COMMERCIAL

Press, Volume LXXIX, Issue 23849, 19 January 1943, Page 6

COMMERCIAL

STOCK EXCHANGE MODERATE TURNOVER There was no appreciable change in quotations on the Christchurch Stock Exchange. The turnover was moderate. Sales on 'Change.—Listed Stocks: 100 Grey River, 13s; 200 Slab Hut (Ss paid, cum div.), 5s 3d. Sales Reported.—Listed Stocks; £SOOO 3. per cent. Inscribed 1953-56 Stock, £99; SO Union Bank of Australia (ex div.), £7 12s 6d; 165 Auckland Gas, 7s sd; 50 Australian Consolidated Industries, 50s; 200 Bank of New Zealand, 40s 6d. Quotations:—2i p.c. Ins., 15/9/47, b. £9B ss; 3 p.c. Ins., 15/9/52-55, b. £99 10s; 3 p.c. Ins,, 1953-56, b. £99, s. £99 10s; 4 p.c. Ins., 15/2/43-46, b. £lOl 12s 6d; 4 p.c. Ins., 31/5/54-58, b. £lO6 10s; Bank of Australasia, b. £8 17s 6d; Commercial of Australia, b. 16s 7d, s. 17s 3d: National of New Zealand, b. 48s 6d; Bank of New Zealand, b. 40s 6d; South British Insurance, b. 67s 6d, s. 68s 6d; Wright, Stephenson, b. 20s; Wright, Stephenson (pref.), b. 20s 9d; Canterbury Frozen Meat, b. £l2 10s; Canterbury Frozen Meat (pref.), b. £7 10s; Gear Meat, b. 20s 3d; N.Z. Refrig. (£1 paid), b. 245, s. 24s 6d; N.Z. Refrig. (10s paid), b, 10s 7d, s. 10s 8d; Timaru Woollens, b. 16s 9d: Westport Coal, b. 245, s. 255; Westport-Stockton, b. 2s 9d, s. 3s Bd; Westport-Stockton (pref.), s. 8s 9d; Christchurch Gas, b. 235; Christchurch Gas (10s paid), b. 11s, s. 12s; Dominion Breweries, b. 325; New Zealand Breweries, b. 35s 6d, s. 365; Andersons (pref.), b.,195; Beath and Co., b. 23s 6d; Beath and Co. (pref.), b. 23s 9d; Broken Hill Pty., b! 41s 3d, s. 425; Colonial Sugar, b. £52 10s; Dominion Fertiliser, b. 21s 6d, s. 22s 6d; Dunlop Rubber, b. 21s; G. J. Coles, b. 58s; Mason, Struthers (£1 paid), b. 13s 6d; Mllburn Lime, b. 335; Morris, Hedstrom, b. 225; Macduffs, b. 7s Id; Macduffs (pref..), b. 19s 6d; N.Z. Newspapers, b. 355; N.Z. Paper Mills, b. 355; Quill, Morris (1938), b. 18s 9d: Woolworths (ord.), b. 17s, s. 17s 6d; Woolworths (N.Z.) (ord.), b. 14s lid, s. 15s Id; Woolworths (N.Z.) (pref.), b. 395; Woolworths (South Africa), b. 21s 3d; Mount Lyell, b. 28s 9d. s. 29s 6d; Mount Morgan, b. 9s Id, 5.,9s 7d; Grey River, b. 12s 9d, s. 13s 3d; Slab Hut (5s paid), b. 5s 2d. s. 5s 3d; Snowy River (5s paid), b. 6s 6d, s. 7s. AUCKLAND Calls.—3 p.c. Stock. 15/9/46-49, £IOO 10s; Union Bank, £7 12s; South British, 67s Od; Renown Colleries, 9s (2); same (pref.), 2s lOd; Claude Neon, 225; N.Z. Refrig., 24s 6d; Sanford (pjref.), 18s; Woolworths (Sydney). 17s 3d (2); Waihi Investments, 4s 3d. WELLINGTON Sales.—Late Friday: Bank of N.S.W., £2 0s 6d; New Zealand Insurance, £3 17s. Monday: 3 p.c. Ins. Stock, 1/8/195154, £100; 3 p.c. Ins. Stock, 15/9/1952-55, £99 10s: Bank of N.Z., £2 0s 6d (2). DUNEDIN Sale on 'Change.—N.Z. Refrig, (cont.), 11s. Sales Reported.—N.Z. Refrig, (paid), 24s 6d, (cent.) 10s lid; Milburn Lime, £1 14s 3d. RESERVE BANK STATEMENT OF ASSETS AND LIABILITIES (P.A.) WELLINGTON. January 18. Following is a statement of the assets and liabilities of the Reserve Bank at January 4, with the returns for the previous statement in parenthesis:— Liabilities.—General reserve fund, £1,500,000 (£1,500,000); bank notes, £30,360,015 (£30,674,298); demand liabilities: State £13,644,510 (£12,565,006), banks £19.468,770 (£18.511,196), other £797,677 (£687,541); liabilities in currencies other than New Zealand, £22,194 (£87,564); other liabilities, £1,524,067 (£1,522,058). Total. £ (N.Z,167,317,234 (£65,547,665). Assets.—Reserve; Gold £2,801,877 (£2,801,877); sterling exchange (in New Zealand currency) £26,572,416 (£25,676,059); subsidiary coin, £18,200 (£19,335); advances to the Marketing Department, £1,620,168 (£578,303); advances for other purposes, £30,000.000 (£30,000,000); investments, £4,457,881 (£4,459,272); other assets. £1,186,689 (£2,012,818). Total £ (N.Z.>67,317,234 (£65,547,665). Proportion of reserve to notes and other demand liabilities, 45.669 per cent. (45.470 per cent.). COMPANY NEWS N.Z. and River Plate Co.—The directors in London of the New Zealand and River Plate Land Mortgage Company, Ltd., recommend a dividend of 4 per cent., less tax of 10s in the £. Wellington Alluvlals.—Wellington Alluvlals, ltd., whose dredge was laid up because of the labour shortage, reports that clean-up operations yielded smelted geld to the extent of 244 ounces, which is estimated to be equal to 200 ounces of fine gold. Union Bank.—The board of directors of the Union Bank of Australia, Ltd., has

