FINANCE AND COMMERCE

Press, Volume LXXVII, Issue 23352, 11 June 1941, Page 5

FINANCE AND COMMERCE

BANK OF NEW SOUTH WALES EIGHTIETH ANNIVERSARY TO-DAY Eighty years ago to-day the Bank of New South Wales first opened for business in New Zealand in Auckland. Branches were subsequently opened at Lyttelton oh July 18, 1861, Christchurch on July 19, Invercargill oh July 24, Dunedin, on August 8, Wellington on September 2, and Wanganui on September 3. all in 1861. The early history of the bank was largely concerned with developments in the South Island, as the Maori Wars, which began in 1860. checked pastoral expansion in the north. In such conditions the scope for banking services was limited, so that no branches were .permanently added to the original three in the North Island until 1873. Business increased rapidly in the South Island, especially during the gold rushes in Otago and Westland. When the gold rushes subsided some South Island branches were closed, but many new branches were opened in the north, for business was expanding rapidly there. The 1893 Crisis The bank came. safely through the severe financial crisis of 1893 in Australia and New Zealand which caused the failure of many financial institutions and suspension of several banks in both countries. Conditions in New Zealand improved from 1900 onwards, with a minor relapse about 1908, until the outbreak of war in 1914. Rising prices then encouraged greater production through the change over from extensive farming to the more intensive profitable dairy and mixed farthing. From a very small beginning the first ledger of the Bank of New South Wales, still in existence, shows that when it first commenced operations in Sydney in 1817, its paid-up capital was £3625. The bank is now the oldest and largest in Australia and New Zealand, and ranks thirteenth among the banks in the British Empire. Capital and reserves now amount to £14,930,000 and total assets exceed £143,000,000. The. bank has 875 branches and agencies throughout Australia, New Zealand, and London, Fiji, Papua, and New Guinea, with agents throughout the world. . The first manager of the Christchurch branch of the bank when opened in 1861 was Mr C. W. Turner. The present manager is Mr R. M. Wolfe. COMPANY NEWS PATO CONSOLIDATED GOLD DREDGING, LTD. Cabled advice has been received that the directors of Pato Consolidated Gold Dredging, Ltd., have declared a dividend of 12 cents. (Canadian) a fully paid share, payable on June 25 to shareholders recorded on June 4. FELT AND TEXTILES, LTD. The directors have declared a dividend on the 6 per cent, second preference shares for the half-year ending June 30, 1941, payment to be made oh Jnly 1. The Melbourne and Sydney second preference transfer books and registers of members will be closed from June 18- to June 30, 1941 (both days inclusive). DEVONPORT FERRY (P S.S.) AUCKLAND, June 10. The Devonport Ferry Company will pay a final dividend of 2J per cent., making 5 per cent, (unchanged) for the year. STOCK SALES ' # TINWALD There was a further increase in prices for fat sheep at the Tlnwald stock sale yesterday, when values Increased by about 2s a head on those at the sale last week. All the sheep were of good quality and there was a large yarding in both fat and store sections. The top price of the sale was.29s 4d, obtained for a pen of three wethers. Good prices were also obtained for lambs, one pen selling at 27s 6d. In the fat ewe section prices ranged from 6s 7d to 20s. A line of wether lambs in the store section brought 14s. RANGIORA Values at the stock market at Ranglora yesterday ranged as follows:—Sheep: Forward wethers 16s 6d Jo 225, forward lambs 15s lOd, small lambs 7s to 8s 6d. Cattle: Springing heifers £9 to £9 10s; two-year steers £5 16s. __ 1 Pigs: Stores 28s to 335, slips 21s to 255, weaners 11s bd to 'l7s. LORNEVILLE (P.A.) INVERCARGILL. June 10. The entry of fat cattle at the Lornevllle stock sale to-day was very small, and consisted mainly of aged and. unfinished cows. Competition was keen for all classes, and a general Improvement of about £1 10s a head was recorded. Prime heavy-weight bullocks made from £ls 10s to £l6 15s, medium-weights £l3 10s to £l4 10s, handy-weights £l2 to £l3, light and unfinished £9 to £lO 10s; good quality cows £lO to £lO 15s, medium £8 5s to £9 ss, aged £4 10s to £5 10s; good quality medium-weight heifers £lO to £lO 15s. light-weights £9 to £9 15s, small £7 15s to £8 ss. There was another full yarding of fat sheep that were of quite good quality. The sale was a sound one from beginning to end. with values for all classes firm at 6d to 9d a head better than last week. Prime heavy ’wethers brought from 28s to 30s, medium-weights 26s to 27s 6d, light-weights 24s to 255, unfinished 21s to 235, good butchers’ ewes 14s to -15s 9d, medium quality 12s 6d to 13s bd, unfinished 10s 6d to 11s 3£. freezing ewes 14s to 17s. The entry of fat lambs included some pens of good quality sorts. Competition was keen from the export buyers, and prices were •up to full, export schedule rates ■ / .

