COMMERCIAL

Press, Volume LXXVIII, Issue 23743, 15 September 1942, Page 6

COMMERCIAL

STOCK EXCHANGES TREND OF LOCAL MARKETS A fair amount of business was transacted on the Christchurch Stock Exchange yesterday. Prices generally were firm. The demand for all Issues of Government stocks and bonds was still keen. In the banking section. Bank of New Zealand were firmer with a sale at 39s 7d, and more were wanted at 39s 6d. Commercial Banks remained firm with buyers 15s, no sellers. Buyers of National Insurance increased their bids to 20s 6d, sellers remaining at 21s. Dalgetys were firm with buyers £7, no sellers. In the (Shipping section Huddart Parker had buyers (ex dividend) at 435, without response. Buyers of P. and O. Increased their bids to 43s without response, and Union preference shares were in demand at 27s sd, sellers asking 27s 9d. Southland Frozen Meat were fractionally firmer with buyers’ oilers at 33s 6d. Felt and Textiles shares have improved considerably since the recent sales at 335, buyers yesterday offering 38s 6d, without response. Westport-Stock-ton ordinary had sales at 2s lid, Id lower than the previous sale, and more were wanted at the same price: buyers of the preference Issue Increased their bids to 8s 6d without response. New Zealand Breweries were firm with buyers 335, sellers 345. Broken Hill Pty., after reported sales at 38s lid and 38s, were slightly lower with buyers 37s 3d, sellers 38s. Kauri Timber had buyers 225, sellers asking 23s 6d. Otago Daily Times had buyers 40s, sellers 445. Woolworths, Ltd., ordinary and Woolworths (N.Z.), Ltd , ordinary remained firm at late rates. Mount Lyells were firm with buyers 27s 9d, sellers 28s 2d. The local mining market was quiet. Apart from vestibule business, the following transactions were recorded:— Sales on ’Change.—Listed stocks: 100 Bank of N.Z., 39s 7d; 350 Westport Stockton Coal, 2s lid; 50 Australian Consolidated Industries, 475. Sales Reported.—Listed stocks: 200 Broken Hill Pty. (late sales Friday), 38s lid, 38s. AUCKLAND Sales.—Auckland Harbour Board, 41 p.c.. 9/9/49, £105; War Loan, 1/10/53, £92: War Loan. 1/8/51-54, 3 p.c., £99: Liberty Loan, 15/6/52-55, 3 p.c., £99 10s (2); Stock, 15/4/46-49. 4 p.c., £lO4 12s 6d; Comm. Bank 14s lOd; Bank of N.Z., 38s 6d; N.Z. Insurance, 71s; Kaltangata Coal, 32s 6d; Auckland Gas, 6s 4d: Colonial Sugar, £SO 15s; Consolidated Brick, 7s; Farmers’ Trading (B pref.), 23s 4d; Woolworths (Vic.), 275. WELLINGTON Sales.—National Bank of N.Z., 44s 3d; Commercial Bank, 14s lOd, 14s lid; Bank of N.Z., 39s 6d. DUNEDIN Sale Reported.—Kaltangata Coal .(late on Friday), 32s 6d. RESERVE BANK STATEMENT OF ASSETS AND LIABILITIES (P.A.) WELLINGTON, September 14. Following is a statement of assets and liabilities of the Reserve Bank of New Zealand at the close of business on September 7, with the corresponding figures in the previous statement In parenthesis:— Liabilities.—General Reserve Fund, £1,500,000 (£1,500,000); bank notes, £26,884,279 (£26,534,690); demand liabilities; State. £11,115,765 (£12,489.039); banks. £21,134.104 (£21,131,963); other. £605,001 (£40,625); liabilities in currencies other than New Zealand currency. £13,696 (£5946); other liabilities, £1,250,360 (£1,364,275). Total, £(N.Z.) 62,503.206 (£63.432.167). Assets.—Reserves. Gold, £2,801,878 (£2,801,878); sterling exchange expressed In New Zealand currency. £25,677,780 (£25,219,709); subsidiary coin, £44,313 (£48,580); advances: to the Marketing Department, £6,103,778 (£7,191,880); for other purposes, £22,300,000 (£22,300,000); investments. £4,146,340 (£4,146,340); other asets, £1,429,112 (£1,723,781). Total £(N.Z.)62,503,206 (£63,432,167). Proportion of reserve to notes and other demand liabillites, 47.650 per cent. (46.259 per cent.). COMPANY NEWS Timaru Lime Company.—The report and balance-sheet of the Timaru Lime Company for the year ended August 31, states that due to war conditions the company experienced a difficult year, the chief difficulty being the scarcity of workers However, the lime Industry was recently declared essential so this should assist the company in obtaining sufficient workers to maintain production. Steadily mounting costs necessitated an application to the Price Tribunal, which, during the year, approved a rise in the selling price of the company’s product, thus enabling the company to maintain a satisfactory trading position. The accounts show an available balance of £IOOS 10s 7d, which directors recommend be allocated as follows:—Payment of 5 per cent, dividend, £650; balance to be carried forward, £355 10s 7d. Southland Farmers’ Co-operative Assn.— The forty-first annual report of the Southland Farmers’ Co-operative Association. Ltd. shows that there was brought forward from the previous year £7755 3s 8d; add net profit for year. £20,288 12s 6d; total, £28,043 12s 6d; less final dividend paid September, 1941, and interim dividend paid February, 1942, £4200; total, £23,843 12s 6d; add amount over-reserved for taxes for year ended July 31, 1941, £234 7s sd; total. £24,077 19s lid; less reserve for taxes, £14,265 17s 4d; balance available for distribution, £9812 2s 7d The directors propose to allocate the balance as under; In payment of a dividend deposit preference shares at rate of 4 3-5 per cent, per annum lor half-year £2IOO, In payment of dividend preference shares at 5 per cent £716, in payment, of dividend ordinary shares at 5 per cent. £670 16s, total £3486 16s; leaving a balance to be carried forward, £6325 6s 7d. Bank of Australasia Dividend.—Directors of the Bank of Australasia have declared an interim dividend of 2s 6d a share equivalent to 5 per cent per annum, less British income tax at 5s 6d in £1 Dividend is payable on October 2 to shareholders registered on September 7. Last year the interim dividend was 3s 6d a share, and final 4s 6d, less tax 5s 4id in £1 Broken Hill Proprietary.—Net profit of the Broken Hill Proprietary Company Ltd,, and Its subsidiary companies i? £811.139 a decrease of £773.209 It is reached after providing an increase of £298,240 foi depreciation and a decrease ol £65,653 for taxation. Directors attribute the fall in profit to difficult trading conditions and the fact that. In spite oi

