HOUSING FINANCE

New Zealand Herald, Volume LXXIV, Issue 22822, 1 September 1937, Page 9

HOUSING FINANCE

NEW PLAN OUTLINED , ASSISTANCE OF COMPANIES/ STIMULUS TO BUILDING "While the Government housing scheme has retarded the building of private houses, it is now evident that the State cannot possibly find homes for all and overtake the acute housing shortage," said Mr. \Y. Appleton, who presided at the annual mooting of the Wellington Investment, 'trustee and Agency Company, Limited, on Monday. Ho said the year had not been without its difficulties and it was not easy to forecast what the future hold. "Unfortunately, that over-maligned individual, the speculative builder, was so severely hit by the depression that there aro few new homes offering to-day with a nominal deposit," continued Mr. Appleton. "What is needed is a financial plan to bridge the gap between what the average man can find by way of deposit, and the amount which can be safely lent on first mortgage. "Instead tif the Government expendiiirr so much on its housing policy, I am inclined to think that co-operation between companies such as our own, and the State, would represent the best method of solving the difficulty. If funds were made available whereby the Government found a certain percentage at a reasonable rate of interest, and repayable on a table basis, hundreds of worthy people could then build their own homos and thus, relieve tho situation. Export- supervision and management would be assured. ""[ estimate that if £1,000,000 wore made available by tho Government along tho lines suggested, homes to tho value of £5.000.000 could bo built. Such a plan would also give a much-needed stimulus to the employment of the small independent builder who, in tho past, has been such an asset to tho community."

TEXTILE FABRIC PRODUCTION FROM WOOD USE IN GERMANY (Received August 31, 5.5 p.m.) Times Cable LONDON, August 30 The Berlin correspondent of the Times says the price of "zellwollo," the staplo textile fabric made from wood, has been reduced to 1J marks per kilogram, compared with 2.28 in 1935. "Zellwollo" thus is almost'as cheap as cotton and cheaper than wool, for which there is not yc/t an adequate substitute, though it is steadily improving. The reduction in price leaves a sufficient margin of profit to enable further research to bo made and for higher production, which already has increased from 4,500,000 kilograms in 1933 to 100,000,000. "Zellwollo" is chiefly used m conjunction with cotton and wool for the home market. BROKEN HILL SOUTH FURTHER PROFIT INCREASE EARNINGS TOTAL £768,316 [BY TKLKGII Al'H —I'IIKSS ASSOCIATION] WELLINGTON, Tuesday The New Zealand Stock Exchange Association hits received cabled advice thai; Broken Hill South, Limited, Melbourne, earned a not profit for tho year ended J lino 13 of £708,310. The profit is an increase of £282,119 on the previous year's earnings and coin pares with £312.510 in 1935 and £220,214 in 1934. The company recently announced' that its first dividend for the current veai_'would be Is 3d a share of ss, which is the same as the last distribution in the previous financial year. Tho corresponding payment last vear was 2s Od a. £1 share, the shares having since been subdivided. HOWARD SMITH, LIMITED DIVIDEND RATE RAISED The directors of Howard Smith, Limited, Sydney, have announced an interim dividend at the rate of 4 pel cent per annum. The corresponding pavment last year wa.s at the rate of'2l per cent per annum and 3: t per cent was paid lor the year. Payment will bo made on September 23. 1 lie usual quarterly preference dividend on tho 0 per cent £1 cumulative prolercnco shares will bo pa id on October 0.

