FINANCE AND COMMERCE
STOCKS AND SHARES Wellington Exchange> MARKET SLACK Thera was again only a moderate demand on the Wellington Stock Exchange yeater-. day. Government securities were very slow. For the 4} per cent, bonds, 1030 and 1038, £99/10/- was again bld, with no sellers. The 54 per cents., 1037, were In demand at £99, with no sellers. Buyers again ottered £O7/3/- each for Auckland City, 5} per cents., 1044, Wellington City, 5} per cents., 1940, and Wellington Harbour Board, Si D&T: cents..-. 1940. BanK shares were duD with sellers than buyers. Australian Bank of Commerce were wanted at 12/8, or 2d less than on the previous day, but sellers held for 13/8. National Bank of New Zealand were unchauged at 81/-- Hank of New Zealand at 48/3 and long term at 26/9 were firm. Union Bank were, on sale at £6/11/-, or 1/8 loss than on Monday. Bank of Australasia.were on sale at £9/2/-, or 1/8 less than on Monday There were sellers of Commercial Bank of Australia at 14/1, Commercial Bank of Sydney 'at £l3/10/-, English, Scottish, and Australian -Bank at £3/18/-, and Bank of New South Wales, at £24/15/-, the last & drop of 5/-. . • Dalgety and Co. were up 1/- at £B/7/-. Goldsborough, Mort, and Co. were wanted at 19/8, and N.Z. Loan and Mercantile, ordinary, at £4O. N.Z. Guarantee Corporation, ordinary, at 4/9 were a shade lower; the preference /shares were in demand at 20/-. National Insurance were Id down at 12/9. Wellington Gas .were firm at .28/-,'ex dividend. Gear Meat at 23/-, and N.Z. Refrigerating, 10/-'paid, at 3/- were unchanged. Union Steam were firm at 19/10, and Westport Coal were unchanged at 23/-. New Zealand Breweries showed an easing tendency, buyers now ottering 28/9, with sellers at 20/2. Last week they changed hands at 30/3. Colonial Sugar were wanted at £33, a drop of 5/-. There were buyers oL Electrolytic Zinc, ordinary, at 8/-, Woolworths, preference, at 23/-; and Wilson’s Cement at 35/9. Yesterday’s Quotations Buying and selling quotations at yesterday's final call on the Wellington Stock Exchange were as follow:—
r DEALINGS ON ’CHANGE :?< Sales in the Dominion The following sales were recorded on /the stock exchanges of the Dominion yes-
i AUSTRALIAN SECURITIES Sales on Wall Street New York, August 3. ■C-Sales of Australian Government bonds on Wall Street to-day compare with those of a week ago aa follow :- uiy2L 3
COMPANY AFFAIRS Wellington Woollen Co., Ltd. REDUCED PROFIT There was a substantial decline in the net profit earned by the Wellington Woo Hen Company for the year ended July 31 last as compared with the P rev ‘°^o O Lawiih figures being £18,016 against £28,048. With £3007 brought forward there is avallabjo t)R3 The net profit 18 struck writing off £5OOO for depreciation. Ihe dividend for, the year Is 6 per cent., which was paid as an • lnt ® r *“ Last year the dividend was 8 per cent. J?he amount carried forward Is £3083. _ The balance-sheet Items compare with those of last year as under:
In their forty-eighth annual report the directors state that the commercial depression mentioned in several preceding reports, became more acute within the year, resulting In the company’s output being materially lessened. The wool market fluctuated considerably, which added difficulty to trading and the earthquake at Hawkes Bay In February also hampered business In a large part of the Dominion where the company's products were formerly in flrm demand. , • _ _ The directors to retire are Messrs. J. F. Dyer and A. E. Mabln, who offer themselves for re-election. Messrs. H. Kember and Son and E. W. Hunt again offer themselves for the position of auditors. STANDARD INSURANCE CO. Dividend Maintained * By Telegraph—Press Association. Dunedin, August 4. The annual report of the directors of the Standard Insurance Company,' Ltd., states that Income from all sources for the year ended June 30 amounts to £228,949/8/1, to which has to be added balance brought forward from last year, £23.144/9/4. The surplus on the year’s operations, after making full provision for all ascertained losses to June 30, payment of interim dividend, donation to guarantee and provident fund, and depreciation of securities, amounts to £35,558/19/5. Out of this surplus the directors recommend payment of a final dividend at the rate of 1/3 per share, and the carrying forward to next year of £23,058/19/5. The results of the company for the last two years compare as follow: —
