COMMERCE AND FINANCE

Otago Daily Times, Issue 25015, 8 September 1942, Page 5

COMMERCE AND FINANCE

THE SHARE MARKET YESTERDAVS SALES Diuicdin. Sale reported: Mt. Lyell tlate Fri.), 26s 6d. Auckland.—Sales on 'Change.—Liberty Loan, 1952-55 (2), £9 10s; Bank of New Zealand, £1 19s 6d; New Zealand Insurance, £3 Is 3d; South British. £3 2s 6d, £3 2s 9d; Broken Hill Proprietary, £1 19s; Colonial Sugar, £SO; Woolworths (N.Z.). 14s 9d. Unofficial list: Fuller Theatre Debentures, £62. Wellington.—Sales on 'Change: Stock, 4 p.c, 1952-58, £107; South British, £3 2s 6d, £3 2s 9d; McKenzies, £1 19s; Woolworths (N.Z.), 14s 9d. Christchurch.—Sale on 'Change: Slab Hut (5s paid). 5s 6d. Sales reported: National Bank of New Zealand, £2 3s 9d; British Tobacco (cum div.), £2; Woolworths (Sydney, ord., cum div.), 15s lOd. LOCAL QUOTATIONS Government Loans.—3l p.c. Bonds and Stock, 1953-57. b. £lO2 10s; 4 p.c. Bonds and Stock, 1943-46, b. £100; 4 p.c. Bonds and Stock, 1946-49, b. £lO4 10s; 4 p.c. Stock, 1949-52, b. £lO5 15s: 4 p.c. Bonds and Stock. 1952-55, b. £lO6 10s; 4 p.c. Bonds and Stock, 1954-58, b. £107; 3* p.c. Nat. D. Loan. 1956-59, b. £101; 3J p.c. Con. Loan, 1957-60, b. £101; War Loan, 1953. b. £9l 10s; 5 p.c. Rural Bonds, 1947, b. £105; 21 p.c. Liberty Loan, b. £97; 3 p.c. Liberty Loan, b. £99, s. £99 lps. Banking, Insurance, and N.S.W. (£2O), b. £2B 10s; N.Z. (£1). b. £1 19s 3d, s. £1 19s 9d; N.Z. (Long, D, £1). b. £1 10s 6d: Natl., N.Z. (£2 10s), b. £2 2s 9d; Natl., A'asia (£10), b. £lO 17s Gd; Union (£5). b. £6 18s; National (7s). b. 9d: New Zealand (£1). b. £3 10s 6d; Standard (£1), b. £3 Is 3d: U.S.S. Co. (pref,, £1). b. £1 7s. Meat and Agency.—Gear Meat (10s). b. 16s: N.Z. Refrig. (£1). b. £1 Is 3d; .N.Z. Refrig. (10s), b. 9s 6d. s. 9s 9d; South. Froz. (ord., £1), b. £1 14s: South OUgo (£5). b. £5 2s 6d; Waitaki Farmers (£5), b. £5; Natl. Mortgage (£2), b. £1 18s, s. £1 19s; Natl. Mort. (B, £1), b. £1 12s: Guarantee Corp. (3s), b. 2s lid; Perpetual Trust. (18s). s. £2 9s; Trustees. Exec. (£3), b. £4 2s; W.S. (ord., £1). b. 19s Breweries, Gas, Coal, Oil, and Wool.— N.Z. Breweries (£1), b. £1 13s 3d; Dunedin (£1), b. 19s; Kaitangata (16s), b. £1 12s, s. £1 13s; Westport (10s), b. £1 ss; W.-Stockton (ord., 10s), b. 2s 9d, s. 3s; W.-Stockton (pref., 10s), b. 8s 3d; Moturoa (pref., ss), b. 2s 6d. s. 4s; Taranaki Oil (£1 4s 7d). s. 8s; Taranaki Develop, s. 4s; Bruce (ord.. £1), b. £1 4s; Kaiapol (ord., 17s), s. £1 0s 6d; Kaiapoi (cont., 7s), s. 8s; Timaru (£1), s. 18s 3d. Miscellaneous.-A.C.I. (£1). b. £2 6s; Booth Macd. (pref., £1), s. 7s 6d; Broken Hill Pty. (£1), b. £1 17s; D.I.C. (pref., £1) b. £1 4s 9d; Dom. Fertiliser (£1). b. 18s 9d; Donaghy's Rope (£1), b. £2 8<?; G. J. Coles (£1), b. £2 lis 3d; Mil- , burn Lime (£1), s. £1 15s; McLeod Bros.• (£10), s. £25 10s; Natl. Electric (£1), b. £1 3s; N.Z. Drug Co. (£2), b £3 16s 6d; N.Z. Paper Mills (£1), b. £1 13s; Regent Theatre (£1), b. 16s; Southland Ice (£1), s. £1 3s; Wilsons Cement (10s), s. 17s sd; Woolworths (ord., ss), b. 14s 3d; Woolworths (Syd., ss). b. 15s 6d; Woolworths (S. Africa, ss). s. 19s. Mining.—Brok. Hill South (ss), s. £1 4s: E. Zinc (ord., £1), b. £2 4s; Mount Lyell (£1), s. £1 7s; Mount Morgan (2s 6d), b. 7s 3d; North Brok. Hill (ss), s. £2 ss; Clutha River (2s), s. Is 3d; Nokomai (ss), b. 4d; Okarito (ss), b. 2d; Waihi Investments (ss), b. 2s. i -

