COMMERCIAL

Evening Star, Issue 20864, 6 August 1931, Page 7

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. Commercial Banks were quoted ex dividend this morning, and sellers cased down to 13s 9d, with a buyer offering 13s 3d. E.S. and A. Banks were offered at £4 without a buyer. There was a buyer of National Insurances at £4, with sellers asking £4 4s. Union Banks were wanted at £6 6s, wit font a teller. A sale of Standard Insurances at £2 5s (cum. dividend) w'as reported, and the market closed with a seller at £2 ss, and no buyer. There was no inquiry for Howard Smiths, but there were still sellers at 7s. There was no change in the quotes for Kaitangata Coals, buyers still' offering 5s discount and sellers asking 2s 3d discount. Westport Coals were again sought for at £1 3s, and a seller came on the market at £1 4s sd. There were still Milburn Lime and Cements offered at £1 10s, but buyers would not give more than £1 7s. Mosgiel Woollens were wanted at £6 Ss, without a seller. •Smith and Smiths were offered at 17s 6d without a, buyer offering. Buyers offered £1 2s 3d for Auckland Gas shares, and Christchurch Gas were wanted at £1 4s 6d without a seller for cither. There was a buyer of New Zealand Breweries at £1 8s 3d, with a seller asking £1 9s 3d. Staples’ Breweries were on tho market at £1 Bs, but there wore no buyers Sellers again asked 4s 2d for Grand Junctions, alid a buyer offered 3s 6d for them. Okaritos were told at 9s lid, and the final quotes were the same as yesterday, buyers offering 9s lOd and sellers asking 10s. Cornish Point had a sale at 6d, the market closing with a. further seller at that price and a buyer at 4d. A parcel of King Solomons changed hands at 3s, and the final quotes showed a buyer at Is lid and a seller at 2s Id. The Government Bonds again, had good inquiry. Sales Reported. Standard Insurance (omn. div.), £2 5-5. Sales on ’Change.—Okarito, 9s lid; Cornish Point, 6d; King Solomon, 2s. Quotations as under:—

DIVIDENDS PAYABLE. Stock. Amount. Period. Date. Trustees. Executors (Aust.) 4 p.c. final, August 6. Commercial Bank 6(1 linal, Auguat 6. Commercial Bank (pvef.), 4s, final, Augusts N.Z. Insurance Is. final, August Bank of N.S.W.* Bs, interim, August 27. Aust. Bank Com. 3 3-5 d final. "Payable in Australian currency. THE TIN MARKET. Press Association— By Telegraph—Copyright. LONDON, August 5. (Received August 6, at 10.30 a.m.) Tin: Visible, 51,401 tons; spot, 0,112; afloat, 760; deliveries, 1,996. BUTTER AND CHEESE. The New Zealand Loan and Mercantile Agency Company Ltd. have received tlio following cable from London, dated August s:—Butter: New Zea-. land choicest salted, 110 s; market is steady, but quiet. Cheese; No change in quotation. RURAL ADVANCES BONDS. An increase in the price of Rural Advances Bonds, 5 per cent., 1917 issue, to £IOO, reducing the yield to 5 per cent., lias been announced by the Government following upon the Prime Minister’s recent announcement concerning the reduction in the rate of interest on Government issues from August 1. The price of the bonds hitherto has been £9l 10s, giving an approximate return, based upon redemption at maturity, of 5J- per cent. New bonds will bear the same currency ns before, to September 15, 1947.

