COMMERCIAL

Press, Volume LXXVIII, Issue 23811, 3 December 1942, Page 6

COMMERCIAL

STOCK EXCHANGES

MARKETS REMAIN QUIET

Markets were again quiet on the Christchurch Stock Exchange yesterday. Transactions were:— Quotations 2J per cent. Ins., 15/9/47, b. £9B 7s 6d: 3 per cent. Ins., 15/9/52-55, b. £99 7s 6d, s. £99 10s; 4 per cent. Ins., 15/6/52-55, b. £lO7 10s; 4 per cent. Ins., 31/5/54-58, b. £lO6 10s; E„ S., and A., b. 74s 6d; Natl, of A’asia. (£10), b. £l2 2s 6d; National of New Zealand, b. 47s 6d; Bank of New Zealand, b. 39s lid; Queensland Ins., b. 75s 3d, s. 76s 6d; Standard, b. 65s 6d, s. 675; Goldsbrough, Mort, b. 28s 3d; Natl. Mortgage "A," b. 435; Huddart Parker, b. 46s 6d; Union (preL), b. £7 2s 6d; Gear, b. 18s lOd; N.Z. Refrig. (£1 paid), b. 245, s. 24s 9d; N.Z. Refrig. (10s paid), b. 10s Bd, s. 11s: Felt and Textiles, b. 40s 6d; Timaru, s. 18s 9d; Melbourne Co-op., b. 44s 3d; New Zealand Breweries, b, 33s 6d, s. 355; Swan, b. 20s 6d; Alloy Steel (N.Z.), b. 35s 3d; Beath and Company, b. 23s 3d, s. 265; Booth, Macdonald (pref.), b. 6s lOd; Broken Hill Pty., b. 40s 3d, s. 41s: D.I.C. (10s paid), b. 15s 4d; Dunlop Rubber, b. 19s 6d; Evans Atlas, b. 24s 4d, s. 26s 6d; G. J. Coles, b. 555. s. 595: Hume Pipe (Aust.), b. 11s 6d: Macduffs (pref.). b, 18s 9d, s. 20s; N.Z. Drug, b. 81s 9d, s. 83s; New Zealand Farmers’ (“A” pref.). b. 37s 6d; do. (“B” pref.), b. 29s 9d; New Zealand Farmers’ Fertiliser, b. 17s lOd: New Zealand Newspapers, b. 34s 9d; New Zealand Paper Mills, b. 34s 3d, s. 35s 6d; Wilson's Cement, b. 18s, s. 19s; Woolworths (N.Z.) (ord.), s. 14s 9d: Woolworths (N.Z.), (pref.), b. 395; Woolworths (South Africa), b. 21s; Mount Lyell, b. 28s 9d. s. 30s: Mount Morgan, s. 10s: Mount Morgan (pref.), b. 21s: Slab Hut (5s paid), b. 5s 2d, s. 5s 6d; Waihi, b. 3s sd. Sales on ’Change.—Listed stocks: 62 Otago Daily Times, 435. Sales Reported.—Listed stocks: 100 National Bank of New Zealand, 47s 6d. AUCKLAND Sales.—Bank of N.Z., 39s 9d, 39s lOd, 40s; Broken Hill Pty., 40/- (4); Colonial Sugar, £sl 17s 6d; Electrolytic Zinc (pref.), 555; Reid Rubber (new issue), 25s 9d; Woolworths Properties, 25s 6d; Martha. 9s; Broken Hill South, 26s 7Jd; Whakatano Paper Mills (unlisted). 10s 6d; Soulh British Insurance, GGs 3d; Consolidated Brick, 8s 9d: MeKendrick Bros., 225; N.Z. Insce., 75s 6d; Renown Coal, 9s; Swan Breweries, 21s; A.C.1., 50s, 49s 6d; G. J. Coles, 565; Morris Hedstrom, 255; Reid Rubber, 26s 6d; Ins. Stock, 15/2/43-46, 4 p.c., £IOO 17s 6d. WELLINGTON Sales.—Late on Tuesday; Stock, 15/1/535*7, 3 p.c., £104; Arahura Gold, 265. Unofficial List.—C. and A. Odlin (pref.), 20s 6d, (ord.), 20s 6d. DUNEDIN Sales Reported.—N.Z. Refrigerating (20s paid), 24s 6d; Woolworths (Sydney), 15s 9d; N.Z. Refrigerating (10s paid), 10s lid. MINING Associated Gold Dredges (N.Z.), Ltd.— The third annual general meeting of Associated Gold Dredges (N.Z.), Ltd., was hold in Christchurch on November 23. Mr C. G. McKellar, chairman of directors, gave a resume of the operations of the three dredges now working. A report of the company’s financial position, as at November 14, showed a considerable improvement, according to a statement supplied to “The Press.” Directors elected to the board were:, Messrs H. M. Clark, C. J. Fcrricr, E. Hay, H. J. Kernah'an, C. G. McKellar, A. P. A. Nicholls. Messrs Nicholls, North, and Nicholls were appointed auditors for the ensuing year. Barrytown-Kanlerl-Arahura Dredges.— The above three units of the Gold Mines of New Zealand. Ltd., last month returned a total of 24330z. Barrytown recovered 4320z from 188,000 yards in 463 hours. Kanicri dredge secured 7390z from 151.000 vards in 497 hours. Arahura secured 12620Z from 196,000 yards in 509 hours.

