COMMERCIAL

Southland Times, Issue 24597, 20 November 1941, Page 3

COMMERCIAL

NO CHANGE IN MARKET

Invercargill Stock

Exchange

There was no change in the market for Governmental securities on the Invercargill Stock Exchange yesterday. Banks continue to be quiet and industrials unchanged. Quotations were as follows:— Government Debentures.—4 P ; c. Stock, 1943-4 G, b £lOl/10/-: 4 p.c. Stock 1946-49, b £103; 4 p.c. Stock, 1952, b £104; 4 p.c. Stock, 1952-55, b £107; 4 p.c. Stock, 195458, b £lO7/5/-; 3>/ 2 p.c. Stock, 1953-57, b £lOl/10/-; War Loan, 1953, b £88; 2 ,2 p.c. War Loan, 1946, b £97/10/-; 3 p.c., 1951-54, b £97/10/-. .. Banks.—E.S. and A. Bank, s £4/4/-, National of New Zealand, b £l/19/3; New Zealand, s £2; New Zealand Long D issue, s £l/11/6. Breweries.—New Zealand Breweries, b £ CoaL-Westport Coal, b £l/4/1; Westport Stockton (pref.), b 6/6. Insurance. —National, b 19/9; New Zealand, b £3/11/-; South British, b £3/3/-; Standard, b £3/3/3. Loan and Agency.—National Mortgage B, b £l/2/-; Perpetual Trustees, b £2/10/-; Trustees’ Executors (Dunedin), b £4/5/-; Wright, Stephenson (ord.), b 18/3, (pref.), b 19/-. , „ . • Meat Companies.—New Zealand Refngerating (10/- paid), s 9/6. . Shipping.—Huddart-Parker, b £2/4/-, Union Steam Ship Company (pref.), b £1 6/-; P. and O. Stock, b £l/13/-. Woollen Mills.—Bond’s Hosiery, b £l/9/9; Bruce, b £l/4/6; Kaiapoi (cont.), b 6/2; Timaru, s £1; Wellington Woollens (ord.), s S.l/S/-. , , Miscellaneous.—Australian Iron ana Steel, b £l/8/6; Broken Hill Proprietary, b £1 19/-; Colonial Sugar Company, s £52/10/-; G. J. Coles, b £3/1/-; D.I.C. (pref.), b £1 4/6; Dominion Fertilizer, b £l/3/-; Hume Pipe (Aust.), b 14/6; I.C.L (pref.), b £1 4/6; Milburn Lime and Cement, b £l/18/-; New Zealand Drug, b £4; New Zealand Guarantee Corporation, b 2/9; New Zealand Paper Mills, b £l/14/-; Otago Daily Times, b £l/19/-; Woolworths Limited, s 16/6; Woolworths (New Zealand), b 14/9. Mining.—North Broken Hill, b £l/19/-; Big River, s 9d; Gillespie’s Beach, s 2>/2d; Mount Lyell, s £l/9/-; Mount Morgans, b 9/-; Nokomai, s 1/-; Waihi Investments, b 4/-- „ , , Sales Reported.—Bank of New Zealand, £l/19/9. DUNEDIN Sales Reported.—Bank of New Zealand £l/9/9 (2), late Tuesday; Broken Hill Pty. £2. Sales on ’Change.—Bank of New Zealand £l/9/9 (after call); Bank of New Zealand £l/9/9; Woolworths (Sydney) 16/3; Martha Gold 9/2. CHRISTCHURCH Sales Reported.—3 \\ p.c. Inscribed Stock, 1957-60, £100; Bank of New South Wales £2B; Union Bank of Australia £7/5/-; Dominion Builders 5/6; Kauri Timber (late Tuesday) £l/5/-; Broken Hill Pty. £2. WELLINGTON Sales.—Late Tuesday, Commercial Bank 14/8; Gear Meat 15/-; Consolidated Brick 7/11; Wednesday, Commercial Bank 14/8; New Zealand Breweries (2) £l/16/6; Farmers’ Trading £l/2/-; Griffen and Sons (£1 paid) 12/6; North Broken Hill £l/19/9. AUCKLAND

