FINANCE AND COMMERCE

Press, Volume LXXVII, Issue 23324, 9 May 1941, Page 6

FINANCE AND COMMERCE

STOCK EXCHANGE BUSINESS LOCAL MARKETS DULL GOVERNMENT ISSUES DEARER Markets were dull and inactive on the Christchurch Stock Exchange yesterday and reported business was restricted to a few stocks. Price levels generally were well maintained with a hardening tendency in some Government issues. Bank of New Zealand (mortgage shares) were firm at 30s, and closed with unsupported sellers at 30s 6d. Broken Hill Proprietary new 5s paid shares changed hands at 24s 6d. and late offers of 24s failed to attract sellers. Australian Iron and Steel (preference) were firmer on buyers’ offers 26s 3d, and buyers of Australian Consolidated Industries moved up to 41s without attracting sellers, Dunlop Rubber were firm at 21s 6d. market closing 6d either way. Beliefs of G. J. Coles reduced their limits to 62s 9d, buyers at 625. A late sale of Northern Roller Milling on Wednesday, cum dividend, was reported at 21s 6d —buyers yesterday, ex dividend, offered 21s, but sellers were reticent. Sales Reported: Listed Stocks — £2OO Bank of New Zealand (mortgage shares, cum div.), 30s; 132 Broken Hill Proprietary (new 5s pd.). 24s 6d; 200 Dunlop Rubber 21s 6d (2); 200 Northern Roller Milling (cum div.) (late sale Wednesday), 21s 6d. LATEST QUOTATIONS N.Z. Govt. Debentures—3 p.c. Ins., 1341, b. £99 12s 6d; 3i p.c. Ins., 1953-57. b. £IOO 10s; 31 p.c. Bonds, 1953-57, b, £IOO 10s; 31 p.c. Ins., 22/5/60, b. £101; 4 p.c. Ins., 1943, b. £IOO 17s 6d; 4 p.c. Ins., 1946, b. £lO2 10s; 4 p.c. Ins., 30/11/48, b. £104; 4 p.c. Ins., 1949, b. £lO2 10s; 4 p.c. Ins., 1949-52, b. £lO5 10s; 4 p.c. Ins,, 1955, b. £lO5 17s 6d; 4 p.c. Bonds, 1946, b. £lO2 10s; 4 p.c. Bonds, 1949, b. £lO2 10s; 4 p.c. Bonds, 1954-58, b. £lO6 10s; Rural Bonds, 5 p.c., 15/9/47, b, £102; War Loan. 1/10/53, b. £B2 2s 6d. Other Debentures —Booth, Macdonald, 5 p.c., 1/6/47, b. £77; Auckland Gas, 5 p.c. Perpetual, b. £96; N.Z. Refrig., 4J p.c., 1/8/45, b. £IOO 10s; Timaru Gas, 4 p.c., 1/11/45, b. £B9. Banks —Australasia, b. £8 7s 6d, s. £8 15s: Comm, of Australia, s. 14s 2d; Comm, of Sydney, b. £18; Natl, of New Zealand, s. £1 16s; New South Wales (cum div.), b. £27 15s, s. £29; New Zealand (cum div.), b. £1 16s; New Zealand (mortgage shares, cum div.), s. £1 10s 6d; Union of Aust., b. £6 7s 6d, s. £6 17s 6d. Insurance—National (ex div.), b. 18s; New Zealand, b. £2 19s; South British, b. £2 8s 3d; Standard, b. £2 19s 6d. Loan and Agency— Christchurch Building, b. £l6; Dalgety and Co, (ex div.). b. £5 15s; Goldsbrough, Mort, b. £1 3s 9d, s. £1 4s 9d; Mutual Benefit, b. £l4; Natl. Mortgage A, s. £1 15s; Natl. Mortgage B, s, £1 2s; N.Z. Guarantee Corpn., s, 3s; Permanent Investment, b. £9 15s; United