FINANCE AND COMMERCE

Press, Volume LXXVII, Issue 23445, 27 September 1941, Page 7

FINANCE AND COMMERCE

STOCK EXCHANGES FIRM LOCAL MARKETS Substantial dealings yesterday in Government and municipal debentures swelled the volume of recorded business to the highest figure for some time past. Markets generally were firm at late rates, and there was good inquiry for a wide range of stocks. Apart from vestibule business, the following transactions were recorded:— Sales on 'Change: Listed Stocks—loo Woclworths (Syd., ord.), 17s 6d; 200 Woolworths (N.Z.), 14s 5d (2); 1500 Big River, 9d (3); 100 Grey River (cum div.), 15s 6d. Sales Reported: Listed Stocks—£3ooo N.Z. Government 3| p.c. (1957BO), £99 7s 6d; £SOO N.Z. Government 4 p.c. stock. 1954-58, £lO7 ss; £3OOO Christchurch Drainage Board 4] p.c., 30/6/65, £110; 6 Commercial Bank of Sydney, £lB 15s; 1000 Big River, 9d. Government Stock Easier Government 31 per cent, inscribed, due 1957-60, eased 2s 6d to business at £99 7s 6d and closed with unsupported sellers at £99 10s. Government 4 per cent Stock, due 1954-58, was firm at £lO7 ss. A parcel of Christchurch Drainage 41 per cent, debentures, due 1965, changed hands at £llO. Commercial Bank of Sydney had business at £lB 15s, Buyers of New Zealand Refrigerating (£1 paid) raised their bids to 20s sd, but sellers wauled 21s 3d. Woolworths were easier with business at 17s 6d and further unsupported sellers at 17s 9d. Weeks, Ltd., claimed buyers at £§ 10s no sellers offering. Woolworths (N.Z.) were firm at 14s sd, and closed with unsupported sellers at that price. Big River were active at 9d, market closing 8d buyers, 9Jd sellers. Grey River advanced to 15s 6d, sellers staying at that price, buyers at 15s 3d. LATEST QUOTATIONS N.Z. Govt. Debentures. —31 p.c. Ins., 1957-60, s, £99 10s; 4 p.c. Ins., 1943-46, b. £lOl 10s: 4 p.c. Ins., 1946-49, s. £lO5 10s; 4 p.c. Ins., 1952-55, b. £106; 4 p.c. Ins., 195458. s. £lO7 10s; 4 p.c. Bonds, 1946, b. £lOl 10s; Rural Bonds, 5 p.c., 15/9/47. b. £lO2 10s; Wav Loan, 1/10/53, b. £B7; War Loan, 3 p.c., b £97. Company Debentures. —N.Z. Rcfng., 4f p.c., 1940-45, b. £IOO. Banks.—Australasia, b. £8 8s; Comm, of Australia, b. 15s 3d; Comm, of Sydney, b. £l9; E„ S., and A., s. £4 3s; National of N.Z., s. £1 19s 6d; New South Wales, b. £2B; New Zealand, b. £1 19s Bd, s. £2 0s Gd; New Zealand (mort shares), s. £1 12s Gd; Union of Australia, b. £7, s. £7 7s. Insurance.—Mercantile Mutual, b. £1 9s Gd; National, b. 19s 6d. s. £1; New Zealand, b £3 Gs Gd; Standard, b. £3 Is. Loan and Agency.—C.F.C.A. (ord„ ex div.), b. 6s 9d; C.F.C.A. (pref., ex div.), b. £1 2s Gd; Ch.Ch. Building, b. £l7; Dalgety and Co., b. £6 ss; Goldsbrough, Mort. s. £1 9s: Invincible Building (cum div.), s. £4 15s: Mutual Benefit, b. £l4 10s; National Mortgage A, b, £1 16s; National Mortgage B, b. £1 Is 9d; N.Z. Guar. Corpn. (cum div,), b. 3s, s. 3s 3d; Perm. Investment b. £10; United Building (ex div.), b. £1 Is; United Building (Auckland). b, 17s 9d; Wright, Stephenson, s. 18s 9d: Newton King (prof.), b. 10s. Shipping.—Huddart-Parker (prof.), b. £1 6s; P. and O. Def, Stock, b .£1 12s; Union (pref.), b, £1 7s. Frozen Meat.—Canterbury, b, £ll 10s; Canterbury (pref.), b. £7 2s Gd; Gear, s. 15s 9d: N.Z. Refrig, (£1 paid), s. £1 Is 3d: N.Z. Refrig. (10s paid), b. 8s lid* North Cant. Freezing (pref.), b. 17s 9d, s. 18s Gd; Southland, b. £1 12s; Waitaki, b. £4 12s. Woollens.