COMMERCE AND FINANCE

Otago Daily Times, Issue 23954, 1 November 1939, Page 12

COMMERCE AND FINANCE

toe:share market DUNEDIN STOCK EXCHANGE STfcADY TONE CONTINUES A firm demand lor all sound New Zealand investments and a stronger inquiry for Australian industrials were the features of yesterday’s trading on the Dunedin Stock Exchange, The inquiry for the New Zealand Government loans was firm to stronger, but sellers continued reticent. Bank of New Zealand’s were wanted at £1 19s 6d, with sellers 6d away and Unions after a sale at £7 5s had an unsupplied buyer at £7 2s, 6d. The demand'for insurances was steady, the bid for Nationals increasing to 17s 4d without finding any response. Up to 17s 9d was offered for paidup New Zealand Refrigeratings, and the contributing issue went to 8s 6d, with sellers firm at 9s. Westport coals, on which the announcement of a dividend is awaited, had an inquiry at the increased price of £1 Is 6d. Australian Consolidated Industries continued to be firmly in demand at £2 Os 6d, and Broken Hills, for which an offer of £3 19s was made, were not to be bought under £4 Os 6d. McKenzie’s were again wanted at £2 Is 3d, sellers asking £2 2s 6d and New Zealand Woolworth’s continued in demand at 17s (id after reported sales at 3d more. New Zealand Breweries realised £1 16s, the closing quotations being £1 15s 9d (buyer) and £1 16s 6d (seller). Ordinary Electrolytic Zinc had two sales at £3 2s, the market closing at 6d on either side of that figure. YESTERDAY'S TRANSACTIONS

BREWERIES

LATEST QUOTATIONS The following are yesterday afternoon’s buying and selling quotations, which are •übject to the usual brokerage:— GOVERNMENT LOANS

WELLINGTON Sales on ’Change

CHRISTCHURCH Sales on ’Change

LOCAL AND OVERSEAS MARKETS

DIVIDENDS AND CALLS EARLY DISTRIBUTIONS The following is a list of shares on which dividends will shortly be payable:— Australian Iron and Steel— Pref. 2i years arrears 2s 10.875 d a share To-day Hank of Adelaide—lnterim 5J p.c. p.a To-day 'Vlfickv Logan—lnterim 5 p.c p.a. ~ s To-day Martha -Interim. 6d stg. a' share (free of British income tax) ' Nov. 2 Burns Philp—lnterim, 5 p.c. . Nov. 15 Dunedin Brewery—lnterim 3 d.c Nov 27 Broken Hill Proprietary—lnterim. Is 3d a share . Nov 29 National Bank of AustralasiaInterim. 3 p.c Nov 29 i.C.I (London)—Ord stock. 3 n.c stg Gee. *• Loloma —Seventh Is per share plus bonus 6d Dec. 8 Bahk , of New Zealand—lnterim-, ord. Is per share; long “ D,’’ 33 p.c Dec. 9 CALLS DUE G. J. Coles—New 10s a share Jan. 31 A.C.I. —New 5s a share .. •. Mar 31 NORTIiRN~ EXCHANGES AUCKLAND

AUSTRALIAN STOCK EXCHANGES INTEREST IN TIN SHARES (United Press Association) (By Electric Telegraph — Copyright) SYDNEY, Oct. 31. (Received Oct. 31, at 10 p.m.) The share market to-day was notable for a revival of interest in tin shares, but several industrial leaders failed to hold to late rates. The Morning Sales

CLUTHA AND MOLYNEUX SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct. 30, Share quotations: Clutha River — buyers, 7id, sellers 10id; Molyneux—buyers Id, sellers 3d. MOSGIEL WOOLLEN COMPANY NET PROFIT OF £12,293 The directors of the Mosgiel Woollen Factory Company in their sixty-sixth annual report state that a greater volume of sales as compared with last year has resulted in a net profit of £12,293 Os lOd. After payment of the interim dividend of 4 per cent, on April 6 last, absorbing £3815 4s, providing £3OOO for depreciation, and transferring £2OOO to reserve, there remains a balance of £21,663 Is 9d, which the directors recommend should be dealt with as follows: —The payment of a final dividend of 3 per cent, from trading £2861 Bs. and 3 per cent, from revenue from investments, making a total of 10 per cent, for the year £2861 Bs. leaving £15.940 5s 9d to be carried forward.

