STOCKS AND SHARES

Taranaki Daily News, 10 February 1934, Page 11

STOCKS AND SHARES

TARANAKI EXCHANGE THE LATEST QUOTATIONS. Following are the latest quotations on the Taranaki Stock Exchange:— New Zealand Government Loans.

SALES IN OTHER CENTRES. The Press Association reports the following sales on Dominion stock exchanges yesterday:— Dunedin: Freshford, 2d. Reported sales: National Insurance, 18s 9d; Dunlop Rubber, 20s 4d (both late yesterday). DOLLAR CONVERSION BATES. The Associated Banks have agreed that the conversion rates from February 8 will be: — U.S.A. Canada. Conversion of dollar bills received for collection and sale of dollar drafts 4.88 4.94 Purchase of dollar bills 5.08 5.10 These conversion rates are, of course, quoted on a sterling basis (London funds) and current rate of exchange New Zealand on London will be charged or allowed as the case may require. LATEST MINING ADVICES. Latest advices concerning mines received by the Taranaki Stock Exchange are:— Lawson’s Flat return: The mine manager of Lawson’s Flat Gold Sluicing Company reports that since the /tailrace was completed at No. 1 face, 137 hours’ sluicing has taken place, resulting in approximately 4500 yards being treated. The result of the wash-up on February 3 was 250 z ildwts of retorted gold. No. 2 face was not washed up, as most of the time was spent on No. 1. Bell-Hooper Cromwell: —Report on the mine for the week ending February 3:

All men were engaged on blocking out stopes and blocking out work. The No. 3 cross drive west was commenced again toward the boundary, and it advanced 18 feet, being now 20 feet from the boundary line, this drive being continued so as to prospect the northern side of Block M. The North drive in Block C was advanced 15 feet and it will connect with the No. 1 stope west next week. The centre stope through Blocks Y.F. was continued to the old Bell Hooper drive; also blocking out work is now in progress in Block F. Furthermore, blocking out work was in progress in Block K, which block is now near the finish. Sufficient mine timber is now on the claim to keep the work continuous, and if experienced and reliable miners are available, a small midnight shift will be commenced on February 5. No. 2 tunnel: The contractor up to February 3 has completed a distance of 123 lineal feet, giving a progress distance of 2 feet for the week. He has been given notice to carry on with three shifts next week in accordance with his contract. The gold won for the week was 340 z Bdwt 21grs.

EAST AFRICAN COFFEE. East African Coffee Plantations, Limited, has received advice that, owing to the danger from over-bearing, it has been decided to strip the trees on the Savaui Estate. The last estimate of 400 ton's for the current year’s crop from all estates is reduced to between 335 and 345 tons. The company’s “A” grade coffee realised £l3O per ton at the last sales. STANDARD CEMENT DIVIDEND. Standard Portland Cement Co., Ltd., has declared an interim dividend of 3A per cent. This compares with an interim dividend last year of 2i per cent., which, with a final distribution of 3| per cent., made 6 per cent, for the full year. STAPLES & CO. LTD. DIVIDEND OF 5 PER CENT. At the annual meeting of J. Staples and Co., Ltd., held recently, a final dividend of 2J per cent, was declared for the year ended December 31, making, with the interim dividend of 2J per cent., paid last August, a total distribution for ‘the year of 5 per cent., the same rate as that for 1932. Net profits were shown at £12,908, compared with £14,636 for the previous year, and £37,162 in 1931. With £16,118 brought forward, the ballance in the profit and loss account is £29,026. The two dividends of 2j per cent, each absorb £17,500, leaving £11,526 to be carried forward. Following is a comparison of the

The company has a paid capital of £350,000. RETAIL FOOD PRICES. GROCERY PRICES DEARER. The index number of retail food prices was practically unchanged in December, as compared with November, the actual figures being (on base: 1926-30 equals 1000), November, 751, and December, 750 (states the Abstract of Statistics)., The index number for the groceries group rose since the previous month, but this increase was counteracted by a fall in the dairy products index, the . index number for the meat group remaining practically stationary. Share prices continue to display the upward tendency manifest in recent months, the index number of market quotations of 49 representative - ordinary shares on the last trading day in December being 897 (on the base: average prices in 1926 equals 1000)., an increase of 4 points over the November figure. The index number of export prices for the month of December, 1933, was 1046 (on the base: average prices ruling during 1909-13 equals 1000), an increase of 2.4 per cent, over the November figure and the highest index since 1930. The cumulative increase since th record low level in May, 1933, is 29.5 per cent. The influence of higher wool prices is reflected in an increase in the index number for the wool group from 769 in November to 1008 in December. The index for the meat group increased from 1438 in November to 1472 in December. _ These increases were more than sufficient to counteract a further fall in the index number for the dairy products group, which was 805 in December as compared with 907 in November. The index number of wholesale prices of locally-produced commodities was exactly the same in December as in November—viz., 1296 (on the base: average prices ruling during 1909-13 equals 1000), while the imported commodities index rose slightly from 1344 to 1349. The general index number rose from 1318 in November to 1320 in December.