STOCK EXCHANGES LOCAL MARKETS QUIET Firm but quiet conditions prevailed on call, yesterday and the recorded turnover was restricted. Prices of several stocks showed an upward tendency. Apart from vestibule business the following transactions were recorded;— ■ ' Sales on Change—Listed Stocks: 50 Broken Hill Proprietary, 42s 6d; 500 Maori Gold, 4d. Buyers of New Zealand Government 4 per cent. Stock, 1949, raised their bids to £lO3 10s, but sellers were reticent. Sellers of Bank of New Zealand reduced their limits to 36s 6d, buyers at 365. Buyers of Felt and Textiles raised their bids to 395, but 1 sellers wanted 435. Sellerk of Christchurch Ga§ reduced their limits to 21s 2d, buyers firm at 21s. Broken Hill Proprietary were firm at. 42s 6d, sellers staying in at that price, buyers at 42s 3d. There was a closer market for Donaghy Rope, which were quoted at 50s buyers, 52s 6d sellers. 1.C.1. (Australia - and New Zealand, pref.) were firmer on buyers offers. 245. Buyers’ offers for Broken Hill South. Arahura, and Kanieri revealed firmer markets. Maori Gold changed hands at 4d, and closed with unsupported sellers at 4Jd; LATEST QUOTATIONS N.Z. Govt. Debentures.—3J p.c. Ins., 1953-57, b. £lOl 12s Gd. s. £lO2 2s 6d; 31 p.c. Bonds. 1953-57, b. £lOl 12s 6d; 4 p.c. Ins., 1943, b. £lOl ss; 4 p.c. Bonds, 1946, b. £lO2 10s, s. £103; 4 p.c. Ins., 1949, b. £lO3 10s; ,4 p.c. Ins., 1955, b. £lO6 12s 6d: 4 p.c. Ins., 1954-58, b. £lO5 15s; 4 p-.c. Bonds. 1949, b. £lO3 10s; Rural Bonds, 5 p.c., 15/9/47, b. £102; War Loan, 1/10/53, b. £B3. Other Debentures.—Auckland Gas, 5 p.c. Perpetual, b. £95 ss, s. £95 15s; Booth, Macdonald, 5 p.c., 1/6/47, b. £75; N.Z. Refrig., 4J p.c., 1/8/45, b. £lOl, s, £102; Tlmaru Gas, 4 p.c., 1/11/45, b. £B9. Banks.—Australasia, s. £8 10s; Comm, of Australia, s. 14s; Comm, of Australia (pref.), £8 18s; Comm, of Sydney, s. £18; National of N.Z, (cum div,), b. £1 10s, s. £1 15s; New South Wales, s. £2B; N.Z. (ex div.), b. £1 16s, s. £1 16s >pd; Union of Australia, s. £6 14s; Queensland National, s. £5. Insurance.—Australian General, b. 17s, s. 19s; National, b. 18s, s. 18s 8d; N.Z., b. £3 Is 3d. s. £8 3s 3d; South British, b. £2 11s 6d. s. £2 12s 3d. , „ Loan and Agency.—Dalgety and Co., b. £6, s. £6 10s; Goldsbrough, Mort (cum div.), b. £1 4s Bd, s. £1 5s 3d; Christchurch Building, b. £l6 ss; Mutual Benefit, b. £l4; National Mortgage A (cum div.), s. £1 14s 9d; N.Z. Guarantee Corpn.. s. 2s 9d; N.Z. Loan and Merc, (ord stock), b. £26 10s; Permanent Investment, b. £9 15s; United Building, b. £1 Is, s. £1 Is 6d. Shipping.