—Bonds Hosiery, b, £1 8s 6d; Bruce, b. £1 2s 9d; Felt and Textiles (ex div.), s. £2; Felt and Textiles (rights), s. 7s 3d; Kaiapoi (7s paid.), s. 6s Id; Kaiapoi (pref.), b. 17s Gd; Mnnawatu, s. £1 8s Gd; Mosgiel, b. £lO 10s; Oamaru. b. £1 3s 3d; Timaru, b. 17s; Wellington, b. £6 15s; Wellington (pref.). b. £7 2s 6d. Coal. —Grey Valley, b. 4s 9d; Kaltangata, b. £1 12s. s. £1 14s; Westport, b. £1 4s 3d. Gas.—Auckland, b. 6s 9d, Auckland (5s paid), b. 2s 4d; Christchurch, b. £1 2s, s. £1 3s; Christchurch (10s paid), b. 10s 6d, s. 12s; Wellington, b. £1 10s. Breweries.—Ballins (15s paid), b. 11s; Dominion, b. £1 10s 3d: Dominion (pref.), b. £1 11s Gd; Melbourne Co-op. (ex div.), b. £2-18s 6d; New Zealand, b. £1 15s 9d, s, £1 16s Id; Queensland, b. £1 ss; Swan, b. £1 5s 3d; Tooths, s. £2 16s; Castlemaine Perkins (ex div.). s. £1 2s 9d. 'Miscellaneous. —Alloy Steel (N.Z.). b. £1 14s: Aust. Con. Industries, s. £2 12s; Aust. Con. Industries (new, fully paid), s. £2 12s; Beath and Co. (cum div.), b. 17s; Beath and Co. (pref.. cum div.), b. £1 3s, s. £1 4s; Berlei (N.Z.), b. £3 8s; Booth, Macdonald (pref.), b. 4s, s. ss; British Tobacco (pref.), b. £1 10s Od. s, £1 13s 6d; Broken Hill Pty., b. £2 Is 9d, s. £2 3s; Broken Hill Pty. (new. 10s paid), b. £1 8s; Broken Hill Pty. (new, £1 paid), b. £2; Colonial Sugar, s. £56; Dominion Builders, s. 6s; Dominion Fertiliser, b. £1 3s sd; D.I.C. (10s paid), b. 14s 4d; D.I.C. (pref.), b £1 4s 9d; Dunlop Rubber, s. £1 3s 6d; Dunlop Rubber (pref.), b. £1 12s 6d: Electro. Zinc, b. £2 16s 6d, s. £2 19s Gd; G. J. Coles, s. £3 7s; Electric and Plumbing, s. 11s sd; Hay's, Ltd., b. £1 6s; Hay’s, Ltd. (con.), b. £1 3s 3d; Howard Smith (ex div.), b. £1 Is, s. £1 3s; Hume Pipe (Aust.) (ex div.), b. 13s, s. 15s 3d; Macky. Logan, Caldwell, b, £1 3s 9d; Meggitts, b. £1 12s 9d: Millaquin Sugar, s. £2 ss; M.K. Manufacturers, b. 5s Bd, s. 6s 3d; Morris Hedstrom. b. £1 0s 3d; Myers Emporium, s. £1 13s; Macduffs, b. 8s lOd, s. 9s 6d: MacdufTs (pref.), b. 19s lOd; National Electric, b. £1 3s 6d, s. £1 ss; N.Z. Fanners’ Co-op. (£2 10s paid), b. 6s; N.Z. Farmers' Co-op. (B pref.), b. £1 7s. s. £1 11s; N.Z. Farmers’ Co-op. (A pref.), b. £1 15s, s. £2 ss; N.Z. Farmers' Co-op. (4J p.c. Stock, 1950). b. £BS 10s; N.Z. Farmers’ Co-op. (4J p.c. Stock. 1955). b. £BS 10s; N.Z. Farm. Fertiliser. b. 19s lid; N.Z. Farm. Fertiliser (pref,), b. £1 3s 6d; N.Z. Newspapers, b. £1 11s 9d; N.Z. Paper Mills, b. £1 12s Gd; Otago Daily Times, b. £1 18s; Quill, Morris (1936), s. 19s 6d; Selfridges (Australasia), b. £1 0s 3d: Reid New Zealand Rubber, b £1 6s: Tingey, R. and E. (pref.), b. £1 Is Gd: United Provisions, b. 3s, s. ss; Weeks. Ltd., b. £8 10s; Whitcombe and Tombs, b. £3 12s 6d. s. £3 17s 3d; Wilson's Cement, b. 19s Gd; Woolworths (Sydney) (ord.), s. 17s 9d; Woolworths (NZ.I, s. 14s sd; Woolworths (pref., ex div.), b. £1 18s; Woolworths Properties (ex div.), b. £1 ss; W. R. Carpenter, b. £1 16s; Woolworths (W. Aust.), b. £3 2s 6d. ' Overseas Listing.—Woolworths (S.A.), b. 16s. Australian Mining.—Broken Hill South, s. £1 9s 3d; Mt. Lyell, b. £1 7s, s. Cl 10s; Mt. Morgan, b. 9s sd, s. 9s 7d: New Broken Hill, b. 15s; Loloma. b. £1 5s 6d; Plager Development, b. £3 6s; Wellington Alluvials. s. 4s 3d. N.Z. Mining.