FINANCE AND COMMERCE

Dominion, Volume 26, Issue 29, 28 October 1932, Page 14

FINANCE AND COMMERCE

STOCKS AND SHARES Market Fairly Active A STEADY TONE The market was fairly, active yesterday and with few exceptions prices were steady. Government securities were in good demand at firm rates. made bv the per cents., but sellers am not come im The 54 per cents, were also firmer, a sale of the September IJ3< stock being' reported at £lOO/2/b.* Bank shares were for the most part stead’yTsellers’ prices showing fairly wide mnr"b s New Zealand .ordinaries weakened to 45/3, "sellers, holding for 46/-. Sellers of Union of Austratias eased their, price’to £7/19/-. Australasias ed at £9/15/-, but sellers held foi £lO 2/6. Commercial of Australia were cionat 14/9 late ou Wednesday and were sought yesterday at 14/7. Xcw Zealand firmed Gd. to £o/19/t>, sen ers moving up to £4/2/-. National of Australasia, £5 paid, were 2/ ; better at £o 12/-. but sellers wanted io/li/-. Goldsbrougli, Morts weakened 1/‘>3/-, and sellers eased to 24/-. Seyers of N.Z. Loan and Mercantile "were asking £?in the insurance section South British ea«e<t to 56/9, ex dividend. Nationals were wanted at 14/6, cum. dividend, sellers asking 2d.‘ higher. Gas, meat, shipping, wool len, coal and timber shares were more or less inactive at late rates.- • ■ ■ N Z Breweries inclined to weakness in a sale at 28/-, with other sellers at that figure. Carlton Breweries were again «ori"-ht at 32/6, sellers coming in at 34/-. Colonial Sugars were slightly easier at £4B/15/-, sellers WW/-. B i^‘ Zinc, preference, eased Gd. to -j/- sell ers dropping to 26/< Holders:of.Mount T.yells were in the list nt 21/6. Moturoa Oils, ordinary, had a sale on M c(l “ esl^® y at 4/3, and more were offering yesterday at that price. _ WELLINGTON EXCHANGE Yesterday’s Quotation's;Buying and selling'" quotations at yestnrday's final- call On-_ the Weillngto Stock Exchange were as follow. . - -

DEALINGS_ON_ ’CHANGE , Sales in the Dominion The following sales were reported on the stock exchanges of the Dominion yes-

New' Guinea Dredging Mr. Fred G. Bunn, attorney for Clutha Development, Ltd., advises that the yirld from the Bulolo dredge for the 4 weeks ended October 10 amounted to 4216 op.nce.s of gold of a value of 56.016 gold dollars from 210,300 cubic yards.