—Devonport Ferry (ex div.), b. £1 Is; Huddart-Parker, b. £2 ss, s. £2 7s; Huddart-Parker (pref.), b. £1 6s 6d; P. and O. Deferred Stock, b. £1 6s 6d; Union (pref.), b. £1 7s. Frozen Meat.—Canterbury, b. £9 ss; Canterbury (pref.), b, £6 10s; N.Z. Refng. (£1 paid), b. 16s 6d; N.Z. Refrig. (10s paid), b. 7s Id; North Cant. Freezing (pref.), b. 15s; Southland, b. £1 11s 3d, s. £1 I3s. . , Woollens. —Bonds Hosiery, b. £1 as; Bruce, b. £1 Os 9d; Felt and Textiles, b. £1 19s, s. £2 3s; Kalapol (17S paid), b. 15s 6d, s. 16s 3d; Kaiapoi (7s paid), b. 4s lOd, s. 5s 2d; Oamaru, b. 19s 6d; Timaru, s. 15s; Wellington (pref.), b. £6 17s 6d. Coal.—Grey Valley, b. 5s 6d, s. 9s; West r port, s. £1 3s 6d; Westport-Stockton, b. 2s 4d, s. 2s 7d; Westport-Stockton (pref.), b. 6s Id, s. 6s Bd. . _ , Gas. —Christchurch, b. £1 Is, s. £1 Is 2d; Christchurch (10s paid), s. 10s 3d; Wellington, s. £1 11s. ’ Breweries.—Ballins (15s paid), b. 10s; Dominion, b. £1 Bs, s. £1 10s; Melbourne Co-op., b. £2 8s 6d; N.Z. (ex div;), b. £1 11s 3d; Swan. b. £1 3s; Tooths, b. £2 10s 9d. s. £2 14s; Ward (in liqdn.), s. Is 3d. Miscellaneous.— Amalg. Wireless (18s paid), s. £2 8s; Aust. Consolidated Industries, b. £2 3s; Aust. Iron and Steel (pref.), b. £1 6s; Beath and Co., b. 15s: Begg and Co., b. £1 Is; Booth, Macdonald (pref.), b. 5s lOd. s, 6s 3d; British Tobacco (ex div.), s. £2 6s 6d; Broken Hill Pty., b. £2 2s 3d, s. £2 2s 6d; Broken Hill Pty. (new, 5s paid), b. £1 4s, s. £1 8s; Consolid. Brick, b. 6s; Denhard Bakeries (ord,), s. 11s 3d; Dominion Fertiliser, b. £1 Is 6d, s. £1 ss; Donaghy Rope. b. £2 10s, s. £2 12s 6d; D.I.C. (10s paid), b. 13s 6d; D.I.C. (pref.). b. £1 3s 6d; Dunlop Rubber, s. £1 2s 6d; Electro. /Zinc, s. £3; Electro. Zinc (pref.), s. £3; G. J. Coles, b. £3. s. £3 3s; General Industries, b. lis 3d; Hay’s, Ltd., b. £1 6s; Hay’s,- Ltd. (con.), b. £1 Is; Howard Smith, b. £l, s. £1 4s; 1.C.1. (Aust. and N.Z.) (pref.), b. £1 4s; Masonite;- b. 1 £T;6s;--M;K. Manufacturers, b. 5s 4d," s. ■ ss-9d; Macduffs, s. 9s 3d; Macduffs (pref.), s. 19s 3d; McKenzies, Ltd. (ex div.), s. £2 2s 6d; N.Z. Drug Co., b. £3 15s 6d. s. £3 18s; N.Z. Farmers Co-op. (A pref.), s. £1 18s 6d; N.Z. Farmers’ Co-op. (B pref.),- b. £l. s. £1 10s; N.Z. Farmers’ Co-op. (45 p.c. Stock, 20/2/51), s. £B2: N.Z. Farmers’ Co-op. (45 p.c. Stock. 15/7/51). s. £B2; N.Z. .Farmers Co-op. (45 p.c. Stock. 27/5/49). s. £B2; N.Z. Newspapers, b. £1 9s 3d, s. £1 10s; N.Z. Paper Mills, s. £1 11s; Northern Roller Milling, b. £1 0s 4d; Prestige (N.Z.) (pref*), s. £1 is 3d; Quill, Morris (1936). s. 19s 9d; Selfridges (Australasia), b. 16s, s. 19s; Taranaki Oilfields, b. 3s 6d; Tlngey. R. and E. (pref). b. £1; Whltcombe and Tombs, b. £3 ss, s. £3 12s 6d; W Icox. Moffiln,. b. 8s 4d, s. 8s 10d; Wilson s Cement (cum div.), b. 18s 10d; Woolworths (Sydney) (ord.), b. 15s; Bd, s. 15s lid; Woolworths (N.Z.) (cum div.), b. 12s lid; Woolworths (N.Z.) (pref), b. £1 IBs 3d; Zinc Investments, b. 4s 9d. Overseas Listing.