FINANCE AND COMMERCE

Press, Volume LXXVII, Issue 23495, 25 November 1941, Page 5

FINANCE AND COMMERCE

STOCK EXCHANGE BUSINESS GOVERNMENT LOANS ACTIVE SUBSTANTIAL NUMBER OF transactions Markets generally continued firm on the Christchurch Stock Exchange yesterday, and there was a substantial volume of reported business, chiefly in Government loans. Three and a quarter per cent, stock, due 1960, advanced to £IOO 10s, and late offers at that price failed to attract sellers. Four per cent, stock. 1949-52, rose sharply to £lO5. War Loan, 1953, moved up to £BB ss. market closing 2s 6d either way. Buyers offers for 1955 and 1954-58 stock repealed firmer markets. . Buyers of Standard Insurance raised their bids to 665. but sellers were reticent. P. and O. defd, stock was firmer, with buyers at 355. , Christchurch Gas (10s paid) changed hands at 11s .and late offers of 10s Ju failed to attract sellers. Ballins Breweries (15s P al< U were firmer, with business at 12s od, and late buyers at 12s, sellers at 13s. Broken Hill Proprietary remained unaltered with sellers and business at 40s, buyers at 39s sd. Unsupported sellers of Electrolytic Zinc reduced their limits to 51s 6d. New Zealand Drugs (£1 paid) were firmer on buyers’ offers, 51s. Unlisted Stocks.-A parcel of Pyne, Gould, Guincss “A” debentures changed hands at par. Sales on ’Change.— Listed Stocks. £SOO War Loan. 1/10/53. £BB ss; 444 Christchurch Gas f 10s paid), 11s. Sales Reported.—Listed Stocks. £2845 3} per cent. Inscr. 1957-60. £IOO 10s; £2765 4 per cent. Inscr 19 4 9-52 £105; £IOOO War Loan. 1/10/53. £BB ss> 100 Ballins Breweries (15s paid), 12s 3d; 100 Broken Hill Proprietary, 40s; £SOO Pyne, Gould, Guiness A debentures, £IOO. LATEST QUOTATIONS N.Z. Government Debentures.— 3 p.c. Ins, 1951-54. b. £9B; 3i p.c. 1953-57, hj £lo3* 3i P.c., Bonds, 1953-57, b. fcijw 10s; 31 p.c. Ins., 1957-60, b. £IOO 10s; 3 J Hknc Ins 22/5/60, ex. interest, b. £lOl, 4 s:c. P ins 1943-46, b. £lOl 15s; 4 30/11/48, b, £lO5 10s; 4 p.c. Ins.. 134 |- 49 ' hj £lO3 10s* 4 p.c. Ins., 1952-55, b. £lO/ ?6s- 4 p c Ins.. 1954-58, b. £108; 4 p.c. Bonds 1949. b. £lO3 10s; 4 p.c. Bonds, 1955, b. £lO7 10s; Rural Bonds, 5 P;C I*s/9/47 b £104; War Loan, 10/53, b. £BB 2s Gd s. £BB 7s Gd; National Development Loan. 31 P.c., 1956-59. b. £IOO 17s 6d. Company Debentures.— Auckland Gas, 3 a pc. Pefp b, £93, s. £94 10s; N.Z. Refrig. 41? p c.. 1945. b. £lOl 7s 6d. Banks.-Comm. of Australia, s. 14 s 9d, Comm, ot Australia (pref.), b. £9. s. £9 12s 6d; Comm, of Sydney, b. £l6 10s, Na tional of N.Z., b. £1 19s bd, s. £2 is, New South Wales, b. £2B, s. £2B 10s; New Zealand, b. £1 19s 6d. s. £1 19s 9d. Union of Australia, s. £7 6s. c n nlh Insurance.— National, b. 19s lid. South British b. £3 4s; Standard, b. £3 «>s. Loan and Agency.