COMMERCIAL
BANKING SHARES QUIET
STEADY MARKET FOR INSURANCES INVERCARGILL STOCK EXCHANGE Government bonds and stocks have been keenly sought after for some time now and the market on the Invercargill Stock Exchange yesterday morning was as strong as ever. Banking shares did not receive great attention. Insurance companies’ shares were steady. In the general section all the lending lines of Australian and Dominion Stocks had a steady inquiry. Sales of Broken Hill Proprietaries at £2/5/9 and Bank of New Zealands at £2/2/3 were reported. Quotations were as follows:— Government Debentures.— 4 p.c. Stock 1940-43, b £103; 4 p.c. Stock 1943-46, b £lO2/10/-; 4 p.c. Bonds 1943-46, b £lO2 10/-; 4 p.c. Stock 1946-49, b £lO5/10/-; 4 p.c. Bonds 1946-49, b £lO5/10/-; 4 p.c. Stock 1949-52, b £106; 4 p.c. Stock 1952-55, b £lO6/15/-; 4 p.c. Bonds 1952-55. b £lO6 15/-: 3i/a p.c. Stock 1953-57, b £100; 4 p.c. stock 1954-58, b £lO7. Banks.—National of New Zealand, b £1 19/-; New Zealand, s £2/2/9; New Zealand Long "D” issue, b £l/7/-. Breweries.—Dominion Brewery, s £l/12/9; Dunedin Brewery Company, s £l/5/-: New Zealand Breweries, s £l/15/6; Tooth’s Brewery, s £2/16/-. Coal Kaltangata, s £l/11/6; Westport Coal, b £l/2/3, s £l/2/9; Westport Stockton, s 2/9. Insurance.—National, b 18/6; South Brit- • ish, b £2/9/-; Standard, b £2/17/6. Loan and Agency.— National Mortgage, s £2; Trustees’ Executors (Dunedin), b £4 4/-; Wright, Stephenson (ord.), s £l/0/3; (pref.), b 19/9; Perpetual Trustees, b £2 10/-.
Meat Companies.—New Zealand Refrigerating (20/- paid), b £1; (10/- paid), s 9/7; Southland Frozen Meat, b £l/15/6; South Otago Freezing Company, b £5/3/-. Shipping.—Howard Smith, s ,£l/3/6; Union Steam Ship Co. (pref.), b £l/6/-; P. and O. Stock, s £l/4/-. Woollen Mills.—Bruce, b 18/-; Kaiapoi (pref.), b 17/-; Mosgiel, b £lO/7/6; Bonds Hosiery, b £l/7/-. Miscellaneous.—Australian Consolidated Industries, b £l/15/-; Australian Iron and Steel, b £l/6/-; Broken Hill Proprietary, b £2/5/-, s £2/6/-; British Tobacco (Aust.), b £2/5/-, s £2/7/6; G. J. Coles, b £3/4/6; D.I.C. (pref.), b £l/3/3; Dominion Fertilizer, b £l/7/-; Donaghy’s Rope and Twine, b £2/14/-; McDuffs Ltd., b 9/3; McKenzie’s Department Stores Ltd., b £2/2/3; McLeod Bros’ Soap, b £26; Milburn Lime and Cement, s £2/1/6; New Zealand Drug (ex rights), b £3/14/-; N.Z. Farmers' Fertilizers (pref.), b £l/1/9; N.Z. Guarantee Corporation, b 3/3. s 4/-; New Zealand Paper Mills, b £l/9/3; Wilson’s (N.Z.) Cement, s 19/6; Woolworths Ltd., b 17/3, s 18/3; Southland Ice Cream, b £l/2/6. Mining.—Big River, b 6d, s 8d; Electrolytic Zinc (ord.), s £2/10/6; Gillespie's Beach, s 6d; Martha Gold Mining, b 7/3, s 7/9; Mount Lyell, s £l/9/-; Mount Morgans, b 7/9; Nokomai, s 1/3; Okarito, b 8d; Austral (N.Z.), b £l/3/-; Grey River, b 16/-.
