FINANCE & COMMERCE

Dominion, Volume 37, Issue 121, 17 February 1944, Page 6

FINANCE & COMMERCE

WELLINGTON EXCHANGE Yesterday’s Quotations

The latest buying and selling quotations recorded yesterday on the Wellington Stock Exchange were as tollows:— Buyers. Sellers. B s. d. £ 8. cL

Stock Exchange Sales 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:—

AUCKLAND. laser. Stock, 2} per cent., 1/10/53, £!» 10/-; ditto, 3} per cent. la/l/53-a7, i. 103 7/6; Comm. Bank of Aust. (-), 18/-,, of N.Z., £2/3/6: Nat. Bank of N.Z., L--15/3; Bank of N.S.W. (2), 7/6; Traders Finance, con., ./-, suranee, £4/9/-; Taupirl Coal £l/1/-, Booth Macdonald, pref. (2), 10/3,, Broken Hill Pty., £2/6/6; Bycroftis,. Ltd., 13/-- Colonial Sugar, £6O; Consol. Brick, 10/2’ K.D.V. Boxes, 12/-. CHRISTCHURCH. Inscr. Stock, 2} per cent-; V lO /53. £W 10/-- ditto, 3 per cent., 10/-’ Wool Bonds. 1/2/48 (2), 19/9: Comm. Bank Of Aust. (2), 18/-; Nat Bank of N.Z. (2), -£2/15/-; Dalgety and Co., -8 10/-; South British Insurance, £3/16/6, Booth Macdonald, pref., 10/3. DUNEDIN. Bruce Woollen, £l/14/9,. £l/15/-; National Electric (odd lot), fcl/11/-. Unofficial list: Whakatane Paper Mills, 10/3. Wellington Trust Loan Co. “It may be desirable to limit profits In wartime but not to eliminate them, said Mr William Watson, chairman of directors of the Wellington Trust Loan and Investment Co., Ltd., in bis address, in his absence was read by Dr. c. Prendergast Kuigbt at the annual meetlug ot the company on Tuesday. “You will know,” continued the address, “tl at our recommendation has' been for a dividend of 3 per cent, for the year. For a company of this size the return ou capital is regrettably low though J. must not be overlooked that the dividend when received by you is free of further taxation. Today the annual reports ot companies everywhere increasingly emphasise tluit in an emergency profits do not solely belong to the shareholder. It Is., however, incumbent on us to inquire as to the effect of the. law of diminishing re’urus; It is apparent tliat taxation combined with other restrictive legislation has caused profits to diminish to a point where they do not yield an adequate return — f< r a return which is not equal to_that on Government stock cannot be considered adequate to a society such -as ours. • “The profit incentive is essential to the success of private enterprise, and if the Government by taxation and legislative restrictions reduce profits to too low a margin the law of diminishing returns operates to close out private enterprise from participating in the national and community undertakings. Excessive taxation that means eating into reserves for payment of such dividend as we. are able to recommend is in essence a totalitarian procedure, the effect of which should be well considered. Your directors, with the directors of many other established concerns, Mould view with strong misgiving the necessity of repeatedly, drawing on reserves to pay a modest dividend. “It may be suggested, and I think with much reason, that a restriction of public expenditure on iioii-essential undertakings would permit a reduction iu taxation and tie effect would be stimulating to every form of private enterprise since it would ensure a more adequate return on money invested.”

The retiring directors, Dr. C. Prendergast Knight and Mr. F. W. Dawson, were re-elected.

Union Bank Dividend The Union Bank of Australia dividend of 2/0.319 sterling was payable on February 2 and not on February 21, as indicated in the “Dividends and Calls” list. British Rubber Prices LONDON, February 13. The British Government has agreed to a scheme.for an increased price for rubber, ranging from 2d. to Od. a lb. over the existing price of ltd., based on production for each quarter. The scheme comes into operation ou Monday, February 14, and will bl* in force to June 30, 1045. Under the scheme, the animal basic production is fixed at an agreed figure, and tlie increase in the price is granted in proportion to the extent by which production in each quarter exceeds the base. It production falls short of the base, the price will remain at ltd. An immediate 2d. a 11>. has been granted, in respect of tlie remaining period of this quarter. Dalgety & Co.’s Profit The accounts ot Dalgety and Company for tlie year ended June 30 show a not profit Of .£129,753, compared with £138,900 in the previous year, and £157,915 in 1941. Dividend is unchanged at 0 per cent., less income tax of 0/- in the pound after allowing for Dominion income tax relief. A sum of £15,000 lias been transferred to tlie staff provident fund and the carry forward is’ £113,407, against . £143,031 brought in. Gold Mining Golden Sands reports a return of 51 oz. 2dwt. for 111 shifts. Sluicing will be suspended for about six weeks while a new paddock is being opened up. Slab Hill; last week returned 550 z. for 90 honro from 15.000 yards.