CUSTOMS RETURNS PORT OF OTAGO INCREASED GROSS RECEIPTS Although the gross Customs receipts at the Port of Otago during the month of October showed an increase over those for the same period last year, a fall-ing-off in some of the individual returns was evident. Customs duty for the past month totalled £47,464, compared with £59,238 for October of last year, this decline being brought about by the limitation of imports. Beer duty, however, probably on account of the extra taxation, showed an increase of over £6OOO on that for October, 1938, this year’s figures being £43,818, compared with £37,425 for the previous period. Sales tax receipts also showed an appreciable increase, £32,091 being collected by this means last month, as against £26,768 in October of last year, but on account of the petrol restrictions the petrol tax for the period showed a decrease of nearly £SOOO, the ' figures for last month being £12,324, compared with £17,211 last year. There was a slight falling-off in the gold duty returns, which amounted to £1025 this year, as against £1124 last year, and the tyre tax also fell slightly, the figures for the past month and the same period last year being £370 and £556 respectively. The following are the detailed figures for October (shillings and pence omitted) together with the returns for the corresponding month last year:—

CHRISTCHURCH (Per United Press Association) CHRISTCHURCH, Oct. 31. The Customs returns for Christchurch for October, 1938, and also those for October, 1939, are as follows:

The figures for seven months of 1938-39, together with those for the same period of 1939-40, are as fol-

WELLINGTON (Per United Press Association) WELLINGTON, Oct. 31. The net Customs revenue collected at the Port of Wellington in October shows a very substantial decrease on the totals of recent months, and is the lowest monthly total since April, 1935. The full effect of the import restrictions imposed last December are now beginning to be felt. The total for October, £210,517, shows a decrease of £92,359 compared with October, 1938, and of £201,765 when compared with September. 1939. A .new item, war tax, totalling £19,616, is included in the October figures. These figures, with those for October, 1938, in parentheses. are:— Net Customs revenue, £210,51/ ' bale’s tax, £116.154 (£117,675). Beer excise. £9756 (£6384) Motor spirit duty, £33,095 (£43,180). Tyre tax, £1264 (£2200). ' AUCKLAND (Per United Press Association) AUCKLAND, Oct. 31. The Customs figures for October with the figures for October last year in narentheses arc as follows I Customs duty, £233,409 (£343.530). Motor spirit, £54,100 (£70,464). Tyre duty, £1360 (£4494). Excise on beer, £31,394 (£18,931). Sales tax. £98,069 (£99.283). The totals for the ten months with those for the corresponding period of last year ,n cSE?dSy"li7B»..B2 (*2^0,040). Motor spirit, £752,938 (£711,988). Tyre duty, .£25.954 (£26,693). Excise on beer, £186,386 (£168,302). Sales tax, £908,492 (£854,975). NEW ZEALAND INVESTMENT TRUST REORGANISATION APPROVED (Per United Press Association) WELLINGTON. Oct. 31. Debenture holders in the New Zealand Investment Trust, Limited, at a meeting to-day unanimously approved of the proposals formulated by the directors for the incorporation of the debenture holders m a new company, Financial Services, Limited This company has already been In existence for 18 months purely as a subsidiary of the New Zealand Investment Trust Limited Briefly, the scheme put forward for consideration proposed that the debenture holders in the Investment Trust should exchange their debenture stock for shares and debentures in Financial Services. Limited, and that that company should take over all the assets of the Investment Trust When completed, the reorganisation will mean that Financial Services, Limited, as the sole operating company, will have a combined share and debenture capital of approximately £IIO,OOO.