RUMOURS OF ABSORPTION. AUSTRALIAN ASSURANCE FIRM. Reference to rumours regarding _ the absorption of the Australian Provincial Assurance ■ Association, Limited, was made by Mr. E. S. Paul, chairman of directors, at the annual meeting of shareholders, held in Sydney. Mr. Paul gave an unqualified denial to unfounded rumours” that the association was likely to be absorbed, purchased by, or amalgamated with any other important life assurance concern. The chairman criticised the application by the Courts of existing mortgage legislation in Australia. He said that shareholders would not be surprised at the large amount made available ■ for mortgage losses, or to learn that the board had not made any advances against mortgages during the year, but had preferred to invest all available funds in Government stock. It was proposed to continue this policy.

SOUTHLAND FROZEN MEAT. BALANCE-SHEET MOVEMENTS. Some substantial changes in balancesheet figures are revealed in the accounts of the Southland Frozen Meat Company, Limited, for the year ended December 31. Net profit for the year was £36,563 higher at £51,085, and the full dividend and bonus was equal to 3 distribution of 384 per cent. The total assets at £493,634 show an increase of £115,354. Properties, buildings and plant are responsible for an increase of £32,617 to £177,996. There is also a large increase in the value ff stocks and stores, which are shown at £47,747, compared with £26,859 last Sundry debtors and mortgages are £41,83 1 higher at £61,188, and investments have risen from. £87,688 to £142,080. Against these increases have been reductions of £16,969 in London agents’ balances and ot £l/,442 in cash in bank. . On the liabilities side, capital is unchanged at £113,547._ Sundry creditors, advances against shipments and pro-

vision for contingencies show an increase of £57,894 to £155,153, and total reserves are £29,000 higher at £150,000, or £36,500 more than the paid-up capital. LIQUIDATION OF BANK. PRODUCERS OF AUSTRALIA. By the end of February, creditors of the Primary Producers’ Bank of Australia”, Limited (to liquidation), will have received 15s to the pound on admitted claims; A fifth dividend of Is 3d to the pound will be paid on February 26. The financial statement for the year ended September 28, 1933, was placed before an extraordinary meeting of shareholders held at Brisbane last week. This showed receipts at £273,518 including collections from debtors £223,218, and sale of premises £44,131. The amounts yielded frorii the various States were: Queensland, £88,275; New South Wales, £99,654; Vicr toria, £18,695; Western Australia, £34,845; South Australia, £29,870; and Tasmania, £2179. A loss of £35,044 was shown on the sale of the Sydney bank premises. During the year assets were reduced by £1,036,196, and liabilities showed a decrease of £982,402. The Primary Producers’ Bank was originally Land Credits, Limited, a company formed to Queensland to 1924. Suspension of payments was announced to August, 1931, and subsequently resoluA tions providing for voluntary liquidation were passed by shareholders. The bank was not a member bank of the clearing house system. When .the directors were forced to suspend payment the position of the bank was that deposits were £l,215,000, advances £1,539,000, and liquid assets £105,000. At a meeting of shareholders last year it was stated that the liquidators hopes to pay creditors in full, with a possibility of some return of capital to shareholders.

