COMMERCIAL

Press, Volume LXXIX, Issue 23970, 10 June 1943, Page 6

COMMERCIAL

STOCK EXCHANGE BUSINESS AT CHRISTCHURCH Apart from vestibule business, the following transactions were recorded on the Christchurch Stock Exchange yesterday:— Sales on ’Change.—Listed Stocks: £2OO N.Z. Govt. 3 p.c. Stock. 1953-56. £9B: 50 Bank' of New Zealand, 41s 6a; £2OO N.Z. Govt. 4 p.c. Stock, 1949, £lO2 15s. Sales Reported.—Listed Stocks: £2OO N.Z. Govt. 4 p.c. Stock, 1949, £lO2 15s; 20 Colonial Sugar, £55 10s, £55 12s 6d. Sales Reported.—Unlisted Stocks; 300 Selfridges (N.Z.), 8s 3d. Quotations N.Z. Govt. Debentures.—4 p.c. Stock, 1946, b. £lOl 10s; 4 p.c. Stock, 1949, b. £lO2 15s; 4 p.c. Stock. 1949-52. b. £104; 4 p.c. Stock, 1952-55, b. £lO7 12s 6d; 4 p.c. Stock, 1954-58. b. £lO6 15s; 4 p.c. Bonds, 1946, b. £lOl 10s: 4 p.c. Bonds, 1949, b. £lO3. Banks.—Australasia, b. £9 2s 6d; Comm, of Aust., s. 16s 9d; Comm, of Aust. (pref.), b. £lO 6s, s. £lO 10s: New South Wales, b. £32 10s; New Zealand, b. 41s, s. 41s 6d. Insurance.—National, b. 22s 6d. Loan and Agency.—Christchurch Building, b. £lB 10s; Dalgety and Co., b. £8 ss; Goldsbrough, Mort (c.d.), b. 28s 6d; Mutual Benefit, b. £ls 10s; National Mortgage A (c.d.). b. 55s 6d, s. 58s; Wright, Stephenson, b. 24s 9d, s. 25s 3d. Frozen Meat.—Canterbury, b. £l3 10s; Canterbury (pref.), b. £8; Southland, b. 38s 9d, s. 40s 3d. Woollens.—Bruce, b. 26s 3d; Kaiapoi (17s paid), b. 21s 10d; Kaiapoi (7s paid), b. 8s 2d; Kaiapoi (pref,), b. 225. Coal.—K&itangata, b. 325, s. 375; Westport, b. 24s 6d, s. 24s lOd. , Gas.—Christchurch, b. 25s 6d. s. 26s 3d. Breweries.—Dunedin, b. 20s 3d. Miscellaneous.—Aust. Consolidated Industries (ex div.), b. 51s 6d: Booth, Macdonald (ord.). b. lOd; British Tobacco (ex div.), b. 46s 3d, s. 47s 3d: C.F.C.A. (Stock), b. £92 10s; C.F.C.A. (ord.). b. 12s 6d; Donaghy Rope, b. 57s 6d; Gordon and Gotch, b. 46s 9d: Hay’s, Ltd. (con.), b. 295; Masonite, b, 28s 3d; Morris Hedstrom (cum div.), b. 26s 6d; N.Z. Drug. Co., b. 88s 6d; N.Z. Farm. Fertiliser, b. 20s 7d; Otago Daily Times, b. 43s fid, s. 46s 6d; United Provisions, b. 13s; Whitcombe and Tombs, b. £5 6s; Woolworths (Sydney) (ord.), b. 15s lid, s. 16s Id; Woolworths (first pref.), b. 325; Woolworths (second pref.), b. 265. Australian Mining.—Mt. Morgan, s. 10s 6d: Mt. Morgan (pref.), b. 21s. N.Z. Mining.—Grey River (cum div.), b. 14s, s, 15s AUCKLAND Sales.—Bank of N.Z., 41s 6d (2); South British Insurance, 70s 6d (2); Farmers' Co-op. Auct. (£2 paid). 335; A.C.1., 51s 9d (2); War Loan, 1/10/53, £93 17s 6d, £94; Ins. Stock, 15/2/43-46, 4' p.c., £lOl Us 8d; Commercial Bank, 16s 7d (2); Dominion Breweries. 36s 6d (2); Broken Rill Proprietary, 43s;' E.S., and A. Bank, 795; Traders’ Finance (con.), 4s 3d; Metiers, 16s. Late Sale: Commercial Bank, Ifis 6d. WELLINGTON Sales.—Late Tuesday: War Loan, 1/10/53, £93 17s fid, £94; Rotoiti Timber, 6s; Macduffs, 9s 0d; Macduffs (pref.), 22s Sd. Yesterday: War Loan, 1/10/53, £93 17s fid; Comm. Bank, 16s fid; Bank Of N.Z., 41s 6d. DUNEDIN Sales Reported.