COMMERCE AND FINANCE

Otago Daily Times, Issue 24833, 5 February 1942, Page 2

COMMERCE AND FINANCE

THE SHARE MARKET YESTERDAY'S SALES Dunedln.—Reported: Westport-Stock-ton (ord.), 2s lid. Auckland. —Sales on 'Change.: Taupiri Drainage. £lO4 10s; Bank of N.S.W., £26 (Syd. reg.); Auckland Gas, 6s 6d (4); ditto (cum.), 2s 9d (odd lot); Broken Hill Pty., £1 14s 6d (3); Emperor, 8s 6d. Unofficial list; Modern Shoesi 10s; Farmers' Trading (C pref.), 19s 9d. Wellington.—Sales on 'Change: MacDuff's, Ltd. (ord.; Tuesday), 9s; Wilsons Cement (2), 18s ljd. Christchurch.—Sales on 'Change: Bank of Australasia, £8 10s; New Zealand Breweries, £1 13s 6d. LOCAL QUOTATIONS Government Loans.—3£ p.c, 1953-57, b. £lOl 10s;- 4 p.c, 1943-46, b. £lO2 10s; 4 p.c. 1946-49, b. £104; 4 p.c. Stock, 194952, b. £lO5 10s; 3 p.c. Nat. Dev. Loan, 1945, b. £99; 3J p.c. Cob. Loan, 1957-60, b. £IOO, s. £lOl 10s; War Loan, 1953, b. £B6 10s, s. £B7; 3 p.c. War Loan, 195154, b. £97. Banking, Commerce and Shipping.— A'sia (£5), s. £8 12s; N.Z. (£lk s. £1 19s Id; N.Z. (Long D; £1), s. £1 10s 6d: National (7s), b: 19s 3d;' New Zealand f£l), b. £3 4s 3d; South British (10s), b. £2 17s, s £3; Standard (£1), s. £3 ss; U.S.S. Co. (pref.; £1), b. £1 6s 3d. : Meat and Agency.—N.Z Refrig (10s), s 8s 6d; South. Froz. (ord., £1), b. £1 T3s 9d; South Otago (£5), b. £5; Natl. Mortgage (£2), b. £1 18s; Guarantee Corp. (3s), s. 3s; Trustees, Exec. (£3), b. £4 4s; W.S. (ord.; £1), b. 18s 6d; W.S. (pref.; £1;), s £1 Os 6d. Breweries, Gas, Coal, Oil and Wool.— N.Z Breweries (£1), b. £1 13s, s. £1 14s 3d; Dominion (£1), s. £1 9s 6d; Westport (10s), b. £1 4s 6d, s. £1 5s 6d; W.Stockton (ord., 10s), b. 2s 9d: W.-Stock-ton (pref., 10s), b. 7s 6d, s. 8s 3d; Moturoa (pref.; ss), s. 4s 6d; Bruce (ord.; £1), s. £1 5s 6d; Bruce (pref.; £1), b. £1 0s 3d; Kaiapoi (ord.; 17s), b. 18s; Mosgiel (£4), b £lO 15s; Timaru (£1), s. 18s 6d. Miscellaneous.—A.C.l. (£1), b. £1 19s; Booth Macd. (pref.; £1), b. 4s 9d, s. 5s 9d; Broken Hill Pty (£1), b. £1 13s 6d; C. Begg and Co. (£1), b. £1; Colonial .Sugar (£2O). s. £47 10s; D.I.C. (ord.; 10s), b. 14s; D.I.C. (pref.; £1), b. £1 14s; Donaghy's Rope (£1), s. £2 lis 6d; Dunlop Rubber (£1), b. 19s; G. J. Coles (£1), b £2 13s; Mac Duffs (ord.; £1), s. 9s; McLeod Bros. (£10), b. £25 10s, s; £26 15s; Natl. Electric (£1), b. £1 1 Is; Malay Rub. (ord.; £1), b. 2s; Otago Daily Times (£1), b. £1 18s 6d; Regent Theatre (£1), s. 19s; Smith and Smith (pref.), (£1), b. 18s 6d; Wilsons Cement (10S), b 18s; Woolworths (ord.; ss), s. 14s 7d; Woolworths (Syd.; ss), s. 15s 6d. Mining.—Emperor (10s), b. 6s 6d; Mount Lyell (£1), s. £1 6s 6d; Mount Morgan (2s 6d), b. 7s 9d; New Broken Hill (ss), b. 12s 6d; Gillespie's Beach (Is), b. 2?d, s 3Jd; Nokomai (ss), s. 6d; Waitahu (ss), b. 4d, s. 7d. ■ . ■• -••'', Unlisted.—A. and T. Burt (pref.), £1; Mack.-CaleyiPhcenix, b 15s 6d, s. 17s.

