COMMERCIAL

Southland Times, Issue 24574, 24 October 1941, Page 8

COMMERCIAL

BANKING SHARES UNCHANGED Invercargill Stock Exchange Government securities were again the chief item of interest on the Invercargill Stock Exchange yesterday. Banks were unchanged and the miscellaneous section was quiet. , Quotations were as follows:— ’• Government Debentures.—4 p.c. Stock 1943-46, b £101; 4 p.c. Stock 1946-49, b £103; 4 p.c. Stock 1952, b £106; 4 p.c. Stock 1952-55, b £lO6/12/6; 4 p.c. Stock . 1954-58, b £107; 3'/ 2 p.c. Stock 1953-57, b '• £101; 3',4 p.c. Stock 1956-59, b £99/10/-; War Loan 1953, b £B7/15/-. Banks.—Australasia, b £B/10/-; E. S. and 3 A. Bank, s £4/2/6; National of New Zealand, b £l/18/6; New Zealand, b £l/19/9; New Zealand Long “D” issue, b £l/11/-; _ Union of Australia, b £7/5/-. Breweries.—Dominion Brewery, s £1 ’ 11/6; Dunedin Brewery Company, s £l/1/-; New Zealand Breweries, b £l/15/6. ’ Coal.—Kaitangala, b £l/12/6; Westport 13 Coal, b £l/4/11; Westport Stockton (ord.), - s 3/-. n Insurance.—National, b £1; New Zealand, b £3/9/6; South British, b £3/1/-, £3/3/-. Loan and Agency.— National Mortgage B, 3 - b £l/2/6; Perpetual Trustees, b £2/10/6; 9 Trustees’ Executors (Dunedin), b £4/5/-; - Wright, Stephenson (ord.), s 19/—; (pref.), it | b 19/-. j Meat Companies.—New Zealand Refrigerating (10/- paid), b 9/3; Southland Frozen ’’ Meat, b £l/13/3. Shipping.—Huddart-Parker, s £2/6/-; - Union Steam Ship Company (pref.), b £1 S, 6/-; P. and O. Stock, b £l/10/-. p Woollen Mills.—Bruce, b £l/3/9; Kaiapoi j (pref.), b 17/6; Mosgiel, b £lO/10/-. Miscellaneous. —Broken Hill Proprietary, s “ £2/2/-; G. J. Coles, s £3/5/-; D.I.C. (pref.), a b £l/4/6; Dominion Fertilizer, b £l/3/-; - | Dominion Rubber Company, s £1; Donr aghy’s Rope and Twine, b £2/8/-; 1.C.1. (pref.), b £l/4/6; New Zealand Drug, b £3 ? 18/6; New Zealand Paper Mills, b £l/13/6; •> Otago Daily Times, b £l/18/-; Wilson’s 9 (N.Z.) Cement, b 19/3; Woolworths Ltd., b 5 16/9; Woolworths (N.Z.), b 14/-; Woolworths Properties Ltd., b £l/6/6. Mining.—Broken Hill South, b £l/7/-; Big River, s lOd; Gillespie's Beach, s 2>/ 2 d; Mount Lyell, s £l/8/6; Mount Morgans, b 8/9; Okarito, s 1/6. DUNEDIN Sales.—Springs Ellesmere Power Board 3*, 2 p.c. debenture 1966 £lOO/10/-; Bank of New Zealand £2/0/114, £2 (2); Donaghy’s Rope (cont.) £l/15/- (2); New Zealand Newspapers £l/13/-; Woolworths (N.Z., ord.) 14/3. CHRISTCHURCH Sale on ’Change.—Mount Morgan 9/-. Sales Reported.—Dominion Breweries £1 11/-; New Zealand Drug Company £4/0/3, £4/0/6; Wilcox Mofflin 9/8. WELLINGTON Sales (late Wednesday).—McKenzie’s Store £2/4/6; Colonial Sugar (cum div.) £52 5/-. Sales ■ (Thursday).—Wellington Gas £1 11/-; Timaru Woollens 19/-; Dominion Breweries £l/11/-; Woolworths Ltd. 16/7'/ 2 ; New Zealand Paper Mills £l/14/3. AUCKLAND Sales.—Auckland Gas (perpetual stock) £93 (odd lot); Bank of New South Wales £2B/10/- (late sale); New Zeaalnd Insurance £3/10/6; Newton King (pref.) 12/6; Alloy Steel (N.Z.) £l/15/-; Broken Hill Proprietary £2, £2/0/6, £2/0/6 (odd Jot); McKenzie’s £2/4/3 (odd lot); New Zealand Fertilizer £l/0/6; Woolworths (Sydney) 16/4; Una Hill 1/2; Mount Morgan 8/11. TEN PER CENT. BONUS TO STAFF INSURANCE COMPANY’S GOOD YEAR (P.A.) AUCKLAND, October 23. “The statement presented today out- | strips anything previously achieved,” | said tire chairman of directors, Mr V. J. Larner, in moving the adoption of I the report and balance-sheet at the j annual meeting of the South British j Insurance Company. “It would be a | mistake, however, to regard the figures | I as the result of one year’s effort. They | ■ are the fruit of many years of pains- I I taking organization.” I He said the war had caused a con- | siderable influx of revenue in many i directions to meet marine hazards. The I general surcharge on normal rates had | been universally adopted. ; Referring to frozen assets, Mr Larner | said securities had been written down I and frozen balances had been excluded from the company’s assets. They had I been treated as bad debts for the time I being. The meeting decided to recognize the • year’s excellent work by a 10 per cent. I bonus to the staff, 100 of whom were with the armed forces and would be included in the bonus. A recommendation was adopted for the payment of a final dividend of one shilling a share and a bonus of 6d a , share, making 2/3 for the year, to be : distributed today. Mr Larner and Mr Austin Carr were re-elected directors. The chairman and general manager, Mr James Morton, acknowledged votes of thanks to the directors and staff. ; RESERVE BANK RETURN . (P.A.) WELLINGTON, October 23. The statement of assets and liabilities of the Reserve Bank of New Zealand at the close of business on Monday, compared with r the previous week, was as follows:— LIABILITIES ,

