COMMERCE AND FINANCE

Otago Daily Times, Issue 24297, 14 May 1940, Page 5

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE WEEK OPENS QUIETLY The Dunedin Stock Exchange reopened yesterday to And the market quiet after the week-end. The inquiry for Government loans was less comprehensive . than has been the case lately, and though several sellers came into;, the market, no business was effected. Bank of New Zealands were steady, with' a sale at £2 3s 6d, the closing quotations being £2 3s (buyer) and £2 3s, 9d (seller). Kaitangata Coals were also turned over at the unchanged figure Of £1 Us. Australian Consolidated Industries were firmer at £ 1 19s 9d, a seller coming forward at £2 Is. Broken Hills were on offer at £2 10s 3d, and the offer for G. J. Coles was reduced to £3 12s 6d, a parcel being available at £3 14s 6d. McDuff's were a little stronger at 7s 6d (buyer) and 8s (seller), and McKenzie's were steady at £2 7s, sellers demanding Is more. Sydney Woolworths were again easier, a parcel being on offer at £1 0s sd. but buyers would not go beyond 19s 9d. YESTERDAY'S SALES DUNEDIN

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph-—Copyright) . /""; . SYDNEY, May 13. XKeceived May 13, at 10 'p.m.) The share market continues fairly steady, despite th» unsettled elements at Home and abroad., The Morning Sales •' £ s. d.

DOW JONES AVERAGES (United Press Association) (By Electric Telegrahp—Copyright) NEW YORK, May 11. 1928 = 100 Sales.

IMPORT CONTROL! SECOND PERIOD LICENCES It has been decided that goods shipped in vessels scheduled to leave the United Kingdom for New Zealand not later than May 29 can be admitted under Second Period Licences. Goods shipped for New Zealand in vessels which leave other exporting countries, e.g., Canada, United Stated of America or Japan, not_ later than that date may be similarly admitted.

LATEST QUOTATIONS SYDNEY WOOLWORTHS WEAKER The following are yesterday afternoon's buying and selling quotations on the Dunedin Stock Exchange, which are subject to the usual brokerage:— N.Z. GOVERNMENT LOANS

UNLISTED STOCKS : All Stocks in this section are npt. quoted on the official list, and transactions are subject to a different rate of brokerage:—

DIVIDENDS AND GALLS

DENTAL AND MEDICAL SUPPLY COMPANY ANNUAL REPORT The annual report of the directors of the Dental and Medical Supply Company, to be presented at the annual meeting of shareholders at Wellington on May 23. states that the result of the year's working can be regarded as satisfactory, sales having been higher than in previous years owing to increased local demands, defence requirements and higher prices. Sales and gross profits have shown an increase, and working expenses have been kept practically unchanged so that there is a higher net profit. The net profit amounts to £2972 17s sd. after allowing £2OOO for future taxation, compared with £2927 in 1939 and £3356 in 1938. The net profit, with the balance of £lsll 8s lid brought forward makes a total of £4484 6s 4d available for distribution. The directors recommend a dividend of 5 per cent., absorbing £2889 18s and leaving £1594 8s 4d to be carried forward. Duping the vear. the chairman and managing director Mr J. S. Macarthur resigned and Mr W. S. Barr was appointed acting general manager. Mr Will Appleton was appointed to the board to replace Mr W E. A. Gill, who retired. DIVIDENDS DECLARED (Per United Press association) WELLINGTON, May 13. The Stock Exchange Association has received advice that the Oamaru Worsted and Woollen Mills, Ltd.. has declared an interim dividend of 3 per cent., payable on June 6. . _ .. The directors of National Reliance Investment have recommended a dividend of 4i per cent., payable on June 7.

