MONEY AND MARKETS

Southland Times, Issue 23674, 24 November 1938, Page 3

MONEY AND MARKETS

FEW BUYING QUOTATIONS ON INVERCARGILL EXCHANGE

Buyers for bank shares were scarce on the Invercargill Stock Exchange yesterday, New Zealands and E.S. and A. Banks being the only ones for which there was an inquiry. Insurances were very quiet. The miscellaneous section was dull, there being few buying quotations. Little attention was paid to shares in the minintr eroun.

Quotations were as follows:— GOVERNMENT DEBENTURES

Sales Reported Broken Hill Proprietary, £2 18/6. Dalgety and Co., £7 10/6. 1949-52 4 per cent. Stock, £97 10/-. Invercargill Borough Stock, 1953, 4| per cent., £lOO. National Bank of Australasia, £6 12/6. National Bank of Australasia. £6 12/9. AUCKLAND

SYDNEY (Received November 23, 9.50 p.m.) SYDNEY, November 23. The volume of business on the Stock Exchange today showed a marked improvement, with price movements in industrials mostly towards lower levels, but there was no marked selling pressure.

LONDON STOCK EXCHANGE

LONDON, November 22.

BRITISH EXCHEQUER RETURNS (British Official Wireless) (Received November 23, 6.30 p.m.) RUGBY, November 22. The Exchequer returns show that the total ordinary revenue amounts to £426,300,251 compared with £415,637,903 a year ago. The total expenditure, less selfbalancing items, is £622,127,000 compared with £537,770,249 at the corresponding date in 1937. COMPANY NEWS , ABRAHAM AND WILLIAMS Mr R. S. Abraham presided over the thirty-seventh annual general meeting of the shareholders of Abraham and Williams Ltd. The profit and loss account showed a credit balance of £9844 18/1, to which has to be added the amount brought forward from last year, £19,268 16/2, making a total available for distribution of £29,113 14/3. Out of this sum an interim dividend for six months was paid on April 30 last, amounting to £2206 16/-, leaving a balance to be dealt with of £26,906 18/3. A dividend of 4J per cent was declared, making 7 per cent for the year and leaving a balance of £22,934 13/5 to be carried forward to next year’s accounts. Messrs J. T. Martin and E. H. Binney, the retiring directors, were reelected. Mr P. L. Sim was appointed auditor for the ensuing year. McKENZIE’S DEPARTMENT STORES McKenzie’s Department Stores Ltd. report that arrangements are well forward for the opening of a store in Tauranga early in December. The new store will give the organization 33 retail outlets. New stores were recently opened in Dannevirke and in Symonds street, Auckland. An interim dividend announcement from McKenzies is expected shortly. QUEENSLAND INSURANCE An underwriting surplus of £87,654, against £70,570, is shown in the accounts of the Queensland Insurance Company Ltd. for the year ended September 30. Revenue from interest and rents was £1474 higher at £62,852, making the total profit £150,506, compared with a total of £131,948 in the previous year. The dividend for the year, as previously announced, is 91 per cent., against 8j per cent., and requires £71,250. A sum of £50,000 is transferred to unexpired risks reserve, making it £415,000, and £2S.CCC to revenue fund, making it £375,000. With £42,987 brought forward, there is £47,243 to be carried forward. Details of results for the last three years are as follows:—

SULPHIDE CORPORATION (United Press Association) WELLINGTON, November 23. The Sulphide Corporation’s head office cables that at the annual meeting on December 13, the directors will recommend a dividend of 1/- a share on preference shares, payable on December 22, subject to income cax and will announce the rate of Dominion income tax relief when it is determined.

