COMMERCIAL

Press, Volume LXXX, Issue 24369, 22 September 1944, Page 9

COMMERCIAL

STOCK EXCHANGES

MARKETS MORE ACTIVE

Markets were more aqtive on the Christchurch Stock Exchange yesterday, and there was an increased turnover in a wider range of stocks. Price levels generally were well maintained. Sales on ’Change.—Listed stocks: £65 Wool Bonds, 1/2/48, 20s 2d; 100 Bank of New Zealand, 44s 3d; 100 National Insurance, 24s 4d; 300 New Zealand Refrigerating (10s paid), 13s lOd; 1500 WestportStockton Coal (pref.), 10s 4d (3); 50 G. J. Coles, 695. Sales Reported.—Listed stocks: £2OO New Zealand Government 2\ per cent. Stock, 1947-49, £97 ss; £l9O Wool Bonds, 1/2/48 (late sale Wednesday), 20s 2d; 100 Commercial Bank of Australia (ord.), 18s; 85p Bank of New Zealand, 44s 3d (4); 145 Westport Coal, 25s 6d; 100 Electro. Zinc (ord.), 565; 200 Reid N.Z. Rubber, 27s 6d. Latest Quotations N.Z. Govt. Debentures.—2J per cent. Ins., 1946, b. £9B; 3 per cent. Ins,, 194648, b. £9B 17s 6d; 4 per cent. Ins., 194952, b. £lO3 15s; 4 per cent. Ins., 195458. b. £lO6 ss; Wool Bonds, 1/2/48, b. £1 0s 2d, s. £1 0s 4d. Banks; Comm, of Aus„ b. 17s 10d, s. 18s 3d; New Zealand, b. £2 4s 3d, s. £2 4s sd. Insurance; National, b. £1 4s 4d, s. £1 4s 6d; New Zealand, ,b. £4 Bs, s. £4 10s. Loan and Agency: Goldsbrough, Mort, b. £1 11s 4d, s. £1 11s 9d; Mutual Benefit, b. £l7 2s 6d; N.Z. Guarantee Corpn., b. 4s, s. 4s 3d; Wright, Stephenson, b. £1 5s 3d; Wright, Stephenson (pref.), b. £1 ss. Shipping: P. and O. Deferred Stock, b. £2 11s 6d; Union (pref.), b. £1 11s 6d. Frozen Meat: N.Z. Refrigerating (10s paid), b. 13s lOd, s. 13s lid. Woollens: Manawatu, b. £2 ss, s. £2 7s Sd; Oamaru, s. £1 7s 6d. Coal: Kaitangta, s. £1 12s; .Westport-Stockton (in liquidation), b. 10s. Breweries: New Zealand, b. £2 2s, s. £2 2s 3d. Miscellaneous: Aust. Con, Industries, b. £2 17s 3d; Beath and Co. (cum div.), b. £1 10s Id; Beath and Co. (pref.), (cum div.), b. £1 6s lOd; Beath and Co. (Is paid) (cum div.), ’ b. 4s 2d, s. ss; British Tobacco, s. £2 8s 9d;Broken Hill Pty., b. £2 4s lOd, s. £2 ss; C.F.C.A. (ord!), b. £1 0s 3d; C.F.C.A. (pref.), b. £2 ss; Dominion Builders, b. 7s 9d, s. 8s 3d; Dominion Feritliser, s. £1 7s 6d; Electro. Zinc, (pref.), b. £2 17s; G. J. Coles, b. £3 7s 9d, s. £3 9s 3d; Hay’s, Ltd., s. £2 6s; Herald and Weekly, b. £3 4s; Morts Dock, s. £1 7s 6d: Mac-' duffs, b. 16s 3d. s. 16s 6d; Macduffs (pref.), s. £1 6s 6d; N.Z. Drug Co., b. £4 16s; N.Z. Farmers’ Co-op. (Ist pref.), s. £5 12s 6d; N.Z. Paper Mills, b. £2 Is 3d, s. £2 2s: Victoria, b. 12s 3d, s. 15s 6d; Wilcox. Mofflin, b. 13s, s. 15s; Wilson’s Cement, b. 19s Id, s. 19s 9d; Woolworths (N.Z.), b. £1 Is, s. £1 Is 3d; Woolworths Properties, s. £1 10s 6d. Overseas Listing; Woolworths (South Africa), s. £1 11s 3d. Aust. Mining: Broken Hill South, b. £1 7s, s. £1 8s 6d. N.Z. Mining: Big River, b. IJd. AUCKLAND Sales.—Third Liberty Loan, 15/6/47-49, 2J per cent., £97 ss; War Loan, 1/8/51-54, 3 per cent., £9B 3s; War Loan, 1/10/53, 24 per cent., £OS (2); Ins. Stock, 15/1/5357, 3J per cent., £102; Ins. Stock, 15/5/4952, 4 per cent., £lO4 ss; Ins. Stock, 15/6/52-55, 4 per cent,, £lO5 12s 6d; Franklin County Council, 1/10/64, 41 per cent.. £lll 10s; Bank of N.S.W., £35; Commer : cial Bank, 18s 3d; N.Z. Insurance, 88s; N.Z. Breweries. 42s (2): A.C.1., 5/s 6d; British Tobacco, 48s 6d; Dunlop, 255; Fletcher Holdings (new issue, odd lot), 25s 9d; Milne and Choyce, 80s. WELLINGTON

Sales.—lns. Stock, 1/10/53, 2i per cent. (2). £95; Hume' Pipe, 20s; Bank of N.S.W., £35; N.Z. Insurance. 88s; N.Z, Breweries, 425; Mason, StrutherS' 110s paid), 7s 6d; Electrolytic Zinc (prd.) (2), 565. DUNEDIN Sales Reported.—'Woolworths (Sydney, ex div.), 20s 0d; Ins. Stock, 1949-52, 4 per cent.. £lO4 ss; Ins, Stock, 1952-55, 4 per cent., £lO5 12s 6d; Westport Coal. 25s 6d; Bruce. Woollen (ord.), 345; Placer Developments, 795.

