FINANCE and COMMERCE

Dominion, Volume 26, Issue 105, 27 January 1933, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Market More Active A FIRMER TENDENCY There was a firmer tendency in the Wellington stock and share market yesterday, buyers showing rather more interest, with sellers disinclined to make securities were fairly ac * tire The 5} per cent, stocks, February, 1937 firmed to sales at £lOl/5/-, and £lOl/10/-, with more offering at the latter figure. The 5i per cent, stock, October, -iqq4 was reported done nt xjy/J-v/ » w. '«E LU aws/j nm •< the' 41 Per cent bonds, 1941 and IVdJ, advanced their bids 5/- without attract’"liT'the debenture section the was limited to Wellington Harboui Board 54 per cents., and Wellington Gas 64 per cents., which were quoted at par without re ßank e 'sliares were steady, quotable change. New Zealandsr firmed 3d' to 43/3, sellers moving up to 43/9. Sellers of Union of Australia eased to £< 17/-, following payment of the dividend. In the'financial section Goldsbrough Morts, eased 3d to 23/9 NZ. Guaran Corporations were steady at 4/6, S’ellejs, asking 5/-. Christchurch .Gas were sought at 23/-, sellers holding for 24/-. South British Insurance finned sharply, huvers' advancing 1/3, to 57/- without drawing sellers. New Zealand Insurance were 6d better at 44/6, sellers staying out.. Nationals had a sale at 14/2 late on Wednesday, and were wanted yesterday a, Breweries advanced 7d to 2</<, sellers standing at 28/-. Staples firmed 6d'to 22/6. Tooths-were 3d off at 34/-. but sellers hardened to 35/-.’.; In the. miscellaneous section British Tobaccos'were a shade firmer at 31/10, sellers still at 32/3. Burns, Philp were wanfed.'at’46/3,sellers asking 4</-. . Electrolytic Zinc, preference, were 3d up at 27/6. sellers 28/6. .N.Z. -Drugs advanced’3d to 56/-, seUers a6/6. Moturoa Oils' werg .wanted, at 4/ <, but sellers held for 4/11.- , ' i ’ ’ Gold mining shares were in fairly active ■ demand with little change in prices. : WELLINGTON EXCHANGE . Yesterday’s Quotations . Ravine and selling quotations at yesterday's final call on the Wellington Stock’ Exchange were as follow:— N.Z. GOVT. LOANS.

DEALINGS ON ’CHANGE Sales in the Dominion The following sales were recorded on the stock exchanges of the Dominion yes-

LOWER DIVIDEND Christchurch Gas Company NET PROFIT HIGHER The directors of the Christchurch Gas Company, Ltd., recommend payment of a final dividend of 3 per cent., making with the interim dividend, a total distribution of 6 per cent, for the year, compared with the customary 8 per cent, of former years. The annual report says that the reduced spending power of the public due to unemployment and increased taxation has been reflected in the sales of gas, which show.a reduction of 3} per cent. The sale of residual products, coke, tar and ammonia, have been well maintained, it being difficult at times to meet the demand, but in common with other commodities the prices have fallen, and revenue has in consequence been reduced. After making adequate provision for depreciation, the and shows a balance of £29,1 <u/4/8. The dividend absorbs £21.107/3/8. and the carry forward is £BO6B/1/-. A comparison of the main figures in the balance-sheet compare with those of 1930 and 1931 as follows:—

