COMMERCIAL

Press, Volume LXXXIV, Issue 25548, 16 July 1948, Page 11

COMMERCIAL

STOCK EXCHANGES STEADY BUSINESS RECORDED An increased volume of business was recorded on the Christchurch Stock Exchange yesterday, and prices generally neia firm at recent levels. Dunlop, New Zealand, ordinary shares, continued their upward tendency with business at 23/6 — a gain of 3d—but Wool worths. Ltd-, were fractionally weaker with dealings at 24s DOMINION TRANSACTIONS

AUCKLAND Sales. 15/6/47-49, 2 J per cent. (£1100), £99 171 6d; 15/2/49-50, 21 per cent. (£500), £lOO 7s 6d; 15/4/50-51, 2J per cent. (£200), £99 17s 6d; 1/10/53, 2J per cent. (£11,000), £99 7s 6d; 15/12/53-56, 3 per cent. (£3195), £lOO Gs 3d; 15/4/56-39, 3 per cent. (£200), £lOO 7s 6d; 15/7/62-64. 3 per cent., cum int. (£2500), £lOO 17s 6d, and ex ipt. (£2500), £99 10s; Union Bank (25), £ll 10s; NZ. Breweries (300), 54s 9d; Taupiri Coal (30), P2s; South British Insurance (200), 88s 6d; Huddart Parker pref. (100), 335; Aluminium Utensils, ex div. (150), 40s; Booth, Macdonald, pref. (100), 13s; Colonial Sugar (12), £59 10s; Fletchers (100), 33s 3d; Hume Pipe, Aus. (100), 25s lOd; N.Z. Drug (90), £5 8s 6d; Reid Rubber, con. (200), 20s 3d; United Provisions (500), 15s OJd; Wilson's Cement (400), 16s 9d; Mount Isa (100), 42s 9d. Unlisted: Consolidated Brick, pref. (500), 20s; Whakatane Board Bill (100). 19s 6d; Matea Forests (700) 3s.

WELLINGTON Sales.—Late Wednesday: 3 per cent., Dec., 1953-36 (£3195), £lOO 6s 3d; N.Z. Breweries (200), 54s 9d; Felt and Textiles, N-Z-, pref. (500). 265. Yesterday: 2| per cent., J/jO/53 (£9000), 2 sales. £99 7s 8d; 3 per cent. 1962-64 (£1700). £99 10s; Ballins Breweries (100), 35s 6d; N.Z. Breweries, 2 sales, (350), 54s 9d; Pukemiro Coal (300), 335; Taupirj Coal (50), 925; Commercial Bank of Aust., cum div. (200)), 22s lid; Wellington Gas (200),) 30s 6d, Traders’ Finance (200), 17s 6d; Felt and Textiles N.Z., cum div. (.100), 535, and (300) pref., 265; Wellington Woollen (50), £10; Fletcher Holdings (300). 33s 3d; J. J. Niven (100), 39s 9d; Macduffs (200), 13s 2d; Milburn Lime (800), 355; Reid Rubber, cont. (200), 20s 3d: Woolworth, Ltd., cum rights (300), 24s IQd. Unlisted: Matea Forests (700), 3s; Whakatane Board Mills (100), 19s, and (100) pref. 22s 6d. DUNEDIN Sales.—Fletcher Holdings, ord. (100). 33s 2d. Sales Reported.—N.Z. Refrigerating (250), 40s; Dunlop N.Z. pref. (200), 21s 9d; Woolworths, Ltd- (300), 24s lOd; Consolidated .Brick (200), 14s; Chas. Begg (100), 34s 6d; Milburn Lime (890). 355; and (500) 34s 6d; Commercial Bank. ord. (200), 22s lid; Dominion Rubber (100). 15s INVERCARGILL Sales Reported.—Dunlop N.Z., pref. (50) odd lot, 21s 9d; 1957-60, 3 per cent. (£300). £lOO ss. -

