FINANCE AND COMMERCE

Press, Volume LXXVII, Issue 23295, 3 April 1941, Page 5

FINANCE AND COMMERCE

STOCK EXCHANGE BUSINESS

MODERATE LOCAL TURNOVER

PRICE MOVEMENTS IRREGULAR There was a moderate turnover on the Christchurch Stock Exchange yesterday and business was well spread. Price movements were irregular but for the most part in favour of sellers. War Loan, due 1953, had dealings at £Bl 12s 6d, and closed with unsupported sellers af £B2. Bank of New Zealand dropped to 40s 9d, market closing 40s 8d buyers, 41s sellers. Commercial Bank of Sydney claimed buyers at £lB ss. Christchurch Building were firmer with buyers at £l6 10s. Westport-Stockton Coal (ord.) were fractionally firmer at 2s Bd. Buyers of New Zealand Breweries raised their bids to 31s Bd, but sellers wanted 32s fid. Broken Hill Proprietary (10s paid) new issue shares changed hands at 31s and more were wanted at 30s fid. Wilsons Cement moved up to 19s sd, and there were further buyers at 19s 4d. A late sale of Mount Lyell on Monday was reported at 28s 3d, buyers yesterday offered that price, sellers at 30s, Broken Hill South were firmer with buyers at 25s 3d. * Unlisted Stock—Silknit had business at 6s 7d, market closing 6s 6d buyers; no sellers. Sales on ’Change: Listed Stocks—£43o War Loan 1/10/53, £Bl 12s fid (2); 100 Bank of New Zealand, 40s 9d; 200 Westport-Stockton Coal (ord.), 2s 8d (2). Sales Reported: Listed Stocks—2so Broken Hill Proprietary (10s paid) (new), £1 11s; 500 Wilsons Cement, 19s sd; 100 Mount Lyell (late sale Tuesday), 28s 3d. Sale Reported: Unlisted Stock—lso Silknit (cum div.), Cs 7d. LATEST QUOTATIONS N.Z. Govt. Debentures—3 p.c. Ins., 1941, !b. £99 10s; 31 p.c. Ins., 22/5/60, b. £IOO 12s Gd; 3i p.c. Ins., 1953-57, b. £IOO ss; 31 p.c. Bonds, 1953-57, b. £IOO ss; 4 p.c. Ins., 1943, b. £IOO 12s 6d; 4 p.c. Ins., 1946, b. £lO2 7s 6d, s. £lO3 ss; 4 p.c. ips., 30/11/48 (ex interest), b. £lO3 10s; 4 p.c; Ins., 1949, b. £lO4 10s; 4 p.c. Ins., 1955, b. £lO5 ss; 4 p.c. Ins., 1954-58, b. £166; 4 p.c. Bonds, 1946, b. £lO2 12s 6d; 4 p.c. Bonds, 1949, b. £lO4 10s; 4 p.c. Bonds, 1955, b. £lO5 10s; Rural Bonds, 5 p.c., 15/9/47, b. £102: War Loan, 1/10/53, s. £B2. Other Debentures—Auckland Gas, 5 p.c. Perpetual, b. £97 2s 6d; N.Z. Refrig., 41 p.c., 1/8/45, b. £lOl, s. £102; Timaru Gas. 4 p.c., 1/11/45, b. £B7 10s. Banks —Australasia, b. £8 Bs, s. £8 15s; Comm, of Aust., b. 14s 3d, s. 15s 2d; Comm, of Aust. (pref.), b. £8 15s; Comm, of Sydney, b. £lB 15s, s. £l9 ss; E.. S„ and A;, b. £4; Natl, of Australasia (£lO pd.), b. £l2; Natl, of Australasia (£5 paid), b. £5 18s 6d; Natl, of N.Z., s. £1 16s; N.S.W., s. £29; New Zealand, b, £2 0s Bd. s. £2 Is; N.Z. (Mortgage shares), b. £1 9s; Union of Aust., s. £6 19s 6d. Insurance—National, b. IDs 2d; New Zea,aad. s. £3 Is 9d; South British (ex div.), b. £2 9s. Loan and Agency—Dalgety and Co., b. £6; Christchurch Building (cum div.), b. £l6 10s; Goldsbrough, Mort, b. £1 4s 9d, ’ s. £1 6s; Mutual Benefit, b. £l4; Natl. Mortgage (A), s; £1 15s Sd; N.Z. Guar. Corpn., s. 3s Id: Perm. Investment, b. £9 15s; United Building, b. £1; Wright, Stephenson, s. 19s; Wright. Stephenson (pref.), b. 19s. Shipping—Huddart Parker (pref.), b, £1 6s; P. and O. Def. Stock, b. £X 5s Id; Union (pref.), b. £1 6s 6d. Frozen Meat—N.Z. Refrlg. (£1 paid), b, 15s; N.Z. Refrig. (10s paid), b. £6; Southland, s. £1 14s. Woollens—Bonds Hosiery, b. £1 ss; Felt and Textiles, b. £1 18s; Kalapol (17s paid), b. 14s lOd; Kaiapoi (7s paid), s. 5s Id; Oamaru, b £l, S. £1 0s 3d; Tlrnaru. s. 15s; Wellington (pref,), b. £6 15s. Coal—Grey Valley, b. 5s 6d: Westport, b. £1 3s, s. £1 3s 9d; Westport-Stockton, s. ,2s 10d; Westport-Stockton (pref.), b. 6s, .s 6s llfit Kaltangata, b, £1 11s. ' Gas—Auckland, s. 6s 9d. •Breweries—Ballins (15s paid), b. 11s, s. 11s 3d: Dominion (pref.), b. £1 9s 6d; New Zealand, b. £1 11s Bd, s, £1 12s 6d; Queensland, s. £1 ss; Swan, b. £1 3s 6d; Tooths, b. £2 12s 6d; Ward (in liqdn.), s. Is 6d. Miscellaneous—Aust. Alloy Steel, b. 8s 4d; Aust. Iron and Steel (pref.), b. £1 6s; Beath and Co., b. 14s 6d; Begg and Co., b. £1 Is; Booth, Macdonald (pref.), b. 6s 6d, s. 6s 9d: British Tobacco, b, £2 7s, s. £2 8s; Broken Hill Pty., b. £2 3s 3d; Broken Hill Ply (5s paid, new),,b. £1 8s; Broken

