Commerce, Mining, & Finance

Evening Star, Issue 22363, 12 June 1936, Page 7

Commerce, Mining, & Finance

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Another large volume of sales was recorded on the .Exchange this morning, when quotations for the most part were steady. Bank of New Zealands were inclined to be easier with reported business at 45s 3d, followed by further sellers at that figure and no buyer over 455. E.S. and A. Bank shares showed further improvement, with buyers at yesterday’s sale price and sellers 9d away. . P. and O. deferred shares also gained further ground, sellers requiring Is more on ,yesterday’s sale price. In the miscellaneous group Anthony Horderns were for sale at 18s 7d, after having persistent buyers for some time at 18s 3d. This naming buyers offered up to 18s 2d. Broken Hill Proprietarys were inclined to be easier, there being an absence of buyer* following sales of the contributings at la less than yesterday’s market. Dunlop Rubbers were up at 17s lOd, and the market closed with further buyers at 17s Bd, sellers at 17s lid. Dominion .fertilisers had reported business at 25s 3d, and the market closed with buyers at 24s 9d and no sellers. G. .1. Coles came in for inquiry again at 79s 3d, but sellers were firm. Hume Pipes had reported business in favour of sellers, but no quotations were recorded at the call over. . New Zealand Breweries provided business from 53s 5d to 53s ex div., but other brewery issues continued to be neglected. Amongst unlisted lists, Woolwortbs (Sydney)* ordinary shares recovered some of the ground lost last week. A sale was effected | on ’change at £5 13s, though yesterday’s/ beat buyer was £5 8s 6d. The market closed with price* steady. Electrolytic Zinc shares were inclined to harden, while Mount Morgans had a better buver at 15s. Amongst local mining issues, 'King Solomons experienced a sharp drop, sellers easing 3d to 2s when a buyer (the first for some time) appeared at Is 2d. Nokomais, on the other hand, hardened considerably, buyers moving up 6d and seller* Is on yesterday’s market. Prices for. Government Loans were practically unchanged, the 4 per cent, issues providing the only sellers. SALES REPORTED. Bank of New Zealand, £2 5s 3d., Broken Hill Proprietary (cont.), £2 9s (two)* Dominion Fertiliser, £1 5s 3d (late yesterday). Dunlop Rubber, 17s 10J (late yesterday). New Zealand Breweries, £2 13s sd, ex SALE ON ’CHANGE. Woolwortbs. (Sydney), £5 13s. SALES AFTER CALL. Humo Pipe. £1 Os 2d. New Zealand Breweries, £2 13s (two). Gillespie’s Beach, Is Id (odd parcel). Buyers. Sellers. i £ s. d. £ s. d.

DIVIDENDS DUE Mossy Creek Gold —Fifth. Id a share -Tune 13 Broken Hill South—2s 6d a share June 13 British Tobacco —1J p.c Juno 13 Oamaru Woollen Mills Halfyearly, 21 per cent., 6d a share June 15 Mortgage Corporation cent, per annum June 15 National Timber—Final, 2J p.c. ... June 15 Gisborne Gas—3d per .share ... June 17 Hume Steel—Half-yearly pref., at , 71 per cent, per annum June 20 Claude Neon Lights—Half-yearly, ■8 per cent, p.a., 9 3-5 d a share June 21 Mount Lyell Half-yearly, 5 per cent., 6d a share June 22 Blackwater Mines—Final, 2s a share June 23 Consolidated Goldfields—lnterim, Is a share ... June 23 Wilson’s Cement —Final, 9d a share, and jubilee bonus, 5s a share June 24 Robinson Ice—6 per cent June 25 Farmers’ Trading Co., Auckland —Final, ord., 5 per cent. ... June 25 Australian Glass—Final, 41 per cent, pref., 10 per cent. ord. ... June 27 Morris, Hedstrom Final 21 per cent., making 5 per cent, per annum June 30 Tooth’s Brewery—lo per cent., Is a share ... National Mortgage—s p.c. p.a. ... July 1 Zinc Corporation—2s July 1 Bulolo—lnt., 1 dollar 40 cents ... July 2 Placer—lnt.. 50 cents July 2 National Bank N.Z.—Final, 2 p.c., in sterling, free of tax ... July AUSTRALIAN STOCK EXCHANGES Press Association —By Telegraph—Copyright. SYDNEY, June 11. A brisk demand for industrial shares caused numerous price rises. Tooth’s and Australian Glass had a large turnover, but banks and bonds were quiet. . £ s. d.

