 8 Woolworths (N.Z.) (pf.. 17 £1) .. 1 0 —— Woolworths Properties (ex div.,’ £1) .. 1 4 0 —• W. R. Carpenter 2 6 0 — “ Overseas Listings Woolworths (S;A,) ,(5s). .Q 15 « pm

Australian Mining Buyers. Sellers. £ S. d £ s. d. Broken Hill Sth. (5s) 1 13 6 — 9 Mount Lyell (£1) X 12 4 1 12 Mount Morgan (2/6) — 0 10 0 Mt. Morgan (pf., £1) 1 1 0 — Nth. Broken Hill (5s) 2 12 6 — Rawang Tin (11s) Wellington Alluv. (2s) 0 4 6 0 12 1 N.Z. Mining Addison’s Flat (Is) .. 0 1 0 — 6 Alexander (£1) •• — 0 9 Arahura (£1) 1 12 0 — Austral-N.Z. (£1) .. 1 9 0 1 15 0 Barrytown (£1) 1 5 0 1 11 9 Big Elver (Is) Gillespie’s Beach (Is) 0 0 7 0 0 10 Golden Sands (Is) —* 0i 0 1 4 Goldfields Dredg. (Is) 0 0 0 0 2 Grey River (10s) 0 17 9 0 18 0 Kanieri (£1) 1 13 0 1 14 6 Maori Gold (Is) 0 0 9 — Martha (5s) 0 8 6 — 8 Moonlight Gold. (8d) 0 0 5 0 0 Mossy Creek (Is) 0 0 11 — 11 New River (Is) 0 0 10 0 0 Okarito (5s) — 0 3 0 Skippers, Ltd. (Is) Walhl Investments (5s) — 0 0 OJ 0 7 1 — Waimumu Sluicing . . — 0 0 2 Ngahere (£1) 1 9 0 1 10 0 Ngahere (deferred) .. 1 1 0

UNLISTED STOCKS All transactions in stocks quoted in this section are subject to special broKerage and are not quoted on the official list:Buyers Sellers. £ 3. d. £ s d. Assoc. Mot. Pet. (pf.) 15 6 —* Aust. Mot. Petrol ... 0 12 6. — Lange’s Mobile Gas .. , — „ 0 12 3 National Tobacco .• l U — Paparoa Coal .. — 0 6 9 Riley, Arthur D. (pf.) — il 15* 0 AUCKLAND Sales on ’Change £ s. d. 4 p.c. Xnscr. Stock, 31/5/54-5S .. 100 0 0 Elferslle Town Board, 41 p.c.. 1/4/54 100 0 0 Bank of New Zealand ... 2 0 6 7 Bank of New Zealand (odd lot) 2 0 9 National Bank of N.Z. 2 2 3 South British Insurance 2 10 0 Farmers’ Auctioneering (A pf.) 0 19 6 N.Z, Breweries .. (2) 1 17 Aust. Alloy Steel .. 0 6 9 Broken Hill Pty. .. (2) 4 7 6 3 6 Taranaki Oil Development 0 2 2 Wilson’s Cement 0 19 1^ Woolworths (Sydney) -• 1 5 2

WELLINGTON e Sales Reported 33 p.c. Inscr. Stock, 1841 McKenzies Stores ... 99 12 6 2 0 6 Broken Hill Pty. _ .... 4 8 ■li (All above late • Friday > Sales on ’Change Bank of New Zealand .. 2 0 6 Aust. Consolld. Industries 2 4 9 G. J. Coles (odd lot) .. 4 3 9 Wilson’s Cement 0 19 0 Woolworths, Ltd.- .. • • 1 9 6 Mount Lyell .. • ■ 1 12 6 Wellington Alluvials . .(4) 0 4 6 Wellington City. 3i p.c. debs.. 85 14 1/12/47 .. - 3 Wellington City, 3J p.c. debs.. 96 16 1/3/47 1 Broken Hill Pty .. •• 4 7 9 DUNEDIN Sales on ’Change d. £ s. Westnort-Stockton (ord.) (2) 0 3 7 Aust. Foundation Co. .. 0 4 0 Woolworths (N.Z.) (ord.) 0 16 6 Woolworths (Sydney) 1 9 6 Woolworths Properties (cont.) 0 13 9

SYDNEY A strong tone existed on the Sydney Stock Exchange yesterday. There was a rush to buy Broken Hill Proprietaries. Morning Sales & s. d. Tooheys 4 k Associated Newspapers 0 15 9 British Tobacco 2 10 3 Broken Hill Pty. 4 3 0 Dunlop Per driau 0 19 4i Electrolytic Zinc 3 0 3 Electrolytic Zinc (pref.) 3 2 0 Afternoon Sales & s. d. Tooheys 1 10 3 Broken Hill Pty. 4 3 9 Mount Morgan 0 8 9 Huddart-Parker 3 0 3 Colonial Sugar 49 l| 6 Goldsbrough, Mort.. 1 T b G. J. Coles 3 16 3 Henry Jones .. Commercial Bank of Sydney 2 IS 18 15 9 0 British Tobacco .. 2 10 0 Mort’s Dock ... 0 19 0 Kuala Kampar 0 17 0