Sales.—Stock, 1946-49, 4 p.c., £lO3/7/6; 1952-55, 4 p.c., £lO7/10/-; Bank of New South Wales £2B; Bank of New Zealand £l/19/9; National Bank of New Zealand £2 (odd lot); New Zealand Insurance £3 13/6 (odd lot), £3/12/6; Goldsbrough Mort £l/7/9; Renown (pref.) 2/7; Westport £1 4/6 (odd lot); New Zealand Breweries £1 16/6; Colonial Sugar £5l; Consolidated Brick 7/11; Donaghy’s Rope (con.) £l/15/-; Dunlop Rubber £2/3/3 (late sale); Henry Jones £2/8/-; Waihi Investments 4/3; North Broken Hill £2. NATIONAL INSURANCE COMPANY INCREASE IN PREMIUM INCOME (Special) DUNEDIN, November 19. “The drop in premium income last year has been more than recovered this year, showing an increase of £17,160,” said Mr G. R. Ritchie, chairman of directors, at the annual meeting of the National Insurance Company today. “For this,” he continued, “most departments of our business are responsible, the principal contribution being from the marine section, of which war risk accounted for only a small part. The total of losses is slightly less than that recorded for the preceding year. Underwriting costs as represented by management expenses are also lower to the extent of £49, but the net underwriting profit is less than that of last year by £8249, and for this result we must look to a cause which is entirely beyond our control, namely, taxation, the appropriation for which applicable to our underwriting profit for the past year called for an increased amount of £12,325. After making the fullest provision for all liabilities in the underwriting account there remains a surplus of £23,612.” Seconding the motion the Hon. W. Downie Stewart said he thought the shareholders would agree that the results for the year were very satisfactory, more especially having regard to the abnormal times through which they were passing. During the last session, he continued, the Governor-General had initiated a scheme to collect premiums for a fund to provide against war risk disasters somewhat on the model of that on foot in England. Such a fund placed on a proper basis would be a wise precaution against any enormous burden which might fall on the community. Looking to the future, he added, it seemed clear that they were faced with a continuance of the policy of low interest rates and the prospects of an increasing tax burden.

VALUES AT ADDINGTON EASIER

(P.A.) CHRISTCHURCH, Nov. 19. The suspension of the sale last week because of the holiday caused increased entries at Addington today in comparison with ordinary markets. The market was affected to some extent by the hot north-westerly conditions which have been almost continuous in the last week. Values generally were on an easier scale.

About 1000 spring lambs were yarded, mostly of prime quality. The market opened with values up to SJd per lb, but eased to 8d towards the finish. The freezing works open next Tuesday, about a fortnight earlier than usual. The store sheep yarding consisted of 3300 head. There was a good demand for all classes of sheep from a small gathering of buyers. Ewes and lambs, which formed more than half the entry, sold well, the best making to 16/- a head. Ewe hoggets sold to 29/1 for open wools, several other lots at 28/-, shorn wether hoggets sold at up to 21/-, adult wethers at up to 22/10 and a travelled line from Marlborough at 14/-, the lowest price for adult wethers. In the fat cattle section 524 head of mixed quality were penned. Values were down by 20/- a head for heavy steers, medium prime and best heifers by 10/— to 15/- and cows by 15/-. Best steers made from £l7 to £l9/12/6, good £l3/10/- to £l6, secondary down to' £lO/10/-. Some excellent quality heifers ranged from £l3 to £l5/10/-, the average being from £9 to £ll. Best beef sold at from 36/- to 39/- pfer 1001 b, heavyweights from 33/- to 35/-, secondary to 32/6 and cow beef down to 24/-. The market opened weakly, but recovered later. The fat sheep entry totalled 5000 head. Wethers comprised a big pre-,

portion of the entry. These sold up to 1/- easier than at the last sale. With fewer ewes forward the market remained firm for this class. Best wethers made from 24/- to 27/-, tops to 30/10, average 20/- to 23/-, others down to 16/-. Pens of specially good ewes sold from 24/- to 26/7, good prime from 17/6 to 20/-, medium-weight prime from 14/6 to 17/- and light and ordinary 10/6 to 14/-,