FINANCE & COMMERCE

Dominion, Volume 35, Issue 280, 25 August 1942, Page 2

FINANCE & COMMERCE

WELLINGTON EXCHANGE Yesterday’s Quotations The latest buying and selling quotations recorded yesterday ou the Wellington Stock Exchange were as follows:— N.Z. GOVERNMENT LOANS.

Stock Exchange Sales Dealings in stocks and shares recorded on New Zealand Stock Exchanges yesterday were as follows, the number of shares in each lot being shown in the case of Wellington :-r

AUCKLAND. War Loan, 1/10/53, £9l/10/County, 4 4-5 per cent., 1940, £lO3/10/-, Bank of Australasia, £B/11/0; Comm. Bank of Sydney, £l7; Bank of N.S.W., £-» 15/-Bank of N.Z. (2), £l/19/6; Vom. I. and 8., 19/5; Farmers’ Auct., B pref -1 2/-; South British Insurance, £3/0/0, Tauplrl Coal, £.l/3/6; Leyland O Brien Timber, 17/6; Dominion Breweries. £l/7/-; Aust Consol. Industries, £2/6/9; Broken HUI Pty., £l/17/-, £l/17/3: B y cr .« ft 88,1 Co. (2), £2/6/-; 1.C.1., £l/4/-; Reid Rubber, £l/1/-; Wilsons Cement, 17/o; Woolworths (Syd.), 15/7; Woolwortlie Holdings (South Africa), 18/3; Auck. Gas, perp, debs., £7B. CHRISTCHURCH.

Comm. Bank of Aust., pref., Nat. Bank of Australasia, £5 paid, .£» 10/-; Goldsbrough Mort., £l/5/6; N.ZFarmers’ Co-op., A pref., £l/17/6; Westport Coal. £l/4/10}: N-Z. Breweries, ♦£l/13/3, £l/13/3; Placer Development, £2/3/-; IVoolworths Holdings (South Africa), *lB/3, *lB/4. ♦Late sale Friday. DUNEDIN. New Zealand Refrig., 10/- paid, 9/6. RESERVE BANK Increased Note Issue The sterling- exchange funds of the Reserve Bank on Augudl 37 totalled £2a,217,01'5, a decrease for the week of £511.672. The note issue at. £20,410,847 shows a further increase of £244,769. The statement, as at Monday, August 17, is as fol-

I’roportion of reserve to notes and other demand liabilities 45.694 per cent., compared with 45.777 per cent, on August 10. The reserve on August. 17 amounted to £28.011,487, compared with £28.521,648 on Anguat 10, a decrease of £510,161. A year ago the reserve totalled £18,131.453. Sterling exchange on August 17 amounted to £25,217,915, compared with £25.732,587 on August 10, a decrease of £514,672. Liabilities in currencies other than New Zealand currency were £8305 (a decrease of £l5ll ». thus making the bank’s net. overseas aasots V 25.209.610. a decrease for the week of £510.161. A year ago these assel.K totalled 6 15.329,579. Advances to the State Marketing Department total £8.208.058, a further decrease of £491.1*23. A year ago they stood at £6.021.996. Advances to the State for other

