COMMENCE AND FINANCE

Otago Daily Times, Issue 24399, 10 September 1940, Page 2

COMMENCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE GOOD GENERAL DEMAND There was a good general demand for all sound investments when the Dunedin Stock Exchange reopened yesterday after the week-end. All Government loans were well supported, with buyers of the longest-term issues at up to £lO6 10s. None were available. Banks and insurances had less inquiry, but frozen meat shares were in good demand, paid-up New Zealand Refrigeratings standing at £1 (buyer), while 9s Id was the offer for the contributing shares. Loan and agency shares, coal and woollens all had a fair inquiry, with sellers few and far between. Australian and Dominion industrials received a good deal of attention, New Zealand Drugs (rights) being keenly sought after. A parcel changed hands at £1 5s 3d. The inquiry for Breweries and Australian mining showed little change. YESTERDAY'S SALES DUNEDIN Sale Reported £ s. d. N.Z. Drugs (rights) 15 3 AUCKLAND Sales on 'Change.—Stock, 1940-43, 4 p.c, £103; Otago Harbour Board, 1948-54, 44 p.c, £105; Bank of New Zealand (2), £2 2s 6d; New Zealand Insurance, £3 Is 6d; South British (2), £2 10s; Auckland Gas, 8s 3d; Auckland Gas (con.; odd lot), 3s; Oamaru Wool, £1 0s 3d; Australian Steel (pref.), £1 6s; Broken Hill Pty. (3). £2 6s; Colonial Sugar, £SO; Farmers' Trading (late sale; 3), £1; New Zealand Paper Mills, £1 9s 6d; Wilsons Cement, 19s 4d, 19s sd; Woolworths (N.Z.). 16s 6d; Woolworths (Syd.), 18s 6d; Broken Hill South, £1 6s 3d; Mount Lyall, £1 7s 6d; Mount Morgan (ord.), Bs. WELLINGTON Sales on 'Change.—South British Insurance, £2 10s; Wilsons Cement, 19s 6d; Woolworths, .Ltd., 18s 6d. 8 CHRISTCHURCH Sales on 'Change.—Felt and Textiles, £2 3s; Christchurch Gas, £1 4s 9d; New Zealand Drug Co. (rights), £1 ss. Sales Reported.—Australian Iron and Steel (pref.), £1 6s; Broken Hill Pty., £2 6s; Union Investment, 12s 6d. MINING NEWS GILLESPIE'S BEACH WASH-UP The Gillespie's Beach Gold Dredging Company's wash-up for the week ended Saturday, September 7, was 51oz 19dwt for 132 hours' work (16,770 cubic yards). CLUTHA DREDGE RETURN For the week ended September 6, the return of the Clutha River dredge, operating at Alexandra, was 460 z for 131 hours' work. WOOLWORTHS (N.Z.), LTD. PREFERENCE DIVIDEND Woolworths (N.Z.), Ltd., has advised the Stock Exchange Association that a dividend of 4i per cent, for the half-year ended September 30, 1940, subject to deduction of social security tax and national security tax has been declared on the paid-up capital of the company, and will be paid on October 15. based on shareholdings as at September 30.

MACDUFFS, LTD. RECEIVERSHIP ENDING The directors of Macduffs, Ltd., in a circular to shareholders, state that the appointment of a receiver by the debenture-holder on November 1, 1938, will be terminated on September 30, and the money owing to deferred creditors will be completely paid off on this date. Following the appointment of the receive'", the company underwent a reorganisation, and since then steady progress has been made. In September, 1939, a payment of 7s 6d in the £1 was made to deferred creditors, and a similar payment was made in February of this year. The company will have completely discharged this indebtedness on September 30. SOUTHLAND FARMERS' COOPERATIVE ASSOCIATION NET PROFIT OF £20,125 (Special to Daily Times) INVERCARGILL, Sept. 9. The annual report of the Southland 1 Farmers" Co-operative Association, Ltd., for the year ended July 31, records a net profit of £20,125. The balance carried forward from the previous year, plus reserves of stock, less income tax, totalled £7899. The final dividend for the previous year and the interim dividend absorbed £4200, and £1049 was paid in the balance of income tax and social security tax. An amount of £10,637 .is held in reserve for taxes, leaving a balance available for distribution of £10,637. The directors recommend the payment of a dividend on the deposit preference shares at the rate of 5 3-5 per cent., and the payment of the arrears of dividends on these shares, a dividend of 5 per cent, on the preference shares, and a dividend of 5 per cent, on the ordinary shares. These payments will absorb £4192, leaving £6445 to be carried forward. AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Sept. 9. (Received Sept. 9, at. 10.30 p.m.) Trading on the Stock Exchange to-day was quiet and prices in several cases eased slightly. The Morning Sales. —Commonwealth Bonds, 4 p.c, 1941, £lOl lis 3d; 4 p.c, 1961 £IOB 17s 6d; Commercial Bank of Svdney, £l9 Is; Bank of New South Wales, £26 ss; Tooth's, £2 9s 3d; Australian Consolidated Industries, £1 15s 6d (cont., 17s 3d); Colonial Sugar, £46 15s. Additional Sales Colonial Sugar, £46 12s 6d; Peters, £1 0s 6d; Oil Search, 4s; Broken Hill Proprietary, £2 3s; Bank of New South Wales, £26; Woolworths, 17s 7£d; General Industries, 17s; Electrolytic Zinc, £2 10s 3d; Tooths. £2 9s 3d; Felt and Textiles, £1 19s 10Jd; Australian Securities, 5s 7d; Howard Smith, £1 Is 3d. MELBOURNE, Sept. 9. New Broken Hill, 14s 2d; Mount Lyell, £1 7s 9d.

