BRITISH BOND PRICES FIRM

Evening Post, Volume CXXXIII, Issue 133, 8 June 1942, Page 7

BRITISH BOND PRICES FIRM

(By Telegraph—Press Association—Copyright.) LONDON, June 4. British bonds are steady all round, and short-dated loans are conspicuously firni, but Australian and New Zealand Issues are quiet. Quotations In London of British Government and New Zealand Stocks, compared with

DIVIDENDS ANNOUNCED. Woolworths Properties, Ltd., Sydney, will pay a dividend for the half-year ended June 30, 1942, at the rate of 6 per cent, per annum on preferred ordinary shares, on July 15. The National Timber Co. Ltd;, Auckland, advises that at the annual meeting It was decided to pay a flnal dividend of 1% per cent., making 4 per cent for the year. The dividend is payable on June 20. Felt and , Textiles of Australia, Ltd., has declared a dividend on 6 per <cent. eccond preference shares for the half-year ended June SO, payable July 1. GOLD RETURNS, Snowy River dredge returned 1340z for 103 hours from 16,000 yards. Maori Gold dredee returned 220z for 94 hours from 10,000 yards. BANK SERVICE IN WARTIME. "The staff in London, Australia, md New Zealand have served your bank with great loyalty throughout the year," said Mr. David J. Robarts, chairman of the Bank of Australasia, in his annual statement to proprietors. "Large numbers have been released for the various branches of national service, and more will no doubt be expected in this direction during the present year. Those who remain have carried on and have worked hard under difficult conditions. Our cordial thanks are due to our superintendent, Mr. Healy, and his staff in Australia and New Zealand, and to our manager in London, Mr. Cowan, and his staff in London and Cobhara for the smooth and efficient way in which the business of the bank has been conducted."

NEW PRIVATE COMPANIES. B. L. Shepherd, Ltd., Paraparaumu, is registered as a private company, ■ reports the "Mercantile Gazette." Capital: £1000 into 1000 shares of £1 each. Subscribers: Paraparaumu —F. M. Brazier 400, O. E". Brazier 600. Ob* jects: Take 6ver grocery, provisioning, and general storekeeping business now carried on by B. L. Shepherd, Ltd. J. R. Byford and Co., Ltd., Wellington, Capital: £800 Into SOO shares of £1 each* Subscribers: Wellington—,l. It. Byford 799, J. Cunnlnghame 1. Objects: Dealers, in coal, coke, and wood and other articles of fuel and to manufacture and sell patent fuel. HOLDING COMPANIES JUSTIFIED. Mr. William Shearer, chairman of the Scottish Power Company, Ltd., Edinburgh, replied to criticisms heard from time to time against holding companies. Addressing shareholders of his company, he said such criticisms emanated from ill-informed quarters or were set la motion for political purposes. There was, in bis opinion, no doubt that in the absence of that type of financial structure the development of many large areas could not have been undertaken or successfully carried out except under special legislation involving subsidies from the Government, i.e., the taxpayer. The Scottish Power Company and its subsidiaries furnished an excellent example of the benefits which bad been obtained from the co-ordination and direction provided through the association of a group of undertakings with a strong holding company. He could cite many instances up and down the country,, particularly. in widespread rural or semi-rural \ areas, where in his experience high quality of management, sound technical planning, intensive development, and, not least important, financial facilities had only been made available by collaboration with a strong and stable holding company such as the Scottish Power Company. Some of the critics of holding companies and other forms of private enterprise no doubt performed useful and necessary functions In a cloistered atmosphere within their own spheres of actlv-. ity, but had not had the opportunity of going through the hurly-burly of building up a large business or of facing the difficulties and anxieties Inevitably experienced In so doing. The United Kingdom owed much of its great heritage to personal initiative and private enterprise.

prices last week, are as xouows:—• Last week. This week. £ £ Consols, 2% p.c 82 13*16+82% Fund, Loan, 60-90, 4 p.c. 114% 114% War Loan, ZVz p.c 104% 105 Conv. Loan, 61, 3'i p.c. .. 107 lOT1^ Victory Bonds. 4 p.c. .. 114 3-16 114'A N.Z., 49-53, 4 V s p.c 98% 98% N.Z., 1945. 3 p.c 94y 2 94% tEx div. For the week ended May 21, 1942, Consols svere 82% i 3V& p.c. War Loan, 104%; 4% p.c. i.Z., 98U. and 3 p.c. N.Z., 94%. LONDON, June 4. Mount Lyell Shares quoted 16s 9d.

DOW JONES SHARE AVERAGES. iBs telegraph—Press Association -Copyright.) NEW YORK, June 6. Dow Jones (1926 equals 100) '.— 20 ' SO Shares Balls. tndua. sold June I 23.50 101.37 307.000 June 3 23.31 101.30 816.000 June 4 23.36 102.15 334.000 June6 ...23.48 104.52 103,000 Industrials, 1941: High, 133.59; low, 106.34. LONDON SHARE INDICES. (By Telegraph—Press Association Copyright.) LONDON. June 5. ''Financial Times" Indices (1926 equals tOO):— Gort. Home Indus- Goldsee's, rails, trials, mines. June 1 118.9 57.3 100.3 151.6 June 4 113.9 57.3 100.9 152.1 June 5 113.9 57.4 101.4 152.7 Industrials, 1941: High, 105.9; low, 83.0.