TIN PRICES SOAR YEAR'S HIGHEST LEVEL (United Press Association) . • (By Electric Telegraph—Copyright) LONDON, May 12. The most excited dealings of the commodity markets since the German invasion of the Low Countries centred round the price of tin, which soared to the year's highest level, but no outstanding fresh purchases are reported. The International Tin Committee is scheduled to meet on May 27. Before the invasion of Holland production quotas were roughly equivalent to consumption. The grounds for the reduction of production are not very strong. United Kingdom consumers are not overstocked, but are relying on current arrivals. Malaya has decided to discontinue the publication of minehead stocks, because other producing countries refuse to release similar information. Apples are increasing in supplies. Australian Jonathans, 14s 6d to 15s 9d; Tasmanian Coxes, 14s 6d to 15s 3d; New Zealand Coxes, 16s to 18s 3d. A.M.P. SOCIETY HIGHLY SUCCESSFUL YEAR The latest report and balance sheet issued by the A.M.P. Society disclose a very solid financial structure. The care and foresight which is evident has been exercised in dealing with security and the building up of defences against abnormal conditions should give confidence to members and the community that the A.M.P. will be able to do its part in the Empire effort which is facing <us. Satisfactory margins are disclosed in all factors upon which progress and security depend, and at a. time of rising costs the reduction in expense rates is a particularly outstanding achievement. Assurances in force have reached over £375,000,000, and through the medium of A.M.P. membership many members of our forces overseas will be sscuring protection for thendependants. All such policies issued before the outbreak of war are not subject to any extra premium to cover war service with the Allied forces. ..- The new business at £29,407,675—an increase of £302,992 over 1938—is one of the highest totals of business written by a life office in the Empire, and is evidence of the faith of the public in this great mutual institution and of the efforts which the community is continuing to make to provide for future contingencies and security. The society's investments in various loans to the Governments, local government authorities, and public bodies in New Zealand, the Commonwealth and States of Australia, other dominions, and Great Britain now amount to over £70:000,000, while advances on mortgages total over £30,000,000. Not only has the society given paramount service in the sphere of life assurance protection, but it has been a telling force in financing our public undertakings and our primary production. The A.M.P. has no funds whatever invested outside the British Empire. It can be said with confidence that the A.M.P. Society has always recognised its duty as the guardians of millions of pounds of the sayings' of the people, and the further efforts made last year to ensure the impregnability of its position merit full recognition. One of the speakers at the annual meeting in Sydney last Friday was Mr D. R. Menzies, delegate from the New Zealand Board, who stated that during the year the Dominion had contributed a total of £5,412,785 of ordinary department new business, an increase of £651,155 over the total secured in the previous year. ■ With the addition of new business amounting to £789,020 completed by the industrial department, the total New Zealand new business for both departments had reached the highly satisfactory aggregate of £6,201,805. NEWSPAPER PRESS DIRECTORY THE ISSUE FOR 1940 The ninety-fifth issue of the Newspaper Press Directory, just published, maintains its usual high degree of accuracy in its complete record of all newspapers, magazines and trade papers of the United Kingdom and Eire, as well as the principal publications of the Empire and the chief foreign countries. It contains also a resume of the outstanding events in the world of advertising and an article on legal matters affecting advertising and the newspaper