Building, b. £1 0s 6d; Wright, Stephenson, s. IBs 3d. Shipping—Huddart-Parker, b. £2, s. £2 8s; Huddart-Parker (pref.), b. £1 6s; P. and O. Deferred Stock, b. £1 4s; Union (pref.), b. £1 6s. Frozen Meate-Canterbury, b. £9; Gear, s. 13s 8d; N.Z. Refrlg. (£1 pd.). b. 16s sd; N.Z. Refrig. (10s pd.), b. 6s lOd. s. 7s. Woollens—Bonds Hosiery, b. £1 ss; Felt and Textiles, b. £1 18s, s. £2 2s 6d; Kaiapoi (17s pd.), b. 15s; Kaiapol (7s pd.). b. 4s lOd, s. 5s Id; Oamaru, b. 19s 2d; Wellington (pref.), b. £6 17s 6d. Coal—Grey Valley, b. 5s 6d; Kaltangata (cum div.), b. £1 11s 9d; Westport, b. £1 3s, s. £1 3s 9d; Westport-Stockton, b. 2s 3d, s. 2s 8d; Westport-Stockton (pref.), b. 6s 3d, s. 6s Bd. Gas—Auckland, s. 6s 8d; Christchurch, s. £1 Is 6d; Christchurch (10s pd.), s. 10s Breweries—Ballins (15s pd.), s. 11s 3d; Melbourne Co-op., b. £2 11s; New Zealand, b. £1 10s 6d, s. £1 11s 3d; Tooths (ex div.), b. £2 10s 6d. . ■ Miscellaneous —Aust. Consolidated Industries, b. £2 Is; Aust. Consolidated Industries (contr.), b. £1 12s; Aust. Iron and Steel (pref.), b. £1 6s 3d; Beath and Co„ b. 14s; Begg and Co„ b. £1 Is: Booth, Macdonald (pref.), s. 6s 9d; British Tobacco, s. £2 7s 6d; Broken Hill Pty. (ex div.), b. £2 2s. s. £2 2s 9d; Broken Hill Pty. (new, 5s pd.), b. £1 4s; Broken Hill Pty. (new, £1 pd.), b. £1 18s; Burns, Phllp (South Sea), b. 19s 6d; Denhard Bakeries (ord.), s. 11s 6d; Dominion Fertiliser, s. £1 7s; D.I.C. (10s pd.), b. 13s; D.I.C. (pref.), b. £1 3s; Dunlop Rubber, b. £l, Is. s. £1 2s; Evans Atlas Flour, b. £1 4s; G.V. Coles, b. £3 2s, s. £3 2s 9d; General Industries, b. 16s; Hay's, Ltd., b. £1 6s; Hay's. Ltd. (contr.), b. £1 Is; Hume Pipe (Aust.), b. 435, s. 14s; 1.C.1. (Aust. and N.Z.) (pref.), b. £1 3s; Masonite, s. £1 5s Cd; Milburn-Lime, s. £1 18s 9d; M.K. Manufacturers, b. ss, s. 6s; Macduffs (ord.), b. 9s Id, s. 9s 10d; Macduffs (pref.), b. 18s 9d. s. 10s 2d; McLeod Bros., s. £27 10s; N.Z Drug Co., s, £3 19s; N.Z. Drug Co. (£1 pd.). b, £2 9s; N.Z. Farmers’ Co-op (A pref.), a. £1 19s; N.Z. Farmers’ Co-op. (B pref.j. b. £1; N.Z; Farmers’, Co-op. (4i p.c. Stock, 1949), s. £Bl 10s; N.Z. Farmers' Co-op. (4J p.c. Stock, 1955), b. £77 10s s. £Bl 40s; N.Z. Farmers’ Co-op. (4J p.c. Stock, 1950), s. £81; N.Z. Newspapers (ex div.), s. £1 10s 6d; Northern Roller (ex div.), b. £1 Is; Prestige (N.Z.) (pref.), s. £1 Is 3d; Radio (1936), b. 12s 6d; Selfrldges (A’asia), b. 15s; Taranaki Oil Developments, s. 2s 2d; Wilcox, Mofflln, b. 7s lOd, s. 8s Id; Wilson’s Cement, b. 18s sd, s. 19s 2d; Woolworths (Sydney) (ord.), b. 16s Id, s. 16s 4d; Woolworths (N.Z.) (pref.), b. £1 16s 3d; Woolworths Properties, b. £1 4s; W, R. Carpenter, b. £1 12s 6d. ■ Overseas Listing—Woolworths (S.A.), b. 14s, s. 15s 6d. Australian Mining—Broken