COMMERCIAL

New Zealand Herald, Volume 82, Issue 25339, 22 October 1945, Page 3

COMMERCIAL

STOCK AGENCIES CHAIRMAN ANSWERS CRITICS (0.C.) . HAMILTON, Sunday "In listening-in to some of the members of the Government and their condemnation of stock and station agents, it would seem that the socialists who govern the Government have designs upon such businesses as ours and wish to put them out of existence," said Mr 1). Stewart Heid, chairman of directors of the Farmers 1 Co-operative Auctioneering Co., Ltd., at the annual meeting of shareholders yesterday.. Mr lie id said there was a remit going before the Labour Conference asking the Government to take these businesses over. When speaking in Hamilton at the byelection in May, Mr Nordmeyer spoke of the stranglehold such companies had on the farmers, said Mr Heid. Such a statement was not, only misleading, hut contrary to fact. Stock ami station agents throughout the years had rendered a wonderful service to the farming community of the Dominion. .Many farmer? acknowledged thin service, and wore grateful for the financial help and advice they Itad received, and il could not be denied that many owed their present sound position to that help and advice. Right ol Free Men Mr Heid said that in a recent publication he read an article on collective ownership. This term, collective ownership, unfortunately was being interpreted by many people "as State ownership. The capital of the banners I Auctioneering Co. was owned by approximately 4UOO shareholders, who appointed i their directors to evolve the policy and control the concern. The directors in turn appointed the working stnlt to in<umjie and conduct operations. Xo one director, shareholder or member of the staff owned the business. It belonged to all the shareholders, and was collectively owned. Politicians drew a red herring across the scent by attempting to disguise socialism under the cloak ol democracy. The former denied man freedom through compulsion, control and regimentation whereas democracy emphasised the freedom of man. Mr lieid claimed that the company, as well as other stock and station agent businesses, had the right of free men to conduct its own business ill its own way without having to submit to the dictation of the Government, which today, without any capital interest in such businesses, took by taxation no less than 7ti per cent of the net earnings, and then went to the length of trying to vilify them. Speaking from a good many years of experience as a farmer, Mr Heid asserted that within the compass of the financial ability of the stock and station agents, no reasonable financial accommodation had ever been refused to farmers. Stock and station agents had done more to assist farmers and enable them to develop the country than almost anyother institution, and threats of interference by the Government should be strenuously opposed by the farming community. Any Government which had the welfare of the country at heart should welcome such companies. £IOO,OOO in War Loans Mr Mervyn Wells said the company bad invested or a filth of its share capital, in war loans and had set aside a substantial sum to assist employees who had served in the Armed forces. Mr E. 11. Wayne thanked the company for its service to stock customers who had been unable to attend sales owing to petrol restrictions. Ibe report and balance-sheet were adopted. Messrs IJ. .Stewart Held, J. I'ohleu and V. W. Simms were elected to the board of directors, and Messrs 11. P. Hazard and E V. Riesterer were reappointed auditors. Votes of thanks to the secretary and general mnager, Mr A. O. Busliell. and lus staff were carried. EMPEROR CAPITAL RETURN OF 2/6 A SHARE Emperor Mines, Ltd., Melbourne, proposes to return capital of 2s 6d a share, to be paid in January. The amount is £'237,500. Paid capital will be reduced to £570.000 in shares of 0s each. Capital of Is lid a siiare was returned in January, 3SM-i. 'ihe company's chief asset is its .shareholding in Emperor Gold Mining Co.. Ltd., Fiji.