—Christchurch Buikiing, b. £l7; Dalgcty and Company b. £6 6s 1 Invincible Building, s. £4 12s Gd, Mutual Benefit, b. £l4 15s; National Mortgage “A”, b, £1 18s; National Mortgage "B,’’ b. £1 2s; N.Z. Guarantee Cornoration b 2s 10d, s. 3s; Permanent Investment, b. £10; United Building b £1 Is 9d; Wright, Stephenson, b. 17s 9£i, s. £ Shipping.—P. and O. Deferred Stock, b. £1 15s; Union (pref.), b. £1 7s 3d. Frozen Meat.— Canterbury (pref.), b. £7 2s 6d; N.Z. Refrig. (£1 paid), b. £1 Is, s £1 Is sd; N.Z. Refrig. (10s paid), b. 9s 4d s. 9s Gd; North Canterbury Freezing (pref.), b. 19s 0d; Southland, b. £1 13s Gd. Woollens.— Bonds Hosiery, b. £1 10s; Feh and Textiles, s. £1 19s; Kaiapoi (17s paid), b. 17s Gd; Kaiapoi (7s paid), b. 6s 3d; Kaiapoi (pref.), b. 18s 9d; Manawatu. ex. div., s. £1 Us; Mosgiel, b. £lO 10s Wellington (pref.), b. £7 15s. Coal.—Grey Valley, s. 7s Gd; Westport, b £1 4s Dd: Westport Stockton, b. 2s Bd, s. 2s lOd; Westport Stockton (pref.), s. Auckland, s. 7s Gd; do. (5s pd.), b. 2s 6d; Christchurch, b. £1 2s, s. £1 3»;

do. (10s pd.), b. 10s 9d; Wellington, b. £1 10s 6d. . . Breweries—Ballins (15s pd), b. 12s, s. 13s; Dominion (pref.), b. £1 12s; New Zealand, b. £1 16s Bd. s. £1 16s lid; Tooths, s. £2 14s 6d. Miscellaneous—Alloy Steel (N.Z.), b. £1 17s Gd; Australian Alloy Steel, b. 8s; Amalg. Wireless (18s pd.), s. £2 12s; Andersons (pref.), s. 17s 6d; Anthony Hordern. b. 14s 3d; Aust. Con. Industries, s. £2 8s; Beath and Co., b. 19s; do. (pref.), b. £1 2s 6d; Berlel (N.Z.), .b. £3 10s; Booth, Macdonald (pref.), b. 5s 2d, s. 6s; British Tobacco, b. £2 4s 9d, s. £2 6s; do. (pref.) s. £1 11s 9d; Broken Hill Pty., b. £1 f9s sd, s. £2; Colonial Sugar, s. £52; Dominion Builders, b. ss, s. 6s; Dominion Fertiliser, b. £1 3s 6d; Donaghy Rope (5s pd.), b. £1 15s 6d; D.I.C. (pref.), b. £1 4s; Electro. Zinc., s. £2 11s 6d; do. (pref.), s. £2 14s; Hay’s, Ltd,, b. £1 10s; do. (contr.), b. £1 ss; Howard Smith, s, £1 2s 3d; Hume Pipe (Aust.), b. 15s; Kauri Timber, b £1 ss, s. £1 7s; Mason Struthers (£1 pd.), b. 11s; do. (14s pd.), s. 9s 9d; Morts Dock, b. £1; Macduffs, b, 8s lid, s. 9s 6d; do' (pref.), b. £1 0s 4d, s. £1 Is; McKenzies. Ltd., b. £2 3s, s. £2 ss; National Electric, b. £1 3s 6d; N.Z. Drug, b. £4; N.Z. Drug Co. (£1 paid), b. £2 11s; N.Z Farmers' Co-op. (A pref.), b. £1 10s, s. £2; do. (4i p.c. Stock, 1950), b. £B9; do. (4i p.c. Stock, 1955), b, £B9 ss; N.Z. Farm Fertiliser, b. £1 0s 3d; do. (pref.), b. £1 3s 9d; N.Z. Newspapers, b, £1 14s; Otago Daily Times, b. £1 19s 3d; Reid (N.Z.) Rubber s. £1 8s 9d; Taranaki Oilfields, s. 4s 10d; Tingey. R. and E. (pref.), b. £1 2s; Weeks, b, £8 ss, s. £10; Whitcombe and Tombs, b. £3 13s 3d; Wilcox. Mofflm. b. 9s 8d; Wilson’s Cement (ex dlv.), b 17s Bd, s. IBs 9d; Woolworths (Sydney) (ord.), b. IGs 3d. s. 16s 6d; do. (N.Z.), b. 14s 8cl; do, Properties, b. £1 5s 9d. Overseas Listing,—Woolworths (S.A.), b. 17s Australian Mining.