COMMERCE AND FINANCE

Otago Daily Times, Issue 24632, 13 June 1941, Page 2

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE YESTERDAY’S SALES DUNEDIN Sales Reported

AUCKLAND Sales On Change.—War Loan (2), £B3 10s; Ak. Gas Perp. Stock (2). £95 10s; Bank of New South Wales, £27 10s; Bank of New Zealand, £1 16s 6d; National Insurance (2), 18s 6d; Kaiapoi (Pd.) 15s 6d, (late sale) 15s 6d; Bycroft, £2 3s 6d; Farmers Trading, 18s lid; New Zealand Newspapers, £1 9s 9d; New Zealand Paper Mills, £1 10s 6d; Sanford (ord 3), 3s , 9d; Taranaki Oil Fields, ss; Woolworths (N.Z.), 13s 2d; Woolworths (Syd.), (late sale), 16s; Mount Lyell, £1 5s 10d; New Occidental, 12s 6d; Maori Gold, 4Jd. WELLINGTON Sales On ’Change.—Broken Hill Ppty. (late Wednesday), £2 2s 6d; 31 per cent. Stock, 1953-57, £lOl 17s 6d; Union Bank, £6 10s; National Insurance, 18s 6d; Woolworths, Ltd., 16s. CHRISTCHURCH Sales On ’Change.—Bank of New Zealand, £1 16s 3d; New Zealand Breweries. £1 11s 6d; Broken Hill Proprietary, £2 2s sd. Sales Reported.—Union Byik of Australia, £6 12s 6d; National Insurance, 18s 6d; Christchurch Gas (10s paid), 10s; Woolworths (Syd. ord.), 16s; Ngahere, 10s. LATEST QUOTATIONS GOVERNMENT LOANS

MINING NEWS GREY RIVER RETURN (P.A.) WELLINGTON, June 12, The Grey River Dredging Company’s return for the week ended June 11 was 244J0z for 121 hours (90.100 yards). DOMINION BREWERIES, LTD. (P.A.) AUCKLAND, June 12. The directors of Dominion Breweries, Ltd. recommend a final dividend on all shares of 3J per cent., making 8J per cent, for the year, compared with 12 per cent, last year. NATIONAL DAIRY ASSOCIATION The accounts of the National Dairy Association of New Zealand, Ltd, for the vear ended April 30 show a credit on operations of £1644, against £431 a year ago After providing £ISOO for taxation there Is a credit balance in the appropriation account of £423. The executive has decided to declare a rebate to contributing shareholders of 33 per cent, on purchases of dairy factory requisites and machinery, and 1 per cent, on merchandise which will absorb £8639, the amount allocated from trading account. The report states that every effort has been made to ensure sufficient supplies of dairy factory requisites from overseas and, notwithstanding heavy losses through enemy action, deliveries to the industry are ahead of schedule.

RESERVE BANK ADVANCES SLIGHTLY HIGHER STERLING FUNDS STEADY (P.A.) WELLINGTON, June 12. The following is a statement of the assets and liabilities of the Reserve Bank as at the close of business on June 9:— LIABILITIES

Proportion of reierve (No. 7 leu No. 5) to notes and other demand liabilities .. 33.653% 53.388% Sterling exchange li expressed In New Zealand currency.

COMPANY BALANCE SHEETS THE PERPETUAL TRUSTEES ESTATE AND AGENCY COMPANY OF NEW ZEALAND, LIMITED Paid-up capital: 1919-20, £12.500; 1921-23. £15,000; 1924-26. £17,500; 1927-29, £20,000; 1930-41, £22.500.

•Subject to income and national tax and social security charge. The net profit of £5874, which, in the customary manner, is brought out subject to tax, compares favourably with that of the preceding year, when in the same position. On that occasion, the taxation charge was equivalent to 40 per cent, approximately. If the proportion turns out similar now there will be sufficient surplus remaining after the meeting dividend, allotting £6OO as staff benefit fund contribution, and writing off £lB5 and £l9O from premises and office furniture, etc., respectively. The dividend proposed for the year is 2s per share, or 11 1-9 per cent., as against 121 per cent, for the previous year , In its steady upward course, gross profit has attained £35.386. an increase of £923 General charges are higher as at £27,833, and while directors’ fees at £lOsl and stafl. benefit and patriotic funds at £628 are both slightly up. the excess is insufficient to cancel the growth in the gross profit. Omitting taxation, charges at their total of £29,512 stand in the relation of 83.40 per cent, to the gross profit, as against 83.14 per cent., for 1939-40. Reserve fund remains at £22,500, the figure at which it has stood for several vears. and th# amount of the paid-up capital. The floating balance at present stands at £4994, so that general reserves aggregate £27,494. subject to taxation. Investments fluctuation account forms another; and a special, reserve of £6750. which anparently is considered sufficient meanwhile for all requirements. All outside liabilities are contained in balances of £217.581 due by company, which is some £44,000 above their total at April, 1940. How much of this sum is actual indebtedness does not appear. The corresponding predominating item in the assets of balances due to company has risen to £165,974, or by over £31.000, but here again the designation is wide enough to cover items of varying nature. The respective courses of these two groups in recent years have been as follows; —

