STOCK EXCHANGES

New Zealand Herald, Volume LXXVIII, Issue 23993, 17 June 1941, Page 3

STOCK EXCHANGES

YESTERDAY'S SALES RETURN ON INVESTMENTS In the following list of yesterday's sales, yields allow for exchange and British income tax where necessary, and, in the case of loans, redemption and brokerage, but no allowance is made for social and national security taxes on dividends on which these are payable:—

Also.—SDomlnion Breweries, 28s fid; lAuokland Gas, 5s 9d; §Broken Hill Pty., 42s Of!; N.Z. Crown Mines, Is 0d; New Occidental, 18s ('cum div.). Unofficial list; John Puller, 3019, 4%, £OO (2). ' Wellington.—War Loan, 1/10/58, £B3 10s; N.Z. Breweries, 81s 7'Ad. Unofficial list: SN.Z. Woolpack, 2s lid; J. 3. Niven, 8s Od (2), Qhrlstchurch.—Bank Nsw Zealand, 30s 3dj Westport Coal, 235; N.Z. Breweries, 31s 6di Broken Hill Pty., 42s sd; Colonial Sugar, £52 15s; Whltcombe and Tombs, 67s Od (2); Mount Morgan, 9s. Dunedln.—N.Z. Broworles, 31s Od; Mount Morgan, os. §Salcs after hours on Friday. HOLIDAY IN AUSTRALIA SYDNEY, June 10 The King's Birthday public holiday was observed to-day, and the Stock Exchange was closed. OUTPUT OF SUGAR REDUCTION IN AUSTRALIA Sugar production in Australia last season declined by 122,000 tons to 800,000 tons, a reduction of 18 per cent. The recession followed four years of increasing production to a record of 928,000 tons in 1930. The value was £919,000 lower at £13,818,000. Queensland's share was 759,000 tons, valued at a little more than £13,000,000. Exports at 400,000 tons were the lowest since 1985, and fell from 59 per cent to 50 per cent of the total on the year. Australian requirements increased by 4 per cent. For the 1911 season a proclamation has been issued acquiring tho mill peak quotas without amendment, and therefore the aggregate of 737,000 tons. The monthly bulletin of the Queensland Bureau of Industry recalls that in April the Queensland Government emphasised the desirability of an early beginning of crushing, so that advantage could be taken of any shipping that became available from early in June onward. It was explained that a graduated bonus would be paid to the mills as part compensation for producing sugar during May and June Though no mill was able t-o begin crushing in May, several intended to do so early in June. GRAIN AND 'PRODUCE j HEAVY DEMAND FOR WHEAT Following is the official market report of the Auckland Grain, Seed and Produce Mer- [ chants" Association: — Wheat.—A shipment is expected shortly, when orders booked for ex ship despatch will be fulfilled immediately upon discharge. A heavy demand still continues, with the market prices unaltered at the special rate for ex ship deliveries, and from 7s 3d to 7s 4d a bushel for ex merchants' store stocks. Maize.—A steady demand continues. Good stocks of good quality old maize are available at from 7s Od to 7s lOd a bushel. Stocks of South African are also available at from 8s Id to 8s 3d a bushel from merchants' store stocks. Oate,—Oats are firm, with only limited offerings from tho south. The price in Auckland is steady at from 5s Id to 5s 4d a bushel. Stockmoal.—Fair supplies of stockmeal are available, and requirements are being supplied from merfchants' store stocks at £lO 17s Od a ton. less IV A per ceitt, to £ll 10s a ton net, according to quantity. Barley,—Barley supplies are extremely short, and merchants are awaiting the arrival of a shipment due shortly. The price remains unchanged at, undipped, 5s lOd to Gs a bushel; clipped, Os 3d to 6s Od a bushel. Australian Bran.—Tho recent break in the weather is expected to stimulate the demand for bran. Good stocks of Australian arc held by merchants. Chaff.