FINANCE & COMMERCE

Dominion, Volume 36, Issue 226, 19 June 1943, Page 6

FINANCE & COMMERCE

WELLINGTON EXCHANGE • Yesterday’s (Quotations

The latest buying and selling quotations recorded yesterday on the Wellington Stork Exchange were as follows:Buyers. Sellers.

Dealings in stocks and shares recorded on New Zealand stock exchanges yesterday were as follows, the number of shares in’ each lot being shown in the case of Wellington:— WELLINGTON. No. of ' Sale price. Shares'. s. <!• £lOO5 Inscr. Stock, 4 p.c.,1949- Q 500 J. J. Niven, Ltd. ;....... 015 0 200 Woolworths Holdings (South Africa) 14 6 •Late sale Thursday. AUCKLAND. Bank of N.Z. (2), £2/2/-: Farmers’ Coop. Aiict., £4/16/-; 'Dominion Breweries, £l/16/6; G. J. Coles, £2/16/1); Reid Rubber, £l/7/3; Woolworths (Syd.), 16/2; Woolworths Holdings (South Africa), £1 4/6; Mt. Lyell, £l/0/-; Mt. Morgan, 10/-. CHRISTCHURCH. Kaitangata Coal, £l/13/6; Tim a £ u Woollen (2), £l/0/3; G. J. Coles, £2/16/0; Mac Duff's, Ltd.,-10/-; Snowy River, 7/4. DUNEDIN. War Loan, 1-10-33, £O4; Bank of N.Z., £2/1/0; McKenzie’s Dept. Stores, £2/4/3; Waltakl Farmers, £0; N.Z. Breweries, 36/6; Auckland Gas, 7/4; Kaitangata Coal, 33/0. Unofficial list: Mackintosh, Caley, Phoenix, £1 paid, £l/5/- (2). WARTIME FINANCE Bank Of N.Z. Meeting

Total deposits at £50,742,752 showed a net increase oe £8,208,619, aud was symploinatic of the continuance of wartime fl nance, said Air. A. T. Donnelly, chairman of tile Bank of New Zealand, at the annual meeting yesterday. So much of the overseas trade of tile Dominion was now conducted under, lend-lease arrangements that tile experience of former years was no guide to the balance of trade and its effects on banking figures, he continued. A considerable portion of the funds now held would no doubt be withdrawn after the war for replacement of depleted stocks, rehabilitation purposes, and the overtaking of other essential work which had of necessity been deferred during the war period. 'At the same time, these figures showed that there were ample funds In the hands of the public available to fill the* requirements of the Government for war loans. The estimated amount ot taxation payable this year, on the basis of last year’J rate, was £752,000. For the year ended Alarcli 31, 1940, the first year of the war, tile total New Zealand taxation paid by tile bank was £404,168, so that the amount payable tins year showed an increase of approximately 52 per cent, in four years. Mr. Donnelly 6 aid that he had not given the figures in a spirit of complaiut, for It wqs fullv recognized that heavy taxation in warti’uie was both necessary and right, but merely to'show shareholders Ute heavy burden that profits were required to carry. The Bank of New Zealand bad considerably increased its holdings of New Zealand Government, securities b.v further subscriptions to war loans. There seemed every likelihood ef this continuing to increase. said Mr. 1 ton nelly, as long as Hie war lasted. But the balance-sheets ot banks' in nil parts of the world showed Hint cwineident with the tremendous expansion of Governmental expenditure. Hie incidence of the investment of bank funds was changing. While investments in Government securities continued to grow, advances to customers, from which their main revenue was derived, unfortunately ■Were decreasing, and the earning power of tile bank in that direction consequently being lessened. Though the investments showed such substantial increase, the liquidity of tile bank’s position was not being in any way impaired.

N.Z. Forest Products (By Telegraph.—Press Assn—Copyright.) MELBOURNE, June 16.

Mr. David Henry, managing director ot New Zealand Forest Products, is visiting Melliourne, and is coiifei ring with the Council of Scientific and industrial liesearch regarding the licence granted to the company by lhe New Zealand Government' to ‘iniiiiufaelure kraft pulp and paper. “We intend to act without delay," Mr. Henry said, “and in order to limitice the lirofeet there are sufficient funds already io hand, represent I iig pari of that taken over from Hi" old company." Much of Hie Plant, would have to he obtained abroad, lint some of Hie pulping plant might be obtained in Australia. The erection of an undertaking of this sort, Mr. Henry pointed out, would normally take 18 months, apart from wartime delays. Mr. Henry also indicated that during this stag,, of developing manufactures there ■’■iiul.i no tall: of dividends. London Stock Exchange (Bi I'elegraph.—i’ress Assn.—Copyright I i LONDON, June 15. On tlie Stock Exchange quotations of bank shares and other corporation debentures and stocks compare with previous quotations ns follows: — June 1.- June 15.

