COMMERCIAL

Press, Volume LXXVIII, Issue 23714, 12 August 1942, Page 4

COMMERCIAL

STOCK EXCHANGES

LOCAL MARKETS QUIETER

Markets were quieter on call on the Christchurch* Stock Exchange yesterday, although prices generally remained firm at late rates. Buyers for the various issues of Government stock and bonds were in keen demand, with an almost total absence of sellers. In the banking section, buyers of National Bank of Now Zealand increased their bids to 39s 3d, without response. Insurance shares were very firm, and buyers of National increased their bids to 19s 9d, without sellers. New Zealand Insurance were firmer with buyers at 68s, no sellers offering. New Zealand Breweries were firmer with* buyers at 31s 3d, no sellers. Booth, Macdonald preference shares were firmer with business at 5s 9d. Broken Hill had buyers at 365, sellers at 36s 6d. Buyers of D.I.C. ordinary shares increased their bids to 15s, sellers asking 16s. G. J. Coles had buyers at 48s without response. Buyers of National Electric and Engineering, Ltd., increased their bids to 23s 9d, sellers asking Is higher—--24s 9d. Weeks, Ltd., shares were sought after at £8 17s 6d, without response. Woolworllvs, Ltd., had business at 15s sd, and more were wanted at 15s 4d, sellers asking 15s 7d. In the Australian mining section -Mount Lyells were firm, with buyers at 24s 9d. The local mining market was quiet. Apart from vestibule business the following transactions were recorded:— Sales on ’Change.—Listed stocks: 100 Now Zealand Refrigerating (£1 paid), 21s 6d; 500 Wcstport-Stockton Coal (ord inary), 3s. Sales Reported.—Listed stocks; £2OO 4 per cent. Inscribed, 1954-58 Stock, £lO7 2s fid; £2OOO 3 per cent. Liberty Loan, 1932-55, £100; 300 South British Insurance. £3; 200 Woolworths, Ltd., 15s sd. AUCKLAND Sales.—Stock, 15/5/49-52, 4 p.c„ £lO5 15s; Bank of New Zealand, 39s 6d; New Zealand Insurance, 695; Renown Collieries, 9a 6d; Dominion Breweries, 265; Colonial Sugar, £4B (2); Farmers’ Trading, 19s 6d; M.K, Manufacturers, 5s Gd; Sanford, 4s 6d; Wilson’s Cement, 17s 3d, 17s 4Jd; Woolworths (N.Z.), 14s Id (2); Woolworths (Syd.), 15s fid; Martha, 8s (2); Broken Hill Pty., 36s (odd lot); Waihi Investments, 3s Id. WELLINGTON Sales.—Late on Monday: National Bank of Australasia (£10), £11; A.C.1., £2 6s (Id; McKenzie's Department Stores, £1 19s. Yesterday; Stock, 1952-55, 3 p.c„ £100; Bank of N.Z., £1 19s 6d; Electrolytic Zinc (prof.), £1 ss. DUNEDIN Sale.—New Zealand Refrigerating (con.) 9s 6d. Sales Reported.—New Zealand Paper Mills, 335; Westport Coal, 24s 9d; Gillespie's Beach, 3Jd. COMPANY NEWS New Zealand Insurance Company, Ltd. —Presenting a favourable result of the year’s transactions to shareholders at the annual meeting in Auckland of the New Zealand Insurance Company, Ltd, live chairman (Mr C. I. Nathan) said that the result could not be taken as an indication of future war-time achievements. Operations had been seriously affected in many countries which must bo reflected in future business. An abnormal loss could as easily arise as an abnormal profit. As a result of Japan entering the war, he said, the company’s business had ended in Japan and China, 'the Philippines, Indo-China, Thailand, Malaya, the Dutch East Indies, and Burma. When victory was achieved immediate steps would be taken to re-enter those fields. Mr Nathan said that 80 per cent, of the underwriting profit of £225,427 was earned outside New Zealand, indicating the volume of new moneyearned abroad and brought by the company into the Dominion. Premium income was the highest in the company's history.—(P.A.). Wellington Woollen Company, Ltd.—A net profit of £31,904 is shown by the Wellington Woollen Manufacturing Company, Ltd., tor the year ended June 30. An interim dividend of 3 per cent, was paid for the half-year to December 31 last, and after transferring £7OOO to general reserve and £SOOO to fire insurance reserve, the directors recommend that a further dividend of 2 per cent., with a bonus of 3 per cent., be declared on both ordinary and preference shares, leaving a balance of £34,212 to be carried forward. Queensland National Bank.—The accounts of the Queensland National Bank, Ltd., for the year ended June 30, disclose a profit of £87,674, compared with £87,835 in the previous year, and £88,031 in 193940. The dividend is maintained at 5 per cent., absorbing £87,500, and the carry forward is £22,597, against £22,423 brought in. Latest profit, which is struck after providing for all contingencies, including taxation, is equivalent to 5 per cent, on paid capital of £1,750,000. the same as last year. Standard Insurance Company, Ltd.—The annual report of the directors of the Standard Insurance Company, Ltd., states that income for the year amounted to £229,624 15s lOd, and expenditure to £189,514 11s sd, leaving a balance of £40,110 4s sct; to which has to be added a carry-forward from last year of £24,690 19s lid After making full provision for taxation outstanding losses, depreciation, provident fund and placing £13.000 to tne reserve, the payment of a dividend of Is 3d a share for the half year ended June 30, is recommended—(P.S.S.) Otago Daily Times, Ltd.—The Otago Daily Times and Witness Newspapers Company, Ltd., has declared an Interim dividend of 9d a share for the half-year ended July 31, payable on August 15. (P.A.) MINING Slab Hut.—The return for the three weeks ending August 6, 1942, was 2090z Austral New Zealand Mining.—The Austral New Zealand Mining Company reports that for the four weeks ended August 8, its dredge worked 442 hour?.- treating 248,000 yards, which yielded 418 ounces.—(P.A.) POULTRY PRICES Smiths City Market report the following prices at their weekly auction, Wednesday and Friday:—Account client: 100 W.L. hens, 7s 6d to 11s 9d. Account Acclimatisation Society, 60 Australorp hens, 12s 9d to 16s; cockerels 12s 6d to 20s each, pullets to 20s. 50 bantams 5s to Js Acc other clients: Large entry of turkeys, gobblers 33s to 455, hens 17s to 255, geese 9s 9d to 14s, Muscovies 9s. ducks (old) 5s 9d, better 8s 6d to 10=, cockerels 7s to 15s. Other breeders. 13s 6d to 27s each. There was a large entry at both sales. SMITHS CITY MARKET, LTD., Auctioneers. —6