—Addison’s Fiat. s. Is 3d: Alexander, s. 4s 9d; Argo, s. Gd: Austral (N.Z.). b. £1 2s 9d; Big River, b. Bd. s. 9}d; Grey River, b. 15s 3d, s. 15s 6d; Kanleri. s. £1 7s 6d: Maori Gold, b. 4d. s. 6d: Moonlight Goldfields, b. 2d, s. 4d; Mossy Creek, s. BJd; New River, b. 2d, s. 4d; Snowy River (5s paid), b. 6s 3d, s. 7s 9d; Worksop Extended, s. 3d; Slab Hut (5s paid), b. 4s 6d, s. ss; Una Hill, b. Is 6d. s. 2s. Unofficial List.—Assoc. Gold Dredges (14s paid), b. 12s Bd, s. 13s; Assoc. Gold Dredges (Is def.). b. 13s 9d: Aust. Invest Trust, b. Is, s. 7s: Blackball Creek, b. Bd, s. 10d; Carbonic Ice, b. £1 11s; Lange’s Mobile Gas, b. 2s, s. 10s; Regent Theatre (Ch.Ch.), b. 2s lOd, s. ss; Reece. Ltd., E. (pref.), b. 3s 9d, s. 4s 9d; R.U.R. (N.Z.), s. £3 10s; Rink Taxis, b. 4s 9d; Square Pictures, s. £1 3s; Urlwin’s, b. £2 3s; Westland Breweries. s. £1 4s. AUCKLAND Sales.—War Loan, 1/8/51-54, 3 p.c., £97 10s; Govt. Stock, 30/11/48, 4 p.c. (2). £lO5 ss; Commercial Bank of Sydney, £lB 15s (special parcel); Bank of New South Wales. £2B 10s; Bank of New Zealand, 39s lOd; Union Bank, (2) £7 ss, F.A.C. (£1). I6s; Newton King (pref.), 11s; Auckland Gas, (3) 7s 6d; Dominion Breweries (ord.). 30s sd; Farmers’ Trading. 225; Milne and Choyce (debentures), 17s; Woolworths (N.Z.), 14s 4d (late sale); (2) 14s 4d; Woolworths (Sydney) 17s 6d; W. R. Carpenter, 40s. WELLINGTON Sales.—Natl. Bank of New Zealand (2). 395: Farmers’ Trading. 225; Woolworths (N.Z.), 14s 4d; Macduffs (pref.). 20s (all late Thursdav); 3 p.c. Stock. 1951-54, £97 10s; Union Bank. £7 ss; New Zealand Guarantee Corporation. 3s Id; New Zealand Insurance. 67s 6d; N.Z. Refrig., 20s 6d; N.Z. Breweries. 365; Woolworths (N.Z.), 14s 4d; Big River, 9d. DUNEDIN Sales.—4 p.c. Govt. Stock, 1952-55, £107: Bank of New Zealand, 39s 9d; Union Bank, £7 ss; National Insurance. 19s 7d: Donaghy’s (rights) (2), 16s 3d; N.Z. Drugs, 78s 3d; N.Z. Breweries, 35s 9d; Milne and Choyce (Deb. stock), 17s. Unlisted. —Mackintosh - Calcy - Phoenix. 15s. SYDNEY Having regard to circumstances, notably the Federal Budget and the war situation, investors displayed caution on the Stock Exchange yesterday, but share prices generally were steady. Afternoon Sales.—Bank of New South Wales, £26 3s: Commercial Bank of Sydney, £18; Felt and Textiles. 36s 10d; Burns. Plvilp, 52s Gd; Dunlop’s, 22s 6d; Wilcox, Moffiin, 9s 4d; Bradford Cotton, 40s 6d; Arahura. 265,

WAIMATE DAIRY COMPANY ANNUAL MEETING OF SHAREHOLDERS Mr H. H. Meredith, chairman of directors, presided at the annual meeting of shareholders of the Waimate Co-operative Daily Company, Ltd. Tire directors’ annual report thanked dairy farmers oi South Canterbury and North Otago lor their increasing support. The season’s average pay-out per lb of butter-fat for the previous year was 15.275 d. The butter in stock for the local market had been valued at Is 3d per lb. The appropriation account showed a credit balance of £7390 7s 3d, which the directors recommended should be dealt with as follows;—To make a deferred payment of IJd per lb to suppliers on the whole of the butter-fat supplied during the year, £3378 0s 3d; to pay 4 per cent, dividend on paid-up capital, £225 9s; to carry forward, £3786 18s. In moving the adoption of the report