press during 1939. Now that Great Britain's export trade has assumed such vital importance the articles and statistics on Empire and foreign trade will be of special interest to who already' have, or who are now trying to establish, overseas connections. Altogether there are 612 pages of valuable information and, as a supplement, a newspaper map of Great Britain, Northern Ireland and Eire is included, which, printed in colour, shows clearly the towns with one newspaper, more than one, and those with daily papers,. As a work of reference, this publication is of • value to advertisers and their agents, newspaper men and journalists. ' ,>.'.'.•,! ;- : .-,, • ' - '. ' MINING NEWS OKARITO RETURN The Okarito Five Mile Beach dredge obtained a return of 13oz for 117 hours' work. WORKSOP EXTENDED The Worksop Extended Gold Dredging Company's return for the week ended May 9 was 13oz for 124 hours from 9950 cubic yards. BIG RIVER GOLD The report for the week ended May 9 of Big River Gold Mines, Ltd., states: —No. 5 level: North stope—Filling not yet completed. No. 6 level: South blockStone 3 feet 6 inches wide. Level—Advanced 6 feet; total 62 feet. Shaft—Repairs completed; work in No. 7 chamber resumed. Twenty-two tons of stone were sent to the battery. GILLESPIE'S WASH-UP The Gillespie's Beach dredge wash-up for the week ended Saturday was 370 z 2dwt for 128 hours (16,114 cubic yards). CLUTHA RIVER GOLD For the week ended May 10, the Clutha River dredge, operating at Alexandra, worked 121 hours and recovered 620 z of gold. ALEXANDER MINES REPORT The following is the Alexander Mines, Ltd., report for the week ended May 9:— No 6 level was advanced 27ft, making a total of 63ft. There was no change in the country. Stoping has been carried on in two faces above No. 6 level. South stope reef is 30in wide, with no change. North stope above No. 3 rise: Reef has been lengthened 10ft going north, and looks very promising. This lens of reef is standing vertically, and shows an average width of 39in. The bottom of this reef is 36ft above No. 6 level, but the lode here shows considerable faulting. Twenty tons of ore have been sent to the battery. COTTON, RUBBER, ETC. (United Press Association) (By Electric Telegraph—Copyright) LONDON, May 12. Friday's closing prices were:— Cotton: Spot, 8.17 d per lb; June delivery, B.ood. Rubber: Para, 14d per lb'; plantation smoked, 12d. Linseed oil: £47 10s a ton. Turpentine: £2 13s per cwt. Scott Bros., produce merchants and commission agents, agents for the Dunedin Egg Suppliers' Association, report:—Eggs: The Associated Agents quote poultry farmers' eggs at 2s 8d per dozen; storekeepers', to 2s 7d per dozen; pullets, to 2s 3d per dozen. Separated butter: Wanted; to Is per lb. Honey: Bulk; 7&d to BJd per !b: 101 b tins, 8s each; 51b tins, 4s 6d each. Beeswax, Is to Is 3d per lb. Poultry: Hens, Is to Is 6d each; heavy breeds, 2s to 2s 6d each; roosters, Is 6d to Is 9d each; cockerels, 2s 6d to 4s 6d each; ducks, 2s to 3s each; ducklings, up to 4s each; geese, 3s to 4s 6d each; goslings, 3s 6d to 5s each; turkeys, gobblers lOd to IOJd per lb, hens lOd to 10£d per lb.. Fat: Nominally 8s to 10s per cwt. Potatoes; Arrans, £5 to £5 10s; King Edwards. £6 to £6 10s per ton. Green peas, 3d to 4d per lb. Carrots, 2s 6d to 3s 6d per sugar bag. Swedes: Slow; Is 9d to 2s 3d per sugar bag. Onions: New season's Canterburys, 13s per cwt. Whole fowl wheat, 6s to 6s 9d per bushel, sacks extra. Cape barley, 6s per bushel, sacks extra. Undergrade wheat, to 21s per sack, s.i. Whole maize, 8s per bushel, sack extra. Chaff: Prime oaten sheaf, £6 ss, ex truck; £7, ex store, bags extra. Oyster grit, 6s Gd per 1001 b bag. Straw: Wheaten, 2s 9d per bale, ex store. Lucerne meal lis 6d per 901 b bag. Lucerne chaff', 8s per sack. Oats: Gartons, 4s to 4s 6d per bushel, sacks extra. Free use of fowl crates on application. We have in stock chick and pullet grit, chickfood, fine and medium, and chick starter, charcoal, bonemeal, Black Leaf "40." etc. Prices on application.—May 13, 1940.