Hill South (cum div.), b. £1 2s 9d; Mount Lyell (cum div,), b. £1 7s 3d, s. £1 8s 3d; Mount Morgan, b. 8s lOd, s. 9s sd. N.Z. Mining—Austral (N.Z.), b. £1 2s, s. £1 6s; Clutha ■ River, b. 9d; Golden Sands, s. 8d: Maori Gold, b. 2d, p. sd; Moonlight Goldfields, b. 2d, s. 4d; New River, b..2d, s, sd; Ngahere, s. 13s; OkarUo, Bid, s. Is 6d: Walhl Investments, s. 4s; Worksop Fjctended, s. 3d. Unlisted Stocks—Assoc. Gold Drg. (12s pd.), s. 12s fld; Aust. Mot. Pet., b. 11s; British Developments, s. 17s 6d; .Christchurch Press, b.. £7; Mlkohul (deferred), s. ss; Slab Hut (3s pd.), b. 2s 6d; Sllknlt. s. 8s; Una Hill, b. lid, s. Is 4d; Urlwin’s. b. £2 2s 6d. AUCKLAND Sales—Auckland Hospital Board, 4J p.c., 1951, £lO4 ss; Union Bank, £6 10s; Loan and Merc., £26 10s; Dominion Breweries, 28s; N.Z. Breweries, 30s lOd; Broken Hill Pty. (con.), 24s 3d (pdd lot): Dunlop Perdrlau, 21s 8d; N.Z. Drug (con.), 49s 3d; N.Z. Fert. (pref.). 225; N.Z. Newspapers, 29s 9d; Northern Roller (ord.), 22s 3d; Sanford (pref.), 13s 9d. \ WELLINGTON, Sales —Late Wednesday: Dominion Breweries, 28s; Macduffs (pref.), 19s. Yesterday: N.Z. Govt. 4 p.c. Stock, 1946, £103; 1949, £103; 1955, £lO6 ss; N.Z. Drug (cont.), 49s 3d. DUNEDIN Sale—Mt. Morgan, 9s 6d. Sales Reported—N.Z. Breweries. £1 10s 10d, £1 11s; Chas. Begg and Co., £1 2s (late Wednesday). SYDNEY On the Sydney Stock Exchange yesterday leading Industrials were firmer. Me-dium-priced Issues were irregular. Afternoon Sales—Union Bank. £6 10s; Burns. Phllp (New Zealand delivery). 495; Bond’s Industries, 29s 3d; Imperial Chemicals (pref.), 22s 10d; Hordern, 13s 6d; Standard Cement, 19s 3d; Mllllquln Sugar, 38s 6d; Victoria Nyanza. 7s 6d; Goldsbrough, Mort, 245; Broken Hill Pty. (contr.), 23s 7d; Emperor, 9s lOd. MEI. BOURNE Sales—Aust. Consolidated Industries, 41s 6d; Cox Bros., 6s 9d; Dunlop Perdrlau, 20s 4d; Electrolytic Zinc (pref.), 52s 3d; Mount Morgan, 8s 6d. COMPANY NEWS KAITANGATA COAL t . The Kaltangata Coal Company announces a dividend of 2s 6d a share for the year ended February, payable on May 15. AUSTRALIAN CONSOLIDATED INDUSTRIES v (P.A.) WELLINGTON. May 8. The directors of Australian Consolidated Industries recommend for the half-year ended March 31, dividends as follows:—4J per cent, on preference shares, making 9 per cent, for the year; 4i per cent, on fully paid ordinary shares, making 8 per pent, for the year; 4i per cent, on the amount of 12s a share, paid on September 30,. on the , contributing ordinary shares in accordance with the 'erms of Issue. The dividends will be payable on June 25. Address on Insurance.—Members of the Canterbury. Chapter of the New Zealand Institute of Secretaries met in Ballantynes private room yesterday. Mr W. H, Down addressed the members on insurance..