Buyers S s. d Sellers £ s. d. 4 p.c. Bonds, 1940 .. 101 10 0 —— 4 p.c. ditto, 1949 .... 101 10 0 — 4 p.c. ditto, 1955 • • • • 101 4 4 — 4 p.c. ditto, 1946 .... 102 15 0 Rural Adv. Bond .... 98 0 0 99 10 0 34 p.c. Ins. Stock, 1938-5?. 100 17 6 101 10 0 34 p.c. ditto, 1938-43 .. — 102 5 0 4 p.c. ditto, 1940 101 10 0 — 4 p.c. ditto, 1955 .... 101 5 0 — 4 p.c. ditto, 1949 .... 101 10 0 — 4 p.c. ditto, 1946 102 17 6 104 0 0 Debentures. Wellington Gas Co. . 103 5 0 — Wgtn. Racing Club .. 98 0 0 — Wgtn. City 4j p.c. 1943 101 5 0 Levin Boro. 6 p.c. 1936 — 103 0 0 Banks. , Australasia 13 7 6 13 9 0 Com. of Aust., ord .-. ' — 17 9 Com. Banking Co., 17 10 0 17 15 0 Eng., Scot, and Aust. 5 15 0 6 0 0 National of N.Z — 4 6 0 National of Aust’asia, £5 paid — 6 14 0 New South Wales 33 0 0 33 7 6 Ditto, Melb’me reg. —-• 33 10 0 New Zealand 2 9 8 2 10 0 Ditto, D long term 1 12 0 1 12 8 Union of Aust — 10 2 0 Financial. Abraham, Williams, pref. 3 5 0 — Ditto, ord 2 2 0 >— General Finance .... •— 10 0 Goldsbro’ Mort 1 13 6 1 14 1 N.Z. Guarantee Corp., ord., cum rights .. 8 2 8 4 N.Z. Loan and Merc., ord.' stock 63 10 0 66 0 0 Equit. Bldg., £7 paid — 3 0 0 National Mort. “A” . — *3 5 0 Gas. Wellington, ord. 1 16 0 Insurance. AP A 11 0 New Zeland *2 18 0 — Queensland 3 4 0 3 8 0 Standard 3 10 3 3 0 South British — 3 16 9 Meat. N.Z. Refrig., £1 paid 18 6 N.Z. Refrig., 10s paid 8 4 Southland ........... *3 8 0 3 11 0 Gear Meat 1 5 6 — Wgtn. Meat Export, pref 19 3 Woollen. • Kaiapoi, ord. — 11 0 Ditto, contrib. ..... — 3 6 Ditto, contrib. 3 6 Ditto, pref - 17 6 Mosgiel —— 10 2 6 Transport. Union Steam, pref. 15 6 P. and 0. defd. Stock 116 Coal. Pukemiro 12 9 Westport 15 6 Timber. Bartholomew 12 6 — Leyland-O’Brien .... 1 1 0 Taringamutu Totara 4 6 Taupo Totara 2 6 3 4 Breweries. N.Z. Breweries 2 0 6 2 10 Staples and Co. ..... 18 0. 19 3 Carlton r— 2 6 0 Tooth’s — 2 5 0 Miscellaneous. British Tobacco, Aus. 1 16 9 1 17 3 Colonial Sugar 62 10 0 64 0 0 Consol. Brick . & Pipe 6 3 7 6 Dental and Med. Sup. 6 6 10 0 Dunlop Perdriau «... 102 *— Electro. Zinc, ord. 170 Ditto 8- p.c.-, pref. —- - *1 16 0 National Electric ... 5 0 6 0 N.Z. Newspapers ... 19 6 — Prestige, N.Z. pref. .. ■ — 10 6 Sharland & Co., ord. 14 0 — Ditto, pref. ........ 14 0 —- Whitcombe & Tombs. 3 9 6 Wilson’s Cement .... 17 6 18 0 Woolw’ths, N.Z., pref. 1 16 9 1 17 3 - 5 5 0 Dominion Fert •— 17 9 Oil. Moturoa, ord. ........ — 3 2 Mining. Alexander, full. pd. ... 16 0 — Ditto, contrib. ..... —• 0 16 0 Bell Kilgour — 1 Bell Hooper ......... 9 -— Big River 10 1 1 Central Shotover ... 91 1 Consol. Goldfields ,.. — 10 0 Gillespie’s Beach ... 2 31 2 4J King Solomon 4.04 — Blackwater 1 17 3 Mount Lyell ......... 15 3 15 9 2 8 3 6 Okarito . 9 2 9 5 Crown (N.Z.) 0 2 0 —— Waihi — 1 11 6 Mahakipawa 14 3 Waihi Grand Junct’n —— 5 4 Waitahu 5 8 6 0 Unofficial List. National Tobacco, ex d iv 1 . 3 12 0 Wgtn. Publishing Co. 5 0 0 Tru Colour Films, . 'vendor shares • .— 2 5 0 InVest. Exec. Trust, “A” deb ■ 100 0 0 Ditto, first “B” deb. — 102 10 0 Ditto, 2nd “B” deb. — 95 0 0

company’s results for the past three years— 1931, 1932 1933 Brought forward £16,570 £18,982 £16,118 Net profit ...... 37,162 14,636 12,908 £53,732 £33,618 £29,026 To reserve 5,000 — —. Dividend, p.c. .. 84 5 5 Amount 29,750 17,500 17,500 Carried forward £18,982 £16,118 £11,526