COMMERCE AND FINANCE

Otago Daily Times, Issue 24596, 2 May 1941, Page 2

COMMERCE AND FINANCE

DUNEDIN STOCK EXCHANGE YESTERDAY'S SALES DUNEDIN Sales Reported

AUCKLAND, Sales on 'Change.—War Loan. 1953 (2), £B2; 4 p.c. Bonds, 1946-49, £lO2 10s; 4 p.c. Bonds, 1952-55, £lO5 15s; 4 p.c. Bonds. 1949-52, £lO5 15s; Auckland Harbour Board, 4J p.c, 1947, £103; Auckland Harbour Board, 4.J p.c, 1955, £lO5 ss; Auckland Harbour Board, 4j p.c, 1961, £lO6 15s; Bank of New Zealand, £1 16s 9d, £1 17s; Bank of New Zealand (D mort.), £1 9s 9d; New Zealand Insurance (2), £2 19s 3d; South British, £2 8s 6d; Dominion Breweries (2), £1 8s; Broken Hill Proprietary, £2 Is 6d; G. J. Coles (late sale), £3 2s: Wilsons Cement, 18s 6d; Woolworths (Sydney; 2), 16s; Martha, 7s 6d. Unlisted Stock.—Associated Motorists (pref.), £1 4s. WELLINGTON Sales on 'Change.—War Loan, 1953 (late Wednesday; 2), £B2; National Electric (late Wednesday), 19s 6d; War Loan, 1953 (2), £B2; 4 p.c. Stock, 1955, £lO5 15s; South British Insurance, £2 8s 6d; I.M.P. Chemicals (pref.), £1 3s 9d; Woolworths. Ltd. (2), 16s; Sanfords, Ltd., 4s. Unlisted Stock.—Associated Motorists' Petrol (pref.; late Wednesday), £1 4s. CHRISTCHURCH Sales on 'Change.—South British Insurance, £2 8s 6d; Standard Insurance, £3: Felt and Textiles, £1 18s 6d; Martha Gold (cum div.), 7s 6d; New Zealand Insurance, £2 19s 6d; New Zealand Breweries, £1 10s 3d. LATEST QUOTATIONS GOVERNMENT LOANS

COMPANY TAXATION GROWING BURDEN EXEMPLIFIED (P.A.) WELLINGTON, May 1. The mounting burden of company taxation was stressed by the chairman of directors, Mr G. Coleman Phillips, addressing the annual meeting of the New Zealand Investment Mortgage and Deposit Company to-day. "Going back to 1938, when I assumed the chairmanship," he said, •' the net profit was £2980 with £B2O set aside for taxation. In the fojlowing year the figures were £2890 and £lOl6. Next year, we found £1536 for taxation and the net profit was £2651. During each of these years and for the past 10 years we have added £IOOO to the reserve. This year it is necessary to set aside £2167 for taxation, leaving us with only £1945 net profit. " These figures," Mr Phillips said, " may not. clearly indicate the position, so I feel it encumbent on me to explain that the company's profits for the year are only £75 less than last year. The actual profits have not diminished, the reduced balance being the outcome of the staggering load of taxation. There has not been any lessening in our earning capacity and thus the deteriorating effects of the increased taxation become apparent." DONAGHY'S ROPE AND TWINE (P.A.) WELLINGTON, May 1. The directors of Donaghy's Rope and Twine, Ltd., recommend a final dividend of Is 3d a share.

RESERVE BANK SLIGHTLY HIGHER DEPOSITS GAIN IN STERLING FUNDS (P.A.) WELLINGTON, May 1. The following is a statement of the assets and liabilities of the Reserve Bank as at the close of business on April 28:— LIABILITIES

Proportion of reserve (No. 7 less Ns. 5) to notes and other demand liabilities .. 51.811% 52.906% Sterling exchange ii expressed in New Zealand currency. THE NATIONAL MORTGAGE COMPANY IN STRONG POSITION

