STOCK AND SHARE MARKET

Nelson Evening Mail, Volume LXXII, 2 March 1939, Page 12

STOCK AND SHARE MARKET

WELLINGTON STOCK EXCHANGE WEDNESDAY. MARCH 1. 3939.

A. B. Kuisou, Sharebroker, Couutr> Vlember ol the Wellington Stock K* change, [). & L>. Edwards Ltd , Buildings. I rulalgai Street, telephone «208. t. G. Twins, Sharebroker, Country .Vleinber ot Wellington Slock Exchange. lU«i Jiaffllgar Street Telephone 42/. L). E. Barclay, Sharebroker and Invest merit ('ouaultaut, Norwich Union Chain tier i, Hardy Street. Telephone 1146. AUSTRALIAN STOCK EXCHANGES 'll PA—By Electric Telegraph-Oopvnehr SYDNEY. Ist March. The hesitant tone on the Sydney Stock Exchange was most marked today. with business again much below normal. Prices were fairly steady but tending weaker. Sales included:—Bank of New South Wales, £29 9s; Commercial Banking Co. of Sydney, £2O ss; National Baftk, £lO paid. £l3 8s; United Insurance, £10; Associated News, 19s 9d; Howard Smith, 19s lOd; British Tobacco £2 8s; Tooths. £2 13s lid; Dunlop. Perdriau, New Zealand delivery. £1 Os 10jd; W Atkins, £1 3s Newbold Brick. £1 9s; J. Fielding. £4 Is; Masonite, 17s; Goldsbrough Mort. £1 8s 7d; Woolworth Ltd £1 2s; Henry Jones. £2 8s 9d; Pitt, Son and Badgery £l 19s; Rawang Tin 7s; Larut Tin, ss; Taranaki Oil, 8s 9d; Broken Hill Proprietary, £2

16s; ditto, contro,. £2 4s; Oil Search, (i> ; Id: Arakura Gold. £1 8s Od; Kanieri ; Gold, £1 13s 6d. Morning sales included: Commonwealth bonds. 4 per cent.. 1944. £lO2 7s 6d; 1950. £lO2 ss; 1953. £lO2 12s 6d: 1955. £lO2 10s; Bank of New South : Wales. £29 7s; Associated News 19s 9d: Anthony Hordern. 14s 9d: British Tobacco. 48s; Broken 11 ill Proprietary, con.. 445. MELBOURNE. Is; March. Sales on the Melbourne Stock Ex- i change to-day included: —National | Bank. £5 paid. £6 9s; Bank of Adelaide. £5 14s: Huddart Parker. £2 14s 6d: Dunlop Perdriau. £1 Is: Nestles, pref.. £1 16s; Herald and Weekly Times. £3 0s fid: Mount Morgan. 10s lid: Emperor. 8s 9d; Loloma. £1 0s (id: North Broken Hill, £2 5s fid. BRITISH REVENUE HIGHER LONDON. 28th February. The British Exchequer returns show ! that the total ordinary revenue amounts i to £801.165.337. against £762.570 464 at j the corresponding date of 1938. Income j tax and surtax yielded £329.043.000 together against £289.170.000 a year ago The national defence contribution which is estimated to give £20.000.000 in a full year, stands at £18.220.000. Total expenditure less self-balancing items and sinking funds is £847.110.404. compared with £774.354.161 at the corresponding date of 1939. NEW CAPITAL ISSUED IN BRITAIN LONDON. 28th February. New capital issued in February amounted to £8.132.058 against £13.858.372 in January and £19.248.438 in February last year. ANTWERP WOOL FUTURES ANTWERP, 28(1. February, j Wool futures are quiet. Quotations | March, 22d ; June. 22 3-8 d ; August. 22? d. The quotations on 21st February wore March. 22.1: June. 22Jd; August. 23-1. The prices are for 64's lops, dry combed.

