COMMERCE AND FINANCE

Otago Daily Times, Issue 21781, 21 October 1932, Page 7

COMMERCE AND FINANCE

THE SHARE MARKET STOCK EXCHANGE A sale was reported after the last call on the Dunedin Stock Exchange yesterday of New Zealand Paper Mills at £1 Is 9d. There was a buyer for these when the market closed at £1 Is 3d» but selleis did not respond. There was a buyer yesterday for E.S. and A. Banks At £4 13s 3d, but sellers remained fii'm at £4 14s 6d. Australian Glass shares were being inquired for. at £1 18s 9d, with no seller on the market. A slight easing in demand is noticeable with respect to KildaTee, which yesterday were on offer at Is 10d with buyers unwilling to do at more than Is 7d. There was a particularly keen inquiry for almost all varieties of Government bonds. SALE REPORTED. , £ s, d. N.Z. Paper Mills (aftep last call) ’• • • • 1 1 ® The following are yesterday afternoon’s buying and selling quotations, which arc subject to the usual brokerage:— BANKING.

. PRICE OF FINE GOLD

NORTHERN EXCHANGES (Peu United I’kess association.) The following business was done on ’Changes yesterday:— Auckland, —Sales: Stock—l93B, 4i. per cent., £96 10s; Auckland Harbour Board, 1939, 5i per cent., £97 10s; Waitomo Power Board, 1945 6 per cent., £9B; E.S. and A, Bank, £4 13s 6d, £4 14s; National Bank of Australasia (cont.), £6 16s 6d; Bank of New Zealand, 46s 3d, 46s 4d; National Insurance, 14s 7d; New Zealand Insurance, 43s 3d; Auckland Gas, 21s 3d;, Farmers’ Fertiliser, 16s 6d; Wilsons Cement, 31s 6d; Golden Point, 6d; Waihi, Wellington.—Sales; Mount Lyell. £1 Is Bd. Sales reported: Inscribed Stock. s:i per cent., 1933, £9B 10s; Bank of New Zealand, £2 6s: Australian Provident Assurance, ss: National Insurance, 14s 6d, 14s 7d; King Solomon. Is lid; Big River Mines, Is 3d, Is 31d. • . Christchurch.—Sales: Commercial Bank of Australia, 14s 8d (2), 14s lOd (2); E.S. .and A. Bank, £4 14s 3d’ 12); Bank ot New Zealand 46s 4d; New Zealand Insurance, 435; Goldsbrouph, Mort, 24s 6d (2): New’ Zealand Refrigerating (10s paid), 3s (2); Electrolytic Zinc (pref., cum div.), 26s 8d; Mount Lyell, 21s 6d; Tananaki Oil. 2s 4d; Golden Dawn, 4s 7d (2); King Solomon, Is lid. Sales reported: 5J per cent. Inscribed, 1937 (late sale Wednesday), £96 12s 6d; Waimain County, 5J per cent., 1942, £100; E.S. and A Bank (late sale Wednesday), £4 14s 6d; E.S. and A. Bank, £4 14s 6d (2); Bank of New Zealand, 46s 5d (3): Electrolytic Zinc (pref., cum div.), 26s 7d; Auckland Harbour Board, 5} per cent., 1939, £97.

AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, October 20. (Received Oct. 20, at 10 p.m.) There w’aa a very heavy turnover on the Stock Exchange to-day with strong inquiry for sound industrials, but price movements showed little change. The following sales w’ere made:— Union Bank £9 10s, Commercial Bank of Sydney £l7 10s, Bank of New South Wales £32 7s Od, E.S. and A. Bank £5 ss. Colonial Sugar £55 17s 6d, United Insurance £9, Bums, Philp 50s, Milla* quin Sugar 29s 6d, Electrolytic Zinc 19s 3d Australian Gas A 67s Bd, Tooths Sis, Tooheys 235. Dunlop Perdriau 18s 4|d, Australian Glass 465, Goldsbrougb 28s M, British Tobacco 36s lOld, Mount Lyell 25s 3d, Taranaki Oil 2s Bd, Broken Hill Propv 38s 9(1. Bonds (4 p.c.)—1938 £lOl 12s Od, 1941 £lOl 17s Od, 1944 £IOO ss, 1950 fllOO 15s, 1953 £lOl. 1955 £IOO 6s 3d. 1957 £lOl 12s 6d, 1959 £IOO, 1961 £IOO ss. MELBOURNE, October 20.