N.Z. INSURANCE CO., LTD. The Chairman on the Outlook Dominion Special Service. Auckland, August 4. Reduced profits and the dividend unchanged at 10 per cent, per annum, were the chief features of the New Zealand Insurance Company’s annual meeting to-day. The chairman of directors. Mr. C. V. Houghton, stated that the adverse trading conditions referred to a year ago bad been accentuated to an almost alarming degree, not only In the Commonwealth and New Zealand, but in every sphere of the company’s operations—in faet, throughout the world. In India, the Far East, and South America, for example, economic problems were rendering successful trading most difficult. It must be conceded that the company's results during the year had been relatively good under the existing sthte of things. The underwriting profit for the year was £78.573. as against £91.385 last year. Undoubtedly the world-wide depression was primarily responsible for the fall in profits. Prominence must, however, be given to the extent by which the results were affected through the losses arising out of the Napier earthquake disaster id February last. While the company’s policy in regard to earthquake insurance had been and still was a conservative one. some earthquake commitments had of necessity been carried In all centres of New Zealand. Including Napier. . Income had fallen to £1,140,207. a decrease of £54,124; losses at £740,244 were higher by £2526. but. owing to the decreased premium revenue the claim cost had Increased from Cl.ol per cent, to 64.64 per cent. During the year stocks, particularly those of the Commonwealth of Australia. had suffered substantial declines in market values. Even at the present time there were coming into operation certain measures which, while they were expected to assist materially in the process of restoration, must bring about further falls in market values unless a general readjustment of ideas took place. The board .had. therefore, decided to make provision for market fluctuations by the transfer of £95,000. from the available surplus to the investment fluctuation and contingency account. which would then stand at £120,000. MERCANTILE MUTUAL Heavy Underwriting Loss Mercantile Mutual Insurance Company, Limited, for the year ended June 30 discloses an underwriting loss .of £32,903, as compared with surpluses of £9862 for 19-9-30 and £19,279 for 1928-29. Net premiums were £296,999, a fall of £65,204. General expenses were reduced by £11,735 to £llO,402, and there was a reduction in fire brigade and taxation by £7151 to £28,158. Losses are stated at £191,392, a reduction of £3503. Interest and rents at £28,300 were £990 lower. A sum of £10,053 transferred from the contingent fund makes £12,000 available, which Is used hr paying a dividend of 3 per cent. A comparison of balance-sheet Items gives a reduction of £41,629 in creditors, and in the assets side deposits, debentures, and Commonwealth loans are lower by £38,133. Cash items have contracted by £20,122, and agents' balances show a fall of £12,359. The directors state that the reduction in net premium income Is due to their conservative policy in further reducing the limits hitherto held and to a shrinkage In premiums received from workers’ compensation and motor-car departments. No appreciable reduction has occurred in other departments. The past twelve months, it Is stated, have been the most difficult experienced In the history of the company. Realising the position the directors took steps parly in the year to curtail expenditure, commencing by a reduction of 10 per cent, in their fees, subsequently reducing them by another 10 per cent., making a total reduction of 20 per cent. The staff also volunteered a reduction in their remuneration In cases where the award made that course possible. The result of these and other economies was a reduction during the year of £18,885. Further reduction is promised during the present year. Bank of N.S.W. Dividend As previously announced, the Bank of New South Wales is paying an interim dividend for the quarter ended June 30 of 8/- per share In Australian currency. The exchange will be charged at the rate ruling on the date of payment, which is at head office, Sydney, on August 27, and at branches on receipt of advice. If the full present rate of exchange Is charged, the payment to New Zealand shareholders will be 6/8 per share. Gold Returns