Increase Of Capital An increase in Hie capital of tile NtiHoniil Dairy Association of N.Z., Ltd., t.v Clio,000 liy creation of additional cnplt.lll to the amount of £60.900 in £1 Shares is proposed. The £60,00(1 Is to lie in £1 cumulative preference shares returning 5 per cent, per annum.

£ s. d. £ s. d. 21 P.C., J/S/-16 —— 98 15 0 3 p.c., 1/8/51-34 8S 5 0 ;> p.c.. 15/U/..2-M — 98 1.) <• 3 p.c., 15/5/53-56 .... —— 98 2 6 31 p.c., 15/1/56-59 — 102 0 0 3t p.c., 15/9/57-60 .... 102 0 0 3 J p.c., 15/1/.i3-«h .... — 104 2 6 4 p.c., 15/2/43-16 .... 101 10 0 — 4 p.c., 30/11/1948 .... 103 5 0 —— 4 p.c., lo/6/.>2-5; 195 5 0 —— 4 p.c., 31/5/54-58 ... 196 5 0 — Liberty Bonds. 15/9/49 U is y Com. Bank A/sia .... 9 0 .0 — Com. Bank Aust., first 10 0 0 > ■ Nat? Hauk of N.Z. ... 2 11 0 Bank N.S.W 5 0 — Bank N.Z I 7 ■I ~ Ditto. I) Mort xl 11 0 — 12 0 — ... Nat. Bk. A/asia, £10 12 5 0 12 0 III ■ 8 2 0 Equit.'Bldgs. £1 .... 1 0 3 • ' — Di tfn 10/1 1 10 1 ■ Goldsbrouffii Mort. .. xl 7 9 — Newton King. pref. ... — 0 17 3 W.F.C.A., pref 0 6 6 —— Wgtn. Inv„ T. & A. .. 0 7 3 — Wgtn. T. and Loan .. 3 7 3 —— 0 17 9 N.Z. Inv., Mort 0 9 3 Auckland Gas 0 7 2 •— Christchurch Gas 1 5 0 Queensland Insurance •/ 17 0 South British Ins. 3 10 3 —• 1 1 6 —■■■I N.Z. Refrig.. £1 .... 16 3 Ditto 10/0 12 5 Wgtn. 'Meat Export .. 0 9 0 Huddart, Parker .... 2 13 0 — Bonds Hosiery Mills 1 13 6 ■ ■ Felt and Textiles .... —■ 4 » Kaiapoi Woollen, cont. 0 8 0 •M Oamarn Woollen .... 1 4 3 Prestige. nrof 1 3 0 «M Wgtn. Woollen, pref. s 6 0 Leyland O’Brien Tim. —— 113 A C.I x2 11 0 ■ «■ 14 6 —W DIC. (pref.) 1 5 0 —. . Dunlop Rubber 1 1 5 —- Electro. Zinc, ord. ... — 2 17 0 Ditto, pref o 16 3 Gates, Ltd 0 7 3 — Griffin and Sons, £1 1 0 0 — Ditto 10/0 10 0 Hume Steel, pref. cl 5 0 I.C.I.. pref 1 5 3 —— -I ,T Niven .. 0 14 6 w 0 9 10 MM Ditto, pref 1 2 3 — N.Z. Forest Products, p ref 0 9 6 N.Z? Newspapers • • • • 1 16 6 — It. & E. Tingey, pref. 1 5 0 — 1 6 0 ■ ■■■ 1 G 0 — Wilson’s Cement .... xO 18 0 —— Wm. Cable, pref 1 3 6 Woolworths, Ltd. . .. —— 0 16 4 Woolworths (N.Z.) xO 15 0 0 15 6 Ditto, pref 1 19 6 — 1 6 0 ii ■ — 13 0 MM Wool worths , Hold. (South Africa) 1 4 0 — • Stock Exchange Sales

Bunks— L s. i.* 4 j A list rsi hisin G 0 0 • > Io 0 E.S. :iml A 1 3 I nion of Aust . t Fi 0 . i (| 0 N.S.W. IS (1 IS 15 0 National of N.Z. . 1 1, 12 G New Zealand 1 •J G 1 9 (i Others— 12 British Tobacco ... 1 0 1 12 0 (lolilslirongli Mort . 0 17 l i 0 1/ fj Oalgotv t 17 n I H (> 1'. ami 0. ilef 1 11 I 11 ■; X.Z. Loan <t Mere., •1 p.c. deb SG 0 0 S. i 10 () N Z Loan & Merc.. f * 1*4*1 ”7 10 0 • ’. in 0