Commercial Biink of Australia 17s 3d, Goldsbrough 28s, Carlton Brewery 375, Australian Glass 40s, British Tobacco 37s 3d Electrolytic Zinc 19s 3d, Electrolytic Zinc (pref.) 30s 9d, Dunlop Perdriau 18s Id, Herald-Times 59s Cd, North Broken Hill 70s, Mount Lycll 24s 10jd.

LOCAL AND OVERSEAS MARKETS.

DAIRY PRODUCE The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram from its London house, under date October 10: — Butter, 109 s to 110 s; firsts, 101 s to 102 s. Cheese. —White, 05s; coloured, 59s to 60s. Market is quiet. AUSTRALIAN MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, October 20. (Received Oct. 20, at 9 p.m.) There is a steady tone in the wheal market, but business is restricted. Old silo wheat is valued at about 3s lAd. Country lots 2s 5d for bagged and 2s 4d for bulked, equal to about 3s ex trucks, Sydney. Flour, £lO. Bran and pollard, £5 10s. Potatoes: Tasmanian £7, Victorian £5. Onions; American £34. Maize: Yellow 5s 4d, white 5s 2d. ADELAIDE, October 20. Wheat: Growers' lots, 2s 11 Ad. Flour: Bakers’ lots, £8 ss. Pollard, £5 15s. Bran, £5 ss. Oats, Is 8d and Is Dd.

(United Press Association.) (By Electric Telegraph—Copyright.) LONDON, October 10. The price has advanced to £6 2s 6d. A rush to sell coins and trinkets has recommenced. P. AND O. SHARES • (United Press Association.) IBy Electric Telegraph—CopyrlrM.) LONDON, October 19., P. and O. shares, 19s lid, AUSTRALIAN GLASS .DIVIDEND Information has been received by the Dunedin Stock Exchange that an interim dividend of 3 per cent, has been declared on ordinary shares of the Australian Glass Manufacturers Company, Ltd. FOREIGN EXCHANGES

LONDON METAL MARKET (ynlted Pres# Association.) (By Electric Telegraph->-Copyrlght.)

