Review of Share Movements

Hawke's Bay Herald-Tribune, Issue 137, 26 June 1937, Page 8

Review of Share Movements

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During' the week' under review- share • markets opened'with' a flraier tone and the "business recorded approached the ihigher levels recorded a few months ago. Minor fluctuations in base metals followed the iirmer opening prices and an .easing towards the close of the week saw , heavy. industrials react to lower prices. . . . Buyers of Government Loans continue.to fipd difficulty in locating supplies and offers continued firm. Trading was eonfined to 4 per cent. stocks and bonds and prices tended to firm towards the close of the week. 1943-46 4 per cent. stock had business at £104 and £104 2/6 and sellers offered additional pareels at £104 5/-. Business in 1946-49 stock was recorded at £104, only one pareel changing; hands. Saies were recorded also in 1943-46, 1946-49 and 1952-55 4 pef cent-. bonds at £104 5/-, £104, and £103 7/6 respectively. Later buyers were interested only in the 1952-55 issue offering £102 15/- for further supplies, but none were available. Bank Shares Easier. Bank -shares opened a shade easier on last week's closing saies. Prices of Australian bahks are probably depressed because of the banking commission, the report from whieh the body is expected shortly.' There appears to be no other- reason for the easing of these shares. In many quarters Australian bank shares in particular- are regarded as good buying at "present prices and there ■ can be little doubt that, with a continuance ' of the ' excellent industrial position and high prices fctr ■ primary pro'duce these shares can be expected to recover lost ground and advance to higher levels than th,ose xuling earlier in the year. Gommercial of Australia opened at 18/3, after selling up to 18/7i the pre-. vious'week. Eour saies were recorded in Bank of New South Wales which opened* firm at £36, but eased to £35 15/- • mid week to recover on closing saies to £35 17/6. A parcel of Unions changed hands at £10 17/6, which appears to be sellers' limits, although buyers have been offering only £10 14/Bank of New Zeala'nds .changed hands from 43/6 to 44/-. After opening at tho latter' price and later easing, the shares firmed to change hands at 43/11 on closing saies. Demands for insurance shares were persistent at firmer rates. Nationals had' business at 17/- and closing buyers' offers were firm at -17/- with no flhares offered. New Zealands were firmer- at 66/- on saies earlier in thc week, but later were neglected. South Britisk changed hands at 96/- with buyers offering 95/- -for additional supplies. Goldsborough Mort Report. The direetora of the Goldsborough Mort. and Co. Ltd. in the annual report point out that the average price per pound in Australian currency' for jersey wool sold for the nine cnontns ended March 31 last was 16.55 as compared with 14.24 for the corresponding period of the previous season. The wool season is reported as one of the most satisfactory in recent years. The com* pany again increased its dividend and the published balance sheet items compare with the two previous years as follows: —

xSr.ndry creditors, deposits, provision for taxation and ■ interest acerued ' on debentures.

' Freezlng Company Reduces Capltal -Froposals have been issued for the roorganisation of the share capital of tho North Canterbury Sheepf armers ' Co-operative . Freezing Export and Agency Company Limited, The directors are asking shareholders to ' approve of a reduction in authorised capital from £200,000 to £100,000, involving the repayment of 10/- a share in cash and 40/- in shares in the reorganised company. Subscribed capital at present stands at £141,425, issued to £84,855 in 28,285 £5 shares paid to £3. Under tho plan of the diroctors the uncalled liability of £56,570 will be cancellod. The writing down of capital equivalent to 10/- a share to provide a renewals and repairs reservo will account for £14,1 42 10/- and cash refund to shareliolders of 10/- a share will take a similar sum. The then remaining paid capital of £56,570 in 28,285 fully-paid shares of £2 each will be converted, on the tasis of two for each one now held, into 56,570 fully-paid £1 cumulative 54 per cent preference shares, redeemable on or after October 1, 1941. Of tbe present unissued rj3hares, totalling 11,715, sonie 3029 will bo cancelled and the remaining 8686 divided into 43,430 ordinary shares of £11 each. Higher Profit for Australian Glass. The Australian Glass Manufacturers Co., Ltd., reports a not profit of £231,198 for the year ended Marcli 31, compared with £205,493 tho previous year, and £175,522 for 1934-35. The preference dividend of 9 per cent *requires £15,750 and ordinary dividend is uueliangod at 15 pcr cent rcquiriug £139,571. A sum of £50,000 lia.s boon , truneferro to roaerve, and £96,054 is