Sales Reported £ s jj Bank of New Zealand .. 2 3 6' Kaitangata Coal .. I'll 0 AUCKLAND •Stock, 1940-43, 4 p.c. (late sale) 101 15 0 103 0 0 Stock. 1948, 4 p.c 105 5 0 Auckland Gas Perp. Stock .. 101 0 0 2 3 3 National Insurance 0 19 4 Farmers' Auctioneering (A • i i 6 ,o: 9 6 0 15 4 56 0 0 0 9 4J G. J. Coles (late sale) .. .. 3 IB 0 3 15 0 New Zealand Newspapers "... i -r 9 Woblworths (N.Z.; pref.; special 1 16 6 10 0 Unlisted Stock 0 15 0 0 10 0 WELLINGTON Auckland Gas, 5 per cent. Perp. 101 0 0 New Zealand Breweries ,. 1 16 9 1 16 10 1 0 3 1 0 0 104 0 0 CHRISTGHURCH [ Sales Reported Australian Consolidated Indus1 19 10J 56 0 0 55 10 0 56 0 0 t.CJ.-Aust. and N.Z. (pref.) .. -1 4 0

Commonwealth bonds— \ -** 4 p.C. 1941; ..;.& ?J--.1 ; 103 10 0 4 p.c, 1961 ..pi.. ••" .108 8 9 Bank of.New South Wales .. 28 0 0 , \ 2 10 9 6 6 0 Aust. Consolidated Industries .'■ 1 18 0 Aust. Iron and Steel (pref.) .j . 17 9 , 2 13 6 ; 0 19 3 Additional Sales 9 7 0 Mercantile Mutual Insurance . . 18 9 . 2 7 0 , 1 8 10 Woolworths (New Zealand) ., , 0 14 6 . 13 0 . 2 1 10 . 1 11 0 2 17 6 . 2 6 3 . 0 14 8 MELBOURNE, May 13. £ s d , 7 4 0 Howard Smith .. ...... .. . . 13 3 . 2 15 6 Mount Lyell .. .;,,, ... ... . . 1 10 8 .' 2 6 1

20 Rail1000 roads. Industrialsshares February 7 .. 30.83 146.83 490 February 29 . ,. 30.48 446.54 680 March 1 ,. 30.41 14653 600 March 27 ,. 30.79 147.45 1190 April 1 .. . .. 30.73 147.72 750 April 8 .. .. 31.96 151.29 1260 April 16 .. .. 30.64 148.18 1510 April 22 .. .. 30.63 148.01 870 April 30 .. .. 30.69 148.43 590 May 1 .. May 2 .. May 3 .. May 6 ..: .. 30.52 147.13 310 .. 30.66 147.76 650 .. 30.78 147.65 1070 .. 30.79 147.33 530 May -7 .. , .. 30.86 147.74 580 May 8 .. .'. 30.90 147.96 690 Mav 9 ■'■..■'•' ;.. 3i.i4 148.17 850 May 11 ..;■ .. 29.81 144.85 670