—Mount Morgan, b. 8s lOd, S. 9s Id; Rawang Tin, s. 10s. N.Z. Mining.—Addison’s Flat, s. Is 3d; Alexander, s. 4s Gd; Arahura, b. £1 8s 6d; Argo, s. 23d; Big River, b. Bd, s. 9d; Consolidated, b. 8s 6d; Golden Sands (cum dlv.), b. Gd; Grey River, b. 14s 9d; Kanieri, b. £1 5s 3d; Maori Gold, b. sd, s. 7d: Moonlight Goldfields, b, 2d. s. 4d; Nga* here, s, 10s; Snowy River (5s paid), b. Os Gd, s. 7s 6d; Worksop Extended, s. 3d; Slab Hut (5s paid), b. ss, s. 5s Gd; do. (4s 6d paid), s. 4s 11. ~ Unlisted Stocks.—Ass, Gold Dredg. (las paid), b. 12s 9d, s. 13s; do. < ls d | f rt er ’ b, 14s; Aust. Invest. Trust, b. 4s 6d Bailing Breweries (debs.), b. £95 10s; Blackball Creek, b. 91d. s. Is Id; Christchurch Press, b. £7 12s Gd; Mikonui (3s Gd paid), b. Gd: Paparoa Coal, s, 6s 9d; Pyne, Gould Guinness (A debs.), b. £99 10s, s. £IOO 10s; Reece, Ltd., E. (pref.). b, 4s 9d; Silknit, b. Bs. s. 9s; Urlwin’s, b. £2 3s; Westland Breweries, s. £1 4s. AUCKLAND Sales.—War Bonds, 1/8/4G, 2J p.c., £9«, Ins Stock, 15/9/57-60, 31 p.c.,, £IOO ss: Ins. Stock, 15/2/43-46, 4 p.c.. £lOl 17s Gd. Bank of New Zealand, 39s 9d (late sale). N.Z. Insurance, 72s Gd; Auckland Gas (con.). 2s lid; Kaiapoi (con.), 6s Gd (odd lot); K.D.V. Boxes. 10s; New Zealand Refrigerating, 21s Gd; N.Z. Refrigerating (Ws paid), 9s sd; Woolworths (Sydney), IGs 3d, WELLINGTON „ . . Sales.—N.Z. Refrigerating (cont.), 9s sd; Woolworths Properties, 2Gs Gd: Woolworths, Ltd. (ord.), 16s 3d B late Frl-, day); 4 p.c Ins. Stock, 1952-55, £IOB, War Loan. 1951-54. £9B 10s; War Loan. 1/10/1953, £BB ss; Gear Meat, 15s; Macduffs, Ltd. (pref.), 21s DUNEDIN Sales Reported.—4 p.c. Ins. Stock, 194G--49, £105; National Insurance, £1; N.Z, Refrigerating (con.), 9s sd, SYDNEY The Sydney share market yesterday continued ,to draw confidence from the British offensive in Libya. Many industrials moved to higher levels. Morning Sales.—Bank of New South Wales, £23 2s; Tooths, 51s 3d; Australian Gas A, 975; Amalgamated Textiles, 11s 4d; British Tobacco, 42s 9d; Broken Hill Pty.. 37s Gd. Afternoon Sales.—Comm. Bank of Sydney, £l6 17s; New Zealand Insurance, 71s 9d; Burns, Philp, 51s 3d; G. J. Coles, 58s; Woolworths, 15s; Australian Consolidated Industries, 43s Id; Morris, Hedstrom (pref.), 25s Gd; Electrolytic Zinc (pref.), 52s 3d; Electro. Zinc (con.). 38s 3d; North Broken Hill, 39s Id; Broken Hill South, 24s 3d. MELBOURNE Sales.—Goldsbrough, Mort, 26s lid; Carlton Brewery, 61s; G. J. Coles, 57s 9d: Herald and Weekly Times, 51s; Howard Smith, 21s 6d; United Provisions, 9s; Felt and Textiles, 365; Emperor, 9s 6d; Loloma, 22s 3d.

