COMMERCIAL

Southland Times, Issue 21716, 31 May 1932, Page 2

COMMERCIAL

CITY STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. At yesterday’s call over on the Invercargill Stock Exchange the following prices were quoted:— Banks. Commercial: b 13/4, s 13/8. National of New Zealand: s 65/-. New Zealand: b 43/-, s 44/-. Union of Australia: b £6 9/-, s £6 14/6. Breweries. New Zealand Breweries (shares): s 24/9. Staples’ Brewery: b 23/-. Tooth’s Brewery: b 22/6. Coal. Westport: b 19/-. Westport Stockton (ord.): b 4/-. Insurance. National: b 11/-. New Zealand: b 35/6. South British: b 45/-. Loan and Agency. National Mortgage: b 17/6. Perpetual Trustees (Dunedin): s 60/-. Trustees’ Executors (Dunedin): s 59/-. Wright, Stephenson and Co. (ord.): b 10/-; (pref.): s 14/6. Meat Companies. N.Z. Refrigerating (10/- paid): b 4/-, s 4/5. Southland Frozen Meat (£1 ord.): b 36/-; (10/- ord.): b 18/-; (£1 pref.): b 36/-. South Otago Freezing Co.: b 40/-. Mining. Kildare: s 1/8. King Solomon: b 1/2; s 1/5. Mount Lyell: s 17/4. Mahakipawa: b sd, s 6d. Okarito: b 9/3, s 9/6. Waihi Gold Mining: b 15/-. Waihi Grand Junction: b 3/-. Gillespie’s Beach: s 1/2 prem. Golden Terrace: s 4/-. Shipping. P. & O. S.N. Co. (def. stock): b 12/6. Union Steam Ship Co. (pref.): s 20/-. Woollen Mills. Kaiapoi (cont.): s 2/-; (ord.): b 5/-, s 6/3. Miscellaneous. Australian Glass: b 33/-. British Tobacco (Aust.): b 27/3, s 28/-. D.I.C. (ord.): s 12/-. McLeod Bros.’ Soap: b £22. Milburn Lime and Cement: b 24/-. New Zealand Paper Mills: b 18/-. Southland Guarantee Co., Ltd.:' b 5/-. Debentures. Government Inscribed Stock, 4J per cent. 1938: s £92 10/-. Government War Bonds, 4J per cent, 1938: s £92 10/-. Government Inscribed Stock, 41 per cent, 1939: s £92 10/-. Government War Bonds, 41 per cent 1939: s £92 10/-. Government Bonds, 5J per cent., 1933: b £99 10/-. Government Stock, 5£ per cent., 1933: b £99 10/-. Government Bonds, 5J per cent., 1937: s £99 10/-. Government Stock, 5J per cent., 1937: s £99 10/-.

NORTHERN EXCHANGES. (Per United Press Association.) Auckland, May 30. Sales on ’Change: Bonds (1939) 4J per cent. £92 10/-; Bank of New Zealand 43/3, 43/4, 43/3 (2); N.Z. Insurance 36/3; South British Insurance 48/6; Wilson’s Cement 27/- (2); Waihi Grand Junction 3/2. Wellington. May 30. Sales reported: New Zealand Government 5J per cent. Stock (1933) £99 17/6 (late Saturday); Goldsbrough Mort and Co. £1 0/10 (2 sales late Saturday); Waihi Grand Junction (cum div.) £3 3/- (late Saturday); Blackwater Mines £8 (late Saturday); Commercial Bank of Australia ord. £l3 3/-; National Bank of New Zealand £3 3/3 (on ’change); N.Z. Refrigerating Co. (10/-) 4/1J; Staples and Co. £1 3/6; Wilson’s Cement £1 7/-. Christchurch, May 30. Sales on ’Change: N.Z. Government 5J per cent, inscribed (Feb, 1937) £9B 15/-, £9B; Commercial Bank of Australia 13/2 (3), 13/1 (3); Bank of New South Wales (cum div.) £25 (2); Bank of New Zealand (cum div.) 43/2, 43/3, 43/1 (2); Union Bank of Australia £6 11/3, £6 12/; Goldsbrough Mort 21/-, 21/3, 21/5, 21/4; N.Z. Refrigerating (10/- paid) 42/2 (2); N.Z. Refrigerating (£1 paid) 11/8; Mt. Lyell 16/10; Mahakipawa 5Jd; Okarito 9/2 (5). Sales reported: Commercial Bank of Australia 13/3; Union Bank £6 11/6; New Zealand Breweries 24/3; Bank of New Zealand 43/4 (2). Dunedin, May 30. Sales reported: Union Bank £6 11/6; N.Z. Paper Mills 18/6; Gillespie’s Beach Par; Mahakipawa s;d.

SOUTHLAND BUILDING AND INVESTMENT SOCIETY. SIXTY-THIRD ANNUAL REPORT. The directors of the Southland Building and Investment Society and Bank of Deposit submit the following 63rd. annual report for the year ended April 26 last:— ■ As was the case last year consideration of applicants for loans was restricted partly owing to commitments carried over from last year and also due to the fact that the directors, owing to the uncertainty of values, did not deem it prudent to lend as freely as in former years. In times of economic stress, the great advantages of the society’s system of reducing mortgages is apparent, notwithstanding falling values the scale of reductions in mortgages makes for safety in investments. The society sustained a severe loss in the death of the late Mr John Matheson on January 23 last. The following resolution was recorded in the minutes of the society:—“The directors desire to place on record their deep sorrow on the occasion of the death of the president, Mr John Matheson, who was elected a director on June 4, 1918, and became president on June 19, 1925. He filled the positions with the utmost credit to himself. His wide business experience and his helpful counsel were of the greatest assistance to his fellow directors and to the society.” Mr A. S. Froggatt, who had been a director for 26 years, was elected president, and Mr W. S. Todd, in virtue of his position at last election, was appointed to fill Mr Froggatt’s place on the directorate. The loans advanced during the year amounted to £181,941 15/-, being £167,752 10/- on mortgages of properties, and £14,189 5/- on shares and debentures. On January 19 last the rate of interest was reduced to 5J per cent, per annum. During the past year, in common with all lending institutions, the society had trouble with a few of its securities. Fortunately there was no difficulty in disposing of them (five in all) without entailing any withdrawal from the rt«“rves. To reassure share-.

