COMMERCE AND FINANCE

Otago Daily Times, Issue 21649, 20 May 1932, Page 4

COMMERCE AND FINANCE

THE SHARE MARKET ' DUNEDIN STOCK EXCHANGE A late sale on Wednesday of Consolidated Goldfields was reported on the Dunedin Stock Exchange yesterday at 3s 7<ta. Business, was reported in Standard insurant at 38s, further offers of 37b failing to attract a seller. A parcel ol Westports was turned over at 19s, further offers ' of the same figure finding sellers firm at 20s. Australia?*.'Glass shares were wanted It up to 325?9d, no seller responding. British Tobaccos were asked for at ti-, but sellers were: demanding Is more. Aij offer of 24s for Milburn Limes found asking 255, There was a buyer ot Okaritos at 9s ,sd, the best selling quota- *. tion being 9s 7d. There was a fair d inand for Government Loans. , , Sales reported! Consolidated Goldfields (late sale Wednesday), 3s 7M; Standard Insurance, 38a; Westport Coal, l&a■ (cum div.); Moturoa Oil {after last call), M Bd; Wellington Woollen (ord.), £4 45.; The following are yesterday afternoons i buying and selling_c|Uotationß, which ar - subject, to-the usual-brokerage: .• ’. L Bank of Australasia— Buy £9. ! Bank ol NeW South Wales— Buy £24 1 of New Zealand—Buy 445, eel Bank—Buy 13s 4d, sel 13s Bank of New Zealand Sel i Bank of Australasia— Buy £8 15s, sel £lO 6s. Union £6 17s 6d. • • : INSURANCE. ; New Zealand Insurance Co.—Buy 355. ■ South British Insurance Co.—Buy 475. Standard Insurance Co. —Buy 375. 3' SHIPPING. P. and 0. Deferred Stock— Buy 16s. COAL. Westport Coal Co.—Buy 19s, sel 20s. > ■I Westport-Stpckton (ord.)— Buy 4d. LOAN AND AGENCY. Dalgety arid Co.—Buy £6 15s. Gbldsbrough, .Mort— Buy 22s 3d, sel 22s 9d, ‘ ! National: Mortgage (“ B ” issue) —Buy 17s. ’ ■ Perpetual Trustees —Sel 60s. MEAT PRESERVING. Nsff Zealand Refrigerating (pd.)—Buy 11s 2d, sel Us 9d. New Zealand Refrigerating (cont.) Buy 3» lid, sel 4s 3d. South" Otago Freezing—Buy 40s, sel 655. : MISCELLANEOUS, i Australian Glass —Buy 32s 9d. British Tobacco —Buy 275, sel 28s. Crystal Ice Co.—Buy 225, sel 255. ■ V Kaiapoi Woollen (ord.) —Sel 8s 3d. Milburn Lime and Cement —Buy 245, sel ■ *ss: , v. , , M'Leod Bros.—Buy £22. New Zealand Drug Co. —Sel 475. / New Zealand Farmers’ Fertiliser —Sel 12s 6d. New Zealand Paper Mills (ord.) —Buy 18s 3d. ' BREWERIES. ‘ New Zealand Breweries, Ltd.—Buy'24s 6d. sel:2ss 3d. . ' - ; ,’Dunedin Brewery—Sel'l9s od. Tooth’s Brewery—Buy 235. • ■ ? MINING. Waihi—Buy 15s. Waihi Grand Junction —Buy 3s 3d. Electrolytic Zinc (pref.)—Buy 19s,- set 10* 6d. * _ . ■ ' Mount Lyell—Buy 17s. Broken Hill South —Buy 35s 6d. Mahakipawa—Buy 4d, sel sd. Kildare —Sel Is Bd. j Okarito —Buy 9s sd, scl 9s 7d. !" -Baddy's Point —Biiy *>3s 9d, sel 4s -2d. Golden Progress—Buy Is, sel Is 9d. i‘', King Solomon—Buy Is, Is 3d. par. OIL. Moturoa Oil —Buy 3s 3d. GOVERNMENT LOANS. 4J per cent. Bonds, 1938 —Buy £92, sel 193. I' - 4j per cent. Bonds, 1939 —Buy £92, sel 193. ■ ' - 4*4 per, cent. Inscribed; 1938—Sel £93. 