FINANCE AND COMMERCE

Press, Volume LXXI, Issue 21465, 6 May 1935, Page 13

FINANCE AND COMMERCE

FROZEN MEAT SMITH FIELD M ARKET PRICES KASIEK i rie JS ov/ Zealand Meat Eoard has received the folJowirj? cable message lroin its London office. elated May 3. edvyin* that tho folJowiua arc the approximate average prices realised Cor t:.e week, based on actual transaction;: ot ".'hoJei'nle quantities oL the derciipfoni of meat mentioned, and arc foi parcels of the floods duj-iir? tiic week, hruns tor t,..«ri{u»-is done on the basis of dchvcied to Srnithiiek! market, and 'or ex London store.-;: . for Ihe tv.'o previous wecL^

Lamb Market- —Sliyhtlv easier owin.q in heavy arrivals and consequent selling pressure affecting prices. Consumoiiun satisfactory. Mutton Market—Wethers and ewes: pnet-:» lower in .sympathy with lambs. Beef Market —Steady, owing to short trx.-t. stacks. New Zealand Porker Pi^'s —Steady *'it' fair trade. New Zealand Bacontr Pi;.;s— Market Steady and unchanged. EQUIVALENT NEW ZEALAND fAurrv The New Zealand Meat Producers' Board supplies the following table, givir.g the equivalent New Zealand parity after deducting all costs, including selling commission. The costing is based on to-day's estimated skin values and includes exchange at current rates. The calculation is on the basis of a prime woolly lamb weighing, say 341b delivered at freezing works:— If price delivered N.Z. "overall" parity (oSmithlield is delivered at works i appro::.) id. perlb. i <d. per lb..' .. .. 6.61 0i .. .. 6.46 In the above estimate the cost of lulling, freezing, and placing on board at tamer is based on a charge of .575 d per lb. BAXK OF NEW ZEALAND ADVICE The Bank of New Zealand has received the following advice irom its London office, as at the close of business last week:— The market for wether-mutton is steady. There is a good demand for heavy-weight ewes. The demand and prices for lambs are steady. Per Per lb. lb. d. d. Wsther.vLight .. 3J to 4.5 Heavy .. .. 3J to :i<. Ewes .. „„ 2] to 3'. Lambs2's .. .. 61 to 6'. B'it .. .. Gj to 6i •fs .. ... 62 to 6 : 1 Seconal. .. .. 5 : l to 6 APPLES AND PEAKS LONDON QUOTATIONS ■Received May 5, 8.20 p.m.) LONDON. May 4. Apples are in good demand. Supare heavy. Australian Jonathans 7s 6d, 10s (id; Granny Smiths, lis, 12s; Cleopatras, T-i 6i!. 12s; Dunns, te 6d, 10s 3d; Cox's, Tasmanian and Victorian, 6s 6d. 14s 6'l. New Zealand Jonalhans, 7s, 12s; (iruraiv Smiths, 9s 6d, 13s 6d; Dunns, os Cd, 101 3d; Cox's, 9s, 17s; Delicious. U. Od. Us; Cleopatras, 9s 3d, Us. Pears (cases), Tasmanian Boses, 8s »'<i. 13s; Anjous, 9s. lis 9d; Victorian Boscs. 9» 3d. 13s 3d, New Zealand Boat's and Anjous, 10s, 10s 6d; Winter Cole, (i:-j Cd, 10s 671; Clairgeau. 7s. tis 6d; Western Australian Josephines. H-. 13::. WHEAT TRADING CHICAGO FUTURES

A advertisement in the classified section of The Press ■ k will sell your goods. Try it. i* words Is, three insertions 2s w. --*