COMPANY NEWS WHITCOMBE AND TOMBS, LTD. REARRANGEMENT OF CAPITAL (P.AJ WELLINGTON, July 15. Proposals for the rearrangement of the capital structure of Whiteombe and 1 Tombs, Ltd., are to be placed before a ; special meeting of shareholders in Christchurch on July 30. The directors have decided that a rearrangement is desirable because of recent regulations and the requirements of the business. The approval of the Minister of Finance has been obtained. The nominal capital of the company is £L50,000 hi 70,000 shares of £5 each, subdivided as follows:—1500 £5 shares fully paid, £7500; 67,950 £5 shares, £2 10s paid, £169,875; paid up capital, £177,375: uncalled capital, £169,875; 550 unallotted £5 shares, £2750. The directors’ proposals are:— To call up the unpaid balance of £2 10s a share on the 67,850 partly paid shares in the following manner: (1) shareholders to declare a bonus dividend of £1 5s a share from reserves, such dividend to be applied in payment of part of the call in the case of partly paid shares and paid in cash to holders of fully paid :• hares; (2) each contributing shareholder to pay the call of £1 5s a share in cash. To allot to members of the staff of the company the 550 unallotted shares paid up to £3 15s, the balance to be paid out ol the bonus dividendTo convert the present 70,000 shares of £5 each to 700,000 shares of 10s, each shareholder receiving 10 10s shares for each £3 share held. This will make the capital of the company £350,000 in 700,000 10s shares, fully paid. MYER EMPORIUM, LIMITED BIG LOAN COMPLETED The Myer Emporium, Ltd., Melbourne, has just completed a loan for £500,000 from one of Melbourne's large life assurance institutions. The money will be used to replace mortgages paid off by Myer’s during the war totalling £335,000. Security for the loan is a mortgage over Myer’s buildings. Treasury consent was obtained for this large transaction. The chairman of Myer’s, Mr Norman Myer, at the last annual general -meeting of the company, said that permission by the capital issues advisory committee to issue mortgage debentures to cover increased stocks and credit sales had been postponed. To finance the large increase in business, Myer’s sold its holdings of £450,000 of Commonwealth bonds, liquidated £300,000 of fixed deposits, and increased the amount on deposit from shareholders and subsidiaries by £230,000.

Those funds, with the increase of £50,000 in reserves, were needed to cover increased costs and credit sales.

The company carries stock valued at about £3,500,000 at cost. Before the war the figure was about £1,250,000. Dunedin Brewery to Change Hands.— The shareholders of the Dunedin brewery and Wilsons’ Malt Extract Company at a meeting to-day ratified recommendations of the directors that the offer of A. Powley and Company for the brewery and bottling interests of the company should be accepted and that the name of the company be altered to “Wilson Malt Extract Company.” Subject to the approval of the Land Sales Committee, this old-established Dunedin brewery house will change hands and the company will cease to operate in the liquor business. Powley’s bottling output will be increased and the firm will also begin brewing activities in its newly acquired plant.— (P.A.) Korma Textiles ajid Subsidiaries.—The net profit of Korma Textiles (N.Z.), Ltd., holding company of Korma Mills, Ltd., was £38,565 lor the year ended March 31. This compares with £13,916 for the trading period between the incorporation on May 6, 1946. and March 31. 1947, covered in the first accounts issued last year. The result is reached after providing for depreciation and £l6OO for taxation, against £3OO, after writing off a further £1834 from prelirfiinary expenses and providing £7405 for the year’s 5 per cent, preference dividend. The directors propose to add the balance to undivided profits which will be raised from £9115 to £38H41. No ordinary dividend is proposed at present. Dividends received totalled £37,500, against £13,700, and interest yielded £3863, against £1415. The consolidated accounts covering the operations of Korma Textiles (N.Z.). Ltd. and its subsidiaries disclose a net profit of £37,305, after providing £55,857 for taxation and £26,469 for depreciation. This compares with a net profit of £27,325. after providing £41,880 for taxes and £11,924 for depreciation. The directors state that good progress has been made with the building programme of Korma Mills, Ltd., and the buildings for the housing o- plant, which has been ordered, should be near completion by the end of the year. Deliveries of plant have also been maintained—in some cases ahead of expectations. All plant received has been installed in the completed sections of the buildings and in most cases is already operating. Sales made by the operating company were a record.—(P.S.S.) OTHER EXCHANGES SYDNEY An easing occurred in several industrial shares on the Sydney Stock Exchange yesterday, but the leading Broken Hill silver and lead issues showed improvement. Sales.—National Bank, 12s 6d paid, 20s 7£d; Bank New South Wales, £3B 2s 6d; Tooths, 78s; British Tobacco, 50s 6d; Woolworths. 24s 6d; A.C.1., 65s 9d; Broken Hill Pty., 595; Burns Philp, 83s; Colonial Sugar, £6O 2s 6d; Dunlop, 45s 9d; Electro. Zinc, pref., 77s 9d; Howard Smith, 25s 6d: Millaquin Sugar, 55s 3d; Mount Lyell, 42s 9d; Broken Hill South, 51s 3d; Bulolo, £7 10s; Emperor, 16s lOJd; Oil Search, 6s lOd; Placer Development, £ll 13s; Rawang, 8s Bd. MELBOURNE Sales.—Bank of Australasia,. £ll 8s; Commercial Bank of Australia, 22s 9d; Goidsbrough, 34s 3d; N.Z. Forest, pref., 12s sd; Drug Houses, 39s 3d: Broken Hill Pty., 59s 6d; Emperor, 17s; Mount Morgan, 10s 6d.