4} per cent.' Inscribed, 1939 —Buy £92, •el £93. ‘ „ , s 54 per cent. Soldiers’ ,Bonds, 1933—8uy v 199 10s. : , 5J per cent. Soldiers’ Inscribed, 1933 Buy vf 99 10s. . ; 5* . per cent. Bonds (Feb., 1937)—5cl 199 10s. . 5i per cent. Inscribed (Feb., 1937) — Buy £9B 17s 6d. 5i per cent. Inscribed. (Sept., 1937) Buy £99 17s 6d. ' NORTHERN EXCHANGES i * (Peb United Press Association.) The following business was done on 'Changes yesterday:— Auckland. —Sales: Bonds (1939), 4J per •ent., £92 17s 6d; Stock (1937), 5J per cent., £96 10s; Stock (1937), 5 \ per cent. - (February) , £9B 17a 6d; ditto (September), £9B 10s; Commercial Bank, 13s 9d (two parcels); Bank of New South Wales,' £25 15s; Bank of New Zealand, 44s 3d (three parcels); Bank of New Zealand ■ (D Mortgaging), 25s 9d; New Zealand Insurance, 365, 36s L}d; Dominion Investment, 15s 3d; Auckland Gas, 21s; Mount Lyell, 17s sd. Wellington.—Sales reported: New Zealand Government 44 per cent. Bonds (1939), £92 17s 6d (two sales late Wednesday); 5i per cent. Stock (February, 1937), £9B |7s 6d (late Wednesday); Bank df Najv Zealand,_ £2 4g 2d (two sales), cum div.; English Scottish and Australian Bank, £4 2s 3d; New Zealand Drug Company, £2 6s 3d; Woolworfhs (preference), £1 3s-6d. Christchurch.—Sales: Commercial Bank •f Australia, 13s 7d; National Bank of New Zealand, £3 6s; Bank of New Zealand (cum div.), 44s 3d; Union Bank ot Australia, £6 15s; Goldsbrough, Mort., 22a sd; Dunlop Rubber, 11s; Golden Dawn, 5s 9d (two parcels), 5s 9Jd, 6s lid (three parcels); Mahakipawa, sa; Mahakipawa (pref.), 6d; Okanto (cum div), Ds sd. Sales reported; E.b. and A Bank, £4*2B 6d; Union Bank of Australia, £.6 Iss.‘6d; New Zealand Insurance, 265. _____ . NEW ZEALAND PAPER MILLS, , LID. V , ANNUAL MEETING. The twenty-seventh annual general meeting of New Zealand Paper Mills, Ltd., was held yesterday in the Chamber or Commerce board room, Dunedin, Mr .r. W. Mitchell, chairman of directors, presiding over a fair attendance of shareholders. On the motion of the chairman, the meeting adopted the report and balance sheet and. the board’s recommendation respecting the payment of a dividend at the rate of 4 per cent., makujg a total distribution for the year of 7 per • In the course of his remarks Mr Mitchell stated that following the reduction of 10 per cent, in wages as a result of the general order of the Arbitration Court, v and # also a corresponding reduction in salaries and directors' fees, the company had been able to reduce the price of kraft wrapping by £2 IQs per ton, arid there was no evidence that this relief to the cost of living had not been passed on to the consumer. He held that this must surely he regarded as a proper course for the company to have adopted. Mr E, Tamblyn, in seconding the motion, remarked that one outstanding feature of the company’s operations during the past' few years was the wisdom of centralisation at M ataura - With efficient management he felt sure that there was a bright outlook for the company. The retiring director (Mr W. F. Edmond) was re-elected, and Messrs Barr, Burgess, and Stewart were reappointed ns auditors for the ensuing year.