MINING FOURTEEN MILE BEACH COMPANY. The Fourteen. Mile Beach Gold Mining Company, Ltd., went to allotment last week. The directors and those concerned with the company are very optimistic regarding the possibilities of the claim, which is situated at the Fourteen Mile Beach, midway between Roxburgh and Alexandra. The claim, which will be taken over by the company is that commonly known as Murchison’s, in which the results obtained even under primitive conditions have been more than satisfactory, while several good finds have been made in claims in and around the beach. It is. the intention of the new company to install an automatic crane and electric air compressors to deal with the large boulders which are to be met with at this point on the river, and it is hoped by this means to turn over a considerably greater amount of ground than has been possible in the past. All arrangements are in hand to take over the claim, and it is proposed to start work immediately. GOLCONDA GOLp MINING COMPANY The mine manager of the Golconda Gold Mining Company reports as follows for the week ended October 15:— Drive on Hanging Wall of Break.— Advanced 16ft; total 68ft. The country is of the best description, being of a mild nature interlaced with black mineral seams, with seepage coming through the heads. South Cross-cut.—Advanced 15ft; total 23ft. The country has been very hard, interlaced with quartz veins, but in the last round of holes bored the country is slightly softer. UNITED STARR-BOWKETT ANNUAL MEETING. The thirty-third annual meeting of the United Starr-Bowkett Society was held in the board room of the secretary (Mr J. W, Smeaton) last night. Mr F. W. Mitchell occupied the chair, and there Was a good attendance of members. In moving the adoption of the annual report and balance sheet the chairman said , that 33 years was a long space, of time to look back upon—a full generation, in fact—yet it was over that period that the society had been in operation. Of the original directors but Mr Rosevear remained on the board His ojvn time of service was a few months less. They two could look back with satisfaction upon a long experience of success, and he felt sure that none of them would deny that the society had carried out the objects for which it had been formed, and that it had been distinctly helpful to the community.— (“Hear, hear”) The figures were impressive. A total amount lent exceeding half a million pounds (to be exact. £578,825) represented how many homes were secured, how much temporary embarrassment relieved, and how much interest and profit earned to the thrifty, and on payments which amounted in the main to less than a reasonable rental. He looked back with pride upon what had been accomplished and forward with confidence, if all would but use the qualities of care and small self-sacrifice. A society like theirs contained among its members a variety of mentalities. To some it seemed wrong or unfair that they could not get, on immediate demand, all they thought they were entitled to. Might he say tcr-these that theirs was a,,“mutual” society. All members were entitled -to equal consideration, but none, apart from the fortune of the ballot, to an advantage over his fellows. The rules provided for many concessions, but were limited by that guiding principle. He need not repeat to them that the year had been a trying one —that had been said too often, perhaps., already—but he did emphasise that fact—that the directors had given every indulgence possible to those members upon whom the present state of trade was pressing. To those who were able to endure unto the end a rich reward remained in the shape of their own unencumbered homes, cash in hand, and quite a good profit as well. The last was shown in a return of (15 8s per share in group 3. To their many members who had been hard pushed to meet their engagements he extended sympathy, and he offered them the hope that ere long the bad times through which they were- passing would be succeeded by a more prosperous period in which they could look back upon troubles bravely borne. In their secretary and his staff they would find sympathetic treatment and a kindly hearing in their troubles. They were fortunate in having so capable and zealous a set of officers, and he took the opportunity of thanking them for their excellent work through an exceptional period.— (“ Hear, hear”) In closing, he would just like to remind them all that the earning of profits was not a primary consideration — the chief objects of the society were set out in the report—and it was gratifying to see that in all groups there was a surplus, and that the three wound up had returned satisfactory dividends to those members who had remained in them till the winding up.— (Applause.) Mr V. S. Jacobs seconded the motion. He said that it must be a source of great satisfaction to members to realise how well their business had been controlled. The return from group No. 3, which had just been wound up, was a wonderful one. (Applause.) The motion was carried. OFFICE-BEARERS.

Messrs E. A. Rosevear and G. A. Lamb were re-elected directors. Messrs R. Hanning and Messrs G. Blythe and Co. were re-elected auditors. APPROPRIATION.

A ballot was held for the thirteenth appropriation of £BOO in No. 11 group. The successful number was cluster 200, held by one shareholder. VOTE OF THANKS.

Mr E. Sunderland said he would like to move a vote of thanks to the directors, their secretary (Mr Smeaton), the staff, and the valuer for the fortunate position in which they found themselves. He thought it was very satisfactory that they should go through a whole _ year, under the present economic conditions, and show a profit.— (“Hear, hear”) The motion was carried by acclamation.

CANADIAN WHEAT QUESTION OF A BONUS. (United Press Association.) (By Electric Telegraph—Copyright.) OTTAWA, October 19. Mr Bennett announces that the Government is considering a bonus of 5 cents a bushel for prairie wheat. WHISKY INDUSTRY HOPEFUL. Whisky distillers in Scotland have high hopes that prohibition in the United States will soon be a thing of the past, and most of (hem have already made arrangements regarding agencies, said Mr E. Harnett, who returned to Wellington on Tuesday by the Maunganui with his wife and son, after an absence of eight months abroad. Mr Harnett said that the heavy duty on whisky was having a serious effect on a number of distilleries, but those in the industry were looking forward to a resumption of business on a big scale with the United States. There was a widespread belief that prohibition would soon be voted out. and in anticipation of this many distillers had established connections in the United States. One distiller had told him that his mail regularly contained a sheaf of applications for agencies from every part of the United States.

