COMMERCIAL

Press, Volume LXXXI, Issue 24678, 22 September 1945, Page 8

COMMERCIAL

STOCK EXCHANGES CHRISTCHURCH MARKET FIRM The share market continued firm yesterday and heavier trading in Government loans raised the volume of business above the recent daily average. Sales on ’Change.—Listed Stocks: 44 Union Bank of Australia, £8 5s 6d; 200 Kanieri, 23s (2). Sales Reported.—Listed Stocks; £SOOO 2} per cent. Victory Loan, 1950-51, £97 15s; £ISOO 3 per cent. Victory Loan, 1956-59 (late sale Thursday), £IOO 7s 6d; £ISOO 3 per cent. Victory Loan, 1955-58 (late sale Thursday). £100; 15 Bank of New South Wales, £34 ss; 90 Union Bank of Australia, £8 5s 6d (2); 100 New Zealand Breweries, 46s 9d; 200 Ngahere, 7s 3d. LATEST QUOTATIONS N.Z. Govt. Debentures.—2J per cent. Ins., 1946, b. £99 15s; 2* p.c Ins,, 1947, b. £99; 2J per cent. Ins., 1948, b.-£99 10s; 2\ per cent., Ins., 1947-49, b. £99 10s; 2J per cent. War Loan, 1953, b. £97 2s 6d; 3 per cent. Victory Loan, 1956-59, s. £IOO 10s; 3 per cent. In's., 1952-55, b. £99 7s 6d; 3 per cent. Ins., 1953-56, May. b. £IOO 10s; 3 per cent. Ins., Dec., 1953-56, b. £IOO ss; 3 per cent. Victory Loan, 1955-58, b. £100; 3 per cent. Ins., 1960-63, s. £IOO ss; 31 per cent. Ins., 1957-60, s. £lOl 10s; 3i per cent. lbs., 1953-57, b. £103; 4 per cent. Ins., 1946-49, b. £lOl 17s 6d; 4 per cent. Bonds, 1946-49, b. £lOl 17s 6d; -Liberty Bonds, b. £1 Is; Wool Bonds. 1/2/48, b. £1 0s 9d; Wool Bonds (1/2/49), b. £1 Os 3d. Other Debentures.—Christchurch Drainage, 33 per cent. (31/3/70), s. £lO7 10s; Lyttelton Harbour Board, 41 per cent. (31/3/50), b. £lO4 ss. s. £lO6. Banks.—Australasia, s. £9 ss; Commercial of Australia, s. 18s sd; Commercial of Sydney, s. £2l ss; National of Australasia (£lO paid), b. £l3, s. £l3 2s; National of New Zealand, s. £2 15s 9d; New South Wales, s. £34 10s; New Zealand, s. £2 10s 3d; Union of Australia, b. £8 ss. s. £8 7s 6d. Insurance.—National, s. £1 7s 6d; New Zealand (ex bonus), s. £4 16s; South British, s. £4 11s. Loan and Agency.—Christchurch Building, b. £2O 7s 6d; Dalgety and Company, s. £9 7s 6d; Goldsbrough, Mort, b. £1 11s 6d; Invincible Building, b. £5 2s 6d; Mutual Benefit, b. £l9 10s; National Mort. “A,” b. £3 12s; National Mortgage “B," b. £1 18s 3d; N.Z. Loan and Merc. (ord. stock), s. £72; N.Z. Loan and Merc, (pref.), b. £110; Perm. Investment, b. £l2 ss; United Building (ex div.), b. £1 4s Bd. Shipping.—P. and O. Defd. Stock, b. £2 15s 6d; Union (pref.), b. £1 12s 6d. s. £1 13s 6d. Frozen Meat.—Canterbury, b. £ls; Canterbury (pref.), b. £8 8s; Gear, b. £1 7s; N.Z. Refrigerating (£lO paid), s. 15s 3d; North Canterbury Freezing (pref.), b. £1 Is 9d; Southland, b. £2 16s 6d; South Otago (cum div.), b. £6 10s; Waitaki, b. £7 12s 6d. Woollens.—Bruce, b. £1 17s 6d; Felt and Textiles, b. £2 19s 6d; Kaiapoi (17s paid), s. £1 4s; Kaiapoi (7s paid), s. 12s 6d; Kaiapoi (pref.), s. £1 5s 9d; Mosgiel, s. £l4 10s; Oamaru, b. £1 10s; Timaru, b. £l. . Coal. —Kaitangata, b. £1 2s; Westport, b. £1 7s. s. £1 Bs. 'Gas.—Ashburton, s. £4 2s 6d; Auckland (5s paid), s. 3s Id; Christchurch, b. £1 7s, s. £1 7s sd; Timaru, b. 17s sd. s. 19s. Breweries.—Dominion, b. £2 12s; New Zealand, s.‘ £2 7s; Tooheys, b. £1 13s; Tooths, b. £3 ss; Westland, s. £1 12s 9d. Miscellaneous.