COMMERCIAL

Press, Volume LXXXII, Issue 24906, 20 June 1946, Page 6

COMMERCIAL

STOCK EXCHANGES BUSINESS BELOW AVERAGE IN CHRISTCHURCH The Christchurch Stock Exchange , was again on the quiet side yesterday and the volume of recorded business, which was restricted to a few stocks, was below the recent daily average. Transactions were as follows: Sales on ’Change.—Listed Stocks: £3OO Booth, Macdonald 5 per cent. (1/6/47), £99 10s; 100 Broken Hill Pty., 52s 9d; 100 Consolidated Brick, 12s 4d; 100 Ngahere (deferred), 7s. Sales Reported.—Listed Stocks: £5OO N.Z. Govt., 3 per cent. Stock, 1955-58, £lOO 10s; 200 Commercial Bank of Australia (ord.), 22s 3d; 200 Commercial Bank of Australia (ord.), 22s 4d; 350 Commercial Bank of Australia (ord.), 22s 4d; 400 Consolidated Brick (late sale Tuesday). 12s 41d; 300 Consolidated Brick (late sale Tuesday), 12s 4jd; 200 Consolidated Brick (late sale Tuesday), 12s 4J,d; 200 Consolidated Brick, 12s 6d; 150 Radio (1936), 23s 3d; 100 W. R. Cooke and Son, 12s 6d. Sales Reported.—Unlisted Stocks: 317 Ashby Bergh (£2 10s paid), 50s (odd parcel).

Latest Quotations N.Z. Govt.: 2J per cent. Ins., 15/2/49-50, b. £99 ss; 3 per cent. Ins., 15/5/53-56, s. £lOO 2s 6d; 3 per cent. Ins., 15/2/55-58, b. £lOO 7s 6d, s. £lOO 10s; 3J per cent. Ins., 15/9/57-60, b. £lO2 15s. Other Debentures: Booth Macdonald, 5 per cent. (1/6/47), b. £99 10s, s. £lOO. Insurance: South British, s. £4 Us 3d; Standard, s. £4 9s. Loan and Agency: C.F.C.A.. ord., b. £1 3s 6d, s. £1 5s 9d; Invincible Bldg., b. £5 10s; Mutual Benefit, b. £l9 10s; N.Z. and River Plate, b. £2 2s; N.Z. Farmers’ Co-op. (“A” pref), b. £4 Is 6d; N.Z. Farmers’ Co-op. (“B” pref.), b. £4 Is 6d; N.Z. Loan and Merc, (pref.), b. £llO 15s; United Building, b. £1 5s 6d. Shipping: Union (pref.), b. £1 13s 9d. Frozen Meat: Canterbury (pref.), b. £8 12s 6d; Waitaki, b. £B, s. £9. Woollens: Bruce, b. £1 19s 9d, s. £2 0s 6d; Felt and Textiles, b. £3 6s 6d; Kaiapoi, con., (fully paid), b. £1 6s 3d, s. £1 6s 9d; Kaiapoi (pref.), b. £1 7s; Felt and Textiles of N.Z., b. £2 Us 3d. Gas: Christchurch (10s paid), b. 13s sd. Breweries: Ballins (cum div.), b. £1 Bs, s. £1 10s 6d: New Zealand, b. £2 14s 9d; Tui. b. £2 4s. Miscellaneous: Alloy Steel (N.Z.), b. £2 10s; Beath and Company, s. £2 Is 6d; Booth, Macdonald, b. Is lid, s. 2s 2d; British Tobacco, b. £2 17s 9d; Consolidated Brick, b. 12s 3d, s. 12s 4d; Fletcher Holdings, b £1 18s; G. J. Coles, b. £4 6s 3d, s. £4 7s 6d; Hay’s, Ltd., (15s paid), s. £2 19s 6d; Henry Jones, b. £2 18s 6d, s. £3 2s 6d; Metters (N.Z.), b. £1 6s; Macduffs (pref.), b. £1 Is 3d, s. £1 ss; N.Z. Forest Products (pref.), b. 7s 6d, s. 9s 6d; Reid Rubber, b. £1 15s; United Provisions, b. £1 5s 6d; Woolworths (ord.), b. £1 9s sd. s. £1 10s; Woolworths (N.Z.), ord. b £1 8s 6d. Overseas Listings: Woolworths (South Africa), s. £2 14s 6d. Australian Mining: Broken Hill South, b. £1 15s; Bulolo, s. £7 2s 6d: North Broken Hill, b. £3 ss. Mining: Austral (N.Z.), b. 12s .7d, s. 13s 6d; Ngahere (deferred), b. 6s 9d, s. 7s 3d.

