STOCK EXCHANGES.

New Zealand Herald, Volume LXVIII, Issue 20921, 10 July 1931, Page 7

STOCK EXCHANGES.

YESTERDAY'S SALES.

RETURN ON INVESTMENTS. Following is a list of yesterday's transactions on New Zealand Stock Exchanges. In the second column is given the return, based on the last annual dividend, from investment at the quoted prico. In the case of Government and other redeemable securities the return includes redemption. In calculating the returns on. shares in companies which pay their dividends outside New Zealand exchange rates, being liable to fluctuations, have not been taken into consideration. Tho first column gives the figures at which tho sales were made:— AUCKLAND EXCHANGE. Return on Sale Price. Investment. £sd £ s d Ina. Stk.. .1938, i\ . . 98 0 0 416 11 Auck. Transport Board, 1945, 5} .... 9-3 0 0 5 18 0 Wgtn. City, 1944, 5* 91 10 0 517 5 Thames Har. Board, 1914, G . . . , 100 0 0 6 0 0 Com. Bank Aus. 0 14 5 * Union Bank . , 7 6 0 415 11 N.Z. Insurance .. 22 0 415 3 South British .. 2 11 6 E? 3 1 Leyland-O'Brien ..119 * N.Z. Breweries (2) .. 1 15 0 Do. (late sale Wed.) 114 11. * British Tobacco ..156 * Bycroft . . . . 1 8 0 616 11 Far. Trading (A pf.) 015 3 7 ;16 1 Waihi . . . . 015 7 12 J6 8 Ditto . . .. 0 15 6 12 18 0 Waihi Junction .. 0 3 0i 10 19 3 The following, sales also took place:•—King Solomon, 2s 9d W). CHRISTCHURCH EXCHANGE. Bank Australasia . . 912 0 615 5 Bank of N.Z. .. 2 8 6 5 18 2 Uoldsbrough-Mort . . 1 0 3 418 10 Ditto . . .. 1 0 2 4 19 2 Dalgety and Co. ~ 611 0 * United Building .. 0 15. 6 7 8 2 N.Z. Breweries I 15 1 * Colonial Sugar .. 85 0 0 7 210 Waihi 0 15 9 12 13 11 Ditto .. . . 015 8 12 15 3 The following sales also took place:— Cornish Point, 10Jd (3), 9Jd; King Solomon. 2s Sid (2). WELLINGTON EXCHANGE. Choh. Tram. Board, 1944. 5J . . . . 96 6 0 6 18 E Ins. Stk., 1936, 61 .. 99 5 0 513 6 Bank N.S.W. .. 25 12 6 7 0 6 DUNEDIN EXCHANGE. Ins. Stock, 1951, 5i 99 0 0 511 8 N.Z. Kefrig. (con.) .0 3 6 The following sales also took place:— Okarito, lis, lis Id (3). "Interim dividend reduced.

THE UNION BANK.

DIVIDEND FOR THE YEAR. RATE OF 7 PER CENT. Owing to tho mutilation in transit of the press cablegram from London, the final dividend declared by the directors of tho Union Bank of Australia was announced in New Zealand as a distribution of 4 per cent, instead of at- thp rate of 4 per cent, per annum, making only 2 per cent, for the half-year, or 2s a share, which is ( officially advised by the New Zealand Stock Exchange Association as tho correct amount. \

The interim dividend paid by the bank in January was at the rate of 10 per cent, per annum, so the distribution for the year ended February 28 is 7 per cent. This is a reduction of 8 per cent, iu the last two years.

SANFORD, LIMITED,

HARD YEAR EXPERIENCED.

RESTRICTIONS ON TRAWLING.

The annual meeting of shareholders of Sanford, Limited, was held yesterday. The chairman of directors, Mr. A. F. Jagger, presided. In moving the adoption of the annual report and balance-sheet, published in the Heramj on July 1, the chairman said Government restrictions had resulted in the trawlers being forced to operate in an area where fish were very scarce, while the most profitable and sheltered part of Hauraki Gulf was closed to the boats, and they had now to travel to the Bay of Plenty, a distance of 150 miles. Two days a week were lost in steaming to the fishing grounds, and the cost of coal used in reaching the grounds was an additional item of expense. The recent award of the Arbitration Court governing -tjie working conditions of crews of trawlers had had a very serious effect on the company's operations, Mr. Jagger continued. He considered that this had affected the profits of the company to the extent of £3OOO. The award had given the men five 36-hour and three 24-hour periods of time off in each eight weeks, where formerly it was three 24-hour and one 36-hour period in each four weeks. This did not seem a very great concession to make, but with the restrictions on the Hauraki Gulf, it meant that the company could now obtain only three day's fishing each week. The trawler returns for the year, as compared with the previous year, showed a decrease of s6me 215,1971b, of fish. The operations of the company had been seriously affected by the general depression. The reduced purchasing power of the farming community had restricted tho salo of fertilisers. Every economy had been oxercised in management, including a 10 per cent, cut in all salaries, honoraria and wages. The retiring directors, Mr, F. M. Hills and Captain R. C. Hammond, were reelected.

PACIFIC BUILDING, LIMITED. I NO DIVIDEND PROPOSED, i The directors of the Pacific Building, Limited, in their report for the year ended May 31, recommend that no dividend bo paid this year. The dividend was also passed last year, but in the two previous years the company paid a dividend of 4 per cent. The report states that the severe financial depression, with its resulting unemployment, materially affected all classes of business, with tha inevitable result that the company had been compelled materially to reduce its rents. Its income was £ll7O lower than that for the preceding year. The gross receipts from rents and rates were £8468, as against £9638 in the previous year. Expenses were £7837, as against £7979, leaving a net profit of £632, ns against £1660. An , amount of £837 was brought into the accounts, making a total of £1468. A sum of £1464 was provided for depreciation of building, leaving a balance of £4 to carry forward.

The mortgage redemption account has been transferred to the depreciation of building account, which, with the sum provided this year, totals £2BOO. The mortgage over the company's property was reduced by £703 during the year.

AUSTRALIAN PRODUCE. (Received July 9, 9.35 p.m.) SYDNEY, July 9. The following are to-day's, prices on the Sydney produce markets-.: —Wheat: Inactive, ex trucks at Sydney, 2s Bjd; at country stations, Is B|d; flour, £10; pollard, £3 10s; bran, £3; potatoes, Tasmania!), to £6 10s; Victorian, £5 10s; onions, Victorian, £5; oats, white and Algerian, 2s 9d; maize, 3s 6d.