D.LC. YEAR Ordinary Dividend Passed COMPANY’S SOUND POSITION Dominion Special Service. , Dunedin, Oct. 27. The annual meeting of the Drapery and General . Importing Company, Ltd.,, was held to-day, Mr. W. Fels presiding m the absence through indisposition of Mr. K.. I. Halsted. Reviewing the operations for the past year, the chairman said the company’s capital,. £430.922, bad been practically, the same for'the last five years. ; Their indebtedness to the oank had grown by £36,902 against last' year. On the other hand, they owed -sundry creditors £57,428 less, and the aggregate of the two accounts', showed a reduction of £20,526. The reserve stood at the substantial figure of £85,248, and, with the addition of the balance carried forward, at £113,547. On the. assets side, stocks at £174,500 showed a decrease of £10,542 against last year. They were the lowest since 1917, when they stood at £164,71(4, and when .the company did much smaller business than to-day. . “I wish to state,” said the chairman, “that during the past year the company not'only had to face much restricted business. but a considerable fall in the prices 'of all commodities, which meant that an infinitely larger number of customers had to be attended to in order to.attain eventhe year’s smaller returns. The company s staff served more than 1,500,000 customers, and, iri addition, more than 500,000 patrons in their tea rooms during the year.” - Turning to the balance-sheet, the chairman said;—“lt is fitting.to mention here, that all the company’s stocks and build-: ings are covered against earthquake loss. Sundry debtors stand at £69,62o,’against £86,183 last year, showing a decrease of £16.563; and warehouse fixtures and plant have been written down by £12,596. The decreases which these figures disclose can be looked upon with some satisfaction, and they partly explain the contraction of £40,171 against .last year. “Turning to the profit and loss account, the gross profit, £196,689, as against £255,658 last year, is £58,969 less, but as a set-off, -disbursements were £193,835, against £236,444,.0r £42,611 less., _Wli e gross -profit shows a falling-off of £58,969, which-is-explained in part by a change in our, book-keeping system, whereby London exchange is now charged against each .branch, and thereby reduces .the gross, profit A reflex of this change of’system is .also seen in disbursements which, together . with substantial economies, show a corresponding diminution. t “The' directors, much, regret that■ the year’s operations of the company have resulted in a net profit of- only £2869, and to enable them to pay the 6 per cent, on preference shares, they had to trench on the - amount carried forward, last, year, viz., £40,430, reducing it now to £28,299; Considering the uphill task’ before them; the directors considered ,it necessary to keep their reserves intact, and they regret their inability to recommend-payment of a,dividend ou the-ordinary shares., From my remarks you will have gathered, however, that the. affairs,of the company are in a very sound-position.” SOUTH BRITISH INSURANCE ' Dividend Maintained Dominion Special Service. Auckland, Oct. 27. Lower earnings and maintenance of the dividend rate were -the chief features in the accounts presented to shareholders in the South British Insurance Company to-day. In moving the adoption of the report and balance-sheet the. actingchairman of directors, Mr. W. R. Wilson, said the reduction in underwriting premiums was principally due to the, same causes that accounted for last year's fall, namely, reduction of values,, decreased trade and.the totals paid in wages. An additional factor was the widespread laying-up of motor vehicles. There was a moderate reduction of expenses, but nothing was more difficult than to adjust expenses in relation with falling income. The dividend of 1/4 per share was the same as last-year and with a similar interim dividend paid in April would’make tho distribution for the; year slightly more than the income from interest and rents. The financial strength of. this company to-day reflected the principle adopted 40 years ago of limiting dividends to income from investments. The directors, however, felt that it would" savour of a slavish regard for literal'exactitude if for the sake of the small sum involved the dividend for this half-year were reduced. Curing the full period in which this practice had operated the sum that had been distributed in dividends was substantially less than the income received from investments. The motion was seconded by Sir George Elliot, who said that, the community had reason to be proud of the position the South' British had attained in competition with the world’s leading insurance institutions. Mr. E. R. N. Russell and Mr. W. R. Wilson were re-elected directors.

NORTH BROKEN HILL, LTD. Increase in Net Profit (Rec. October 27, 8.20 p.m.) Sydney, Oct. 27. The net profit for the year of North Broken Hill Limited is £175,752, which is £90,823 greater than in 1931. The dividends, which have been paid'in three instalments, represent five shillings per share. In recent years the. dividends.of North Broken Hill Ltd. have been as follow: 1925, 75 per cent.; 1926, 95 per cent.; 1927, 75 per cent.; 1928, 40 per cent.; 1929, 424 per cent.; 1930, 50 per cent.; 1931, 8J per cent. This year’s distribution is at the rate of 25 per cent. At June 30. 1931. the company's reserves stood at £2.100,976. The paid ■ capital of North Broken Hill is £700,000 in fully-paid ordinary shares, which include £400.000 of bonus shares issued in 1913. HERALD AND WEEKLY TIMES Dividend, 10 Per Gent. (Rec. October 27, 8.20 p.m.) Sydney. Oct. 27. The Herald and Weekly Times Limited, Melbourne, is paying a final dividend for the year ot 5 per cent, on orodinary shares, making with the interim distribution 10 per cent, for the 12 months. . ' Tiie half-yearly dividend, on preference shares is payable on November 17. lu recent years the dividends paid by this company (which has a paid capital of £1.225,000 in 125,000 fully-paid GJ per cent, preference shares, and 1/100.000 ordinary and employees’ shares, all fully-paid), have beep on the ordinary basis as follow: 1926. 16 per cent.; 1927, 23 per cent.; 1928, 254 per cent.; 1929, 28 per cent, (in this year £275,000 of reserves were capitalised by the issue of one ordinary share for every two held); 1930, 22 per cent.; 1931, 9 per cent.

CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday .totalled £6069.

