COMMERCIAL

Press, Volume LXXVIII, Issue 23803, 24 November 1942, Page 6

COMMERCIAL

STOCK EXCHANGES AUSTRALIAN INDUSTRIALS RISE Quotations on the Christchurch Stock Exchange yesterday showed a marked rise in several Australian stocks, especial y in metal shares. Apart from vestibule business, the following transactions were recorded i~* Sales on ’Change.—Listed Stocks: 600 Woolworths, Ltd., 15s 7d, 15s 8d (3). Sales Reported.— Listed stocks: 100 Goldsbrough', Mort. £1 8s 6d; 200 Broken Hill Pty. (2), 39s lid; 100 New Zealand Drug Co. (late sale Friday), 82s; 250 Woolworths, Ltd., 15s Bd. Sale Reported.—Unlisted stocks: 600 National Tobacco, 31s 6d. Quotations were as under: — 2i per cent. Ins., 15/9/47. b. £9B 2s 6d; 3 per cent. Ins., 13/8/51-54. b. £99 ss. a. £99 12s 6d: 3 per cent. Ins., 15/9/52-55, b. £99, -s. £99 12s 6d; 4 per cent. Ins., 31/5/54-58. b. 15s Id, s. 15s 3d; K, S.. and A., b. 74s 6d; Natl, of A’asia. (£10). b. £ll 17s 6d; Natl, of A’asia. (£5). b. £5 10s; Natl, of New Zealand, b. 46s 3d; New South Wales, b. £3O; New Zealand, b. 39s 9d, s. 40s 9d; South British, b. 64s 6d, s. 655; Dalgety, b. £6 17s 6d. s. £7 ss; Goldsbrough, Mort, b. 28s, s. 28s 6d; Canterbury Frozen Meat, b. £l2 15s; Canterbury Frozen Meat (pref,), b. £7 12s 6d; New Zealand Refrig. (£1 paid), b. 24s 6d, s. 255: New Zealand Refrig. (10s paid), b. 10s 9d, s. 10s 10d; Southland, b. 365, s, 38s; Felt and Textiles, b. 395, s. 425; Kalapol (pref.). b. 20s 3d. s. 21s 6d; New Zealand Breweries, b. 355, s. 365: Aust. C.1., b. 48s; Booth, Macdonald (pref.), b. 6s 6d, s. 7s 3d; British Tobacco, b. 435; Broken Hill Pty., s. 40s 6d; Colonial Sugar, b. £52, s. £53; Electro, Zinc (ord.), b. 48s; Electro Zinc (pref.), b. 52s 6d; Howard Smith, b. 21s 4d; Milburn Lime, b. 335; National Electric, b. 24s 9d; New Zealand Drug, b. 81s 9d, s, 83s; New Zealand Drug (£1 paid), b. 465; New Zealand Farmers’ Co-op., b. 7s: New Zealand Farmers’ Co-op. (Ist pref.), b. 68s 6d, s. 755; New Zealand Farmers’ Coop. (A pref.), b. 36s 6d; New Zealand Farmers’ Co-op. (B pref.), b. 295; New Zealand Farmers’ Co-op. (4i per cent. Stock, 1950). b. £94, s. £95; New Zealand Farmers’ Co-op. (4i per cent. Stock, 1955), b. £94, s. £95; New Zealand Farmers’ Fertiliser, b. 17s 6d. s. 18s 6d; Urlwlns (pref.), b. 225; Whitcombe and Tombs, b. 83s; Wilsons Cement, b. 15s Bd, s. 17s 8d; Woolworths (N.Z.) (ord.), b. 14s lid: Woolworths (N.Z.), (pref.). b. 38s 6d; Woolworths Properties, b. 24s 9d; Broken Hill South', b. 25s 6d, s. 26s 9d; Mount Lyell, b. 27s Dd; Barrytown (def.), s. 10s 6d; Barrytown. b. Us; Grey River, b. 13s 6d; Snowy River (5s paid), b. 6s Bd, s. 6s lOd. AUCKLAND Sales.—Auckland Gas (Perp. debs.). 31 per cent., £B9; Commercial Bank (pref.), £10; Union Bank' £7 12s 6d; South Blrtish Insurance, 655; Dominion Breweries. 29s 9d; Swan Brewery, 21s; Broken Hill Pty., 39s 9d; Colonial Sugar (2) £sl 15s; Consolidated Brick (3), 8s 6d;’ Macduffs (pref.). 19s; New Zealand Drug, 82s; Peters Ice-Cream, 13s 6a; Broken Hill South. 28s 3d. Unofficial List.—National Tobacco, 31s 6d; Industrial Chemicals (pref.), 20s. WELLINGTON Sales.—Late on Friday: National Bank of New Zealand, 475; Bonds Hosiery, 31s 6d; Macduffs (ord.). 6s; Macduffs (pref.). 19s. Yesterday: Goldsbrough, Mort, 28s 3d; Woolworths, Ltd., 15s 9d. DUNEDIN Sale. New Zealand Drug (40s paid), Reported.