COMMERCIAL

Evening Post, Volume CXXXVII, Issue 112, 13 May 1944, Page 5

COMMERCIAL

GOVERNMENTS EASIER For tho first time for months some Government issues showed a slight easing on Stock Exchanges, this week, and the turnover even at the lower levels was more restricted than it has been for some weeks past. The differences were only fractional, but they Indicated that buyers were holding back a little- Possibilities of another loan may bo causing some to hesitate, but apart from that returns from Government Stocks- at current prices are not high. Probably, the best returns are those offered by long-term issues, such as the 4 per cent. 1954-58, which on present quotations show a return of £3 3s 2d at the optional date and £3 -7s at.the final date. The next best is the 1952-55 4 per cents., which, show returns'of £3 2s lOd arid £3 6s lOd respectively. • The approximate prices for Government loans at this, time last year; for last week, and the highest prices paid this week, were:— A year ago. Last ' This Per week. week cent. Year. £ & £ 2% .... 1946 98% 99% 99% 2V> ....I 1947 98?/ a 98% 99 2y 2 .... 1953 94% * 95% 95% 3 .... 1952-55 98% 99% 99% 3 .... 1953-56 97% 100% 100% 3 .... 11953-56 — 100% 100% 3% .... 1957-60 101% 100% *101% 3% .... 1953-57 103% 104 104 4 1948 105% ."• 104% *104% 4 .... 1949-52 ■■■ —• 106 106% 4 .... 1954-58 108% 108% 108% Wool Bonds .... — 20/4 20/3 •Buyers. tThlrd Liberty Loan. In tho industrial and other sections ,tho market has remained fairly steady, though the volume of business has been smaller, than the previous week...-"'. . • In the chain store group activity has been limited. Marfduffs ordinaries have been very firm at 16s, at which several, sales were recorded, and Woolworths (N.Z.) have been In demand at 18s 4d. Woolworths (Sydney) have been particularly steady at 19s lid. There has been a little business in the banking section, with New Zealand a shade firmer at 45s 3d, at which,figure two parcels changed hands. National had several reported sales at £2 15s, and New South Wales were in the picture at £37 2s 6d to £36 16s 6d. Australasia wero a shade easier at £9' 9s. : ' In the Insurance section National were the most active, and buyers went to. 24s 6d ex dividend, at which figure there were several sales. New Zealand were very steady at £4 9s, and South British were a shade better at £3 18s 6d. • , In the miscellaneous groups J. J; Mven had sales at 20s, and Reid Rubber at 31s 9d. There was a sale of Forest Products at 7s, and two sales of TaranaM Oil at 2s 7d. Moderate interest was shown In textiles. Bruce had a sale at 27s 6d, Kalapoi at 24s 6d, and Wellington Woollen changed hands, at the improved price of £9 12s 6d: : The market for. Australian shares was steady, with some interest being shown in the coining Colonial Sugar dividend announcement, the general, assumption being that 'It would be the same as last year, 17s-a share. Several parcels of Colonial Sugar changed hands at £58 12s 6d. Mt. Lyell attracted some attention, and'buyers paid from 33s 3d to 33s 6d. Broken Hill cum.dlv. were a llttlo cheaper at 44s 5d and 44s 3d.

GOVERNMENT SECURITIES. (By Telegraph—Press Assoclatlon-^C-Jpyrltrht.) LONDON, May 11. The market for British Government, New Zealand, and Australian securities Is slightly less active, especially British. Prices, compared with those of May 4, are as follows :-— May 4. May 11. Consols, 21/2 p.c. ...... 79 3-16 79 3-16 Fund. Loan, 60-90 112% 112% , War Loan, 3% p.c. .... iO3 1-16 103 3-16 Cony. Loan, 61, 3% p.c. 104% 104% Victory Bonds, 4. p.c. .. 112 5-16 112 5-16 N.Z., 1149-58, 4% p.c. . 104% 104% N.Z., 1945, 3 p.c 100% 100%' Consols at April 19 were 79 3-16; 3% per cent. War Loan, 102 5-8; 4% per cent. N.Z., 104 7-8; 3 per cent. N.Z., 100 5-8.