and balance-sheet for the year ending June 30, the chairman said that the output for the last season was slightly lower than that for the previous year, owing to the unfavourable weather, to which unfortunately Canterbury was subject at some periods of the year. Expenses had been kept down, however, and economy practised wherever possible, and the payout for butter-fat over all grades would be 15.298 d, against 15.275 d in the previous year. The increase in the local trade had niaterially assisted in that direction, in spite of the fact that the cost per lb of butter to f.o.b. had risen from 3.03U1 to 3,40f1d. The usual 4 per cent, dividend would be paid to shareholders on all paidup capital. , , . . . Referring to the impression held py many suppliers that the wholesale price of butter to stores at Is 41d was the amount received by the factory, Mr Meredith said this was not the case. The Marketing Department charged the factory with a box differential of .155 d per lb on all sales on the local market, and a price differential of .955 d was also levied, the two combined reducing the amount b.V 1 “I understand,” said Mr Meredith, "that during this season a restriction is being placed on the Dominion’s export of butter to Britain to approximately 70.009 tons, about 50 per cent, of the amount produced for cxnort last season. This wm not materially affect the company as only a small proportion of our output Is cxP °Mr d Meredith referred to the death ot Mr D. Hayward, factory manager for many years. Messrs H. H. Meredith and W. J. Langley the only persons nominated, were elected directors. Mr A. J, Burness did not seek re-eleelion. Mr J. B. Neale was reappointed auditor. VEGETABLES AND FRUIT WHOLESALE MARKET Tlve report of wholesale prices for the week ending September 26 is as follows; Vegetables— Good supplies of all varieties have been available during the week, and values were as follows: Cauliflowers, 2s to 6s 6d a dozen;, savoy cabbages. 2s to 8s 6d a dozen; spring cabbages. 2s 6d to 7s 6d a dozen; lettuces, Js to 6s 2d a dozen; spinach, 2s 6d to 4s a dozen; rhubarb, 4s 6d to -6s 6d a dozen, root varieties. Is 6d to 3s a dozen; carrots, up to 10s a sugar-bag; leeks. 2s to 4s 6d a dozen; asparagus. 24sto 33s a dozen bundles: new potatoes. Nelson, up to 7UI per lb; potatoes, sugar-bags, up to 6s; onions, 6s to 9s a sugar-bag; swede*. 2s 6d to 3s a sugar-bag; cucumbers, hothouse up to Is 7d per lb. Fruit—Apples. Delicious are in shoit supply, best quality realising up to 11s a case. Plentiful supplies of Stunners. are available at reasonable prices. apples, best quality, up to 7s. Pears. Limited supplies coming forward, and value* remain verv firm. Tomatoes; Supplies o land passionfruit: Small quantit'es cominfi terday were up to 5s Id per lb. New Zca land passionfruit; Small quantities coming forward, realising 15s to 17s a case New Zealand grapefruit: In short supply, an values much firmer compared with last "imported Fruits.-Limitcd quantity of Australian Navels was distributed this week. MINING Kabicrl Dividend.