DUNEDIN Sales—N.Z. Refrigerating (cont.) 9/6; Ncmona 3d; Big 'River 7d. CHRISTCHURCH Sale on ’Change.—New Broken Hill 13/3. Sales Reported.—N.Z. Government 4 p.c. Stock (due 1946) £103; Permanent Investment (3) £9/10/-: Broken Hill Proprietary £2/5/6; Electrolytic Zinc (ord.) £2/10/-; N.Z. Newspapers (cum div.) (2) £l/9/6; Standard Insurance £2/18/-. WELLINGTON Sales (late Friday).—4 p.c. Stock 1952 £lO6/10/-; Consolidated Brick 7/6. Sales (yesterday).—4 p.c. Stock 1952 £lO6/10/-; Beath'and Company 15/6: Myers’ Emporium 9 p.c. (pref.) £l/12/6; Taranaki Oil Fields 6/6. AUCKLAND Sales.—Bonds 1953-57 3>/a p.c. £lOO/10/-; Stock 1953-57 3'/ a p.c. £lOO/10/-; do. 194043 4 p.c. (ex*int.) £101; Amalgamated Brick (Auckland) 1944-46 £101; Auckland Gas Perpetual Stock £lOl/15/-; Commercial Bank of Australia 14/10; Bank of New Zealand £2/2/6; F.A.C. (A pref.) £l/2/-; Auckland Gas (odd lot) 8/2; Timaru Wool 12/-; Broken Hill Proprietary £2/5/9; N.Z. Drug £3/14/-; Wilson’s Cement 19/6 .
MINING CLUTHA RIVER DREDGE
(United Pr-ss Association) DUNEDIN, September 16. For the week ended September 13 the Clutha River Dredge obtained 6600 z for 123 hours. GILLESPIE’S BEACH (United Press Association) DUNEDIN, September 16. The Gillespie’s Beach return was 48oz 14dwt for 133 hours from 16,548 yards. SUM RETURNED TO POLICY HOLDERS S.I.M.U. INSURANCE ASSOCIATION
An increased premium income and a higher ratio of claims are announced in the fourteenth annual report of the South Island Motor- Union Insurance Association. “The premium income, less returns, refunds, and re-insurance amounted to £72,926/16/7 as against £70,883/2/8 for the previous year. Since the outbreak of war, restrictions, with an uncertainty as to the future, have had the effect of heavily curtailing the supply and sale of new cars, and new insurances have, fallen accordingly,” states the report. “Despite this fact, however, premium income again shows an. increase over last year. Net claims, after taking into account reinsurance recoveries, and making adequate provision for claims not finally settled, amounted to £40,370/6/7 compared with £35,894/16/9 for the year ended June 30, 1939. The claim ratio this year is 55.35 per cent, compared with 50.63 per cent, for the preceding year, and 57.95 per cent, in 1938. The expense ratio this year is 22.38 per cent, compared with 21.02 per cent, last year and 23.7 per cent, in 1938. “Of paramount importance to a mutual association such as ours is the safeguarding of members’ interests, and in view of the low pro forma premium rate with consequent higher loss liability, it has been deemed prudent further to strengthen the unexpired risk reserve. The various reserves now stand as follows:—General reserve £71,757/15/6; reserve for unexpired risks £56,960/19/2; reserve for fluctuation of investments and ' contingencies £9446/8/7; a total of £138.165/3/3. The total funds now amount to £173,203/3/-.
“The directors are pleased to report a surplus of £12,089/1/6 as the result of the year’s underwriting, which as the accounts show, has been disposed of by addition to contingency reserve £700; addition to bonus rebates paid during year £BB9/1/6; reservation for bonus rebates to be paid 1940-41 £10,500. Since its inception the association has returned to policy holders as rebate bonuses no less a sum than £36,305, to which has to be added £10,500 set aside for return during
current financial year, making a grand total of £46,805. “When the question of war finance came .under public discussion some months ago, the directors felt they would be expressing the wishes of members by offering the Government the sum of £lO,OOO as a war loan, free of interest for the duration of the war and 12 months thereafter.”
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Southland Times, Issue 24233, 17 September 1940, Page 2
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1,019COMMERCIAL Southland Times, Issue 24233, 17 September 1940, Page 2
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