The secretary of Mahaklpawa Goldfields, Ltd., advises that word has been received from the mine manager that the return for the month of July Is 221 ounces melted gold. The Okarlto Company obtained 88 ounces of gold last week for 114 hours’ dredging. For the previous week the return was Pl ounces for 120 hours.
Buyers. Sellers. N.Z. GOVT. LOANS— £ B d £ s d 54 p.c. Insc. Stk., 1033 — 99 17 8 5} p.c. ditto, 1037 ... — 99 15 0 4} p.c. Bonds, 1039 and 1933 99 10 0 : ■•aOJ- p.c.. ditto, 1933 ... — 100 0 0 M p.c. ditto, 1030 ... — 99 17 6 5} p.c. ditto, 1937 ... 09 0 0 —— 54 p.c. ditto, 1933 ... — 09 0 0 DEBENTURES— Auckland City, 5} p.c., 1949 — 98 5 0 Ditto, 5} p.c., 1944 ... 07 5 0 Wellington City, 5j p.c., • 1940 07 5 0 ■ ' Wellington Harb. Bd., 51 p.c., 1940 97 . 5 0 BANKS— Australasia — 9 2 0 Aust, of Commerce .. 0 12 6 0 13 6 Comm, of Aust., ord. — •0 14 1 Comm. Bank. Co. (Sydney) — 13 10 0 English, Scot. & Aust. — 3 18 0 National N.Z. 4 1 0 —— "National A/asla. (£10) — 10 0 0 Ditto (£5) •— 4 12 0 'New South Wales ... — •24 15 0 New Zealand 2 8 3 2 9 0 Ditto, long term 1 8 9 — Halon of Australia .. — eno FINANCIAL— Dalgety and Co 6 7 0 Abraham and Williams, A ord. — 3 17 8 Goldsbrough, Mort ... 0 19 8 0 19 11 N.Z. Guar. Corp., ord. 0 4 9 0 5 0 JDltto, pref 10 0 —— N.Z. Doan & Merc., ord. 40 0 0 49 0 0 pas— .Wellington, ord. ..... fl 6, 0 — INSURANCE— /National 0 12 9 0 13 0 'South British — 2 10 10 MEAT PRESERVING— .Gear 1 5-0 17 0 xN.Z. Befrig. (10/-) .... 0 3 0 —. Well. Meat Exp., pref. — 0 17 8 TRANSPORT— Huddart, Parker, ord. —. 12 0 0 17 9 -Union Steam, pref. .. 0 19 10 — P. and O. stock........ — 18 0 WOOLLEN— Wellington, ord — •4 13 0 COAL- _ _ _ Westport 1 80 .Grey Valley — 0 17 9 TIMBER— ‘Leylaud-O’Brlen .... — 12 3 BREWERIES— - :-New Zealand ........ . 1 8 0 19 2 Staples and Co — 18 9 MISCELLANEOUS — 'British Tobacco, ord. — 14 3 'Burns, Philp and Co. — 1 11 0 ■Colonial Sugar 33 0 0 — Dental and Medical .048 0 6 3. •Electro. Zinc, ord. .. 0 8 0 —— Howard Smith, ord. . — 0 8 0 Sharland & Co., ord. — 0 17 8 ■'.Ditto, pref — _ 0 18 0 Cement 1 15 9 '.Woolworth’s pref. ..130 Oil— ■Moturoa 0 41 0 — 0 0 0 MINING— ,;Mount Lyell ........ — 0 17 2 ;,<Waihl ■ — 0 15 10 -Jwaihl Grand Junction — 0 4 2 -■Golden Dawn 0 7 6 —— /Kins Solomon 0 2 4 —— jf »Cum. • dividend. fEx dividend.
' terday:— ' WELLINGTON. iComm. Bank of Aust, (late Mond. ’Okarito Dredging Mahaklpawa • ••• £ s d 0 14 0 0 10 2 0 0 71 0 0 7} AUCKLAND. . £ B d War Bonds, 4} p«c.» 1938 (2) .. 100 7 8 Do., 5} p.c., 1930 . 99 12 6 laser. Stock, ,5} p.c.,’ 1027-41 ... 97 10 0 Commercial Bank of Austr. ... ■ 0 14 0 National Insurance 0 12 11 Auckland Gas 12 8 Leyland O’Brien Timber .119 Colonial Sugar 24 5 0 King Solomon .025 Do. (3) . 0 2 5} ■Do. iv......... .026 Walhi ......... ........... ., 0 15 7J Mount Lyell . 0 16 8 Mt. Eden Borough, 5} p.c., 1901 . 100 0 0 CHBISTCHUKCH. Sales op ’Change: £ s. d. Bank’of Australasia . 8 16 0 Do 8 14 0 Commercial Bank of Aust . 0 13 10 Do . 0 13 9 Bank of N.S.W.. cum. div . 24 5 0 Bank of New Zealand .288 Union Bank of Aust . 6 10 0 Do . o ir o Do. (2) . 6 10 0 New Zealand Breweries (3) ... .19 3 Do . 1 .-9 1 Do (2) . 1 9 0 4 Do. (0) . 1 8 10 Mount Lyell (3) . 0 16 10 King Solomon (2) . 0 2 6} Do. .026 Do. (2) .0 2 5} Mahaklpawa (3) . 0 0 7} Do .007 Golden Point, 1/- paid .016} Do. (2) .016 Sales reported— Commercial Bank of Aust., cum. . 0 13 11 Goldsbrough Mort . 0 19 6 DUNEDIN. Sale reported: £ B d King Solomon 0 2 6}
. Commonwealth — Doi. Dot E p.c., Mar.-Sept., 1057 . . 60 CO} B p.c., Jan.-July, 1955 . • 4} p.c., May-Nov., 1956 . . 55J 54) New South Wales — 5 p.c., Feb.-Aug., 1957 . . 55 541 5 p.c., April-Oct., 1958 . , 54J 53 Queensland— 6 p.c., Feb.-Aug.. 1047 . . 68 ♦ 7 p.c., April-Oct., 1942 . , ■ ♦Same. . 83
Liabilities— 1930. & 300,000 1931. £ 800,000 09,050 09,100 79,059 03,031 Dlridends outstanding . 50 94 Anapfsi—Buildings, land, etc 227,050 180,149 220,331 168,131 53,584 49,250 Insurance unexpired .... 400 343 410 7 189
1020-30 £ 1930-31 £ Tni'tyme ....... 309,763 ’ 226,049 Brought forward .... 19,119 23,144 To R&servo ••• ..... 25,000 — ■ - surplus • >. 35,664 35,550 Dividend, p.c. < 12} 12} Div. amount ••• 25,000 25,000 Carry forward ..... 23,144 23,059
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Dominion, Volume 24, Issue 265, 5 August 1931, Page 12
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2,241FINANCE AND COMMERCE Dominion, Volume 24, Issue 265, 5 August 1931, Page 12
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