nurnoses remain unchanged at £22,300.000, compared with £18,000,(XX) a year ago The note issue on August 17 totalled £26,419,847, an increase for the week of £241,769. A year ago it stood, at £21,939,Demand liabilities to the State amount to £12,656,423. a decrease of £692,373. Ihe trading banks’ reserve balances total £’-1,’’07,198, a decrease of £930,972. Other demand liabilities at £1,018,477 have increased by £377,454. „ The statement balances at £64,037,64-1, a decrease of £985,096. Peters Ice Cream Dividend Peters Ice Cream (Vic.), Limited, has declared a tinal dividend of od. a share on contributing shares paid to. 10/-, aud 6d a share ou shares fully paid to W-t making a total of lOd. a share, and 1/- a share respectively, and at the rate of 8 1-3 per cent, per annum. The transfer books will be closed from September 9 to September 22, inclusive. The thirteenth annual meeting will be held on September 22, and the final dividend, if confirmed by the shareholders, will be paid on that date. Gold Mining The Snowy River dredge returned 106 ounces for 122 hours from 24,000 yards. The Okarito return totalled 19 ounces for 63 hours. , , . , The Gillespies Beach dredge returned 48 ounces for 240 hours. The Slab Hut return for the week ended August 20 was 526 z. for 125 hours from lO Th°e Associated Gold Dredges return for the week ended August 22, was 177 ounces from 74,600 yards. Whittome, Stevenson Year The accounts of Wiiittome, Stevenson and Co., Ltd., Auckland, tor the year ended June 30, show a net profit, after providing for depreciation and writing off of bad debts, of £4646 compared with £3340 last year, and £3894 in 1940. Of this amount, £2757 has been set aside for taxation, leaving £lBBB, which, added to the sum brought forward, makes £3114 available. A dividend of 6 per cent, (unchanged) is proposed, free of security taxes. This will require £1845, leaving £1269 to be carried forward against £1220 brought in. Gross profit is £16,5-11, comnared witli £15,505 last year, and expenses total £10,948, against £11,316. Taxation reserve is £2751, against £1244 m 1941. Renown Collieries, Ltd. The accounts of Renown Collieries, Limited for the year ended July 31, show a net 'profit of £5600, compared with £7lOO last year, and £BOOO in 1940. The profit Is struck after provision for taxation, £1712 The directors recommend a dividend of 7 per cent, (unchanged) on preference shares, anil 7d. a share ou ordinary shares, compared with lOd. in recent years. The report states that trading results have been materially affected by war conditions, which are reflected in the cost of production. Gross profit was £14,0-19, against £27.889 last year. Reserves and surplus stau'd at £14,705. compared with £24.048. The balancing total Is £131,060, a decrease of £12.225.

Pukekohe Produce Prices Dominion Special Service. PUKEKOHE, August 24. The supply of green vegetables from growers at Pukekohe is still a little ahead of the demand. As a result cauliflowers have continued to decline in price, business being done today at 8/- a chapman bag, on rail Pukekohe, as,compared with 10/- last Monday, and 13/- the previous Monday. Drumhead cabbages are also down 1/- on last week, today's price being 13/- a chapman bag. Savoy cabbages remain at 12/-, and carrots, parsnips and swedes continue to go away at the ceiling prices in the order issued about 10 days ago. In sugaring lots, charged at per pound at the rates a cwt. fixed by the order, carrots are now working out. at. about 12/-, parsnips at about 10/-, and swedes at about. 6/-. The price for the remaining onions In the district, which have been commandeered liv (lie Government, lias not yet been announced. Onion plants still sell at Prices mi to 6/- a thousand, on rail, Pukekohe, but there is a heavy demand and supplies •mowed some indication today of tailing off Cabbage and cauliflower plants are stlil selllug at 12/- a thousand. Bauxite Deposits Found Several big deposits of bauxite have been found In Glppsland (Victoria) recently, some more than 20 feet deep, and samples prove that they are superior to any previously discovered in Australia Dr 11. C Raggart, Commonwealth geologist, is expected Io inspect the deposits and while lie Is in the district lie may also inspect Iron ore and black coni deposits. A con seam in Hie district is of good quality, and some years ago thousands of tons were mined 'from it by a local syndicate. Imperial Chemical Industries A total gross income of £19,956.000 was disclosed by Lord McGowan in the latest Consolidated Income Statement of Imperial Chemical Industries. Ltd., compared with V1!i.016.6»0 for 1910. Hie Increase bebur .hie to expanding activities: net conbornlat<‘(! income, however, declined from £6576,000 to £6,243,000, due to taxation, which amounted to £8.762,000, compared with £7,385,(XX) for 1040.