LATEST QUOTATIONS INDUSTRIALS FIRMLY WANTED The following are yesterday afternoon's buying and selling quotations on the Dunedin Stock Exchange, which are subiect to the usual brokerage:— N.Z. GOVERNMENT LOANS

UNLISTED STOCKS All Stocks in this section are not quoted on the official list, and transactions are subject to a different rate of brokerage:— Buyer. Seller. £ s. d. £ s. d. Dunedin Ice Cream 14 6 Mackintosh Caley Phcenix 080 0 110 * Ex dividend. GENERAL INDUSTRIES, LTD.

INTERIM DIVIDEND (Per United Press Association) WELLINGTON, Sept. 9. General Industries, Ltd., have declared an interim dividend for the half-year ended August 31 on the preference shares of 3$ per cent., and on the ordinary shares of 5 per cent., payable on September 30. WOOLWORTHS (VICTORIA), LTD. (Per United Press Association) WELLINGTON, Sept. 9. Woolworths (Victoria), Ltd., have announced a dividend of 3J per cent, on the preference shares, payable on October 15. Scott Bros., produce merchants and commission agents, agents for the Dunedin Egg Suppliers' Association, report:— Eggs: The associated agents quote poultry farmers' eggs at Is 6d per dozen: storekeepers', to Is 4d per dozen. Separator butter, wanted to Is per lb. Honey, 7Jd to BJd per lb; 101 b tins, 8s 6d each; 51b tins, 5s each. Beeswax, Is to Is 3d per lb. Poultry: Good demand: hens, 2s to 2s 6d each; heavy breeds, 2s 6d to 3s (id each; roosters. Is 6d to 2s each: cockerels, 2s 6d to 4s 6d each; ducks, 2s to 3s each; ducklings, up to 4s each; geese, Is to 4s 6d each; goslings, 3s 6d to 5s each. Turkeys: Gobblers, 9d to lOd per lb; hens, 8d to 9d per lb. Fat, nominally 8s to 10s per cwt. Potatoes: Arran Chief, in over supply, £3 10s per ton; King Edwards, £4 per ton. Carrots, in over supply, Is 6d to 2s per sugar bag. Parsnips, slow, 2s to 2s 6d per sugar bag. Swedes, Is 3d to Is 6d per sugar bag. Onions: New season's Canterbury's, 16s per cwt. Whole fowl wheat, 6s 3d to 6s 9d per bushel, sacks extra. New Zealand cape barley, 6s per bushel, sacks extra. Australian cape barley, 4s per bushel. Australian Chevalier, 4s 3d, s.i., ex store. Under-grade wheat, to 21s per sack, s.i. Chaff: Prime oaten sheaf, £6 10s per ton ex truck, £7 10s ex store, bags extra. Whole maize, 7s 6d per bushel. Oyster grit. 6s 6d per 1001 b bag. Straw: Wheaten and barley, 2s 9d per bale, ex store. Lucerne meal, 12s per 901 b bag. Lucerne chaff, 8s 6d per sack. Oats: Gartons, 4s 6d to 4s 9d per bushel, sacks extra. * Free use of fowl crates on application. We have in stock chick and pullet grit, new season's chickfood. fine and medium, bone meal. Black Leaf " 40," etc. Prices on application. September 9, 1940.