MINING MARTHA GOLD COMPANY DIRECTORS’ REPORT In the annual report of the Martha Gold Mining Company (Waihi), Ltd., the directors state that it becomes more and more difficult to keep th« mine going. Mining troubles, such as a subsidence, experienced tend to increase and the plant needs continual attention. Costs have been rising and the shortage of experienced miners is a grave handicap. Although the directors felt able to maintain the year’s dividend at the same rate as the previous year they thought that what with increasing costs and diminished investment income, they were unlikely to maintain the same dividend next year. The results for 1947 were much the same as those for the preceding year, as regards tonnage mined, the proceeds of sale and the general mining expenses of mining. It reflected credit on the mine staff that they were able to treat about 1000 tons of ore more than in 1946 for they had considerable trouble with two inrushes of water at one of the shafts after abnormally heavy rain, and with some ground movement at another shaft. Wellington Alluvials.—Following a stoppage for the renewal qf the bottom tumbler and screen drive, the dredge of Wellington Alluviate, Ltd. (New South Wales) resumed digging on June 5 and worked 420 hours, handling 229,000 yards of material for a recovery of bullion estimated to contain 234 ounces of fine gold. Grey River Dredging.—For the fortnight ended July 14 the dredge operated 247 hours, handled 148,763 yards, and recovered 479.15 ounces. For June, the dredge worked 543 J hours, handled 332.422 yards, and recovered 945.38 ounces.—(P.A.) LONDON SECURITIES MARKET (N-Z. Press Association— Copyright) LONDON. July 13. Except where Indicated as the middle price between buyers’ and sellers’ quotations, the latest sale prices of securities of Dominion interest on the London Stock

•Middle price. Mining Shares. —North Broken Hill. 78s 9d; Zine Corporation, £7; New Broken Hill, 42s Cd. SHAREMARKET INDICES London.—" Financial Times’’ (1926 equals

INVESTMENT SOCIETIES’ PROBLEMS EFFECT OF CONTROLS The special difficulty confronting investment societies was the impossibility of forecasting trends in the price of money because of the existing artificial controls, said Mr L. N. Jacka, chairman df the Citizens’ Permanent Building and Investment Society, Auckland, at the annual meeting. Until recently the society, he said, had financed expansion wholly out of additional bank overdraft, with some help from increased capital. A few weeks before the society’s year ended there wss some sut stantial inflow of funds on deposit, which was welcome, although deposit capital was liable to fluctuate and Involved problems of management. Such money to-day offered the only hope available to shareholders of increasing the margin between borrowing and lending rates. There were signs of a retreat in varir ous countries from the recent policy of artificially depressed interest rates, partly because it had been realised that low rates for Government borrowing resulted in great pressure on the part of investors for higher returns in other fields, pushing up capital values, which was one form of inflation.

CHRISTCHURCH Sales on 'Change £ s. d. Var’n BalUns Breweries (100) 1 15 6 N.C. Con. Brick (300) 0 14 0 N.C. Dunlop N.Z. (pf.) (150) 119 N.C. W’worths (cum rights)' (100, 100, 100, 100, 200) 1 4 10 -Id Sales Reported •> p.e., 1962-64 (ex int.) (£1500, £200) 99 10 Q —. Com. Bk. of Aust, (cum div.) (100) *1 2 11 + ld N.Z. Breweries (200, 200) late sale Wed. 2 14 9 -3d Pukemiro Coal (300) .. 1 13 0 N.C. C.F.C.A. (pref.) (100) .. 3 0 0 N.C. Booth Mac. (pf.) (100) 0 13 0 N.C. Col. Sugar (4) 59 7 6 + 2/6 Dunlop N.Z. (600) 13 6 + 3d N.Z. Drug (61) (odd) .. 5 8 6 N.C. Sales Reported—-! Jnllsted Whakatane Board Mills (pref) (100) 1 2 6 N.C.