—The chaff market is steady and the price remains unaltered at from £lO 15s to £ll 10s a ton. NATIONAL BANK DIVIDENDS The general manager of tho National Bank of New Zealand, Limited, has issued to the Stock Exchange an explanation of the bank's dividend payments iu respect of the year ended March 31, 1911. Theso were interim IM, per cent, less British income tax of Ss Od in the pound, and final 2 per cent, free of British income tax. The general manager states that the final dividend is equivalent to 4 per cent, less British income tax at 1()s in the pound, and therefore the total dividend for the year is equivalent to 5% per cent sterling, less tax. The bank was not entitled to relief in respect of Dominion income tax for the year ended March 31, 1911, which explained why the interim dividend was Jess tax at the standard rMo of 6s fid in the pound. Payment of the final dividend tax free compensated for this. 1 hat departure from the bank's practice of paying dividends subject to British income tax was to meet the special circumstances operating last year, namely, tho banks inability to obtain Dominion income tax relief, and did not indicate any change in policy. SWAN BREWERY RESULTS Consolidated profit of Swan Brewery Company, Limited, of Perth, and its subsidiaries, amounted in the half-year ended March 31 to £120,512. after eliminating outside shareholders' equity, against, a comparative profit of £88,698 in the preceding six months and £98,053 in the half-year ended March 31, 1010. The parent company shows for the half-Year ended March 31 a profit of making a total profit for 12 months of £185,290, This compares with a profit of £ 120.241 for 1989-10 and £125.321 tor 1088-39. , -on During the year under review swan Brcwerv Company made a bonus issue of ordinary shares of one for three (£170,150). and a new issue of one for six for cash (£85,078), at a premium of 100 per cent. (£85,078). Nominal capital was increased from £505,400 to £835.556. Preference dividend of CI per cent and ordinary dividend of 21 2-8 per cent (last year 25 per cent) requiro in all £161,f559< ______ BROKEN HILL SCRIP Provisional share certificate.'! for the new share issue of 22 for 100 made in February by Broken Hill Proprietary Company, Limited, are now being despatched to shareholders. Tt was expected to complete tho issue in a week. LOWER BUTTER FIGURES Production of butter in Australia for nine months ended March 31 was 19,450 tons lower, a fall of 11.5 per cent, than for the samo period last year according to the official figures. The output, however, was approximated equal to production for the same period in'the two previous years. The fall was steepest in Queensland. MINING YIELDS "West. Coast mining yields are:— Rlmu Flat. —Week ended Juno 10, total o! 1.73.80Z from 41,517 yards in 121 hours. Nemona. —Week ended Juno 18, total lf',y 2 oz from 8100 yards in 110 hours. Moonlight.—Wash-up Juno 12, total of 460z from sluicing. Okarito (Westland).-~l7oz for 119 hours. Clutha (0tag0).—8707.. in 118 hours. FOREIGN EXCHANGE Closing telegraphic, rates for purchases and sales of foreign exchange Auckland on overseas centres yesterday were supplied by tho Bank of New South Wales as follows:v June 10 T.T. T.T. Buying Selling New York, dol. to £ .. 3.254 2 3.2050 Montreal, dol to £ .. 8.0039 3.5210 Java, fl. to £ . .. 0.187 0.004 Manila, pesos to £ .. 0.559 6.412 Hongkong, peneo to dol. 18% 10 1-32 India, pence to rupee .. 22 5-82 22 23-32 Ceylon, pence to rupee . 22 5-32 22 23-32 Shanghai, pence to dol. Singapore, pence to dol. 34 41-64 85 39-64 S. Af„ £N.Z. £S.A. 100 123 125/5/London, £N.Z. £st. 100 124/7/6 125 Australia, £A. £N.Z. 100 100/10/- 100 Fiji, £F. £N.Z. 100 .. 90 BS/12/6

AUCKLAND EXCHANGE Sale Price Rise or yield £ s d Fall £ a d §Ba.nk N.Z 1 10 6 — 4 7 8 Not.. Inscc.. 0 18 6 — 4 1 1 Efjui, Bldg, deb. 0 15 0 0 13 4 §F.A.C. (£1) 0 10 6 11 8 7 Auckland Gas 0 5 9 — 0 19 5 WkIofi. Woo! (otfl.) .. 6 15 0 +2s 5 18 G Doip. Brow. (2) 1 8 6 — Oil 5 19 4 §N.Z. Brew. 1 11 6 — 4 15 3 SAus. Steel (prof.) .. 1 e TA — 4 7 3 Broken Hill 1 o 6 — 3 10 7 Col. Suyar . 52 15 0 4-2s Gd 3 4 5 SN.Z. Fert. (pref.) . . 1 •2 0 — 5 0 0 Tar. Oil Dev. 0 2 0 — — Martha (2) . 0 7 0 +rsd 20 11 7 Waihi Invest. 0 3 0 +6(1 0 4 3 Ditto (2) . 0 3 0 + 9d 5 13 7