COMMERCIAL

Grey River Argus, 31 July 1940, Page 11

COMMERCIAL

STOCK EXCHANGES CHRISTCHURCH, J'uly 30. Auckland Gas 5 per cent. Perpetual £lOO. Reported late yesterday: Westport Coal 22s 3d 22s 6d. WELLINGTON, July 30. Sale reported: Four per cent. Stock. 1952, £lO3 15s.

N.Z. INSURANCE

AUCKLAND, July 29,

Premium income of £1,763/559 is shown in the accounts of the New Zealand Insurance Company, Ltd., for the year ended May 31. This is £357,872 higher than the previous record of £1,405,787, established in 1938-39. Any comparison with the results of previous years, however, is difficult, as for the first time all figures in the latest accounts are expressed in New Zealand currency. A further increase occurred in losses, which totalled £1,105,965. The ratio to premium income of 62.71 per cent, shows a decline, the first downward trend since 1934.- Expenses were £85,177 greater and commissions and management expenses rose by £60,550 to £384,656, while taxes and appropriations were £24,627 higher at £78,152. Directors' fees are £750 lower. The expenses ratio is slightly lower at £26.24 per cent.

The year’s surplus of £112,885 compares with £94,666 in the previous year. With net income from interest and rents of £151,834 there is a total profit of £264,719, against £231,678 a year ago. The appropriation for taxation reserve has been increased from £lO,OOO to £40,000, while an additional £20,000 has been given to the New Zealand War Expenses Fund. The usual £50,000 is transferred to reserve, while the year’s unchanged dividend of 10 per cent, absorbs £150,000.

COMPANY NEWS

WELLINGTON, July 29. Broken Hill Proprietary profit, subject to audit, for the year ended May 31, 1940, was £979,138 9s 6d, after providing £903,354 3s 2d for depreciation.

Net profit a year ago was £1,431,513, after deprqciation provision of £850,670. The Bank of New South Wales announces a quarterly dividend of 6s a share (Australian currency), payable on August 29. DUNEDIN, July 29.

The directors of Kempthorne, Prosser and Company’s New Zealand Drug Company, Ltd. at a meeting to-day, decided to place before shareholders at an extraordinary general meeting, proposals as follows: — (a) To increase the nominal capital of the company from £OO,OOO to £800,000; (b) to offer to members for subscription at par one new ordinary share foi- each four of their present holding. The Minister for Finance (the Hon. W. Nash) has given approval to the proposal to increase capital.