COMMERCIAL

Evening Post, Volume CXXXV, Issue 67, 20 March 1943, Page 7

COMMERCIAL

SHARE MARKET ACTIVE

'^'..Business on ■ the Stock Exchanges of tho llonjlulon, taken as a whole, was active this and Prices were not only well held but '%tn many instances Improved on those of last \*e"ek. The gilt-edged section received par*\'.{lcular attention and iY* per cent, city loans , -also figured in the sales. Turnover generally . u,\^a3 an Improvement on thaf of last week. Government loans were In good demand and " prlbea tending upwards. .-v "Approximate prices for Government securities at this time last year and for last week, with highest prices reported this week, were as follows:—

T. ~ ' 'Buyers. |Ex interest, "interest is due on 4 per cent. (1946-49) on April 15 next and on 2% per cent. (1948), 3 _»,« cent. (1953-56). 3% per cent. (1949-52), 4 --per cent. (1949-52), on May 15 next. . .Jjocal body debentures reappeared in the Msaies this week with business done in 4*4 per -cent. Wellington City (1953) at £110. Christie .church Drainage (1965), £110 and £111. •"• -.Company debentures In the sales included :* Auckland Gas (perpetual) at £87 10s. *■■'■ .Sales of bank and insurance shares ludl- ■ •- cated a quiet and steady market, Bank of New .. i Zealand selling up to 40s lOd, Union Bank .'"3X-&J 14s 3d, unchanged. Bank of Australasia," , ex dlv. at £9 ss, and E.S. and A; maintaining . - 80s 6d. South British Insurance, 69s to 693 . ,£d, and Standards advanced 6d to " 70s 6d. Turnover was light In the pastoral and financial section. Demand for most industries was good, especially for woollens, with £8 5s paid I-Po'r Wellington ordinary and £8 7s 6d for the preference shares. Coal and gas shares received some attention with sales of Wellington Gas at 315,6 d and Auckland at up to 7s. ; Coals made 33s 6d and WestportStocktons improved from 2s lid to 3s 3d. In. the meat market there were sales of Southlands at 37s 6d and Gears at 21s to 21s 3d; ' New Zealand Refrigerating (10s paid) rising: frtnn 10s 5d to 10s 6%d and (£1) commanding 213 3d. la the eoftgoods section business was reported in Macky Logans at 29s and Beath and Co. ord., ex dlv., at 24s 3d. Store shares were on a dull market. Woolworths (N.Z.) . ,'were unchanged at I6s and Mac Duff's (pref.) / keeping at 21s. Breweries had very poor in- " 4ulry, but Dominions had business at 33s 6d. New Zealand Drug^ ex dividend, made 80s and Farmers' Fertilisers (pref.) rising from 23s 3d to 23s 9d. Wilson's Cement dropped from " —ISs 6d to ISs 4d. Timber shares had raode- '< rate inquiry, business Including Kauri 23s 6d. " ■ Bartholomew 225, and Forest Products 4s.