HIKURANGI COAL MINE Smaller Loss Last Year The accounts of the Hikura’ngi Coal Company, Limited, for the year ended December 31, 1932, disclose a net loss of £4672, compared with £5164 in the previous year. u The directors state that the company s experience during the year was an unfortunate one. A strike, extending over seven weeks, involved the company in a sum which contributed largely to the loss. A severe fire occurred in the workings early in November, causing the sealing off for the time of a large area of the company’s coal resources and resulting in a large reduction of output. Every effort was being made to improve the output as much as possible under the circumstances and operations were in progress to increase development work. The company had sought the advice of recognised experts, and while their opinion showed that the position was not good, they stated that, with an increase in ouput, considerable improvement might be anticipated. Accumulated losses of the company now stand at £32.295. Chief items of the balance-sheet include capital at £70,060 and debentures at £30.000, both unchanged, and sundry creditors higher by £1550 at £25,808. Mine property and land is valued £539 lower at £2764. Plant and buildings are set down unchanged at £55,257, no provision being shown for depreciation. which, in the previous year, was stated at £3060. Sundry debtors are £2980. against £6528. INVESTMENT COMPANIES New Australian Concerns A company called British National Trust, Limited, formed to carry on general finance and investment, was registered at Canberra. Australia, last week. Its capital is £1,000,000 in 750,000 ordinary shares, and 250,000 preference shares of £l. The managing director is Mr. J. W. S. McArthur, of Auckland (New Zealand). Subscribers are: John William Shaw McArthur, of Auckland, New Zealand, managing director; also Madge Gregory, of Auckland, company secretary; Irene lon, of Auckland, clerk; Dorethy Ellice, of Auckland, clerk; Sylvia Grange, of Auckland, clerk; Alison Grange, of Auckland, clerk; Dorothy Wrightson, of Auckland, clerk; and Rex Field, of Auckland, clerk. At the same time the registration of the Southern British National Trust, Limited, of which Mr. McArthur is also managing- director, as • announced in a cabled message, took place in Sydney. The nominal capital of this company is £500,000 in 400,000 £1 preference and 400,000 ordinary 5/- shares. The shares taken up by the subscribers, all of whom are of Auckland, are as follows: —Wilt liam A. Pilkington (2000 shares). Owen M. Hope (2000), Herbert H. Pollard (2000), Harold C. Glasson (1000), Madge Gregory (500), Richard Glover Clark (500). and John W. S. McArthur (17,00(2). .The registered office is in Sydney. Harringtons, Limited With an increase of £248 in gross profit to £88,488, Harringtons, Limited, photographic and radio suppliers, of Sydney, showed for the year ended June 30 a trading loss of £12,096, which is £BO7 less than that of the previous year. A credit of £lll4 brought forward reduces the debit to £10,982, which is extinguished by a transfer of that amount from the general reserve. From the same reserve provision to the extent of £2992 is made for the preference dividend for 1931-32 at the rate of 9 per cent., less the 224 per cent, reduction from October 1, 1931. Union Bank Dividend Payment of the interim dividend of 2 per cent., free of tax, for the half-year ended August 31, was made by the Union Bank of Australia, Limited, on "Wednesday. The dividend was payable at branches of the bank at the new high rate of exchange for demand drafts on London. This makes the declared dividend of 2/- a share, English currency, equal to 2/5.7 a share in New Zealand currency or 24/9 for each £1 of English money. At the previous rate of exchange the dividend would have been 2/2 n share in New Zealand currency, or 21/8 for each £1 of English money. New Prospecting Company Macetown Reefs Prospecting Co.. Ltd., with a capital of £6OOO in shares of £1 each, has been registered in Dunedin. Tlie objects are to acquire from a mining syndicate the licenses for certain mining privileges and to carry out prospecting work. Dearer Matches The wholesale prices of matches have been raised to meet increased exchange on imported goods and of raw materials used in the manufacture of matches. .The advances are as follows: — v