—The Kanicri Dredging Company Is paying a dividend (the sixth) of Is a share on ordinary and deferred shares on October 11. GILLESPIE’S BEACH YEAR (P.S.S.) DUNEDIN. September 26. “The real profit amounted to £2121, out of which was paid gold tax amounting to £1702, which is 80 per cent, of the profit, stated the chairman. Mr J. M. Stewart, at the annual meeting of Gillespie's Beach Gold Dredging Company, Ltd. “This is a matter that should be rectified by the Government, especially when operations are being conducted on the borderline, he continued, "while everyone admits the necessity for contributing to the limit to taxation in war time, it is against the best national interests to deprive the producer of a reasonable return on the capital invested In addition, benefits which would accrue to the Empire through the increased production of gold (benefits are admitted bv the Government) make it desirable that the gold mining industry should receive more favourable consideration from a taxation point of view. As dividends from mining companies are not in reality profits until the capital has been returned in full, such an iniquitous tax levied on production, irrespective of profits earned, is definitely harmful to the industry.” LONDON SECURITIES LONDON, September 25. Quotations in London for British and New Zealand stocks are:— Consols. 21 p.c., £B2 10s; Funding Loan. 1960-90, 4 p.c., £ll4 10s (ex interest); War Loan. 3J p.c., £106; Conversion Loan, 3' p.c, £lO5 15s: Victory Bonds, £ L. New Zealand-1948-58, 41 p.c.. £lO2 10s: 1945, 3 p.c., £9B 17s 6d. PROPERTY SALES MESSRS FORD and HADFIELD, LTD., Real Estate Agents and Auctioneers, 131-133 Worcester street, report having sold on behalf of Mr J. Harrow, a Residential property, 182 Bealoy avenue. —ALSO— On behalf of Mr H. Henderson his fine two-storey 6-roomed Bungalow, Queens avenue, Fendalton. —ALSO— On behalf of the Public Trustee in the Estate of E. Putman a Bungalow property, Plunket street, Spreydon. FORD and HADFIELD, LTD., For Real Estate. —6

COMPANY NEWS N.Z. NEWSPAPERS (P S.S.) AUCKLAND, September 26. A special interim dividend of 8d a share, unchanged, has been declared by New Zealand Newspapers, Ltd., for the half-year ending September 30, payable on October 1. FARMERS’ CO-OPERATIVE AUCTIONEERING (P.S.S.) AUCKLAND, September 26, A net profit of £66,506, after providing for bad and doubtful debts and depreciation, is shown in the accounts of the Farmers’ Co-operative Auctioneering Company. Ltd., for the year ended July 31. This compares with £69,432 last year, a record, and £51,602 the previous year. After the balance brought forward of £6655 is added to the net profit, there is £73.161. The 5 per cent, dividends on preference shares paid this year absorbed £12,660, leaving £60,501 available. The directors propose an unchanged ordinary dividend of 6 per cent., requiring £13,604, to provide £40,500 for taxation (£43,200 last year), and to carry forward the balance. WILLIAM CABLE AND CO. (P.A.) WELLINGTON, ' ’ ' William Cable and Company has declared a preference dividend at the rate of 7 per cent, per annum, and an ordinary dividend of 31 per cent., free of social and national security tax. S.I.M.U. INSURANCE A SUCCESSFUL YEAR The fifteenth annual meeting of shareholders of the S.I.M.U. Mutual Insurance Association, held in Christchurch yesterday, was presided over by Mr W. R. Carey, chairman of directors. After referring to the death during the year of two of their most prominent officers—Messrs W. F. Slack, secretary-ac-countant. and