FINANCE & COMMERCE

Dominion, Volume 38, Issue 68, 14 December 1944, Page 8

FINANCE & COMMERCE

RESERVE BANK Sterling Funds Higher The sterling exchange funds -of the Reserve Bank ou December 4 totalled £33,271,653, an increase for the week of £2,- • 570,333. The note issue at ■ £38,808,794 shows the usual expansion with the approach of Christmas, the increase for the week being £591,025. The. statement, as at Monday. December 4, Is as follows:—

£ (N.Z.)82,1T3,591 15 11 Proportion of reserve to notes and other demand liabilities, 53.617 per cent., compared with 52.060 per cent, oh November The reserve on December 4 was £42,039.198. an Increase of £2,595.581. A year ago the reserve was £32,954.801. Sterling exchange on December 4 amounted to £30,271.653, an increase of £2,570.333.' Liabilities in currencies other than New Zealand currency totalled £34,-. 332 (a decrease of £25,2-18), thus making the bank’s net overseas assets £39,237,321, compared with £315.641.740 on November 27, an increase of £2,595,581. A year ago these assets were £30,152,924. Advances to the State Marketing Department total £400.425. compared 'with £186,641 on November 27, an increase of £213.7*4. A year ago they were £666,640. Advances to the State for other purposes are unchanged nt £25,585,000, against £37,* 735.660 a year ago. The note issue on December 4 totalled £38.803.794, an increase for the week of £591,025. A year ago it was £35,952,720, and two years ago £28,643,277. Demand liabilities to the State amount to £12,265,321, an increase of £2,576.568. The trading hanks’ reserve balances total £26.217,407, a decrease of' £730.587. Other liabilities at £1,120,285 have increased by £203 179. The statement balances at £82,173,592. an increase of £2,666,303.

STOCK EXCHANGE Sales In' New Zealand 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. Inscr. stock, 3 per cent., 1/8/51-5-1, £9B 10/-; ditto, 3 per cent, 15/9/02-sa, £9B. 5/-; ditto, 3 per cent., 15/12/03-06, —JU, ditto, 3 per 15/2/i»-58 £9W/- (->; ditto, 4 per cent., 31/11/48, , ditto, 4 per cent., 15/o/40-5— £,103/10/-, ditto, 4 per cent., 31/5/-54-58, £lO5/10/-, Bank of N.S.W., £34/7/6; Farmers Co-op. Auct., £2 paid, £l/16/-; South British Insurance, £3/17/- (2); Auckland Gas, ■ com, 3/-; Kauri Timber. £l/7/-.;. Bailing Breweries, 15/- paid, 18/6; British Tobacco, £2/9/-: Colonial Sugar, £o6/10/-; Dominion Builders Supplies, 8/6; Farmers Trading, £l/5/11; Macduffs, Ltd., 16/6: .McKenzies Dept. Stores (odd lot), £o 2/-: Northern Roller Mills, £l/1/-; Radio (1936), 18/6: Sanford, pref., £l/2/6; Woolworths (N.Z.), £l/1/6; Arahura, 'deferred, £l/8/3; Mt. Morgan, 6/8. CHRISTCHURCH. Inscr. Stock, 2J per cent, 1/8/46, £B9 10/-; ditto, 24 per cent., 15/9/47, £9B 10/-; ditto, 4 per cent., 15/4/46-49, £101; Wool Bonds, 1/2/40, 19/3; Bank of N.Z. £2/5/- (2), £2/5/1; Union Bank, £B/7/6; Tlmaru Gas, 17/-; Ballins Breweries, 15/paid, 18/6; N.Z. Breweries, £2/3/6; Macduffs, Ltd., 16/6; Woolworths (N.Z.), £1 1/6; Snowy River, 7/-; Mt. Lyell, £l/9/6. Unofficial list: Aust. Mot, Petrol, £l/5/3. DUNEDIN. Inscr. Stock, 3 per cent., 15/9/46-48, £99 5/-; ditto, 3 per cent, 15/12/53-56, £99; Bank of N.Z., £2/5/- (2); Nat. Bank of N.Z., • £2/12/9; Aust. Consol. Industries, £2/17/6; British Tobacco, £2/9/-; G. J. Coles, £3/8/6; National Electric, £l/10/6;N.Z. Paper Mills, £2/0/9; Mt. Lyell, £1 9/6. Unofficial list; Aust. Mot. Petrol, £l/5/-. Wellington Woollen Dividend The Wellington Woollen Manufacturing . Co., Ltd., has declared, an interim dividend of 3 per cent, on both preference and ordinary shares, payable on January 31. The transfer books are not closing. Wilcox, Mofflin New Issue With reference to the new Issue of shared by Wilcox. Mofflin, Limited, advice of which was received during the last fewdays, the Stock Exchange Association has been advised by the Reserve . Bank that funds cannot lie provided to enable New Zealand shareholders to take up the new shares. Funds must be .provided by the shareholder selling sufficient rights in = Australia to create enough to pay for. the • balance, or by selling in Australia any other securities. Owing to the fact that acceptances of the new shares must be in the company’s hands by December 29. the bank advises that shareholders may assume that the necessary permission will be granted for the sale of any rights.

