COMMERCIAL

Press, Volume LXXXII, Issue 24895, 7 June 1946, Page 8

COMMERCIAL

STOCK EXCHANGES

INCREASED TURNOVER IN GOVERNMENT LOANS

The outstanding feature of the stock exchange yesterday was 'the increased turnover in Government loans. In other sections of the market there was a moderate turnover, with trading in Industrials and chain stores.

Sales on ’Change.—Listed stocks: £715 N.Z. Government 3 per cent. Stock, 1957-60, £99 15s; £lOOO N.Z. Government 3 per cent. Stock, 1957-60, £99 17s 6d; £7OO N.Z. Government 3 “per cent. Stock, December, 1953-56. £lOl 7s 6d; £9OO N.Z. Government 3 per cent. Stock, December. 1953-56, £lOl 7s 6d: £5OO N.Z. Government 3 per cent. Stock, December, 1953-56, £lOl 7s 6d; £250 N.Z. Government 3 per cent. Stock, 1955-58 £lOO 7s 6d; £2OO N.Z. Government 3 per cent. Stock. £loo 7s 6d; £2OO N.Z. Government 3 per cent. Stock, 195659. £99 17s 6d; 15 Dalgety and Co., £9 12s 6d; 500 N.Z. Guarantee Corpn., ss; 100 Broken Hill Pty., 525; 100 J. J. Niven and Co. (rights), 12s 6d.

