FINANCE & COMMERCE

Dominion, Volume 37, Issue 229, 24 June 1944, Page 8

FINANCE & COMMERCE

STOCK EXCHANGE Sales In New Zealand 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

AUCKLAND. laser. Stock, 3 per cent., 15-0-52-55 (2). £9O/5/-; ditto, 31 per cent., 15-0-57-60, £lOl. 15/-; ditto, 4 per cent., 15/4/46-49, £lO2 5/-; Mt. Albert Borough Council, 4} per. cent., 1-7-65, £ll2/10/-; Comm. Bank of Sydney. £23; Bank of N.Z., £2/5/-; Farmers' Auct., A pref. (2), £l/5/9; ditto. S pref., £l/5/4; North Auckland Farmers’, B pref., 17/9; N.Z. Insurance (2), £4/9/-; South British Insurance. £3/19/9, £4; Auckland Gas. 7/10; Westport-Stockton Coal, 3/9; Leyland O’Brien Timber, £1 4/10; Aust. ConsoL Industries, £2/15/6; Colonial Sugar, £56/15/-. £56/12/6; Dunlop Rubber, £l/4/6; Morris. Hedstroin, £2 3/-; N.Z. Newspapers. £2/3/-; Silknit (N.Z.), £l/5/6; Woolworths (Syd.), £l/0/6; Martha, 9/1; Mt. Morgan, S/-. CHRISTCHURCH. Inscr. Stock, 3 per cent., 15-12-53-56, £93 7/6; ditto, 4 per cent., 15-6-52-55, £lO5 5/-; Comm. Bank of Sydney (2). £23; Union Bank. £B/11/-; Dalgety and Co., £8 12/6; N.Z. Farmers’ Co-op.. 4} per cent., 1950, £lOl/10/-; Westport-Stockton Coal, 3/10, 3/10}; Kauri Timber. £l/8/9: N.Z. Breweries, £2/2/11: Macduffs, Ltd., 17/6; N.Z, Drug Co., £5 Selfridges (A’asia.), £1 6/6; Ngahere Gold, 7/9. Unofficial list: Mackintosh, Caley. Phoenix, £l/15/-. // DUNEDIN. Inscr. Stock, 3 per cent., 15/9/52-55, £99 5/-; ditto, 4 per cent., 15/5/49-52, £104; National Insurance. £l/5/-; Standard Insurance. £4/1/-; N.Z. Befrig., 10/- paid, 14/-; Waltaki Farmers’ Freezing, £7/2/6.

BANKING SYSTEM

Has Stood The Strain Of War

The bank is strong and liquid and will be able to meet the demands made on it when peace comes, said Mr. A. T. Donnelly, chairman of the Bank of New Zealand, at the annual meeting yesterday. “It Is a glorious and eternal quality of our democratic system of government that it has a capacity and a competence to change, amend and adjust Itself easily in accordance with the felt necessities of the time, and the prevailing moral, political and economic theories,” continued Mr. Donnelly. “Because of this quality. New Zealand and all the other British countries have stood the strain of the last hard and bitter years without dictators and oppression on the one aide, and without disorder or revolution on the other.

“Our banking system has been criticized. but It can fairly be said for it that, like a good motor-car. In the last few years It has been worked and driven at all paces, under all conditions, over all kinds of social roads, and it has always stood up to Its work and never broken down. Like any other human Institution it will require changes, amendments, and drafts of ■ new ideas, but the basic principles will remain ‘the same. It Is flexible enough to adjust Itself to whatever troubles there may be in the difficult post-war period. It will be able to go further than has been necessary in the past in making accommodation available to those of character, integrity and business capacity who will need this accommodation to see them through their initial .post-war difficulties. It is too early to concentrate overmuch upon post-war conditions because what those will be depends upon how long the war lasts and how things are with us when it Is over. “At present the war and the vrinnlng of it is all that matters to everyone. The bank Is now almost 83 years old. We have met together in this room today as, once a year, past generations of .■mareholders have always met. We are a country at war and we are holding this meeting as It has always been held, but do not forget that we are holding It under the shield and shelter of millions of men who, al! over the world, on land, at sea. and in the air.

