COMMERCIAL

Evening Star, Issue 24333, 23 October 1942, Page 5

COMMERCIAL

SHARE MARKET. There was the usual demand for Government stock on ’Change this morning. Bank of New Zealand were quoted at 39s 6d40s after a reported sale at 40s. Standard Insurance rose again slightly to 67s 6d (buyer)', as did P. and O. deferred stock, which was sought at 56s sd. In meal preserving New Zealand Refrig, (paid) were wanted at 22s 3d, and the cont. were quoted at 10s 2d-10s 4d. There was a reported sale of Bruce (ord.) at 255, with a buyer still offering 255. Kaiapoi (ord.) had an increased buying offer of 18s 3d, and the pref. were also wanted at an increased figure, 20s 6d. Among the miscellaneous shares G. J. Coles had a wide market with a buyer at 52s 6d and a seller 4s away. Kauri Timber were quoted at 235-23 s 6d after a reported sale at 23s 3d. There was a slightly wider market in McLeod Bros., the quotation being £24 15s-£25 10s. New Zealand Paber Mills had a. buyer at 34s 3d and a seller-at 355. REPORTED SALES. —This Morning.— Bank of New Zealand, 40s. Bruce Woollen (ord.), 255. Kauri Timber, 23s 3d. STARR-BOWKETT BUILDING SOCIETY. The annual meeting of members of the United Starr-Bowkett Building Society was held last night, and was presided over by , the chairman, Mr G. A. Lamb. In his address Mr Lamb said that the society had been in existence for oyer 42 years, during which .time it had assisted hundreds of members to procure their own homes. Since its inception the society had advanced £779,666 to members. Six groups had been successfully liquidated, and dividends ranging from £l2 Bs. to- £2O per share had been repaid to shareholders. Profit-making was not a primary object of the society, but the members would agree that a certain income was necessary to cover expenses and contingencies. The fact that it had. been possible to pay such handsome dividends must be considered most satisfactory. Inuring the past financial year, Mr Lamb continued, £14,875 had been advanced to members and 27 appropriations had been held. The year’s operations had been financially successful, a profit being shown in - every group with the exception of group seven, which had now reached the winding-up stage. Additional expense was incurred during the year by the operation of the War Damage Insurance Act. The total amount paid by the society as its . share of the premiums paid was £125 19s lid. For some years, the chairman added, the question of extending the activities of the society had been exercising the minds of the directors, but conditions had not warranted the commencing of a new group. The directors, after full consideration of their responsibilities in the matter, had, however, now deemed it desirable to invite applications for shares in a new group — No. 12.

Messrs D. C, Cameron and-G. A. Laurenson, the retiring directors, were re-elected. Messrs Robert Hanning and 'Son ‘and George Blyth and Co. were reappointed auditors. At the conclusion of the business two ballots of £BOO each were held—one in group No. 10 and the other in group No. 11. Cluster No. 41 was drawn in group No. 10, and cluster No. 3 in group No. 11. MILD CHEESE PRICE FIXED. (P.A.) . WELLINGTON, October 22. The maximum retail price of mild cheese is fixed at Is per lb by a price order which was issued to-night. ■ Mild cheese for the purpose of the order is cheese up to four months old, excluding any form of fancy cheese, process cheese, or cheese paste. The order enables retailers who have to pay their own freight from the nearest point of wholesale supply to pass on the additional cost in the retail price. The tribunal says the. comprehensive survey that it has taken indicates that on the average over-all basis the maximum of Is a lb would involve no increase in the price to the public. On the other hand, the operation of a generally even pric? Would supersede the present variations in price from shop to shop and place to place.- - ; The tribunal adds that • the retailer’s earlier margin of .profit will remain virtually unchanged because -of the wholesale prices it has also fixed, while the cheese manufacturing factories, after making reasonable provision for the wholesale distributor’s commission, will receive a net return comparing favourably with to-day’s equivalent of the guaranteed price. The wholesale prices per pound fixed by the tribunal are: Not less than standard crate lots, crated—exports, 9id; mediums. 94d. Not less than standard,crate lots, uncrated—exports, 9id ; mediums, 9|d. Le=s than standard cratelots—exports, aid; mediums, 9Jd. SALES ON ’CHANGE: THIS DAY.

Auckland.—Morning- call: Bank of New Zealand. 39s ,9d; New Zealand Insurance, 73s 3d; Kaiapoi Woollen (cant.), 7s; stock (1953-57), per cent,, £lo4:' Unofficial: Southern Cross Investment, 3s 6d. Wellington—Broken Hill Proprietary, 39s 9d; Woolworth’s Holdings (South Africa), ISs 8d; Reported: Bank of New Zealand (cum div.), 40s,' 39s XO^d; New Zealand Insurance, 735; Amalgamated Brick. (Auckland) 6 per cent. (1944), £lOl 10s; 3 per cent. Inscribed Stock (1952-55), £99 7s-6d. £99 ss; New Zealand Breweries, 53s 9d. Christchurch—Standard Insurance, 6Ss; New Zealand Farmers, 4J per, cent. (1955), £95 (2); Woolworths (New Zealand), 14s lOd; Snowy River (5s paid,'ex div,), 6s 7d. Reported: Invincible Building,' 87s (2); Canterbury Frozen Meat, £l2 15s; New Zealand Drug (£1 paid), 455; Mount Lyell, 27s Bd.