Sales Reported.—Listed stocks: £5OO N.Z. Government 2J per cent. Stock. 1947-49, £lOO ss; £llB 15s N.Z. Loan and Mercantile (ord. stock), £7B; 250, Christchurch Gas (fully paid), 27s 3d; 50 British Tobacco (ex div.), 57s 3d; 100 Broken Hill Pty., 525; 200 Mason, Struthers (10s paid) r 12s; 100 Mason-Struthers (10s paid), 12s; 100 Silknit, 335; 100 Woolworths (Sydney) (ord.) (ex bonus), 28s 9d; 100 Woolworths (Syd.) (ord.), (ex bonus), 28s 9d. Sale* Reported.—Unlisted stocks: 100 Selfridges, N.Z. (con.), 14s. Latest Quotations N.Z.', Govt. Debs.: 21 per cent. Ins., 15/9/47, b. £99 ss; 21 per cent. Ins., 15/6/47-49, b. £100; 3 per cent. Ins., 15/9/52-55. b. £lOO 7s 6d; 3 per cent. Ins., 15/12/53-56, b. £lOl ss, s. £lOl 7s 6d;. 3 per cent. Ins. 15/2/55-58, b. £lOO ss, s. £lOO 7s 6d; 3 per cent. Ins., 15/11/57-60, b. £99 15s; 34 ,per cent. Ins., 15/1/56-59, b. £lO2 10s; Liberty Bonds, b. £1 Is 6d, s. £1 Is 9d; Booth, Macdonald, 5 per cent., 1/6/47, s. £lOl 15s. Banks: Comm, of Aust., b. £1 2s 2d. Insurance: New Zealand, b. £5 4s 6d, s. £5 6s. Loan and Agency: Chch. Bldg., b. £l2 10s; Goldsbrough, Mort (cum div.) b. £1 13s 6d; Mutual Benefit, b. £l9 12s 6d; N.Z, and River Plate (ord. st.)* b. £1 Is 4d; New Zealand Farmers’ Co.-op. (4$ per cent. Stock, 1950), b. £lO2 10s; N.Z. Guarantee Corpn. b. 4s 9d; N.Z. Loan and Merc, (ord.), b. £7B, s. £79 10s. Shipping: Union (pref.), b. £1 13s 9d. Frozen Meat: N.Z. Refrig. (£1 paid), b. £1 14s; N.Z. Refrig. (10s paid), b. 17s 6d; Southland (pref.), b. £3 2s 6d. Woollens: Bruce (pref.), b. £1 Ils; Felt and* Textiles, b. £3 5s 3d; Timaru, b. £1 3s 9d. Coal: Westport, s. £1 5s 2d. Gas: Christchurch, b. £1 7s. Breweries: Westland, s. £2. Miscellaneous: Anthony Hordern, b. £1 4s; A/asian. Paper and Pulp, s. £2 Is; Booth, Macdonald (pref.), b. 11s lid, s. 12s 6d; Broken Hili Pty., b. £2 12s, s. £2 12s 6d; Burns, Philp, b. £3 18s 6d, s. £4 2s 6d; Canty. Roller Flour, b. 15s; Consolidated Brick, b. Ils Id, s. 12s; Dominion Fertiliser (cum div.), b. £1 6s 6d; Electro. Zinc (pref.), s. £3 9s 6d; Griffin and Sons, b. £2 Ils 3d; K.D.V. Boxes, b. Hs6d; Morts Dock, b. £1 12s 6d; N.Z. Farmers Fertiliser (pref.), b. £1 8s 6d; Niven and Co. (rights), b. 12s, s. 12s 6d; Selfridges, b. £2, s. £2 Is; Woolworths (ord.), b., £1 8s 9d; Woolworths (N.Z.) (ex bonus), s. £1 8s 3d; W. R. Cooke and Son, b. 12s. Aust. Mining: Rawang Tin, b. 9s. N.Z. Mining: Arahura, b. £1 12s, s. £1 13s 6d; Barrytown, b. 13s; Ngahere (deferred). b. 6s lid. AUCKLAND Sales.—Rural Bonds, 15/9/47, 4 per cent. (£900), £lO2 ss; Ins. Stock, 15/5/48, 2J per cent. (£300), £99 Ils 3d; Wool Bonds, 1/2/48 (300), 21s 9d; National Savings, 22/9/49 (100), £102; Bank of New South Wales (10), £3B 12s 6d; New Zealand Insurance (400), £5 5s 6d; New Zealand Insurance (100), £5 5s 9d; South British (50), 90s 6d; Taupiri (200). 33s 9d; Auckland Gas (650), 7s 3d; Dominion Breweries (100), 655; Booth, Macdonald (pref.) (100), 12s; British Tobacco (50), 57s 3d; Broken Hill Pty. (100), 51s 9fcl; Claude Neon (N.Z.) (100), 465; Colonial Sugar (9), £6O; G. J. Coles (100), 85s; M.K. Manufacturers (400), 9s 6d; Taubmans (116), 70s; New Zealand Newspapers (200), 475: New Zealand’Refrig, (con.) (300), 17s 9d; Woolworths (N.Z.) (200). 28s; Martha (170), 8s 2d; Triton (100). ss; National Tobacco (50), 40s (unlisted). WELLINGTON Sales.—Late Wednesday: Selfridges (Australasia) (100), 40s; J. J. Niven (rights) (50), 12s. Yesterday: National Bank of New Zealand (100), 625; Ins. Stock, 15/9/52-55, 3 per cent. (£1000), £lOO ss; Ins. Stock, 15/4/56-59, 3 per cent. (£3000), £100: Union Bank (68), £9 18s; New Zealand Guarantee Corporation (500), ss; Christchurch Gas (250), 27s 3d; J. J>. Niven (rights) (300), 12s 6d (2); Macduffs, Ltd. (pref.) (400), 27s 6d; Wool worths, Ltd. (ex bonus) (200), 28s 9d; Self ridges (Australasia) (150), 40s; Rawang Tin (200), 9s 6d; New Zealand Guarantee Corporation (500), ss; Consolidated Brick and Pipe (500), Ils. DUNEDIN Sales Reported.—Commercial Bank (ord.) (200), 22s 3d (late Wednesday); E., S„ and A. Bank (50), £6 2s 6d Hate Wednesday); Southland Frozen Meat (ord.) (100), 62s 9d (2); Colonial Sugar (10), £6O; Ins. Stock, December, 1953-56, 3 per cent. (£1100). £lOl ss; Ins. Stock, 1957-60, 3 per cent. (£530), £99 15s; Macduffs (pref.) (400), 27s 6d; Milburn Lime (88), 355. COMPANY NEWS DOMINION FERTILISER " The Press ” Special Service DUNEDIN, June 6. An improvement in the company’s operations for the last year was revealed by the chairman of directors, Mr L. J. Stevens, at the annual meeting of the Dominion Fertiliser Company. Profits for the year amounted to £8507, or. approximately an improvement of £ll5O on the results of the previous year’s trade. “Notwithstanding the inroads which increased labour and other charges make on manufacturing profits, I feel that the future prospects of the company arc bright,” the chairman stated. “The whole of the plant efficiencies of the company have been subjected to a critical survey. As a result of this, and of investigations in Australia, substantial improvements are now in progress. I am more than hopeful, even on the basis of the reduced. allowances which will be available in future, that expanding turnovers and internal economies will result In increased profits. "During the year, and for most of the war years, the company has been under substantial difficulties in regard to the class of materials available for conversion into superphosphate,” Mr Stevens said. “Fortunately for consumers, it was possible in New Zealand to maintain a standard grade of 44/46 superphosphate. This difficulty is not peculiar to New Zealand alone, but is even more pronounced in Australia.

“It is confidently expected that some relief in taxation will be made available this year,*4 Mr Stevens said. “Whatever reliefs are available should, in my opinion, be granted in the first place to companies which, by their circumstances, require large capital resources and yet must operate on low profit margins. It may be hard to discriminate, but industries closely allied to primary production should, in my opinion, receive encouragement not less substantial than that seemingly given . to industries , classed as secondary ones.”