COMPANY BALANCE SHEET

THE NATIONAL BANK OF NEW ZEALAND, LTD. Paid-up capital: 1921-22, £1,000,000; 192324, £1,250,000; 1925, £1,500,000; 192640, £2,000,000. General Net Dividend reserve! profit & bonus Mar. 31 £ £ P-°-

•Stihject to United Kingdom Income tax after allowing relief In respect of Dominion income tax.

A shrinkage of £20,375 has brought the net' profit down to £86,149. There is no difference in the annual allocations to premises, and pension and gratuity funds, which remain at £IO,OOO and £14,000 respectively. The dividend rate was reduced to 4 per cent., less United Kingdom income tax (after allowing relief in respect of Dominion income tax), which absorbed £60,917, so that a balance of £1,232 was left to raise the undivided surpluses carried forward to £115,363. The profit and loss statement merely gives the balances available and their allocation, except for the note mentioning that the directors' remuneration was £6897, which is the same as for the previous year. Before the profit balance was brought out, certain provisions are mentioned as having been taken into account, but no indication is given regarding the general expenditure, which is not referred to either in the statement of accounts or in the directors' report. There is small alteration in reserves. Reserve fund remains at £1,000,000, while the floating balance is swelled to £115.363 by the inclusion of the unallocated portion of the net profit. Currency reserve is retained at £500,000, which, a note to the balance sheet states, is sufficient to cover the net difference which would have arisen if the New Zealand and Australian assets and liabilities had been converted at the rates ruling at the closing date. General liabilities are grouped at £1,233,338, which is some £90,000 smaller than at March, 1939, but whether this is due to a reduction in indebtedness, or in provisions, or in both, does not appear. The common experience of banks at the present time of rising deposits accompanying falling advances is felt here. The deposits group, interest-bearing and non-interest-bearing, at £14,905,357 has risen approximately £1,600,000, while advances at £11,279,414 have fallen some £650,000, making the margin £2,250,000 greater, and the ratio considerably smaller. Since 1933 the positions at the closing dates have been as follows— Advances etc Deposits ete. Ratio Mar. 31 £ £ P.O.

The effect, of the larger deposits is seen in investments which in British Government securities (£1,840,741) and in New Zealand Government securities (£2,225,928) have absorbed the greater part of the additional funds. The rest seems to have gone to swell the cash balances, which have risen to £805,330. Cash at bankers and at call at £1,691,960 is not greatly altered, and further quickly realisable funds consisting of New Zealand Government Treasury bills have risen to £450,000. Remittances in transit at £395,947 and the bills receivable group at £300,421 are both smaller. Liquid assets aggregate £7,710,327, being equivalent to 9s 6d per £ of the outside indebtedness as against 7s lOd 12 months previously. The fixed assets are reduced to £641,811 after being written down by £IO,OOO. Whether a depreciation percentage provision has also been applied is not stated. During the past 10 years the fixed assets group has slightly declined, so that the annual allocation to premises has been one way of increasing reserves, the secret section benefiting instead of visible reserves. The total assets of £19,791,663 are some £1,500,000 higher, while liabilities show a similar increase.