LATEST QUOTATIONS Buyers. & s. d. Sellers. £ 3. d. Bahks— Australasia m_ 11 15 0 Comm, of Aust. c.d. 1 2 11 13 0 (Pref.), c.d. 10 18 6 A — Comm, of Sydney 24 0 0 MM Natl, of A’sia. (£1) 1 12 3 Natl, of N.Z. 3 7 6 New South Wales — 39 10 0 Union . ,. .. — 11 12 6 Breweries— Ballins 1 15 6 1 16 0 New, 5s paid 0 18 4 -wMelbourne Co-op. 2 16 0 —M New Zealand — 2 15 0 Swan —— 2 2 6 Jpoths ,, 3 17 n 3 18 0 Westland .. 1 19 0 2 1 0 Coal— Kaitangata •. 1 1? 6 MM Pukemiro — 1 14 0 Renown — 14 0 Taupiri - .. 4 12 3 4 17 0 Frozen Meat— Canterbury 16 2 6 WM Pref. 3 IQ Q WM N.Z. Refg. (£1 pd.) 1 19 6 2 0 3 10s paid —— 0 19 3 Southland — 3 4 0 PreuL- . ■... - -3-/5-' Waitaki 8 15 0 Gas—>• Auckland ., — 0 8 0 5s paid 0 2 6 WM Christchurch 16 3 —— 10s paid ». 0 12 0 M— Timaru . wm 0 10 0 Welllngtdh 1 10 3 1 11 Q Pref. X 7 0 Insurance— National .. 16 0 • New Zealand, c.d. 4 18 8 4 19 6 South British 4 8 3 4 8 9 Loan and Agency—C.F.C.A., pref. — 3 10 Dalgety Goldsbrough, Mort 11 17 6 1 15 0 Invinc. Build., c.d. 5 10 0 MM Mutual Benefit 19 10 0 •MNat. Mort. “A” .. — 4 18 0 Nat. Mort. **B” — 2 8 0 N.Z. & River Plate 0 18 6 — N.Z.F. Co-op. 0 12 6 0 12 11 First pref. 7 10 — "A” Pref. 5 0 0 —M. “B” Pref. 4 19 6 — 4/2 pc. Stk., ’5060 — 104 o o 4J p-c. Stk., ’55 .. 102 0 0 —M N-Z. Guar. Corp. 0 5 3 — N.Z. Loan and Mer., ord. ., ,. —W 138 o 0 Perm Invest. 11 17 6 .... United Building .. 14 0 Wright, Steph, pf. X 6 6 —w Shipping— Hud, Parker, pref. 113 0 1 13 6 Union (pref.) ■'— 1 13 0 Northern ww 0 8 0 Woollens— Bruce MW 2 11 0 Feit, N.Z-, pref. .. 15 0 16 0 Felt, and Textiles of N.Z., c.d. — 2 13 6 Kaiapoi, 17s pd. .. 17 0 18 0 Pref. 16 6 Manawatu MM. 3 0 0 Timaru «. 1 10 0 — Wellington .. 10 0 0 — Pref. 10 3 8 MW Yarra Falls 3 5 0 —— Miscellaneous — Alloy Steel (N.Z.) 2 10 0 — Acetone (pref.) .s 13 1 — Aust., C.I. — — 3 6 3 Aust. Foun. Invest. 0 6 5 MW Beath and Co. 2 10 0 MW Is paid .. 0 18 0 W— Booth, Mac. 0 3 3 0 4 0 «Pref. MW 0 13 4 Brit. Tobacco 2 9 9 2 10 6 Broken Hill Pty. .. 2 18 6 2 19 3 Cant. Roller Flour w— 0 17 10 Claude Neon. N.Z. —— 2 5 0 Colonial Sugar 59 7 6 —— Consolidated Brick — 0 14 0 Crystal Ice 2 17 0 MW Donaghy’s Rope .. 2 19 0 3 1 0 D.I.C. (10s paid) 1 14 0 WM Pref. 1 10 0 1 ■ 1 Dunlop N.Z. 13 3 13 6 Pref. 118 1 1 11 Fletcher Holdings 1 13 0 1 13 6 G. J. Coles 4 2 0 4 2 9 Greater Crystal 13 6 MW Frozen Products .. W— 12 0 Hill and Plummer 2 8 6 WM Hadfields WM 0 15 3 Hallenstein Bros. .. WM 1 14 0 Hay’s, Ltd. MW 3 6 6 . I.C.I. A. N.Z. (pf.) — 17 0 Masonite 2 9 0 WM Mason, Struthers, £1 paid 1 10 0 WM 14s paid MW 0 19 6 Matters (N.Z.) 15 9 16 9 Morts Dock 1 11 3 1 12 0 Macduffs 0 13 1 0 13 2 McKenzies 3 5 9 3 7 0 National Electric .. 2 16 6 3 0 0 N.Z. Drug MW 5 10 0 N.Z.F. Fertiliser .. 1 10 6 —M Pref. 17 0 MM N.Z. Forest Prod. 0 6 1 0 6 2 Pref. 0 12 6 0 12 9 N.Z. Newspapers 2 7 0 Otago Daily Times 2 13 9 —— Quill, Morris (1936) 1 18 9 W— Reid Rub. 16s 8d pd. 10 0 — Silknit M 19 0 Taringamutu Timb. —— 0 19 0 Taupo Totara 13 0 — Turnbull and Jones 1 17 6 2 0 0 Weeks 2 4 0 — Whit, and Tombs 9 0 0 — Wm. Cable, c.d. — 1 11 o Wilson’s Cement .. —— 0 17 3 W’worths (ord.) .. 14 8 1 4 10 W. R. Cooke and Son 0 7 6 — UNLISTED STOCKS Buyers. Sellers. *£ s. d. £ s. d. Apex Ice ford.) 18 9 1 17 0 Aust. Mot. Petrol 17 0 —— Beaths (Is pd., 19s on dep.) Amuri Lime 1 18 6 l"o 0 Andrews and Beaven, pref. ’ 13 7 13 8 Carbonic Ice 2 10 0 MW Christchurch Press 13 0 0 MW Matea Forests 0 3 0 — Mac., Caley. Phoenix 1 14 3 1 19 0 2s Gd paid 0 9 0 0 10 0 Mt. Cook Tours .. 0 8 9 -r— Regent Theatre .. 0 14 7 — Selfridges, cont. .. — 0 15 0 Skellerup Inds.. pf. Whak. Board Mills 13 6 0 19 0 13 9 0 19 6 Pref. — i a o