PACIFIC STARR-BOWKETT THIRTY-FOURTH ANNUAL MEETING STEADY PROGRESS RECORDED The thirty-fourth annual meeting of shareholders in the Pacific Starr-Bow-kett Building Society was held in the board room of the secretary (Mr W. B. Taverner) last night, the chairman (Mr A. McHutchon) presiding over a good attendance. Annua! Report The annual report staled, inter alia: “This is the twentieth annual meeting for No. 3 group, the eighteenth for No. 4 group, the fifteenth for No. 5, the twelfth for No. 6, the eleventh for No. 7, the ninth for No. 8, and the fourth for No. 9. It is pleasing to report that the year has been one of further progress, new shares to the number of 683 having been allotted. The No. 9 group is thus at its full strength of 4000 shares, and a new issue, comprising 4000 shares to constitute No. 10 group, was opened for application in July. So far the response has been good and is well ahead of No. 9 at the same stage. It is anticipated that sufficient shares will be in hand to warrant your directors opening the group for receipt of subscriptions on November 20. The emergency conditions now prevailing have been fully considered and suitable regulations have been made whereby the shares of members called for military or < naval service will be adequately safeguarded. The amount advanced on mortgage during the year was £19.450, leaving available cash balances of £2948, and £9030 was refunded to members in accordance with rule 151. The total, of loans current is £151,832, dstributed amongst 236 members. The securities submitted by members during the year have been of a satisfactory nature, but it is noticeable that new dwellings have not been numerous. Mortgagors have met their obligations in regard to repayments in a manner that leaves little to be desired Whilst the primary object of the society is to provide loans free of interest, members requiring earlier financial accommodation have readily taken up premium loans, the additions to the various profit and loss accounts from this source being £2656. The total at credit of profit and loss in all groups is £16,369.” Chairman’s Address The chairman, moving the adoption of the annual report of the directors and the statement of accounts, said that the society had experienced another year of steady progress, and continued confidence had been shown in a society that had demonstrated its usefulness.' He said that he had noticed that that day had been featured as Thrift Day, in acordance with international agreement among savings institutions, and it could be said with confidence that their Starr-Bowkett Society could be considered as one of the mediums which had contributed to an appreciation of the virtue of thrift. The method of weekly contributions stimulated not only the virtue of thrift and independence, but it was a common sense method of providing a home, and gave independence and freedom by voluntary effort instead of the many fancy economic theories advanced to-day to provide security. The annual statement of accounts revealed the healthy and sound financial position of each group. They would observe that the directors had promoted a new group, No. 10. No. 9 group had been closed with a full membership. This group would open for the receipt of the first subscription on November 20 with a list of 1000 shares. The success of previous groups showed that the public was prepared to support a progressive society.—(Applause.) The motion was seconded by Mr J. W. Dove, who stressed the value of the society in providing homes for the people, and referred to its large financial operations year by year. Their society was bound to continue to progress so long as people helped themselves along the line of thrift. The motion was carried. Directors Re-elected The retiring directors—Messrs F. C. Martin and E. K. Broad —were reelected. It was mentioned that Mr Broad had been a director of the society since the formation. At a meeting of the directors later in the evening Mr McHutchon was reelected chairman and Mr Martin reelected vice-chairman. Messrs George Blythe and Co. and Messrs J. S. Mclnnes and Sons were re-elected auditors. Appropriations of £4OOO The following appropriations were disposed of:— Sixty-ninth appropriation of £IOOO by sale in No. 6 group; fifty-first appropriation of £IOOO bv sale in No. 7 group; and the thirty-eighth appropriation of £IOOO by sale in No. 8 group—all at satisfactory premiums. In the eleventh ballot for £IOOO in No. 9 group cluster 74, held by a resident of Invercargill, was the winning number. LORNEVILLE STOCK SALE IMPROVED BEEF VALUES SHEEP SELL ON PAR (Per United Press Association) INVERCARGILL, Oct. 31. Some very good quality beasts were included in the fat cattle qffering at Lorneville to-day. The quality generally was not up to last week, but the sale was a good one—probably the best so far this-season. Values showed an improvement of £1 a head compared with last week. Prime quality bullocks made from £l6 to £lB ss; good quality medium-weights, £ls 5s to £l6; handy-weights, £l4 to £l4 ss; light-weights, £l2 to £l3; extra prime quality cows, £l4 5s to £ls; prime, £l2 to £l3; medium £9 10s to £lO 10s; unfinished, £7 15s to £8 10s; extra prime quality heifers up to £ls; prime quality, £l2 10s to £l3 10s; handyweights, £ll 5s to £l2; light-weights, £8 15s to £9 10s. In the fat sheep section a smaller yarding was forward. The entry comprised mainly ewes. There were a number of good quality ewes, but a large percentage werr only medium quality. Taken all round, the sale was on a par with last week. Extra prime quality wethers made from 40s to 445; good quality, 36s to 38s; medium, 33s to 34s 6d; unfinished, down to 275; good quality shorn wethers, 27s to 295; light-weight, 24s 6d to 26; extra prime young woolly ewes, to 40s 6d; prime heavy, 34s to 37s 6d; prime quality, 31s to 335; good quality, 29s to 30s; medium, 25s to 275; unfinished, down to 18s; shorn ewes, 18s to 245; fat lambs, 24s 6d to 31s for good quality sorts. MINING NEWS CENTRAL SHOTOVER RETURN Tho secretaries of the Central Shotover Gold Mining Company, Ltd., report a washup of 18 ounces. ALEXANDER MINES The mine report for the week ended October 26 of Alexander Mines, Limited, stales:—No. 6 Level—The quartz worked above the last rise has faulted and appears to be floating overhead in a northerly direction At present the south end of the stone is being driven on in a southerly direction to connect with the slope south of this rise. This slope above No. 6 shows stone averaging 3ft wide Sloping has been carried on above No 5 intermediate level on three faces averaging 3ft 6in wide. Intermediate south of Winze still in course of construction. During the week 50 tons of ore was sent to the battery.

