FINANCE AND COMMERCE

Press, Volume LXXVII, Issue 23302, 12 April 1941, Page 7

FINANCE AND COMMERCE

RESERVE BANK RETURNS ASSETS AND LIABILITIES The following is a statement of assets and liabilities of the Reserve Bank 'of New Zealand as at the close of business on April 7;— Liabilities—(l) General Reserve Fund, £1,500,000; (2) bank notes, £21,721,119; (3) demand liabilities; (a) State, £8,498,323; (b) banks, £12,690,193; (c) other, £600,477; (4) time deposits, nil; (5-) liabilities in currencies other than New Zealand currency. £7577; (6) other liabilities, £1,182,372; total, £ (N.Z. 146,200,063. Assets—(7) Reserve; (a) Gold, £2,801,873, (b) sterling exchange, expressed in New Zealand currency, £19,550,718; (c) gold exchange, nil; (8) subsidiary coin, £88,118; (9) discounts: (a) commercial and agricultural bills, nil; (b) Treasury and local body bills, nil; (10) advances; (a) to the State or State undertakings: (1) Marketing Department, £2,979,434; (2) for other purposes, £15,500,000; (b.) to other public authorities, nil; (c) other, nil; (11) investments, £3.772.569; (12) bank buildings, nil; (13) other assets, £1,507.347: total, £ (N.Z. 146,200,063. Proportion of reserve (No. 7 less No. 5) to notes and other demand liabilities, 51.356 per cent. “JOBBING” OF GOODS IN DEMAND PRICE TRIBUNAL STATES ITS POLICY

(P.A.) WELLINGTON, April 10. The Price Tribunal, in a statement says that it is well aware of the possibilities of detrimental effects on commodity prices charged to the public from the alleged practice ot lines (par. ticularly those of oversea origin and now in short supply), being “jobbed” amongst trading circles, either direct or through middlemen. Its policy was to treat each case, on its merits in the best possible interests of the consumer The statement pointed out that under the regulations, application had to be made to the tribunal and its approval given, before a price could be increased. When such application was made, the source of the supply of goods had to be disclosed, and the relevant invoice produced. The tribunal was thus enabled to trace jobbing transactions and deal appropriately with vendors who had committed breaches of the regulations. Although the detection of jobbing activities was largely dependent on the application for price approval being made by the vendor and/or the buyer, this difficulty has been met by increasing the personnel of the tribunal’s staff, thus enabling special inspectors to examine traders’ invoices covering, both the purchases and sales. While reiterating its desire to make its decisions with complete fairness to the trader and consumer alike, the tribunal said that never in the history of the Dominion was strict price control so vitally essential as today, and in fairness to the community as a whole, defaulting traders could not expect tolerance. MINING REPORTS Kimu Flat Dredge—The return for the week englng April 8 was 58oz 17dwt from 24,538 yards in 93 hours 23 minutes. Grey River Dredge—The return for the weed ending April 9 was 2370z from 92,341 yards In 121 hours 15 minutes. Blackwater Mines, Ltd.—The following is a review ot development work carried out during March:—No, 14 level drive north advanced 18 feet on reef averaging 14Jdwt over 36 inches. No. 14 level drive south advanced 12 feet on reef averaging 12jdwt over 29 Inches. No. 13 level rise at 570 N. advanced 10 feet on reef averaging 7dwt over 48 Inches. Holed through No. 12 level winze gt 3320 N. advanced 8 feet on reef averaging 14dwt over nine inches. No. 13 level winze at 1135 N. advacned two feet on reef averaging 16dwt over 25 inches. No. 13 level winze at 950 N. started and advanced three feet in hanging wall. PROPERTY SALES MESSRS FORD and HADFIELD, LTD., Real Estate Agents and Auctioneers. 131-133 Worcester street, report having sold, on behalf of the owner, a nine-roomed, two-storeyed residence. Cashel street, West End. Also by public auction, on behalf of Mr F. A. Smith, a dwelling with 2i acres, Waimak road. Harewood, to Mr J. Davies. Also, on behalf of the Blair Athol Syndicate, a very fine building section, Kaka street, Fendalton. Also, immediately after the auction sale, a 4-room residence, Jubilee avenue, North Beach, on behalf of Mrs Morrison to Mr H. Quinton. FORD and HADFIELD, LTD., for Real Estate. —6

