COMMERCIAL

Evening Star, Issue 25618, 19 October 1945, Page 6

COMMERCIAL

SHARE MARKET. Bank of New Zealands were marked down to 50s on business on the Dunedin Exchange this morning, with a closing market of 49s 9d-50s 2d. National Banks changed hands at 55s 9d, with an unanswered purchaser quoting 55s 6d at the close. Southland Frozen ords. remained firm at 58s-62s 6d, while breweries retained their recent itrengih. British Tobaccos, whose maximum price was raised recently in Australia, finished firm at 495-51 s 3d, while Sydney Woolworths were quoted at 25s 6d-24s 3d. More interest was shown in Australian mining leaders, Broken Hill Souths narrowing to 28s 6d-295, Mount Lyei'.s to 265-26 s 9d, and Morgans to 9s 9d-10s. Norths remained in demand at 545. SALES ON ’CHANGE: THIS DAY. Dunedin. —Sales reported, late yesterday: Bank of New Zealand, 50s 3d (100); Commercial Bank, 18s 2d (463); New Zeaiand Paper Mills, 40s (83). This morning: Wool Bonds, 1949, 20s 3d (1,000); National Bank of New Zealand, 55s 9d (41); Standard Insurance, 83s 6d (50). On ’Change: Bank of New Zeaiand, 50s (100). Auckland. —Morning call: Bank of New Zealand, 50s; Huddart Parker, 68s 6d; New Zealand Breweries, 475; Hume Pipe, 22s 9d; New Zealand Forest Products, 6s; Martha Mines, 9s sd; Emperor Mines, 19s; Wool Bonds (February, 1949), 21s. Noon call: Farmers Trading, 28s 6d; Fletcher Holdings, 33s 9d; Reid Rubber (rights), 8s; Wilsons Cement, 19s; Stock, 3 per cent (December, 1953-56), £IOO 10s; 1950-63, £99. Wellington.—4 per cent. Stock (1952-55), £lO6. Reported: Broken Hill, 46s 9d; 3 per cent. Stock (1956-59), £99 10s; Wellington Gas, 345. Christchurch.—3 per cent. Victory Loan (1966-59), £99 10s; National Savings (July, 1949), 20s; Consolidated Brick, 9s 6d. Reported: Wool Bonds (1948), 20s lid; Alloy Steel, 50s; Big River, 'Unlisted: Reported—Wellington Publishing, £5 10s. FELT AND TEXTILES LTD. Felt and Textiles of New Zealand Ltd. is issuing at par (20s) 100,000 shares at £1 eaoh. of which 50,000 shares are available for public subscription. The company was established in 1929 as a subsidiary of Felt and Textiles of Australia Ltd., and now has a paid-up capital of £225,000. For the year ended March 31, 1945. it earned net profits of £25,466. which represent a net return of 11 per cent, on the present capital. fe On the assumption that the new capital of £IOO.OOO will earn net profits at a minimum rate of 5 per cent, per annum, llhe net earnings rate on the increased capital of £325.000 would represent 9* per cent, per annum.

The balance sheet at March 31 last showed undivided profits and reserves of £91.118, of which £50,000 was paid as a dividend to the parent company, leaving £41,118 in which the new shareholders will have an interest.

The new capital is required to finance extension of the business, which comprises the manufacture of goods from wool and leather in the form of felt floor coverings (“ feltex ”), carpets, felt for industrial uses of many kinds, slippers, and footwear, and components for the slipper and footwear trades. The company also produces upholsterers’ supplies, flock, and wadding. It is one of the largest users of raw wool in the Dominion, and carries through all processes of wool manufacture, from scouring, carbonising, and top-making, to finished products. Subscription lists for the issue will open on Wednesday next, October 24, and mayremain open for 14 days. The directors reserve the right to close the issue at any earlier date without notice if application has then been made for the full amount' of the public issue, 50,000 shares. Applications must be by payment in full. The issue of 100,000 ordinary shares of £1 each has been underwritten by Messrs J. B. Were and Son. of Melbourne. A.C.I. DIVIDENDS. Australian Consolidated Industries Ltd. lias advised that the directors have decided to declare a dividend of 4£ per cent, on the preference shares for the half-year and an interim dividend of 31 per cent, on the ordinary shares. The distributions are unchanged. BROKEN HILL SOUTH PROFIT. Broken Hill South has advised by cablegram that the net profit for the year ended June 30 was £344,488. DIVIDEND. (P.A.) WELLINGTON, October 19. The directors of the Bank of Adelaide have declared a dividend of 5 per cent, per annum on paid-up capital. The directors of Sharland and Co. Ltd. will recommend a final dividend of 2|- per cent., plus a bonus of 2 per cent., on all shares. The directors of the National’ .Bank of Australasia have decided, as the restoration of a reduction from 6 per cent, in 1942, to recommend to the shareholders payment of a final dividend of 3 per cent, on both classes of shares, making the dividend for the year ended September 30, 5J per cent. .