COMMERCIAL

Evening Post, Volume CXL, Issue 64, 13 September 1945, Page 9

COMMERCIAL

SHARE MARKET

LONDON STOCK EXCHANGE

LOXDOX, September 12. On tho Stock Exchange today prices for corporation debentures and stocks compared with previous quotations as follows: — Aug. 2S Sept., 12 £ s. d. £ s. d. Dalgcty £ Co., 4 p.c. 101 0 0 104 10 0 Dalsety & Co., shares 5 15. 0 0 0 0 British Tobacco ...'.. 1 10 3 1 16 1-k Golrlsbrough, Mort ... 119 13 0 P. and 0. Defd. .... 2 5 IV 2 2 6 3 DOMINIONS' NOTE CIRCULATION. The total active note circulation of the Dominion over the war years was Increased from £11,505,000 at the end of May, 1939, to £34,802,000 at the same date in 1945. During this period tho public's holding of 10s and £1 notes lias been nearly doubled, that ot £"> notes ha.s been increased nearly fourfold, of £10 notes tenfold, and of £50 notes threefold. The public's holding of the various notes at the-end of May this year, with the 1039 figures in parentheses, was as follows :—los. £1,00(3,000 (£571,000); £1, £5,(175,000 (£4,39(3,000); £5, £l!l,;!09,000 (£5,401,000) ; £10, £3,210,000 (£311,000 as at 1910) ; £50, £2,232.000 (£7(58,000). Trading banks' notes outstanding were £370,000 against £327,000. These notes, became a liability of the Reserve Bank as from' August 1, 1930. BEATH AND CO. DIVIDEND. The directors of Beath and Co., will recommend to shareholders a final dividend of 3 per cent, on ordinary shares and 2]/ 2 per cent, on preference shares, making a total dividend for the year ended of G per cent, and 5 per cent, respectively. DIVIDENDS PROPOSED. Frozen Products, Limited, advise that a* dividend of SVfcd per share (free of security charges) will be recommended to shareholders ■it the annual meeting on October 19. Tho Walrarapa Farmers' Co-operative Association, Ltd., advise that subject to approval of shareholders at the annual meeting on October 1, a dividend of 3 per cent, will be paid. ■ i HUME PIPE PROFIT. The Humo" Pipe Company (Australia), Limited, announces a net profit of £ 18,1!)" after providing taxation'of £14,000. At the annual meeting on October 1 tho directors will recommend a final dividend on the preference shares of 3% per cent...making 7V& per cent, for the year, and a. dividend on the ordinary shares for the twelve months of 4 per cent. COX BROS. (AUST.), LTD. 4 The directors of Cox Bros. -(Aust.), Ltd., stale that the net profit for the year ended July 31 amounted to £62,G10. From this figure £20,561 is required for income tax, leaving a balance of £42,04(5. This compares against last year's net profit of £70,717, from which £31,352 was required for income tax, leaving a balance of £45,3(i5. The directors declare a final dividend of 3V. per cent, (making 7 per cent, for Che year) on the A and B preference shares for the six months "ended July 31, and a-final dividend of 3-34 per cent, (making I\i. per cent, for the year) on the ordinary shares for the six months ended July 31. The amount brought forward in the appropriation account from last year was £10,400, which, together with (he year's profit of £42,046, makes available for 'distribution the sum of £52,440. Dividend payments for (lie year absorb £ 41,55Q ? leaving a balance of £]0,590. The dividen'd&.-|6ie payable on September 28. SOOTH MACDONALD ACCOUNTS. CHRISTCIIURCII, September 11. In the annual report and balance-sheet for the year ended Juno 30 of Booth,' Macdonald, and Co., Ltd., it. is shown that there was. a net profit of £22,531 on the year's working after payment of debenture interest, £5310, and the usual allowances for depreciation. Taxation required £15,850. Appropriation of ibis profit is recommended as follows :—Balance available for distribution out of profits for the year, £OGSI, less dividend of 3 per cent, on preference shares recommended by the directors as distribution out of the year's profits. £3!)G;S; net balance to be carried forward out of year's profits. £2717 ;' add to this the balance brought forward from last, year, £3035, and the balance to be carried forward in the profit and loss appropriation account of £5753. Net profit in 1944 was £15,110 (taxation took £10.500). STANDARD INSURANCE COMPANY. At (lie 71st annual meeting of the Standard Insurance Coompany the chairman of directors, Mr. Edgar Hazlett, reminded share* holders that the dividend had been steadily maintained at 2s Od v share per annum for the past 20 years, through good times and bud, but, with tho greatest victory in their lifetime, it scorned fitting to declare a bonus; and it gave him great pleasure to submit a motion that-a "victory" bonus of Is a share, free of national and social security charges, be declared payable on and after November 20 next to all shareholders on tho register at September 3, 1945. Jlr. Hugh T. Speight seconded the motion, which was carried by acclamation. Referring to the balance-sheet, the chairman said the one item winch called for attention was the hank balance. This account showed for the first time ;t debit, due entirely to I lie effort to assist the Government in the flotation of its war loans. The pegging of funds in tllls and other countries had hampered the company considerably, and it was to be hoped that in the near future these restrictions would lie removed. , j "If nationalisation of insurance is suggeswl," Mr. Ha/.lelt said, "the public should give careful thought to (lie fiuestion and consider what private enterprise has accomplished and (lie excellent service it has rendered. For not only is private enterprise so necessary and so compelling, but It means individual effort. State control would sound the deatli knell not. only of insurance companies, but of all private enterprise." FELT AND TEXTILES NEW ISSUE. Felt and Textiles of Australia, Ltd., owners of the whole of the £175,000 paid-up capital of Felt and Textiles of New Zealand, Ltd., which operates footwear, woollen, and hair felt manufacturing plants and a carpet factory in the Dominion, lias announced an issue of £1,000,000 of mortgage debentures carrying interest at tile rate of 4 per cent, per annum. The whole of the debenture issue, which will have a currency of 15 to 20 years,- has been underwritten by ,L B. Were and" Son. stock and I share brokers, Melbourne and Sydney. The new capital, it is stated, will be used to carry out a comprehensive programme of expansion of the operations of the company and its 25 Australian 'jiibsidiiiri'.'s. In reply to inquiries by the Stock Exchange Association in comieriiuli with Hie present issue by Felt and Textile;; of Australia of 4 per cent, debentures, the Res'ervo Hank advises that it will bo prepared to authorise; the remit- | jtance to Australia in respect of each sliarej holder's application of an amount not exceeding the nearest £100 to the nominal amount of the ■company* share capital held by tile applicant. For example, a person holding 250 £1 shares would be entitled to l'emit up to £200. and a person holding 251 £l shares would be entitled to remit up to £300. This arrangeis subject to the proviso that any applicant who is a shareholder in the company will be entitled to remit not less than £100. As applications' might'not reach Australia by the closing date next Saturday the company's representatives here have agreed to the association's request that New Zealand applications accompanied by cheques in terms of the prospectus be accepted so long as they are mailed and postmarked no later than .Saturday. September 15, and addressed not fo Australia but to the company's agents, Messrs. Vicltery. Itowden, and Laing. Wellington, or to the Wellington Stock Exchange.