—Anthony Hordern, b. £1 2s; Australasia Paper, b. £2; Australian Found. Investment, b. se; Australian Iron and Steel, b. £1 14s 3d; Beath and Company (cum div.), b. £1 15s 6d; Beath and Company (Is paid, cum div.), b. 5s 9d; Beath and Company (pref.), b. £1 8s; Benei, N.Z., b. £5 10s; Booth, Macdonald (pref.), b. 9s 4d, s. 9s lid; British Tobacco, s. £2 10s 3d; Broken Hill Pty., s. £2 7s; C.F.C.A., b. £1 3s; Canterbury Roller Flour, b. 15s 6d; Claude Neon, N.Z,, b. £1 19s 6d; Colonial Sugar, s. £59 15s; Consolidated Brick, s. 10s 3d; Capel Court, s. ss; Dental and Medical, b. £1 3s; D.1.C., b. £1 2s; D.I.C. (pref.), b. £1 8s; Fletcher Holdings, b. £1 13s; G. J. Coles, s, £3 15s 9d; Gordon and Gotch, b. £4 4s; Frozen Products (cum div.), b. 17s 6d, s. £1 0s 9d; John Bulleid, b. 13s 9d; Mason, Struthers (£1 paid), b. 18s 6d; Mason, Struthers (10s paid), b. 7s 6d; Milburn Lime (ex div.), s. £1 17s; Morts Dock, b. £1 7s; Macduffs, b. 16s, s. 16s 6d; New Colosseum, b. £2 2s; N.Z. Drug Co., b. £5 ss; N.Z. Farmers’ Coop. (£2 10s paid), b. £1 2s 6d; N.Z. Farmers’ Co-op. C‘B" pref.), b. £3 10s; N.Z. Farmers' Co-op. (4J per cent. Stock. 1950), b. £101; N.Z. Farmers' Co-op. (4J per cent. Stock, 1955), b. £101; Otago Daily Times, b, £2 12S 6d; Quill Morris, b £1 10s; Reid Rubber, b. £1 15s, s. £1 16s; Robinson Ice Cream, b. £1 13s; Selfridges, b. £1 9s, s. £1 14s; Sharland and Company, s. £1 16s; Standard Cement, b. £1 Is 6d; Taringamutu Tctara Timber, s. £1 Is 9d; Whitcombe and Tombs, s. £7 10s; Wilson’s Cement, s. £1; Woolworths (Sydney, ord.) (ex div.). b. £1 4s; Woolworths (N.Z.), s. £1 5s 8d; Woolworth Properties, b. £1 11s; W. R. Carpenter, b, £2 4s 6d. Overseas Listings.—Woolworths (South Africa), b. £1 12s 6d, s. £1 14s 6d. Australian Mining.—Mount Lyell, b. £1 7s, s. £1 7s Id; Mount Morgan, b. 9s 3d; Rawang Tin, b. 10s; Wellington Alluvials, s. 4s 4d. N.Z. Mining.—Associated Gold Dredges, s. 4s 3d: .Austral N.Z., b. £1 Is, s. £1 3s 6d; Barrytown, s, 16s 9d; Big River, b. 6d; Blackwater, b. 17s; Gillespie’s Beach, b. Id: Grey River, b. 10s, s. 12s 6d; Kunieri, b. £1 3s 9d, s. £1 ss; Ngahere, b. 7s, s. 7s 6d; Ngahere (deferred), s. 2s 3d; Snowy River, s. 6s 6d. Unofficial List.—Apex Ice (ord.), b. 26s 6d; Australian Motorists’ Petrol, b. 265; F.A.M.E., b. 11s 6d: F.A.M.E. (pref.), b. 21s, s. 22s 6d; North Otago Farmers’ Coop., b. 7s; National Tobacco, b. 365; Scales "C” (pref.), b. 4s; Southland Breweries, b. 22s 6d; Selfridges (cont.), s. 14s 3d; Self ridges (West Australia), s. 18s; Sylvia Mines, s. 2s 6d; Teremakau (5s paid), b. 4s 6d, s. ss; Whakatane Paper, s. 7s; Whakatane Paper (pref.). s. 255; Wellington Publishing, b. £5 10s. AUCKLAND Sales. —W’ar Loan, 1/10/53, 2| per cent. (£200), £97 10s; Victory Loan, 15/2/49-50. 2.1 per cent. (£250), £9B ss; Liberty Loan. 15/12/53-50, 3 per cent. (£900), £IOO 5s (2(; Victory Loan, 15/2/55-58, 3 per cent. (£300), £100; Victory Loan. 15/4/56-59, 3 per cent. (£1500), £IOO 7s 6d; Bank of New South Wales (15), £34 ss; Bank of New Zealand (150), 50s (2); Dominion Breweries (200), 335; N.Z. Breweries (100), 46s 9d; Queensland Breweries (200), 30s; Consolidated Brick (300), 10s; Hill and Plummer (300), 35s 6d; Moturoa Oil, ord. (100), 10d; Reid Rubber (600), 35s 6d (4); Emperor (100), 17s 9d; Mount Morgan (100), 9s 3d. Unofficial List.—Auckland Farmers’ Freezing (£1) (130). 265. The listed sale of National Savings Bonds, 27/3/47 (£2000). recorded on Thursday, should have been at £B4 12s 6d, instead of £97 12s 6d. WELLINGTON Sales.