A.M.P. RECORD

New Zealand Herald, Volume LXXV, Issue 23036, 13 May 1938, Page 5

A.M.P. RECORD

NEW BUSINESS FIGURES BETTER TIMES 'INDICATED AID FOR LOAN CONVERSION Record figures for new business in both ordinary and industrial departments were quoted at the annual meeting of the Australian Mutual Provident. Society in Sydney last week. The chairman, Sir Samuel Hordern. in his annual address, which was read by the deputy-chairman, Dr. George H Abbott, said the total new business for 1937 amounted to £31,727,699, which was about £3,750,000 in excess of the figure for 1936, also a record. "The records of a well-established life oflico provide a very good indication of the measure of prosperity in a community," said the chairman. "The A.M.P. Society, being practically a national institution, numbering among its members all sections of the community, and holding assets of £112,000,000, belonging entirely to its members, is a fair standard to take in this connection. The new business figures, the fact that ca«h surrenders are less by £50,000 than in the previous year, and the fact that the arrears of interest on mortgage accounts show a decrease of no less than £BO,OOO, are all clear indications of a return to more prosperous conditions." Holdings in Commonwealth Government securities had increased during 1937 by more than £3,000,000 to nearly £33,000,000. On December 15 the Commonwealth Government would be faced with the responsibility of arranging a large conversion of more than £70,000,000. As it was very important for the financial standing of Australia both internally and abroad that this conversion should meet with success, the society would naturally assist the Government. The motion for the adoption of the annual report was carried unanimously LONDON WOOL SALES BROADENING OF DEMAND OUTLOOK IN THE MARKET.. LONDON, May 11 When the London wool sales were continued to-day 9427 bales were offered, including 3979 New Zealand. A total of 8192 bales was sold. The catalogue represented a good selection and there was a broadening of the demand. especially for Australian Merinos, at firmer rates. Withdrawals, however, wore frequent among inferior wools. New Zealand scoured halfbred, "Taruarau," averaged 14$ d per lb., with the top price at 17£ d. The review of H. Dawson, Sons and Company, Limited, woolbrokers, in commenting upon the outlook, says the consumption of the home trade has considerably declined and the volume of new business available at the woollen mills is very limited. The manufacturers, however, are not generally heavily stocked with raw material, but unfortunately cloth merchants and distributors have considerable quantities of materials on their shelves. Merinos at present are commanding reasonable prices and no further depreciation is feared. The Bank of New South Wales has received the following cablegram from its London office, dated May 10: —There is good and general competition. Compared with closing rates at the laSt sales., Merinos and crossbreds are tinchanged, slips is occasionally in buyers' favour. Average or estimated prices of New Zealand greasy fleece, ordinary top-making wools, are: —Merino, 60 to 64, 12d per lb.; fine halfbred, 56. to 58 r 12£ d; halfbred, 50 to 56, 12d; three-quarterbred, 48 to 50, lOJd; fine crossbred, 46 to 48, 9Jd; medium, 44 to 46, 9jd; crossbred, 40 to 44, 9Jd. DUNEDIN CABLE TRAM INTEREST IN SHARES REVIVED

[BY TKIiKCHAPH —OWN CORRKSPONDKNT] DUNEDIN, Thursday For the first time for about 12 months there was ft number of inquiries to-day on the Dunedin Stock Exchange for Dunedin and Kaikorai Tram Company's shares. Fresh interest among investors has been aroused following tho election'of a citizens' council. Prior to this, the company had been informed that when the lease expired next May it would not be renewed, but the present car service would probably be replaced by buses. Sinoe the election of the new Mayor, Mr. A. H. Allen, who stated during his campaign that at the expiration or the company's lease, he would advocate that the council should take over tho company at valuation, interest has revived. Until to-day, buyers of the shares have been few and far between, but more than a year ago the company's shares quoted on the exchange between 38s and 40s. Buyers were offering up to £1 15s at the closo of the market to-day, but there was no response from holders. The company operates cable trams from Stuart Street to Kaikorai Valley. In the past financial year a dividend of 6 per cent was paid

GOLD AND SILVER QUOTATIONS IN LONDON LONDON, May It Fine gold is quoted to-day at £6 19s lid an oz,, compared with £6 19s 9Jd yesterday. Silver is quoted at 18 11-lGd an oz, spot, and 18 7-16 d forward, same as yesterday. Tho quotation for silver at per fine oz. is 20 3-lGd, same as yesterday: MOUNT MORGAN, LIMITED DIVIDEND IN JULY A cablegram from the directors of Mount Morgan, Limited, Queensland, to the Stock Exchange announces that a circular has been posted to shareholders concerning the directors' programme for an increase in production and also referring to the proposed payment of a dividend of 3d a share about July 20. The last dividend distributed by the company was <l}d a share, paid in October, 1937. The nominal value of the ordinary shares is 2s 6d. TOOTH'S HIGHER DIVIDEND (Received May I'2, 8 p.m.) SYDNEY. May I*2 The interim half-yearly dividend declared by Tooth and Company, Limited, brewers, is at the rate of 11 per cent per annum. The interim dividend last year was at the rate of 10 per cent per annum and the directors increased the final distribution to a rate of 11 per cent per annum, making 10J per cent for the year, against 10 per cent in 1936.