COMMERCIAL

Press, Volume LXXX, Issue 24370, 23 September 1944, Page 8

COMMERCIAL

STOCK EXCHANGES

QUIETER MARKETS YESTERDAY

Markets were quieter yesterday and re corded dealings were confined to a tew stocks. Price movernems were irregular. The affiliated Stock. Exchanges will be closed on Monday (Dominion Day). _ Sales Reported.—Listed Stocks. £2o° N.Z. Govt., 31 per cent. Stock, 1953 ai. £102; £l9O Wool Bonds, 1/2/48, £1 Os 2d. 140 Broken Hill Pty., 4os (2), 200 Do minion Builders (late sale Thursday), Bs. 100 Kauri Timber. 28s 6d; 100 Reid NZ. Rubber, 27s 6d; 200 Macdußs (ord.), 16s 3d.

LATEST QUOTATIONS Banks.—National of Australasia (£lO nairn b £l2 4s: National of N.Zi., p, £2 15s 3d; New South Wales, b. £34 17s 6d; New Zealand, b. £2 4s 4d; New Zealand (Mortgage shares), b. £1 J2s 6d, s. £1 14s 6d; Union of Australia, b £8 6s Insurance.—National, b. £1 4s 3d, s. £1 ss: New Zealand, b. £4 7s 6d, s. £4 9s Sd: South British, b. £3 17s 6d, s. £3 18s 3d; Standard, b. £3 19s. s. £4. Loan and Agency.—Dalgety and Company, taw £8 Bs, s. £8 11s; Invincible Building b «E5; N.Z. and River Plate, b. 17s 9d- N.Z. Guarantee Corporation (cum div ). b. 4s; Farmers’ Co-op. Auctioneering (£2 paid), s. £1 18s; Farmers Co-op. Auctioneering (£1 paid), s. 18s; United Building (ex div.), b. £1 os 3d; Wright, Stephenson (ord.), b. £1 ss; Wright, Stephenson (pref.), b. £1 5s 3d. Frozen Meat—Canterbury, b. £l4 ss. s. £ls; Canterbury (pref.). b. £8; Gear s. £1 6s 6d; N.Z. Refrigerating (£1 paid), b £1 7s 6d, s. £1 7s 9d; N.Z. Refrigerating (10s paid), b. 13s 9d. s. 14s; South Otago (cum div.), b. £6 10s. Coal.— Kaitangata, s. £1 11s 6d, West port, b. £1 5s 6d; Westport-Stockton (in liquidation, ex distribution) b. 6d. Westport-Stockton (pf., ex distribution), b. 6d, s. Is 6d. _ Gas. —Christchurch, s. £1 6s 6d; Timaru, b. 15s, s. 17s 6d. ~, , „ ~ Breweries.—Ballins OSs paid), b. 17s 6d, s. 18s 6d; New Zealand, s. £2 2s 3d. Miscellaneous.—Beath and Company (cum div.). b. £1 10s Id; Beath and Company (pref., cum div.), b. £1 6si o, Beath and Company (Is paid, cum div.), b. 4s; Booth. Macdonald (P ref -. ex div.). s. 9s 9d; British Tobacco, b. £2 8s oa, s £2 8s 9d; Broken Hill Pty., b. £2 4s 9d s. £2 ss; Canterbury Roller Flour, s. 17s 9d; D.I.C. (pref.), b. £J 6s; Mason, Struthers (£1 paid), s. 19s; Mason. Struthers (14s paid), s. 12s 6d; Mason, Struthers (10s paid), b. 7s, s. 8s; N.Z. Farmers Coop. (“A” pref.), b. £3 10s; N.Z. Farmers Co-op. (4J per cent. Stock, 20/2/51). s. £101; N.Z. Farmers' Co-op. (41 per cent. Stock, 10/2/50). s. £101; N.Z. Forest Products (pref.), b. 10s 3d; N.Z. Paper Mills, b. £2 Is 3d, s. £2 2s; Otago Daily Tynes s. £2 11s 6d; Quill, Morris (1936), b. £1 7s Id; Radio (1936), b. 18s; Reid (N.Z.) Rubber, b. £1 7s 3d; United Provisions (ord ) b. 14s, s. 14s 6d; Whitcombe and Tombs, s. £6 7s 6d; Wilcox Mofflm. b. 13s; Woolworths (South Africa), s. £1 ns 3C N.Z. Mining.—Associated Gold Dredges (N.Z.f, b. ss; Austral (N.Z.) Mining, b. 12s 3d, s. 15s; Associated Gold Dredges (deferred), b. 7d, s. ss; Gillespies Beach, b. 3d; Golden Sands, s. 4d; Kanien (deferred. ex div.), b. £1; Maori Gold, b. 13d; Ngahere, s. 8s 9d; Slab Hut, s. 3s 9d; Snowy River, s. 7s 3d; Waihi Investments, b. ss. , _ , . Unofficial Lis*.—Aust. Invest. Trust, b. 10s 3d; Aust. Mot. Petrol, b. £1 2s 3d. s. £1 2s 9d; John Fuller and Sons Debs., b, £B9; Regent Theatre Debs., b. £B4; Selfridges (N.Z.) (cont.). b. 11s, s. 13s; Smith Wylie, b. 12s 6d; Teremakau (5s paid), b. 3s, s. 4s; Waikari Lime (cum div.), b. £l. s. £1 2s 6d; Westland Breweries, b. £1 4s, s. £1 6s; Whakatane Paper, s. 8s; Whakatane Paper (pref.), b. £1 45., AUCKLAND Sales—Third Liberty Loan, 15/12/53-56, 3 per cent., £9B; Ins. Stock, 15/5/49-52, 4 per cent., £lO4 ss; / Ins. Stock, 15/6/52-55, 4 per cent., £lO5 12s 6d; Auckland Gas, 8s; Broken Hill Pty.. 45s (2); Electrolytic Zinc. 565, 57s 3d; H.M. Theatre Arcade, 14s 10d; Milne and Choyce, 30s; Radio (1936), 18s 3d; Reid Rubber, 28s 3d; Taranaki Oilfields, Is; Woolworths (Sydney). 20s 8d; Wool Bonds, 20s 2d; Martha. 9s 6d; New Occidental, 14s. WELLINGTON Sales.—Late Thursday: Kauri Timber, 28s 6d; Electro. Zinc (ord.), 565; Loloma Mines, 225. Sales yesterday: Bank of New South Wales, £35; Macdußs (2), 16s 6d; Woolworths (N.Z.), 21s 3d. DUNEDIN Sales Reported.—Radio (1936), 18s 4d; Broken Hill Pty., 455; Macdußs (ord.), (late Thursday), 16s 7d; Electro. Zinc (ord.), 565; National Bank of New Zealand. 565; New Zealand Refrigerating (10s paid), 13s lOd.