—Late Thursday: Westland Breweries (400), £1 12s Gd; Martha Gold Mines (100), 9s. Yesterday: N.Z. Government Stock, 15/5/49-52 (£5000), £lO4 ss; 3 per cent. Stock, 15/9/52-55 (£200), £99 10=; 3 per cent. Stock, 15/5/52-56 (£200), £IOO 7s 6d; 3 per cent. Stock, 15/12/53-56 (£300), £IOO ss: Union Bank of Australia (40). £8 5s 6d; Macduffs. Ltd. (200), 16s 3d; G. J. Coles (50), £3 15s 9d. DUNEDIN Sales Reported.—National Bank of Australasia (33), £l3; N.Z. Govt. Stock, 3 per cent., 1960-63 (£2255), £99 15s; Union Bank (50), £8 5s 6d; Consolidated Brick (200), 10s. N.Z. Guarantee Corporation.—The directors of the New Zealand Guarantee Corporation. Ltd., wall recommend at the annual meeting on October 29, a dividend of IJd a share'for the year ended August 31.—( P.A.)

TAXES PAID BY COMPANY “ RELIEF SHOULD BE AFFORDED ” STATEMENT BY CHAIRMAN OF DIRECTORS “The Press" Special Service OAMARU, September 21. “During the last six years the Government has received from this company by way of taxation, paid or payable, the large sum of £29,964, whereas in the same period shareholders of the company have received only £12,219,” said the chairman of directors (Mr C. Hedges) at the annual meeting of shareholders to-day of the North Otago Farmers’ Co-operative Association, Ltd., when indicating the extent to which the business of the company had been affected by taxation. Mr Hedges said it was impossible under the existing circumstances for the directors to make a greater distribution of profits than a dividend of 5 per cent.on paid-up capital. He added that the taxation on last year’s figures was £6llO 13s 4d out of a net profit of £B6ll. The shareholders, some hundreds of whom hold 10 shares or less, had willingly consented to taxation amounting to 14s Id in the £1 on net profits so long as the amount, exclusive erf social security taxation, was used for legitimate war purposes, “For too long a period, however, subsidies and other payments have been charged against the War Expenses Account, and common justice demands that substantial relief should be afforded taxpayers at the earliest passible moment.” Mr Hedges said he had no desire at the company meeting to deal with political questions, but in spite of extravagant claims made by the Government in regard to the rehabilitation of service personnel, he was confident that private employers would ultimately be responsible for the reinstatement in civil life of 90 per cent, of the men returning from overseas. The speaker concluded by saying that some 22 members of his company's staff were still awaiting discharge from the armed forces, and all were . assured of employment on their return. CRUTCHING WOOL APPRAISEMENT PRICES DROP AT TIMARU From Our Own Reporter TIMARU, September 21. Crutchings offered at the wool appraisement held at Timaru to-day. were mainly from down country districts, and did not open up as well as those of last season, because of bad weather conditions during last winter. There was a bigger proportion of second and stained crutchings offered than in other seasons, as many farmers had neglected to take the stains out of their wool, and prices dropped as much as lid per lb. On the whole the condition of the offering was better than expected. The following is a list of bales offered by woolbroking firms at Timaru:—Canterbury Farmers' Co-operative Association, 411 bales; Dalgety and Company. Ltd., 1214 bales; National Mortgage, 476 bales; New Zealand Loan and Mercantile. 223 bales; Pyne, Gould, Guinness, 615 bales.