A. E. Ansell, of Dunedin, a foundation member, a director, and later manager of (he Otago branch—the chairman, in moving the adoption of the bal-ance-sheet and report, reviewed the financial operations of the year. The proposal tn be put before shareholders, he said, was that the rate of return bonus be increased to 25 per cent, for the coming year. The sum involved to make a rebate on this basis was estimated at £15,400, and when this was effected the substantial sum of £62.205 would have been returned to shareholders by way of rebate bonuses. Reserves at £155,919 showed an increase of £l7 754 on the previous year, a precaution deemed necessary in view of the uncertain future. Premium income showed an increase of £3135 over 1940, up till then a record. Claims ratio was one of (he lowest on record at 40.404 per cent. Total funds at balance date were £200.000. an increase of £34,500, and securities to the value of £15.000 had been lodged with the Public Trustee in terms of the amendments made by the Insurance Act* The association had consistently subscribed to the Government’s loans as they had appeared, said the chairman. With the death of the two prominent executive officers he had already referred to, and the joining up with the armed forces by members of the staff, he thought it was a matter for satisfaction that the association had come through the year without more inconvenience. In seconding the motion, Mr B. FaicK expressed the opinion that it had been remarkable the progress made during the year, taking Into consideration the petrol restrictions, which had a considerable bearing on the decrease of new proposals, and also (he cancellations of policies, through cars having been already laid up. Mr Falck stated that prior to the association coming into being premiums were aproxlmately from £lO to £l4. To-day the average rate was well under £3, that was, taking an average of all classes of vehicles insured and the benefit of the bonus rebate. Tills comment referred to comprehensive policies only. , The motion for adoption of the report was carried unanimously. COMPANY REGISTRATION Tlvt, current issue of the “Mercantile Gazette” notifies the registration of the following new company:— Morrison Bros.. Ltd, Registered as a private company September 11. c , a P’ t . a ‘ • £27,000 into shares of £1 each. Subscribers—Geraldine: R. Morrison 8000, H. W. Morrison 9500, J. L. Morrison 9500. Objects: To acquire business of hardware and soft goods merchant, grocer, and garage proprietor, now carried on by R. Mornson. Geraldine, under style “Morrison Bros.” WHILEY’S REPORT F. Whiley reports the following property sales: Account Miss Johnson, 4roomed bungalow, 63 Bowhill road; account Mr McLean, 4 rooms, 93 Brougham street; account Mrs Kelly, bungalow, 7 Gatherer street; account Mr Rodda, 5 rooms, 404 Madras street; account ML Ransley, bungalow, 450 Avonside drive; account Mrs Griffiths, bungalow. 14 Cheviot street, to Mr Hills; and resold to Mr McGee, and again sold to Mrs Plew; account Mrs Finch, 6 rooms, 469 Worcester street; account Mr Randle, bungalow, 396 Innes road; account Mrs Jones, twostorey, 10-roomed bungalow, Barbadoes street, city; account Mr Lagan, bungalow 277 Woodham road. Make F. WHILEY your Land Agent, 152 Hereford street. 5572