12 THE NELSON EVENING MAIL. THUR I 1 COMMERCI f | _ ife j i WHATS THE MATTER, PAR 11 IMG: j -YOU iOOK TERRIBLY TIRED AND WORN OUT/" STOCK AND SHARE MARKET WEDNESDAY. MARCH 1. 3939. KfiMm. Buyers. Sellers, j £ s. d. £ s. d. j mFmgC ifjfe -*^ie wn&kjl&u:f ‘‘its THE WASHING, JIM . NOTHING SEEMED TO GO ■RIGHT — 1 HAD TO RUB SO HARD AND THE JOB DRAGGED ON FOR HOURS/" 1 15/7,1939-41 ... 96 10 0 3£*\\ laser. Stuck, 15/3/1939-43 ...” 99 10 0 — ' Jnscr. Stock. 15/9 1939-43 ... : 99 10 0 3£% lnscr. Stock. ‘15/3/1941-43 . .* 99 12 6 — j lnscr. Stock, 15/9/1941-43 .. * 99 12 6 — 34% lnscr. Stock. 15/5/1939-52 * — 99 17 6 i *IM SO SORRY DEAR W ' SH Y °v wou *° TRr *i x j*j. s * 0 Tw£8E f? V' v * Jim ecuctVAL at THE OFFICE SAID F * f' HIS WIFE WASHED \\ 1 Vt HfcVtR HEARD j PEBMAPS 10 * LAUNPftlNE V/J SOAP POWDER AFTER WASHDAY r DARL1NG _ vou L00K WONDERFUL TONIGHT AND 34% lnscr. Stock, 15/11/1941-52 99 0 0 — 34% Jnscr. Stock, 15/5/1941-52 ...* 99 0 0 — 04% lnscr. Stock, 15/1/1953-57 - 92 15 0 4°h lnscr. Stock, 15/2/1943-46 98 7 6 98 17 6j 4% lnscr. Stock, 15/4/1946-49 99 5 0 99 12 6| 4% lnscr. Stock, 15/5/1949-52 ..... ‘ - 99 17 6 4% lnscr. Stock. 15/6/1952-55 — 99 12 6 4% Bonds, 15/2/ A New Help for Housewives From New Zealand’s most modern soap factory comes a new and better soap powder— Laundrlne Soap Powder. Specially made to give a whiter wash with no rubbing, no toil—to enable you to wash-up dishes more quickly with sparkling results — and to make home brighter with less labour and no risk to your hands. Order a packet today from your grocer ! 1 McLeod Bros. Ltd., Manufacturers. ft 1943- 98 10 0 5% Rural Bonds, 15/9/1947 99 0 0 — *Tax free to first date, then 4 per cent, optional maturity three years prior to final dale. LOCAL BODIES DEBENTURES— Auck. Hospital Board, 44% 1/12/39 - 101 0 0 Auck. Hospital Board, 44% 1/6/40 — 101 0 0 Auck. City. 44% 1/1/ 1944- — 101 0 0 JMiUliI* TiMS&i 9 mm BANKS— Australasia 9 7 6 — National of NX. ... — 263 Nat. of A’asia. (£10) 13 11 0 — New South Wales . 29 10 0 — * v... .-mm New Zealand, I) Long Term 16 0 — l iiion of A list. 8 10 — E1N AM1.XL--Equit. Bldg. Co. ... 0 9 4 — Equit. Bldg. Co., TLANES TO LAY ESTIMATES OF THE FUTURE OTAGO ATHLETES (perp. deb. slock) — 0 19 0 N.Z. Guarantee Corp. — 0 4 5 Wellington Invest. T. and A — 0 9 9 MINES ACCOUNTANTS AND ECONOMISTS TEAM FOR DOMINION CHAMPIONSHIPS General Finance ... — 0 lfi 3 Wright, Stephenson duet.) - 10 6 Trustees Executors .4 0 0 — GAS— r.HMANY REVEALS NEW “In cost accounting it is necessary to avoid driving ideas to extremes,” states a leading article of “The Accountant” (London). “The text-book writers of a few years ago advocated, as a matter of common form, the complete ty-ir.g-in of cost accounting with financial accounting with a view to satisfying a natural desire to ‘account for every penny.’ Modern thought seems to us in danger of running too precipitately to the other extreme and is apt to regard the activities of the cost accountant as separated altogether from those of his brother financial accountant. That view seems to us to lead to excesses where fancy takes the place of fact and where the value of the results obtained depends entirely on the probability or improbability of the assumptions made. We believe, for our part, that cost accounting can yield its most valuable fruits only when it and financial accounting are regarded as complementary views of the same body of facts. O* part of that body, though not necessarily of the whole, cost accounting takes its characteristic cross section, the main aim being not so much the exhaustive analysis of all the facts as the discovery of those which are important relatively to the changes of policy which are possible. “This bxings us to our second line of