STANDARD INSURANCE COMPANY SIXTY-EIGHTH ANNUAL MEETING The sixty-eighth annual meeting of the Standard insurance Company, Ltd., was \ held in Dunedin yesterday afternoon. There was a representative gathering of shareholders present, the chair being occupied by Mr W. E. C. Reid. Moving the adoption of the report and balance sheet, the chairman said: The success achieved during the year was largely due to two factors, a sub-normal loss ratio and a steady increase in premium income. At the same time the ever-increasing burden of taxation had had a considerable bearing on the net result, and during the war period, at all events, the company must consider itself extremely fortunate in being able t<3 pay the usual dividend and strengthen reserves. No fewer than 58 members of the staff were serving, with the forces, the chairman added, and he regretted to announce that three of the company's most promising young men had lost their lives in, the service of the Empire. They were Flight Lieutenant R. E. Orchard, D.F.C., Pilot Officer D. O. Waters, and Sergeant Pilot D. A. Wither. The chairman said that the income has increased <foy £3005 16s 4d, the Fire and Marine Departments being responsible for the improvement. The accident section continued to show a shrinkage. Petrol restrictions had compelled many clients to discontinue the use of their cars, and some large employers of labour previously covered with the company against workers' compensation liability had now swung over from private enterprise to war industry, in which case the'risk became the responsibility of the State. The net return from investments showed a further drop in interest of £1462, in spite of the fact that £35,000 more had been invested. The present rate of interest gave a totally inadequate return on capital. For some years the company was able to pay a dividend from interest alone, whereas to-day a large sum from the underwriting profits must be requisitioned in order to maintain the usual dividend. After careful consideration, the directors had decided to write down the company's various oroperties by £3OOO, the chairman added. The reserves for taxation and depreciation of securities accounts had been considerably augmented. The amount allocated to the provident fund was the same as last year, viz., £3750. The motion was seconded by Mr T. C. Coull. Mr Hugh T. Speight and Mr W." E. C. Reid were re-elected directors. Messrs Burton and Patterson were re-appointed auditor*. A vote of thanks to directors and staff was carried. RESERVE BANK STEADY RISE IN NOTE ISSUE (P.A.) WELLINGTON, Sept. 7, The following is a statement of the assets and liabilities of the Reserve Bank of New Zealand at the close of business on Monday, August 31 (the figures for the orevious week in parentheses):— Liabilities.—General reserve fund, £1,500,000 (£1,500.000); bank notes, £26,534,690 (£26,419,847); demand liabilities—fa) State. £12,489,039 (£12,656,423); (b) banks. £21,131,963 (£21,207,197); (c) 1 other, £406,253 (£1,018,477); liabilities in currencies other than New Zealand currency. £5946 (£8304); other abilities, £1,364.274 (£1,227,393);—t0ta1, £63,432,167 (£65.022,740). Assets.—Reserve—(a) Gold, £2.801.877 (£2.801,877); (b) sterling exchange, £25,219,709 (£25,217,915); subsidiary coin, £48.580 (£53,081); advances—(a) to the State or State undertakings (1). Marketing Department, £7,191,879 (£8,208,058); (2) for other purposes, £22.300,000 (£22,300.000); investments. £4.146,340 (£4,146,340); other assets, £1.723,780 (£1,310,372); total, £63,432,167 (65,022,740). Proportion of reserves to notes and other demand liabilities. 46.259 per cent. (45.694 per cent.). Sterling exchange is expressed in New Zealand currency. Scott Bros., produce merchants and commission agents, registered egg and onion merchants, report:—Eggs: For consignments received on August 31 to September 4, inclusive, pay out values to clients will be as follows: Heavy, Is BJd; standard, Is 6d; medium, Is 4d. Butter: Wanted; lOd to Is per lb. Poultry: Hens, 2s 6d to 3s each; heavy breeds, 3s to 3s 6d each; ducks, 2s to 2s 6d each; ducklings, 2s 6d to 3s 6d each; roosters, Is 6d to Is 9d each;, cockerels—light 2s to 3s each, heavy 3s to 4s each; geese, 3s to 4s each: goslings, 3s 6d to 4s 6d each: turkeysgobblers lOd to Is per lb, hens 9d to lOd per lb. Potatoes: On basis of fixed rates. Whole fowl wheat, 24s per sack. Chaff: Prime oaten sheaf, £6 10s per ton. ex truck: £7 ss, ex store, bags extra. Whole maize. 8s per bushel. Oyster grit, 6s 6d per 1001 b bag. Straw: Wheaten, 2s 9d per bale. Barley. 3s per bale, ex store. ! Lucerne meal. 12s 6d per bag. Canter- | bury onions. 35s cwt. Gristed /barley, 18s per sack. Whole barley seconds, 21s per I sack, sacks in. Oat dust. 3s 6d per sack. We stock meatmeal, oyster grit, crushed bones, etc. Eggs: We grade all consignments to regulations over automatic weighing and candling machines. Payments weekly. j 7, 1942.

MINING NEWS Gillespie's Beach Return.—The Gillespie's Beach Gold Dredging Company, Ltd., reports that the washup for the week ended Saturday, September 5, was 440 z 17dwt for 128 hours from 15,643 cubic yards. Okarito Dredge.—A wash-up of 240 z sdwt of gold is reported as the result of 84 hours' dredging. Associated Gold Dredges.—The return for the week ended September 5 was 1530 z from 65,500 yards. NEW ZEALAND DRUG COMPANY At a meeting of the Board of Directors of Messrs Kempthorne, Prosser, and Co.'s New Zealand Drug Company. Ltd., held yesterday afternoon, an interim dividend of 3| per cent, for the half-year ended July 31, was declared.