AUSTRALIAN STOCK EXCHANGE.

Press, Volume LXV, Issue 19815, 31 December 1929, Page 10

AUSTRALIAN STOCK EXCHANGE.

THE year reviewed. Less satisfactory conditions were experienced on the Melbourne Stock Exchange during the past year than during the previous year. Dealing was of moderate volume, and prices were on a lower level. Xn the early part of \ear a buoyant tone marked the t.rad'iiv. These conditions, however, were of brief duration, an increase in the B»nk of England rediscount rate having the effect of creating an irregular tende-ncy. In the second quarter of the year the disturbed industrial conditions influenced the market unfavourably. ith the passing of the financial year and large dividend payments, a better tone prevailed, and there was pronounced activity in industrial stocks. These brighter conditions, however, were short-lived owing to the hardening of the money market, lower values for wool, and uncertain prospects concerning the wheat crops. Leading silver, lead, zinc, and copper companies enjoyed a profitable year. A lower average price for tin materially affected earnings of Eastern dredging companies, and results in many cases were disappointing. Indications prior to the Stock Exchange closing for the holidays pointed to no marked change from existing conditions, the uncertain financial outlook operating against a strengthening movement. Bank Stocks. Bank stocks met with fair support, but closed weak. Only one company sought additional capital during the year. A comparison of bank shares is as

Industrial Stocks. Dealing in trading and industrial stocks was fairly widely distributed. The chief happening during the year was the merging of interests of rubber manufacturing companies. Several companies interested in the fertiliser industry also strengthened their position by amalgamation. Owing to tho prolonged trouble on the northern coalfields of New South Wales, the output at the Newcastle iron and steel works of the Broken Hill Proprietary was seriously curtailed for months, and for the first time since 1925 the interim dividend was passed. Movements in prices of some of the principal investment stocks are shown in the following table:

Mining. Metal prices were sufficiently favourable to enable North Broken Hall, Broken Hill South, Zinc Corporation and Sulphide Corporation to earn increased and satisfactory profits. Consideration is being given by the Zinc Producers' Association to the question of realising to the best advantage zinc concentrates to be produced at Broken Hill subsequent to June 30th next. On that date the contract with the British Government will expire. Metallurgical recoveries showed further improvement. Within two years portion of the central power plant will be in commission, and the whole plant in full operation within three years. Large economies are expected from the scheme. The period of the agreement between the Barrier Industrial Council and affiliated unions and the companies has been extended indefinitely. Ore reserves have been maintained, and in the absenee of industrial trouble and a continuance of satisfactory metal prices, the leading companies should have many years of profitable working ahead,

Profitable Copper. The Mount Lyell Company provided one of the bright features of the year by raising the annual rate of dividend from 12$ per cent, to 20 per cent. The production of copper constituted a record for many years, and a higher average price was realised. Ore reserves have increased. Improvement in the facilities for handling ore has led to a much,larger output than has hitherto been possible, but has meant the mining of a greater proportion of lower-grade ore.

Electrolytic Zinc. Increased production and improved efficiency enabled Electrolytic Zinc to continue to make substantial profits, notwithstanding lower prices for metals. The dividend was maintained at the rate of 12 per cent. Operations at the West Coast mines in Tasmania are being steadily developed. Development work has been continued on the Mt. Isa field in Queensland. Proven ore reserves were recently estimated at 24,285,000 tons, having a gross value of £80,000,000. The liquidators of Mount Morgan will distribute £.150,000 on January 15th, making £1,150,00.0 since the decision to voluntarily wind up the company. Zinc Corporation will distribute £91,981 among ordinary and preference shareholders; and increased distributions of 15 per cent., requiring £157,500, are to be made by Sulphide Corporation on January 16th on the ordinary and preference shares. A comparison of prices of shares of the leading gilver-lead-zmc and copper companies with those ruling twelve months ago is given in the following tabic: — Dec, 1328. Dec., 1939. £ s. <J. £ *■ d. Xorth Broken H,ll .. 5 2 « 416 0 Broken Hill South ~ *lB 0 8 5,3 Zinc Corporation „ 2 8 0 2 0 " Sulphide Corporation .. 017 9 018 9 Sulphide Cortm. (pref.) 15 3 15 3 Mount laa Mines .. 114 0 1 7 6 Mount Lvell .. 119 0 2 10

EGG AUCTION. Messrs Harris Bros., Limited, report tist the usual weeklv auction Bale of "Feather Brand" guaranteed fresh eggs was held yesterday afternoon. The following prices were realised: —Hen eggs, first grade (Ooz or over), ]« Hen eccs, second grade (unaer 2os>. IB Id'. " — 6 DAIRY PRODUCE. Painty and Company, Lid., h*T» received the following cablegram from their London office, d«ted December 2«th:— gutter—For exceptional quality prices ar» Is to 2s hicher.

follows: — £ s. d. £ e. d. Dec, 1928. Dec., 1929. Australian of Commerce 1 13 6 19 4J AndeLaKle .. -, 10 0 0 8 8 0 Ausfraiasia „ ~ 14, 16 0 13 15 0 Commercial . • «. 1 10 7J 1 5 9* Commercial (pref.) , ~ 7 8 0 7 0 0 Commercial of Sydney .. 38 5 0 23 15 0 K., S., and A. 8 10 0 6 19 0 National (£5 paid) „« 9 8 0 7 17 0 National (£10_paid) New South Wales „ 18 16 0 16 8 0 50 15 0 40 6 0 Queensland National .. 9 0 0 6 10 0 Union 15 11 0 13 li 0 • Kew iasue of *hare« during • year.

Dec.. 1938. Dec., 1929 £ a. d. £ s. d Goldsbrough. Mort 2 11 3 1 17 0 YouQghusb&nd a. a 10 0 2 10 Carlton Brewerj' «» a n 9 1 18 9 Adelaide Steam Ship .» 1 2 6 0 19 0 Huddart-Farker _ •J 8 3 2 2 3 Amalgamated Zinc .- 0 14 7 0 12 4 Anthony Hordern .,» 1 3 3 1 2 B Australasian Paper -. 0 19 0 0 16 11 Australian Glass ~, 2 8 0 2 10 0 Australian Distillery S. 1 2 9 12 2 Barnet Glae3 (pref) „ 1 7 6 18 6 British Tobacoo .. 2 5 8 2 6 3 Broken Hill Pty. -■L 1 « 10J 15 6 Cresco Fertilisers ,. 1 2 3 10 0 Dunlop, Perdriau _ 1 4 9 13 7 Electrolytic Eino 1 15 9 1 13 3 Electrolytic Zinc (pref.) 1 16 1h l U i George Farmer 2 5 6 2 2 0 Gordon and Gotch 1 15 0 1 14 0 Henry Jones 1 17 3 1 11 8 Holden's M.B. Builders 1 9 0 12 9 Howard Smith .. 1 B 0 112 Hume Pipe .. 1 0 6 0 18 0 o/r. 1 19 9 2 8 0 Victoria Nyanza Sugar ■2 7 0 2 2 0 yellow Cabs 0 18 6 0 6 10