—E., S„ and A. Bank, 78s 9d; Bank of New Zealand, 41s fid. SATISFACTORY YEAR BRITISH PAVEMENTS (CANTY.), LIMITED The sixteenth 1 annual general meeting of shareholders of British Pavements (Canterbury), Ltd., was held In Christchurch on Tuesday. The directors’ report for the year ended February 28, 1943, stated that the net profit for the year was £16,464 15s 6d. From this amount £13,568 4s lOd had been set aside for taxation, and with the balance of £2Bl 15s 2d brought forward made a total provision for taxation of £13,850. The residual net profit of £2896 10s Bd, together with the unappropriated balance of £251 18s 3d brought forward from the previous year, made an available balance to the credit of profit and loss appropriation account of £3148 8s lid. This had been dealt with as follows:—Payment of Interim preference dividend, August 31, 1942, £291 19s 4d; payment of interim ordinary dividend (3J per cent.), August 31, 1942. £7OO 4s lOd; payment of final preference dividend, February 28, 1943. £291 19s 4d; balance, £1864 5s sd. The directors recommended that the balance in the appropriation account should be dealt with as follows:—Payment of 6J per cent, final dividend on ordinary shares, £I3OO 9s 2d; balance to be carried forward, £563 16s 3d. It was stated that the company’s turnover for the year had been very satisfactory, and that the net profit shown before providing for taxation was a record. The increase in net profit from the previous year was £9705, of which £9023 was taken in taxation. “Under this incidence of taxation it is not possible to create reserves to meet renewals, when these become available in normal times,” continued the directors’ report. "The position of our mobile plant and equipment (chiefly responsible for the profit this year) gives the directors serious concern for the future. Apart from depreciation much accumulated repair and overhaul maintenance has perforce been neglected for lack of spares and replacements. Thus a fictitious or inflated gross profit is recorded, and evidence is not wanting that we will indeed soon be faced with a time when this plant section will become worn out with no opportunity of recompense.’’ MINING The report of Alexander Mines, Ltd., tor May, is as follows:— Development: No. 6 Level N.E. Drive: the crosscut was advanced 10 feet to a point 28 feet west of drive, and located stone overhead. Rising to winze at this point has opened out lenses of very hard ore, which may widen out going north or south. Rising to date, 17 feet. No 5 Level Intermediate; Winze in north end. This was started and sunk on reef averaging 2ft 6in wide to a depth of 10 feet. Progress was slow here owing to Influx of water, but a pump is being installed which should cope with the flow. Sloping: This was confined to breaking through operations under No. 5 Level, and for the month 80 tons were hauled from the mine. AUCKLAND WOOL CLIP (P.A.) AUCKLAND. June 9. For the first time, the value of Auckland wool has topped the £2,000,000 mark for the season. The quantity was 106,763 bales, stated the Wool Brokers’ Association to-day. The total realised was £2,039,839 compared with £1,770,742 last season.