thought which perhaps touches on controversial ground. It seems to us emphatically necessary to distinguish between the functions of the man who estimates what is likely to happen in the future and those of the man who records what has happened in the past. We do not shut the accountant out of the first field although we desire to emphasise that here he can work only in the light of the facts produced in the field which we have mentioned second. It is easy by making assumptions to predict what will happen in the future if only those assumptions are true; it is difficult, on the other hand, to make the untrained thinker remember that assumptions can be nothing more than assumptions. “It Is on this point that economists and accountants honestly find co-opexa-tion difficult. The economist is trained to set imaginary forces at work and. by logical processes, to deduce what their resultant is likely to be. The accountant, on the other hand, is trainee to watch actual forces at work and to measure what their resultant has been as a matter of ascertainable fact. T1 inkers belonging to these two schools can help one another but they must realise that they do belong to different schools. When the economist says ‘let us take a case’ he imagines one in his mind; when an accountant uses the same words he recalls his case from remembered experience. “We are all for giving the imagniation free play but only if it stands on a solid sugstratum of experience in contact with the actual facts of every1 United Press Association 1 WEAPONS 45-KNOT AERIAL TORPEDOES Details of new naval weapons, the existence of which has hitherto been unknown outside Service circles, are disclosed in the 1939 edition of “Nauticus.” the German Admiralty’s official annual. It is revealed that certain types of aircraft are fitted for minelaying. The mines are dropped into the sea by airplanes from low altitudes, but certain seaplanes are equipped for sowing mines after they have alighted on the surface That aircraft for laying mines had been developed by certain foreign naviewas known in British Service quarters, bqt this is the first time they have been publicly mentioned. These weapons are held to constitute a formidable menace both to warships proceeding in formation and to merchantmen in convoy. Particulars are also given of the torpedoes used by torpedo-carrying 'planes. Two types are in service, one of 16in and the other of 17.7in diameter. The former is charged with 3301b of T.N.T., and the latter with 3961b of the new explosive Novit. Both are dropped into the water from heights between 20ft and 49ft, the range in both cases being about 2200 yards at a speed of 45 knots. ZIG-ZAG COURSES In all modern torpedoes, it is added, the gyroscope gear can be so adjusted as to make them run either on a straight, zig-zag or spiral course. The latest type of deptn charge for use against submarines weighs 4001b. and is loaded with 2971b of T.N.T. It can be set to explode at any depth between 49 and 460 feet, and the danger zone to a submarine extends to about 65ft. Depth charges can be thrown a ditsance of 262ft by the modern pro jector. Five separate types of aircraft bombs are listed as having been evolved for use at sea. The smallest is the '‘splinter bomb.” weighing 2411b, and designed to inflict casualties on exposed personnel. High-explosive bombs for attacking unprotected parts of a ship vary in weight from 110 to 11001b. and contain from 44 to 6621b of T.N.T. There are also armour-piercing bombs of different weights for penetrating the armour decks of warships; gas and phosphor bombs of 33 to 551b for use against personnel; and for attacking submarines. The last named weigh 1101b and have a delayed-action fuse set to detonate the bombs