COMMERCIAL

Press, Volume LXXXIII, Issue 25364, 11 December 1947, Page 8

COMMERCIAL

STOCK EXCHANGES MARKETS QUIET Markets were quiet on the Christchurch Stock Exchange yesterday, but of the recorded transactions several price rises were registered, the only stock to show a drop being Whakatane Paper, as down Id. New Zealand Guarantee Corporation gained 3d on the last local sale, to sell at 5s 6d, and there were more buyers at that figure.' A feature of the day was the improving market for Mount Lyells, which topped off a gain of 5d on the morning call by a further rise of 4d in the afternoon. Banks and breweries were neglected. DOMINION TRANSACTIONS

AUCKLAND Sales.—ls/6/47-59, 2J p.c. (£220), £lOO ss; 15/2/49-50, 2»,5« p.c. (£1700), £99 15s; 15/5/53-56, 3 p.c. (£1000), £99 15s; Pukemiro (100), 365; South British Insurance] (300), 90s 3d; Newton King, pref. (300), 28s; Felt and Textiles, Aust. (500), 645; Bycroft (50), 595; Colonial Sugar (5), £5B 15s; Consolidated Brick (750), 14s 9d; Dunlop, N.Z. (200), 14s 6d; N.Z. Refrigerating, con. (100), 19s 3d; Reid Rubber (200), 26s 6d; Turnbull and Jones (200), 27s 6d; Mount Lyell (950), 31s. Unlisted: N.Z. Industries (500), 36s 6d; Korma, pref. (100), 255; Winstone, rts. (128), 12s.

WELLINGTON Sales.—Late Tuesday: Dunlop N.Z., Ltd. ord. (200), 14s 6d. Sales yesterday: National Insurance (400), 24s 9d; Felt and Textiles of N.Z. (50), 575; N.Z. Drug (25), £6; 4 per cent., 31/5/54-58 (£2000), £105; 2J per cent., 1/10/53 (£220), £97 ss; Dominion Fertiliser (100), 28s 7Jd; Selfridges, Australasia (50), 50s 3d; Wool worths, Ltd. (500), 24s 9d; Dunlop N.Z., Ltd., ord. (250), 14s 6d; Ltd. (50), 60s. DUNEDIN Sales.—3 p.c., 1960-63 (£200), £lOO. Sales Reported.—Australian Paper and Pulp (200), 38s 4d; Bank of Adelaide (75), £5 15s; Electro. Zinc, pref. (150), 72s 6d;. 3 p.c., 1955-58, (£245), £lOO ss; National Insurance (400). 24s 9d; Consolidated Brick (250), (100), 14s 9d; Mount Lyell (200), 30s Bd. INVERCARGILL

Sales Reported.—New Zealand Farmers’ Fertiliser (100), 31s 9d; 3 p.c., 15/2/1955-58 (£3000), £lOO 7s 6d.

OTHER EXCHANGES T J , SYDNEY industrial leaders maintained a very firm position on the Sydney Stock Exye9t%day- and rises among other shares considerably outnumbered falls The volume of scrip was limited. Sales.—Bank of New South Wales, £37; Commercial Bank of Australia, 21s lOYad; Australwia. 7s; Howard Smith. 275: Huddart Parker. 625: Bums ,Philp, 81s 6d; Tooths. 82s 9d; Toohevs 40s 3d; Goldsbrough, 36s 9d; Mount Mor- £ an ’ Mount Lyell, 32s 3d; Zinc £ orp ” n £ ? 2s; Broken Hill Prop., 56s 6d New Broken Hill. 475; North Broken Hill. 77s 6d; South Broken Hill, 41s 3d; Wellington Alluvials. 4s: Rawang, 9s lidPlacer Development. £8 18s; A.C.L. 65s 6d: Associated News, 18s 9d, ord., and pref 22s 4lad; Anthony Hordern, 295; British Tobacco 52s 6d; Coles. Bls 9d; Colonial Sugar, £59 ss; Claude Neon. 40s; Felt and Textiles, 655; Kandos, 48s; Morts Dock, 28s

„ t MELBOURNE Sales—Carlton Brewery, 775; Fosters, 595; Cox Bros., 10s 3d; Herald, 775; Kauri Timber, 365; Woolworths, 34s 9d; Yarra Falls, 61s 9d; Australian Iron and Steel, Pref., 38s 4d; Sulphide Corp., 12s 2d; B « r s >k^l H ,ill 47s 3d; Zlnc Corpn.. 2s B A’n TO i n l kah Compound, 365; Wellington Alluvials, 4s 2Jd; Oil Search, 7s 3d.