—New Zealand Refrig, (con.), late on Friday, 11s; New Zealand Drug (40s paid), late on Friday, 82s. RESERVE BANK STATEMENT OF ASSETS AND LIABILITIES (P.A.) WELLINGTON, November 23. Following is a statement of assets and liabilities of the Reserve Bank at November 16, with the returns for the previous statement in parenthesis:— Liabilities.—General Reserve Fund, £1,500,000 (£1.500,000); bank notes, £27.983,344 (£27.687.897); demand natalities: State. £7,692,667 (£10,520,031); banks, £21,279,123 (£19,235,210); other, £2,821.932 (£1,288,563); liabilities in currencies other than New Zealand currency, (£213,113); other liabilities, £1,396,380 (£1.360,465). Total £ (N.Z.>62,710.263 (£61,805,278). „„ Rnl „ 7R Assets.—Reserve: Gold, £2,bui,b/b (£2,801,878); sterling exchange in New Zealand currency £28,108,347 (£25,984,638); subsidiary coin, £50,367 (£54.224); advances to the Marketing Department, £2,402,449 (£1,934.118); advances for other purposes. £24.300.000 (£24,300,000); Investments, £4.461.795 (£4,455,230); other assets, £2.585,428 (£2,295,192). Total, £ (N.Z.>62,710,263 (£61.805.278). Proportion of reserve to notes and other demand liabilities, 48.302 per cent. (48,617 per cent.). COMPANY NEWS Union Steam Ship Company.—The accounts for the year ended September 30, 1942, were considered by the directors at their monthly meeting at Wellington. The volume of cargo handled during the period reached record figures, but owing to heavy increases in operating costs it was decided to pass the dividend on ordinary shares. A final dividend of 2i per cent, for the half-year, making 5i per cent, for the year, on preference capital, was recommended. Wellington Publishing Company —The accounts of the Wellington Publishing Company. Ltd., for the year ended September 30 show # working profit of £32,715, compared with £26,832 for last year. After writing off bad debts, depreciation, and providing £18,238 for taxation, and adding the £13,037 brought forward, £19,733 is available. The directors recommend a dividend of 31 per cent., unchanged, leaving £14,483 to be carried forward. Taringamutu Totara Sawmills.—Taringamutu Totara Sawmills, Ltd., has declared a final dividend for the year ended September 30, at the rate of 31 per cent., making 7 per cent, for the year free of social security and national security taxes.—(P.A.) Victoria Laundry.—Victoria Laundry. Ltd., has declared a dividend of 2 per cent, for the half-year ending November 30, payable on December I.—(P.A.) Bruce Woollen Manufacturing Company, Ltd.—An increase in the gross profit of £8736 over the figures for the previous year, when the turnover was a record, was disclosed by the chairman of directors (Mr F. L. Nicholson) at the annual meeting of the Bruce Wdollen Manufacturing Company, Ltd. at Milton yesterday. The chairman added that the net profit, at £20,501, showed an Increase of £352. Provision of £67,000 had been necessary to cover taxation this year, the chairman continued, and £12,580 had been written off plant and premises as depreciation. These two items showed an increase of £6200. The amount of £9407 18s 2d brought forward from last year, together with the net profit of £20,501 7s 8d for the year, made the total in the profit and loss appropriation account £29.909 5s lOd. Shareholders would receive the same distribution as during the last two years. The amount of £9OOO to be transferred to reserve would bring the reserve account to £39,000 The increase in turnover this year reflected the benefit now being obtained from additions and improvements to the plant, plus the organising of extended working lours in the mill. There was

