COMMERCIAL

Greymouth Evening Star, 27 April 1937, Page 8

COMMERCIAL

GOLD AND EXCHANGE

[BY CABLE —PRESS ASSN. —COPYRIGHT.]

LONDON, April 26. Gold 140/9 1-8, dollar 493 1-16, franc 111 5-32.

STOCKS AND SHARES,

AUCKLAND, April 27. Sales (both calls), Brick 8/3; Milne Choyce deb. 16/-; Insurance 17/9; Martha 19/3; Faimeis Tiading 22/-: Zinc 57/-; Pref 58/6, 58/a, Broken Hill 81/3, 81/-; Coles £ 5/0/3. Woolworth’s (Sydney) £</6/-, Brick Auckland.-1944,. £99/JO/-. a 9 r> CHRISTCHURCH, Apul 2i. Sales: Comm. Bank Aust (Prei.) £9/8/6; Goldsbrough Mort 38/- (2)j N.Z. Guarantee Corpn. 4/8; N.Z. Refrig (£1 Pd.) 19/1; Broken Hill Propty. 81/3 (ciim div.); Electro Zmc (href.) 57/10; G. J. Coles £5/5/6, £5/6/-’ Broken Hill South 48/- (3), Mount’Lyell 45/10. (2),> 45/9; Mount Morgan 15/5 (4). Keported: Wbblworths (Sydney, 2nd. pref) 27/6. Unlisted: Grey River (3/9 pd.) 4/3 (2); Woolworth’s (Sydney, ord.) £7/4/6 (4). .DUNEDIN, April 2i.

Sales- New Zealand Loan and Mercantile (ord.) £5O/10/-; Mount Morgan 15/6 (4); Bank of New Zealand £2/4/6 (2); Broken Hill Propty. £4 2/2; Broken Hill Propty. (Cont.) £3 15/-- New Zealand Refrig. (cont.) 19/s’; 4 per cent. Stock 1943-46, £lO2 17/6 (2); 3“ per cent. Stock, No. 1941, £lOl/10/-; Wanganui Harbour Board 4.4 per cent. 1941, £lOl. WELLINGTON, April 27.

Sales: Broken Hill 87/3, 3£ per cent, stock 1939-43 £lOO/17/6, 4 per cent, stock 1955 £lO4. Dalgety and Co. £ll, Guarantee Corp. 4/9, Col. Sugar £45, Electro Zinc 57/-, Woolworths Ltd., £7/5/-. WAIPAPA BEACH. DUNEDIN, April 26. The Waipapa Beach Dredging Company reports a. return of 220 z for 129 hours' work. MATAKI RETURN. The Mataki return for the week ended April 25 was 30 ounces for 128 hours work, and 8400 yards. RIMU DREDGE HOKITIKA, April 27. The Rimu Dredge return to April 26, for 133 hours, 47,574 yards, was 303.2 ounces crude gold.

MOLYNEUX DREDGE.

DUNEDIN, April 26.

Advice was received to-night that the Molyneux Gold Dredging Company’s dredge, which is now in its initial working position just above the Clyde bridge, commenced dredging to-day. Operations will be carried out on a shift basis until the men become familiar with the work.

AUCKLAND SAVINGS BANK.

AUCKLAND, April 26

A record year’s business, with assets totalling £8,962,850, and with ah aggregate of £8,021,110, at the credit' of depositors is revealed in the annual report of the Auckland Savingsl Bank. The report \states that apart from interest added to depositors’ accounts, there was an increase in deposits of £186,000. Altogether £9,130,000 passed over the bank’s 1 counters. Interest added to all accounts amounted to £216,000, compared with £208,000 during the previous year. Since the bank was established 89 years ago £47,000,000 has been received by depositors' in interest on their accounts.

A.M.P. SOCIETY

DIRECTORS’ REPORT

. The Directors’ report to be presented at. the Eighty-eighth annual meeting of the Australian Mutual Provident Society, to be held in the Society’s Head Office Buildings, 87 Pitt Street, Sydney, on Friday, May 7, states: —

The new business completed in the Ordinary Department, including reassurances of £365,030/13/4, comprised 55,113 policies, assuring £21,876,024, and 193 annuities for £44,913 9/8 per annum. In the Industrial Department 102,002 new policies were issued assuring £6,103,396/2/-. These sums assured represent an increase over the corresponding sum assured for 1935 of £3,136.099 in the Ordinary Department and of £819,820/10/- in the Industrial Department. Claims by death in the Ordinary Department amounted to £2,655,121/0/5, including £996,404/16/8, for bonus additions, after deduction of amounts which had been re-assured. Endowment and endowment assurance policies matured amounting to £1,506,874/10/-, including £501,597/10/- for bonus additions. Policies assuring £5,018,863/12/11, and annuities amounting to £9,217 3/8 became void from other causes. Claims by death and maturity in the Industrial Department amounted to £1,024,221/19/3. The total of the accumulated funds of the Ordinary and Industrial Departments has been increased by £5,019,652/6/5, and now amounts to £103,186,254/18/4, which includes £14,311/14/10 in the claims investment account and £9,556/7/5 in the disability fund. The Directors decided to release a sum of £lOO,OOO from tlie Investment and Contingencies Reserve Funds, which now amount to £2,170,465/12/2, and to utilise the amount to write down the book values of the office premises. In addition, provision has been made for accrued taxation amounting to £lOO,OOO. The Society’s investments in various loans to the Commonwealth and States of Australia, to New Zealand and other Dominions, to Great Britain and to Local Government and other public bodies in Australia, New Zealand and other Dominions amount, in all to £60,631,341/14/7. The Actuary’s report, a. copy of which will be supplied to any member on application, shows a surplus of funds over liabilities in the Ordinary Department of £2,933,251/9/9. out. of which £95,453 7/5 is to be carried forward and £2,837,798/2/4 is to be alloted for distribution among the participating policy-holders. This will provide reversionary bonuses of about £4,870,000. The surplus in the Industrial Department, which is to he distributed among participating policy-holders, is £310,646/2/-, providing reversionary bonuses amounting to about £414,000. The rate of interest realised on the mean funds (including the Fidelity Guarantee Fund, the Investment and Contingencies Reserve Funds and the provision for accrued taxation) was £4/7/4 per cent. In the Ordinary

Department, commission, expenses of management, and taxes absorbed respectively 6.17, 7.85, and 3.62, (a total of 17.64) per cent, of the premium receipts, excluding purchase money for annuities, the corresponding percentages for 1935 being respectively 5.74, 8.13, and 3.90, (a total of 17.77). In the Industrial Department, (commission, expenses of management, and taxes absorbed respectively 18.16, 10.08, and 1.79 (a total of 30.03) per cent, of the premium receipts, excluding purchase money for annuities, the corresponding percentages for 1935 being respectively 17.77, 10.31, and 1.97,. (a total of 30.05)., . It will be observed that taxation paid during the year in the two, departments combined amounted to £280,248/11/1. The Directors retiring in terms of By-law 15 are Sir Samuel Hordern and Mr. Cecil Harold Hoskins, both of whom are eligible for re-election and have given notice of candidature. Mr. John Edward Garvan has also given notice that he is a candidate for one of the 1 two vacant seats. Mr. M. F. Johnson, F.C.A. (Aust.), Auditor, retires in terms of By-law 29, but is eligible for re-election and has given the requisite notice.