COMMERCIAL.

Timaru Herald, Volume XCVIII, Issue 18084, 16 June 1924, Page 4

COMMERCIAL.

BANK OF NEW ZEALAND

PROFITS £750,000

By Telrsrnmn—Frsss Association. WELLINGTON , June 14. The report of the directors of the Bank of New Zealand loi' the jeai ended March 31, 1924, has been m rewarded tj shareholders. i ?noo - i items, compared with those ox 10-J ai e

* It has to be remembered that as the capital of the bank was increased during the past year by £1,200,000, the profits have increased accordingly. The report of the directors is as follows:

The profits, after providing for expenses of management, all bad and doubtful debts, and other contingencies, and after making provision for the annual donation to the provident fund, also for a bonus to the staff, are £757.031 6s 9d. From this has to be deducted interest on guai'anteed stock, £21,199 9s 6d, leaving a balance of profit for the year of £735,831 17s 3d, to which' has to he added the surplus on. realisations of British Government securities, £1.48,112 9s lOd; provision previously made for ‘ certain doubtful advances not now required £184,465 9s; balance brought foi-ward from last year, £421,957 6s 4d —in all £1,190,367 2s sd. From this has been paid dividend on ■■'.preferential “A” shares £50.000, interim ' dividend on preferential “B” shares £25,000, interim dividend of Is 4d per share on ordinary shares £150,000—£225,000; leaving available for distribution £1,265,367 2s sd. This the directors propose should be disposed’ of as follows : —Dividend on preferential “B’’ shares (making £87,435 13s 9d for the year). £62,435 13s Pd; dividend on ordinary shares (making £349,871 7s 6d for the ■yeqr), £199,971 7s 16d; transfer to reserve fund, £496,546 10s Id (making reserve fund £2,325,000), leaving 'a balance to be carried forward, of £506,513 11s lid. Total, £1,263,367 2s sd.

REVIEW OF THE SHARE MARKET

The amount of business on the exchanges during the past week was well up to the average. Prices were firm; 1 ; With > a' tendency in ' some instances to rise.

In the banking group most business was done in National Bank of N.&. Rights, which closed at 35s 6d and 35s 9d. < : The quote for the new i.ssue will now cease'; allotments were made on Friday last.' Bank of New Sqqth.Waleshhave firmed to £4O 10s ‘without response from sellers. New Zealand have had a good year, profits having been only once previously exceeded. Sales 535, more wanted at that figure, tiie selling-quote 53s 6d. Commercial of Australia have recorded sales at 28s 9d, while Commercial Bank of Sydney are wanted at £22 10s. Bank of Australia are in demand at £l3 4s, with a margin of the sellpr. Several sales‘of Unions have taken place at . hgyebeen, placed at 335, a drop of 6d on last week’s prices. Insurance shares have not been selling freely. Nationals are available at 72s without a buying quote. ‘Standards and South British are steady a.t a shade over 40s, while New Zealand are in the region of 29s 3d.

Shipping scrip has not received much attention, and few transactions have been recorded, Huddart Parker being the only one that was dealt in, at 4'2s 6d for ordinary. Loan and Agency remain almost unchanged. Dalgety’s are inquired for at £l3, sellers requiring 12s 6d more. Goldsbrougli Mort whose balance sheet indicates a prosperous year, and a 15 per cent, dividend, are 52s buyers, 52s 9d sellers. National Mortgage are 80s sellers, without a buying quotation. New Zealand and River Plate could be placed at 20s 6d, but sellers do not respond.

In freezing companies, Gear meats ex dividend have been transferred at 435, and are now obtainable at sixpence more. Canterbury meats are firm at last week’s prices, while New Zealand refrigerating paids are wanted at .par, and the contributing issue at 9s, with sales at 9s Id and 9S' 2d.

■ Westport Coal have been sold at 35s and 35s 3d, a big drop from prices ruling a year ago. Stockton ordinary have had sales at 4s lid and ss, for ordinary, and 6s for noncumulative 8 per cent, preference. Woollen Company scrip is not much sought. Kaiapoi are weaker, contributing being on offer at 7s, and 6s being buyer’s price. Preference can be got at 19s, and the paid ups ordinary at 17s. A sale of Mosgiels at £6 15s indicates slight weakening. Onristchurch Gas are still to be had at £B, and Timaru Gas are £7 10s, buyers, £8 sellers. A sharp rise in New Zealand Breweries is recorded, sales at 25s being followed by offers to purchase at 25s 3d (sellers silent. Debentures were turned over at 20s 9d. Crowns are stronger, 42s being offered, and 44s asked. Manning’s are unchanged. Sales of Ward’s show a similar position, 45s 6d being the price, and more can be placed at that figure. New Zealand Farmers’ Co-opera-tive stock has been sold at £Bz ss, which is a good increase over last sale. “Otago Daily Times’’ are firmer, 66s offered and 72s 6d wanted. New Zealand Drugs reported sales 67s 3d and 66s 9d. Very little has been done in mining scrip. Mount Lyells, Waihis and Grand Junctions are level with last week’s prices.

Government Bonds have improved a little—l 938 issue has been sold at £97; ‘Postal Bonds (1927 issue) changed hands at £97 17s 6d, and Soldiers’ Settlement Loan Stock at £lOl 12s 6d and £lOl 15s, with sellers asking £lO2.

CORDIALS LTD. Registration of the above company is announced in this week’s “Mercantile Gazette” Offices: Woollcombe Street, Timaru. Capital £20,000, in 800 shares of £25 each. Subscribers Timaru: M. J. Doyle 50, A. T. L. Huston 25, J. W. Adams 40, J. P. Murphy 40, E. R. Guinness 20, C. b. Fraser 40. Objects: To take o\ei lands and buildings in Timaru known as Garden’s cordial factory, and to take over the plant, stock, goodwill and business, and to carry on the business as dealers in mineral waters and general.

GOLDSBROIJGH MORT AND CO. Goldsbrough Mort and Co., Ltd., stock and station agents, wool-brok-ers, for tho year ending March 31st, made a not profit ot £2 31,130, against £170,423 for last year. A dividend of 10 per cent, is recommended by the directors together with a bonus of 5 per cent. Ihor eserve fund is to bo increased by £4O 000 the provident fund received £2500, and £7 2,442 is carried forward-

ORDERED BY DOCTORS. PULMONAS PREFERRED. Leading doctors have ordered Pulnionas for nose, throat, and chest troubles. They approve the inhalation principle ■upon which Pulmonas are based. Pulmonas release healing vapours which are breathed deep into the lungs. They ease hacking coughs in remarkably short period. In catarrh, coughs, colds and bronchitis, the mucous lining cleans up until it is in' a perfectly healthy condition. In cases of ordinary colds, Pulmonas act -with surprising speed. One sufferer wrote from Puketira. “Your sample packet proved their worth. They cleared my throat wonderfully.” Pulmonas are sold at chemists and stores at Is 6d and 2s 6d. Generous free sample sent on receipt of 3d in stamps. Write Stacey Brothers., manufacturers, box 882, Auckland. ... 7

as follows 1924. 1923. 1 Capital £ £ 4 per cent. Guaranteed Stock 529,98S 529,988 Govt. Shares ... 1,500,009 1,125,003 Ord. Shares ... 3,000,000 2,250,600 Net Profits ... 735,831 533,683 Balance' from Pre430,818 vious, Year ... 421,90^ For Distribution 1,265,36/ Trans, to "Reserve • 496,546 759,457 150,000 Carry Forward 506,513 421,957