every Indication that military requirements for next year would further heavily tax the production of the mill.— (P.S.S.) National Insurance Company, Ltd.— An Increase in premium income of £16,072 was reported by the chairman of directors (Mr G. R. Ritchie) at the sixtyninth annual meettpg of the National Insurance Company' ox New Zealand, held at Dunedin yesterday, Fife Income expanded slightly since last year, due principally to enhanced values rather than new business. Income, from the accident department showed, some falling off, and fur this the continued shrinkage in premiums from the motor-vehicle section was primarily responsible. The marine department, however,, provided a larger share of the increase in premiums, chiefly war risk. Losses were a little above last year’s figures, and to these the marine department contributed more than its share. General expenses, commissions, etc., showed an increase not out of keeping with the additional income. Taxation on underwriting, however, necessitated an appropriation greater by £13,407 than last year. The surplus of the underwriting account was £20,850. Adding to the surplus for the year the balance brought forward from the previous one and deducting therefrom the interim dividend paid in May last, there was available a balance of £64,926 12s 4d. The figures shown in the balance-sheet for debentures, shares, and Government securities represented a value below that of the market. It was becoming increasingly difficult to maintain income from investments, a source upon which the company at one. time relied almost entirely for dividend. -The directors had felt it their duty to Invest surplus funds in war loans issued by New Zealand and Australia to. the limit of the resources, and the Interest return on these loans was, to say the least, a modest one.—(P.S.S.) NEW COMPANY REGISTERED Horton, Bldwell and Company, Ltd., registered as a private company. November 9. Office, Christchurch. Capital; £2OOO in shares of £1 each. Subscribers—Christchurch : A. W. Horton : 1000. C. H. Bidwell 1000. Objects: Forwarding, shipping, and customhouse agents, and incidental. MINING Slab Hut Creek Dredge.—The returns from this dredge for the week ending November 21, 1942, were 50 ounces from 18,100 yards in 119 hours. Gillespie’s Beach.—The return was 24 oz 4dwt in 133 hours from 17.280 yards.— (PA.) Associated Gold Dredges (N.Z.), Ltd.— For the week ended November 21. the Company’s dredges recovered 145 i ounces from 55,500 yards. STOCK SALES PLEASANT POINT (P.S.S.) TIMARU, November 23. The small yarding of fat sheep at the Pleasant Point sale sold under keen competition, and values Improved by Is a head. Fat shorn wethers made from 31s 4d to 34s 4d and medium 28s Id to 30s Id; fat shorn ewes, 23s lOd to. 27s 7d; medium, 18s 4d to 2i25,10d. ■ The large yarding in the fat cattle sections comprised mostly . cows. Good quality beef sold at late rates, but medium to inferior showed a definite easing in values. Prime steers made from £l3 2s 6d to £ls 17s 6d; fat heifers,. £lO 17s 6d to £l2 17s 6d; fat cows, £lO 2s 6d to £l2 12s 6d. The few pens of store sheep sold fully firm on late rates. Ewes'ln wool, with lambs at foot, made from 13s 3d to 16s 6d; woolly wether hoggets, to 295; shorn wether hoggets, 21s to 25s -6d. No New Cases of Scarlet Fever at Timaru.—The chief sanitary inspector at Timaru (Mr A. W. B. Watkinson) reported yesterday that there had been no notifications of scarlet fever cases since Wednesday.