COMMERCIAL

Press, Volume LXXXIII, Issue 25304, 2 October 1947, Page 8

COMMERCIAL

STOCK EXCHANGES GOOD VOLUME OF BUSINESS Markets were more active on the Christchurch Stock Exchange yesterday, and there was a good volume ox business m a wide range of stocks. Dealings in bank shares, industrials, and chain stores accounted for ffie bulk of the turnover, and markets generally were firm, with an upward tendency. The outstanding gain of the day was one of 4s in Selfridges at 50s. DOMINION TRANSACTIONS

Sales on ’Change—Unlisted Reece, Ltd., E., ord (1000 ) 0 1 3 —3d Sales Reported—Listed 3 p.C., May, ’53-56 (£200) 100 10 0 N.Z.F. Co-op., B pf. (50) 4 9 0 4-2/-B.HJP. (600 ) 2 11 0 ~~ Dalgety and Co. (20, 50) 10 5 0 N.C. N.Z. Refrig., con. (400 ) 017 10 N.C. AUCKLAND Sales.—ls/6/47-49, 2J p.c. (£200), £100; Commercial Bank of Australia (300), 21s 9d; N.Z. Breweries (100), 555; N.Z. Insurance (150), 99s 6d; South British Insurance (300), 925; Huddart Parker (100), 61s 6d; Auckland Laundry (100). 16s 3d; British Tobacco (200), 50s; Broken Hill Pty. (100), 30s 9d; Colonial Sugar (5), £55 ss; Dunlop, N.Z. (200), 14s 2d; David Jones (300), 55s 6d; Electro. Zinc, pref. (100), 70s 6d; Farmers’ Trading (100), 37s 9d; Hallenstein Bros. (.100), 32s 6d; M.K. Manufacturers (400), 13s; N.Z. Newspapers (100), 48s 6d; N.Z. Paper Mills (116), 43s 6d; Northern Roller (100), 31s; Wilson’s Cement (250), 18s 6d; Broken Hill South (100), 38s. and (200) 38s 6d; Ngahere (200), 8s Id. Unlisted: Whakatane Paper, ord. (300), 7s 9d. • WELLINGTON Sales.—Late Tuesday: N.Z. Breweries (260), £2 15s; Macduffs, Ltd. (200), £2 8s 9d; Broken Hill Pty. (100), £2 Ils; Farmers’ Trading (100), £1 17s 9d; Colonial Sugar (15), £55 ss; Woolworths, Ltd., ex div; (500), £1 3s; Mount Morgan (500), 9s 6d. Yesterday: Mount Morgan (50), 9s sd; p.c., 1/10/53, ex interest (£1000), £96 15s; 3 p.c. 15/11/57-60 (£530), £lOO 7s 6d; 3 p.c., 15/7/61-63 (£1300), £99 15s; 3 p.c. 15/4/60-63 • (£2000), £lOO 10s; 4 p.c., 30/11-48 ££6oo), £lO2 ss; Broken Hill Pty. (100), £2 10s 9d; N.Z. Guarantee Corpn., cum div. (400), 5s 9d; Broken Hill Pty., two sales (900). £2 Ils; N.Z. Breweries (150), £2 15s; British Tobacco (50), £2 9s 3d; Union Bank, two sales (100), £lO 17s; Waihi (2094), 5s 6d. DUNEDIN Sales.—Broken Hill South (100), 38s 3d; N.Z. Refrigerating, con. (200). 17s led; Electro. Zinc, ord. (100), 71s 9d; Electro. Zinc, pref. (100), 72s 6d; Woolworths. (100), 235. Sales Reported—N.Z. Refrigerating, con , late sale (200), 17s lOd; Woolworths (500), 235; Woolworths (200), 235; Mt. Morgan (500), 9s 6d; Comm. Bank of Australia (200), 21s 9d. Unlisted stock: Mt. Couk Tourist (500), 9s.