Sales Reported £ s. d. Union Bank .. 7 5 0 South British Insurance .. 2 4 0 McDufTs Cord.) 0 2 3 Woolworths (N.Z.; ord.; 2) 0 17 9 New Zealand Breweries .. 1 16 0 Electrolytic Zinc (ord.; 2) 3 2 0 Mount Lyell (odd lot) 1 12 3 Mount Lyell 1 12 6

Buyer. Seller. £ s. d. £ 8. d 3} p.c. Sto4c, March, 1941-43 97 10 0 — 3J p.c. Stock, Sept., 1941-43 97 10 0 — 31 p.c. Stock. 1933-57 91 0 0i — 4 p.c. Stock, 1940-43 98 10 0 — 4 p.c Bonds, 1943-46 .. 98 10 0 — 4 p.c. Stock, 1943-46 ., 98 10 • 0 —- 4 p.c. Bonds, 1946-49 ,. 97 10 0 — 4 p.c. Stock, 1940-49 .. 97 10 0 98 0 0 4 p.c Stock. 1949-52 .. 98 0 0 — 4 p.c. Bonds, 1952-55 .. 97 5 0 — 4 p.c. Stock, 1952-55 .. 97 5 0 — 4 p.c. Stock, Nov. 1948 100 7 6 ... 4 p.c. Stock, 1954-58 .. .97 10 0 98 0 0 MINING Austral N.Z. Mining (£1) — 1 6 0 Clutha River (2s) 1 0 — Gillespie's Beach (Is) — 0 0 9 Mossy Creek (Is) —- 0 1 0 Nokomal (5s) .. .. 0 1 8 0 1 11 Okarito (5s) — 0 2 9 Sandhills (Is) .. — 0 0 2 Waitahu ; (5s) .. .. — 0 1 0 BANKING N.S.W. (£20) .. ... 29 5 0 30 0 0 New Zealand (£1) .. 1 19 6 2 0 0 Commercial (10s) 0 15 6 0 16 0 E.S. and A. (£3) ,. 4 15 0 — Natl, of N.Z. (£2 10s) 2 1 9 — Union (£5) 0 -6 — INS OKiL National (7s) NCI h '6 17 4 New Zealand (£1) .. 2 14 6 — South British (10s) 2 3 9 — Standard (£1) .. 2 15 ■ 0 SHIPPING • . X • ' . ' Howard Smith!-? (^l)V-'Aitl,,. .8 — Huddart, Parker Cord,; ' ' £1)" • •’•w.? iV* 3 2 •s> U.S.S., Co. (pref.; £1) 1 5 3 — ' ‘ MEAT PRESERVING N.Z. . Refrig (paid; £1)- .. -V .. u 0 17 9 — N.Z. "-Refrlg. (cont.; 10s). 0 8 6, 0 9 O' South. Frozen Meat (paid; £1) ... ;. 1 1 7 6 1 8 <1 LOAN AND AGENCI Natnl. Mortgage (£2) 2 0 (i Otago Farmers (3s 4d) 0 2 0 — Trustees. Executors (£3) 4 0 0 — Wright, Stephenson (pref.; £1) .. .. — 0 19 0 GAS Christchurch. (£ 1) 1 4 9 — COAL AND OIL Kaitangata (16s) .. .. 