COMMERCE AND FINANCE

Otago Daily Times, Issue 24613, 22 May 1941, Page 2

COMMERCE AND FINANCE

DUNEDIN STOCK EXCHANGE YESTERDAYS SALES DUNEDIN Sales Reported £ s. d. Bank of N.Z. (2) 1 17 3 National Mortgage (B) .... 1 1 p Dominion Fertiliser 1 5 .'i Sales on ’Change N.Z. Paper Mills 1 10 0 AUCKLAND Sales on ’Change.—Bonds. 1946-49, 4 per cent.. £lO3 ss; Stock, 1940-43, 4 per cent., £lOl 2s 6d; ditto.. 1949-52, 4 per cent, (late sale), £lO4 ss: Christchurch City. 1951, 41 per cent., £lO5 10s; Bank of New Zealand (2). £1 17s 7d; New Zealand Insurance (2). £3 2s 3d: South British, £2 11s 6d: Leyland O'Brien, 15s; Pukemiro Coal (odd lot: late sale), 16s: Broken Hill Pty., £2 2s 4d; Dominion Fertiliser (late sale!. £1 5s 3d: Electro. Zinc (pref.), £2 14s 6d; Berle) (N.Z.), £3 7s 6d: 1.C.1. (A. and N.Z.; pref ). £1 3s 6d; Wilsons Cement, 19s 3d; Woolworths Properties, 24s 9d. WELLINGTON Sales on ’Change.—War Loan. 1953 (late Tuesday). £B2 10s; New Zealand Insurance (late Tuesday), £3 2s; 4 per cent. Stock, 1943, £IOO 15s; 4 per cent. Stock, 1955, £lO6 10s; New Zealand Insurance. £3 2s 3d; Mac Duffs (pref.), 19s. CHRISTCHURCH Sale on ’Change.—Mining House Concessions, id. Sales Reported.—Milburn Lime (late Tuesday; 2). £1 17s 6d. LATEST QUOTATIONS „ GOVERNMENT LOANS Buyer. Seller.

COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of May 20;— At yesterday’s sale 2,000,0001 b were submitted to buyers. Common and low medium grades were not wanted, prices declining Id to IJd. Medium kinds were also lower by. Id. good quality teas were steady at last week's rates. At next week's sale 1,750,0001 b have been catalogued for sale.

John M. Fraser and Co., Ltd., selling agents for Otago and Oaraaru egg circles, rennrt. as under: — Eggs: Heavy grade, 2s lOd: standard, 2s 8d; medium, 2s 6d; pullets, 2s Id. Dairy butter: Pats, lid to Is. Id; bulk, Is Id. Potatoes. 8s to 0s per cwt. Chaff, £0 10s per ton, sacks extra. Canterbury onions. 11s Id per cwt. Whole fowl wheat, to 6s 9d per bushel. Honey, 7d to 8d per lb; s!b tins. 101 b tins wanted. Poultry: White Leghorn hens, 3s to 4s; heavy breeds, 4s 6d to 5s 6d; cockerels, light. 4s to ss; heavy breed. 7s to 8s; roosters, 2s to 4s; ducks, 3s to ss; ducklings, 4s to ss, all per pair. Turkeys: Gobblers, 8d per lb; live weight hens, 7d 'per lb. We stock “ C.F.M.” Meatmeal. Butter milk powder. , We are Otago agents for Champion egg crates, “ Sol-Vit-Ax ” cod liver oil for poultry: prices on application. Consignors, please note that all poultry must arrive not later than Wednesday morning of each week. We have a stock, of poultry crates on hand for use of our clients.

NEW ZEALAND PAPER MILLS COMPANY'S ANNUAL MEETING The thirty-sixth annual general meeting of shareholders of New Zealand Paper Mills, Ltd., was held in the Chamber of Commerce board room yesterday, Mr F. W. Mitchell presiding over a fair attendance of members. The net profit on the year's operations at £16,928 was slightly higher than the figure shown in the previous year's accounts. After payment of an interim dividend of 3 per cent, in November last, absorbing £6OOO, the profit and loss appropriation account showed an available balance of £28,039. The directors’ recommendation to pay a final dividend of 4 per cent., making a total distribution to shareholders of 7 per cent, for the year, and to carry forward £20.039, was adopted. The chairman in his address referred to the heavy demands made on the mills as a result of war conditions, and said that in helping this effort and in keeping pace with Government requirements the present productive capacity of the plant was at times taxed to the limit. The coalfield, which was opened about two years ago, had proved a most satisfactory venture. The considerable tonnage now mined was wholly absorbed by the company. Referring to steadily increasing taxation the chairman said that the amounts now paid to shareholders were considerably lower than the sums set aside as a provision for this charge. At the conclusion of the meeting the chairman made reference to the considerable number of members of the company's staff now at the front or in camp. The mills and offices were, however, carrying on and maintaining a high dc* gree of efficiency., . Mr T. Somerville, the retiring director, was re-elected and the company s auditors (Messrs Barr, Burgess and Stewart) were reappointed for the ensuing term. Reference was made to the death of Mr W. F. Edmond who, prior to his retirement a few months earlier, had been a director of the company for 33 years. Mr J. W. Smeaton was called to the board to replace Mr Edmond. A hearty vote of thanks was accorded the directors, general manager and staff. This was responded to by the chairman on behalf of the board and by the general manager (Mr H. L. Dolamore) for the staffPOST OFFICTSAVIMS BANK INCREASED SURPLUS OF DEPOSITS Deposits in the Post Office Sayings Bank during the month of March amounted to £2,546,913 and withdrawals to £2,130,503. leaving an excess of deposits of £416,410, states the Apiil Abstract of Statistics. The previous month the figures w-ere:—Deposits. £2,262,405; withdrawals, £2,081.406; excess of deposits, £180,999, Deposits during the financial year ended March 31. 1941, totalled £28.607,221. and withdrawals £25,319.146, leaving an excess of deposits of £3,288.075. , . J 1 , , , This experience is in direct contrast with that of the previous financial year, in which an excess of withdrawals amounting to £4,311,551 was recorded, deposits totalling £25.151,287 and witndiawals £29,462,838. The amount standing to the credit of depositors at Marcn 31 1941. was £62,956.788, as compared with £58.002.003 at March 31 of the previous year. AUSTRALIAN STOCK EXCHANGES (Rec. 0.15 a.m.) SYDNEY, May 21. General trading on the Stock Exchange was extremely quiet. . . The Morning Sales.—Bond s Industries. £1 10s 6d; Broken Hill Pty. (cont.), £1 3s 7Jd; Dunlop Perdrlau. £1 Is: Fairymead Sugar, £1 2s; Felt and Textiles, £1 17s 6d. Additional Sales.—Broken Hill Proprietary, £1 19s 9d; Fairymead Sugar. £ll2s; Mort’s Dock, 19s 9d: Sargents, £1 2s: Anthony Hordern, 13s 2d: Colonial Sugar £47 ss; Farmers, £1 5s 6d: Tooths, £2 10s 3d; Commercial Bank of Sydney, £18; Woolworths, 15s 3d; Masonite. £1 6s 3d; Australasian Paper, £1 13s 6d. MELBOURNE. May 21.^ Mount Lyell. £1 6s 6d; Coles. £2 lis 9d. __