declared a final dividend for the year ended August 31, qt 3s 6d a share, being at the rate of 3J per cent., less United Kingdom income-tax at 5s lid in the £1 (the standard rate of 10s in the £l, less Dominion relief of 4s Id in the £1). The dividend Is payable on February 10, at the current rate of exchange for demand drafts on London at the date of the dividend warrants. Transfer books were closed from January 4 to 9 Inclusive. The general meeting of proprietors will be held in London on February 8. An Interim dividend of 2s 6d a share (equal to 2i per cent.) less British income tax of 5s lid in the £l, was paid on July 29. The distribution for the year thus totals 6 per cent. The bank is liable for social security charge and national security tax upon this dividend and no security charge or national security tax is payable by the shareholder. Carreras Profit.—Profit of Carreras, Ltd., for the year ended October 31, decreased to £101,054 from £150,284 for 1940-41. Ordinary dividend is reduced from 71 per cent, to 45 per cent., requiring £90,000. The 10 per cent, preference dividend absorbs £6BOO, leaving £6891 to carry forward as against £2631 brought forward.

Swan Brewery.—Swan Brewery Company, Ltd., Perth, reports net profit of £83,080 for the half-year ended September 30, compared with £68,081 for the previous half-year and £72,107 for the corresponding term of 1941. For the full year the profit of £151,161 compares with £164,987 for 1940-41. Steady ordinary dividend of 10 per cent. (6s 6d a share) for the half-year requires £76,541. Preference dividend of 6 per cent, amounts to £3OOO. Carry forward is £42,837, against £39,298. Electrolytic Zinc.—Net profit of Electrolytic Zinc Company of Australasia, Ltd., for the year ended June 30 Is £216,416, compared with £362,784 for 1940-41. It is reached after allowing £299,500 for taxation, including £87,500 short provided last year, and after providing £25,000 out of taxable income for an ore depletion reserve in terms of recent legislation. MINING Associated Gold Dredges (N.Z.), Ltd.— The return from the company’s dredges for the week ended January 16 was 231 ounces from 80,000 yards in 363 dredging hours. Maori Gold.—To January 15, for 190 hours, from 22,000 yards, the return was 39 ounces. Barrytown (first half of January).— One hundred and fifty-three ounces, 194 hours,- 89,000 yards. Kanieri (first half of January).—Two hundred and twenty-nine hours, 79,000 yards. Arahura.—Two hundred and seventynine ounces, 142 hours, 67,000 yards. Slab Hut.—The returns from the Slab Hut Creek dredge were: To December 23, 1942, 35 ounces from 13,000 yards in 80 hours; to January 16, 1943, 109 ounces from 32,200 yards in 248 hours. Gillespie’s Beach.—The wash-up was 49 ounces for 199 hours from 21,888 yards.