""..."The--unofficial lists were not overlooked, sales ■ including 4}_ per cent. John Fuller debentures ■. (1549) at £67, Fletcher Holdings (ord.), 255; Whakatane Paper, 6s 9d, and a block of British "Portland Cement (15s jiaid to ss) at Is. "'■ Australian shares held in New Zealand '"."Showed but little change on last week's prices. 'Colonial Sugars kept at £54 10s, F.elt and '•■Textiles advanced from 43s 9d to 445, and British Tobacco from 47s 9d to 48s. Broken Hill kept at 41s. Dunlops made 22s 6d. Retail share sales included Myer Emporium at 29s 9d to 30s, Woolworths, Ltd., 16s 9d, and Holdings c-23s to 23s 3d. G. J. Coles were down Is on m 4he week .to 58s 3d. Goldsbrough Morts were In the sales at 28s. Minerals business included Broken Hill South at 275, Electrolytic ~..,, -~ . . »__ ' SYDNEY SHARE PRICES. (By Telegraph—Press Association—Copyright.) ,„„, SYDNEY, March 19. • ~-Sales on the Stock Exchange today were restricted by; lack of sellers, and price movements were negligible. Sales were:—Union Bank, £6 17s; Anthony Hordern, 17s; Dunlop -...(pref.), 365; Woolworths (ex dlv.), 15s 71/ 2 d; - (Haude Neon, 20s 6d; Bonds Industries, 28s 6d; North Broken Hill, 46s 6d; Broken Hill South, 25s 4 J4d; New Occidental, 10s 6d; Oil Search, 4s. .»;..-:. . UNION BANK PROFITS. ....Sir John Davidson, chairman of the Union ' IBank of Australia, In his statement covering : the annual report, referred to reduction In net .profit for 1942 of £14,000. Gross profit at "£1,500,727, however, showed :an Increase; of • ©"ITI.OOO, on the previous year's figures. Ex~peases increased by £20,000 on last year, and taxation a± £410,361 was up by £44;000. He „ made particular/reference to the increase in — demand deposits'. On the assets side, investments were £11,782,788, against £11,192,672, iind £8,940,000, against nil, was included as & special wartime deposit with , the Comiuon- ," wealth Bank of Australia. Alterations in the articles had been made in order to empower <( .the directors, when they thought fit, to give ' overseas shareholders notice of meetings at such ~time and in such manner as to enable them ."■.to express their views by proxy. BRITISH STUD STOCK PRICES. .(By - Telegraph—Press A«Bociati<tarf Copyright.]: "'"'- LONDON, March 18. -■. " J Extraordinarily high prices for pedigree farm etock and also heavy horses are being realised ' ■at-aaies throughout Britain. Heavy horses are , .needed for town work because of the petrol restrictions, and for farms because of the Increased -food drive. Prices for dairy, cattle reflect the demand for a higher milk output. A of 1200 guineas was paid for a Guernsey ..:;buJl, which is 700 guineas above the previous record. The purchaser, Mr. C. E. Harvey, a _•■ : Northamptonshire dairy farmer, Intends ■ .i'o use the' bull for crossing with his British. Frlesian herd with a view to establishing a .■ t new breed, combining the butterfat qualities oft-the Guernsey with the high milk yield of ~ ..the Frlesian. • .■'■■• Ninety-eight Fricsian cattle at another sale averaged £ 151, with the top price at 520 guineas. Incidentally the milk production of the country for the fourth year of the war . was a record - for the Milk Marketing Board, when 6,000,000 more gallons of milk were produced and sold, last month than in February, 1942. . MINE AND DREDGE. Associated Gold Dredges return for the week ended March 13 was 205M-oz for 297% hours from G9,500 yards. Maori Gold dredge returned 330z lOdwt for 123 hours from 13,000 yards. Big Itiver Hold JlHie reports for ytar eiiaeii I December 31 states that until operations' ceased "■-••lv*" July 323 tons of ore had been crushed for ..""__s?»oz, and 200 tons of battery sands were --, K.vanided for 43% oz. These realised a. net re-...