£ S. d. £ S. d 3J p.c., 1953-57 .. .. 100 10 0 4 p.c.. 1940-43 .. .. 100 17 6 101 2 6 4 p.c., 1943-46 .. 102 10 0 4 p.c., 1946-49 .. .. 102 15 0 4 p.c., 1948 105 0 0 — 4 p.c., 1952-55 .. .. 106 0 0 War Loan, 1953 .. .. 82 5 0 — BANKING A’asia (£5) 8 8 0 N.Z. (£1) 1 17 6 1 18 0 Commercial (10s) — 0 14 0 Union (£5) — 6 16 0 INSURANCE AND SHIPPING National (7s) .. .. 0 18 9 New Zealand (£1) .. 3 1 6 South British (10s) .. 2 10 6 —r Standard (£1) .. .. 3 0 0 3 0 9 P. and 0. Stock (£1) 1 4 0 — MEAT, LOAN AND AGENCY N.Z. Refrig (£1) 0 16 6 — N.Z. Ref rig (10s) 0 7 0 — South. Froz. (£1) .. — 1 12 6 Natl. Mortgage (£2) — 1 16 0 Natl. Mort. (B; £1) 1 0 6 — Loan & M. (ord.; £100) 26 0 0 — Wright S. (ord.; £1) .— 0 19 9 Wright S, (pref.; £1) 0 19 6 — COAL Westport (10s) .. .. — 1 3 6 W.-Stoek. (pref.: 10s) — 0 6 9 WOOLLEN COMPANIES Bond’s Hosiery (£1) — 1 6 3 Bruce (ord.; £1) 1 0 9 — Bruce (pref.: £1) 1 0 3 — Kaiapoi (ord,: 17s) .. 0 15 0 — Kaiapoi (cont.; 7s) .. 0 4 10 MISCELLANEOUS A.C.I. (£1) 2 2 0 — British Tobacco (£1) — 2 8 0 Broken Hill Pty. £1) 2 1 0 2 2 6 Charles Begg (£ 1) .. 1 1 0 — Consol. Brick (£1) .. — 0 7 0 Crystal Ice (£1) 2 6 0 — D.I.C. (pref.: £1) .. 1 3 9 — Dom. Fertiliser (£1) — 1 5 9 Dom. Rubber (£1) — 1 0 0 Donaghy's Rope (£1) — 2 13 0 MacDuffs (pref.; £1) 0 18 6 0 19 6 Mllburn Lime (£1) .. 1 17 6 — Natal. Electric (£1) 0 19 3 1 0 0 Farm. Fer. (pref.; £1) 1 1 6 X 2 6 N.Z. Paper Mills (£1) 1 9 9 1 10 6 O. Dally Times (£1) — 1 17 6 Southland Ice (£1) .. 1 4 0 1 5 0 Wilsons Cement (10s) 0 18 6 — Woolworths (ord,; 5s) 0 13 0 0 13 6 BREWERIES Ballin’s (£1) .. •• 0 10 0 — New Zealand (£1) .. 1 11 0 1 11 6 Dominion (£1) .. 1 8 G — Dunedin (£1) .. •. — 1 0 MINING Broken Hill South (5s) 1 2 0 — Elec. Zinc (ord.: £1) 2 10 0 — Elec. Zinc (pref.: £1) 2 13 0 2 15 6 Mount Lyell (£ 1) •. 1 7 6 Mount Morgan (2s 6d) — 0 9 2 New Broken Hill (5s) 0 11 6 —- North Broken Hill (5sl 1 16 0 — Wgton. Alluvlals (2s) — 0 4 0 Nokomai (5s) .. •. — 0 1 Okarito (5s) .. .. 0 0 11 0 1 4