FINANCE AND COMMERCE

Dominion, Volume 26, Issue 31, 31 October 1932, Page 12

FINANCE AND COMMERCE

STOCKS AND SHARES Less Business Last Week AN EASIER TENDENCY A decidedly easier tendency in prices was apparent in the share market at the close of last week. Buying support was weaker, and, allowing for the tact that the stock exchanges were closed last Alonday, trading showed a falling off in nearly every section of the market. Investors paid more attention to Government securities, prices for which tended to firm. The 4£ per cents., 1939, were done at up to £95 and the 1938 maturity at £97. The 5J per cents., September, 1937, advanced to sales at £lOO/o/-, and other issues also showed gains. Bank shares were distinctly weaker. New Zealands declined on sales during the week from 46/5 to 45/-, the long-term mortgage shares being dealt in at -•>/'>. and 29/-. National of N.Z. eased from Sl/3 to SO/- and SO/G. Australasias had business at £9/17/6 and £9/19/-, and New South Wales at £29 aud £2B/11/6. Commercial of Australia moved down from 14/10 to 14/7. Union of Australia weakened from £7/18/6 to £7/15/-. Commercial of Sydney were done at.flo, and National of Australasia, £5 paid, at £o 12/6, both representing a decline of 4/on the previous week. Insurance shares were comparatively inactive with little change in values, and the same applied to the gas section. Dalgetys were fairly steady at £B/13/6, but Goldsbrough, Morts weakened from 24/4 to 23/7. N.Z. Refrigerating, 10/- paid, continued to weaken, sales ranging from 3/down to 2/5. Wellington Woolen, ordiInaries, were done at £5/5/-, Westport Coals at 12/6. Kauri Timber at 12/3, and Leyland-O’Briens at 19/9 and 19/8. NZ. Breweries showed weakness on sales at 28/-, 27/3, and 26/9. Tooths had one deal at 32/3. . . , In the miscellaneous section, Colonial Sugars were dealt in at £5O and £49/10/-, with one sale at £49/10/-. British Tobaccos were done at 32/6, and Australian Glass at 40/6 and 40/9. Wilson’s Cement were rather more active at 31/- up to 31/6. Electrolytic Zinc, preference, eased to 25/- and 24/9 ex dividend, and Mount Lyells from 21/8 to 20/3, recovering to 20/6. Gold-mining shares were very active. Waihis rose from 17/6 to 18/1; Alexander Mines Contributing sold at 16/6 up to 17/3, and Blackwaters at 17/9. Okaritos were fairly steady at 8/4 to 8/3J. Cornish Points were done at 2Jd. up to 4Jd.. easing at the close to 3}d. WELLINGTON EXCHANGE Saturday’s Quotations Buying and selling quotations at Sat. nrdav morning’s call on the ■Wellington Stock Exchange were as follow: —

DEALINGS ON ’CHANGE Saturday’s Sales che following sales were recorded on the Stock Exchanges of the Dominion on Saturday:— WELLINGTON. Sales reported— £s d Inscr. Stock. 5 1-8 p.c., 1937 .. 96.15 0

Sydney Stock Exchange Sydney, Oct. 29. Sales on the Sydney Stock Exchange this morning included: Commonwealth bonds, 4 per cent., 1938, £lOl/15/-; 1941, £102; 1947, £lOl/2/6; 1950, £101; 1955, £lOl/15/-; 1957, £lO2/2/6; 1961, £101; £lO bonds. 4 per cent., 1935, £lO/2/-; 1941. £lO/2/-; 1947. £lO/1/3: 1950. £lO/2/-; Toohcy’s. 22/3; Tooth's, 36/3; Broken Hill Proprietary. 26/9: Goldsbrough, Mort. 27/4J: Henrv Jones Coop., 38/-; Wilcox, Mofflin, 6/6. '

COMPANY AFFAIRS Mosgiel Woollen Co. A SOUND POSITION As announced'in this column last Friday, the Mosgiel Woollen Factory Company, Ltd., is paying a final dividend of 4 per cent., and a bonus of 2 per cent., making 10 per cent, for the year. The distribution is 10 per cent, for the ninth year in succession. In addition, in 1927, a cash bonus of 10/- a share, equal to 12$ per cent., was paid from reserves. The results for the last three years