Hill Pty. (10s paid), b. £1 10s 6d; Claude Neon (N.Z.), s. £1 2s 6d; Denhard Bakeries (pref). s £1 2s; Dominion Builders, s. Os lid; Dominion Fertiliser, s. £1 7s; D.I.C (10s paid) b. 14s; D.I.C. (pref.), b. £1 3s 3d: Dunlop Rubber, b. £1 Is, s. £1 2s; Electro. Zmc, b. £2 13s 3d, s. £2 16s; Electro Zinc (pref.), b. £2 15s 3d, s. £2 19s: Evans Alias Flour, b. £l, s. £1 8s; G. J Coles b. £3 4s; Hay’s, Ltd., b. £1 3s; Hay’s. Ltd. (cont.), b. 19s; Hume Pipe (Aust). b. 14s- Masonite, b. £1 4s. s.'£l 5s 6d, Mason Struthers, b. 10s, s. 15s; Millaquln Sugar, b £2; M.K. Manufacturers (cum dlv.), b 5s 9d. s. 6s 6d; Morris Hedstrom, b. £l, Macduffs (ord.), b. 9s 3d, s 10s; Macdufts (pref.), b. 18s 9d, s. 19s 3d; N.Z. Farmers’ Co-op. (A pref.), s. £1 18s 6d: N.Z. Farmers' Co-op. (4J p.c. Stock. 1949), b. £Bl 10s; N.Z. Farm. Fertiliser, s. £1 Is 9d; N.Z. Newspapers, b. £1 10s, s. £1 11s; N.Z. Paper Mills, b. £1 10s 6d, s £1 11s 6d; Prestige (N.Z.) (pref.), s. £1 2s; Whltcombe and Tombs, Ltd., b. £3 7s 6d, s. £3 15s; Wilson’s Cement, b. 19s 4d, s. £1; Woolworths (Syd.) (ord.), b. 17s 3d, s. 18s; W R. Carpenter, b. £1 15s 6d; Zinc Investments, b. 5s 3d.

Overseas Listing—Woolworths (S.A.), b 15s 3d.

Australian Mining—Broken Hill South, b. £1 5s 3d, s. £1 6s 6d; Mount Lyell, b, £1 8s 3d, s. £1 10s; Mount Morgan, b. 10s. s. 10s 6d.

N.Z. Mining—Austral (N.Z.), b. £1 4s 3d, s. £1 7s; Golden Sands, s. 8d; Grey River, b. 14s lid; Maori Gold. b. sd, s. 6id; Moonlight Goldfields, s. 4d; New River, b. 2d, s. sd; Ngahere, s. 16s; Worksop Extended, s. 3d.