A.M.P. SOCIETY’S YEAR MEETING IN SYDNEY New business completed in the ordinary department of the Australian Mutual Provident Society in 1940 comprised 41,900 policies, assuring £16,927,863, - and 329 annuities for £l4 750 per annumi In the industrial department, 99,587 new policies were, issued assuring £6,083,792. These figures are shown in the ninety-second annual report of the society. Claims by death in the ordinary dedepartment amounted to £3,219,450, including £1,235,159 for bonus additions. Endowment policies matured amounting to £1,712,235, including £552,374 for bonus additions. Policies assuring £5,864,102 became void from other causes, and annuities ■' amounting to £8521 also became void. Claims by death and maturity in the industrial department amounted to £1,389,587. The investment and contingencies reserve funds have been increased by £500,000,t0 £3,000,000, provision for accrued taxation has been increased by £200,000 to £500,000, and the book values, of the office premises and other assets have been written down by £244,140. In addition, the special reserve for contingencies made in, the valuation balance-sheet of the ordinary department has been increased by £850,000 to £1,500,000. The society’s investments in various loans to the Commonwealth and States of Australia to New Zealand and other Dominions, to Great Britain, and to local government and other public bodies in Australia, New Zealand and other Dominions, amount in all to £75,302,514. ' „ . It had been hoped that Mr D. A. Ewen, a member of the New Zealand branch local board would have attended in person the annu .1 meeting in Sydney to-day, as the New Zealand branch delegate, but an unexpected curtailment of transport facilities caused the cancellation of his passage at the last moment. In the circumstances,'it was arranged that the following message from Mr Ewen should be read to the meeting as indicating his support for the motion for the adoption of the annual report. “The annual meeting will be held in the shadow of grave events—events threatening the safety of our Empire, of our ideals, and our very institutions. It is symptomatic, perhaps, of the resolution with which the British peoples everywhere are facing their difficulties that we should be able to come together much as usual, and to learn, moreover, from your report the very satisfactory manner in which our society is carrying on, and even expanding its business, in such adverse circumstances. The members of the principal board are to be heartily congratulated on the results of the year’s operations, representing as they do, a most solid achievement for all those actively engaged in the prosecution of the society’s affairs, as well as a source of substantial satisfaction to all our policyholders. “In this very pleasant result, I am glad to be able to report that the New Zealand branch has contributed its full share of the society’s general progress. To the influx of new business during 1940, New Zealand has supplied new' sums assured in the ordinary department amounting to £4,167,518, together with an additional sum assured of £646,880 through the industrial department. This new business is equivalent to an average amount, of £3 3s 9d per head of the Dominion popula-, tion (excluding Maoris), and was secured notwithstanding the, absence overseas on active service bf many thousands of young men who, in ordinary circumstances, would form the backbone of new membership. A com. plementary activity in the building up of membership is the conservation of the business already in force, and, Jn recent years, the work .has had increasing attention. Business goes off the books in the main through death claims and maturities, and by policies lapsing or being surrendered. v With the continual expansion of business comparative figures for deaths and maturities tend to increase year by year, and conservation work must be concentrated on the other, and preventable forms of loss. In-the 1939 report, the branch was able to show a reduction by £231,000 in the business void from all sources, and during 1940 this happy result was improved to the extent of a further £244,996. The decreasing figures for voids improve the rate for net increase, i.e.,.new business less voids, and indicate the high degree of stability of our business. The ordinary depart lent business alone in force at the end of 1940 represented an average sum assured of £4O 3s 9d per head of population (excluding Maoris), a telling advertisement of the service being rendered to the people of New Zealand by the society and b measure of the support being accorded there. “During the year, the funds of the branch increased by approximately £1,401,000 to nearly £21,837,500, and satisfactory avenues have been found for investments, in the Dominion itself. By this means the society is enabled further to contribute to the wellbeing of New Zealand by supporting Government and local body loans, and by making advances on mortgage of land and other 1 first-class securities. Arrangements have recently been com. pleted also to co-operate with the Wellington City Council in financing a housing scheme designed to relieve the acute housing shortage in that centre. “Seasonal conditions, in the year under review, have been ' generally favourable in the Dominion as a whole, the lambing in particular being most satisfactory. The marketing of primary produce is affected, however, by curtailment of shipping services, and the reduction in insulated bottoms will be seriously detrimental to the export meat trade. War conditions have given a fillip to the development of secondary industries, but these have not advanced as yet to the stage where the Dominion can be indifferent to the predominating influence of its primary producing economy. New Zealand must remain, therefore, vitally interested in the flnding.of adequate solutions to these war time difficulties and the degree of prosperity to be attained in the immediate future will bear a close relation to the success attending these efforts. “In its representation, the branch has been handicapped by the enlistment of many experienced field men, and the indoor staff has been depleted for the same reason and to an even greater extent. Whilst these losses have attained almost embarrassipg pro. portions in some centres, satisfactory or temporary arrangements have been made in all cases, and with the loyal co-operation of those who remain, it is confidently expected that such difficulties will be minimised and a fully adequate service maintained. “I can assure you, Mr Chairman, in conclusion, that the society is in a most sound position in New Zealand and that the future may be faced with quiet confidence. “I have very much pleasure in supporting thp motion for the adoption of the ninety-second annual report.” -r6 N.Z. PETROLEUM COMPANY (P A.) GISBORNE, May 8. The New Zealand Petroleum Company reports that operations at Morere have been suspended owing to the breakage of a crankshaft In the power unit. At Midhirst a depth of 6570 feet 'had been reached. There was no change In the formation. MARTHA MINE DIVIDEND (P.A.) ' AUCKLAND. May 8. Cabled advice from London to the local director states that the Martha Mine directors will recommend a final dividend of 9d a share, free of income tax. payable on May , ■ ,