FINANCE AND COMMERCE

Taranaki Daily News, 10 November 1932, Page 16

FINANCE AND COMMERCE

SHARE MARKET TRANSACTIONS.

Wellington, Nov. 9:—Sale on exchange: (Mount Lyell, 20s 9d. Dunedin, Nov. 9: —Sales on exchange: New Zealand Refrigerating (cont., two lots), 3s ; Okarito, ,7s fid. Reported sales: Bank of New Zealand, 475; Mount Lyell, 20s 6d; Nokomai, ss; King Solomon (two lots after call), 2s. Auckland: Inscribed Stock, 1937, per cent., February, £100; Rotorua Borough, 1961, 6 per cent., £92; Bank of New South Wales, £2B 15s; Bank of New Zealand, 46s 3d; Union Bank, £7 Ils fid; New Zealand Insurance, 43s fid, 43s lid; South British Insurance, 575; Union Oil, 24s 3d; Alexander, 19s 4Jd; Cornish Point, 3Jd; Kin S Solomon, Is lid, 2s; Waihi, x l9s, 19s Id; Grand Junction, 3s 6d (two parcels); Mount Lyell, 20s 6d. , Christchurch: Goldsborough Mort, 23s 3d; Electro. Zinc (pref-), 255; Big River, Is 2jd. Sales reported: National Bank of Australasia ( £5 paid, cum div.), 5s 8d; Mount Lyell, 20s 3d.

WESTPORT COAL DIVIDEND.

Dunedin, Last Night. The directors of the Westport Coal Company in their report to the shareholders, will recommend a payment of a final dividend for the year of 3d a .share, making a total distribution of fid a share for the year.

MAHAKIPAWA GOLD PRODUCTION.

By Telegraph.—Press Association. Christchurch, Last Night. The Mahakipawa return for the week was 340 z. of alluvial gold.

WOOL SALES AT SYDNEY.

BEST FEATURES MAINTAINED.

By Telograph—Pr«a® Assn. —Copyright. Ree. 9.35 p.m. ’* Sydney, Nov. 9. The wool market maintains all. the best features of the recent auctions. Fleece- wools showing fine quality are in better request, as are skirtings. The market ruled in sellers’ favour. Greasy Merino sold to 19d a lb.

Of the 10,63'6 bales offered 10,018 were sold, while 1165 were disposed of privately.

CANADIAN DOLLAR WEAKNESS.

New York, Nov. 7.

The Canadian dollar, which has been “soft” for the past five days, continued downward on Monday and closed 1J cents weaker at 87J cents.

WAIT AKO STOCK SALES.

PRICES AT FRANKTON.

Hamilton, Nov. 8.

A further decline in the rates for fat cattle was recorded at the weeklv Frankton stock sale to-day, the values realised being the lowest since 1921. A full yarding of ox beef again came forward and prices in many cases were fully £1 a head lower. A heavy entry of cow and heifer beef met with a poor demand and values eased considerably. Store and boner cattle showed no alteration. There was an exceptionally heavy offering of all class&s of fat sheep. Wethers sold at rates nearly equal* to those of last week, but ewes were slow of sale, values declining by as much as 2s a head on late quotations. The prices for' hoggets remained unchanged and spring lam'bs, which carne forward in slightly smaller fully maintained late rates. A full entry of fat and store pigs came forward. Values for baconeru, stores and weaners were easier, but porkers maintained recent rates,.

The auctioneers quote as follows:—Heavy fat wethers,, shorn, sold at Il's to Ils fid; lighter, 10s to 10s 6d; heavy fat ewes, 5s to 6s 6d; lighter, 4s to 4s 6d; fat second wethers, 9s Gd to 10s; heavy fat hoggets, 10s to Ils fid; heavy fat lambs, I'Os to Ils 3d; lighter, 9s to 9s fid. Cattle: Vealers, 15s to £1 2s; heavy fat bullocks, £5 17s 6d to £6 Is; lighter, £5 to £5 15s; light, £4 10s to £4 15s; heavy fat cows, £3 10s to £4 ss; lighter, £2 10s to £3 7s 6d; li<riit, £1 5s to £1 15s; heavy fat heifers, £3 to £4; lighter, £2 to £2 15s; light, 25s to £1 10s. Pigs: Prime baconers, £2 to £2 2s; heavy, 36s to 38s; light, 28s to 355; heavy porkers, 25s to 275; 2os to 245; choppers, £1 5s to £2 2s; good weaners, 9s to 10s; others, 7s to 8s 6d.

UNITED INSURANCE.

LOSS OF £12,022 LAST YEAR.

The accounts of the United Insurance Company, Ltd., Sydney, disclose a net loss 'of £12,02-2 during the year ended September, against a profit in the previous year of £52,132. An interim dividen of 2-J per cent, was paid out of dividend equalisation reserve. A. final dividend at the same -rate is paid out of the same fund, in all £22,500, and the fund is thereby eliminated. A dividend of 10 per cent, was paid 'in 1930-31. Net premiums were £357,535, a reduction of £152,146. Losses by claims were not proportionately reduced, the amount being” £256,407, a fall of £34,341. Other expenditure, including taxation, which not now separately stated,, was lower by £58,650. A sum of £18,016 is transferred from the contingency account, and the profit and loss account, after including a credit of £696 brought forward, is given a credit of £6780 to be carried forward. x

In regard to income tax payable by shareholders on the dividends, as £ll,OOO of the total dividend was accumulated prior to July 1, 1914, practically the whole of the interim dividend (£ll,250) paid in April last is exempt from Federal income tdx.

The directors state that general Australian revenue, in spite of the economic position, was well maintained. On. the other hand, the London marine underwriting resulted in a heavy loss, an experience common to many otlier companies'over the same period. The board has taken drastic steps to reduce the company’s obligations in connection with unprofitable contracts; but further, losses must be allowed for before the contracts terminate. The capital of the company is £450,000 and general reserve totals £237,000. THEATRICAL LOSSES. SEVERITY OF TAXATION. A net loss of £4759, compared with a net loss of £32,930 in ,1930-31, is shown in the latest accounts of J. C. Williamson, Ltd., theatre proprietors and managers, Sydney, for "the year ended June 30. Gross profit was increased during the year by £12,344 to £34,031 and expenses lowered by £15,827 to £38,790. The debit at the profit and loss account is now £56,193. • The directors state that they do not think it possible at the present time to attempt a revaluation or reappraisement of ths company’s assets. The reserves are invested in the company’s business. There is a contingent lia-

bility of £208,750, guarantees. on account of advances to subsidiaries secured by the assets of those companies.. The report adds that the theatrical business has probably had to face greater difficulties than, most business undertakings. In addition to the degression there has been a great deartof suitable attractions, and the difficulties of management have been further intensified by the severity of the federal and State entertainments taxes, still further increased this year in the State of Victoria. During the past 12 months the business of the company has paid within'the Commonwealth of Australia taxation approximately £62,000.