COMMERCIAL

Press, Volume LXXVIII, Issue 23744, 16 September 1942, Page 6

COMMERCIAL

STOCK EXCHANGES GOOD TONE IN LOCAL MARKETS There was only one sale on the Christchurch Stock Exchange yesterday, but there was more reported business, indicating a good turnover for the day’s operations. There appeared to be little change in the Government stock section, but an improvement in War Loan, 1953, on buyers’ price of £92 gave a good indication of the demand for these Issues. In the banking section 100 National Bank of New Zealand changed hands at 44s 9d. but buyers were not satisfied at this figure, and later business was done at 455. Commercial Bank of Australia sold at 14s lid and 15s, against last sales of 14s 9d. The demand for other banking stocks remained unchanged. National Insurance scrip sold at 20s 6d, and a full list of buyers quoted in the loan and agency section. This also applies to the shipping, frozen meat, and woollen sections with a sale in the latter »group of Kaiapoi's (fully paid) at 19s 9d, ex dividend of 6 per cent. —an Improvement on the cum dividend price. New Zealand Breweries quotations were 32s 6d buyers, 34s sellers, but the sale at 33s 6d Indicated a firm market. The only sale of note In the miscellaneous section was a sale of Electrolytic Zinc ordinary shares at 46s 6d—a rise of Is 6d on last marking. Colonial Sugars had buyers at £SO 10s, with sellers at £sl ss, while Broken Hill Proprietary at 36s 9d and 37s 9d appear fractionally weaker. Both issues of Woolworths were firm and Whltcombe and Tombs had buyers at 795, no declared sellers. Both mining sections are dull and uninteresting. Apart from vestibule business the following transactions were recorded: — Sales on ’Change.—Listed stocks: 100 National Bank of New Zealand, 44s 9d. Sales Reported.—Listed stocks: 550 Commercial Bank of Australia, 14s lid, 15s, (2) 14s lid; 200 National Bank of New Zealand, 455; 100 National Insurance. 20s 6d; 100 Kaiapoi Woollens (17s paid). 19s 9d; 250 New Zealand Breweries, 33s 6d; 100 Electrolytic Zinc (ordinary), 46s 6d; 182 Kauri Timber, 225, AUCKLAND Sales.—Central Waikato Electric Power Board, 1/2/47, 41 p.c., £103; Commercial Bank (2). 14s 10d: Union Bank. £7; N.Z. Insurance (3), 71s: Dominion Investment, 19s sd; A.C.1., 47s 6d; Bycroft, 46s 6d; Consolidated Brick, 7s; Woolworths (N.Z.), 15s; Broken Hill South, 245; Mount Lyell, 27s 6d; Martha (2), 8s 9d; Kauri (odd lot), 225. WELLINGTON Sale.—War Loan, 1/10/53, £92. DUNEDIN Sales Reported.—Kaiapoi Woollen (ord.), late on Monday, 19s 9d; New Zealand Refrigerating (con.), late on Monday, 9s 7d; Liberty Loan, 2J per cent., £97 ss; New Zealand Refrigerating, 21s 6d; Taranaki Oil, 5a 6d; Electrolytic Zinc (ord.), 46s 6d. COMPANY NEWS Wairarapa Farmers’ Co-op.—/ The annual statement: of : Sfttouhtfe' ‘.df - this •' company' to July 31, 1942, shows that the gross profit on operations was £112,036. General expenses were £70,225, and after paying interest on debentures, £3OOO, and depreciation, the net profit amounted to £29,207. The directors recommend that the amount available for allocation be appropriated as follows:—Payment of income tax, war tax, social security and national security taxes, £19.350; transfer to general reserve account, £500; payment of a diviend to preference shareholders at the rate of 3 per cent., absorbing £7500; and to carry forward the balance, namely, £lßs7—total, £29,207 Felt and Textiles of Australia, Ltd.—lt was decided to pay a final dividend on all ordinary shares equivalent to 10 per cent, per annpm tor the half-year ended June 30, 1942, payable on October 1. Dividend at the rate of 6 per cent, per annum on first preference shares will also be payable on October 1. N.I.M.U. Insurance Year.—Net premium income of £144.343, compared with £210,025 last year, is shown in the accounts of the N.I.M.U. Insurance Company for the year ended June 30. The report says the decrease is largely due to the fact that the accounts do not contain the customary volume of premiums paid for third-party insurance owing to the change in the closing date of the registration year. In addition, income had been reduced by the war time rebate last year of 20 per cent. Claims were £94,895, or £24,813 less than last year. Membership was 38,079. a drop of 2080 on the previous figure. The surplus was £48,798, which was largely created by drawback from unexpired risks reserve consequent on the change in the closing date of the registration year. Of the surplus. £36.000 had been set aside to be returned to members as a refund of an amount equal to onc-thlrd of the net comprehensive premium paid by the member during the previous year. New Zealand Theatres, Ltd.—lnterim dividends have been declared as follows": Ordinary shares. 6d a share; a preference shares, a half-yearly dividend at th* prescribed rate of 4 per cent, per annum: B preference shares, a half-yearly dividend at the prescribed rate of 6 per cent, per annum.—(P.A.)