NATIONALISATION OF BANKS

RESULT OF GALLUP POLL A Gallup poll of a Representative crosssection of people in the six states of Australia asking how they would vote on a referendum on nationalising the trading banks resulted as follows:—opposed to nationalisation, 63 per cent.; in favour, 23 per cent.; undecided. 14 per cent. Of those who voted Laboift- last year, 42 per cent, opposed the proposal, 38 per cent, favoured it. and 20 per cent, were undecided. Only 3 per cent, of LiberalCountry Party voters favoured nationalisation. MINING Snowy River.—This company’s latest return shows a yield of 131 ounces of gold from 50,000 yards in 257 hours.

OTHER EXCHANGES SYDNEY Expanded business at firm to higher rates was recorded on the Sydney Stock Exchange yesterday, and the general tone of the market showed an improvement. Hadfields rose again to a record gain of 2s, since the company’s announcement of its intention to pay a dividend. Sales.—Bank of New South Wales. £3B; Commercial Bank of Sydney, £24 16s; Commercial Bank of Australia; pref., £11; Howard Smith, 25s 3d; Tooths, 79s 3d; Wilcox, Mofflin, 18s 4Jd; Mount Morgan, 9s 6d; Electro. Zinc, 73s 3d; Broken Hill Pty., New Zealand delivery, 51s 6d; North Broken Hill, 795; South Broken Hill, 39s 3d; Bulolo, £8 10s; Rawang. 8s 9d; Oil Search, 6s 9d; A.C.1., 61s 7Jd; Associated News, 19s 6d; and preference stock, 235; Anthony Hordern, 29s 9d; British Tobacco. 50s 6d; Drug Houses, 40s; Dunlop, 395; David Jones. 555; Felt and Textiles, 60s 3d; General Industries, 31s 3d; Hadfields, 15s; Woolworths, 235. MELBOURNE Stock Exchange sales in Melbourne yesterday were:—Commercial Bank of Australia, 22s Id; E.. S., and A., 1355; Swan Brewery, 42s 3d; Assoc. Pulp, 34s 9d; A.C.1., 625; Bradford, 545; British Tobacco, 51s 6d; Dunlop, 39s 6d; Dunlop pref., 44s 6d; Felt and Textiles, 625; Sulphide, 11s; Zinc Investments, 4s lOd; Broken Hill South, 39s 9d; North Broken Hill, 79s 6d; Emperor, 18s 3d; Oil Search, 6s lOd. SHAREMARKET INDICES

BRITISH TREASURY RETURNS

SURPLUS OF £219,511,064 FOR FIRST SIX MONTHS (N.Z. Press Association—Copyright) • LONDON, Sept. 30. British Treasury returns for six months of the present financial year show a surplus of £219,511.064. The ordinary revenue of £1*647,584,293 is a net increase of £306,456.585 compared with the corresponding period of 1946. Ordinary expenditure is £1,428,073,229. The sale of war surplus stores for the last three m0nth5£74,079,075, £74,079,075, an increase of £39.936,923 over the corresponding period of 1946—provided the biggest jump in revenue. Customs for the last six months at £388,596,000 totalled over half of what the Chancellor estimated would be raised during the full year, and is an increase of £95,331,000 compared with the corresponding period of 1946. Income tax decreased sharply to £376,133,000 compared with £413.028,000. .

Farmers’ Co-operative Earnings.—Net earnings of the Farmers’ Co-operative Auctioneering Company, Ltd., Hamilton, for the year ended July 31, were £30.19U, a decline of £1545. Dividends are the same at 5 per cent, preference and 6 per cent, ordinary. The net profit is reachea after allowing £52,900 for income and social security taxes, against £45,480 in the previous year. The year's preference dividend (£12,660) and the proposed ordin ary dividend (£13,604), together absorb £26,264, leaving £3926 of the year’s earnings to increase the carry-forward to £19,692. Electro Zinc Dividend.—The Electrolytic Zinc Company of Australasia, has declared a final dividend on ordinary and preference shares of 9 per cent., plus a bonus of 6d a share (ex October 10). The year’s full dividend, including the bonus, is 17J per cent, for the year.