BANK OF NEW ZEALAND USUAL INTERIM DIVIDENDS The directors of the Bank of New Zealand have declared the usual interim dividend of 3 per cent on ordinary shares, and a halfyear's dividend of 3% per cent (less security taxes) on I) mortgage shares, payable December 8. Dividends cover the half-year ended September 30. BUILDING SOCIETY BONUSES The Cliristchurch Building and Land Society earned a net profit of £76(11 in the year ended September 30. against £7300. In addition to the usual dividends a Victory bonus of £25(!-2 is recommended to A and B share members, making tho total paid and allotted lo members £BOOB. against £5104 in the previous year. The Mutual Benefit Building and Investment Society of Canterbury reported a net profit of £6-122 against £">o4o for the year ended September 30. A Victory bonus of 1 per cent is added to the unchanged dividend and bonus of ~V 3 per cent for the year. The directors also recommend a victory year rebate of 2s in the £1 to the amount of interest paid to the society for the year to borrowing members. BANK OF ADELAIDE Net profit of the Bank of Adelaide for the year ended September 30 was £67,540. against £00,215. The unchanged 5 per cent dividend requires £62,500, leaving £45,462 to be carried forward, against £40,422 brought in. DRUG HOUSES' EARNINGS Drug Houses of Australia, Dtd., and its subsidiaries show net. profit of £180,228 for the year ended June 30. compared with £182,129 last year. The parent company's profit is £109,131, against £168,818. Preference dividend of 6 I>er cent absorbs £6OOO, and unchanged 6M> per cent ordinary dividend requires £160,800. Carry-forward is increased from £25,723 lo £26.064. SHAREMARKET INDICES London.—Financial Times (1926 equals 100): — Govt. Rails Indus. Gold Aug. 31 .. 115.7 62.4 141,0 161.4 Sept. 28 .. 115.5 62.3 142.5 166.7 Oct. 17 .. 115.2 64.3 143.8 169.5 Oct. 18 .. 115 2 64.4 143.9 169-2 Oct. 19 .. 115.4 64.5 144.6 169.4 New York.—Dow Jones (1026 equals 100). 1939: Highest (Sept.), rails. 35.00; industrials, 15J .22. Lowesti (April), rails, 24.15; industrials, 121.4. Rails Indus. Shares sold Ang. 31 .. 55.28 174.29 1,100,000 Sept. 29 .. 50.06 181.71 050,000 Oct. 17 .. 0(1.10 180.10 1,800,000 Oct. 18 .. 60.10 150.78 1,070.000 Oct. 19 .. 59.04 185.34 1,730.000 CALL AND DIVIDEND LIST Dividends— Duo Rotoiti Timber—pref., 6 2-5 p.c. p.a. (less security taxes); ord., 5 p.c. p.a. . . . . . . Oct. 24 South British —final, Is a share, plus peace bonus, Is 6d <i 6hare (books October 12) .. .. Oct. 25 Simpson and Williams—7'/ a p.c., plus victory bonus, 1 p.c. .. Oct. 25 Perpetual Trustees—int., 7d a share Oct. 26 United Bldg. (Ak.) —final, 3 p.c. . . Oct. 26 N.Z. Guar.—year, l'/ a d a share (books September 28) .. . . Oct. 29 United Provisions —final pf., 4 p.c.; ord., 5 p.c. . . . . Oct. 30 Australasian Paper and Pulp—final pref., 4 p.c.; ord.. 3 p.c. (books October (») . . . . .. Oct. 31 British Tobacco —pref., qr.. 1% p.c. (books October 10) . . .. Oct. 81 David Jones—final. Ist pref., 3 p.c,; 2nd pref., 3% p.c.; ord., 5 p.c. (books October Hi) . . . . Oct. 31 Drug Houses of Aust,—final. S'A p.c.. plus peace bonus, 1% p.c. books October 18) . . . . Oct. 31 Bradford Cotton—final, pref., 3 p.c.; ord., f» p.c, (books Sept. 29) . Oct. 31 Nth. Auck. Par.—pref., 5 p.c. p.a., less tax (books September 8) Nov. 1 Macky, Logan-—int., 3 p.c. (books October 24) .. .. •. Nov. 1 Wm. Cable —pref.. half-year, 3'/ a p.c. . . . . .. .. Nov. 1 Howard Smith—int., ord., 2 p.c. (books Ortoher 20) .. .. Nov. 2 Sth. Otago Freezing—s p.c. p.ft. (books October 6) .. .. Nov. 3 Sharlands —final, 1V ? p.c., bonus, 2 p.c. (books October 24) . . Nov. 8 Bank Adelaide final. 2V, p.c. (books November 1) . . Nov. 14 Nat. Picture*-final, 2% p.c. (books November 8) . . . . Nov. 14 Biirns-Philp—int., 5 p.c. (books October 31) Nov. 15 Standard lusee.-—Victory bonus, 1s

a share (books September 3) . . Nov. 26 1.C.T., I/Id-—int.. 3 p.c. stg. . . Dec. 1 Electroc Zinc—final. 5 p.c. (books October 0) . . . . . . Dec. 7 Nnt. Bank .A'asia—final, all shares,

3 p.c. (books November 12) . . Nov. 28 Frms.' Trading—pref., half-yearly, A and B, 5 3-5 p.c. p.a.; C, 5 p.c. p.a Nov. 30 Dom. Pictures—final, pref., 3 p.c.; ord., 3V t p.c p.a. (books October 30) .. .. .. Nov. Bank N.Z.—lnt., ord.. 3 p.c.; D mort., 3*/ (less security taxes) Dec. 8 ■A.C.l.—int., pref., 4 1 /, p.c.; ord., 3% p.c. (books November 11) . Dec. 12 Call*— N.Z. Drug—con., final, 20s a share Feb. 1