NEW ZEALAND INSURANCE. A circular issued to shareholders in the New Zealand Insurance Company Ltd. states that owing to the unprecedented position which has arised by reason ol the depreciation of Australasian currencies, the board of directors has had under its consideration the advisability of the adoption of uniformity in the matter of payment of dividends to shareholders. It has therefore been decided that, until further notice, all future dividends that may be declared shall be paid by warrants drawn ou and payable at tiic Bank of New Zealand, Auckland. It is almost certain that dividends for shareholders domiciled outside New Zealand will bo negotiated by the banks at the rates of exchange ruling on presentation, but in tho event of any shareholder being refused such negotiation, the facilities of the company’s organisation will be available at all branches on application, when warrants will be accepted and paid at current rate of exchange. kawar.au gold mining COMPANY. Tho half-yearly report of the directors of the Kawarau Gild Mining Company Ltd. states that the negotiations for amalgamation with claimholdcrs have been concluded, and the new amalgamated company has actually been registered. Continuous difficulties arose from time to time in connection with the amalgamation, am! it was not until May 15, 1931, that a final agreement was reached between tho directors and tho trustees for tho new company. This agreement was the outcome of a conference of tho directors and the trustees, who came to Dunedin for tho purpose of endeavouring to finalise the amalgamation scheme. On account of the long delays and the consequent diminution of the company’s funds, the Kawarau Company was not in a position to hand over to tho new. amalgamated company as much money as had been counted ou when tho preliminary agreement was entered into. The position was aggravated by heavy claims being made against the Kawarau Company by the Southland Hospital Board and by the Cromwell Development Company Ltd., and these claims had not been foreseen when tho preliminary agreement was made. As a result of this it became necessary for certain modifications to the preliminary agreement to be settled by the directors and the trustees. An agreement on those was finally reached by which provision was made for the payment out of tho deposit of £IO,OOO with the Public Trustee of tho claims of the Southland Hospital Board and the Cromwell Development Company Ltd. for the payment to the Kawarau Company of sufficient to settle its remaining debts and estimated liquidation expenses, and for the balance of the deposit to bo made available lor tho new amalgamated company whenever it became entitled to commence business. Shareholders would notice from the balance-sheet that a total of £5,500 had already been withdrawn from the deposit with the Public Trustee. In February of this year the sum of £5,000 was obtained for tho purpose of discharging tho company’s debts incurred ou claimholdcrs’ account. Previous to this a payment of £SOO had been made to the solicitors for the trustees for tho amalgamation as a contribution towards the expenses in connection with tho promotion of tho amalgamation and tho formation of tho new company. These payments wore made under the provisions of the preliminary agreement for amalgamation. As'soon as tho new company is entitled to commence business and lias adopted the amalgamation agreement with tho modifications mentioned above an assignment will be made by the Kawarau Company of all its assets to the now amalgamated company. When this has been done and when all the company’s debts have been discharged the Kawarau Company will bo in a position to liquidate. In consideration of the assignment of its assets the Kawarau Company will obtain a oneninth interest in the new company in fully-paid shares, and those shares in the new company will be distributedto tho present members of tbe company in proportion to their holdings. The present shareholders of the Kawarau Company will thus bo absorbed by the new amalgamated company. Tho policy of the new company will be determined by its directors, but it is understood that their present intention is to secure the report of Professor Hornell, and the publication of the contents of this report will be awaited with interest. PAHA RUBBER COMPANY LTD. The annual meeting of shareholders in the Para Rubber Company Ltd. was held on Tuesday at Christchurch. Tho directors’ report, covering the year ended April 30, 1931, together with tho balance brought forward (£2,495 12s 4d), left an amount of £4,521 11s 2d available for distribution. It was decided to pay a dividend of 0 per cent, per annum (against 8 per cent, last year), to set aside £350 for income tax, to add £SOO to general reserve, and to carry forward £2,052 15s 2d. After payment of dividend the position of financial reserves and balances is: £10,500 general reserve, £I,OOO bad debts reserve, £SOO staff provident fund, and balance carried forward £2,051 15s 2d. The Chairman stated that, with payment of 6 per cent, dividend this year, shareholders would have had 98 percent. of their capital returned to them since 1920. The directors reported that trading conditions for the year had been extremely difficult, and that the utmost care was necessary to avoid credit losses. Almost all the company’s capital was invested in fluid assets. Stocks had been conservatively valued, and now tlio item £3,000 goodwill had been entirely written off. Tho retiring directors, Messrs J. A B. Cookson, A. D. Ford. C. S. M‘Cully, 11. T. Stubberfield, and J. W. Simos, and the retiring auditors. Messrs Stewart, Beckett, and Co., were re-elected, WESTPORT COAL COMPANY. The output from tho Westport Coal Company’s mine for the month of July was (5,5381 tons, compared with 32,133 for July of last year, a decrease of 25,5951 tons. DU N.EDIN STARR-130WKETT SOCIETY. A meeting of shareholders of the Dunedin Starr-Bowkett Building Society was held in the Oddfellows’ Hall, Stuart street, last evening. Mr A. Sligo presided, and a fair'Aiumber of shareholders was present.' Tho 127th appropriation of £SOO in the No. 4 group was disposed of by ballot, being drawn by one shareholder. The seventysecond appropriation of £SOO in tho No. 5 group was disposed of by ballot, cluster No. 193 being drawn, held by one shareholder. ’['he forty-fourth appropriation of £SOO in the No. (1 group was disposed of by sale, realising £3OO at £35 per cent, and £2OO at £32 per cent..