CHRISTCHURCH Sales on ’Change—Listed £ s. d. Var'n 3 p.c. Dec., ’53-56 (£200) 100 5 0 — Comm. “Bank of Aust. (200, 100, 100) 1 1 10 —2d Comm. Bank of Aust. (200, 200) 1 9 —3d N.Z. Refrig., 10s pd. (400) 0 17 10 N.C. N.Z. Guar. Corpn. (100, 300), cum div. /0 5 9 N.C. B.H.P. (300, 100) 2 11 0 N.C. B.H.P. (100) 2 11 3 4-3d Self ridges (100) 2 10 0 + ld' W’lworths, Syd. (300) .. 1 3 1

LATEST QUOTATIONS Buyers. Sellers £ s. d. £ s. d. Banks— Comm, of Aust. .. 1 1 10 Pref. 11 u 0 Comm of Syd. 24 0 0 — E., S., and A. 6 10 0 6 17 6 Natl, of N.Z. 3 7 0 New South' Wales — 37 15 0 Union * 11 0 0 Breweries— Ballins 1 14 6 1 15 6 Dominion 3 10 0 New Zealand ». 2 14 6 2 15 3 Swan — 2 2 6 Tooheys 1 16 0 —• Tooths .. •. 3 17 0 NN Westland. c.d. — 2 5 0 CoalRenown Coal , .. 1 1 0 *b. Kaitangata / .. 1 15 0 Taupiri 4 6 6 NN Pukemiro 1 14 0 NN Frozen MeatCanterbury 15 2 6 16 0 0 Pref. 8 2 6 — N.Z. Refrig., £1 pd. 1 16 3i — 10s paid 0 17 9 0 17 10 Southland" __ 3 4 6 Gas— Auckland 0 7 3 7 8 Christchurch 1 6 0 — Ch ch., 10s pd. .. 0 13 0 Timaru — 0 12 0 Insurance— F.A.M.E bn 1 5 3 National — 1 7 2 South British, c.d. . —N. 4 14 0 Loan and Agency— C.F.C.A., ord. 1 6 0 1 8 0 Ch ch Building 21 5 0 — Dalgety 10 5 0 Goldsbiough. Mort 1 ife 9 Invincible Building 5 7 6 NN Mutual Benefit 19 5 0 ' N.Z. and R. Plate 1 3 0 N.Z.F. Co-op. 0 10 9 0 11 3 First pref. 6 12 6 • —■ “A” Pref. 4 8 6 “B” pref. 4 8 6 NB 41 p.c. Stock, ’50 101 10 0 — 4J p.c Stock. ’55 101 10 0 B_ N.Z. Guar. Corpn. 0 5 9 MN Perm invest. 11 10 0 — United Building, .. 1 4 1 —— Woollens— Bruce NN 2 7 0 Pref. — i 12 0 Kaiapoi, 17s paid .. —— 1 7 3 Timaru 1 9 6 MiscellaneousAlloy Steel (N.Z.) 2 16 0 Bartholomew Timb. 1 13 6 Beath and Co. 2 8 3 2 10 0 Is paid .. 0 14 0 Berlei (N.Z.), x.r. 5 0 0 NN British Tobacco .. 2 9 6 —— Broken Hill Pty. .. 2 10 6 2 11 3 Bulleid bn 1 0 3 Canty. Roller Flour 0 14 3 0 15 3 Claude Neon, N.Z. 2 7 6 Colonial Sugar 54 10 0 55 7 6 Dom. Builders 0 9 0 BB Dom. Fertiliser 1.. —* 1 9 6 D.I.C., 10s paid) .. 1 12 0 Dunlop Rubber 1 17 9 BB Du-Ron, N.Z., 15s paid .. ' — 0 14 e Pref., 15s paid) .. 0 15 6 NN Electro. Zinc, ord.. c.d. 3 12 3 NN Evans Atlas 1 6 0 B. Hallenstein Bros. .. T 12 0 1 12 6 Fletcher Hold., pf. 1 15 0 1 17 0 G. J. Coles Greater Crystal 4 1 0 4 2 1 5 6 6 Hadfields, c.d. 0 17 6 1 0 0 Hume Pipe (Aust.) — 1 5 3 I.C.I. A. N.Z. (pf.) — 1 7 6 K.D.V. Boxes 0 13 4 0 13 9 Mas.. Struthers, £1 paid 1 4 0 BB 14s paid 0 16 0 —B 10s paid 0 11 9 0 12 3 McKendrick Bros. 1 14 0 — Morts Dock — 1 7 0 MacdufTs 2 8 3 2 8 9 N<Z. Drug — 5 15 0 N.Z. Express, c.d. — 0 17 0 N.Z. Forest Prod. 0 7 0 N.Z. Newspapers .. — 2 9 0 N.Z Pane) Mills .. 2 3 6 B. North. Roller 1 11 0 — Rubber Distf’., rts. bn 0 0 9 Rubher Distr NN 1 4 0 Selfridges 2 9 0 2 10 3 rm'ingamutu Tim 1 U u Tirtgey, pref. 1 12 0 United Provisions .1 o 4 1 1 0 Wilcox, Mofflin. rts. 0 6 0 BN Whit, and Tombs 8 3 6 3 10 0 Wilcox, Mofflin — 0 19 6 W’worths., ord. 1 3 0 i a 1 (NX), ord. 1 8 6 1 .9 0 (N.Z.) pref. 2 2 0 —— W. R Cooke and Son — 0 7 0 Zealandia Soap 0 16 0 — UNLISTED STOCKS Buyers. Sellers. £ s. . £ s. d Amalg. Batteries .. i i 6 BB Pref 1 0 6 —— Aust. Invest. Trust 0 16 0 0 18 0 Aust. Mot. Petrol. —. 1 5 0 Avon Metal 1 5 0 — British Standard Cement, 7s 6d pd. — 0 3 6 Chch Press 13 7 6 — Korma Textiles, pf. __ 1 9 6 Mt. Cook Tours — 0 9 0 BB Para Rub., 15s paid 1 2 0 NN Prudential Building —— * 1 2 3 Reece, Ltd., E. ord. 0 1 0 NN Reece. Ltd., E., pref. 0 11 0 — Regent Theatre 0 15 0 — Taramakau, 5s pd. 0 7 2 — Whakatane Paper 0 8 3 Pref. 1 6 6 1 9 0