ANNUAL MEETING IN AUCKLAND

PRESIDENT’S ADDRESS (P A.) AUCKLAND. Dec. 10. • Because of the difficulties of present International relations, and of economic problems confronting Britain and the other nations of Europe, it was not surprising that some marking back of share prices should have occured in the last year, said the chairman of the Auckland Stock Exchange (Mr K. N.kßuttle), In his address to the annual meeting. It was important to remember that Britain was still New Zealand’s greatest market, and while he did not wish to belittle the efforts already made in the Dominion, it was to be regretted that more tangible results had not been accomplished in extending the help New Zealand was so fitted to supply, he said.

RESERVE BANK RETURN ANOTHER DROP IN STERLING (P a ) WELLINGTON. Dec. 10. The Reserve Bank for the week ended December 3 discloses a further drop of nearly £1,000.000 In sterling funds Details are as follows, the figures for the previous week being given in parenthesis:— _ . Liabilities.—General reserve £1,500,000 (same); bank notes, £49,199.804 (£48,047,215); demand liabilities:.State. £11,542,453 (£11,200,099); banks, i £49,756.894 (£52,576,455); other, £698.454 (£590,127); liabilities in currencies other than New Zealand currency, £69,367 (£37,096); other liabilities, £3,386.270 (£3,357.184). Total. £(N.Z.)116,153.302 (£117,308.176). Assets.—Gold, £2,801.878 (same); sterling exchange, New Zealand currency, £64,298,031 (£65.225.175); subsidiary coin, £28,443 (£30,802); advances: to State marketing organisations, £3,446,055 (£3,503,862); for other purposes, £37,000.000 (same); investments, £7,868,093 (same); other assets, £710,801 (£878,367). Total, £(N.Z.)116,153,302 (£117,308,176). The proportion of reserve to notes and other demand liabilities is 60.280 per cent. (60.481 per cent.).

COMPANY NEWS Devonport Ferry.—Because of further increased costs, the Devonport Steam Ferry Company, Ltd., has advised shareholders that the directors of the company would not be justified in paying an interim dividend until decisions have been given on appeals made by both companies for increased fares. It is stated that since August 17, when the company increased its fares in accordance with the findings of the Roy?) Commission, there have been further heavy wages costs and coal charges in operating the ferry service, and Increased wmcf and maintenance charges in the subsidiary North Shore Transport Company. -(P.S.S.) P. and O. Dividend.—The following are details of the P. and O. Company accounts:—Brought in, £169,693; net profit, £830.887; to reserve account, £250,000; properties rebuilding reserve, £100,000; provident and good service account, £107,000;/ dividends absorb £386.706, and the carry-forward is £163,874. Net profit in 1946 was £676,250. Dividends are unchanged at 5 per cent, for the preference shares and 12 per cent, for the deferred stock. Prudential Building Society.—At a meeting of directors of the Prudential Building and Investment Society of Canterbury, it was decided to pay a dividend of 3 per cent, on “A” capital shares for the half-year ending December 31, making a total dividend of 5J per cent, for the year. N.Z. Industries, Ltd.—A net profit of £6959, an increase of £5086, was earned by New Zealand Industries, Ltd., Auckland, in the company's second year of trading, ended August 31. The result Is reached after providing £9950 for taxation against £1425 in the previous year. The dividend for the year is 8 per cent, (final 4 per cent.), compared with 6 per cent, distributed In the initial year. The dividend absorbs £3200, leaving a balance of earnings of £3759, which, with £8 overprovision of tax in the. previous year. Increases the carry-forward to £4440. The gross profit was £27.208, against £13.434. —(P.S.S) FOREIGN EXCHANGE Telegraphic ratea for purchase and sale of foreign exchange New Zealand on overseas supplied by the Bank of New South Wales are:—