STOCK EXCHANGE BUSINESS MARKETS FIRM The Stock Exchange on Thursday morning held its last call before the Easter vacation, and markets generally closed firm at recent levels. There was strong buying support for Government loans, but no sellers quoted. Apart from vestibule business the following transactions were recorded:— Sale on ’Change: Listed Stock—2oo Woolworths (South Africa), 15s 4d. Sales Reported: Listed Stocks—loo Southland Frozen Meat, 32s 3d; 200 Christchurch Gas 21s sd; 21s 6d. Southland Frozen Meat were firm, with business at 32s 3d. There was a closer market for New Zealand Refrigerating (10s paid), which were quoted 6s 2d buyers, 6s 6d sellers. Christchurch Gas were firmer with dealings at 21s 5d and 21s 6d, and late offers of 21s 3d failed to attract sellers. Sellers of New Zealand Breweries reduced their limits to 32s 4d, buyers at 31s. Buyers of McKenzies, Ltd., raised their bids to 43r 6d. but sellers wanted 44s 6d. Morts Dock were firmer with buyers at 18s 9d. Woolworths (South Africa) had business at 15s 4d, and closed with unsupported sellers at 15s 6d. LATEST QUOTATIONS N.Z. Govt. Debentures —3 p.c. Ins., 1941, b. £99 10s; 3i p.c. Ins., 22/6/60, b. £IOO 15s; 3i p.c Ins., 1953-57, b. £IOO ss; 3J p.c. Bonds, 1953-57, b £IOO 7s 6d; 4 p.c. Ins., 1940-43, b, £IOO ss; 4 p.c. Ins., 30/11/48, b. £lO3 15s; 4 p.c. Ins., 1949, b. £lO4 10s; 4 p.c. Ins., 1949-52, b. £lO5 7s 6d; 4 p.c. Ins., 1955, b. £lO5 10s; 4 p.c. Ins., 1954-58, b. £106; 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, b. £Bl 15s. Other Debentures—Wright, Stephenson. 2nd Lien Terminable, 41 p.c,, 31/8/44, s. £99 10s; N.Z. Rcfrig., 4‘i p,c„ 1/8/45, b. £IOO 15s; Thnaru Gas, 4 p.c., 1/11/45, b. £B7 10s. Ranks—Comm, of Australia (pref.), s. £9 15s; Comm, of Sydney, b. £lB ss; E., S., and A., b £4; Natl, of Australasia (£5 paid), b. £5 18s 6d, s. £0 ss; National of New Zealand, s. £1 16s; New Zealand, b. £1 19s, s. £2 0s Id; Union of Australia, s. £7. Insurance—Aust. General, s, 19s. Loan and Agency—Dalgely and Co,, b. £6 Is. s. £6 10s; Christchurch Building (cum div.l, s. £l6 10s; Goldsbrough, Mort, b. £1 4s, s. £1 5s 6d; National Mortgage A. s. £1 15s 6d; Mutual Benefit, b. £l4; N.Z. Guarantee Corpn., s. 3s; Permanent Investment, b. £9 15s; United Building, b. £1 0s 6d, s. £1 Is; Wright, Stephenson, s. 18s 6d; do. (pref.), b. 19s. Shipping—Huddart Parker (pref.), b. £1 6s. . Frozen Meat—N.Z. Refrig. (£1 paid), b. 16s Id, s, 17s 9d; do. (10s paid), b. 6s 2d, s. 6s 6d; North Cant, Freezing (pref.), s. 18s. _ .. Woollens—Bonds Hosiery, b. £1 ss; feu and Textiles, b. £1 18s; Kdiapoi (17s paid), s. 15s; do. (7s paid), b. 4s lid, s. 5s Id: Wellington (pref,), b. £6 15s, Coal—Grey Valley, b. 6s; Westport, b. £1 3s. s. £1 4s; Westport-Stockton (pf.). b. 6s, s. 7s; Kaitangata, b. £1 Us. Gas—Auckland, s. 6s 9d; Christchurch, b. £1 13 M - . u in Orl Breweries—Ballins (15s paid), b. 10s 9d, s. 11s 3d; Dominion (pref.), b. £1 