THRILL IN WALL STREET RUMOUR STIMULATES TRADING. (United Press Association.) (By Cloctrlo Telegraph—Copyright.) NEW YORK, October 19. (Received Oct. 20, at 9 p.m.) The commodity and stock market, but particularly the Chicago wheat pit, received a thrill to-day when an unconfirmed rumour was circulated that Mr Henry Ford would announce late in the evening during a radio address his intention to buy 75,000,000 bushels of wheat, at 60 cents a bushel, to sell to China on seven years’ credit. Wheat gained one cent, stocks rose one to four points, and commodity prices responded, but Ford officials immediately denied the report.

COMPANY BALANCE SHEETS

THE COLONIAL MUTUAL LIFE ASSURANCE SOCIETY, LIMITED.

The larger the' revenue, the more likely for it to experience in a heavier measure the combination of the various causes that have produced the present depression. Not only is the premium income affected but the statutory reduction of rates of interest takes a substantial slice out of the unearned revenue. At the same time, the bulk of the expenditure, which consists of claims, can show no corresponding reduction, so that the_ surplus brought out, while quite satisfactory, may not be on the same scale as in some years'in the past. Premium income is well maintained. With £1,393,736, the ordinary department continues to furnish the greater part, but the industrial section contributes £501,568 and proportionally shows a higher surplus over claims. The new business acquired by the ordinary department supplies premiums amounting to £208,838, after reassurance —a creditable result at the present time. In relation to the total claims, the full premium income has stood follows:

In spite of the check received from recent legislation, the net revenue from interest and rents, after deduction of income tax, was £558,426. General expenses, without suffering a corresponding check, have risen to £520,107, so that the margin between the two bas been appreciably reduced, more so than in the case of premiums and claims. The ratio of general expenses to the unearned income has been: —

While a combined balance sheet is not issued for the three departments,; the balance sheet drawn up for the ordinary and accident departments contain the greater part of the industrial sections investments also. Government and other stocks and debentures, at £7,138,488, represent the greater part of the investments, having increased over £400,009 during the year. The assumption is that this money* is well spread, but the governments concerned are not named, while the expression M stocks and debentures may cover a vast field. Loans on mortgage which, at £2,753,150, come next, show a rising tendency during the past three years, .indicating that confidence in that class of security is unshaken. Loans on policies within their surrender value have reached £1,509,009, their in-. crease, as might be expected, having been accentuated in recent years. The cash investments aggregate £11,400,707 after the sum of £78,200 has been written off during the period under review. Freehold and leasehold property stands at £1,602,709. Apparently _no provision lias been made for depreciation on the land and buildings, although a sum of £3287 has been written off office property, bringing it out at £71,847. The comparatively large proportion of the invested funds diverted to land, buildings, and furnishings, would imply that the return from the fixed assets has been enf Cash stands at the large figure of £200,320, part of which is producing interest. Outstanding premiums come to £182,182, but it is not stated how much is due and how much is overdue. Interest and rent, at £150,785, come next, but here again distinction is not made between what is accrued and what is outstanding. Agents’ balances, at £19,982 do not appear large. When the amounts due and those drawn in advance are included the assets aggregate £13,663,265. Liabilities chiefly consist of claims under consideration (£102,885) and sundry creditors (£30,460), which weigh lightly against the assets concerned. Contingency reserve fund amounts to £120,000, after being utilised for writing down investments. Although that sum may appear small in relation to the total investments, the margin of security is a satisfactory one as the actuarial valuation disclosed a net surplus of £482.872, resulting in an appropriation of £479,801. MOUNT LYELL SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, October 19. Mount Lyell, 19s.

