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FINANCE AND COMMERCE

'CHANGE TONE EASIER More Bendigo Mining Falls

With the exception of Government securities all sections of the market regis- tered slight recessions at the Stock Ex- change of Melbourne yesterday

On moderate volume of trading in the industrial section rises in 7 issues com- pared with falls Jn 11 Die Casters ad- vanced 2/ with sales at 34/ and Yarra Palls hardened slightly First sale for a considerable period was recorded in Tooth and Co when scrip changed hands at 50/ a fall of 4/ on previous sale bringing this stock in line with Sydney quotations Union Investment was down 2/ to 13/ and other issues to case in- cluded ACI ne» BHP ordinary and con- tributing, Building Guarantee and Drug Houses Preference issues to appreciate included Cox Bros O Gilpin 1st and

Wunderlich 1st

Demand for Government securities continued and rises in 9 issues contrasted with one fall Total callroom turnover amounted to £ 45,100

Further recessions were shown in the Bendigo group of mines East Clarence was down 2/ to 4/, Deborah Consols down 1/3 to II, and North Deborah down 1/ to G7/ Other issues to move to lower levels Included Ajax South Deborah Ex- tended, Golden Carshalton Maxwell Con- solidated Mt Morgan and Triton ELECTRO ZINC RIGHTS

Rights to the new Issue of Electro- lytic Zinc ordinary shares were quoted for the first time yesterday at the Stock Exchange of Melbourne Buyers declared at 27/6 and some odd lots were sold at that figure The new shares will be issued on the basis of Iß for 104 to ordi- nary and preference shareholders DIVIDEND DECLARATIONS

Aberfoyle Tin N L -32nd ordinary and 34th preference for 3 months ending June 30 3J% (unchanged) payable July

10 Books close June 28

Monument Hill Consolidated (Bendigo) NX-6d a shore payable July 8 Books close noon, July 1 (Previous Cd, April 10 Total declarations £ 17 500 )

North Deborah Mining Co N L -2/6 a share payable July 15 Books close noon July 8 (Previous 2/6 June l8 Total declarations £ 174 400 )

Yellowdine Gold Aréis NL-3rd in-

terim of 6d a share payable July 14 Books close July 5 (Previous 6d Octo- ber 31 Total declarations £28 575)

Latrobe Bond-Final 9d (5% for year), payable July 2 Books close June

26

Root Harper and Co Ltd -Final half yearly, ordinary, 4%, making 8% for year, payable July 1 Books close June

23

Katoomba and Leura Gas Co Ltd - Final, half-yearly, 2%, making 4e!, for the year, payable June 27

Waters Trading Co Ltd-Interim quarterly, 2J%, payable July 4 Books close June 28

INTEREST-FREE LOANS

A well-known insurance man has written to Mr. M. J. Pettigrove, Taxpayers' Association secretary, suggesting that if loans are made compulsory, and there- fore taken without regard to lenders' convenience, the rate of Interest, so far from being "nominal," should be slightly higher than market rates. He mentions 1% on small loans, to s % on large loans. Common justice and cemmon sense, he says, condemn the Interest-free stunt be- loved by certain idealists. AUSTRALIAN CEMENT

Business of Australian Cement Ltd. in the half-year ended May 31 was well sustained, directors state in an interim report. In view of building restrictions

being Imposed, they say that it is not pos- , filble at this stage to forecast prospects <

for the coming half-year, although de- j

fence requirements will undoubtedly be i fairly heavy. '

KATOOMBA AND LEURA GAS CO.

Profit and dividend of Katoomba and , Leura Gas Co. Ltd., of NSW, are again lower. Net profit of £2,075 is £241 less than that for 1939. Dividend, which is reduced from 41% to 47c-the lowest since 1934-takes £ 1,880. After a trans- fer of £200 to reserves, £46 is carried forward, as against £51 brought in. COMPANY NEWS IN BRIEF

Berocan Refrigeration Ltd. (in liquida- tion) Incurred a loss of £139 in the year ended June 30, increasing accumu- lated deficit to £622.

Profit of Melbourne Savages Ltd. for the year ended April 30 was £665, In- come of the . company is derived from rent from Melbourne Savage Club. Divi- dend of 6% absorbed £665.

Hotel Mayfair Ltd., of Sydney, earned a profit of £4,941 for the year ended July 31, 1940. Dividend of 57« required £3,100.

ACCOUNTANCY EXAMINATIONS

Replying to a complaint that ac- countancy students, whose studies have been interrupted by military duties, were not being given sufficiently sympathetic consideration in the matter of marking of examination papers, Mr. G. T. Moore, assistant secretary of the Federal Insti- tute of Accountants, said yesterday that It should be remembered by candidates that the institute had a duty to the public, and it could not admit men -to membership whom the examiners con- sidered did not measure up to the re- quired standard. The examiners fully appreciated the fact that the present times were difficult for candidates, but, In fairness to ali candidates, individual cases could not be adjudged on a special basis. The Institute had given every consideration to candidates in the armed forces In the way of arranging for ex- aminations to be held on board ships and st places as far away as Malaya and

Palestine.

WAR SAVINGS CAMPAIGN

War savings certificates purchased in Victoria during the last 4 days aggre- gated £104,337. This is the highest total for a similar period for more than 9 months. Sales of £28,848 in this State vesterday brought the total to £6,101,107, and the Australian total to £21,969,571.

Figures for other States are -NSW £8 369 453 Queensland £3 527 502 SA. £1875 707 WA £1500 544 Tasmania £594 258 From a military van in Bourke st yesterday Mr J C Jessop MMBW chairman urged people to buy war savings certificates Other speakers were Messrs N O Brien F J Reed and H Goodwin War savings stamps were sold in the streets

The Colac committee Is endeavouring to sell £ 5 000 of certificates before the end of next week

BANK OF N Z MEETING

Reasons for tile rcauction in the Bank of New Zealand s dividend from lOH) to Bcc were attributed by Mr A T Don- nelly chairman at the annual meeting in Wellington yesterday to restrictive trading conditions heavier taxation and the uncertain outlook Taxation paid by the bank lost year exceeded £500 000

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