THE METAL MARKET Press Association —By Telegraph— Copyright. LONDON. June 10. The following are the official metal quotations;— Copper.—Spot, £36 Is IOJd per ton; forward, £36 11s IOJd. Electrolytic.—Spot, £4O 7s Cd; forward, £4O 10s. Wire bars, £4O 10s. Lead.—Spot, £ls 6s 3d; forward, £ls 8s 9d. Spelter.—Spot, £l4 2g 6d; forward, £l4 7s 6d. i Tin.—Spot, £lB3 12s 6d; forward, £lßl 12s 6d. Silver.—Standard, 19gd per oz; fine, 21 7-l6d. BANK OF ENGLAND RETURN Press Association—By Telegraph—Copyright. LONDON. Juno 11. (Received June 12. at 31.30 a.m.) The following is the Bank of England return: — ISSUE DEPARTMENT. Note issue in circulation 41433,000,000 Bank department ■ 35,500,000 Government securities 248,000,000 Other securities 200.000 Silver coin 800.000 BANKING DEPARTMENT. Public deposits 13,500,000 Bankers’ deposits 86,500,000 Other accounts 37,200,000 Government securities 97,800,000 Discounts and advances 6,200.000 Other securities 14,600,000 Notes in reserve 36,400,000 Rate of reserve to liabilities is 26.55 per cent. Bank of England discount rate remains unchanged at 2 per cent.

AMERICAN WINTER WHEAT Press Association—By Telegraph —Copyright WASHINGTON, June 11. The Department of Agriculture estimates indicate a inter wheat crop of '.‘C2,000,000 bushels, according to the conditions on June 1. NEW ZEALAND BREWERIES LTD. POINTS FROM CHAIRMAN'S ADDRESS A full report of the statement made by the chairman (Mr D. W. Madden) at the annual meeting of New Zealand Breweries Ltd. in Wellington has come to hand and touches upon several matters not referred to in yesterday’s Press Association message. Mr Madden said that the construction of the new railway station at Wellington . impressed upon the directors the desirability of providing a modern hotel, adjacent to the new station and to the interisland steamer services. This hotel, to be named Hotel Waterloo, is now. in course of erection. It is proposed that the hotel, which will be modelled and equipped on the latest lines, whilst offering the best possible service to ail 'classes of guest, will cater particularly for transients. The completed and contemplated extensions and additions to the company’s brewing and bottling premises have placed onerous responsibilities on the company’s brewing and engineering staffs, and the directors have pleasure in recording the efficient services they have rendered. The employees generally also continue to work loyally and diligently in the company’s interest. In the provident fund, which was established over six years ago and which is subsidises by the company, the employees have a valuable asset which is proving of great advantage to old employees or their dependents, and which must indreatie in value in the years to come