at a depth of 50ft. GOING STRONG AT 80 DUNEDIN, 1st March. The Earn to represent Otago at the New Zealand track and field championship meeting in Napier on 10th and 11th March is:— M. R. Spillane (throwing the hammer); R. J. Watson (one and three mile walks); II. J. Tyrie (440 yards); C R. Colston and G. L. Austin (marathon). I . addition the following have been given permission to compete: C. G. Gibbons (marathon); G. Davie (half-mile and mile). Mr C. W. Clark has been appointed manager and Mr B. R. McKernan will accompany the team as a delegate to the conference of centres. Austin is captain. OVERSEAS SHIPPING Adclfoi Chandris. left Sfax 11th February for Auckland (due 8lh April) and New Plymouth. Arawa, troin London, left Southampton 27th January for Suva (due 2na March), Wellington passengers only (due 9th March). Lyttelton, Dunedin. Bluff and Timaru. Belinda, left Bahrein Island about 22nd February for Auckland (due 23rc March), Wellington. Lyttelton and Dunedin. Cambridge, left Liverpool 13th January (in ballast) for New Zealand (due 27th February). Cape of Good Hope, left Bunbury 17th February for Auckland, Wellington, Lyttelton and Dunedin. Cornwall left Liverpool Lt February for Auckland (due 11th March). Wellington. Lyttelton and Dunedin Dominion Monarch, left Southampton 17lh February for Wellington (due 25th March ) and Auckland, via South Africa and Australia. Edward F. Johnson, left San Francisco 14th February for Auckland (due 7th March), Wellington (11th March) Nelson, and Dunedin. Fo.dsdale. left Liverpool 11th February for Auckland (due 19th March) Wellington (due 27th March). Lyttelton, Dunedin and Bluff. Killoran, left Seychelles 20th January fo.i Auckland (due end March). Kurow left Great Britain 2nd February for Lyttelton (due 18th March) Maetsuycker, left Saigon about 15th February for Auckland (due 16th March) and Wellington (due 20th March). Piako left Glasgow 14th January (In ballast) for New Zealand (due abou 1st March). Port Brisbane, left New York 31st January, via PhiladelpJ la and Newport News, for Auckland (due about 4th March). Wellington (due 10th March) Wellington (old.) ... — 1 10 6 INSURANCE— New Zealand ........ — 2 13 6 MEAT PRESERVING— N.Z. Refrig, (ill) ... — 0 17 0 Wgton. Meat Exp. 0 7 9 — TRANSPORT— Uuddart Parker (ord.) * 2 15 0 — Union Steam (prof.) — 1 5 C P. & 0. Defd. Slock 14 3 — WOOLLEN — Kaiupoi — 0 12 6 Wellington (ord.) ... 4 17 6 — TIMBER— Leyland-O’Brieu ... 0 15 0 Rotoiti — 0 3 4 Rotoiti (pref.) — 0 16 6 Taupo Totara (ord.) 0 5 0 — BREWERIES— Dominion — 1 11 0 N.Z Breweries 1 18 0 1 18 11 Tooheys (cum rights) 1 12 6 1 13 1 MISCELLANEOUS— Aust. Class — 5 IS 6 Brit. Tobacco (Aust.)* 2 9 6 — Brit. Tobacco (64% pref.) — 1 12 9 Biokou Hill Pty. ... 2 17 9 — Burns, Pliilp, & Co. — 2 15 9 Claude Neon Lights (N.Z.) — 110 Consol. Brick and Pipe — 0 9 0 Electro. Zinc (ord.)* — 2 8 6 Fanners’ Trading ... — 0 19 C Felt and Textiles ... 1 11 9 — General Industries .. — 0 19 9 G J. Coles 3 17 10 — MacDuffs (ord.) ... 0 2 6 0 3 t MacDuffc (pref.) ... — 0 8 C Moturoa Oil — 0 4 9 Sharland and Co. (ord.) 0 14 0 — Taranaki Oil — 0 9 3 Wilson’s (N.Z.) Cement 0 15 1 0 15 6 Woolworths, Ltd. (ord.) * 12 8 1 2 10 Woolworths (N.Z.) (ord.) — 0 16 11 Bcrlei (N.Z.), Ltd. — 3 5 6 R and E. Tingey (pref.) — 10 6 Douagliy’s Rope ... 2 2 6 — C M. Banks (pref.) — 0 14 £ MINING— Addison’s Flat — 0 0 10 Big River — 0 11 Grey River — 0 17 1C Maori Gully 0 0 6£ — M.ossy Creek — 0 13 Waihi Investments .0 8 0 — AUSTRALIAN — Broken Ilill South * 16 6 17 3 Mount Lyell — 17 6 \ ERSE AS LISTINGS— Woolworlh Holdings (South Africa) ... 0 15 2 — UNOFFICIAL LIST Buyers. Sellers. £ s. d. £ s. d. Woolworths ProperLtd. (pref.) — 1 6 3 Dominion Life Assurance (ord.) 0 2 3 0 4 6 *Cuin div.