Buyers. £ s d Sellers., £ s d 41 p.c. Bonds, 1941 • 10 ® —- 44'P.c. ditto, 1939 .... 95 10, 0 —— 44 p.c. ditto, 193S .... 9-J 7 6 —. 54 p.c. ditto, 1936 .... 101 .5 0 flj p.c ditto Feb.. 1937 - ioi io 0 54 p.c. ditto, 1937 96 10 0 44 p.c. Stock, 1939 .... 95 5 0 4t p.c. ditto, 1938 • 7 6 96 0 0 5* p.c. ditto, 1936 .... 101 5 0 £14 p.c. ditto, Feb., 1937 — 101 10 0 51 p.c. ditto, Sep., 1937 - 101 10 0 54 p.c. ditto, Oct.. 1934 „ — „ 100 5 0 51 p.c. ditto, 1937 .... 96 10 0 — > DEBENTURES. Wgtn. Harb. Bd., 54 p.c... 1M0 100 0 0 —— Auck. City and Sub. __ Drainage. 5 p.c., 1936 — Wgtn. Gas Co 100 0 0 BANKS. Australasia „ T7-- _ Ml 1 0 Commer. of Anst., ord. ‘0 15 0 0 15 4 E.S. and A. 4 9 0 —- Nat of Australasia, 5 7 6 u leu * U New South Wales _ — _ 80 O 0 Sew Zealand 2 3 5 2 3 9 Ditto, long term .... 1 9 0 1 & 3 Union of Anst — f7 17 0 FINANCIAL. Equitable Building .... _ — _ 3 0 Goldshrough, Mort 1 3 9 N.Z. Guar. Clorpn., ord. 0 4 6 0 5 0i GAS. Christchurch 1 3 0 ' 1 4 0 Wellington,1 ord 1 9 6 D|fto, pref 0 17 6 ■ INSURANCE. National 0 IS 11 — New Zealand . 2 4 6 South British .... 2 17 0 w . — MEAT. 1 10 0 N.Z. Kefrig., 10/- 0 ' 3 10 0 4 3 TRANSPORT. Union Steam, pref 1 0 0 — Wellington, ord. ...... — 5 3 0 TIMBER. : Bartholomew — '0 10 0 BREWERIES. N.Z. Breweries 1 7 7 1 8 0 Staples and Co 1 2.6 1'15 Tooth and Co. 114 0 0 MISCELLANEOUS. Britisli Tobacco, . ord. 11110 1 12 3 Burns, Philp 2 6 3 2 7 0 Electro. Zinc, pref./’..-.. 17 6 .18 6 Howard Smith, ord. .. — 0 13 0 National Electric ...... — 0 10 0 N.Z. Drug 2 16 0 • 2 16 6 ■ Woolworth's; ■; pref. 18 6 — OIL. Moturoa 0 4,7 0 4 11 Taranaki 0 2 3 —* MINING. Golden Dawn 0 4 3 0 4 7 King Solomon 10 1 10 —— Mahakipawa — o o : Ji Mount Lyell 1 1 0 1. 1 6 Okarito 0 9 0 —— Paddy’s Point ........ 0 fl 0 —■ Waihi 110 1 1 6 Big River — 0 1 6 Gillespie's Beach 0 0 10 —— Nokomai 0 5b — Kawarau 0 0 6 —— •Cum. dividend. fEx. dividend.

terday:— JI1ELUNGTON. £ 8 d ' Sales reported:— Inscr. Stock, 51 p.c., Feb., 1937 .. ■ ■101 5 0 Ditto , 101 10 0 Ditto, 5f p.c., Oct., W3-1 . SID 10 0 National Insurance . < , *0 14 2 •Late sale Wednesday. AUCKLAND. £ s d Bank of New Zealand 2 3 4 Do 2 3 6 3 South British Insurance 2 17 G N.Z. Loan and Mercantile 37 10 0 2 16 0 Gillespie's Beach, 6d pd 0 1 0 0 4 6 Waihi Grand Junction 0 3 0 CHRISTCHURCH. Sales on 'Change:— £ s <1 Bank of New Zealand 2 3 6 1 1 N.Z. Drug Co. (G) 2 1G 1 Do (2) 2 1G 0 0 1 0 0 5 9 Sales reported:— Inscr. Stock. 4£ p.c., 1038 9o 15 0 Commercial Bank of Australia, 0 15 4 Westport-Sloeklou Coal. ord. (2). 0 0 8 1 14 1 1 ,1 National Bank of N.Z 3 7 '6 DUNEDIN. Sales on ’Change:— £ s d Paddv’w I’nlnf (2) 0 5 Dq 0 1 0 1 4 Sales reported:— Inscr. -Stock,- 5J p.c./ Feb.. W3r 101 5 0 0 Golden Dawn 0 4 54

1930. 1931. 1932. £ Sale ot gas, etc. .. 193.521 185,027 175,129 Net profit 1 26,827 26,127 29,175 Dividend, per cent. b Dividend, amount . -’6,919 27,300 21,107 Liabilities— Paid-up capital ... 336.490 350,760 352,825 Deposits paid by employees against 4.490 4,719 Reserve fund 6b,410 60,410 66,410 Renewal fund 47.836 47.83G 47,836 Debentures 100.000 100,000 100,000 Creditors ....... 34,569 31,718 34,330 Freehold. property 24,744 24,512 36,512 riant, buildings. 513,013 490,518 Debtors 10,925 11,760 10,139 Stocks coal 17,830 Cookers on h.p. .'. 34,685 10,821 30.761 15,294 24,855 Bank —Current act. 11,847 6,430 10,72a Bank—Fixed deposit — 22,000 30,000

Per gross, s. d. 0 3‘ 0 3 2d. "Royal.” slides 0 10 4d. tin boxes ...... 1 fi 1 10 Safeties ••••«• 0 8