COMMERCIAL

Evening Star, Issue 20670, 18 December 1930, Page 11

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. No sales -were reported or recorded at this morning’s meeting of the Stock r-x-A parcel of Australian Banks of Commerces was offered at 19s, without buyers offering. Sellers of Commercial Banks remained firm at 16s 3d, but buyers unproved their offer to 16s. . In the insurance section a buyer ot South Britishcs at £2 13s 6d and a seller of Standards at £2 9s 6d, both without response, were the only .quotations. 1. ana O. Deferred Stock was in demand at £2, but sellers would not accept less than £2 4s. Buyers of the contributing issue of New Zealand Refrigerating snares offered yesterday’s selling price ot lid, but this morning vendors were asking Is od. Sellers of New Zealand Brewery shares eased back to £2 Os 6d, but were still without buyers, while a buyer of tho debentures again offered £1 Is without response. A buyer of Holynoux Electrics came on the market at Is. but evoked no response. For Okaritos 4s lOd was offered, with sellers still standing off for ss. Quotations as under:— Buyer*. Seller*.

DATES OF DIVIDENDS PAT AIL*. Stock. AmoUet. Period. D*t«. Gear Meat Co 1/3 interim Dec. 18 National Electric 1/2 2-5 d final Dec. 18 Mount Ljell V final Dec. 19 A.P.A; 3d final D»o. 20 British Tobacco 6d final Dec. 31 National Bank of N.Z....3/- interim Jan. 3 DALGETY AND COMPANY LTD. Not profit of Dalgety and Company Limited for the year ended Juno 30 amounts to £235,9-16, compared with £422,590 for the previous year. Dividend is again 10 per cent., but no bonus is paid, so that the return to, ordinary shareholders is 10 per cent.,, against 17 per cent, for 1928-29. Allocations have previously been stated. LONDON WOOL SALE. The- Otago Farmers’ Co-operative Association of New Zealand* Limited has received the following advice from its London office, stating that the prices at the wool sales closing in London on the 15th inst. compared with opening rates were:—Merinos Id cheaper, crossbred jjd dearer, slipes Jd Jo Id dearer. SYDNEY WOOL SALES. J>reM Association— By Telegraph—Copyright. SYDNEY, December 17. TAt the wool sales 10,315 bales were offered, of which 9,170 were sold and 637 were disposed of privately. The market recovered firmness for all the finer types of merino. The chief support came from Japan, France, Germany, and Yorkshire. Greasy merino made 26Jd. NATIONAL ELECTRIC. The twenty-third annual general meeting of the National Electric and Engineering Company was held in the University Club rooms yesterday. Mr J. C, Stephens (chairman of directors) > moving the adoption of the annual report and oalance-slieet the Chairman gafd that the directors were of the opinion that the managing director, the general manager, and the staff were entitled to great credit for the, result of ■'the year’s trading. This sentiment was echoed by subsequent speakers. The directors recommended the payment of a dividend of 6 per cent, and the transfer of £I,OOO to the reserve • - A hearty vote of thanks to the directors and staff, proposed by Mr W.-G. Kindley, and seconded by Mr E. E, • ■ Nicolson, was carried by acclamation, PROPERTY AUCTION. R S. MTvenzio Ltd. report having today 'submitted to auction section and •dwelling situated 42 Carr street, Northeast Valley, Dunedin, known as allotment 22. block 4, Township of Glonroy. There was a fair attendance of buyers, and the property was sold at a satisfactory figure. The two cottages submitted to auction yesterday by these j auctioneers did not reach the reseivo, ; 'sand negotiations are still going : a sale by private treaty.

GREY VALLEY COLLIERIES. Tho sixth annual meeting of shareholders in Grey Valley Collieries Ltd. was held in Christchurch, the chairman of directors (Mr C. C. Davis) presiding. In moving tho adoption of tho annual report and balanco-sheot the chairman stated that the mine produced and sold during tho year just over 125,000 tons of coal, and had it not been for tho fact that labour trouble resulted in the loss of one complete month’s work in April, and that tho temporary Curtailment of orders for railway coal caused tho loss of fully another month shortly afterwards, tho figures quoted would have been considerably exceeded. Tho balance transferred from tho profit and loss account to appropriation account was £19,070 (as against £20,358 in tho previous year). These figures would also have been, considerably greater but for the troubles just mentioned. The directors gave very careful consideration to the amount of dividend recommended, and in view of the disturbed state of trade and finance generally, it was considered prudent to add an additional £2,000 to the gen- ' oral reserve, and to keep tho dividend at 6 per cent. only. During tho year tho 10 per cent, debentures, which stood at £22,950 in the last balancesheet, wero released, with tho exception of £O,OOO worth which remain, temporarily. at 7J per cent. This will effect a saving in future interest charges, and enhances the value of the shareholders’ security. Mr Davis believed no industry paid out in wages such a largo proportion of its gross returns as did coal raining. Every ton of imported coal used in Now Zealand definitely deprived New Zealand pf almost a full day’s work, and, if this wero only recognised, tho extent to which a fow merchants and gas companies contribute to the unemployment problem should be recognised by the Government, and protection afforded to the industry. Much has been said recently regarding tho necessity for wage reduction throughout New Zealand. In his opinion that is not tho proper solution. Low wages, wore a benefit to nobody, but greater production per unit was essential. The curtailment of output by the men themselves, and the harassing conditions imposed by trade unionism whereby the man would not “ pull his weight,” must have tho same wages and was shielded in his conduct, played a far greater part than did tho amount of wages paid. This forced tho employer to adopt every possible labour-saving device, thus contributing to unemployment. Tho period of trade depression would pass. That the company was able to’maintain its full volume of business, and make a profit, was a strong recommendation of tho value of tho undertaking,' and spoke well for its future prospects. Considerable additions to plant and equipment were made during the year, and tho mine was in excellent order and better equipped to produce a greater tonnage than at any time prevously. The directors not only kept the mine equipment up to tho highest standard, but improve it whenever such opportunity occurs. The quality of coal produced’'remained uniformly good, and met with a ready sale. Keen competition in the coal trade resulted from the return to this market of Australian coal since tho New South Wales strike ended, and this seriously affected many New Zealand mines. Fortunately, the, quality