24 p.c., 1/8/+G I--98 0 0 — 2* p.c., 15/9/47 98 5 0 24 p.c., 15/6/47-49 •••• 97 * 6 24 p.c., 1/10/53 95 5 0 3 p.c., 15/7/1945 99 5 0 — 3 p.c., 15/9/46-48 •••• 3 p.c., 15/9/52-55 99 10 0 100 7 « 3 p.c., 15/12/53-59 ... 99 0 0 3-1 P.c., 15/1/56-59 .... 100 17 6 — 31 p.c., 15/9/57-60 ... 102 2 6 — , 31 p.c., 15/1/53-57 .... 4’ p.c., 15/2/43-46 .... 4 p.c., 30/11/1918 .... 102 10 0 £101 7 6 103 10 0 4 p.c., 15/4/46-49 4 p.c., 15/5/49-52 .... 4 n.C.', 15/6/52-ou .... 102 17 104 10 106 0 6 0 0 z? 4 p.c., 31/5/54-58 107 0 0 Liberty Bonds, 15/9/49 0 19 6 0 18 Com. Bank Aust. .... 4 1 3 Nat. Bank of N.Z. ... 2 14 a — Bank N.S.W x34 3 6 Bank N.Z Ditto, D Mort 1 12 7 14 G 0 4 4 0 7 3 — Wgtn. Inv. T. & A. •• Wgtn. T. & Loan ... Christchurch Gas .... 0 7 3 14 XI 5 6 0 0 - Wgtn. Gas, ord 1 11 1 3 6 6 Queensland Ins South British Ins. 3 2 3 16 0 0 Canterbury Meat .... 15 0 0 8 0 0 1 3 9 N.Z. Refrig., £1 •••• xl 6 1 19 9 6 . — Bruce Woollen 1 15 0 1 16 0 2 10 3 Kaiapoi Woollen .... 1 4 6 Oaniaru Woollen ..... 1 8 Prestige, pref. - Timaru Woollen ..... 1 7 0 I 1 o 9 5 0 9 6 0 —■ Leyland O’Brien Tim 1 2 0 0 9 (I 0 s 10 0 10 0 N.Z. Breweries . Dominion Breweries . 2 0 2 15 10 0 2 T 2 16 y 6 British Tobacco ..... 2 8 6 9 . 3 0 0 59 15 0 61 0 0 Dental & Medical ... 1 0 0 •— 1 6 0 1 4 9 Electro. Zinc, ord. ... 2 16 6 Ditto, pref. Gridin & Sons, £1 ••• 2 17 6 1 9 1 1 Howard Smith • • 1 4 6 — 1 5 T T Niven 0 16 9 — 0 1? 4 1 a 3 6 2 11 Mackv Logan 1 11 0 Metters (N.Z.) 0 IS 0 0 8 N.Z. For. Prods. “— 0 12 Nat. Electric 111 0 — 4 13 6 N.JL Newspapers ..... 2 1 6 — N.Z. Paper Mills .... 1 19 0 —— 1 9 0 Sharland & Co., ord. . 1 8 0 —• Ditto, pref 1 9 0 Wilson’s Cement 0 19 0 Wm. Cable, pref 1 8 0 0 19 Woolworths, Ltd. ...» 1 8 Mt Lyell ...... •••»• 1 10 0 — 0 8 7 Wgtn. Alluvials 0 2 5 Woolworths Hold. (S. Africa! , ........ . 1 12 6 • x'Ex dividend.

WELLINGTON. No. of ' Sa ' e >> rl= d e shares . 6 ' u ' £20 °° ' 3 . P . e . r .. C . C 99 5 0 19 Bank of N.S.W., ex dlr. 34 7 6 ' 6 Colonial Sugar W 0 0