COMMERCIAL

Evening Star, Issue 20898, 15 September 1931, Page 9

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. No business was effected on the Stock Exchange this morning, and no sales were reported. Buyers of Bank of New South Wales moved up, offering £25 this morning, but there were no sellers. An odd parcel of E.S. and A. Banks was offered at £3 13s without a buyer quoting. The best buying offer for Nationals of New Zealand was £G 9s. There were no buying quotes recorded in the insurance section. Sellers, however, asked 13s for Nationals, £1 17s 9d for New Zealands, and £2 Is for Queenslands. Ordinary Huddart, Parkers were on the market at £1 2s without buyers. There were si ill buyers of U.S.S. Co. at 19s lOd, and a seller came on the market at £1 Os 4d. Sellers of ordinary D.I.C. shares were willing to take 15s 3d this morning, but no buyers quoted. Sellers of Mosgicl Woollens eased to £6 10s without attracting a buyer. New Zealand Drug qoutes were closer, sellers reducing their price to £2 10s and buyers bidding £2 ss. The ordinary issue of Electrolytic Zincs was offered at 10s, but buyers did not quote for them. Mount Lyclls were on the market at 16s, but there were no buyers for these shares cither. Sellers asked yesterday’s buying price of 8s 9d for Okaritos, but purchasers would not go to more than 8s 6d for them. There was good inquiry in the Government Bond section. Quotations as under;—

DIVIDENDS PAYABLE. Slock. Amount. Period. Dale. Hnddart, Parker (ord.) 6d, interim Sept. 17. Hud., Parker (pref.) 7 l-sd, interim Sept. 17. A list. Hank Com. 3 3-5 d final Hank of Ansi, 5s interim October Milburn Lime Is 3d final September N./j. Drug Is 4 4-fid, interim Sept, 24 Hrilisb Tobacco 3 3-sd, interim Sept. 30. Hea I IPs (ord.) 6 3-fid JinaT October 1. Heath's (pref.) 7 l-5d final October 1,

ELECTROLYTIC ZINC COMPANY, The following is the production statement for the Electrolytic Zinc Company of Australasia Ltd., for the four weeks ended August 26, the figures for the previous four weeks being given_m parentheses:—Zinc, 4,128 tons (4,065); of this sixty tons (sixty tons) were used at the works; silver lead product for shipment to Port Pirie for realisation : Lead, 300 tons (385 tons) ; silver, 40,000 ounces (59,000 ounces). OKARITO GOLD DREDGING COMPANY. The engineer of the Okarito Fivemile Beach Gold Dredging Company Ltd. reports a return of 460 z for the week ended September 12 as a result of 113 dredging hours. The dredge is passing over ground which is broken up by old workings, and which the borings disclosed to be the poorest section of the claim. BEATH AND CO. Messrs Beath and Company Ltd. have made a net profit for the year of £5,314 11s 2d, permitting the dividend on ordinary shares being brought up to 8 per cent, for the year, states the thirtieth annual report and balance-sheet of the company. The report continues that the company had passed through a very difficult trading year. In common with all business, the turnover has fallen. The fall in expenses of necessity has lagged behind the fall in turnover. In addition it was necessary to meet the fall in costs by price reductions. The year can therefore bo described as an adjustment or deflation year, and the directors are of the opinion that the results are satisfactory. Under the circumstances the directors recommend tlie payment of the usual 2;j per cent, dividend for the half year on preference shares, and a final dividend of 3 per cent, on ordinary shares, making 5] per cent, on the preference shares, and 8 per cent, on ordinary shares for the current year. The accounts show a net profit of £5,314 11s 2d for the year, which, added to the carry forward of £20,267 3s lOd, gives a total for disposal of £25,581 Jss, the allocation of which the directors recommend as follows: Two hundred and seventy-five pounds, interim dividend on preference shares, already paid; £5,595 3s 4d, interim dividend on ordinary shares, already paid; £275, further dividend on preference shares; £3,357 2s, further dividend on ordinary shares (making 8 per cent, per annum). A total of £9,502 5s 4d, leaving £16,079 9s 8d to bo carried forward. MOTOR INSURANCE. The filth annual report of the South Island Motor Union Mutual Insurance Association, to be presented at the annual general meeting on Wednesday, September 23, states The premium income less returns, refunds, raid reinsurances, amounted lo £29,589 13 s 7d, as against £23,009 17s lid last year, whilst losses, loss reinsurance recoveries, amounted to £13,053 8s lid, as against £9,473 17s 7d the previous year. The not result of the year's operations, after making provision for an adequate reserve for nnexpired risks, depreciation of securities, and all other liabilities, shows a surplus of £7,337 12s Bd, which in these difficult times must ho considered eminently satisfactory. The total funds at the end of the year wore £44,055 Os lOd, of which amount £14,334 18s Id had,been placed to reserve for nnexpired risks, and after allowing for all other liabilities in connection with unpaid claims, commissions, income tax, reinsurances, etc., leaves a, balance of £22,869 2s 9d, which has been placed to general reserve. There is an item in the balancesheet showing sundry debtors £5,070 lls lid. Practically the whole of this amount represents third party premiums collected by the Post Office Department, which had since come to hand and had been invested, bringing the total amount of funds invested up to over £40,000, after selling aside a sum of £1,895 for depreciation of securities.

