COMMERCIAL

Nelson Evening Mail, Volume LXXIII, 25 October 1940, Page 3

COMMERCIAL

SOUTH BRITISH INSURANCE CO. [United Press Associationl AUCKLAND. 24th October. “In a year fraught with unusual difficulties. the company’s insurance operations had proved most satisfactory,” said Mr V. L. Larner, chairman of directors. at the annual meeting of the Sov+h British Insurance Company.” The last few years had shown a steadily rising income, with a corresponding growth in net. earnings. During the year an interest-free loan of £IOO.000 was made to the New Zealand Government for. the duration of the war. 'the company was well fortified by the quality of its assets to withstand any blows that might fall upon it. Investments totalling £4.132.638 were practically confined to the British Empire. and, apart from those of the United States of America, foreign securities amounted to only £30.000. The retiring directors. Messrs Stronach Paterson and Kenneth Myers, were re-elected. Votes of thanks to the directors and the general manager. Mr J. Morton, and the staff, were passed. THE PRICE OF TIN LONDON, 23rd October. The price of tin is quoted as follows: Spot, buyers £257 15s a ton, sellers £258; forward, buyers £260 ss, sellers £260 10s. BORING FOR OIL GISBORNE. 24th October. The New Zealand Petroleum Company reports that good progress has been made during the past fortnight. At the Morere bore drilling has reached a depth of 4925 feet in cretaceous formation. At Midhurst the bore is down to 2380 feet. AUSTRALIAN STOCK EXCHANGES [U.P.A.— Electric Telegraph-Copyright) SYDNEY, 24th October. To-day the investment market was firm and fairly active. Sales: Commercial Banking Co, Sydney, £l9 18s: Huddart Parker, 535: Standard Cement, 20s 6d; Kandos, 32s* Felt Textiles, 34s 9d; ditto, rights, 12s 7d; New Zealand delivery, 12s lid; Consolidated Industries, contributing, 24s 9d; Wool worths, second, pref., 25s 6d, Henry Jones, 56s 9d; Electrolytic Zinc, 52s 3d; Placer Development, 58s 6d. Morning sales included:—Commercial Bank of Australia, 14s 6d; Tooth and Co., 53s 6d; A.C. Industries, ex div., 37s 4(d; British Tobacco, 50s 6d; Cash Orders, 16s; Cumberland Paper, 29s 6d. MELBOURNE. 24th October. Sales:—Commercial Bank of Australia. 14s 7d; Consolidated Industries (ex dividend), 37s 6d; Felt Textiles, rights, 12s 9d: Heralds, 545; Coles. 695: Lolcma; 22s 9d.