COMMERCE AND FINANCE

Otago Daily Times, Issue 24619, 29 May 1941, Page 2

COMMERCE AND FINANCE

DUNEDIN STOCK EXCHANGE YESTERDAY'S SALES DUNEDIN Sales Reported

AUCKLAND Sales on 'Change.—War Loan (2). £B3; Bank of New Zealand (4). £1 17s 6ci; New Zealand Insurance. £3 3s; South British. £2 12s 6d; Dominion Breweries, £1 8s 6d; Dunlop Perdriau (late sale). £1 Is 6d; Martha. 7s 3d. WELLINGTON Sales on 'Change.—4 per cent. Stock, 1946 (late Tuesday), £103: Dunlop Rubber (late Tuesday). £1 Is 6d; Consolidated Brick (late Tuesday), 6s 3d; 4 per cent. Stock. 1946, £103; Broken Hill, £2 2s 3d. Unlisted Stock,—J. J. Niven, 8s 6d. CHRISTCHURCH Sales on 'Change.—New Zealand Government 4 per cent. Stock, 1955, £lO6 10s. Sales Reported.—Waimairi County, 31 per cent, 1961, £9B; British Tobacco (late Tuesday), £2 7s 3d. LATEST QUOTATIONS GOVERNMENT LOANS

BUILDING COMPANY'S YEAR EFFECT OF HEAVY TAXATION (P.A.) " : WELLINGTON, May 28. Presiding at the annual meeting of the Equitable Building and Investment Company to-day, Mr Malcolm Fraser said that, in spite of business conditions generally having been good, the company was in the position of having to publish a loss of £1305 7s 9d, the cause being the heavy additional taxation' imposed by the Finance Act last session. The deposits, which increased by £7700 would undoubtedly have shown a greater increase, Mr Fraser said, had it not been for the limitation placed by the Government in June on the acceptance of new deposits. The limit was slightly more than £IOOO above the deposits held at the time, so that for the greater part of the year the company was unable to do more than replace the deposits withdrawn. " If the war effort had benefited," he added, we would make no complaint." MINING NEWS NEMONA RETURN The Nemona Gold Dredging Company's return for the week ended May 24 was 19oz 6dwt in 113 hours from 9800 yards. DIVIDENDS DECLARED (PA) WELLINGTON. May 28. The Stock Exchange Association has been advised by cablegram that British Tobacco has declared an interim dividend of 2 per cent., payable on June 30 The directors of Morris, Hedstrom have recommended „,a final dividend of. 3 per cent., making 6 per cent, for the year.

WOOL APPRAISEMENT LAST SEASON'S REALISATION (P.A.) WELLINGTON. May 28. The New Zealand Woolbrokers' Association reported to-day that 798,365 bales were appraised this year, compared with 733,775 bales last year. The gross proceeds are £13.922,422, compared with £12,718.128 last year. The average price in the 1940-41 appraisals was 12.222 d a lb. FARMERS' TRADING COMPANY (Special) AUCKLAND. May 28. A net profit of £75.997 is shown in the accounts of the Farmers' Trading Company. Ltd.. for the year ended March 31. This result is struck after providing £160.000 as a reserve for income tax and national and social security taxes. In presenting its accounts in this form, the company has adopted a new procedure in keeping with modern practice and in consequence there is no basis for a direct comparison with the published results of previous years. The directors recommend the usual dividend of 7 per cent, on the ordinary shares, in addition to which thefixed dividends of 5 3-5 per cent, on the A and B preference and 5 per cent, on the C preference shares will be paid on May 31. The total dividend requirements absorb practically the same amount as in the previous year at £51,720. The directors in their report refer to the very satisfactory profit earned, stating that the business had been well maintained and that the affairs of the company were in excellent condition. In spite of the restrictions on imports and other buying difficulties stocks in most departments had been held at a satisfactory level, and New Zealand manufactured goods were being more strongly featured than ever. The turnover again showed an advance over that of the previous year. AUSTRALIAN STOCK EXCHANGES (R*c. 11 p.m.) SYDNEY, May 28. A brighter tone was noted on 'Change to-day, with more active support for leading industrials. Additional Sales.—-Bank of New South Wales, £26 '9s: Commercial Banking of Sydnev, £l7 17s 6d; Mercantile Mutual Insurance, £1 9s; Bonds' Industries, £1 lis 3d; Bums, Philp. £2 9s 6d; Howaid Smith. 18s 9d; Australian Gas (A), £4 13s; Standard Cement, 19s 6d; Broken Hill Proprietary. £2: Zinc Coruoration, £2 18s 3d; Placer Development, £3 Is 3d. MELBOURNE, May 23. National Bank (£5 paid). £5 13s; National Bank (£lO oald), £ll 10s: G. J. Coles. £2 18s; Mount Morgan. 8s 6d. , COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report en the Colombo tea auction of May 27:—Some 2.000.0001 b were offered to buyers at yesterday"s tea auction. Competition was keen for all classes of tea. At the close of the sale common fradrs had advanced Id a lb. medium kinds Jd to Jd. and top quality teas Id to ljd a lb. For next week s sale 2,000,0001 b have been catalogued.