Buyer. Seller. i s. d. £ s. d. Bank of Australasia 10' 0 0 r~ Bank of N.S.W. 28 10 0 — 9 Bank of N.Z 2 C 4 2 6 Bank of N.Z. (long 0 D) ’ 1 9 — Commercial Bank 0 14 7 — 6 E.Si' and A. Bank 4 13; 3 4 14 Natl. Bank of N.Z. 4 0 0 7 Union Bank .. • - 7 19 0 — INSURANCE. National 0 14 6 0 14 9 New Zealand .... 2 3 0 — South British 2 17 0 — Standard .. .. 2 8 0 2 10 0 SHIPPING. Huddart, Parker 0 18 (pref.) 0 — P. and 0. Deferred 1 0 0 «—• U.S.S. Co. (pref.) 1 0 3 — COAL. Kaitangata .. • • *0 0 C — Westport 0 12 6 LOAN AND AGENCY. Dalgetyoaud Co. .. 8 10 0 —. Goldsbroueh, Mgrt. National Mortgage 1 4 3 1 5 3 — 2 0 0 Wright; Stephenson 0 11 0 (ord.) .. ... •• — MEAT PRESERVING. Gear Meat .. .. — 1 15 0 Gear Meat (cont.) — 0 3 2 South Otago Freezing — 0 0

MISCELLANEOUS. Australian Gloss ttl 18 9 — British Tobacco .. 1 12 0 — Brown, Ewing (pref.) — tto 19 0 Crystal Ice .. .. 16 0 — D.I.C. (pref.) .... * ttl 0 0 Dominion Rubber 0 6 6 —- Donaghy’s Rope .. 1 10 0 1 —* ■ Kaiapoi Woollen (pref.) 0 5 6 — Kauri Timber 0 n 9 0 13 0 Milburn Lime 1 6 9 Mosgiel Woollen .. 6 15 0 N.Z. Drug Co. .. 2 19 0 — N.Z. Paper Mills 1 1. 3 — Regent Theatre .. 0 12 6 — Smith and Smith 0 10 0 — Wilsons Cement .. 1 10 0 1 11 9 Wool worths (pref.) 1 6 0 BREWERIES. N.Z. Breweries . . 1 8 0 1 8 6 Dunedin .. .i • • 1 1 3 — Carlton — 1 15 0 MINING. Kawarau .. .... 0 0 6 0 0 8 Waihi .. . • •. tfO 17 0 — Waihi Grand Jctu 0 3 0 — Electrolytic Zinc (pref.) ttl 6 3 — Electrolytic Zinc / (ord.) .. .. • 0 16 0 — Mount Lyell 1 1 5 1 1 10, Kildare .. .... 0 1 7 0 1 10 Okarito — 0 8 6 Golden Progress .. 0 1 3 0 1 9 King Solomon 0 1 101 t 0 2 0 Mount David .. .. — 0 5 0 Alexander . • • • — **o 17 0 Waitahu *0 0 1 0 1 Gillespie’s Beach to 0 2 to 0 '3 Golden Sands 0 1 5 0 1 9 Big River .. .. 0 1 2 0 1 2J OIL. Taranaki — 0 2 9 GOVERNMENT LOANS; 43 n.c. Bonds, 1938 96 0 0 — 43 n.c. Bonds, 1939 * # 94 0 0 — 43 p.e. Bonds, 1941 95 0. 0 — 43 n.c. Ins., 1938 96 0 0 — 43 p.e. Ins., 1039 94 0 0 — 53 P.e. Bonds, 1936 99 10 0 — 53 p.e. Ins., 1936 99 10 0 — 5J p.e. Bonds, 1937 96 10 0 — Si n.c. Ins., 1937 96 10 0 — 53 p.e. Bonds, Feb., 1937 99 15 0 — 53 n.c. Bonds, Sept., 1937 99 15 0 — 6J p.e. Ins., Feb., 1937 99 15 0 — 53 n.c. Ins., Sept., 1937 .. 99 15 0 100 5 0 ♦Discount. +Premium, , **Ex dividend. ffCum dividend. 3