The loss ratio in proportion to net premium income over the past twelve months was 44.1 per cent., and, though somewhat higher than in previous years, compared more than favourably with the average Joss ratio of all the companies in New Zealand doing that class of business which most resembled that of tin's association. “We have now had two years’ experience of ri-’-s taken under the provisions of the Motor Vehicles (Third Party Bisks) Act, and so far the business secured has not resulted in a loss to the association, but the past year's operations do not show as satisfactory a result as those of the first .year, and at the present time leaves considerable doubt as to the premiums paid being adequate to cover the risks taken. The two years’ experience, however, is not a sufficiently Jong period on which to express a definite opinion as to whether the premiums at present being paid under _ the Act are sufficient to cover this risk, and a longer period must elapse before a reliable estimate can be arrived at.” RURAL CREDIT BOARD. [Per United Press Association.] WELLINGTON, September 14. At the monthly meeting of the Burn! Intermediate Credit Board the commissioner reported that the Mangomu Co-operative Rural Intermediate Credit Association, which had its headquarters at Kaitaia, had now been registered, and a statutory meeting had been arranged. As soon as the statutory meeting had been hold the association would be in a position to commence a lending business. The board appointed Mr C. E. Shallcrass to the vacancy on the South Canterbury District Rural Intermediate Credit Board caused by the resignation of Mr B. Cochran on his transfer from the district. A number of co-opera turn rural intermediate credit associations held their annual general meetings recently, and the position disclosed by the annual reports of tbe associations was very gratifying. There bad been a large increase in the business transacted by the associations, and the directors considered there was every prospect of the continued advancement of the association rnetlmd of lending. LONDON WHEAT MARKET. Press Association—By Telegraph—Copyright. LONDON, September 14. (Received September 15, at 11 a.m.) Wheat; Cargoes are dull and unchanged. Parcels are occasionally lower. Futures: London —September 16s 2d, December 37s 2d, February 17s lid; Liverpool—October 3s BJd, December 3s IOJd, March 4s IJd, May 4s 3]d. BRADFORD MARKET. Press Association—By Telegraph—Copyright. LONDON, September 14. (Received September 15, at 11 a.m.) Bradford is very quiet, awaiting the the opening of the London wool sales.

Buyers. Seller*. £ s. d. £ s. d. BANKING — Bank of N.S.W. 25 0 0 — Bank of New Zealand 2 10 2 2 6 Commercial Bank . 0 13 0 0 13 4 E..S. and A. Bank -- 3 13 0 (odd parcel.) Union Bank of Australia Ltd 6 9 0 — INSURANCENational Insur. Co. — 0 13 0 N.Z. Insurance Co. — 1 17 9 Queensland Insnr. — 2 11 0 SHIPPING — Hnddavt, Parker (ord. ,) (cum. div.l 12 0 U.S.S. Co. (pref.) ... 0 19 10 1 0 4 COALWestport Coal Co. — 14 3 LOAN AND AGENCYDalgely and Co. — 6 8 9 MEAT PRESERVING— N.Z. Refrigerating (paid) — 0 10 6 N.Z. Refrigerating (eont.) 0 3 8 0 3 9 MISCELLANEOUS— D.I.C. (ord.) ■ — 0 15 3 D.I.C. (pref.) 0 19 3 — Dominion Rubber 0 3 6 0 5 0 Dunedin Stock Excliango Proprietary — 2 10 0 Kaiapoi Woollen (ord.) — 0 7 0 Kaiapoi Woollen (cont.) — 0 2 6 Mosgiel Woollen Co. — 6 K) 0 National Electric 0 10 0 N.Z. Drug Co. (cum. div.) 2 5 0 2 10 0 N.Z. Paper Mills —- 0 18 6 ‘ Otago Daily Times ’ 2 3 0 2 9 0 Smith and Smith (pref.) — 0 17 6 GASChristchurch — 15 9 BREWERIESN.Z. Breweries I.Id. 18 0 19 0 N.Z. Breweries Debs. 1 1 0 — MININGWaihi (cum div.) 0 If) 4 — Waihi Grand .Innetion 0 3 7 — Electrolytic Zinc, (clef, ord.) — 0 10 0 Mount LyeII — 0 16 0 Broken Hill South -- 1 5 0 Oknrito 0 8 6 0 8 9 Paddy’s Point 0 2 6 — Golden Progress 1 8 0 King Solomon 0 2 6 0 2 9 Golden Point 0 10 o 114 WAR BONDS(Bonds quoted arc £100 Bond s) — 1933 4i p.c. Bonds ... 95 0 0 •—• 1939 4| p.c. Bonds ... 95 0 0 — 1938 4| p.c. Inscribed 95 0 0 —- 1939 41 p.c. Inscribed 95 0 0 — 1933 54 pc. S.S. Bonds 96 15 0 — 1933 54 p.c. S.S. In sc. 96 15 0 97 2 6 1937 5£ p.c. Bonds... 91 0 0 — 1937 54 p.c. Bonds ... 94 10 0 —