Buyers £ s d Sellers £ s d Stock, 4 p.c., 1946 1 ... 99 0 0 Bonds, 4 p.c., 1946 ————— 99 0 0 Stock, 4 p.c., 1949 99 0 0 Bonds, 4 p.c., 1949 99 0 0 Stock, 4 p.c., 1955 99 15 0 Bonds, 4 p.c., 1955 — 99 15 0 BANKS Australasia 10 3 0 Commercial 0 16 9 E. S. and A. Bank (cum div.) 5 9 0 National of New Zealand 2 10 6 New Zealand 2 10 2 19 New Zealand Long “D” issue 17 0 Union of Australia — 8 14 6 BREWERIES N.Z. Breweries 2 0 3 — COAL Westport Coal 1 3 6 1 INSURANCE National — .0 16 2 LOAN AND AGENCY Goldsbrough, Mort and Co. 18 9 Wright, Stephenson (ord.) 13 0 (pref.) — 10 0 MEAT COMPANIES N.Z. Refrigerating (20/- paid) 0 18 0 (10/- paid) 0 7 10 - —. Southland Frozen Meat 1 10 3 South Otago Freezing Co. — 5 10 WOOLLEi 7 MILLS Bruce 0 5 0 — MISCELLANEOUS Broken Hill Pty. 2 18 0 G. J. Coles 4 0 0 D.I.C. (pref.) 13 6 Dominion Fertilizer 14 0 Milburn Lime and Cement 1 15 6 I.C.I. (pref.) 13 1 N.Z. Drug 3 8 0 N.Z. Guarantee Coir poration 0 4 2 Otago Daily Times 2-3 0 Permanent Building Society 5 15 0 Wilson’s (N.Z.) Cement 0 17 0 Woolworths Ltd. - — 113 MINING Big River 0 011 -- Gillespie’s Beach 0 0 9 0 10 Goldfields Dredging 0 0 3J Martha Gold Mining y 0 10 3 Mount Lyell 1 10 0 Mount Morgans 0 9 5 Waitahu ' t 0 12

£ s d Inscribed Stock 1939-41 3 p.c. 96 0 0 do. 1952-55 4 p.c. 99 0 0 do. 1939-43 3t' 2 p.C. 98 0 0 do. 1949-52 4 p.c. 97 10 0 Mount Eden 1953-58 414 p.c. (2) 98 0 0 National Bank of N.Z. 2 9 0 Bank of N.Z. 2 0 11 do 2 0 10 Union Bank 8 13 6 N.Z. Insurance 2 13 0 Auckland Gas 18 8 Devonport Ferry (odd lot) 1 0 9 N.Z. Breweries 2 0 0 Broken Hill Propty. (ex div.) 2 17 3 do. 2 17 0 Colonial Sugar (2) 48 0 0 Henry Jones 2 9 3 Imperial Chemicals (pref.) (3) 1 3 0 do. 1 2 11 G. J. Coles 3 19 3 Sanford (ord.) 3 6 Taranaki Oil 12 2 Woolworths (Syd.) « 1 0 10 Martha 10 9 Walhl Investments 8 1 Mount Morgan 9 2 North Broken Hill 2 9 6 Overseas List Woolworth’s Holdings (S.A.) 14 9 WELLINGTON £ s d 4 p.c. Stock 1949-52 (Tues.) 97 5 0 Silverton Tram (Tues.) 1 15 5 Broken Hill Propty. (contri.) (Tues.) 1 18 9 >4 do. (Tues.) 1 18 8 Woolworths Ltd. (Tues.) 1 0 11 Woolworths (N.Z.) (pref.) (Tues. ) 1 18 0 3>/ 2 p.c. Stock 1953-57 93 5 0 4 P.c. Stock 1946 99 0 0 Commercial Bank of Australia (ord.) 16 3 Tooheys Ltd. 1 11 4«/ 2 Broken Hill (contrib.) 1 18 2>,i Dunlop (pref.) 1 18 0 I.C.I. (pref.) (2) 1 2 11 Woolworths Ltd. 1 0 11 Unofficial List Ballins Brewery (15/- paid) 10 4 CHRISTCHURCH £ B d N.Z. Government 4 p.c. Inscribed 1943-46 99 0 0 Westport-Stockton Coal (pref.) 6 9 N.Z. Breweries (cum div.) 2 0 0 do. (2) 1 19 10 Tooth’s Brewery 2 14 9 Woolworths (Syd., ord.) (2) 1 0 9 Mount Morgan 9 1 North Broken Hill 2 10 2 Sales Reported Christchurch Drainage Board 414 p.c. 1938-50 101 0 0 Bank of -N.Z. 2 1 3 Standard Insurance (2) 2 12 3 G. J. Coles 3 19 0 Unlisted Stocks Smith Wylie 4 0 do. 4 3 DUNEDIN Sates Reported £ s d Australian Stock 4 ] , 2 p.c. 1941 101 10 0 N.Z. Farmers’ Co-op. Stock 4 x /2 P-c. 1950 90 0 0 G. J. Coles 3 19 3 Nokomai Gold 1 3

