A SELLERS' MARKET

Evening Post, Volume CXXXV, Issue 138, 12 June 1943, Page 7

A SELLERS' MARKET

As was to be expected with the £35.000,000 Liberty Loan to course of subscription. Investors' Interest to other Government 2% per cent and 3 per cent, issues was flagging this week; but the demand for most shares, especially for certain favoured Australian and New Zealand Industrials, much exceeded the quoted supplies. In some cases sellers were absent altogether from the market, and to others their quotations were advanced. The market for Government stocks was quiet. Business was confined largely to the 3 per cent (1853-56) Liberty Loan at from £97 17s 6d to £98. Approximate prices for Government loans at this time last year, for last week, and highest prices paid this week were as follows :— .

Interest is due on 4 per cent. (1955) on .Tune 15, and on 3 per cent. (1956-59) and 3% per cent. (1953-57) on July 15. Bank and insurance Investments were on a very steady market, but the turnover this week was only moderate. Prices varied little, if at all, from those paid last week, and the highest prices reported are shown with peak prices for 1942 given in parentheses. Bank of New Zealand, 41s 6d (425); Commercial, 16s 7d (16s) and preference, £10 17s 6d (£10); £.8. and A., 79s (80s); South British Insurance, 70s 6d (665); N.Z. Insurance, 80s Cd (775). Pastoral and financial shares were on a quiet market and business was small with sales of Farmers' Auctioneering £5 shares at 94s (92s 6d) and £2 paid at 33a; Newton King (pref.), 17s (14s); N.Z. Guarantee Corporation, 3s 6d (2s lid). Coal shares were in the sales with Pukemlros to 18s and Stocktons 2s 8d to 2s lid. In the meat section the only declared sales were N.Z. Refrigerating (10s paid) at 120 5%d (lls 106). Miscellaneous Included Bales of National Electric, 27s 3d (24s 6d); Dominion Fertiliser, 23$ (22s 6<J); McLeod. Bros., £23 6s (£26); N.Z. Paper Mills, 37s 6d (34s 9d); Consolidated prick, 8s 10% d (8s 9d). Beatb and Co. made 24s 3d (245) Chain stores shares sold included Woolworths (N.Z.b 15s 4d (15s 2d); MacDuffa (pref.), 22s 6d (21s) and ordinary 9s 9d to 10s (9s); and in the unofficial list Selfridges (N.Z.) to 8s 6d. Breweries were neglected, but Dominions cum dlv. made 36s 6d to 36s 0d (31s) and Westland, unofficial, 19s 6d. Australian shares were generally in keen demand, but business was confined to a few of those quoted and included Colonial Sugar, showing a slight rise to £55 12a 6d (£52 18s 6<f), Broken Hill Pty. 43s (40s), Australian Consolidated Industries Sis fid (495). Huddart-Parker (pref.) 28s fid. Store share sales showed G. .T. Coles advanced from 55b last week up to 57s 9di (565), Woolworths, Ltd.,

16s (16s). and Selfridges (Aust) made 21s 3d (20s 3d). GENERAL MOTORS-HOLOEN WAR WORK. General Motors-Holden, Ltd.. Melbourne, not profit of £276,897 for the year ended December 31, compares with £256.649 for preceding year. Preference dividend of 6 per cent, absorbed £33,696, and ordinary dividends £298,420, in addition to £7830 for final dividend for the year to December 31. J941. Profit and low appropriation account was accredited with £94,000 for reversal of excess tax reserved for the years 1934 to 1940. Ordinary capital la £1,750,000, and preference £561,600—a total of £2,311,600. Total amount billed for goods and services during the year was £11,591,640. Suppliers of materials received £4,425,699; sub-contractors, £2,652,920; and £3,178,916 was distributed in wages and salaries. The directors' report states eincß the beginning of the war the company has delivered to the Government approximately £19,000,000 worth of materials and services. Of that amount nearly £5,000,000 was for guns, and approximately £3,000,000 for aeroplane materials. Deliveries to the Government at present in war materials and services are approximately £10,000,000 a year. TAX AND DEPRECIATION. British Pavements (Canterbury). Ltd., Christchurch, reports a very satisfactory turnover. Net profit was £16,465, but £13.568 had to be set asldo for taxation. Under this incidence of taxation it is not possible to create reserves to meet renewals, when these become available in normal times, stated the directors in their report. "The position of our mobile plant and equipment (chiefly responsible for the profit this , year) gives the directors serious concern for the future. Apart from depreciation, much accumulated repair and overhaul maintenance ! has perforce been neglected for lack of spares | and replacements. Thus a fictitious or Inflated t gross profit is recorded, and evidence is not i wanting that we will indeed soon be faced with a time when tlila plant section will be- ; come worn out with no opportunity of recompense." r Australasian Trading Co., Ltd., Wellington, has been registered as a private co. Capital: ; £1000 into 1000 shares of £1 each. Sub-, scribers: Wellington.—N. Boseman 990, B , Boseman 10. Objects: Exporters, importers, i buyers, sellers, hirers, and manufacturers of ; and dealers In hides, skins, tallow, leather, , wool, and textiles, and incidental.

Ill—

June. Per cent. • Year. 1942. & 2V Z .... 1947 — 3 .... 1951-54 99% 3 .... 1853-56 — ■ 3% .... 1953-57 103«/4 4 .... 1943-46 101% 4 1946-49 •lOS 4 .... 1949-52*104% 4 .... 1952-55 *105% 4 .... 1954-58 »106% War Loan, 1953 80% Liberty Bonds, 1949 — •Buyers. Last week. £ 98 98% 98 103% 101% •102% 104 107% 106% 93% •18/0 This week. £ 98 98 tf 98 103% 101% 102ft 104 107% 106% 94 •18/S