(0.C.) LONDON. Apl. 3. " I expressed the opinion last year that it was impossible to give any reliable forecast of our prospects at that time, and I can onlv reiterate that statement. While not taking a pessimistic view of the future. I feel it is wise that we should all refrain from anticipating that last years results will be maintained," said Viscount Hampden at the annual general meeting of the National Mortgage and Agency Company of New Zealand, Ltd. "We can congratulate ourselves that the company is in a strong and liquid position, and ready to take advantage of any opportunity to develop our business." he said. The accounts. Viscount Hampden added, referred exclusively to a war period, and were satisfactory in every respect. From a profit and loss balance of £32.705 it was agreed to pay a dividend of 5 per cent.; in sterling, free of income tax. Viscount Hampden pointed out that, although New Zealand taxes had. increased by £26,500, the balance for distribution had been maintained, and gross profit showed an increase of £34,091. In his review of the year the chairman said that the increase of £148,019 by sundrv creditors was reflected to a great extent in cost and investments. Bills payable were £107,676 less. Premises, plant and furniture had decreased by £68,704, due almost entirely to the sale of the Longburn Freezing Works last October. The improvement in the farmers position was reflected in the fall of £98,331 in the loans on mortgages. Cash and investments had risen by £103,017. " The New Zealand trade figures for the year ended December. 1940, are particularly interesting," Viscount. Hampden continued. " Comnared with 1939, the excess of exports over imports is £NZ.24.743.000. The figures are:—Exports for 1940, £N.Z.73.741,000 (£N.Z.58,009,000 or 1939): imports for 1940, £N.Z.48,998000 (£NZ 49.387,000 for 1939). The fact that we enjoy the benefit of the immense resource's 'of our dominions, is a testimony to the power of the British Navy in conjunction with the Royal Air Force, and to the heroism of the officers and men of our merchant navy," he said. Referring to the payment of a staff bonus, Viscount Hampden said: 1 desire to express the greatest admiration at the way in which, in London, the women and men who work in our office, one and all. faced the night bombings, the, discomfort of the blackout, the incessant air raid warnings, and the difficulties of travel, with courage, calmness and cheerfulness, and carried on. In New Zealand, although not in ihe front line, thev have plenty of worries, and the stair problem is serious. In addition to the members away on active service, younger members are being called up in batches for three to five months continuous training. It is not possible to take m fresh permanent members as we have undertaken to reinstate after the war all members now with the forces. Although the cost of living rise is less than in Britain, rents as well as taxes are high, and the bonus has been earned and is, I am sure, acceptable." N.Z. NEWSPAPERS, LTD. DIVIDEND RATE UNCHANGED (Special) AUCKLAND, May 1. New Zealand Newspapers, Ltd., have recommended a final, dividend of 8d a share, making Is 4d, or 8 per cent, foi the year ended March 31, an unchanged rate. Payment will be made on May 21. AUSTRALIAYirOCITEXCHANGES (Rec. 11.30 p.m.) SYDNEY, May 1. Although relatively quiet, share values to-day tended to strengthen, with a more confident undertone. . The Morning Sales.—Austral Gas A, £5 4s; Associated News, lis 9d; Australian Consolidated Industries (con.). £1 12s 7Jd; Anthonv Hordern. 13s; Broken Hill Frpurietary, £1 19s 9d; Cash Orders, 15s; Colonial Sugar. £44 12s 6d; Selfridges. 17s Additional Sales.—Commercial Banking of Sydney £lB 2s, Burns, Philp South Seas £l, Consolidated Industries £1 19s 3d, Stedman 13s, Morts Dock 18s 3d, Tooths (ex div.) £2 10s, Woolworths 15s 3d, Mount Lyell £1 6s lOd. Mount Morgan 8s lOd, Placer Development £2 lis 6d. MELBOURNE, May 1. Australian , Cement £1 16s, Imperial Chemicals (pref.) £1 2s 3d, Australian Paper Manufacturers (pref.) £1 ss. AUSTRALIAN MARKETS (Rec. 11.30 p.m.) SYDNEY, May 1. The wheat market is brighter, and silo grain is quoted at 3s Hid, bagged at 4s 3Jd Flour £l2 13s. Brand and pollard £6. Potatoes: Tasmanian £7 .10s, others £5. Onions: White £l7. Maize: Yellow and white 4s 6d.