Sales: fi a Bank of New South Wales 30 10 0 Commercial Banking of Sydney 20 12 0 Bank of N.Z. 2 1 Bank of Australasia 10 0 0 Colonial Sugar 48 0 0

Associated Newspapers 1 0 9 Howard Smith 19 0 Huddart Parker 2 11 3 Tooth’s Brewery 2 15 0 Australian Glass 5 0 0 David Jones 1 15 3 Morts Dock (N.Z. delivery) 12 3 W. J. Adams 15 3 Atkins 1 2 6 Malleys 1 0 6 Standard Cement 1 1 9 Australian Gypsum 1 0 6 Cash Orders (N.Z. delivery) 15 7',2 do. (pref.) 1 4 6 Newbold Brick 1 0 0 W. H. Soul 4 9 0 Mark Foy 19 7 Victoria Nyanza 14 0 Winchcombe Carson 1 7 0 Henry Jones 2 10 6 Woolworths 1 1 0 Wunderlich Hosiery 1 0 4 Electrolytic Zinc 2 6 0 do. (pref.) 2 9 0 Mount Morgan 9 0 MELBOURNE Continued weakness was shown in the market. Sales: £ s d Commercial Bank of Australia 16 2 E.S. and A. Bank 5 11 0 Australian Papers (pref.) 1 5 9 Huddart Parker 2 11 0 Carlton Brewery 3 6 6 Cox Brothers (new issue) 11 3 Australian Glass 5 0 0 Dunlop Perdrjau Rubber 1 0 6 Herald and Times 2 17 0 Imperial Chemicals (pref.) 1 3 0 Electrolytic Zinc (pref.) . 2 8 9 Mount Morgan 8 10 Mount Lyell 1 9 0 Broken Hill Propty. 2 17 0 North Broken Hill 2 9 0 South Broken Hill 1 10 0 Zinc Corporation 5 1 0 Emperor 10 3 Loloma 1 3 0

Quotations on the Stock Exchange include: £ * a Clutha RiverBuyers (ex div.) 1 6 ■: ■. Sellers (ex div.). 19 Molyneux RiverBuyers 7% Sellers 1014 Mount Lyell 1 1 1072 Nev/ Guinea 9 Dalgety and Co.— 4 p.c. 96 0 0 British Tobacco 1 17 9 .Goldsbrough Mort (nominal) 1 1 3 P. and O. (deferred) 1 .2 10',i

1936. 1937. 1938. £ £ £ Prem. income 541,736 610,978 691,771 Losses 268,947 324,500 364,631 Underwriting profit 77,386 70,570 87.654 Int. and rents 58,768 61,378 62,852 Dividend p.c. 8 8 >4 914 Amount 60,000 63,750 71,250 Jubilee bonus, 2 p.c. 15,000 —— — To risks reserve 20.000 35,000 50,000 To reserve fund 25,000 .25,000 25,000 Carried forward 40,453 42,987 47,243 The capital of the company is £750,000.