Buyers. £ s. d. Sellers. £ s. d. p.c., 1/8//4-6 97 10 0 2j p.C., .15//9/47 97 15 0 - ■ — 3 p.C., 15/7/1945 99 10 0 •—• 3 p.c.. 15/9/46-48 ..., 99 15 0 3 p.c., 15/9/52-55 .... 90 2 6 100 2 6 <3 p.C., 1/8/51-54 98 10 0 — 3t‘p.c., 15/1/56-59 .... 100 0 0 — 3} p.c., 15//9/57-60 .... 91 10 0 —— 3i P.c., 15/1/53-57 .... 102 0 0 —— 4 p.c., 15/2/43-46 .... 100 0 0 —- 4 p.c., 30/11/1948 .... 104 10 0 — 4 p.c., 15/4/46-49 .... 104 5 0 4 p.c., 15/5/49-52 .... 105 10 0 —— 4 p.c., 15/6/52-55 .... 106 15 0 —— 4 p.c., 31/5/54-58 .... 107 0 0 — 4 p.c., 15/4/46-49 .... 104 5 0 4 p.c.. 15/6/52-55 .... 106 15 0 —— War Loan. 1953 91 0 0 — 0 17 9 MISCELLANEOUS. Nat. Bank of N.Z. .. 2 0 0 — Bank N.S.W 28 0 0 —— Hank N.Z.. D Mort. .. 19 9 - Nat. Bk. A/asla. (£10) 11 0 0 —— Goldsbrough, Mort .. 16 6 —* Newton King, pref. . 0 12 3 —• N.Z. Guarantee Corp. 0 2 11 —— W F C A., pref 0 5 3 ■i Wgtn. Inv., T. & A. . 0 5 6 — Wright, Stephenson . 0 19 6 —• Christchurch Gas ... 12 3 —— Wellington Gas, ord. . 18 6 — 12 9 3 9 3 ___ 8 0 0 __ 0 16 6 ——. Wellington Meat Exp. 0 8 3 — P and o 1 11 0 . ■■ Union Steam, pref. .. 17 0 —— 1 4 9 ... i ■ Pnkomiro 0 16 9 — — Bond’s Hosiery Mills 17 9 — Oamaru Woollen 12 3 —— Prestige, pref 12 6 Tlmaru Woollen — 18 3 Wellington Woollen .. 7 0 0 Ditto, pref 7 2 0 —- Leyland-O'Brien Timber — 0 18 0 National Timber .... 0 8 3 — Kauri Timber 10 6 — Rotoiti 0 3 0 —- X Z Breweries ...... 1 12 6 Broken Hill Pty 1 16 0 —• 0 6 10 .1 ■ Dunlop Perdriau 0 17 0 — G .T C oilo s 2 8 6 - TCI pref 14 3 0 7 6 Ditto pref 0 17 3 .0 18 3 1 19 3 Macky Logan 1 2 9 — 3 14 0 R. & E. Tlngey. pref. 12 0 — Sharland and Co 12 0 Taranaki Oilfields ... —— 0 6 6 Wilson’s Cement 0 17 3 0 17 9 Win. Cable, pref. ... 12 6 Woolworths Ltd — 0 16 0 Woolworths (N.Z.) .. 0 14 4 ■—— 1 la 9 Properties ... 13 0 — Booth .McDonald, ord. 0 16 0 5 6 0 7 3 Dental'and Medical . 0 15 9 — 1 4 6 ——- 0 0 7 Broken Hili South .. 1 1 0 OVERSEAS LISTINGS. Woolworths Holdings (South Africa) ... — 0 18 6

WELLINGTON. No. of Sale price. shares. £ s. d. £350 Inscr. Stk., 4 P,c., 1943-40 100 2 C £400 Ditto, 4 P.O., 1952-55 .... 12 Liberty Bonds 107 0 0 •0 18 0 200 N.Z. Insurance ♦3 9 6 COO Woolwortbs (Syd.) ...... 100 WooIwonthB Holdings •0 15 0 (South Africa) ‘Late sale Friday. ‘0 IS 3

lows: — LIABILITIES. £ 6. < tl. General reserve fund 1,500,000 0 0 Bank notes 26,419,84 < Demand liabilities—— 10 0 (a) State 12,650,423 9 4 (b) Banks 21,207,107 15 I (e) Other 1,018.477 Liabilities other titan in 3 3 15 10 Other liabilities 1,227,303 .12 6 £ (N.Z. >64,037,644 0 0 ASSETS. Reserve— 10 0 (IB Sterling exchange .. 25,217,015 0 8 (1 Advances — To the State (1) Marketing Dept. .. S,208,058 8 12) i'hir other purposes 22,300,000 0 0 Investments 4,146,310 0 It 4 £ (N.Z.)G4,037,644 6 0