steeply rising costs, selling prices of the company’s products have remained stationary. The consolidated balance-sheet total is £30,298,755. against £27.043,592 a year earlier. D. and W. Chandler, Ltd.—D. and W. Chandler, Ltd., has declared dividends on bbth preference and ordinary shares at the rate of 6 per cent, per annum for the period of five and a half months ended June 30, payable on September 25. —(P.A.) STOCK SALES PLEASANT POINT (P.S.S.) TIMARU, September 14. The entry of fat cattle at the Pleasant Point sale was larger than usual and some extra good steers were yarded. The inquiry was sound throughout, and values remained firm on late rates. Prime steers made from £ls 2s 6d to £l9 7s 6d: medium, £l2 2s 6d to £l4 12s 6d; prime heifers, £l2 2s 6d to £l3 7s 6d; medium, £lO 2s 6d to £ll 17s 6d: medium cows. £9 2s 6d to £ll 2s 6d. In the tat sheep section the yarding comprised one and a half races. The quality of the sheep offered was the best for some time. Fat ewes improved by 2s a head, and wethers were slightly dearer than at the previous sale Prime wethers made from 36s lOd to 39s lOd; light to medium. 29s Id to 35s 4d; extra prime ewes. 34s lOd to 37s 10d; prime, 30s Id to 33s lOd: light to medium 24s Id to 27s lOd. Values for store sheep showed little change on the previous sale Best Romney ewe hoggets made 33s 6d to 345; medium 24s 9d to 26s Id; good wether hoggets, 25s 6d to 265; shorn wether hoggets, 18s; ewes and lambs, 12s 7d, all counted. MINING Gillespie’s Beach.—The return was 390z 6dwt for 130 hours from 15,840 yards.— (P-A.) Blackball Creek Dredge.—The return last week was 31oz in 116 hours The return frcm the Slab Hut Creek dredge for the week ended September 12, 1942, was 28oz from 17,440 yards.