COMPANY EARNINGS DECLINE IN BRITAIN IMPROVEMENT IN AMERICA The general trend of company profits in the United Kingdom during ,1941 was downwards. An analysis of the balance sheet figures of approximately 500 companies which presented reports during the third quarter of the year shows aggregate net profits of £34,900.000 sterlng as against £42,300,000 earned by the same companies in the previous year. ; The Economist's index of company profits, based on 1936 figures at 100, and computed without adjustments for income tax. increases in which have been responsible for a substantial part of the decline in profits, placed company profits for the third quarter at 101.9, the second quarter at 105.1, and the first quarter at 112.3, and the last quarter of 1940 at 114.2, compared with 115.4 for the third quarter, 120.5 for the second quarter, and 119.6 for the first quarter of 1940. A better showing, as was to have been expected, was made in the United States. Tax charges moved up. steeply during the year and generally the position developed that, in order to provide for higher rates on larger incomes, the new company surtax of 7 per cent., the increase in the rates on excess profits, calculated on earnings before provision for normal taxes, taxation reserves held by companies were ;,nearly trebled.;;; . ; .*;.. ■•: ■;(,.■■,: ;.■....■■.: .>, The filling of war orders for Britain gave a strong fillip to industry, and despite the very heavy increases in taxation, net earnings improved to a substantial degree. Figures issued, for example, by 140 of the leading manufacturing concerns, covering the first nine months of 1941, showed that, although tax provision had to be increased from 252,000 f 000 dollars to. 895,000,000 dollars, net income before provision had been made for taxes improved from 856.000,000 dollars *to 1,632,000,000 dollars, so that net profits in the aggregate moved up from 604.000,000 to 737,000,000 dollars, or 22 per cent. A survey made by the National City Bank of New York of the figures published by 350 leading industrial companies * in the United States revealed that net profits earned during the four quarterly periods to September 30, 1941, had varied only within very narrow limits, the aggregate: net earnings for the fourth quarter, of 1940 having been 373,000,000 dollars, for the first quarter of 1941 370,000,000 dollars, for the second quarter 371,000,000 dollars, for the third quarter 370,000,000 dollars. These profits compare with 314,000,000 dollars for the first quarter, 295,000,000 dollars for the second auarter, and 274,000,000 dollars for' the third quarter of 1940. PROPERTY SALES Otago Finance and Agency Company, Ltd.. who are now lqcated in their new premises situated next to the United Friendly Societies' Dispensary in Moray place, advise having during the month completed th? following sales, to the complete satisfaction of all concerned: — The Otago Patriotic Society's art union house, Heriot row, from Mrs E. M. C. Nicholson to Captain Gillman. Residence, Delta, street, Roslyn, from Captain Gillman to the Misses McHutcheson. -

Two-storey residence, Richardson street St. Kilda, from -Mr E. D. Johnson to Mrs E. M. C. Nicholson. Brick bungalow. Jordan street. Mornington, from Lake Brunner Company. Ltd., to Mrs F. Chambers. Bungalow, Maheno street, Belleknowes, from Mrs F. E. L. Forrester to Mr G. W. Carrington. • Property, Woodhaugh, from Mr C. E. Maguire to Mr H. A. Nelson. Property, Dundas street, from Mr H James to Mrs Millar, as well as another property in process of completion. The above surely conveys a satisfactory method of selling properties. May we have yours to offer. Simply phone 13-542. —5. I