MINING

EMPEROR AND LOLOMA MINES STATEMENT OF ACCOUNTS Aggregate profits of Emperor Gold Mining Company, Ltd., and Loloma (Fiji) Gold Mines N.L. for the year ended June 30 were £187,132, Australian currency, against £179,144 for the previous period. Gold won exceeded £750.000. Loloma recently declared a dividend of 6d a share from other than mining sources. Emperor has not declared a dividend. Profit of Loloma for the year is shown at £81,629, against £80,198 for 11 month* in 1945-46. when the balance date was altered. Mining profit totalled £72.261 (£73,454), while profit other than mining amounted to £9368 (£6744). The dividend absorbs £20,625. Previous dividend was la in 1943-44. The directors continued the policy of investing funds in marketable securities which at the balance date amounted to £235.874. The total has since increased to £267,413. During the veer 19,831 tons of ore were milled for 22JH oz of gold and 72550 i of silver. Ore reserves at June 30 were unchanged at 95,000 tons, estimated to contain 91.1250* of gold. Emperor Gold Mining Co., Ltd., the operating company for Emperor Mines, Ltd., shows a profit of £105,503 for the year to June 4, against £96,947 in 194546. , No dividend was paid to the holding company, which showed a loss 6f £1630, against £lB2l for the previous year. During the year the operating company milled 138,760 tons (149,155 tons) for 53.6320 z of gold (48,7950 z and 18,6790 x of silver (12,8450 z Mechanisation is being effected In all departments with a view to saving labour and reducing costs. Ore reserves at June 4 stood at 875.000 tons of positive semi-sulphide ore, worth 7.Bdwt, and 150,000 tons of probable ore, worth also 7.Bdwt.

Mount Lyell Profits.—An increase of £104,584 to £117,737 in the profit of the Mount Lyell Mining and Railway Company, Ltd., for the year ended September 30, as revealed in a preliminary report last month, mainly because of the higher copper price ruling since May 1 (£l3O a ton, against £100). and a larger return on investments. Ore output from all sources, states the annual report totalled 1,466,226 tons of an average assay value of 0.686 per cent, copper, against 1,472,417 tons assaying 0.67 per cent, copper for the previous year. The blast furnace treated 34,310 tons of copper concentrate and 2525 tons of ore for W 3 tons of blister copper. Final metal content* of the blister were 8208 tons of copper, against 8143 tons last year; silver, (29.6300 Z and gold, 57120 z (5496 m Gross mining income was £1.126J7L against £957.488. and income from dividends was £86,901. against £77,264.

CHRISTCHURCH Sales on ’Chang tion. N.Z. Guar. Corpn. (300, 200) Mount. Lyell (100) Austral, N.Z. (100) 3d 1 10 g -4-5d 0 8 3 + 3d Unlisted Whaka. Paper (200) 0 7 10 N.C. — Id Whaka. Paper (100) 0 7 9 Sales Reported Nat. Insurance (400) .. P. and O. def. stock 1 4 10 + 4d. (£900), ex div. 3 9 3 — Dunlop, N.Z. (250) 0 14 6 N.C. Mount Lyell (500) 1 11 0 + 9d Macduffs (100) J. 3 0 0 N.C.