—Woolworths (S.A.), s--15s 6d. ■ .. Australian Mining.—Broken Hill South, b. £1 2s 9d; Mount Morgan, b. Bs. Ba, s. 9s 4d; New Broken HIU, b. 11s; Wellington Alluvlals. b. 3s 6d. N.Z. Mining.— Arahura (cum div.), b. £1 4s 3d; Barrytown, b. 8s; Clutha River, b. 9d, s. Is lOd; Kanieri, b. £1 3s; Maori Gold, s. 45d; Moonlight Goldfields, b 2d, s, 4d; New River, b. 2d, s. sd; Ngahere, b. 7s s. 12s; Mining House Concessions, s. Jd; Walhl Investments, b. 3s, s. 4s. Unofficial List.— Amalgamated Batteries, s. 14s; Assoc. Gold Dredges (14s Paid), b. 10s, s. 14s; Assoc. Motorists’ Petrol (pref.), b. £1 4s; Aust. Motorists’ Petrol (cum div.), b. 9s; Blackball Creek (cum div,), s. lOd; British Developments, s. 16s: Christchurch Press, b. £7. s. £8; Mlkonui (3s 6d paid), s. Is: Reece, Ltd., E. (pref). b. 3s 9d; R.U.R. (N.Z.). s. £3 10s; Slab Hut (4s paid), b, 3s 7d. s. 4s Id; Square Pictures,, s. £1 ss; Una Hill, b. lid, s. Is 6d; Urlwin’s, b. £2 2s 6d; Westland Breweries’, s. £1 10s. AUCKLAND Sales.—lns. Stock, 31/5/54-58, 4 p.c. £106; Bank of N.Z., 36s sd; Union Bank, £6 10s (2); Goldsbrough, Mort (odd lot), 24s 6d; Pukemiro Coal, 16s 9d: Farmers’ Trading. 18s 9d: G. J. Coles, 625; Taranaki Oil Dev., 2s; Moturoa Oil (ord.), 2s 6d: Reid, Rubber (rights). 3s 6d: Wilson’s Cement, 19s. DUNEDIN Sales.—NJ2. Paper Mills, -30s 6d: Emperor Mines, 11s. . Sales.— Leyland O’Brien Timber, 15s 3d; British Tobacco, 45s 6d: Wilson’s Cement, 19s 3d; Woolworths, Ltd., 16s (all late Monday): 4 p.c. Ins. Stock, 1955, £lO6 15s; Bank of N.Z., 36s 6d; Bank of N.S.W., £27 10s; N.Z. Guarantee Corpn., 2s; Woolworths. Ltd., 16s. (6). SYDNEY Monday’s Improvement on the sharemarket was well maintained yesterday, price rises far exceeding falls. Morning Sales.—Commercial Bank of Australia. 13s Id; Australian Gas A, 975; Burns, Philp, 49s 6d; Electrolytic Zinc, 53s 3d; Henry Jones, 48s 6d. Afternoon Sales.—Bank of New South Wales, £26 10s; Mercantile Mutual Insurance, 29s 3d; Bonds Industries, 26s 6d; Bonds Industries (rights), 5s sd; Morts Dock, 19s 6d; Mark Foys. 20s 6d; Wilcox, Moffiln, 9s; Broken Hill Proprietary, 3?s 3d; Rawang Tin. 8s 2d; Bulolo, 955; Emperor, 10s; Oil Search, 6s Id. MELBOURNE Sales.—National Bank (£lO paid), £ll 10s; National Bank (£5 paid), £5 12s; Carlton Brewery, 60s 3d; Australian Foundation Investment Trust, 3s 9d; Emperor, 9s 9d; Loioma, 235; Broken Hill Pty., 39s 3d; South Broken Hill, 22s 9d.