amid dangers and hardships, are fighting* for us. for onr rights, onr privileges and our existence, just as surely as if the battle were on the hills behind us and we could listen from here to the roar and rattle of the guns.” Northern Steam Profit Dominion Special Service. AUCKLAND, June 22. The accounts of the Northern Steamship Company for the year ended March 31 show a net profit of £3654 compared with £6067 the previous year and £3'398 in 1942. The result is reached after providing for depreciation, taxation, etc., and adding £2860 to reserve. With a balance brought forward of £1625 there is £7279 available. A dividend at the unchanged rate of 5 per cent, is recommended, absorbing £5650 and leaving £1629 to be carried forward. Colonial Mutual Life At the annual meeting of the Colonial Mutual Life Assurance Society, Limited, the chairman referred to the recovery in ordinary new business which at £7.743.010, exceeded the 1942 figure by over £BOO.OOO. In the industrial department, new business rose from £2,256.612 to £2.412.383. In the accident department, the premium Income increased to £123,758. The society’s total income reached a record figure of £5.941,060. The funds increased by £2.391.496 to £34.182.883. a record Increase. The ratio of expenses of management (excluding income tax and self-charged rent) in the ordinary department to renewal premium income was 7.62 per cent. Substantial savings in expenses were also recorded In the industrial department and the accident department. The rate of Interest earned by the society's funds was £4/6/2 per cent.. 2/1 per cent, lower than in 194_. This reduction was due almost entirely to the increasing proportion of funds invested in low interest-bearing war loans in every part of the Empire where business was transacted. More than 60 per cent, of the total assets are now invested in Government or Government-guaranteed securities, and municipal and public body loans. Gold Mining The Grey River return for the fortnight ended June 21 was 3781 ounces for 231 hours from 140.156 yards. Wellington Poultry Prices Prices of live poultry in the Wellington markets are quoted by Townsend and Paul, Ltd., as follows:— White Leghorns: Hens, best, 4/6 to 6/each; others, 3/6 to 4/6: cockerels, 1/6 to 1/8 per lb., live weight; pullets, best. 12/to 14/- each: others. 8/- to 12/-. Black Orpingtons: Hens, heavy, 7/- to 10/- each: light. 5/- to 7/-: cockerels, heavy. 1/9 to 1/10 lb., live weight; light, I/O to 1/10 lb., live weight. Rhode Island Reds: Cockerels. 1/9 to 2/- lb., live weight. Ducks—lndian Runner: Young, 7/- to 10/- each; old, 6/- to 7/-. Pekin: Young, 9/- to 12/-: old. 6/- to 9/-. Geese. 6/..t0 8/- each. Turkeys: 1/6 to 1/9 lb., live weight. _, . Dressed poultry—Boilers, heavy. 7/- to 8/- each: light, 4/- to 7/-; chickens. 1/8 to 1/9 lb.; ducks. 6/- to 8/ -each; geese, 6/to 9/-: turkeys, 1/6 to 1/3 lb.

WELLINGTON. No ol Sale ’rice. shares £1000 laser. Stock, 2i p.c., 1/8/ £ s. d. 40 99 15 0 £t>00 Ditto. 24 p.c., 15/0/47 .. 99 J 6 £800 Ditto. 2i p.c.. 15/5/48 ... 98 10 0 £500 £700 Ditto, 2i p.c., 15/0/47-49 .. Ditto, 3 p.c., 1/8/51-54 97 17 t> (2) •99 10 0 £300 Ditto, 3 p.c., 15/9/52-55 .. •99 7 6 £10.000 Ditto 99 7 0 200 Taupo-Totara Timber. .. •0 9 0 100 Ditto 0 !) 0 200 N.Z. Newspapers •2 3 0 200 Self ridges (A/asla) 1 0 6 200 Silknit (N.Z.) *Late sale Thursday. 1 5 0