Mr Stevens added that the new works for Southland were still in the planning stage, but he thought that the current year would prove that the demand was rapidly overtaking the reserve capacity of the existing works, and that a new plant for Southland was the logical solution to meet requirements. Dental and Medical Supplies.—Turnover had increased further, partly as a result of additional requirements, both from public institutions and from private practitioners starting after their release from war service, and partly from general conditions, said the chairman of directors of the Dental and Medical Supply Company, Ltd.. Dr. E. W. Giesen, at the annual meeting in Wellington yesterday. He emphasised that the obtaining of supplies, particularly from the United States, was still slow, because of the abJ normal demand all over the world. The company was fortunate that stock actually in warehouses and en route was £4OOO more than the total of a year ago. Commenting on the balance-sheet, he said the asset of Government stock totalling £9950 had been sold .during the year and had been used to obtain additional stocks. The retiring director. Mr Will Appleton. was re-elected.—(P.S.S.) Perpetual Trustees.—The annual report of the directors of the Perpetual Trustees Estate and Agency Company. Ltd., states that the net profit amounted to £6496 9s. Land and income tax absorbed £2817 7s 2d. and £729 3s 4d was accounted for by payment of an interim dividend of 7d a share for the six months ended September 30, 1945. The directors recommend payment of a final dividend of 9d a share, making a total distribution of Is 4d a share for the year. The transfer to the taxation reserve is £3475, and the carry forward £1604.—(P.5.5.) RABBITSKIN SALE “ The Press " Special Service DUNEDIN,, June 6. At yesterday’s rabbitskin sale approximately 61 tons of skins were offered to a full and representative bench of buyers There was a fairly good demand for all grades, and values as compared with the previous auction can be quoted as follows:—low grades, par to 3d firmer; autumns and incomings, 3d to 6d firmer; , early winters, 6d to 12d firmer. The levy operated from this sale, and buyers adjusted their limits accordingly. 1

nX° 11 .°,r' i ? g ‘5 “: e °® eial range of prices: first winter bucks, to 209 d; first winter £?«!!?• a 19 ? d ,.1 0 196 d; sec ond winter bucks, 184 d; second winter does. 169 d to s P ott ed winter bucks, 154 d to 160 d; first spotted winter does, 152 d to f 5 second spotted winter bucks, 149 d !° s 9 cond spotted winter does, 149 d !° iaal’ tl l ird , jotted winter bucks, 140 d ♦ iaoj’ third spotted winter does, 140 d L?3 46d i- first earl Y winter bucks, 192 d to first earl Y winter does, 185 d to second early winter bucks, 176 d to 180 d; second early winter does, 165 d to 173 d; spotted early winters. 146 d to 150 d; first incomings. 169 d to )70d; second in-' «° + l6 i ld ' spotted incomings. 136 d to 142 d: first late autumns, 159 d to loid; second late autumns. 147 d to 149 d; spotted late autumns. 129 d to 133 d; first early autumns. 147 d to 149 d; spotted late I \? d to 133 d; first early autumns. 145 d. second early autumns. 139 d to 142dspotted early autumns > 123 d to 127dd£,wny autumns, 127 d to 139 d; racks. 112 d to 128 d; runners. 95d to 97d; small. 59d 92 J to 104 d: summer hmm i tO 90d i >? rst wlnt er broken. ]3sd to 1380: second broken. 120 d to loadbroken. 82d to Sold: winter blacks, 158 d to 166 d; autumn blacks. 135 d to Mid; summer blacks, 127 d to 128 d: to 172ri: autumn S W^9Trt 15 c* 1 : 1 ?. ld: ! i u , mmer lawns. 125 d to 127 d, first hareskins, 160 d: second lla . res kins. 139 d to 141 d: best lirge fer--25S . 3d: , second large ferrets. « 6 * / Os> third ferrets. 2g to 2s lidlid to 4s 3d M t 0 lls 3d; “t»kh». U STOCK SALES ST. ANDREW’S The Press ” Special Service TIMARU, June 6. fbo tn ed tum-sized entry of fat cattle at l he Andrew s sale was of indifferent yarded' a JJ nished cattle being yarded. Best sorts showed a slight firm- • n *L J n va hies, but others met with an ihll^ erent 4.< In the fat and store sheep sections the yardings were small with few quotable line? RmaU ’ to prime steers made £l2 7s 6d X s , 6d: med >um to prime heifers £lO 12s 6d to £l4 7s Gd; extra prime cows JJ 2 n 7 %®. d * to £l4 2s 6d = light to medtom: £7 2s 6d to £9 12s 6d; prime lambs 29«, 10d; light 20s 4d to 21s IM; medto£ prime wethers. 29s 4d to 34s lod: medium to prime ewes. 17s to 21s Id- store to e us re ’ 243 26s 3d ' CUII 21 * M