FREEZING COMPANY’S YEAR Gisborne Sheepfarmers A net profit of £3146 is disclosed on the year’s working by the Gisborne Sheepfarmers’ Frozen Meat and Mercantile Co,; Ltd., in its annual report. A large increase in the stock handled at the two freezing works and satisfactory mercantile results have made this profit possible. The total number of stock handled in sheep equivalent was as follows borne works, 731,268, as against 670,724 the previous year; Tokomaru Bay works, 180,582, compared with 118,914. The report states that the extra quantity of stock killed has offset the lower values of by-products and the directors trust that the coming season’s killings will equal those of the season just ended, so that any advantages that may be gained through reduced costs can be passed on to the producer. The support given to the Tokomaru Bay works by shareholders and others from Tolaga Bay to Hicks Bay was much appreciated, and this, together with the extra killings at Kaiti, has enabled the freezing department to show a profit. The company made a loss of £7157 in the freezing department in 1931, while a profit of £968 was disclosed in the mercantile department (after charging £l2lB surplus assets expenses), reducing the net loss of the company for the year to £6189. The company has paid capital of £213,920, including 10,000 preference freezing shares of £1 and 5364 preference mercantile shares. The balance is in ordinary shares. Preference capital has received no dividend since 1929, when 6 per .cent, was distributed on the freezing preference shares and 7 per cent, on the mercantile preference. These were the usual rates. Ordinary shares have not received any dividend for a considerable period. T. and G. Mutual Life The directors of the Australasian Temperance and General Mutual Life Assurance Society, Limited', announce that' for the financial year ended September 30, 1932, the new business completed in the ordinary department comprised 22,188 policies, assuring £5,181.522, and £587 10/- per annum of annuities, and in the industrial department 127,755 policies, assuring £5,437,585. In both departments 149,943 policies were issued, assuring £10,619,107. In the accident department 2882 personal accident and sickness policies, assuring £1,356.750, were issued during the year, and in addition 4328 policies in the ordinary department were endorsed with accident benefits, assuring £901,804. RAW COMMODITIES Cotton and Copra Firmer (Rec. October 30, 5.5 p.m.) London, Oct. 29. Friday’s closing prices for the following raw materials were as follow, those for October 21 being given in parenthe scsCotton. —Liverpool quotations, American middlings, spot, 5.62 d per lb (5.46 d ; November, 5.32 d per lb (5.14 d Rubber. —Para, 4 7-8 d per lb (4 7-8 d): plantation smoked ribbed sheet, 29-16 d per lb (2}d). Jute. —October-November shipment, £l6/2/6 per ton (£l6/5/-). Coprn.—November-December shipment, South Sea. £l4/2/6 per ton (£l4) ; plantation Rabaul, £l4/5/- per ton (£l4 2/6). Linseed Oil. —£17/10/- per ton (£18). Turpentine.—64/- per cwt (63/-). Customs Exchange Rates Kates of exchange ruling at the announced date of departure of the vessels named are shown iu the following tabla. They are subject to confirmation by the Customs Department when the exact time of departure is learned on arrival of the vessels in New Zealand, finally declared rates being marked* Australind, America, dollars 3.45} Canadian Constructor, Canada, dollars 3.84 Brisbane Maru, Japan, yen Golden Cloud, America, dollars ...... *3.4d Golden Cibud, Canada, dollars *3.84 Niagara, Canada, dollars 3.78 Hauraki, America, dollars ... 3.45 J Mariposa, America, dollars 3.39 J Canadian Leader, Canada, dollars .. 3.68 J City of Adelaide, America, dollars .. 3.29| Dollar Conversion Rates The Associated Banks have agreed that the conversion rates from October 31 will be: — U.S.A. Canada. Conversion of dollar bills received for collection and sale of dollar drafts ... 3.18 3.54 Purchase of dollar bills 3.3 S 3.74 These conversion rates qje. of course, ascertained on a sterling basis (London funds) and therefore current rate of exchange New Zealand on London will also be charged or allowed as the case may require. Lower Interest Rates Melbourne, Oct. 29. T'lie Commonwealth Bank Board has decided to reduce as from November 1, the rates on fixed deposits by J.per cent., also a similar reduction on Savings Bank deposits of between £5OO and £l3OO.