(British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) Parts, fr to El RUGBY. October 19.. Par. Oct. 18. Oct. JO. ..121.21 89% 80% Brussels, belpai to £1 .. 33 ' 24.55 24.37% Oslo, kr to £i .. .. 18.189 10% 19.85 Stockholm, kr to £1 M 18,150 10.42% 10 13-32 Copenhagen, kr to £i .. 18.150 19.27% 19.25 Berlin, marks to £1 p a 20.43 14.30 14.25% Mont real do) to £1 ,s 4.80 2-3 3.71% 3.00% Nets fork, do) to £1 .. 4.80 2-3 3.41 3.39% Yokohama, nonce to yen 24.582 10 7-10 10 0-10 Hongkong, pence to dot 24.58 10% 10% Bombay pence to rupee — 18 11-04 1811-04 Safaris. HorUu to El .. 18 8.02 — Milan, lire to £J 02.46 60 11-10 00 6-10 Amsterdam, milder In El 12.107 8.48% 8.43 Prague, kr to Cl .. a. 104% 115 114% Genera, kr to fi] ,, .. 25.22% 17.70 17.54 Vienna. acbllllngs to £1 34.58% 20% 29% Helsingfors marks to £1 103.23 232% 230% Madrid, pesetas to El 25.23% 41% 41% 205 SCO Athens, drachms to £1 375 680 680 Lisbon, escudos to Cl .. 110 110 no Bucharest. 1st to £1 831.5 580 670 Ilia de Jgnelru. pence mllrels to 5.800 5 3-10 6 7-32 Buenos Aires pence pesos »' ,» ,« to 47.82 _ Shanghai, pence to i tael — 21% 21 7-10 Monterldeo. pence to peso 51 SO 30 Warsaw. klJtys to £1 — — —

LONDON, October 10. (Rocelred Oct. 20. at 9 p.m.) The following tie the official Quotation.:— Ion. Copper, «pot .. ..£32 7 6 Rise to IS 9 Copper, forward •• .. 32 10 7Vi Rise 0 13 1014 Electrolytic, .pot .. .. 38 10 0 Rise 0 6 0 Electrolytic. forward .. 37 10 0 Rise 0 15 0 Wire ban, .. ,. Rise 0 15 0 Lead, apot .. .. Rise O 7 6 Lead, forward .. .. 12 2 6 7 6 Spelter, .pot .. Rise 0 8 9 Spelter, forward .. .. 15 7 0 Rise 0 12 0 Tin. epof Rise 0 2 G Tin. forward .. >, Oz. No change Sllrer, atandard .. .. Iliad Rise Hd Sllrcr. fina ., Rise S-lCd

Dec. Total 31. Fuads. Rerenue. Expenditure. Surplus. £ £ £ £ 1024 7.713,004 1,473,231 034.424 638.807 1025 8,308.374 1.036,831 1,051,437 685.301 1020 9,008,077 1.811,080 1,144,189 007,701 1027 8,817.700 2,033,019 1.262.640 751,079 1928 11.128.447 2,032.143 1,321.343 1,310,800 1031 13,474.210 2.498.142 1.070,257 , 618,886

• Premium Income, i Claims, etc. Hallo. £ ' £ P.c.. J024 1,095.407 576.184 52.51 1025 1.210.750 048,958 53.33 1020 1,345.220 ' 710.273 62.76 1927 1.510,945 705.20152.42 1028 1,677.320 810.701 48.33 1031 1,937,844 1.283.200 00.23

Interest and Rent General Expenses ‘ Ratio. £ £ p.c. 1024 377.209 339.230 89.91 1025 418,872 y 1 370.508 90.02 102G 4(14,092 408.552 87.02 1027 498.012 450,234 92.05 1028 032,015 475,904 89.45 1031 558,420 620.107 93.13