GENERAL ELECTRIC COMPANY

CHAIRMAN’S ANNUAL REVIEW

The annual report and balance-sheet of the General Electric Company of England, Ltd., for the year ending March 31, 1944, was .presented to the annual meeting of shareholders In London on July 27. In his statement -to shareholders the chairman of the Board, Sir Harry Railing, said: "The profit and loss account shows that the profit after providing for taxation and for contingencies amounts to £1,812,409 as compared with £1,748,917 last year, an increase of £63,492. After providing £460,699 against £450,619 for depreciation and £106,645 against £89,276 for our pension fund, we are left with a net profit for the year of £1,240,730 against £1,195,741 last year. Adding the carry forward from last year of £817,762 we have available for ‘distribution the sum of £2,058,492. You will see that after providing £700,000 for Income tax and paying the same figure as last year for dividend on Preference stocks, we recommend that a dividend -of 10 per cent, per annum and a bonus of 7J per cent, on the ordinary stock, both less Income tax, should be paid as last year, and the sum of £865.134 as against £817.762 should be carried forward. Our usual conservative policy has been fully maintained as regards writing down assets of an intangible or doubtful character, and as regards providing for contingencies. Apart from our large carryforward our general reserve stands at £4,700.000. "Last year I stated that we were naturally trying to plan for the post-war period. This planning still has to take second place. I further stated that In order to enable industry and the country to plan, it was essential to have an agreed long-term policy as regards fundamentais, a policy which, as far as humanly possible, should not be governed by political slogans. A great deal of work in this direction has since bi?en‘ done. I refer In particular to the Budget speech and to the White Paper on employment policy. They both propose a break away from the artificial restriction imposed by yearly budgeting, which, under present conditions sets too narrow limits to a nation’s and to a company’s planning. "Since for certain raw materials and food we are dependent on ether countries. we are vitally interested, on the one hand that where a lower standard of education and living exists It should approach more closely to our own, and thereby foster an expansion of world demand. On the other hand, it Is vital for us by choosing the right kind of goods and producing them at the right* price to increase our exports at least to such a figure that we are able to obtain these necessities In return. No individual, community or state, without exhausting us capital, can go on living, much less advance its standard of living, unless they produce goods at a competitive value which others are willing to accept In exchange for their own; The co-operation of labour for this purpose is as essential as that of the management of Industry. In the end the fulfilment of all the hopes we have for Improvements depends upon our ability to create this expansion aod to share in it to the greatest possible extent. This Is true, whether the state or so-called private enterprise supplies capital and management. “The post-war world will dematul more than ever frortf industry, and especially from export industry, imagination, initiative, pioneer spirit, the courage to run risks and to make quick decisions, or as the report of the Minister of Reconstruction puts It. ‘resiliency and flexibility. All these qualities are. according to the laws of nature, much more likely to be obtained from Individuals, from specialists operating in Industrial units of manageable'size, than from the state. "Our company, for a great many years, has carried out activities which are now being hailed in some quarters as new discoveries. Our pension scheme, open to staff and Work people alike, has reached a figure of £3,150,000. We have always paid the greatest attention to export and have a full scale overseas organisation which, in spite of the difficulties of war, we have maintained Intact to meet '•the post-war need. "Altogether, 5023 of-our employees. men and women, hfive joined 'His Majesty’s Forces. 157 of them have laid down their lives for the, country. 98 are prisoners of war, and 34 are missing; 26 of our employees have been decorated and another 17 mentioned in dispatches.” , . The General Electric Company, Ltd., of England, known throughout the world as the G.E.C., is represented In New Zealand bv British General F.lectric Company. Ltd., Wellington, Christchurch, Auckland. Its Issued share capital amounts to some £7.800,000 and its annual trading profits have exceeded £1.500.000 for several years. It has some 57.000 employees, and In addition 5025 employees are serving m the Forces. The dividend on the ordinary capital Is 10 per cent, plus cash bonus of 7i per cent. (Published by Arrangement.)

COMPANY NEWS

Canterbury Farmers’ Co-operative Association, Ltd.—The report of the directors and statement of accounts for tire year ended July 31, to be presented to the annual meeting of shareholders at Tlmaru on September 29, shows the net result of the year’s operations as follows: a net profit earned of £32,6G9 10s 2d, to which has to be added balance brought forward from last year, £8042 9s 2d; making a total of £40,711 19s 4d. The directors have declared a 5 per cent, dividend on all classes of preference shares, amounting to £4696 7s 6d, which leaves an amount of £36,015 11s lOd, from which the directory recommend the payment of