COMPANY NEWS

South Otago Freezing Dividend.—The South Otago Freezing Company, Ltd., has declared a dividend of 5 per, cent, for the year ended August 31, an unchanged rate. Hume Pipe Profits.—Consolidated accounts of Hume Pipe Company (Aust.), Ltd., for the year ended June 30, show a net profit of £30.413. compared with £25,004 in the previous year. The parent company’s profit, announced earlier, is £30,312, compared with £25,571. Aust. Paper Manufacturers, Ltd.—Australian Paper Manufacturers, Ltd., show a net profit of £257,487 for the year ended June 30, compared with £254,069 the previous year. Profit is struck after allowing £370,656 for depreciation, against £329,585 last year, and £235,629 for income tax. Ordinary dividend to holding companies is £162,000, equal to. 7.36 per cent, (last year 7J per cent.). Preference dividend of 6 per cent, absorbs £60,000, and £25,000 is transferred to reserve for loss of profits. Carry-forward is increased from £175,416 to £208.403. Guarantee Corporation—The New Zealand Guarantee Corporation has declared a dividend of lid a share for the year ended August 31, payable on October 30. —(P.A.)

WAIMATE DAIRY COMPANY

CHAIRMAN SATISFIED WITH PAYMENT

(From Our Own Correspondent.) WAIMATE, September 22. The opinion that dairy producers should be satisfied with the extra payment granted by the Government was expressed by Mr H. H. Meredith, chairman of directors of the Waimate Co-opera-tive Dairy Company, Ltd., at the annual meeting to-day. He said the conference, after hearing the Prime Minister, unanimously favoured acceptance of 2d per io for butter-fat, but wanted a subsidy for calves. The Government, Instead of paying the 2d straight out. granted an increase to meet labour and farm replacement costs, to increase production, raising prices of butter-fat by 2.12 d. Mr Meredith said suppliers of butterfat next year would receive an advance of 17d while the season’s average would approach 19d. The subsidies granted helped to offset the increased costs of manufacturing materials. ' "The daify industry has little cause for complaint so long as the Government continues to treat dairymen as at present,” he said. He appealed for every effort' in production to meet Britain’s needs. Referring to the likelihood of a fall in prices after the war, with competition from margarine at 8d per lb, claimed to contain more vitamins than butter, Mr Meredith said the accumulated millions in the dairy stabilisation account would be drawn on to assist producers over the lean years. Local sales dropped on the introduction of rationing, but expenditure would be reduced by the introduction of zoning in the southern area from October, 1. The reduction of some herds, because of the labour shortage, and bad weather early in the season caused a slight decrease in output, but a good autumn helped make up the leeway.

The directors’ report stated that the season average pay-out for the previous year was paid out as estimated at 15.612 U. Butter stocks at June 30 were valued at 15ld per lb. The appropriation account showed a credit of £8757. The recommended final pay-out was 3d, absorbing ,£1505. A 4 -per .cent, dividend on paid up capital absorbed £225, leaving £7027 to be carried forward. Messrs H. H. Meredith. C. F. Rose and J. G. Ruddcnklau were elected to the directorate.

RESERVE BANK RETURN

(P.A.) WELLINGTON, September 22. The Reserve Bank return for the week ended September 18, with the figures for the previous week in parenthesis, is:—

Liabilities.—General reserve fund, £1,500,000 (same); bank notes. £37,794,091 (£37.822.744); demand liabilities: State, £11,900.181 (£11,691.004); banks. £34,334,700 (£34,752,920); o th e r, £1,828,170 (£1,309.653); liabilities in currencies other than New Zealand, £15.495 (£14.803); other liabilities, £1,977,503 (£1.963,753); totals, £ (N.2.)89,410.200 (£89,034.283). Assets.— Gold, £2,801,878 (same): sterling exchange in New Zealand currency, £33,681.957 (£33,030,445): subsidiary coin, £38,613 (£42,045): advances: to the Marketing Department, £1,545,716 (£2,795,545); for other purposes. £35,885,000 (same); investments, £11,736,019 (£11,736,035): other assets. £3.721.017 (£2.763,315); total, £(N.Z.189.410.200 (£89.054.283).

Proportion of reserve to notes and other demand liabilities, 42.446 per cent. (41,855 per cent.)