COMPANY NEWS ASHBURTON GAS COMPANY DIVIDEND OF 5) PER CENT. A dividend of 5J per cent, was Adopted for payment at the annual meeting of the Ashburton Gas, Coal and Coke Company yesterday. The appropriation account showed a credit balance of £2359 0s sd, which was allocated as follows:—Payment of dividend, < £1471 9s 7d; reserve fund. £245 7s lOd; carry forward, £642 3s. In his report, the chairman of directors (Mr W. B. W. Bell) that during the year some of the general reserve had been Invested in gilt-edged, long-term securities as follows:—£37o worth of stock in the New Zealand Government War Loan, 1953; £SOO worth of New Zealand Government debenture stock, due on January 15. 1957,; and bearing Interest at 3J per cent.; £SOO of Ashburton Borough Council debentures, with a 35-year term, and interest at 4 per cent. Sales of gas showed an increase over last year of £lO7 11s 2d, the consumption being the highest in the history of the company, the report continued. Coke was in steady demand, and it was difficult to fulfill orders at the end of the winter. Sales of tar were less than usual, and sales of cookers, fires and coppers were much better than in 1940. It was stated that from 1928 to 1940, just under one-fifth .of the 63 years of, the company’s operations—a total of £ y 11,009 had been written off buildings and plant for depredation. Although constant representations had ben made to the Minister for Housing, the company had been unable to get orders for installing gas in some of. the State homes being reeled at Ashburton. Everything was being done otherwise to increase the consumption of gas, and It was hoped to be able to make a bigger effort in this direction In the coming year, the report concluded. . The retiring directors, Messrs E. B. Newton and E. W. M. Cole, were reelected unopposed. Mr Bell was rc-clcclcd chairman of directors. WOOLWORTHS HOLDINGS, LIMITED The report of the directors of Woolworths Holdings, Ltd. (South Africa), shows a notable increase in the operations and profits from the figures. in the annual report for the year ended May 31. The net profit was £107.195 (in 1938-39 £79,232); the amount brought forward in the two years being £67,006 and £9807' respectively. The directors' recommendations for distribution, were:—Preference dividend, £13,800 (£13.800 In 1938-39): ordinary dividend, £51,750, 15 per cent, of which 5 per cent, was paid as an interim dividend (£34.500); amount carried to reserve. £24,672' (£15,000): balance carried forward, £83,979 (£25.739) —total, £174,202 (£39,039) in the year compared (1938-39). Dividends from subsidiaries comprise the main source of income to the company, and are paid from profits available after provision has been made for taxes on income and for depreciations. The sum of £174,202, allocated as above, was available after providing £107,700 for taxation, compared with £62.991 in 1939-40 and £11.322 in 1938-39. After the payments recommended, the reserves will amount to £183,979. WAITAKI FARMERS’ FREEZING (P.S.S.) WELLINGTON, November 24. The Waitaki Farmers’ Freezing Company reports that, adding the amount brought forward (£3805 7s Otl), to the profit for the year (£7965 3s 4d), gives a total to deal with of £11,770 10s lOd The directors recommend a 6 per cent.- dividend, absorbing £5757 18s Bd, transfer to reserve of £SOOO, and carrying forward £lOl2 12s 2d. TRADERS FINANCE (P.S.S.) AUCKLAND, November 24. The Traders’ Finance Corporation. Ltd., reports a net profit of £2426 for the year ended September 30, against £3823 last year, and £8713 in 1939. The directors propose an unchanged dividend of 3 per cent., requiring £1723. This will leave £7608 to be carried forward, against i £6903 brought in.