AUCKLAND Sales—lns Stock, 15/4/50-,51, 2% p.c. (£1600), £9B 10s; Ins. Stock, 15/12/53-56. 3 p.c. (£200), £99 15s; National Savings Bonds, 1/12/49 (100), £lOl ss; Com. Bank of Aus. (450), 22s 3d; National Bank of N.Z (553), 635; South British Insurance (100), 90s 6d, National Mortgage A (London register) (86), 80s: Auckland Gas (500), 7s 4d; Auckland Gas (con.) (300), 2s lOd; Bruce Wool. (100), 41s; Dominion Breweries (50), 65s 3d; Taranaki Breweries (200), 29s 6d. Broken Hill Pty. (150). 52s 9d; Electro Zinc (pref.) (100), 695; Fletcher Holdings (200), 38s; G. J. Coles (60), 86s 9d; McKenzies (200), 665; Farmers Fertilizer (150),' 28s 3d; Reid Rubber (100), 35s 6d; Wilsons Cement (200), 18s 8d; Woolworths. N.Z. (180), 295; Mount Lyell (200), 24s sd.

WELLINGTON Sales.—Late Tuesday: Ins. Stock, 15/11/57-60, 3 p.c (£530), £99 15s; McKenzies, ex div (200), 665; Consolidated Brick (500), 12s 4d Yesterday: National Bank of N.Z., cum div. (200). 635; Wellington Trust and Loan (50), 88s; Ins. Stock, 15/2/55-58 3 p.c. (£785), £lOO 10s; National Bank of N.Z (400), 635; Bank of New South Wales (5) £39 7s 6d; South British Insurance (100), 90s 9d (2); McKenzies, ex div. (100), 665: A.C.1., ex div. (115), 63s 6d; Woolworths. Ltd., ex bonus (100). 29s 6d: Consolidated Brick (100), 12s sd; Broken Hill Pty (150), 52s 9d (2); South British Insurance (100), 90s 9d: Ins. Stock. 15/9/47. 2*/ 2 p.c (£400), £lOO. DUNEDIN Sales Reported.—N.Z. Refrigerating, cont. (100), 17s 7d; Auckland Gas (400 and 100), 7s 4d; National Mortgage, A (London register) (86). 80s: Electro. Zinc, ord. (100), 68s 6d: N.Z. Theatres, pref. (493), 15s. • H 6d s ale on ’Change.—Mount Lyell (100), 24s

NEW ZEALAND ' BREWERIES TOTAL TAXATION OF £3,706,000 FOR YEAR ’* The Press ” Special Service _ WELLINGTON, June 19. During the last 12 months the company had been the medium of paying into the Consolidated Fund, by various means of taxation, th®' sum of £3,706,000. said Mr D. W. Madden, chairman of directors of New Zealand Breweries. Ltd., at the annual meeting to-day. Beer duty and sales tax were still imposed at war-time figures. The total of these items amounted to 4s a gallon, compared with Is 5d a gallon six years ago. Those taxes continued to affect the retail price of beer, representing as they did approximately 50 per cent, of the post of beer to the consumer

With to-day’s conditions and prices, replacements and extensions to buildings and plant would involve considerable increased capital expenditure. Concern was felt that, in common with other companies, New Zealand Breweries was still affected by the present high rate of taxation of profits. After paying a reasonable return to shareholders, present rates of taxation left very little reserve which could be utilised for reconstruction, quite apart from any expansion. While companies had properly been called on to work witlf practically no margin during the war, the time was now opportune for such reduction in taxation rates as would enable assets to be replaced, and to permit ordinary economic development and expansion of industry.

COMPANY NEWS Dominion Breweries.—A peace bonus of 2J per cent., in addition to a final dividend of 5 per cent., is recommended by Dominion Breweries. Ltd., payable on Julv 5 (ex dividend June 23). This will bring the dividend for the year ended March 31 to 10 per cent., against 94 per cent, last year and 9 per cent, in 1944. With the bonus, the year’s total distribution of 12J per cent, is 3 per cent, more than last year.—(P.A.)