The rest of the liquid assets consist of investments and cash. Mortgages at £36,500 arc virtually .as before, New Zealand Government Inscribed Stock is raised to £12,620, and local body debentures at £7OOO are unchanged, Entered at face value, their aggregate of £56,120 should be fully protected against fluctuation by the investments fluctuation account of £6750 The large sum of £48,866 is placed in bank, deposits representing £12,737, the balance of £36,129 being apparently on current account. . ... . In the fixed assets, leaseholds and buildings stand at £3090, which is their figure at the previous annual balance, less the £194 then written off. Capital expenditure here has thus been nil. The recommendation is to reduce the book value by a further writing down of 5 per cent., which will bring it to £3506. The practice of annually writing down property of this nature by 5 per cent, should create a substantial secret reserve. Some capital expenditure has taken place on office furniture, which has risen to £I9OO, after its deduction of £lB7 a year ago. A sum equivalent to 10 per cent, is now recommended to be written off. A point is whether these suggested writings down to meet depreciation are not part of the annual expenditure, and as such should not be included in the profit and loss account, instead of being the subject of an arbitrary decision in disposal of a surplus.

MANAWATU KNITTING MILLS (P a ) WELLINGTON, June 12. The directors of the Manawatu Knitting Mills have declared an Interim dividend of 3 per cent. AUSTRALIAN MARKETS (Rec. 11 0.m.) SYDNEY, June 12. The wheat market is unchanged. Silo grain Is quoted at 3s Hid and bagged at 4s 3id. Flour, £l2 13s. Bran and pollard, £6. Potatoes: Tasmanian, £5 10s; others £4 10s. Onions; Brown, £l2 10s Maize, 3s 7d to 3s lOd. AUSTRALIAN STOCK EXCHANGES (Rec. 11 p.m.) SYDNEY, June 12, On the Stock Exchange buyers appear to be quietly confident, but business is below normal except for leading industrials. which arc generally steady. The Morning Sales.— I Tooheys. £1 7s 6d; Tooths, £2 10s 6d; Anthony Hordern, 13s Id; Bradford Cotton, £2 3s 6d; Broken Hill Proprietary. £1 19s lid; Colonial Sugar, £47 ss. . _ . . Additional Sales.— Commercial Banking of Sydney, £l7 18s; Union Steam (pref.). £1 2s; Woolworths, 15s 7d: Wilcox Mofflin, 9s; Milliquln Sugar, £1 18s 8d; Electrolytic Zinc. £2 13s 3d; Emperor, 9s 2d MELBOURNE, June 12. Commercial Bank of Australia, 13s; Metropolitan Gas, £l2 9s; Herald and Times. £2 9s; Felt Textiles. £1 18s; Mount Lyell, £1 6s 6d; Mount Morgan, 8s lOd; Coles. £2 19s 6d: Loloma, £1 3s 9d.

£ S. d. Bank of N.Z. .. 1 16 6 Woolworths (Sydney) , 0 16 0 N.Z. Breweries . .. 1 11 6 Dominion Breweries .. ., , 1 9 3