holders and satisfy themselves the directors appointed a sub-committee to review the securities and as a result placed a sufficient sum in the reserve fund to meet contingent losses. The number of shareholders on the register is 5476, holding 93,923 J shares. The total of debentures current amounts to £673,945 19/-, showing an increase over last year of £37,403 1/11. The profits credited to shareholders’ accounts in terms of Rule XV, amounted to £47,762 0/5, being at the rate of 6 per cent, per annum. In addition the sum of £2523 11/1 was credited to matured shares paid out during the year, making a total divisible amount of £50,285 11/6. To meet possible losses the directors have added £3OOO to the reserve account, and have written off the building £752 0/1, and off the furniture and office equipment £l6B, leaving a balance to be carried forward of £2,846 5/9. The reserve fund has been further added to during the year by the sum of £3lO 7/10, representing profits surrendered on shares withdrawn. The reserve fund now stands at £26,647 17/9, and has been so invested as to be readily realizable. The retiring directors who offer themselves for re-election are: Todd, Robert Nicholas, manager, Alliance Assurance Co., Ltd.; Cumming, Robert John, public accountant; Jones, Alfred William, company manager, W. A. Ott and Co. Ltd.; Todd, William Skuse, managing director, Wm. Todd and Co., Ltd. Other candidates duly nominated for the same office are: Carswell, John Thomas, merchant, of Carswell and Co.; Denton, Henry Thomas Wigley, auctioneer, Wm. Todd and Co., Ltd.; Hyndman, Matthew Nutt, bookseller; Pope, Frederick Walter, carrying contractor; Reed, John Henderson, stock and station agent, Henderson and Co., Ltd.; Royds, Henry Holt, secretary, estate late J. T. Thomson; Wesney, David John, managing director, Wm. Smith and Co., Ltd. DAIRY PRODUCE. Messrs Henderson and Co. Ltd. report having received the following cable dated 28th inst. from their London principals, Messrs Trengrouse and Nathan Ltd—“ Butter 99/-, cheese 58/-. Both quiet at these levels.” Messrs W. Weddel and Co., Ltd., cabling Messrs A. H. Turnbull and Co., Ltd., under date 27th instant, advise as follows:—Danish butter, 100/- to 102/per cwt. N.Z. Salted, 96/- to 98/- per cwt. “Kangaroo,” 94/- to 98/- per cwt. Butter market firm. N.Z. Cheese white, 57/- to 58/- per cwt. N.Z. Cheese coloured, 57/- to 58/- per cwt. Canadian cheese, 68/- to 72/- per cwt. Cheese market firm.

The New Zealand Dairy Produce Board has received the following market report from its London Office dated May 27:— Butter: New Zealand Salted, 96/-, 98/- ex. 100/-; unsalted 96/-, 100/-; first whey 92/-; second whey 90/-; 96/-, 98/- equals approx. 9.95 d. f.o.b. Deliveries New Zealand 1726 tons; (in store New Zealand, 5200 tons excludes 350 tons Port Alma); Australian salted and unsalted 94/-, to 98/-; deliveries Australian 962 tons;' in store Australian 1175 tons; Argentine unsalted 86/-, 88/-, ex. 90/-; South Africa 86/-,' 92/-; Danish 86/- f.0.b., 100/-, 102/- spot; Dutch unsalted 104/-, 106/-; Esthonian 94/-, 96/-; Latvian 94/-, 96/-; Siberian 90/-. Market firm on improved demand. Retail prices unchanged. New Zealand 1/-, Danish 1/1. Improvement due to some extent to report that Germany is considering reducing tariff because of pressure from her own industrial people and retaliation from Denmark against German manufactures. Cheese: New Zealand white and coloured 57/-, 53/-; deliveries New Zealand 25,000 crates; in store New Zealand 73,343 crates;: 57/-, 58/- equals approx. 51- f.o.b. Market firm, New Zealand retail price 8d; South Africa 56/-; Canadian white 68/-, 72/-; Canadian coloured 68/-, 70/-; deliveries Canadian 3250 boxes; in store Canadian 76,000 boxes. Market steady. Few sales new full grass 53/- 54/- c.i. Tamaroa finished discharge butter May 20; Port Alma commenced discharge butter May 20, finished 26th; Port Brisbane finished discharge butter May 21; Taranaki finished discharge butter May 23; Tongariro finished discharge cheese May 23; Tongariro commenced discharge butter May 25, finished May 25; Cambridge commenced discharge cheese May 25, finished May 25; Port Pirie arrived at Glasgow on May 22. Messrs A. S. Paterson & Co. Limited, Dunedin, report having received the following cable advice from their principals, Messrs J. and J. Lonsdale & Co. (London) Limited: Butter, cheese markets improving; markets firm. Danish 100/-; New Zealand, Australian £96/-, 97/-; White cheese 57/-; Coloured cheese 58/-. OKARITO RETURN. Dunedin, May 30. The Okarito return for the week ended Saturday was 30oz. ldwt for 78 hours.