N Z. GOVT.'LOANS. Buyers. Sellers: ■ . ■ . £ s d £, s a 4J p.c. Bond's,‘19.39..... 94 1» 0 ■ — 44 p.c. ditto, 1938 ...'. 90 10 0 .... — r,I n.c. ditto, Feb., 1937 99 10 0 51 p.c. ditto. Sep-. 1 -1937 99 17 6 100 5 0 44 Stock, 1930 94 15 0 4 4 p.c. ditto, .1938 .... 96'1-. 99W 6 100 "s 0 G 51 p.c. ditto,’Sep.. 1937 100 0 0 100.5 96 12 ; 0 bj p.c. ditto,•* 1937 .*<•• ‘ 6 debentures. Cheh. Drainage, 5$ p.c., 98 10 0 Hauraki Plains, 5.1 p.c., 1939 . —■ 97 0 0 . • ; ‘1 BANKS. . Australasia 915 Coram, of Aust.,; ord. • 0 14 0 ■7 10 2 6 0 14 11. E.S. and A. ...;. — National of N.Z.3 19 6 * ID . 4 2; 0 Nat. of Australasia, £5 5 12 0 , .b 17 0 New South Wales .... ; — 3 29 0 '2 6 Union' of Aust. ’ 7 19 0 FINANCIAL. . Goidsbrough. Mort ... J S o’ 1 4 0N Z., Guar. Corpn.; ‘ora. TO 5 6 0 Doan and Mercantile - - ; ” Wgtn. Invest, T. & A. 0- T 60 0 3 —- Wgtn. Dep. and Mort. 0 8 0 — GAS. „ 4 3 •ma i Ditto, contrib. ...... Oil 6 Wellington, ord — 1 11 0 INSURANCE. ft ■ 0 14 8 '• South British 12 16 9 — MEAT 1 14' 0 N.Z. Refrig., 10/- paid 0 2 8 0 211 TRANSPORT. Union Steam, pref 1 6 6 — WOOLLEN, Mosglel • ••■ 6 t — COAT.. •6’ ■1 ■ ■ TIMBER. Leyland-O’Brien 0 19 6 — National — 0 7 0 Taringamntu ......... — 0 5 0 BREWERIES. 1 14 « 0 1 8 0 MISCELLANEOUS. British Tobacco, ord. . 1 12 0 1 12 6 Colonial Sugar 48 15 0 49 10 0 Dental and Medical ... 0 5 3 0 6 6 Electro. Zinc, pref. ... jl 5 Farmers’ Fertiliser ... — 0 1 6 0 0 17 0 9 I ■ Ditto, pref *0 17 9 —— Wellington Cordage .. — 0 9 0 Wgtn. Queen’s Theatre — 1 1 6 Wilson’s Cement 1 11 0 1 11 10 Woolworths, pref. .... — 1 8 0 Gates, Ltd — 0 3 6 OIL. Moturoa. ord — 0 4 Taranaki 0 2 4 0 2 7 MINING. King Solomon — 0 2 0 Mount Lyell — 3 1 1 6 Waihi *0 17 ——• Waihi Grand Junction 0 3 0 0 3 4 0 1 6 ♦Cum. dividend. fEx. dividend.

terday:— WELLINGTON. £ s a Sales reported: Inscr. Stock, 5J p.e., Sept.. 1037 .. 100 2 fi Commercial Bank of Aust., ord. •0 14 9 N.Z. Breweries . *1 8 0 Moturoa Oil, ord •0 4 3 ♦Late sale Wednesday ' AUCKLAND. £ 8 d City ot Auckland, 5} p.e., 1IJ1O., . 9S 10 0 Commercial Bank of Aust . 0 14 9 Bank of New Zealand ., 2 5 9 N.Z. Insurance ........... , 2 3 9 Deronport Ferry , 0 18 0 Blackwater Mines »••»•••••••»•< , 0 17 9 Waihi . 0 17 7 Do. (3) , 0 17 8 CHRISTCHURCH. £ S d Sales on ’Change— Gort. Bonds, 51 p.e.. 1933 . 99 17 8 Do.. 5A p.C., Sept., 1937 (2) .... 100 5 0 Commercial Bank of Aust . 0 14 7 Commercial Bank ot Sydney .... . 15 0 0 National Bank of N.Z . 4 1 0 Dalgety and Co . 8 13 6 N.Z. Refrigerating, 10/- paid .. 0 2 0 Westport Coal , O 12 9 Westport-Stockton Coal, ord. .... , 0 0 6 Blackwater Mines , 0 17 9 Gillespie’s Beach, prem. . » 0 0 -i Alexander Mines, contr. { , 0 16 6 Cornish Point (2) . O 0 Do. (4) . 0 0 4 Golden Dawn . O 4 10 Golden Point (3) ..............., . 0 0 5} Ukarito , , 0 8 4 Sales reported— National Insurance (2) . 0 14 6 Union Bank of Aust. , 7 18 •y Goldsbrough, Mort ........ , 1 3 6 Do , 1 3 7 Whitcombe and Tombs , 2 15 0 DUNEDIN. £ s d Okarito 0 8 3 Sales reported: Standard Insurance 2 10 0 Waihi O 17 7 Kildare (late sale Wednesday) .. 0 1 91 Cornish Point O 0 4 Golden Point 0 0 0 Blackwater Mining' 0 17 9 Govt. Bonds, 5i p.e., Sept., 1937 . 100 2 6