of Dobson coal is such that tho directors expect not only to hold their own, but gradually to increase production and sales. , “ It is economically wrong that Now Zealand, with its abundance of good coals, suited to every need this country has, should import a single ton of coal,” said tho speakei;. „ “ Years ago it was that tho railways could not uso local coal,_ and imports for railway purposes ran ilito hundreds of thousands of tons annually. To-day they are using 100 per cent, of New Zealand coal, and I believe obtaining equally good, or bettor result*. Tho Railway Department are entitled to great credit for their efforts in effecting this change.” Tho report and halanco-shoet were adopted on tile motion of tho chairman and Mr Ilott. Messrs Q. C. Davis and. F. R. Hogarth were re-elected unopposed to tho directorate, and tho auditors were reappointed. At a subsequent meeting of directors Mr C. 0. Davis was re-clected chairman for tho ensuing year, TRADERS’ FINANCE COMPANY. Mr J. 33. Macfarlano (chairman of directors) presided over tho annual meeting at Christchurch of tho Traders’ Finance Company. About thirty shareholders were present. > Tho chairman, in moving tho adoption of tho report and balance-sheet, made reference to the loss sustained by the death of one of the directors, the late Mr A. E. Warnock. He said tho year had proved a very difficult one. The management had deemed it wise to adopt an ultra conservative policy, and this had resulted in a curtailment of turnover. However, tho directors had certain proposals in view regarding future operations, and he hoped to come before them next year with improved results. Replying to a question in regard to a case now before tho Supremo Court, the Chairman said the amount involved had been written off. If the company won its case the profit and loss account would benefit accordingly. The recommendation that 4 per centdividend be paid was adopted. The retiring directors, Messrs J. B Macfarlano and C. M. Fenwick, were re-elected directors. Messrs Carlaw, Esam, and Spry wore reappointed auditors. Tho directors’ honorarium was fixed at £250, tho same as last year. Mr Ernest Craig moved a hearty vote of thanks to the directors and staff for their services during tho past year. Ho said ho gathered from tho chairman’s remarks that the company had definitely turned tho corner, which ho thought was a matter for congratulation considering tho unfortunate experiences of the past, and tho general conditions now existent. TALLOW MARKET. Messrs Dalgcty and Co. Ltd. advise having received tho' following cablegram from their head office, London, dated 17th inst.: —The prices for tallow arc 6d to Is perewt lower nominally.

£ s. d. £ s. d. BANKING— 0 19 A list. Bank of Coni. — 0 Bank'vof N.S.W. — 29 0 0 Bank of New Zealand 2 10 6 Commercial Bank 0 16 0 0 16 3 Nat. Bank of New 5 10 0 Zealand (cum' div.) National Bank of 10 0 0 Australasia ... ... — National Bank of Australasia (cont.) 5 0 0 INSURANCE — f South British Insurance Co 2 15 6 Standard Insur, Co. 2 9 6 SHIPPING— P. and 0. Deferred 0 Stock 2 0 0 2 4 POALKaitangata Coal ■ 0 2 Od par Westport Coal Co. ..; . 1 6 9 LOAN AND AGENCY2 16 National Mortgage — 0 National Mortgage (“ B ” Issue) 1 12 — 0 Wright, Stephenson (ord.) — 0 19 0 MEAT PRESERVING— N.Z. ‘ Refrigerating (cont.) 0 0 11 0 1 3 _ MISCELLANEOUS— British Tobacco (cum div.) 1 10 ,0 ■— Brown, Ewing (pref.). — 1 0 3 Bruce Woollen Co. 0 0 12 6 (ord.) 0 10 Bruce Woollen Co. 0 (pref.) — 0 15 — Crystal Ice Co. D.I.C. (ord.) 1 i 0 1 0 3 D.I.C. (pref.) ... ... Donaghy’s Rop* and Twins 1 0 0 — 1 15 0 Eclipse Petrol ... ... — 0 15 6 Milburn Lime and Cement* ... — 1 7 6 ■-rM’Leod Bros 19 0 0 — N.Z. Paper Mills ■ ... Regent Theatre Wilson’s (N.Z.) 0 17 6 1 0 0 Cement — 2 1 0 GAS0 Christchurch 1 6 BREWERIES— N.Z. Breweries Ltd. — 0 2 0 6 N.Z. Breweries Dobs. 1 1 — MINING— 1 * Wailii ... •< - 0 14 2 Electrolytic Zinc (pref.) — •. Molyneux Electric ... 0 16 0 1 9 0 0 18 3 Mahakipawa Okarito u 0 u t 4 10 0 5 0 Paddyls: Point ... • ... 0 2 10 0 3 9 Gitfdcn Progress ... 0 — 0 10 up King Solomon ■ 0 .5 0 u a WAR BONDS— (Bonds quoted ara £100 Bonds.) 0 1938 p.c. Inscribed — 98 10 1939 4? p.c. Inscribed — 0 98 10 0; 1933 5i P.c. S.S. Bonds 99 10 1933 5J p.c. S.S. Insc. 99 7 6