carried forward against £70,177 brought forward. Gross profit *'and income from rents and interest increased by £73,630. Of the ordinary dividend 5 per cent is paid out of income deriv-" ed from the company 's investments. Trading Teturns since 1927 are as follows: —

The company has a virtual monopoly of the glass manufacturing industry in Australia. It supplies the bulk of Auslialia's need for bottles and supplies a wide range of other glass products. It owns valuable patent rights and has factories in all states and in New Zealand. Subsidiaries are Crown Orystal Glass Co. Ltd., Australian Window Glass Ltd., and Agee Meat Preserving Co. In addition the company owns 25,000 £1 ordinary shares in Assoczated Pulp and Paper Mills Ltd. Employees exceed 4000 and wa'ges approach £700,000 annually. The following table gives the highest and lowest prices and, in braekets, tlie number of parcels which changed hands on New Zealand stock exchanges durmg the past week: — GQVT. STOCKS , AND BONDS.—

Year ended March 31. / 1935 1936 1937 Net Profit 101,188 179,917 206,669 Div., p.c - 6 7 8 Div., Amount 144,000 168,000 192,000 To provident fund 3,000 5,000 10,000 Forward 131,376 138,292 142,962 Gross profit 566,423 658,195 725,510

LIABILITIES

Capital . 2,400,000 2,400,000 2,400,000 Debent.. Stock A. . 838,235 838,230 838,230 Debent. Stock B..,.. .680,467 680,464 680,464 Reserve Funds ... 1,525,000 1,625,000 1,525,000 Sundry.- Cred. etc x 594,006 545,898 664,860

ASSETS.

Cash . and deposits 190,837 784,601 622,039 Govt and other sec. 212,962 207,962 224,617 Prim. Res. Invest 100,168 100,168 100,108 Accrued interest on invests 6,529> 8,423 8,611 Bills receivable' ... . 2,895 \ 4.214 ' 3,271 Advances 4,645,593 4,073,886 4,143,436 Prop, and Stocks 220,755 216,196 216,342 Premises .... 664,345 615,401 812,416 Shares 34.888 36,113 35.89P

Not Profit DivicLend Res. £ p.c. £ 1927 .... 179,359 10 266,694 1928 184,598 10 342,7.64 1929 207,893 12£ 418,656 1939 187,169 12-} 471,350 1931 76,768 6 476,540 1932 92,137 7} 483,141 1953 .... 122,439 9 506,087 1934 .... 129,601 9 531,196 1935 175,522 13 570,006 1986 205,493 15 620,177 1937 .... 231.198 15 670,177

Inscribed stock . 4 per cent. 1940-43 (2) 103 17 6 101 17 6 Inscribed stock, 4 per cent. 1943-46 (8) 104 2 6 104 0 *0 Inscribed stock, 4 per • cent. 1946-49 (2) 104 0 O Inscribed stock, 4 per ' cent. 1052-55 (2) 103 7 ' 6 103 5 0 Govt. Bonds 4 p.c, cent. 1043-46 (1) ...... 104 5 O Govt. Bonds, 4 per cent. 1946-49 (1) 104 0 • ' Govt. Bonds, 4 p.c. 1952-55 (3) 103 7 6 103 2 6