London.—"Financial Times 1 ’ (1926 equals 100):— Inds Ord Govt. Gold. January 31 .. 131.7 120.52 129.51 February 28 132 119 82 135.28 March 31 .. 128.4 117.76 123.4 April 30 .. 134.5 118.19 119.72 May 27 .. 134.9 118.61 114.73 June 29 .. 133.1 116.87 115.56 July 30 .. 122.5 113.76 116.52 August 29 .. 110.4 113.68 124.28 Sept. 24 .. 114.8 112.28 125.83 Sept. 26 .. 116.1 112.77 125.81) Sept. 29 i. 116.4 112.88 125.06 Sept. 30 .. 116.9 113.11 125.26 New York.—Dow Jones (126 equals 100). 1059 Highest tSept.) rails, 35.90; industrials. 151.22. Lowest (April), rails. 23.15; Industrials, 121.4. Shares Rails. Indus. sold. January 31 .. 50.88 180.44 , 1.310,000 February 2f .. 50.39 178.90 680,000 March 26 .. 48.7 177.1 • 940.000 April 30 .. 45.22 170.64 780.000 May 28 .. 44 24 169.25 900.000 June 29 .. 45.88 177.3 670.000 July 30 .. 49.04 180.91 1.170.000 August 29 .. 48.47 178.85 580.000 Sept. 24 .. 47.95 176.39 570.000 Sept. 26 .. 47.43 174.86 649,000 Sept. 29 .. -47.72 175.85 740,000 Sept. 30 .. 48.43 177.49 960,000