ELECTROLYTIC ZINC COMPANY At the annual meeting of the shareholders of the Electrolytic Zinc Company, held in Melbourne on October 30, the chairman (Sir Colin Fraser) reviewed thg operations at considerable length. The net profit for the year was £362,784, in addition to the reservation for amortisation, depreciation, and plant renewals, together with a further sum of £25,000 as'special depreciation of plant and machinery, etc., connected with war-time activities. Taxation and provision for taxation was £320,000, which Included £170,000 for the present year, and £95,000 State income tax. The debenture sinking fund now stood at £378,444. leaving a balance only of £21,556 to be provided to redeem the total issue of £400,000 due on May 15. 1942. Of these, debentures totalling £222,180 have already been purchased for the sinking fund. The balance will be redeemed ifr.om the proceeds of Government securities held by the fund. These debentures were issued in 1921, at a time when the company’s position demanded additional finance, and they had served their purpose. The company’s net profit for the year had been wholly applied towards payment of, and appropriation for, dividends equalling 14 per cent, on both preference and ordinary shares, aggregating £364,000. The deficiency of £1216 had been met from the balance carried forward from the previous year, leaving still a credit balance of £265,924 in the appropriation account. The lower net profit (£362.784) as compared with the previous year (£448,782) was due mainly to the heavily increased taxation. MINING DREDGING RETURNS Austral (N.Z.).—The dredge of Austral (N.Z.) Mining produced 558 ounces o£ bullion in 259 hours in the 14 days ended at midnight, November 15. Rimu Gold Dredging Co., Ltd.—Return for clean-up period, November 11 to November 18. was 163.3 crude ounces of gold from 36,774 yards in 119 hours 11 minutes. Grey River.—The Grey River return to November 19 is 221J ounces from 97,560 yards in 125 hours. Snowy River.—The Snowy River return is 90 ounces in 118 hours from 24,000 yards. Bulolo Gold Dredging, Ltd.—For the month of October, the total gross production amounted to 21,976 ounces of bullion, containing 15,163 ounces of fine gold, from 1,471,000 cubic yards. Estimated working profit, 9589 ounces fine gold. Placer Development, Ltd.—For three months to November 1, Pato Consolidated Gold Dredging, Ltd., dredged 3.833,000 cubic yards for a recovery of 24,590 ounces of fine gold, and recovered with its hydraulic units 2312 ounces fine gold, the value of the total production being U. 5.941.570,00 dollars. During the same period, Asnazu Gold Dredging, Ltd., handled with its No. 1 dredge 290.000 cubic yards, recovering 5552 ounces fine gold, ecuivalent to U. 5.194,320.00 dollars. No. 2 dredge commenced operating on October 28 1941. Gillespie’s Beach.—The Gillespie’s Beach wash-up for two weeks was 38 ounces 2 dwt for 251 hours, from 27,702 yards. Okarito.—The Okarito return was 7oz lldwt for 119 hours. STOCK SALES PLEASANT POINT (P.S.S.) TIMARU, November 24. The large yarding of fat cattle at the Pleasant Point sale was of mixed quality. All classes met with an easier demand, values being lower by 20s a head on late rates. Prime steers made £ll 17s 6d to £l4 2s fid. light to medium £6 12s fid to £lO 17s 6d, prime heifers to £lO 17s fid. light to medium £5 15s to £8 2s 6d, prime cows £9 2s fid to £ll 7s fid, light to medium £5 17s 6d to £8 15s. An average-sized yarding of fat sheep contained few pens of good quality sorts Values were fully firm on late rates. Approximately 250 good quality fat lambs met with keen competition from exporters, and values - were in excess of schedule. Prime lambs made 23s lOd to 24s lOd, light to medium 19s lOd to 22s lOd. prime wethers 23s 7d to 24s lOd, medium 20s 4d to 22s 7d. prime ewes 14s Id to 16s Id, light to medium 10s Id to 13s 7d. Store sheep met with a weaker demand, values being fully Is 6d a- head down on recent sales. Two-tooth wethers made 14s lOd to 16s Id, small two-tooth Romney ewes 18s.