COMPANY NEWS

TIMARU WORSTED AND WOOLLEN COMPANY

PROFIT OF £6310/17/2

REPORTED

“To earn a profit of £6310 17s 2d, the company has had to spend no less a sum than £114,973 9s 3d for raw materials, wages, and other expenses,” said Mr W. H. Walton, chairman of directors of the Timaru Worsted and Woollen Company, Ltd., in addressing the annual meeting of shareholders yesterday. “Although the turnover is £12,000 higher, the net profit is £2BOO lower,” added Mr Walton. He explained that this anomalous result was due chiefly to increased wages and higher taxation. In 1940, the wages bill had amounted to £26,653 18s Id, and taxation cost the company £9293 5s 2d, In 1942 the wages bill had increased to £42,472 Is 4d and taxation had risen to £17,388 18s 7d. The number of employees engaged was practically the same during the last two years. The gross profit from the manufacturing account was £42,366 0s 4d, and the net profit after allowing £5874 8s lOd for depreciation, was £23,699 15s 9d.

The statement of accounts showed that after writing off £5874 8s lOd for depreciation on buildings, plant, and machinery, and providing £17,388 18s 7d for taxes, the net profit was £6310 17s 2d, which, if added to the balance brought forward from last year, namely £635 19s Bd, and £3709 13s lOd transferred back from taxation reserve, made a total of £10,656 10s Bd, which the directors recommended should be applied as follows: (a) In payment of a dividend at 5 per cent., £4299; (b) transfer to general reserve, £5000; (c) carry forward, £1427 10s Bd.

The directors' proposals were approved. Three retiring directors, Messrs W. H. Walton, A. S. Elworthy, and H. B. S. Johnstone were re-elected. Vacancies in the directorate during the year were caused by the retirement of Messrs E. A. Frcthey and W. E. Winks. Mr John Leggott was elected to fill one of the vacancies. Mr W. A. L. Leech was appointed auditor in place of Mr A, C. Martin, who did not seek reappointment.

Tattersfldd, Ltd.—The accounts of Tattersfield, Ltd., for the year ended September 19, show a net profit of £6262, compared with £6442 in the previous year. The suip of £IOOO has been reserved for possible depreciation in Government war loans, totalling £9OOO. The dividend, at 8 per cent., is unchanged.— (P.S.S.)

and had a good many men working for us. Do you think it was right for your wife and others to dispose of vendors’ shares?—l certainly thought it right and proper, and that I was not doing the company any harm. You apparently paid the company £99. Why did you do that?— Evidently they were short of money. They were pressed for the payment of accounts?— Yes. Questioned as to the payment of brokerage to his brother, O. J. Wilson, witness said his brother had promised that he would sell a certain number of shares for the company, and he believed that statement. His Honour: As you were the solicitor, why did you not record this in a proper document in some way?—l really cannot say. Counsel: Your brother was to get brokerage on all sales allotted?— Yes. His Honour: Yet there was never any agreement to that effect?—No, except the resolutions that were passed. Mr Brown: Do you think it right and proper to pay your brother £275 for work that he had not done?—l certainly thought so. The examination of this witness will be continued this morning-.