LOCAL AND OVERSEAS MARKETS.

x DAIRY PRODUCE The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following advice from its London house, dated May 18:—Butter, 955; market very slow. Cheese, 56s to 575; market is steady. PRICE OF FINE GOLD . . i (United Pres* Association.) (By Electric Telegraph—Copyright.) LONDON, May 18. Fine gold is quoted at £5 13s 2d per ounce, FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.)

AMERICAN CORPORATION EARNINGS INDIFFERENT RESULTS IN MOST -- . ■ CASES. A useful source of information regarding the conditions • under which business is done in the United States is offered in the annual report of the Commissioner of Internal Revenue bn Statistics of Income. This report present* detailed! figures .compiled from income tax: showing. the amounts of individual and corporate incomes for each year. The ’ figures on individual incomes received wide publicity, but those relating to corporations attract considerably less attention. The latter are, however, quite as useful and illuminating as the data on individual incomes, and the broad picture . they present . differs rather widely from, certain popular notions concerning the financial returns from business operations in.this country. The unique value of the report lies, in the fact that it is practically all-inclusive, since every corporation in the country, unless exempted by law, is required to file a return. The figures indicate (says the review issued' by the Guaranty Truht Company of New York) that a surprisingly small proportion of American corporations a net income in any given year. Never has this proportion exceeded two-thirds of all the corporations reporting, and in no year since 1919' bas it equalled ,80 per cent. The general experience during the prosperous periods of the last decade was that, only slightly' more than half of the corporations in the country earned a net income in any single year. In 1929 the proportion showing a net income was 53 per cent.; in 1930 (on the basis of returns filed prior to August 31, 1931) there was an abrupt drop .to 43 per cent. Undoubtedly, the most striking feature of the report is the rather indifferent showing made by the large majority of the. country’s corporations, even in comparatively prosperous yearsi ; In every year since 1919 total deficitsTappfbximating or exceeding 2,000.000,000 .’dollars,have been, reported. The 'magnitude/bf this figure can be-readily appreciated'jn'View of the fact that the total net income has never exceeded 11.654,000',Qp0 dollars. Several possible explanations suggest themselves for this surprisingly large proportion of unsuccessful results. Allowance must be made for the natural tendency of taxpayers to resolve questions .of doubt in their own favour on income tax returns. But this is- an incidental consideration that does not materially affect the problem as a whole. Such results must indicate either bad management* or excessive and ill-directed competition, and bad or insufficient industrial planning. They probably reflect increasing pressure on the earning position of small concerns with the growth of large-scale enterprises in various branches of production and distribution. And they are probably aggravated by the stringency of the American anti-trust laws and the over-regulation of corporations, particularly in transportation.. ... ' ■ ' .->■

RUGBY, May 18. Par. May IT. May 18. Paris, fr to £1 ... .. 124.21 02 13-10 93% Brussels, bclgas to £1 35 2G.10 20.25 Oslo, kr to £1 .. .. 18.150 20 20 Stockholm.' ykr’ to' £1 18.150 10 11-10 19.70 Copenhagen, kr to £1 18.150 18.30 18.30 Berlin, marks to ’£1 24,43 15.36 ; 15.40 Montreal, dbl to £1 "1.80 2-3?, 1,13 4.10% New York, dol to £1 .. ■ 4.80 2-3 3.00% 3.07% Yokohama, penco to yen 34.58 20% 20 17-32 Hongkong, penes to dol 25.16 15% 15% Bombay, pence to rupee 18 17 61-04 17 61-64 Batarla. florins to £1 ,, 12.107 — — Milan. Ure to £1 .. 92.45 71% 7115-32 Amsterdam, guilder to £1 12.107 9.02% 9.00% Prague, kt to £1 .. .a 21.02 123% 124 Genera, kr to £1 .. 25.22% 18.70 18.80 Vienna, sohllilngs to £1 24.25% 83% 33% Helsingfors, marks to £1 193.334 215 215 Madrid, pesetas to £1 a. 25.55% 44 31-32 44% Athens, drachma to £1 25.22% 510 540 Lisbon, escudos to £1 a. 5.50% 110 110 Bucharest, lei to £1 ... 937 , 015 615 Rio de Janeiro, pence to mllrela 18 4% 4% Buenos Aires, penco to pesos •• - •• •• 47.82 30 3-16 SO Shanghai, pence to tael '23% 20% 20 9-10 Montevideo, pence to peso 61 30 30 Warsaw, izlotys. to £1 43.38 — —