N.Z. GOVT. LOANS. Buyers. Sellers- £ s d 8 d 44 p.c. Bonds, 5341 .... 94 15 9 —— 41 p.c. ditto, 1939 .... 94 15 0 —• 41 p.c. ditto, 1938 .... 96 12 b —— 51 p.c. ditto. Sep.. 1937 — 100 5 9 44 p.c. Stock, 1939 .... 94 15 0 —— 44 p.c. ditto, 1938 .... 96 12 6 5j p.c. ditto, 1036 . — — 100 0 0 54 p.c. ditto, Sep., 1937 99 17 6 100 b 0 sj .p.c. ditto, 1937 .... 96 5 0 — DEBENTURES. Wgtn. City. 5} P.C-, 1940 98 6 0 Wgtn. Harb. Bd„ 54 , p.c., 1940 99 15 Chch. Drainage, 54 p.c.. 0 1905 — 98 5 0 Hauraki Plains, 5J p.c., 1959 — 97 0 0 BANKS. Australasia 9 11 6 10 0 0 Conun. of Aust., ord. . — 8 New South Wales .... — 29 0 O 5 6 Ditto, long term .... 19 6 — Union of Australia .... — 7 17 0 FINANCIAL. Abraham aud Williams, pref. •— N.Z. Guar. Corpn., ord. 10 5 0 3 5 0 Loan and Mercantile .. — 58 0 0 Wgtn. Trust and Loan. 4 17 6 Wgtn. Dep. and Mort. . — 0 8 0 GAS. Wellington, ord — 1 11 0 Ditto, pref. 0 17 9 — INSURANCE. 3 0 14 8 10 0 9 MEAT 1 13 0 N.Z. Refrig., 10/- paid 0 2 1 0 2 5 TRANSPORT. Union Steam, pref 1 0 6 — TIMBER. 0 7 0 0 5 0 BREWERIES. N.Z. Breweries 1 7 0 1 7 9 MISCELLANEOUS. , British Tobacco, ord. . — 1 12 0 Burns, Philp — • 2 6 0 Colonial Sugar — 40 10 0 Howard Smith, ord. ... — 0 JI 0 National Electric — 0 10 0 N.Z. Drug 2 19 G 3 1 6 Farmers’”Fertiliser ... — 0 17 0 K.Z. Paper Mills ...... — o Sharia nd, ord *0 17 9 —-• 9 - Wellington Cordage .. — 0 9 0 Wilson’s Cement — 1 11 8 Woolworths, pref. .... 1 6 6 — . on,. Moturoa, ord — fl 4 6 MINING. Alexander 0 17 0 King Solomon — f 0 Okarito — (J 8 5 Waihi *0 18 1 Bitr THvp.r 0 1 14 n 1 31 •Cum. dividend. fEx. dividend

Queensland Insurance -5 9 6 AUCKLAND. X. s <1 laser. Stk., 51 p.c., Sept., 1037 100 0 CECBISTCHUKCH, Sales on ’Change— £ s fl Commercial Bank of Aust 0 14 •7 Bank of New Zealand • > ij g Ditto • > 5 0 Union Bank of Aust. (3) 7 15 0 N.Z. Breweries 1 6 9 Dunlop Rubber ............... 0 8 Mount* Lyell 1 0 0 Cornish Point .. 0 0 3* Mahakipawa, pref. 0 0 74 o IS u Ditto 0 18 1 Sales reported— Govt. Bonds, 44 p.c., IMS 97 0 0 Wilson’s Cement 1 11 0 Bank of New Zealand J J 1

compare as follow:— Bt. forward 1030. £ 10,248 1931. 99383 1932. 9,759 •Xet profit 11.17.3 11,414 11,825 21.421 21.207 21.584 Reserve 2.000 2,000 2.000 Dividend. 10 p.c. .. 9.53S 9,538 9,538 Carry forward 9.883 9.759 10.046 •After provision each year depreciation. of £5000 for The principal items in the balancesheet compare as follow:— 1930. 1931. 1932. Liabilities — Capital, paid 95.380 95.380 95.380 Reserve Marine Insurance 41.530 43,530 45.530 fund 1,500 1.500 1.500 14.831 Employees’ benefit 14,420 14,050 Sundry creditors .. Assets— 13.011 15,536 17,241 Land, plant, etc. .. 38.000 34.410 31.315 Wareh’se. property 6.000 6.000 6.000 Book debts 25.208 22.240 18.918 Bills receivable .. 1.012 3.302 1.861 War loan 12.000 14.000 14,000 X.Z. Govt. Ioans .. 10.082 34 942 51.802 Cash on deposit .. 28.000 30.000 39.000 Bank of X.Z 2 721 2.780 3.951 Goods & materials 49.317 38.063 32,402