LATEST QUOTATIONS Banks— Buyers. Sellers. £ 6. d. £ «. d. Australasia 11 6 0 Comm, of Aust. .. — 1 2 0 Comm, of Sydney wm 24 15 0 Nat. of A’sia (£1) — 1 11 6 . National of N.Z., c.d. — 3 12 6 New South Wales 37 0 0 —M Union 10 19 0 Breweries Ballins. x.d. 1 18 0 1 19 0 New Zealand 2 14 9 —— Swan — 2 3 0 Coal— Taupiri .. MW 4 12 6 Frozen Canterbury WM 16 10 0 Gear 1 15 0 — N.Z. Refrig. £1 pd. w— 2 0 0 10s paid Southland 0 19 6 0 19 3 10 10 0 GasAuckland . . 0 7 10 WM Christchurch 1 6 6 WM Insurance— F.A.M.E. 0 19 0 2 0 Pref. 1 4 6 WM National 1 4 8 WM New Zealand 4 19 6 WM South British 4 10 0 WM Standard 4 8 0 Loan and Agency— C.F.C.A., ord. 1 5 0 1 7 0 Dalgety MW 11 10 0 Golds., Mort, x.d. 1 15 6 MW Invincible Build. .. 5 10 0 WM Mutual Benefit 19 10 0 MW N.Z.F. Co-op. 0 11 0 0 11 3 First pref. . MW 7 7 6 *'A”* Pref. 4 11 6 MW "B” Pref. 4 11 0 L 4*/a p.c. Stk., ’50 — 103 0 0 N.Z. Guar. Corpn. 0 5 6 WM L. and M. (ord.) — 136 0 0 Perm. Investment 11 10 0 MW Woollens— Feltex, pref. wm 1 8 3 Felt and Textiles Melb. Reg. WM 3 5 0 Felt and Textiles of N.Z. WM 2 17 6 Timaru 1 9 6 Miscellaneous— Alloy Steel (N.Z.) 2 16 0 Aust. Paper and ’ Pulp — 1 19 0 Aust. C.I. 3 6 0 Aust. Fd. Invest. 0 6 2 Beath and Co. 2 12 6 MW (Is paid) 0 19 0 ww Booth Mac., pref. 0 13 9 Brit. Tobacco WM 2 13 0 Broken Hill Pty. 2 15 6 2 15 9 Canty. Roller Flour 0 15 6 Claude Neon, N.Z. 2 6 0 MW Colonial Sugar 58 10 0 WM Consol. Brick 0 14 6 WWW Denhard Bakeries 0 11 0 0 15 0 Dunlop Rubber 2 3 0 Dunlop, N.Z. ’ 0 14 4 0 14 9 Electro. Zinc, ord. wm 3 13 3 Pref. MW 3 13 0 G. J. Coles 4 1 0 4 2 6 Hadfields, x.d. WM 0 16 0 Hay’s. Ltd. N.F.P. 3 10 0 Howard Smith 1 ~7 o Hume Pipe (Aust J 1 8 0 I.C.I.A.N.Z. (pf.) .. 1 7 6 K.D.V. Boxes 0 14 0 Macky Logan 2 4 0 Mas. Struthers, £ 1 paid 1 5 g 14s paid 0 16 3 10s paid 0 13 0 M.K. Manufacturers 0 14 Morris Hedstrom, c.d. 2 16 0 Morts Dock 1 7 9 1 8 3 Macduffs 3 0 o McKenzies, c.d. 3 8 o National Electric .. 2 14 0 N.Z. Drug 6 0 0 N.Z. Forest Prod. 0 6 6 N.Z. Newspapers .. 2 11 6 Niven and Co. WW 2 0 o Reid Rubber, cont. 0 10 It Sharland, pf. 3 2 o Standard Cement 1 7 0 1 9 Taringamutu Tlmb. 0 19 6 Taupo Totara 0 19 0 1 0 Turnbull and J. .. 1 10 0 United Prov. 1 0 Q Whit, and Tombs 8 3 Wilson’s Cement .. 0 18 5 W’worths (ord.) 1 4 9 10 _ (N.Z.), ord. 1 10 6 nV. R. Cook and Son 0 6 0 Zealandia Soap 0 16 9 UNLISTED STOCK Amalgam’d Batt. 1 1 6 Pref. 1 0 6 Avon Metal 1 2 6 Ch’ch. Press 13 5 0 Mount Cook Tours 0 10 Marathon Rubber 1 ~7 0 N.Z. Fisheries 0 18 Para Rubber 1 3 0 E. Reece. Ltd., pf. 0 1 0 Regent Theatre 0 11 0 Smith Wylie 0 19 0 Whakatane Paper 0 7 8 0 ~7 10