Buyer, Seller. £ s. d. £ s. d. 3 p.c. Bonds, 1939-41 .. 99 0 0 — 3 p.c. Stock, 1939-41 .. 99 0 0 — Si p.c. Bonds, 1953-57 100 0 0 — 3i p.c. Stock, 1953-57 100 0 0 — 3l p.c. Stock, 1941 .. 100 0 0 —, 4 p.c. Bonds, 1943-46 .. 102 5 0 — 4 p.c. Stock, 1943-46 .. 102 10 0 — 4 p.c. Bonds, 1946-49 .. 104 15 0 — 4 p.c. Stock, 1946-49 .. 104 15 0 — 4 p.c. Stock, 1949-52 .. 105 0 0 — 4 p.c. Bonds, 1952-55 .. 4 p.c. Stock, 1952-55 .. 106 5 106 5 0 0 _. 4 p.c. Bonds, 1954-58 .. 106 10 0 — 4 p.c. Stock, 1954-58 .. 106 10 0 — MINING Austral N.Z. Mining 1 3 0 — Big River (Is) .. .. 0 0 5 0 0 9 Clutha River (2s) .. 0 1 0 — Gillespie's Beach (Is) — 0 0 6 Mossy Creek (Is) 0 1 3 — Nokomai (5s) .. 0 0 10 0 1 0 Okarito (5s) .. .. 0 0" 1 — Waitahu (5s) .. .. — 0 0 9 BANKING — 2 3 8 N.Z. (long D; £1) .. 1 7 0 — Natl, of N.Z. (£2 10s) 1 19 0 — INSURANCE National (7s) .. .. 0 18 6 — Standard (£1) .. •• 2 17 6 SHIPPING Howard Smith (£1) 1 0 0 1 s 6 P. and O. Def. Stock — 1 4 0 U.S.S. Co. (pref.; £1) 1 6 0 MEAT PRESERVING Canterbury Meat (pref.; £5) .... 6 10 0 — N.Z. Refrig. (paid; £1) 1 0 0 — N.Z Refrig. (cont.; 10s) 0 9 1 0 s 6 South. Frozen Meat (paid; £1) .. •■ 1 15 0 — South Otago Freezing (£5) 5 3 0 — Waitaki Farmers (£5) 4 13 6 — LOAN AND AGENCY Goldsbrough, Mort (£1) 1 4 0 -"• N.Z. Guarantee Corp. 0 3 4 — Perpetual Trustees (18s) .. 2 10 0 — Trustees, Executors (£3) 4 4 0 —• Wright, Stephenson (ord.; £1) .... — 1 0 3 Wright. Stephenson (pref.; £1) .... 0 19 6 — COAL AND OIL Kaitangata (16s) .. .. — 111 6 Westport (10s) .. .. 1 2 0 — Westport - Stockton (pref.; 10s) .. .. 0 4 6 ■—' Taranaki Oil (24s 7d) 0 6 0 0 7 0 WOOLLEN COMPANIES Bond.'s Hosiery (£1) .. 1 7 0 _ Bruce (ord.; £1) 0 18 0 — Bruce (pref.; £1) 1 1 0 — Kaiapoi (ord.; 17s) .. 0 15 0 — Kaiapoi (cont.; 7s) .. 0 8 0 — Kaiapoi (pref.; 17s) .. 0 17 0 ""*" MISCELLANEOUS Associated News (pref.; £1) .. •• 1 0 0 — Aust. Consold. Inds. 1 14 0 — Aust. Iron and Steel (pref.; £1) .. •• 1 6 0 — British Tobacco (£1) 2 5 0 — Broken Hill Pty. (£1) 2 5 0 — Brown. Ewing (pref.; £1) 1 0 9 1 3 6 Crystal Ice (£1) 2 0 0 — D.I.C. (ord.; 10s) 0 12 9 — D.I.C. (pref.; £1) .. 1 3 3 — Dominion Fertiliser 1 9 0 — Dominion Fertiliser (debs.) 100 0 0 — Donaghy's Rope (£1) G. J. Coles (£1) .. 2 13 6 — 3 5 0 — Kauri Timber (25s) 1 0 0 1 4 0 MacDuffs (ord.; £1) 0 8 3 ■— MacDuffs (pref.: £1) 0 16 0 — Milburn Lime (£1) .. *2 0 0 - — McKenzies Dept. Strs. (£1) 2 2 0 — McLeod Bros. (£10) 26 0 0 — Natl. Electric (£1) .. 0 17 6 0 18 3 N.Z. Drug. Co. (£2; rights) 1 5 0 1 5 3 Farmers' ' Fertiliser (£1) 0 19 9 — Farmers' Fertiliser (pref.; £1) .. .. 1 1 9 — N.Z. Paper Mills (£1) 1 9 6 1 10 9 Wool worths (Sydney; 0 18 3 — BREWERIES N.Z. Breweries (£1) 1 14.11 — Dominion (£1) .. .. — 1 13 0 Dunedin (£1) .. .. — 1 5 0 Tooths (£1) .. .. — 2 16 0 Carlton (£1) . ., .. 3 0 0 — AUSTRALIAN MINING Broken Hill South (5s) 1 6 0 — Emperor (10s) .. .. 0 11 0 — Mount Lyell (£1) .. 1 8 0 Mount Morgan (2s 6d) 0 8 4 __ North Broken Hill (5s) 1 16 0 — Wellington Alluvials (2s) 0 3 9 —

1921 1,155,894 326.82! 11 1925 1,647.898 279,828 14 1929 2.155,154 290.582 14 1933 .. 2.114,742 116.449 4 1936 1,113,959 102,594 4 1937 1,112,797 102.838 4 1938 .. 1,113,690 105,727 "5 1939 1.114,131 106,524 •5 1940 1,115.363 86,149 e 4

1934 1935 .. 8,924,944 15.595,886 57.23 9,422.430 13.554.859 73.31 1936 .. 10,361,255 13,655,182 75.88 1937 10,976,756 13.751,541 79.82 1938 .. 12,702,613 13.908.667 91.33 1939 11,921,749 13,298,286 89.65 1940 (1,279,414 14,905,357 75.67