8s 6d; New Zealand, b. £1 11s, s. £ll2s 4d; Swan, b. £1 3s 6d; Ward (in llqdn.), s. Is 3d. Miscellaneous —Aust. Alloy Steel, b. 8s 3d; Aust. Iron and Steel (pref.. cum div.), b. £1 6s 3d; Beath and Co., b. 14s 3d; Begg and Co., b. £1 Is; Booth, Macdonald (pref.), b. 6s 6d, s. 6s 9d; British Tobacco, b. £2 7s 3d; Broken Hill Pty.. b, £2 2s 6d, s. £2 3s; do. (5s paid, new), b. £1 4s; do. (fully paid), b. £2; Denhafd Bakeries (pref.), s. £1 Is 6d; do (ord.) s, 12s 6d; Dominion Builders, o. 5s 3d, s. 5s 8d; D.I.C. (pref. cum div.), b. £1 3s 3d; Evans Atlas Flour, s £1 7s: G. J. Coles, s. £3 5s 3d; Hay’s, Ltd, b. £1 ss; do, (con.), b. 19s 6d; Masonite, s. £1 5s 6d; M.K. Manufacturers, b. 5s 6d. s. 6s 6d; Morts Dock, b. 18s 9d; Macdufls (pref.), s. £1: do. (ord.), s, 10s; McKenzies, Ltd., b. £2 3s 6d, s. £2 4s 6d. N.Z. Farmers’ Co-op. (A pref), s £i 18s 6d: N.Z. Newspapers, s. £llos 3d; Prestige (N.Z.), (pf.), s, £1 Is 6d; Radio (1936,. b 13s; Selfridges (Australasia), s. £1 0s 6d; Weeks, Ltd., b. £7 15s; Whitcombe and Tombs, b. £3 7s 6d. s, £3 15s; Woolworths (Sydney) (ord.), b. 17s 2d, s._l7s 4d; WooVworths (N.Z;), s. 13s 9d; Zealandia Milling, b. £1 3s. . , Overseas Listing—Woolworths (S.AJ, s. 15 Australian Mining— Mount Lyell, s. £1 8s 9d; Mount Morgan, b, 10s, s. 10s 6d. , N.Z. Mining—Addison’s Fiat, s. Is; Austral (NZ ) b. £1 4s, s. £1 7s; Clutha River b fld; Grey River, b. 14s lid: Maori Gold. b. 2d. s. 6d: New River Goldfields, b 2d s. sd; Moonlight Goldfields, b. 2d, New River, b. 2d, s, sd; Worksop ExtendedUnofflcial List— Amalgamated Batteries, s 10s; Ass, Gold Dredg. (12s paid), b 127d, s. 13s 3d; Ass. Mot. Pet »• £1 ss; Aust Mot. Pet., b. Us 6d; Blacktoill Creek s 9d; Christchurch Press, b. £7. Mikonui (3s 6d pd.), s. Is; Paparoa Coal, s. 7s; Reece, Ltd., E. (pref.). b. 3s M. Selfridccs (N.Z.), (16s paid), s. 7s Sd.bilK nff (cum div.). b. 6s 6d; Urlwins, b. 42s 6d. AUCKLAND Sales—War Loan, £Bl 17s 6d; Stock. 30/11/48. 4 p.c., £lO4 ss; South■ Britah. 49s 9d; Dominion ers’ Trading. 19s 3d. Unofficial list: Hellabys (pref.). 20s 3d. WELLINGTON Sales—Late Wednesday: Standard Insurance. 61s New Zealand Refrigerating. 16s 6d. DUNEDIN Sales—Southland Frozen Meat (ord.). 32s 6d; Woolworths (N.Z.). (ord.), 13s 6d, War Loan, 1953, £B2, COLONIAL MOTOR COMPANY, LIMITED At the annual meeting of shareholders of the Colonial Motor Company, Ltd., at Wellington. Mr Hope B. Gibbons said that a fair measure of motor business was indicated by total sales of new cars of all makes in New Zealand for the years 1"38 (27,558), 1939 (21,953), 1940 (7253). During those years the company s interests had a total turnover in 1938 of £2 516,520, in 1939 of £2,111,038, and in 1940 of £1.088,091. , A final dividend was declared of Z 2 per cent,, and a bonus of 2 per cent. The balance-sheet shows total capital and reserves of £538,000. Messrs Hope, Gibbons, and Alf. B. Gibbons (retiring directors) were re-elected.