1 7 5 — Westport (10s) .. .. 1 1 8 — (ord.; 10s) .. .. — 0 3 9 Westport - Stockton Taranaki OH (£1 4s 7d) 0 4 9 0 5 It WOOLLEN COMPANIES Bruce (ord.; £1) 0 10 6 — Kaiapol (ord.; 17s) . 0 11 0 — Kaiapoi (pref.;- 17s) .. 0 14 6 — Moseiel < £4) ,9 5 0 — Wellington (ord.; £5) — 5 10 I) MISCELLANEOUS Aust. Foundation Trust 0 3 9 — Australian Consotd. Indus. (£1) .. 2 0 6 — British Tobacco < £ 1) 2 10 6 — Broken Hill Pty; (£1) 3 19 0 4 0 IS D.I.C. (pref.; £1) .. 1 1 0 — Dominion Fertiliser (£1) .. ., .. .. 1 4 0 — Dunlop Perd. Rubber (£1) 1 0 0 — G. J. Coles (£1) .. 3 18 0 — Mllburn Lime (£1) .. 1 15 6 — McKenzies Dept Stores (£1) 2 1 3 2 2 '5 N.Z. Drug Co. (£2) ... 3 8. 0 N.Z. Newspapers (16s 8d) , — ,i 10 0 N.Z. Paper Mills (£1) 1 4 8 — Otago Dally Times (£l) .. •• •• — 2 0 b Smith and Smith (pref.; £1) .. — 1 1 0 Woclworths (ord.; 5s) 0 17 6 — Woolworths (Syd,; ord.; 5s) — Woolworths Properties, Ltd. (6 p.c. pref. ord.; £1) .. .. i 2 0

N.Z. Breweries (£1) 1 15 9 1 18 6 AUSTRALIAN MINING Broken Hill South (5s) 1 12 0 — Electro Zinc (ord.; £1) .. .. .. .. 3 1 6 3 2 6 Emperor (10s) .. . 0 11 3 — Mount Lyell (£1) —- 1 12 9 Mount Morgan (2s 6d) —• 0 10 3 Mt. Morgan (pref.; 12s) 1 1 0 — Placer Developments — 4 5 0

Sales on 'Change £ s. d 4 p.c. Stock, 1952-55 .. .. 97 10 0 Auckland Harbour Board, 1943 (4i p.c.) 101 5 0 1947 (4J p.c.) 101 5 0 Auckland Electric Power Board, 1959 (4i p.c.) 100 17 6 N.Z. Insurance 2 15 6 N.Z. Breweries (late Mon.) 1 16 0 Bycroft 1 15 9 Colonial Sugar (late Mon.) 51 15 0 51 15 0 N.Z. Refrig. (10s paid; late Mon.) 0 8 6 Woolworths (N.Z.) .. 0 17 9 Woolworths (Sydney) 1 5 4 Mount Morgan (2) .. .. 0 10 0 North Broken Hill .. .. 2 12 0 New Broken Hill .. .. 0 18 6 Unlisted Stock Blackball Creek 0 1 1