DIVIDENDS PROPOSED. The directors in London of New Zealand Crown-Mines Co., Ltd., will recommend on May 25 a dividend of 2d a share (less tax 6s lid In the £) for the year ended December, 1943. The directors of Donaghy's Rope and Twine Co., Ltd., will recommend to shareholders at the annual meeting on Monday, May 29, the payment of a final dividend for the year ended March 31 of Is 3d a share, making a total for the year of 2s a share. The directors of the Dental and Medical Supply Co., Ltd., will recommend the payment of a dividend at the unchanged rate of 5 per cent, at the forthcoming annual meeting, payable on June 1. ■ : ' Tooth's Brewery, Ltd., has declared an interim dividend of 13 per cent., per annum. The directors of Pato Cohsolldated Gold Dredging, Limited, have declared an interim dividend of 15 cents (Canadian) per share, payable on May 31. A non-resident tax of 15 per cent. Is deductable. PRICES FOR POULTRY. Townsend and Paul, Ltd., report the following prices for live poultry:—White Leghorns: Hens, best 4s, 5s each, others 3s, 4s each; cockerels. Is 6d, Is 9d lb 1.w.; pullets, best 12s, 18s 6d each, others 6s, 12s each. Black Orpingtons: Hens, heavy 7s, 11s each, light as, 7s each; cockerels, heavy Is Bd, Is lOd lb 1.w., light Is Bd, Is lOd lb 1.w., Rhode Island Reds: Cockerels, Is Bd, 2s lb l.w. Ducks: Indian Runner, young 7s, 12s each, old 45,: 7s each; Pekin, young Bs, 12s each, old ss, 8s each. Geese: 6s, 9s each. Turkeys: Is 6d, Is 9d lb l.w. Dressed Poultry': Boilers, heavy ss, 6s each, light 3s, 5s each; chickens, Is 6d, Is 8d lb d.w.; ducks, ss, 7s each; geese, ss, 7s each; turkeys. Is 6d, Is 8d lb d.w. N.Z. NEWSPAPERS, LTD., PROFIT. The accounts of New Zealand Newspapers, Limited, for the year ended March 31 show a net profit of £41,168, compared with £40,762 in the previous year and £40,909 In 1942. The balance brought forward was £45,235. The Interim dividend of 8d a share paid In October absorbed £19,917. leaving £66,486 available. The directors propose a final dividend of 8d a share, making Is 4d for the year (unchanged), leaving £46,569 to be carried forward. Gross profit at £149,611 compares. with £143.832 in the previous year, while expenses, including directors' fees, depreciation, and taxation, were £118,042, an Increase of £6223. • N.Z. PAPER MILLS ACCOUNTS. The accounts of N.Z. Paper Mills (Dunedin) for the year ended March 31 show a net profit of £14,437, compared/with £14,780 in the previous year, and £16,689 in 1942. There Is £31,945 available. The directors, as previously announced, propose a final -dividend of 4 per cent., making 7 per cent, for the year (unchanged), requiring £8000, leaving £23,945 to be carried forward, against £23,508 brought In. The report states that ample supplies of wood pulp came to hand and the position regarding this raw material is now assured for somo time to come. Stocks of chemicals are nlso adequate. Turnover was fully maintained. The balance-sheet Includes In the assets an Item "estimated stock of lend-leaso pulp, .£199,000," which Is.balanced by a contra on the liabilities side of a similar amount. SELFRIDGES (N.Z.), DIVIDEND. Selfrldges (N.Z.), Ltd., for the year ended January 31, show a. net profit of £3833, against a loss of £1807 last year. Taxation provision Is £11,846, compared with £10,710 last year. The directors propose a dividend of 1% per cent., the first for some years,, absorbing £2375, leaving a credit balance of £20 to be carried forward, agalnit • debit balance of £1438 brought to.

DOW JONES AVERAGES. (By Telegraph—Press Association—Copyright.) NEW YORK, May 12. Dow Jones averages (1926 equals 100) :—, • 20 rail- 32 Indus- Shares roads. trials. .: sold. April 25 .... 38.22 135.67 491,000 April 27 .... 38.88 136.21 561,000 May 2 ....... 39.00 137.15 571,000 May 4 38.88 137.85 513,000 May 8 ...... 39.02 138.63 , 586.000 May 11 ...... 39.06 13S.91 l 018,000 LONDON SHARE INDICES. (By Telegraph—Press Association—Copyright.)LONDON, May 12, • "Financial Times" stocks arid shares indices, with previous quotations, are (October 15, 1926, equals 100) :— . : _"■' • Govt. Homo Indus- Gold- . sees, rails, trials, mines. April 25 ...... 112.6 67.6 130.6 158:6 April 27 ...... 112.6 68.7 181.3 158.8 May 2 112.8 69.1 131.9 .158.2 May 4 112.7 E9.1 132.5 159.2 Ma^ 8 112.7 09.1 132.fi 138:6 May 11. , H2.7 69.4 132.9 138.2 BANK OF ENGLAND RETURN. (By Telegraph—Press Association—Copyright.) ...--.: LONDON, May 11. The Bank of England return for . the week ended May 11, compared with that for the week ended May 4, Is given in millions of pounds, as follows:— • ' May 4. May 11. ■• . > .• a ■ ■ .. -a ■■ (millions) (millions) Issue Department —' . Notes in circulation .... 1129.1 1129.2 .Notes in Banking Dept. . . 21.1 • 21.0 Govt. debt . M-0 11-0 Govt. securities 1138.2 1138.1 : Other securities .. 0.8 0.9 fiduciary Issue ...... 1150.0 1150.0 Gold coin and bullion .. 0.2 0.2 Banking Department— •• Capita) 14.5 14.6 Rest .- 3.2 3.2 Public deposits 7.8 12.2 Bankers' deposits - ,158.6 166.1 Other accounts 57.7 55.2 Govt. securities .... 195.4 208.0 Advances and discounts . 7.7 5.7 Other securities 17.2 16.0 Notes and coin ........ 21.5 ■ 21.5 Proportion, p.c. 9.59 9.20 Bank-rate, 2 per cent, since October 26. 1939. ; ": Bank-note circulation on April 27 was £1,124,000,000, and for May 12, 1943, was £951,591,000, with a fiduciary Issue of £1,000,000,000.