The accounts for the year show that after paying £508,680 Os 6d in beer duty, and making necessary provisions for depreciation of buildings, plant, and machinery, and providing sufficient reserves for taxation and other contingencies, there is a net profit for the year of £85,402 8s Bd, which is £7,566 9s lOd over that of the previous period. The amount brought in from last year’s accounts was £14,512 Is 9d, which, added to the net profit for the year, makes a total of £99,914 10s sd. During the year an interim dividend at the rate of 34 per cent, was paid, thus absorbing £38,229 0s 9d, and the balance now remaining available in the appropriation account is £61,685 9s Bd. The recommendation of the directors is that a further dividend at the rate of 4 per cent, should be paid, making 74 per cent, for the year. This will reduce the appropriation account by £43,691 5s 9d and will leave £17,994 3s lid to be carried forward. Reference to the balance sheet shows that land and buildings, which stand at £450,236 2s 6d, are £2,049 higher than last year. Although necessary’ writing down for depreciation of buildings has been made, the figures have fluctuated during the year consequent upon the sale of property no longer required in the company’s business, and the purchases of hotel properties. Plant and machinery, after meeting the usual depreciation charge, appears at £69,949 7s lOd. or £9,572 in excess of the previous year. The additions to bottling pilants are chiefly responsible for this increase. Stocks on hand are valued at £119,728,15s lOd, which is lower than last year’s figure by £6,325. Stocks should show an increase, at least in proportion to the increased turnover, but the adverse harvest conditions experienced by the New Zealand barley grower’s delayed deliveries, and very little barley’ was received at the date of closing the accounts. The usual advance payments have been made against barley and hop purchases, and at £19,907 4* Hd there is a slight increase on the previous year’s figures. Investments and trade advances at £629,915 2s 7d have increased by £46,144 and are chiefly covered by the employment of depreciation, insurance, and taxation reserves. There is no change in the item shares in subsidiary companies, but current trade debtors have advanced by £24,083 to £123.183 19s sd. This increase is in keeping with the increased turnover. Cash balances at £58.699 11s lOd arc £8,390 below last year’s figure, and will be required to meet the dividend and current requirements of the business. On the liabilities side of the balance sheet it will bo noted that sundry creditors is £94,953 11s Bd. This is £38,289 above last year’s total, and includes commitments which arc usually’ met pirior to the closing of the year’s accounts, but which on this occasion had not been finalised. A new item is mortgage of freehold, £8,200, and relates to one of the hotel properties purchased during the year. This liability will be liquidated at an early opportunity. To provide for taxation on increased earnings and for contingencies, the directors have raised the taxation reserve to £75,000, or £IO.OOO above last year’s amount. The insurance reserve, by the addition of the usual annual sum of £5,000, now .stands at £45,000. A national licensing pioll was taken in November last, and it is opportune to place on record the official result; —■ Continuance polled 521.167 votes. State Purchase and Control piolletl 57,490 votes, and Prohibition polled 243.091 votes, tlie Anti-prohibition majority being 335,575.

BANKING— New Zealand 2 5 0 2 5 3 Commercial — 0 19 4 E.S. and A. Bank 6 4 0 6 4 9 National" of N.Z. 3 10 0 3 13 6 Union of Australia Ltd. .. — 9 16 0 INSURANCE— National ... 0 IS 1 — Scutli British 4 9 6 — Standard 3 2 3 3 3 3 SHIPPING — P. and O. Deferred 6 Stock ; 1 5 3 1 6 -U.S.S, Co. (pref.) ... 1 6 0 — MEAT PRESERVING— N.Z. Refrigerating (paid) 0 19 6 — N.Z. Refrigerating - (cont.) 0 9 6 — Southland Frozen (paid) ... — 3 17 6 LOAN AND AGENCY— Dalgety — 9 2 6 Goldsbrougb, Mort ... — 1 12 4 N.Z Loan and Mercantile (ord.; 30 0 0 — N.Z. Guarantee Corn. 0 5 5 0 D 7 Wright,, Stephenson (ord.) 0 17 0 “ COAL— Kaitangata — 1 ,4 6 Westport — i 1 4 — Westport-Stock ton (ord.) 0 1 1 —- * Westport-Stockton (pre f -) — 0 2 o WOOLLEN COMPANIES — Bruce (ord.) ' 0 14 6 Mosgiel ... '... ' — 0 17 0; MISCELLANEOUS— Anthony Hordern 0 13 2 0 18 Associated News 1 z 0 — British Tobacco' 2 0 3 — Broken Hill Prop. — 3 13 0 . Broken Hill Prop. (cont..) — 2 0 Broom, Ewing (pref.) 1 2 s 42 Colonial Sugar Co. ... — 0 9 D.I.C. (ord.) ... ... 0 16 0 — D.I.C. (pref.) 1 3 3 — Dominion Fertiliser 1 4 9 — Dominion Fertiliser Debs 1 35 10 0 — Donagby’s Rope and . Twine .... 2 11 6 Dunedin Stock Exchange Prop 2 0 0 — .Dunlap Perdriau 0 17 8 0 17 11 Q. J. Coles ... ... 3 19 3 4 0 e MiJburn Lime and Cement ... — 2 2 6 M’Leod Bros, (rights) 15 0 0 19 0 0 , N.Z, Drug Co. — 4 1 0 N.Z. Paper -Mills * ©tago Daily Times ’ — 1 9 0 — 2 10 0 Regent Theatre — 1 1 0 BREWERIES— New Zealand 2 13 0 — UNLISTED STOCKS— M’lntosh, Caley, Phoenix 0 9 0 0 11 0 Woolworths (Sydney, ord.) 5 12 0 5 14 0 Shillings Ltd 0 11 4 0 11 8 AUSTRALIAN MINING- , Broken Hill South (£1, . cum div.) ... 5 12 6 — Electro. Zinc (pref., £1) 1 19 6 —- Electro. Zinc, (ord.. £1) 1 17 6 118 3 Mount Lvell (£1) ... 1 4 3 1 4 6 Mount Morgan (2s 6d) 0 15 0 Upper Watut (5s) ... N — 0 7 9 GOLD MINING— Bif Riyer (Is) ... 0 1 10 Brian Boru (Is) ... — 0 0 4 Clutha River (2s) ... 0 1 10 — Gillespie’s (Is) 0 1 0 0 1 1 Golden Dawn (5s) ... 0 3 3 — King Solomon (Is) ... Lawson’s Flat (Is) ... 0 1 2 0 2 0 — 0 0 4 Martha (5s) — 1 0 0 Molyneux River (2s) — 0 2 3