Buyer Seller. £ s d £ s d 3} p.c. Bonds, 1953-57 99 5 0 — 3J p.c. Stock, 1953-57 99 5 0 — 4 p.c. Bonds. 1943-46 .. 102 15 0 — 4 p.c. Bonds, 1946-49 .. 103 0 0 — 4 p.c. Stock, 1946-49 .. — 103 10 0 4 p.c. Stock, 1949-52 .. — 105 15 0 4 p.c. Stock, 1952-55 .. — 105 15 0 MINING Big River (Is) .. .. — 0 1 0 Gillespie's Bepch (Is) 0 0 4 0 0 5 Grey River (10s) — 0 18 6 New River (Is) .. ,. — 0 0 10 N'okrv , a j (Jjs) ... ,. — 0 1 10 — 0 1 6 Sandhills (Is) .. .. — 0 0 1 Waitahu (5s) .. .. - 0 1 0 BANKING New Zealand (£1) 2 3 0 2 3 9 N.Z. (long D; £1) .. — 1 10 0 Commercial (10s) .. 0 15 6 0 16 0 INSURANCE National (7s) .. .. 0 19 4 — New Zealand (£1) .. — 3 5 0 Standard (£1) .. .. 3 3 0 — MEAT PRESERVING N.Z Refrig. (paid: £1) 1 0 0 1 1 3 N Refrig (cont.: 10s) 0 9 3 0 9 6 South Otago Freezing (£5) — 3 10 0 LOAN AND AGENCY Perpetual trustees (18s) . .. ., . 2 9 0 — Trustees, Executors 4 1 0 — Wright Stephenson (ord.; £1) — ■ 1 1 0 Wright, Stephenson (pref.; £1) .. .. .-—' 1 1 0 GAG Christchurch (£1) .. ' 1 6 0 '.,-0 ..,'■, jj- COAL AND OIL ' .i. v :' ■' Kaitangata (16s) .. ... 1 10 6 i 12:. 0 Westport (10s) .. .. 1 4 0 —j Westport . - Stockton (ord.: 10s) ..'....., 0 27; ' *7' Taranaki. Oil Develop. '.(3s) ■■■•• ., .. .. .. — ; Cv6'"f; 6 WOOLLEN COMPANIES Bond's Hosiery (£1) 1 6 0 — Bruce (ord.; £1) 0 17 6 — Bruce (pref.: £1) 1 1 0 — Kalapol (ord.; 17s) .. — 0 15 4 Kaiapoi (pref.; 17s) .. 0 17 0 — Mosgiel (£4), .. .. 10 10 0 — Oamaru (£1) .. .. 0 18 9 — MISCELLANEOUS Associated News (£1) — 0 13 6 Aust Consol Indus. (£1) .. ;. .. .. 1 19 9 2 1 0 Broken Hill Pty. (£1) — 2 10 3 D.I.C. (pref.; £1) .. 1 2 6 — Dominion • Fertiliser (£1) .. .. .. .. 1 7 0 — Dominion Rubber (£1) — 1 3 3 Stock Exchange Pty. (£1) • •..* .. .. .. — 2 0 0 G. J. Coles (£1) .. 3 12 0 3 14 6 M?cDuffs (ord.: £1) 0 7 6 0 8 0 miburn Lime (£1) .. — 2 3 6 •"izies Dep, Stores .'•, (£1): ;.;• ..,..' ... "27 70 ,2: 8 0 N.Z. Drug Co. (£2) .. 4 0 0 :4 4 3 Farmers' ' Fertiliser —■ 1 2 0 Farmers' Fertiliser (pref.: £1) .... 1 2 6 — R. and E. Tingey (pref.) .. .... 1 0 0 — Woolworths (N.Z.; '— 0 18 0 Woo'worths (Sydney; 0 19 9 1 0 5 Woolworths (S. Africa; 5s) .. .. ... — 0 16 0 Berlel (N.Z.), Ltd. .. 3 0 0 ~^ BREWERIES N.Z. Breweries. (£1) — i - 1 17 0 AUSTRALIAN MINING Electro. Zinc (ord.; 2 18 0 3 U 0 Mount Lyell (£1) .. — l .15';, 0 Mount Morgan (2s 6d) ... _ ■ 0 W 10 Rawang Tin (10s) .. — 0 9' " u Wellington Alluvials . — 0 4 6

Buyer. Seller. £ s. d. £ s. d Mackintosh Caley 0 8 0 0 10 0 Otago and Southland 0 2 3 0 3 0 Otago Farmers (A (pref.) — 10 0 Security Finance. — 05 6

The following is a list of shares on which dividends will shortly be payable:— •Mosgiel Woollen—Interim, 4 per To-day. North Wairarapa Building and Investment—Final, 2J per cent., at 5 per cent, per To-day. ♦Mount Morgan—Interim, ord., May 15 •National Insurance—Interim, 4d May 15 Dalgety arid Co.—Interim, 3s a share (less British income :':" tax) .. .. May 16 Alloy Steel (N.Z.)—Final, 3J per cent., and bonus of Is a May 18 William Cable, Ltd.—Half-yearly, May 20 N.Z. Paper Mills—Final, 4 per May 21 -Dental'and Medical, Ltd., 5 p.c. May 23 Westport Coal—Interim, 6d May 24 Swan Brewery—Ord.; 6d and bonus of 3d per share .. May 29 ♦Broken Hill Pty.—Half-yearly, 9d .. .. .. May 29 National Bank of AustralasiaInterim, 6 per cent May 29 Bank of New South WalesInterim, 6s a share (AustraMay 30 United Permanent Building, Auckland—Interim, 2J p:c. .. May 30 Arahura Dredging—First, Is May ?0 E.S. and A Bank—Interim, 3J p.c. (less British income tax) May 31 Kauri Timber—Interim, 2J . p.c. May 31 Henry Jones Co-op—Interim, 6d June 1 • Dominion Fertiliser—6 p,c. June 5 ♦Broken Hill South—fid .. .. June 15 Mount Lyell—9d June 17 Bank of New Zealand—Final, Is June 21 Imperial Chemical IndustriesFinal, 5 per cent., making 8 per cent, per annum .. July 1 Dunedin Brewery—Final, 3 p.c. — * Quoted ex dividend on Stock Exchange.