Exchange are:— July 6. July 13. Bank A’asia. 9 1 6 9 7 6 E., S. and A. *5 18 6 *5 18 Nat . BaiM< w N.Z. ,* *2 14 6 *2 13 0 British Tobacco ’ *2 0 0 •2 0 0 Daigety ditto, 4 p.c. Loan and Merc. ditto, ord. P. and O. DeL I 9 13 9 S •9 10 0 • ’ *102 0 0 •102 0 0 *2 14 9 •2 13 3

100) Inds. Ord. Govt. Gold Dec. 31 .. 129.0 113.85 122.80 Jan. 28 125.5 112.96 130.6b Feb. 27 .. 110.1 113.16 132.41 March 31 .. 118.1 111.36 133.7b April 30 1190 Hl-92 128.49 May 31 .. 120.1 112.20 121.62 .Tune 30 .. 112.7 112.23 113.61 July 7 110.8 112.04 112.49 July 8 * 110.9 112.07 ' 112.09 July 9 .. 111.0 112-04 113.24 July 12 .. 111.3 111.94 112.07 New York.—.Dow Jones (1926 equals 100). 1939. Highest (Sept.), rails, 35.99. industrials, 151.22 Lowest (April), rails. 24.15; industrials. 121.4. Shares Kails. Indus. sold. Dee. 31 .. 52.48 181.16 1.540,00b Jan. 28 .. 51.88 174.47 1,060,000 Feb. 28 .. 49.27 167.30 350,000 March 31 .. 53.73 177.30 1,730,000 April 30 .. 58.15 180.51 1,440,000 May 28 .. 60.81 190.74 1,240.000 June 30 .. 61.80 188.49 820,000 July 7 .. 63.70 190.06 920,000 July 8 .. 64.04 190.58 1,000,000 July 9 .. 64.76 191.62 1,370,001' July 12 .. 64.82 191.48 1,300,000