£ s. d 4 p.c. Stock, 1946-49 .. . . .. 103 13 9 National Insurance .. . . .. 0 18 6 Standard Insurance . .. 3 0 6 New Zealand Drugs .. . . .. 3 17 0

Buyer. £>eller. £ s. d. £ s. a. 3£ p.c. 1953-57 .. .. 100 10 0 — 4 p.C. 1940-43 .. .. 100 15 0 — 4 p.c, 1943-46 .. .. 103 0 0 — 4 p.c, 1946-49 .. .. 103 10 0 — 4 p.c, 1948 104 0 0 -* 4 p.c, 1952-55 .. .. 106 0 0 — War Loan, 1953 .. ... 82 10 0 — BANKING New Zealand (£1) .. 1 17 0 1 18 0 Commercial (10s) — 0 14 0 E.S. and A. (£3) — 4 2 6 INSURANCE AND SHIPPING National (7s) .. 0 13 5 0 18 7 New Zealand (£1) .. 3 3 0 — South British (10s) .. 2 11 0 .— Standard (£1) .. .. 3 0 0 — P. and O. Stock (£1) 1 4 0 — MEAT. LOAN AND AGENCY N.Z. Refrig. (£1) .. 0 16 6 — N.Z. Refrig. (10s) 0 7 2 0 7 6 Nat. Mort. (£2) —- 1 15 0 Loan and M. (ord.; £100) ,26 0 0 — Perpetual Trust. (18s) 2 11 6 — Trustees. Exectrs. (£3) 4 2 0 — W.S. (ord.; £1) — 0 19 9 W.S. (pref.; £1) 0 19 6 — GAS AND COAL Christcliurch (£1) .. _ 1 1 1 Kaitangata (16s) .. .. 1 10 0 — Westport (10s) .. .. — 1 3 6 W.-Sfkfn (pref.; 10s) 0 6 0 0 6 9 WOOLLEN COMPANIES Bruce (ord.; £1) 1 0 9 — Bruce (pref.; £1) 1 0 3 — Kaiapoi (ord.: 17s) .. 0 15 0 — Kaiapoi (cont.; 7s) .. 0 4 10 0 5 2 Timaru (£1) .. .. — 0 15 0 MISCELLANEOUS J A.C.I. (£1) .. .. 2 2 6 — British Tobacco (£ 1) — 2 7 6 Broken Hill Pty. (£1) 2 2 0 2 3 0 Chas. Begg (£1) 1 1 0 — Consol. Brick (£1) .. — 0 7 0 Crystal Ice (£1) 2 6 6 — D.I.C (pref.; £1) 1 3 9 — Donaghy's Rope (£1) — 2 13 0 MacDuffs (ord.; £1) — 0 10 0 MacDufTs (pref.; £1) — 0 19 6 Nat. Electric (£1) .. 0 19 9 1 0 6 N.Z. Paper Mills (£1) 1 10 2 — O. Daily Times (£1) — 1 17 6 Southland Ice (£1) .. 1 4 0 — Wilsons Cement (10s) 0 18 6 — Woolworths (ord.; 5s) 0 13 0 0 13 6 Woolworths (Syd.; 5s) — 0 16 5 BREWERIES Ballin's (£1) ■• •• o io 0 — N.Z. Breweries (£1) — 1 12 3 Dominion (£1) 1 8 0 — Dunedin (£1) — 1 2 0 MINING Broken Hill Sth. (5s) 1 2 0 _ Electro. Zinc (ord.; £1) 2 10 0 — Electro. Zinc (pref.; 2 12 6 -— Mount Lyell (£1) .. — 1 7 6 Mount Morgan (2s 6d) 0 8 9 0 9 0 Austral. N.Z. (£1) .. — 1 4 0 Big River (Is) .. .. — 0 1 1 Nokomai (5s) ..; • X- —■ 0 1 3 Okarito (5s) .. .. 0 0 10