SHARE MARKET

Evening Star, Issue 23682, 16 September 1940, Page 7

SHARE MARKET

WEEK OPENS QUIETLY {•ME CHANCES RECORDED Th» week opened quietly on the Dunedin stock Exchange, the only transaction reported being a sale of Nemona Gold at 3d. Quotations remained about the general level'which shares attained last week, with on* or two exceptions. The bid for Broken Hills advanced slightly, with still a fair margin to sellers. Donaghv's Rope was inquired for at £2 14s 6d, whife the seller of Stock Exchange Proprietary reduced his offer to £1 15?. Coles were down at £3 3s 6d and £3 8s New Zealand Drug Right* were asked for at an appreciable advance, buyers offering £3 5s lOd. „. In the mining department Clutlia Rivers were wanted at Is 3d, this being an advance on the bid prevailing last week. A record return was reported later m the day. SALE REPORTED. —This Morning.— Nemona, 3d. LONDON ASSETS INCREASE IN DOMINIONS' BALANCES NEW ZEALAND SECMD «N LIST LONDON, September 13. (Phe contributions which the dominions have made towards financing the United Kingdom's budgetary deficit through increases in their London balances have recently attracted attention. The ' Economist ' calculates that ; India, New Zealand. Australia, South Africa, Egypt, and Eire together have increased their London sterling by 40 per cent. The ' Manchester Guardian says the increase is undoubtedly a most useful aid! to British war finance. India contributed 'most towards the expansion, yfiih New Zealand next. The ' Economist ' estimates New Zealand's sterling assets at £19.750,000 compared with £7.110,000 before the war. On the contrary Australia's increase is singularly small. _ Financial circles do not expect expansion of the dominion's oversea assets to proceed much further. Among the reasons for this is the flow of gifts of one kind or another from the Empire to British Exchequer. ' The Stock Exfhanjre splendidlv resisted the intensified air raiding. There is complete absence of panic sellins;. The slight setback in prices is wholly due to further contraction of the already meagre turnover. CANADIAN WHEAT PRODUCTION ' LARGEST CROP ON RECORD (British Official Wireless.) »res» Association—l3y Telegraph— Copyright RUGBY, September 15. (Received September 16, at 8 a.m.) The first estimate of this year's Canadian wheat production is over 560,000,000 bushels, th» second largest crop' on record. The oat crop is estimated at 400.000.CC0 l::ishels, barley 110,000,000 bushels, and rye 14,500,000 bushels. The. total stocks of wheat in Canada on July 31 were 273,000,000 bushels, the largest amount on record. S.I.M.U. INSURANCE ' INCREASE IN PREmi The directors of the Souih I=land Motor Union Insurance Association, in their annual report, state that, since the outbreak of war, resulting restrictions, with uncertainty about the future, have had the effect of heavily curtailing the supply and sale of new cars, and new insurances have fallen accordingly. In spite of this, however, premium income again shows an increase over last year's. In view of the low pro forma premium rate, with consequent higher loss liability, the unexpired risk reserve has been further strengthened. The various reserves now stand as follows:—General reserve, £71,758 (unchanged); reserve for unexpired risks, £56,961 (against £46,926 last vear); reserve for fluctuation of investments contingencies, £9,446 (against £6,794 last vear). Total funds now amount to £173,203, against £164,167 last vear. The surplus for the year is £12,089, which has been disposed of as follows:—To contingency reserve, £700; addition to bonus rebates paid during year, £889; reservation for bonus rebates in 1940-41, £10,500. "Since its inception," the. report says, " the association has returned to policyholders as rebate bonuses no less a sum than £36,305, to which has to be added £10,500 set aside for return during the current financial year, making a grand total of £46,805. When the question of war finance came under public discussion some months ago, your directors felt they would be expressing the wishes of members by offering the Government the sum of £IO,OOO as a war loan, free of interest for the duration of the war and 12 months thereafter." Premium income for the year ended June 30, 1940, wa5,£72i927, compared with £70,883 in the previous year. This figure is less returns, refunds, and reinsurance. Net claims, after taking into account reinsurance recoveries, and making provision for claims not finally settled, amounted to £fW,37O, compared with £35,895 for the year ended June 30, 1939. The claim ratio was 55.35 per cent., compared with 50.63 per cent, for the preceding year, and 57.95 per cent, in 1938, and the expense ratio was 22.38 per cent., compared with 21.02 petcent, last year, and 23.7 per cent, in 1938.

MINING NEWS WHITE’S ELECTRIC. The following is the White’s Electric Gold - Dredge Company’s return for the week ended September 12;—560r in 120 hours (9,500 yards). NEW RIVER RETURN. The following is the New River dredge's return for the week ended September 12:— 20o* for 89 hours’ work (6,500 yards). GILLESPIE’S BEACH. The wash-up of the Gillespie's Beach Gold Dredging Company was 48oz 14dwt for 133 hours. Material shifted was 16,548 yards. CLUTHA AND MOLYNEUX SHARES Press Association—By Telegraph-Copyright LONDON, September 15. (Received September 16, at. 11 a.in.) Clutli.T. T-hare-: Haver- 7d -ellcrs 9d, Molv «eui; Bayern Id, sellers 2d.