The new issue of 100,600 shares is to be made to existing shareholders in the ratio of one for each four shares held. Acceptances must reach Australia before December 29, and 3/- is required on accegtance for each share. The present paia-up capital of Wilcox Mofflin Ltd. is £220,000 iu 400.000 fully paid shares of 11/- each. The dividend rate iu recent years has beep 9 1-11 per cent. P. & O. Lower Profit LONDON, December 12. (Bv Telegraph.—Press Assu. —Copyrlguc.) The accounts of the P. aud O. Steam Navigation Co. for the. year ended September 30 show a reduction of L. 50.000 in net earnings, which is partly offset by a smaller charge for depreciation The balance of protit available is £44-,-67. including £ 189,456■ brought iu. The . statement B:ivs it is rea&oDiible to anticipate that shipowners ■ will, in the not far future. be permitted to build ships suitable for particular trades. The change- • over to peacetime services, both passenger and cargo, must necessarily be slow and handicapped iu the early stages by the lack of an adequate number of ships. ■is already announced,'the directors have declared a limit dividend on preference stock ot 24 per cent, (less United Kingdom tax), making 5 per cent, for the year and ou deterred stock o per cent. (less. United Kingdom tax), making o per cent, for the year, plus, a bouuk ot 3 per cent, (less tax). Both rates arc unchanged. Westport Coal Accounts The accounts ot the Westport Coal Co., Ltd. tor the year ended September show a net prolit of £13,906, compared with £10.829 last year ami £14,<23 1A UM" With £.1.0.557 brought torward there was a credit ot £21,463 Au interim dividend absorbed £11.2.4 leaving available. The final dividend ot 6d. a share, making 1Z- for the year (unchanged) required £11,250, leaving £1903 to be carried. forward. I’rollt on steamer, hulks, depots, interest, etc., was £33,2.10, against £:;5.085 last year, while profit ou coal was £10.1,91 against £7605. Taxation is shown as £27,117, compared with £26,191 laSe year. Dalgety & Co. Profit The accounts of Dalgety and year ended June 30 show a net P™ lll C 130,515 sterling, against £l-9.m3 last vear and £138,900 in 194’2. Ordinary dividend, unchanged at 6 per cent. (less United Kingdom tax), requires £90,000, preference dividend. 5 per cent., staff provident fund £lo,ooo. and £l4.£952 is carried forward, against £l-16, brought in. .

LIABILITIES. d. O 0 General Reserve Fund .... Bunk notes 1,500,000' O 38,803,791 10 Demand liabilities— (a) Slate . 12,265,320 19 11 (bj Banks «...« , 26,217,407 o 4 (ci Other 1,120,285 0 4 Liabilities other than in N.Z.. currency ......... 34,332 8 8 Other.' liabilities . 2,232,361 11 8 £ (N.Z.)S2,173,591 15 11 ASSETS. Reserve— (a) Gold . 2,S01,877 10 0 (b) Sterling exchange .. , 39,271,653 0 n Subsidiary coin ■ , -1-1,737 19 0 Advances to the State— (1) Marketing Dept . 400,425 5 8 (2) For other purposes , ,25,885,000 0 0 Investments ; . 11,737,113 8 6 Other assets , 2,032,784 12 9

WELLINGTON. No. of '. . shares. • ■ ; ; £800 laser. Stock, 3 p.c., lu/9/ 52/55 Sale price. £ s. d. 98 5 O £500 Ditto, 3 p.C., 15/12/53-56 ♦99 0. 0 Ditf.n (3) 99 0 0 "£250 laser. Stock, 3i p.C., 15/ 9/57-60 1UU 12 6 17 Liberty Bootis, 15/9/49 ... 1 0 1 117 Wellington Gas, pref., ex div. ; 1 5 9 100 Dominion Breweries, ex fj, - * b 9 225 British Tobacco; ex div. *2 8 0 100 Mt. Lyell, ex div. ♦1 9 6 ♦Late sale Tuesday.