London. £N.Z to O.D., sea mail 123/15/3 1 125 O.D., air mail 124/0/8 Aust.. £A to £NZ100 .. 100/10/100 Fiji. £F to £NZ100 90 88/12/6 S.A £NZ to £SA100 .. 123/'i/6 125/3/9 New York, dol to £N2 ; 3.2522 3.2070 Montreal, dol. to £N2 I 3.2522 3.2070 Belgium, frs to £NZ .. 143.61 140 00 Denmark, kr to £NZ .. 15.77 15.26 France, fr. to £NZ 390.37 381.36 Holland, gid to £NZ .. 8.66 Java, gid to £NZ 8 4R Norway kr. to £NZ 16.30 15.78 Noumea, fr. to £N.Z. . Papeete, fr. to £N.Z . 156 80 Sweden, kr. to £NZ 11.74 11 50 Switzerland, fr. to £NZ 14.01 13 74 Hong Kong NZd to dol India and Ceylon, 18 21/64 19 5/64 NZd to rupee 22 5/32 22 47/64 Manila, pesos (o £N.Z. .. Singapore (for new bust6.56 6.43 ness only). NZd to dol. 34 39/64 35 21/32 Egypt. £NZ to £E100 .. Rhodesia. £NZ to £R100 Palestine. £NZ to £P100 126/16/9 128/15/9 123/13/9 125/10/123/16/6 125/8/3

DIVIDEND LIST Elec. Zinc—final, pf., and ord., 9 p.c plus bonus 2*i p.c. (ex Oct. 10) Nat. Electric—10 p.c. p.a. (ex Dee. 11 Nov. 27) Dec. ii Tattersfield—8 p.c. p.a. Timaru Wool—5 p.c. p.a., plus bonus 1 p.c. (ex Nov. 28) .. A -e.I.—InU pf.. 4 ‘,4 p.c., ord.. Dee. ii Dee. ii 3% p.c. (ex Nov 12) W’wths (N.Z.)—final, 10 p.c., plus ... 2 < ex Nov. 18 ’ • • Wellington Gas—pf., 5 p.c. p.a. Dec. it Dec. 15 (ex Dec. 6) Hy. Jones—final, 7 J p c. (ex Dec. Dec. 11 3) .. ... McKenzies—Int., 5 p.c. (ex Dec. Dec. It 17) C. Neon (N.Z.)—final. 4i p.c. (ex Dec. 1? Dec. 8) .. ' Union Steam—pf., int.. 21 p.c. Dec. It (ex Dec. 1) North B.H.—half-year 3s, plus bonus 2s, subject to confirDec. It mation (ex Nov. 11) Dec. IB Aust. Mot. Petrol—ord , 6 p.c. . Placer—int., 23 cents (Canadian), less 15 p.c. absentee tax (ex Dec. 18 Nov. 29) Reid Rubber—6 p.c p.a. (ex Dec. 18 Dec. 4) Hadfields Steel—3 p.c p.a (ex Dec. 18 Dec. 6) Kauri Timber—final, 3 p.c (ex Dec. 18 Dec. 5) ... Dalgety and Co.—final, s p.c.. plus bonus 1 p.c. (less U.K. Dec. 18 tax) Golds. Mort—int., 2 p.c (ex Dec. 18 Dec. 5) Taringamutu Totara—4 p.c p.a Dec. 18 (ex Dec. 1) Dec. 1P Loloma—6d a share (ex Dec. 16) Dec. 22 Mt. Lyell—year Is (ex Nov 25) B.H. South—int.. 2s 6d (ex Nov Dec. 88 11) M. Hedstrom—int., ord.. 5 p.c. Dec 24 (ex Dec. 18) E., S., and A. Bk.—final. 4s stg . less U.K. tax 9s in £1 (ex Dec. 31 Nov. 24) British Tob.—final, 1 p.c.; int.. Dec. 31 1947-48. 2 p.c. (ex Dec. 3) .. Dunlop. N.Z.—pf., half-year. 4J p.c. p.a., less tax (ex Dec Dec. 11 10) .. Dec. 34