Buyer, Seller. £ S. d £ s. d 3} p.c.. 1953-57 101 0 0 — 4 p.c. Stock, 1940-43 .. 101 0 0 — 4 p.c., 1943-46 .. .. 102 0 0 — 4 p.c. Bonds, 1946-49 .. 103 0 0 — 4 p.c. Stock. 1946-49 .. 103 5 0 — 4 p.c.. Nov., 1948 102 0 0 — 4 p.c. Stock, 1949-52 .. 104 0 0 — 4 p.c., 1952-55 .. .. 106 5 0 — War Loan. 1953 .. .. 83 0 0 — MINING Gillespie’s Beach 0 o n — Nokoinai 5s) .. .. — 0 1 4 Okarito (5s) .. .. 0 0 11 0 1 4 BANKING New Zealand (£1) .. 1 *6 0 1 16 7 Comm, (pref.; 10s) .. 0 13 10 0 14 0 Natl, of N.Z. (£2 10s) ♦1 12 0 1 14 0 Natl, of A’asia (£5) — 5 16 6 Union (£5) 6 10 0 6 12 6 INSURANCE National (7s) .. .. 0 18 5 0 18 8 New Zealand (£1) .. 3 2 8 — South British (10s) .. 2 12 0 — Standard (£1) .. .. 3 0 0 — , SHIPPING P and O. Stock (£1) 1 5 0 — U.S.S. Co. (pref.;' £1) 1 6 0 — MEAT PRESERVING N.Z. Refrig, (pd.; £1) 0 16 9 0 17 6 N.Z. Refrig, (con.; 10s) 0 7 2 0 7 b Waitaki Farmers (£5) 4 15 0 LOAN AND AGENCY N.M, (B issue; £1) .. — 1 i 6 L. and M (ord.; £100) 26 10 0 — Perpetual Trust. (18s) 2 10 0 2 12 0 Trustees, Exec. (£3) 4 2 0 — Wright S (ord.: £1) — 0 19 9 Wright. S. (pref.: £1) 0 19 6 — GAS Auckland (£1) .. .. 0 5 6 — COAL AND OIL W.-Stock, (pref.; 10s) 0 6 6 0 6 9 WOOLLEN COMPANIES Bruce (ord.; £1) 1 1 0 — Bruce (pref.; £1) 1 0 3 — Kaiapoi (ord.; 17s) .. 0 15 5 0 15 10 Kaiapoi (cont.; n s) .. 0 4 11 0 5 2 Oamaru (£1) .. .. 0 19 5 — Timaru (£1) .. — 0 15 6 Wellington (pref.; £5) 6 15 0 — MISCELLANEOUS A.C.I (£1) 2 3 0 — British Tobacco (£1) 2 7 0 — Broken Kill Pty. (£1) 2 2 3 2 3 0 C. Begg and Co. (£1) 1 1 0 — Consol; Brick (£1) .. — 0 7 0 Crystal "tee (£1) 2 7 0 — D.I.C (pref.; £1) .. 1 3 9 Doin. Rubber (£1) •• — I 0 0 Donaghy’s Rope (£1) 2 10 3 2 12 6 Farmers’ Trad. (£1) 0 18 8 — Milburn Lime (£1) .. — 1 18 0 McLeod Bros. (£10) .. — 27 0 0 Natl Electric (£1) •. 0 19 9 — N.Z. Drug Co. (£2) 3 17 6 N.Z. Paper Mills (£1) 1 10 0 1 11 0 Regent Theatre (£1) — 0 19 6 Wool-worths- (N.Z.: 5s) — 0 13 4 Woolworths (N.Z.; pref.; £1) .. 1 16 3 — Woolworths (Syd.; ord.; 5s) .. .'. . • 0 15 11 0 16 4 W Prooerties (£11 1 4 0 Woolworths (S.A.; 5s) 0 15 3 BREWERIES Ballin’s (£1) . .. 0 10 0 0 11 0 New Zealand (£1) .. 1 11 4 1 11 9 Dunedin (£1) .. — 1 1 6 AUSTRALIAN MINING Broken Hill South (5s) 1 2 0‘ — Elec. Zinc (ord.; £1) 1 2 0 — Elec. Zinc (pref.: £1) 2 14 0 — Mount Morgan (2s 6d) — 0 9 2 North Broken Hill (5s) 1 15 0 2 0 0 * Ex dividend. UNLISTED STOCKS All stocks in this section are not quoted on the official list, and transactions are subiect to a different rate of brokerage:— Buyer. Seller. £ s. d. £ S. d. Mackintosh Caley Phoenix 0 10 0 — Otago and Southland Finance 0 1 8 •— Reid Rubber (rights) 0 3 3 —

June 2. £ June 9. £ - 1. General Reserve Fund ,. 1,500,000 1,500,000 2. Bank notes 21,780,243 21,760,707 3. Demand liabilities— (a) State .. 9,191.579 ll.0M.596 (b) Banks 13,922,900 (2,092,458 375,456 418,22! 4. Time deposits “ “ 5. Liabilities in currencies other than New Zealand currencies .. .. 23.823 37.067 6. Other liabilities .. .. 1,257,243 1,257,031 Total £48,051,247 £48,080,089 7. ASSETS Reserves— (a) Gold 2,801.874 2,801,874 (b) Sterling exchange .. 21.510.592 21.411,437 (c) Gold exchange .. .. — — 8. Subsidiary coin .. .. 76,685 75,465 9. Discounts— (a) Commercial and agricultural bills .. .. (b) Treasury and local body bills .. .. — 10. Advances— / (a) To State oi State undertakings— (I) Primary Produce Marketing Department 4,677.993 4,810.717 (2) For other purposes 13,500,000 13,500,000 (b) To other public auIhorities — - (c) Other .. .. .. — — II. Investments .. •• .. 3,772,569 . 3,772,569 12. Bank buildings .. .. — 13. Other assets 1,713.531 1,708,024 Total £46,051.247 £48,080.089

General Gross Net Divireserve*. profit. profit. dend April 30. £ £ £ p.o. 1919 .. 14,994 9,586 3.892 (5 1924 .. 17.385 15.297 6,268 15 1929 .. 22.700 26,361 6.702 IS 1934 .. 24.856 25.863 4,952 16 2-3 1937 .. 24.740 23,206 4,466 II 1-9 1938 .. 25.678 30.834 3,939 II 1-9 1939 .. 25.602 33.084 3,486 I2'/j 1940 .. 25.094 34,463 3.437 I2'/j 1941 .. *27.494 35,386 •5.874 II 1-9

Balances! Balance! due to duo by Differcompany. company. ence. Ratio April 30. f £ £ p.o. 1934 .. 36.500 107,951 21,451 80.13 1935 .. 137,503 178,392 40.889 77.08 1936 .. 123,0'5 141,814 18.729 86.79 1937 .. 138.523 187,513 48,990 72.87 1938 .. 143,062 179,536 36.474 79.63 1939 .. 153.698 169,965 16,267 90.43 1940 .. 134,563 173,517 38.954 77.55 1941 .. 165,974 217.581 51,607 76.2t