COMMERCIAL

Evening Star, Issue 24293, 7 September 1942, Page 5

COMMERCIAL

SHARE MARKET. There was a marked predominance of buyers of New Zealand Government Stocks at this morning’s call-over at the Stock Exchange, with rales remaining firm. In tho banking section New Zealand were quoted at 39s 3d (buyer), 40a (seller). There were inquiries for National of Now Zealand at 42s 9d, National of Australasia at £lO 17s 6d, and Union at £6 18s. In insurance, National were wanted at 19s 9d and Standard at 61s. In meat preserving, N.Z. Kefrig. (cont.) were quoted at 9s 6d (buyer), 9s 9d (seller). In the loan and agency section a buyer offered 38s for National Mortgage, with a seller Is away. W.S. and Co. (ord.) were wanted at 19s 3d. New Zealand Breweries had a market at 335-35 s and Dunedin were wanted at 19s. In gas, coal, and oil the quotation for Kaitangata was 325-335. In tho miscellaneous section buyers were in predominance, with values practically unchanged from last week. Southland Ice Cream had a market at 22s (buyer), 23s (seller). In Australian mining, following a reported sale at 26s 6d, Mount Lyell were still on offer at 275.

REPORTED SALE. —Late Friday.— Mount Lyell, 26s 6d. STANDARD INSURANCE COMPANY. Tho sixty-eighth annual general meeting of the Standard Insurance Company Limited was held this afternoon. A representative gathering of shareholders was present, the chair being occupied by Mr W. E. C. Reid. In conformity with the provisions of the Companies Act, 1933, tho general manager read tho' auditor’s report. Moving the adoption of the report and balance sheet, the Chairman said that the success achieved during the past year was largely due to two factors—a sub-normal loss ratio and steady increase in premium income. At tho same time, the ever-increasing burden of taxation had considerable bearing on the net result, and dining the war period, at all events, they must consider themselves extremely fortunate in being able to pay the usual dividend and to strengthen re~SNo fewer than 58 members of the staff were serving with tho Forces, and three of tho most promising young men had lost their lives in the service of tho Empire. They wore Flight-lieutenant R. E. Orchard, D F.C., Pilot-officer D. 0. Waters, and Ser-geant-pilot D. A. Wither. He extended to their relatives the deepest sympathy. In order to carry on the work of the company efficiently with so many officers serving in (he Forces, women had stepped into the breach, and were doing the Work exceedingly well. , , ~ In referring to the balance sheet, Mr Reid pointed out that the income had increased by £3,005 16s 4d, the fire and marine departments being responsible for the improvement. The net return from investments showed a further drop in interest of £1,462, despite the fact that £35,000 more had been invested. The present rate of interest gave a totally inadequate return on capital. For some years it had been possible to pay a dividend from interest alone, whereas to-day a large sum from the underwriting profits must be requisitioned in order to maintain the usual dividend. After careful consideration, the directors had decided to write down the various properties by £3,000, while the reserves for taxation and depreciation of securities accounts had been considerably augmented. MARINE WAR RISK. Advice has been received in Wellington that schedule war risk rates to South American Atlantic ports south of and including Pernambuco via the Cape are now at the same rates as for North, Central, and South America —namely, 15 per cent. Australia or New Zealand to or from Africa south of the Equator on the east coast, including islands and not north of Cape Palmas on the west coast, are now rated at per cent., and north of Cape Palmas, including islands, at 10 per cent. CHAIN GROCERY STORE. The ownership of one of the oldest grocery businesses in Christchurch, Tuck’s Ltd., has now changed hands, the eight stores throughout the city and suburbs having been purchased at a figure believed to be about £20,000 The owner to the present time, Mr W. Tuck, whose father founded the business, has retired, and the new owner is Mr J. L.‘ Barnard, a businessman formerly of Wellington. and a cousin of Mr W. E. Barnard, Speaker of the House of Representatives. Tho name of Tuck’s Ltd. will be retained. MINING. Snowy River Dredge.—Tho return for last week was 1211,0 z for 122 hours (26,700 yards). Maori Gold Dredge. —Last week s return was 30oz for 127 hours (14,500 yards). Tho Gillespie’s Beach wash-up for the week ending September 5 was 440 z 17dwt. The dredge worked 128 hours, treating 15,648 yards.