-venue of £2457. The ioss on the year's work-. . was £712. Arrangements had been made |\^.for bank accommodation in consideration' of a debenture over assete. Mine is closed, for time •-"-*•. HUDDART PARKER YEAR. ■"•■ ' Net profit of Huddart Parker, Ltd., for 1942 •-• i*"'£ll6,Boß, compared with £136,029 for 1941. : -This is struck after providing £63,U57 for taxa- .- > lion and £95,163 for depreciation, against ' £67,304 and £95,602 respectively for tho pre- , itfous year. Dividends are unchanged. r,^ y- '•* WOOL PACK COMPANY. , ;New Zealand Woolpack and Textiles Ltd. not *";P'ri)flt for year ended December 81 was £3422, -•-against £2527 for 1941 and £1634 for 1940. ' Taxation provision, £7990 (£2500 for 1941). Dividends, 4 per cent, on A and B shares^ ' take £2200, and £1249 is carried forward. Packs output increase was 170,400. FREEZING WORKS OUTPUT. The Meat Board - reports for tho period ...October 1 to February 27 lamb killings, J6.483.420 carcasses, compared' with 6,896,132 ■ " carcasses to February 28 last season, a decrease '■ o"f 412,712 carcasses. Wether mutton, 229,056 can-asses, anil ewe mutton killings 877,505 carcasses, compared with 407,171 and 819,184 car--4; -tosses respectively last season. Frozen beef pro-- ... d'uetion, 135,720 quarters, compared with • • 128,671 quarters last season; and porkers 31,800 ' * tarcasses, a* decrease of 47,139, and baconers '- "-74,705 carcasses, a decrease of 102,546 'car- [' Vassses.- ---• * ' NEW COMPANIES. Uegjstration of new private companies reported by the "Mercantile Gazette" include ihe following:— , Temple Chambers, Ltd., Wellington. Capital: £1800 into 1800 shares ,of £1 each. Substribers : Wellington —M. W. Anderson !)00, 11. E. .Anderson 300, E. K. Klrkcaldio 300, E. j K. Kirkcaklie and 11. E. Anderson 300 joiutly. ._ Objects: To acquire By purchase, lease, exfb'ange, or otherwise, land, buildings, and incidental. ~ K.'Welllnston Mechanical Engineering Co., Ltd., ' •Wellington. ; Capital: £10,000 into 10,000 ■ ,shares of £1 i-at-h. Subscribers: Christ-j .. .t4iurch—H. Hill 5000. Mornington—F. S. ;~ Pullah 5000. Objects: Mechanical engineers ; ■•' and' incidental. ■_- o._. Cummins. Ltd., Raumati South. Capital: .r:£1500 into 1500 shares of £1 each. .Sub- '<■ ocribers: Hastings—S. Cummins 800. M. (J. j. jCummins 400, E. .1. Cummins 800. Objects: T- 'General storekeeper and im-idental. '-; „ RECORD WOOL BUSINESS. ;. ;u Appraisements of wool in Australia for the, -'-..four wartime seasons up to June 30 next will . to_tal approximately 14.200,000 bales, com- "" "pared with -7,654,000 bales appraised in Aus- "■ tealia during the 1916-20 scheme. The present :'BTltish contract, therefore, stands as the • ..greatest wool transaction- on record, state , ■•■■ Jvinchcompe, Carson and Co., Sydney. They -;', -remark: "The fact that, despite the stupendous quantity of the sheep's staple involved, .'the..work of handling, valuing, distributing " ''•'monetary proceeds, storage, and shipping has 11 proceeded with consistent efficiency, speaks .. _v_luraes for the capable direction of, the work • «by the Central Wool Committee and the ability "of those concerned in conducting operations." The National Bank of New Zealand has. re- -* cejved; advice from Melbourne that Sir James " A.' M. Elder has resigned the chairmanship of the board of directors of the National Bank of Australasia, a position he had held continuously for nearly II years. The board accepted 'the resignation with regret, but Sir James will :. , retain his seat on the board. Mr. Harry Dous--o-lfts Giddy has been elected chairman in his , • .stead.

j<i>-.Per March, ,,:.cent. ' Tear. 1942. / mw - £ ••: :-£% 1947 ■— ,.-3-i " .... 1952-55 — ■ 3" .... 1953-56 — ,.3% ..*.. 1957-60 100% --.3% .... 1953-57 lOSy* -4'; .... 1943-46 103%. 1-. 4 '* .... 1946-49 104% - 4 ' 1949-52 106 .■/■*■ 1954-58 106 J,i ? War Loan, 1953 '89 I Liberty Bonds, 1949 — Last week. £• 99 99>,s 99% 102% 103 1001/2 104 105 y 3 107%. 94% •13/6 This week. £ t97V* 99 Vj 99»/ 3 103% 103% 100% 104 105% 108 94»/ 3 ♦lS/li