Electrolytic Zinc (ord.; late • Mon.) .... 3 2 0 (pref.; late mon.) 3 3 0 Woolworths, Ltd. (late Mon.) 1 5 3 Woolworths (N.Z.; late Mon.) ., 0 18 0 4 p.c. Stock, 1948 (2) .. ,. 100 15 0 E.S. and A. Bank .. .. 4 17 6 National Bank of A’asia (£5 paid) 6 12 8 Bank of N.Z 2 0 0 Broken Hill Proprietary .. 3 19 0 Colonial Sugar 51 10 0 Electro. Zinc (ord.; 2) 3 2 0 MacDuffs, Ltd 0 2 3 Woolworths, Ltd. .. .. 1 5 2

4 p.c. inscr., 4 p.c. inscr;,* 1952-55 ,>*; . 97 15 97 15 0 0 Woolworths (Syd.j ord) 1 .5 3 r r: (2) 1 5 4 Broken Hill South .. .. 1 12 9 ' , Sales Reported Inscr., 1948 100 17 6 N.Z. Refrig. (10s paid) 0 Q 8 8 5 6 9 Christchurch Gas .. .. 1 0 Electrolytic Zinc (pref.;) .. 3 3 3 3 3 4 Broken Hill South (late Mon.) i 2 6 Broken Hill South .. .. i 2 4 Broken Hill Proprietary 1 (1) 3 19 3

£ s. d. Commonwealth Bonds— 4 p.c. f 1941 101 13 9 4 p.c., 1961 100 13 9 Bank of Australasia .. .. 7 15 0 A.C.I. (con.) 0 12 1 Broken Hill Proprietary .. 1 2 3 Dunlop Perdriau 0 17 Howard Smith 1 2 3 Addil.Vnal Sales Bank of New South Wales 27 1 0 Coles 3 8 6 Woolworths 1 2 7J Australian Consolidated Industries 1 15 9 Ccont.) 0 12 0 General Industries .0 16 6 Farmers .. 1 7 0 Mauri Bros. 3 8 6 Dalgetys .. .... .. 5 10 0 Winchcombe Carson 1 7 6 Electrolytic Zinc .. .. 2 15 7 Mount Morgan 0 9 3 (New Zealand delivery) 0 9 3 Mount Lyell 1 9 7 Larut 0 7 7 MELBOURNE. Oct. 31. Metropolitan Gas .. .. 13 5 0 Adelaide Steam 1 14 0 Coles 3 8 3 Herald and Times .. .. 2 17 3 Mount Morgan .. .. 0 9 3 Loloma 1 4 3 Broken Hill Proprietary .. 3 9 3

Oct.. Oct. 1939. 1938. £ £ Customs duty 47,464 59,238 Beer duty .. .. 43,818 37,425 Sales tax .. .. 32,091 26,768 Petrol tax .. .. 12.324 17,211 Gold duty .. .. 1,025 1,124 Tyre tax 370 556 Total revenue .. 146,437 142,820

1938. 1939. £ £ Customs .. . • ,. 88,699 74,084 Beer excise .. .. ,. 14,352 20,238 Petrol tax .. .. .. 24,604 19,797 Tyre tax .. . • .. 1,033 824 Sales tax .. .. .. 36,405 45,050 Light dues .. .. .. 724 765 Export levies — Wool .. .. 47 27 Meat 378 923 Miscellaneous 69 6,049 Totals .. £166,312 £167,757

lows:— Seven months. 1938-39. 1939-40. £ £ Customs 679,719 692,168 75,550 88,699 169,668 181,916 7,131 5,769 Sales tax 256,508 292,011 Light dues .. 4,425 3,962 Export levies— Wool .. Meat .. ■ • 1,335 8,234 1,729 9,249 Honey Miscellaneous .. 41 500 6,511 Totals .. £1,203,111 £1,282,015