FINANCE & COMMERCE

Dominion, Volume 35, Issue 292, 8 September 1942, Page 2

FINANCE & COMMERCE

RESERVE BANK Note Issue Lower The eiterling exchange fun-ds of the, Reserve Bank on August M totalled £25,219,709, a decrease for the week of £33,568. The note issue, at £26,534,690 shows a decrease of £5d,764. The statement, as at Monday, August 31, is as follows.— MOBILITIES. £ s. d. B^nJt^™. « o Demand liabilities—(a) Stale x J (b) Banks 4 a (c) Other 406,2a3 16 4 Liabilities other than in N.Z. currency 1 11 Other liabilities 1,364,2(74 10 5 £ (N.Z.)63,482,167 5 6 assets. £ s. d. K (H r GoTd 2,801,877 10 0 (b) Sterling exchange .. 25,319,709 3 3 Subsidiary coin ....>.«•»• 43,080 2 J Advances 2 — (a) ci) MarketiitT Dept. 7,191,879 10 0 (2)^o O s r e s Oth “.’ P . r >-2,300,000 0 0 & tm a e S sX

Other assets 1,T83>

£ (N.Z.)63,45J2,167 5 6 Proportion of reserve to noteg and other demand liabilities 46.250 per cent., compared with 46.2441 per cent, on August 24. The reserve on August 31 amounted to £2B 045,640, compared with £28,005,106 on August 24, an increase of £10,584. A year ago the reserve totalled .£16,414,018. Sterling exchange on August 3,1 amounted to £25319,709, compared with £25,243375 on August 24, a decrease of £23 5(56 Liabilities in currencies other than New Zealand currency were £5046 (a decrease of £34,100), thus making the bank’s net overseas assets £25,213,763, an increase for the week Of £10,534. A year ago these assets totalled £13,612,744. Advances to'the State Marketing Department total £7,106,870, a further decrease of £50,936, A year ago they stood at £7,140,740. Advances to the State for other purposes remain unchanged at £28,300,000, compared with £18,000,000 a year ago. The note issue on Ajigust 31 totalled £26,534,690, a decrease for the week of £86.784. A year ago it stood at £22,307,581. Demand liabilities to the State amount to £12,489,060, an Increase of £1,272,435. The trading banks’ reserve balances total £21461,903. a decrease of £305,646. Other demand at £406,254 have decreased by £870,350. The statement balances at £63,432,167, an increase of £98,482. N.Z. Drug Co. Dividend (By Telegraph—Press Association.) DUNEDIN, September 7. The directors of the New Zealand Drug Co., Ltd., have declared An interim dlvi-

den'd of 3> per cent, for the half-year ended July 31. Kaiapoi Woollen Co., Ltd. Land and Income tax and national and social security charges paid during last year by the Kaiapoi Woollen Manufacturing Company, Ltd,, reached the record figtire of £62.040. After providing £61,730 ,for taxation and writing off defireciation (£18,135), the balance remaiung is £10,504, which, together with the carry-forward of £6791 makes an available balance of £26,295. The directors recommend that this be dealt with tfs follows: Dividend on prefeeriiee shares at 5 per cent, and a bonus i>f 1 per cent., £391)1; dividend on ordinary shares at 5 per cent, and bonus of 1 per cent., £14,538; the balance of £7815 tu be carried for-

ward. The distribution on ordinary and preference shares is the same as last year. Net profit at £13,504 compares with £23,892 last year, and £31,054 in 1940. 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:— WELLINGTON. No. of Sale price, shares. £ 8. d. £6OO Inscr. Stk., 4 p.c., 1952-55 107 O O 50 South British Insurance 3 2 6 100 Ditto 3 2 .9 325 McKenzie’s Stores ...... 119 O 200 Woolworths (N.Z.) 0 14 9 AUCKLAND. Liberty Loan, 3 p.c., 1952-55 (2), £S9 10/-; Bank of N.Z., £l/19/6; N.Z. Insurance, £3/11/3; South British Insurance, £3/2/6, £3/2/9; Broken Hill Pty., £1 19/-; Colonial Sugar. £5O; Woolworths (N.Z.), 14/9. Unofficial list: Fuller Theatre debs., £62. CHRISTCHURCH. Nat. Bank of N.Z., £2/3/9; British _ Tobacco, £2; Woolworths (Syd.), 15/10; Slab Hut, 5/- paid, 5/6. DUNEDIN. , Mt. Lyell, *£l/6/6. *Late sale Friday. Dunlop Rubber Dividend The directors of Dunlop Rubber (Australia) Limited announce that net profit for the year ended June 30 last, subject to final audit, amounts to £351,4j4. The directors will recommend to shareholders the payment of a final dividend of five p6r cent.- for th? half-year on the cumulative preference shares, making ten per cent, for the year, and a final dividend of two and a half per cent, on the ordinary shares, making five per cent, for the year, payable on September 30.

Gold Mining The Associated Gold Dredges return for ' the week ended September 5 was 153 ounces from 65,500 yards. The following information has been cabled to London by the Martha Gold Mining Co. (Waihi), Ltd.:—“For the period ended August 22, 14,164 tons of ore were crushed for 45520 z. of fine gold and 27,4840 z. of fine silver. The Gillespies Beach return was 440?. 17dwt. for 128 hours from 15,648 yards. The Okaritb dredge returned 240 z. sdwt. for 84 hours. . - . ■Wellington Alluvials Limited report, that for the four weeks ended August 15 the dredge worked 396 hours, handling l&LOOO yards for a return of 409 ounces. The lower yardage was due to time occupied by repairs to plilnt. . . _ During the three months to August 1 Asuazu Gold Dredging Limited handled . 1,280,400 cubic yards for a recovery of 6537 ounces fine gold, equivalent to U.S. 228,795 dollars. Pukekohe Produce Prices Dominion Special Service. PUKEKOHE, September 7. Cauliflowers from Pukekohe growers are now becoming scarce and by today the price had risen as high as 12/- a Chapman bag, .which compares with 8/- on Monday last. Some consignments went away today, however, at 10/-. Drumhead cabbages remain at 13/- a chapman bag, and savoy cabbages sell at 11/- and 12/a chapman bag, which compares with a ' flat rate of 12/- a week ago. The celling price still rules for carrots and parsnips, namely’ 21/- a cwt., and also for swedes, I°/- a cwt. For the 100 tons or so of onions which were still here from the crops grown at Pukekohe last season, and which were commandeered by the Government. the price paid to the growers was £32/10/- a ton. Trade in onion plants grown at Pukekohe was being done today at prices round about 9/6 a thousand, on rail Pukekohe, supplies having reappeared since last Monday. Cabbage and lettuce plants are selling at 14/- a thousand.