Mount David (5s) — 0 1 0 Nokomai (5s) — 0 2 6 Okarito (5s) 0 3 0 0 3 9 Paddy’s Point (5s) 0 3 0 0 3 9 Sandhills (Is) — 0 0 6 Skippers (Is) 0 0 34 0 0 4 Waitahu (5s) ... 0 2 0 — Maerewhenua (Is) 0 0 1 — N.Z. GOVERNMENT LOANS(Bonds quoted are £100 Bonds.) 34 p.c. Stock, Nov., 1938-52 ... ! 102 5 0 34 p.c. Stock. March 1939-43 102 15 0 •— 31 p.c. Stock, Sept., 1939-43 102 15 0 — 31 p.c. Stock. March, 1941-43 ... K2 10 0 — 34 p.c. Slock, Sept., 1941-43 102 10 0 —- 34 p.c. Stock, May, 1941-52 102 10 0 — 34 p.c. Stock, Nov., / 1 1941-52 102 10 0 — 4 p.c. Bonds, 1937-40 102 10 0 — 4 p.c. Stock, 1937-40 102 10 0 103 0 0 4 p.c. Bonds, 1943-46 104 0 0 — 4 p.c. Stock, 1943-46 104 0 0 — 4 p.c. Bonds, 1946-49 104 0 0 — 4 p.c. Stock, 1946-49 104 12 6 4 p.c. Stock, 1952-55 106 15 0

Commercial Bank of Sydney 20 i 0 Mercantile Mutual Insurance 1 ii 0 Associated News 1 2 3 (pref.) 1 2 9 Howard Smith 0 19 3 Huddart, Barker ... ... 1 17 3 British Tobacco ,■ ... 2 1 3 Tooth’s ... ... Castlemaine and Perkins 2 12 6 Brewery 1 2 6 G. J. Coles 4 0 6 Drug Houses 1 11 0 Australian Glass 4 14 0 Dunlop Perdriau 0 18 u Morris, Hedstrom 1 5 3 Henry Jones 2 0 9 Millaquin Sugar 2 2 6 David Jones o 6 9 Anthnnv Hordern 0 18 9 Hume Pipe 1 0 6 Sargents 1 6 3 United Provisions 0 14 7 Mount Morgan 0 15 3 Broken Hill Proprietary ... 3 12 3 South Broken Hill 5 13 0 Rawang 0 8 10 Larufc 0 10 3 Placer Development 5 11 6 Peninsula Tin 1 2 6 Lady Shenton Commonwealth Bonds—• 0 4 2 4 per cent., 1938 102 16 3 4 per cent., 4 per cent., 1953 101 5 0 102 12 6 4 per cent., 1955 102 12 6 4 per cent., 1959 101 1 3 MELBOURNE, Commercial Bank of AusJune 11 tralia 0 19 C Goldsbvough, Mort 1 12 9 Huddart, Parker ; 1* 17 U Gordon and Gotch •) 10 0 Nestles (pref.) i 13 9 General Motors (pref.) i 4 0 Emperor ...- 0 13 3 Lolorna 0 18 3 Koroere 0 5 3