£ s. d 4 p.c. Stock. 1943-46 .. . . .. 102 7 G 4 p.c. Stock, 1949-52 .. . ..105 15 0 N.Z. Insurance . . . 2 19 3 Bank of New Zealand .. . . .. 1 .16 '6 N.Z. Drugs (odd lot) .. . . .. 3 16 0 Woolworths (Sydney) ...- . . .. 0 16 0

Buver Seller £ s. , d. £ s. d. 3 p.c. 1939-41 .. .. 99 0 0 — 3J p.c, 1933-57 .. .. 100 10 0 — 4 p.c. 1943-46 .. .. 102 7 6 — 4 p.c. 1948 . .... 104 0 0 — 4 p.c, 1949-52 .. 105 10 0 — 4 p.c, 1952-55 .. .. 105 10 0 — War Loan, 1953 . . .. 81 17 6 — BANKING New Zealand .. 1. — 1 16 9 — 1 16 6 INSURANCE AND SHIPPING — 0 19 0 New Zealand ., 2 19 0 3 0 0 P. and O Stock .. 1 4 0 — MEAT. LOAN AND AGENCY N.Z. Refrie. (cont.) .. 0 6 3 0 6 9 National Mortgage — 1 16 0 National Mortgage (B) — 1 1 6 Guarantee Corp. — 0 3 0 Perpetual Trustees .. 2 11 0 — Trustees, Executors .. 4 2 0 — Wright. Steph. (pref.) 0 19 6 — COAL 1 11 3 — Westport 1 3 0 — W.-Stockton (ord.) .. 0 2 4 — W.-Stockton (pref.) .. 0 6 2 — WOOLLEN COMPANIES Bruce (ord.) .. .. 1 0 9 — Bruce (pref.) .. .. 1 0 0 — Kaiapoi (ord.) .. .. 0 14 10 — Kaiapoi (cont.) .. .. 0 4 8 — — 10 10 0 MISCELLANEOUS Iron and Steel (pref.) 1 4 0 — Broken Hill Pty. 2 1 0 — Chas. Begg and Co. .. 1 1 0 1 3 0 D.I.C. (pref.) '.. .. 1 3 6 — Dom.. Fertiliser . . .. — 1 6 3 Dom. Rubber .. .. — 1 0 0 Donaghy's Rope .. .. — 2 13 0 Dunlop Rubber .. .. 1 0 0 — Milburn Lime .. — 1 18 6 National Electric — 1 0 '0 Farm. Fertiliser (pref.) — 1 2 tj N.Z. Paper Mills 1 10 0 1 11 3 Otago Daily Times .. — , 1 17 6* Regent Theatre .. .. — 0 19 9 Southland Ice .. 1 3 0 — Woolworths (Syd.) .. ,— 0 16 4 (BREWERIES N.Z. Breweries. .. .. 1 9 10 1 11 0 — 1 2 0 . :-' : -' MINING Broken-Hill South .. 1 2 6 _ Electro. Zinc, (pref.) .. 2 12 3 — Emperor .. .. • 0 9 9 — Mouni uvelJ — 1 8 0 Mount Morgan .. .. 0 8 8 0 9 6 New Broken Hill 0 12 6 — Austral N.Z. .. .. — 1 8 0 — 0 1 2 C kith a River -.. .. — 0 2 3 Grey River .. .. 0 14 9 — — 0' 1 7 Okarito .. — 0 1 9

Apl. 21 Apl. 28. £ 1.500,000 1. General Reserve Fund .. 1.500.000 2. 3. Demand liabilities21.901,801 21,853,928 8.901.375 9,015,812 12,966.507 13,311,415 372.340 548,907 4. — — 5. Liabilities in currencies other than New Zealand currencies .. .. 15.030 15.030 G. Other liabilities .. .. 1.185,284 1,202,095 Total £46.842,337 £47.447.189 ASSETS 7. Reserves— 2.801.873 2.801.873 (b) Sterling exchange .. 20.083.407 20,515.775 (c) Gold exchange .. .. — — 8. Sub:idiary coin .. .. 105.254 106.277 9. Discounts— (a) Commercial and agricuitural bills — — (b) Treasury and local body bills .. .. — — 10. Advances— (a) To Stato or State undertakings— (1) Primary Produce Marketing Depart2,993.759 3.169.548 (2) For other purposes 15.500.000 15.500.000 (b) To other public au- — —' — — II. 3.772,569 3,772,569 12. Bank buildings .. .. — — 13. 1.585.473 1,581,144 £46.812.337 £47,447.189