BANKS- ' Australasia' (1) — 12 7 0 Com of Aust (pref) (3) 9 4 0 9 10 Com. of Aust (ord) (10) 18 4 18 3 Com of Aus d. mort (1) 2 16 3 Nat. of Aust. (ord) (1) 14 7 6 14 7 6 New South Wales (4) 36 0 0 35 17 6 Nbty Zealand (ord) (26) 2 4 0 2 3 6 N.Z. (d. mort) (3) 16 4 16 3 Union of Aust (1) . 10 17 6 1 M « fT L? A Ttf nTP.H

National (2) 17 0 ~ New Zealand (2) ..... 3 6 0 South British (2) ......... 4 16 0 Standard (1) 2 IS 6

LOAN AND AGENCY- » ' ' — Goldsbrough Mort (2) 1 16 3 1 16 0 Stock 1945 (1) 91 0 0 N.Z._ Farmers' Co-op. Guarantee Corp (2) ... 5 0 Traders' Finance (2) 4 7 4 5 FROZEN MEAT— N. Cantby Freezing (1) 2 3 0 N.Z. Refrig (£1) (2) 19 0 18 11 N.Z. Refrig (10) (4) 8 11 8 10 GASAuckland (2) 118 2 16 Wellington (I) 1 15 0 SHIPPING.— Devonport Ferry (2) ... 10 3 10 0 COALKaitangata (1) 12 0 Pukemiro (1) ;... 18 0 Taupiri (4) 15 9 Westport Stockton (1) 2 6 Renown (1) 11 0 TIMBER.— Kauri (1) 13 3 WOOLLENS- _ Kaiapoi (7/- pd.) (4) 4 10 * 8 Kaiapoi (17/- pd) (1) 13 6 Kaiapoi (prof) (1) 17 O BREWERIES— Carlton (1) 8 2 8 ' Dominion (n. issue) (1) 2 2 6 Dominion (10) 2 4 0 2 3 6 New Zealand (43) 2 7 11 2 10 6 StapleB (8) 2 11 6 2 10 6 Toohey (1) 18 8 Tooths (7) ,2-15 0 2 14 3 N.Z. Rights (72) ......... 1 2 9*1 1 0 MISCELLANEOUS— Anth. Hord. (pref) (5) . 18,10 18 7 Aust. Gla«0 (1) ........... 4 12 6 Broken Hill Prop (28) 3 19 0 . 3 17 5 B.H.R. (contr) (7) .... 3 13 3 3 11 8 G. J. Coles (44) 5 6 0 5 1 0 Colonial Sugar (1) ... 47 0 0 Con Brick and Pipe (2) 7 6 7 61 Dunlop Perdriau (9) „ 1 2 4 1-1 9 Eleo. Zinc. (10) 2 13 6 2 11 8 Eleo. Zino (perf) (10) 2 16 6 2 13 0 Farmers' Trading (8) . . 1 2 ' 6 110 Hume Pipe Aust (4) 19 1 18 11 Berlei (N.Z.) (1) , , 3 6 6 McKenz's D. Stores (8) 4 10 3 19 6 Morts Dock (12) ... . 14 3 " 5 14 0 Taranaki Oil (3) " 4-1 4 0 Shillings Ltd. (1) ...... 18 4 Kempth. Prosser (N.Z.

N.Z. Farm Fert. (1) ... 10 0 ' N.Z. Newspapers (5) ... 1 15 11 1 14 ** Wilson's Cmeent (3) ... \ 1 19 6 1 19 0 Woolworths (N.Z.) (2) 8 0 0 7 19 6 Woolworths (Syd) (16) 7 0 0 6 18 6 Woolw. N.Z. (pref) (1) 18 0,

MINING— Waihi Investment (3) 12 0 52 « Mount Morgan (58) ... 12 10 11 9 Mount Lyell (60) ...... 2 1 6 2 0 2 Big River (19) 17 16 Broken Hill South (10) 2 9 9 9 6 0 Broken Hill North (2) 3 11 8 8 10 0