Buyers. Seller*. £ ». d £ 3. d. BANKING— Bank of Australasia — 9 0 0 Bank of N.Z 2 8 3 2 9 0 Bank of N.Z. (Lon g “D”) 1 5 6 — Commercial Bank (ex div.) 0 15 3 0 13 9 E.S. and A. Bank — 4 0 0 National Bank of New Zealand ♦ 0 0 4 4 0 Union Bank Australia Ltd. . 6 6 0 ■- INSURANCE— National Tnsur. Co. ... — 0 13 X New Zealand Insur. Co. — 2 1 0 Standard Insur. Co. (cum div.) ... ... — 2 5 6 SHIPPING— Howard Smith 0 7 0 ITuddart, Parke; (prof.) — 0 18 3 P. and 0. Def. Stock 1 5 0 . U.S.S. Co. (pref.) ... 0 19 10 — COAL— Kaitan gala Coal ... 0 s Od 0 2 3d Westport Coal Co. ... 1 3 0 1 4 5 LOAN AND AGENCY— Goldsbtough, Mort ... 0 19 0 National Mortgage (“B ** issue) — 1 10 0 N.L. Loan and Moreautile (ord.) Perpetual Trustees ... Trustees Executors 1 15 2 19 0 0 — and Agency 2 18 0 — Wright, Stephenson (ord.) ... — 0 16 6 MEAT PRESERVING— N.Z. Refrigerating (cont.) 0 3 1 0 3 4 MISCELLANEOUS— D.I.C. (pref.) 0 19 6 — Eclipse Petrol ... ... — n 10 0 Kaiapoi Woollen (ord.) — - b 7 9 Milburn Limo and Cement 1 7 0 1 10 0 Mosgiel Woollen Co. 6 8 0 — M’Leod Bros 19 10 0 — National Electric — 0 10 0 N.Z. Drug Co. 2 10 0 N.Z. Paper Mills 0 17 6 ‘ Otago Daily Times — 2 11 0 Smith and Smith (prof.) ... - 0 17 6 GAS*—' Auckland 1 2 3 — Christchurch ... ... 1 4 6 — BREWERIES— N.Z. Breweries Ltd. 1 8 3 1 9 3 N.Z. Breweries Debs. 1 1 0 — Staples’ Brewery (ex div.) — 1 8 3 Dunedin Brewery 0 13 0 MINING— Waihi 0 15 0 — Waihi Grand Junct. 0 3 6 0 4 2 Mount Lycil — 0 17 3 Mahakipawa 0 0 6 0 0 SiKildare 0 0 9 0 0 ll Okarito 0 9 10 0 10 0 Paddy s Point 0 3 11 0 4 2 Cornish Point (paid) 0 0 4 0 0 6 Golden Progress 1 6 0 I 8 0 King Solomon 0 1 11 0 2 1 Golden Point 0 1 6 0 1 8 OIL— Moluroa 0 3 9 — WAR BONDS—(Bond* quoted are £100 Bonds.) 1938 4 p.c. Bonds ... 99 5 0 100 10 0 1939 4 r p.c. Bonds .. 99 5 0 — 1938 4 : p.c. Ins 99 Ji 0 — 1939 4 p.c. Ins. 99 s 0 — 1933 5. p.c. S.S. Bonds 99 0 0 — 1941 5 : p.c. Insc. ... 96 0 0 — 1936 51 p.c. Bonds ... 99 0 0 1937 5i p.c. Bonds ... 99 15 0 1937 5 p.c. Ins. 99 15 0 —