COMMERCIAL ITEMS

Dominion, Volume 17, Issue 287, 21 August 1923, Page 10

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES A sale of 41 per cent. War Bonds, 1939 at £97, reported at the afternoon’ call, was the only transaction recorded yesterday. Gilt-edged securities were again in good demand, the 44 per cents, at £97. the 5 per cents, at £9B 55., and the 5J per cents, at £lO2 55., but sellers are scarce. Bank shares were quiet. National Bank shares were in demand at £6 12s. 6d., and buyers offered 28s. 6d. for the rights to the new issue Bank of New Zealand shares. For Union Bank shares sellers quoted £l4 Ils. For National Insurance shares buyers offered £4, and for South British Insurance shares £2 Is. 3d!., the latter showing a slight advance. There were several sellers of meat shares, but no buyers. Huddart-Parker ordinary shares were firm at £2 3s. 9d., and Union Steam preference shares at 20s. 4d. Buyers again offered £9 4s. 6d-, cum dividend, for Wellington Woollen shares, but sellers are scarce. There were buyers of Taupiri Coal ordinary shares at 19s. 6d., and Waipa Coal shares were in demand at 16s. 6d. Ivyland O’Brien Timber shares were in demand at 375., and Rotoiti Timber shares at 20s. 9d., the latter showing an advance of 3d. Crown Brewery shares were Is. 6d. higher, with buyers at £2 15s. 6d. Yesterday’s buying and selling quotations were as follow: —

SALES IN OTHER CENTRES BT TELEGRAPH.—ASSOCIATION Auckland, Aucuist 20. Sales: War Loan. 1938. £97: do., 1927, £9B 55.; New Zealand Inscribed Stock, 1933. £97; Auckland City 5 per cent, debentures. £95; Bank of New Zealand, tos.; do (rights), 28s. 9d.; South British Insurance. 41s. 9d.; Auckland Gas. 265.; Hemo Builders. 14s. 6d.; Wilson’s Cement, 275. 6d.: Muir's Gold Reefs, 20s. Dunedin, August 20. pales: New Zealand Insurance. 295. 9d. Sales reported: Standard Insurance, 38s. 6d.; Goldsbrough Mort, 465. 9d. KAIAPOI WOOLLEN COMPANY The balance-sheet of the Kaiapoi Woollen Manufacturing Company, Limited, for the year ended June 30, 1923, shows that the revenue for the year amounted to £75,501, and the expenditure, including £7500 allowed for depreciation, totalled £96,626, the loss on the year’s operations being £21,125. The dividend of 6 per cent, on preference shares, amounting to £4601, is to be paid, so that the deficit for the year is £25,726, and the reserve accounts are to be drawn upon to provide this amount. The balancesheet issued’ last year disclosed a loss of £89,920, but as this loss was entirely caused by the sudden fall in the world’s markets the directors felt justified in recommending a dividend of 8 per cent, on ordinary shares and 7 per cent, on preference shares. These two payments made the deficit for the year £119,268, and this was met by drawing upon the reserves to the amount of £114,955. and wiping out £4312, the amount brought forward. The reserve funds, which at the beginning of the financial year 1921-22 stood at £181,720, are now £41,038 The paid-up qapital of the company is £376,279; sundry creditors and deposits, £228,339; reserves, £66,764 (this latter will be reduced when the losses for the year are written off). The assets include property and plant, £177,765; sundry debtors, £86,711; bills receivable, £424: shares in Brit ish Dyes, Ltd., £500; cash in hand, £572; and stocks, £384,285. STANDARD INSURANCE CO. DIVIDEND AND BONUS 17|°/ 0 The balance-sheet of the Standard Fire Insurance Company, Ltd., for the twelve months ended June 30, 1923, shows that after providing an additional £5OOO for the reserve for unexpired risks the premium income amounted to £188,914, as compared with £181,454 in 1922 and £188,625 in 1921. The losses for the past year totalled £90,203, equal to about 47.75 per cent, of the premium income. Last year the losses were 48.1 per cent, of the income, and 41 per cent, in 1921. The expenses under all heads during the past year totalled £75.196. equal to 39.80 per cent., as compared with per cent, in 1922, and 45.3 per cent, in 1921. The underwriting profit for the year was £23,515, equal to 12.45 per cent, of the premium income, as compared with 9.9 per cent last year and 13.7 per cent, in 1921. To the underwriting profit of £23,515 must bo added £16,655 interest and transfer fees, and £10,439 brought forward from the preceding year, making available n total of £50,609. The dividend for the year at the rate of 15 per cent, absorbs £15,000, half of which was paid as an interim dividend in March last, and a bonus of 2i per cent, absorbs £2500. The sum of £15,000 has been added to the reserve fund, making that fund £166,000, and £lOOO is added to the guarantee and provident fund, leaving £17,109 to bo carried forward. The dividend and bonus together amount to 17) per cent., ns against 15 per cent, paid last year. The assets of the company include loans on mortgage, £41,080; offices and other property, £13,960; New Zealand and Australian War Loans. £246.284; debentures, £62,100; debenture stock and shares fully paid, £1105; fixed deposits, etc., £7584; accrued interest and rents, £3764; cash in bank, £38,551; balances at head office and branches. £36,541. Total. £450,968. The dividend and bonus of Is. per share will be payable on September 4. CUSTOMS REVENUE. Customs revenue collected at the port of Wellington yesterday totalled £15,685. !

Buyers. Sellers. £ B. d. £ a. d. WAR LOANSd.c. Insc. Stock, 1939 97 0 0 •— 4A n.c. Insc. Stock. 1938 97 0 0 —- 53 n.c. Insc. Stock. 1933 —• 102 12 6 d.c. War Bonds. 1939 97 0 0 — 43 d.c. War Bonds, 1938 97 0 0 — 63 D.c. War Bonds, 1933 102 6 0 102 12 6 h n.c. P.O. Bonds. 1927 98 5 0 — 5 D c. P.O. Insc. Stock. 1927 98 b 0 ■ . Do . 1929 98 5 0 — B A A K National 6 12 6 6 16 0 New Zealand, x rights —• 2 10 9 Do.. rights 1 8 6 Union — 14 11 0 GAS— Wellington (£10 paid) . 13 10 0 —— INSURANCE— National 4 0 0 —— South British 2 1 3 — MEAT PRESERVINGN.Z. Refrigerating (£1) —• 1 4 9 Do. (10s.) 0 12 0 Il n * «« —... 2 2 b TRANSPORT-Huddart-Parker (ord.) 2 3 9 —— Union Steam (pref.) ... 1 0 4 — P. and 0. Det. Stock 335 0 0 WOOLLENWell. ord. and pref.). cum 9 4 6 — COALTcuplri (ord.) 0 19 6 Wo ips 0 16 6 —— TIMBERLevlandO’Brien 1 17 0 — Rotoiti 1 0 9 — MIS'WLL* NEOUSCrown Brewery 2 15 b — Wairarapa Farmers —— 0 17 0 Australian Glass (ord.) — 1 10 0 Eastbourne Boro. deb. — 105 15 0 1 n