FINANCE & COMMERCE

Dominion, Volume 35, Issue 261, 3 August 1942, Page 3

FINANCE & COMMERCE

Government Stock Prices (By Telegraph.—Press Assn.—Copyright.) LONDON, July 30. British Government 'bonds are steadier after a slight relapse earlier In the week, but business is small. New Zealand and Australian stocks are quiet. The following table gives the mean Stock Exchange quotations for consols and colonial insertbed stocks, compared with those

Australian Stocks On Wall St. NEW YORK, July Ell. _ New South Wales Government issues. 5 per cent. 19'57-53, gained a further 2 points to- 77 on 'change today. Commonwealth five per cents., 1955, were sold at C 5 7-8, . Stock And Share Indices (By Telegraph.—Press Assn.—Copyright.) LONDON, July 31. “Financial Times” stock and share indices, with previous quotations, are (October 15, 1926, equals 100): —

Dow Jones Averages . (By Telegraph.—Press Assn. —Copyright.) NEW YOKE, July 31. Dow J ones averages (19241 equals 1IK» and turnover on the New York Stock Ex-

’ N.Z. Exchange Rates Telegraphic rates of exchange, New Zealand on the overseas centres mentioned, are quoted by the Bank of New South

Australian Company Profits

Balance-sheets of eleven Australian companies recently published have been reviewed -by. the “Sydney Morning Herald” and indicate the heavy toll taken by'taxation. The companies include banking, pastoral, .retail, and machinery concerns. Compared with results reported a year earlier, combined net profits of the group, after providing for taxation, are £75,500 lower, whereas total allowance for taxation has increased by £250.000. Shareholders* distribution shows a decrease of £BB.BOO. Last year taxation provision exceeded not profit by £57,G00, and dividends by £05.200. This year it is £383,100 more than net profit, and' £431,100 more than the •dividend total. Seven of the 11 companies showed decreased net profits, and four increases. (Six paid lower dividends, three were unchanged, and two raised their dividends. Bank Shares A period of falling profits undoubtedly lies ahead of the trading banks, says “Jobson’s Investment Digest” (Sydney). Bank shareholders are, however, relieved from one fear, that Is of the adverse effects of the .proposed 4 per centj limitation on profits, should it ever become law. The trading banks as a whole have been earning barely 4 per cent, on their aggregate shareholders’ funds. Bank shares must still be reckoned sound holding. The fall in profits is likely to persist for some time, but the banks retain all their old security. Especially at the present time, when speculation is out. of the question and very high dividends are almost a thing of the past, are bank share? to be recommended. Among investments what should be looked for is, not-so much immediate dividend returns, but opportunities of capital maintenance and capital appreciation. Bank shares offer at the least an almost certain prospect of capital maintenance.

of July 23: — Price. £ s. d. Variation. 6. d. Consols, 24 p.c 82-15 0 0 4 t' Fund, loans, 1963-90 115 11 3 0 War Loan, 1952 .. 10. > 17 6 0 3 9* Conv. Loan, 3$, 1961 . hh 17 6 0 3 9* Victory bonds, 4 p.c. 114 6x 1 7 6* C’wealth, 4, 1945-75 .. 101 0 o same C’wealth, 4. 1943-4S .. 99 0 0 same C’wealth, 33, 1948-5:; . 9.) 0 0 same C’wealth, 34, 1956-G1 . 88 ,> 0 0 5 Ot C’wealth, 3, 1955-58 . 85 12 6 ' 0 7 6* N.S.W.. 3*, 1930-50 .. 93 0 0 same Victoria, 3, 1929-40 .. 92 0 0 0 2 6* Victoria, 5, 1945-75 .. 101 0 0 0 1 3* Q’land. 3. 1924-47 .. 93 0 0 same S’. Aust., 3. 1916 (opt.) a 10 0 same S. Aust., 5, 1945-57 . 101 0 () same W. Aust., 4, 1942-62 ,. 98 0 0 same Tasm., 4, 1940-50 ... 98 0 o same N.Z., 44, 1948-58 .... 100 •7 6 0 2 (if ■NT Z 2 Ifl-L'i 9(5 16 - k 0 1 3* f Higher. ’Lower, x interest.

Govt, sec’s. Ho nre railo. Industrials. Goldmines. 1041 (high) 114.6 54.3 105.9 183.3 ion (low) . 112.0 41.5 • 83.0 166.4 July 24 .... 114.3 57.4 102.3 146.9 July 28 114.2 .y ! 102.0 146.8 July 29 .... 114.1 57*0 102.0 145.6 July 30 .... 114.1 .14 0 ‘ 101.8 144.2 J uly 114.1 56*9 102.3 144.1

change compare as follows:— Shares sold. 20 Kailroads. 32 Industrials 1941 (high) .. 30.88 133.50 — 1941 (low) ... 24.45 109.27 July 27 20.10 100.00 260.000 July 29 20.05 106.48 265.000 July 30 2.5.78 105.44 293,000 July 31 25.72 105.24 251,000

Wales as follows:— Buying. Selling. Montreal, dol. to £N.Z. . 3.603!) 3.5200 New York, dol. to &N.Z. 3.254-2 3.2050 India, pence to rupee 22 3-1« Ceylon, pence to rupee .. S. Africa £NZ to £SA100 22 3-16 22| O 123 12a 1-S London. £NZto £Stg.lO3 124 3-8 125 Australia. £NZ to £100A 1<NB 10<t Fiji, £NZ to £10»F .. 90 8S 5-S