Unlisted Stocks—Ass. Gold Dredg. (12s paid), b. 11s, s. 13s 9d; Ass. Mot, Petrol (pref.), s. £1 ss; Aust. Mot. Petrol, b. 12s; Blackball Creek, s. 9d; British Developments, s. 17s 6d; Christchurch Press, b. £6 17s 6d; Lange’s Mobile Gas, b. Is 9d; Mikonui (3s 6d paid), s. Is; Mikonul (def.), s, Ss; Paparoa Coal, s. 6s 9d; Reece, Ltd . E. (pref.), b. 3s 9d; Silknlt (cum div.), b. 6s 6d; Taramakau (5s paid), s. 3s; Urlwin’s, b. £2 2s 6d; Whakatane Paper Mills, s. 3s 6d. | AUCKLAND Sales—War Loan, 1/10/53, £B2 (late sale). £B2; Auckland Gas (Perpetual Stock), 197 7s Cd (late sale); Commercial Bank of Australia (pref.), £9 (late sale); Bank ol N.Z,, 40s 9d (late sale), 40s 9d; N.Z. insurance. 61s 8d (late sale), 61s Bd, 61s 6n. South British 49s 9d; F.A.C. (B pref I 21s; Dominion Breweries (ord.), 29s (late sale); Bycroft, 44s 6d; Electro, .Zinc (pref.). 56s 6d (late sale): Macky, Logan, 20s Od; Morts Derek, 18s 6d; Woolworths (Sydney), 17s 6d; Martha. 7s 9d; Mount Morgan, (ord.), 10s 2d, Unofficial list. Silknit, 6s Od. WELLINGTON Sales—Late Monday: Bank of N.S.W., £29; National Insurance, 19s 4d; Woolworths, Ltd., 17s 6d; Mount Lyell. 28s 3d. Yesterday: National Bank of Australasia (£5 paid), £6; Auckland Gas, 6s 7d; South British Insurance, 49s 9d; Westport Coal. 23s 3d; Wilson’s Cement, 19s 4d. DUNEDIN Sales—Bank of Net# Zealand (2), 40s 9d; Westport Coal, 23s 3d; Milburn Lime, 38s 6d; Mount Lyell, 28s 6d, 28s 3d. SYDNEY Morning Sales—Commercial Bank of Australia, 13s 10d; Bank of N.S.W., £26 15s; Australian Consolidated Industries (con.), 35s 6d; Bonds Industries, .325; Burns, Philp, 50s. • LONDON QUOTATIONS LONDON, April 1. Dalgety, 4 p.c. debs., £79 10s; British Tobacco. 36s 3d; Goldsbrough, Mort, 21s 3d; Dalgety, 955; P. and O. Def., 22s 4jd. TIN IN LONDON LONDON. April 1. Tin is quoted at £270 to £270 5s a ton spot and £266 15s to £267 forward.

OVERSEAS EXCHANGE CONTROL SUMMARY OF YEAR’S TRANSACTIONS A second summary of the transactions of the New Zealand overseas exchange control Is published In the latest Issue of the Statistical Summary of the Reserve Bank of New Zealand. The first summary. which was published in December, 1940 covered a period from December 7, 1938, to December 31. 1939. The present summary covers the 12 months to March 31, 1940. The figures are. ... y ,; Receipts In respect of:—Exports, £70,975,000; interest, dividends, legacies, immigrants funds, and private debts due In New Zealand £1.588.000; trade debts due in New Zealand, including overseas earnings of New Zealand -firms, £1.734,000; commission royalties and insurance, £68,000; donations and allowances, £342,000; travfillers* expenses, £270,000; local body loans raised overseas. £322.000; Government loan raised overseas , (sterling loan from trading banks, since repaid), £2,500,000, unclassified, £683,000. Total, £i8,482,000. Payments In respect of:—lmports. £43.351,000; interest. dividends, legacies, emigrants funds and private debt overseas, £3.187,000: trade debts due overseas, including earnings in New Zealand of overseas firms. £1,888,000; Governmentdebt and other services, excluding imports. £11,364,000; local body debt services. £1,634,000: commissions, royalties, ana insurance. £323.000; doMtlons and allowances. £547,000: film hire and entertainments. £293,600; travellers expenses, £727,000; unclassified. £43,000. Total, £63,357.000.

THE PROVIDENT LIFE ASSURANCE COMPANY,

LIMITED ANNUAL MEETING The annual general meeting of the Provident Life Assurance Company, Limited, was held at the head office of the company. Dunedin, on Friday, March 28, 1941, Mr Andrew Todd being in the chair. , ■ . . ' The report showed that the new business for the year amounted to £938,124. while the net income had increased *by £7146 5s 5d and now amounted to £376.545 11s 9d. The sum of £155,795 5s had been paid in claims during the year and an addition ox £103,148 13s to the funds brought their total at the end of the year to £1,827,876 Is. x In reviewing the results for the year the chairman stated that, contrary to expectations, claims arising from the war had been light, but the number of trained members of the staff who had been called up for service at home and abroad created the main problem with which they had to deal. New business had naturally suffered through the war as so many .men of insurable age were on active service; in the ordinary branch, however, the drop in new business was less than 6 per cent, of the previous year’s total. Interest receipts had increased by £3360 but the general fall in the rates of interest obtainable on gilt edged securities,. together with higher taxation, had reduced the net effective rate yielded by the funds by nearly Is 6d per cent. . ' While the income had increased there had been a mo6t satisfactory reduction in the outgo. Claims and surrenders were less by some £15,000 due chiefly to a reduction of £IO,OOO in claims by maturity. Expenses were also lower in all departments and the ratio to premium income had been reduced by 1 per cent, in the ordinary branch and 0.8 per cent, in the industrial branch; as a result the addition to the funds was larger than had been made in any previous year. The chairman expressed appreciation for the work of the staff during a year of considerable difficulty and after the re-election of directors and auditors the meeting closed. —6