c. J. GREEN'S MONTHLY REPORT | C. .T. • Green, Limited, stock and | si lit re brokers, report the following | sales for the month ended August ! Hl:—Government securities: New Aca- | land Government Inscribed Stock, 4 I per cent, 15/4/40-49, *lO4 15s. Do- : ben to res: Auckland Harbour Lonid. I 4' jjor cent, 9/</01,. LHJ.j 10s, 51/7/51, £lO7. Hanks: Bank ol -New South "Wales, £34 15s: Hank _ol Vw Zealand. 41s 2d, 44s bd, 44s /ad 44s <)d 44s lid, 45s 3d; Commercial Bank of Australia, 17s 7d, 17s Gdj English, Scottish and Australian. £o 1/8 bU. ; Miscellaneous shares: Aiicklaiul Gas, : '•ls y ( | -Jls fad; AiisL. Alloy Steel, l.)s 10,1, 20s; Broken Hill I'tv 84s, 84s (id 81s 3d; Consolidated Hrick, 8s 9.Jd, , Devon port Steam, 19s Jod; Dominion , Hreveries, ord. (cum. rights), 4os; (.ex , rights), 40s, 40s 3d, 40s bcl 'lis, -lis <)ff 42s 42s Gd, 42s 9d; rights (4parcels)', from lis 9d to 12 * preference (ex rights)., 40s 3a, 40s j , 43s 3d; Klectrolytic Zinc. 59s sd, bOs 3d; preference, 595, 60s 3d; banners Co-op. Auctioneering. £1 paid- 13*: Farmers' Trading, ord., 20s 20s lOd. 20s 9d, 20s Gd; G. J. coles, £1 19s 9d.,£4 18s 9d. £4 1/s, £4 18s 3d £4 16s; McKeuzie's Department Stores. £4 3s Gd, £1 7s £4 7s bd; Morts Dock (cum divA, 13s Id, 13s, 13s 3d. 13s; (ex dir.). 12s bd. Ks 4(1, National Tobacco, ord., 61s; New /ealand Breweries (con.), 345; New .jeaInnd Farmers' Fertiliser (cum div.), 22s 22s 6(1 (ox div.). 20s kl, 21s, 20s Tod. 20s 9d, 20s Bd, 20s Gd; New Zealand Perpetual Forests, 43s 6d; New Zealand .Refrigerating (con.), 9s 4d; Oamaru Woollen, 19s 2d; l ! } el £ c Forests, 7s; San ford (ord.), os 9d. Os 10.1, 5s llil. Os IHd. 6s; Selfridges ( \ust ) 32s 9d, 33s 6d. 3.55. .Vis fad, 345; Seifridges (N.Z.. fully paid), 18s; (12s paid), \9s Od s (4s paid). 3s; Selllridtios (W.A., 10s paid). 13s 4d, 13s ] 10d; Shillings, 18s 2d 9s 3d, l.»s, Silknit (X.Z.), 50s; \\ hakatane Papei Mills (ord.), 5s lOd, 5s 9(1; Wilsons Cement, 20s Bcl; Wool worths Hojdings (South Africa). 17s. 17s lOd, It* Gd, 17s 9d, 17s lOd, 17s 9d, 1/s 4d, 16s Bd, 17s Id. 16s lid. 16s 9(1 1/s, 17s 3d 17s Id, 16s 11(1; Wool worths (N.Z.)| ord., £s'2s 6d, £5 3s Gd, £o Og 3d. £5 2s; Wool worths OV.A.), ord. £5 18s 6d. Mining: Barrytown Gold Dredging. 34s Gd, 31s Gd; Broken Hill South, 48s 3d; Emperor Mines, 15s 2d. 15s 5(1, 15s 9d, 15s 3d; Loloma Mines, 24s 3d; Mount Lyell, 43s Id, 43s Bd, 44s 9d, 45s 3d. 44s lid, 44s 3d 445, 43s 3d. 435; Mount Morgan, lis 9d, lis Bd, 12s, 12s I.UI, 12s 2d 12s 2.1(1. 12s 4d. lis lid, 12s, 12s 3d. 12s Id, lis Gd. lis Id. lis 2d, lis 2id. lis id. lis; Taranaki Oil, 4s 7d, 4s Bd, 4s 9d, 4s Sd, 4s lid, os Id, 5s 2d, 5s 2Jd, 5s Id, ss, 4s lid, 5s Id.