Proportion of reserve to notes and other demand liabilities, 43.219 per cent. (43.214 per cent, last week). COLOMBO TEA SALE J. Rattray and Son, Ltd., have received the following report on the tea auction held in Colombo on Tuesday: Small quantities were available with the quality showing a continued low seasonal standard. There was a strong inquiry for all grades. Common teas advanced Id to ljd a pound, mediums were Id dearer and fine kinds showed Id advance. BORING OPERATIONS (P.A.) GISBORNE, October 23. The New Zealand Petroleum Company reports that the Moere bore has advanced to 6430 feet and a 6%-inch casing has been run and cemented at 6407 feet. Drilling will be resumed shortly. The Midhurst bore is at a depth of 9120 feet. There is no change in the formation. AMALGAMATED WIRELESS (P.A.) WELLINGTON, October 23. Advice has been received from the head office in Sydney that Amalgamated Wireless (Australasia) Ltd., has declared a final dividend for the year ending June 30 of 5 per cent., payable on November 14.

Oct. 20 £ Oct. 13. £ / General reserve fund 1,500,000 1,500,000 Bank notes 22,210,387 22,133,172 Demand liabilities— State 7,764.440 7.902.955 Banks 9,382,409 8,905,851 Other 857,826 1,224,429 Other currencies 16,393 15,389 Other liabilities 1,003,759 1,004,028 TOTAL 42,735,214 42,685,823 ASSETS Reserve — Gold 2,801,874 2,801,874 Sterling exchange 14,594,989 14,571,281 Subsidiary coin 59,986 43,424 Advances— Marketing 6.399,871 6,402,700 Other 13.500,000 13,500,000 Investments 3,842,379 3,842,378 Other assets 1,536,115 1,524,164 TOTAL 42,735,214 42,685,823