DAIRY PRODUCE LONDON QUOTATIONS BUTTE It MARKET FIRM j The New Zealand Dairy Produce Board has received the following market, report from its London office dated May 3: Butter —New Zealand malted, 78s ex. 79s (last week 765, 775), equal approx. 8.95 d f.0.b.; unsalted, 795, 80s (78s, 80s). Market firm. Australian salted, 755, 76s f72s, 735); unsalted, (quiet) (735, 745); Argentine unsalted, 725, 745; South African salted, 71s 'slow) (67k, 60s); Danish, 695, 70s. f.0.b., 90s spot (735, 955) (market quiet); Dutch unsalted, 70s, 77s irregular (70s, 725); Siberian salted, 70s, 72s (695. 71s); Lithuanian unsalted. 735, 74s (steady) <74s, 70s). Cheese—New Zealand white, 435, 44s (4.57 d f.0.b.) (44s (id); coloured, 44s 6d, 455, ex. 45s 6(1 (45s Od, 4 tit,') (4.73 d f.0.b.); Australian white and coloured, 425, 43s (425, 435). Market slow. Canadian white and coloured, 60s, 62s (60s, G2s■'. English finest farmers, 82.5. 90s (quiet) (82s, 90s); factory cheese, 38s. 44s (quiet) (38s, 445). London has also advised that -bOl casks of butter were shipped from London to New York this week. The minimum f.o.b. prices for the period from May 4 until, further notice are:—Butter: 9Jd less 1A per cent, commission (76s lOd, c.i.t.e.); cheese: 5d less Iper cent, commission (44s c.i.f.e.). DENTAL AND MEDICAL SUPPLY COMPANY DIVIDEND OF 2\ PER CENT. The directors of the Dental and Medical Supply Company, Ltd., report a net profit for the year of £1723, compared with £926 last year. The annual meeting will be held oil .May | 17. . • ! In the last 12 months business has steadily improved, states the report, each of the four branches showing an increase in sales over the figures for the previous year. Ample provision has been made for bad and doubtful debts, and stocks have been taken at cost or market prices, whichever is the lower. Furniture, fixtures, fittings and motorcars have been depreciated at the usual rates, and premiss have been written down by £471. The net profit for the year, £ 1723, with the balance brought forward. £37, makes a total of £1760 available for distribution. The directors recommend the payment, of a dividend of 2-5 per cent., absorbing £1445, and leaving a balance of £315 to be carried forward. Mr W. E. A. Gill retires from the directorate and is eligible lor reelection. The balance-sheet is as follows: •- Liabilitit/s: Paid-uo capital, £57.798: general reserve, £7000; insurance reserve. £500: uremium reserve. )■ 1765; discount reserve, £108; National Bvmk, sundry creditors and unclaimed dividends. £11,874; profit and loss appropriation account, plus net profit, £17(50: total. £80,80(5. ! A ,- :ets: Property and premises, j 1'32/;5(>: furniture. finings. etc.. £2750; stock, £28.027: cash paid 'it | advance for goods arriving. £l3''i:l hook debts. £16.288: sundry debtors.! £B7: cash in transit. £189: Natio"'d Ban!; of New Zealand, London. £67. N.Z. NEWSPAPERS, ! LIMITED | DIVIDEND FOR YEAR, > I'ER | CENT ! ! Net profits earned by New Zealand Newspapers, Ltd., for the year ended March 31 totalled £39,886, the largest since 1931. With the balance brought forward, namely, £15,717, this makes a total of £55,003, from which an interim dividend at the rate of 5 per cent, .per annum paid in October (£14,a62) is deducted, leaving available for appropriation £41,041. From this the directors recommend payment of a dividend which, with the interim dividend, makes a total of 5 per cent, for the year, leaving to be carried forward £26,478. The directors record with great regret the death of their late colleague. Mr Waleot Wood, of Christchurch. The vacancy thus caused has been filled by the appointment of Mr W. H. E. Flint. During the year Mr A. R. Brett was also appointed a director. The retiring directors, Messrs E. Anderson and Flint, are nominated for re-election at the annual meeting to be held on Wednesday, May 15. The following table contains items taken from the profit and loss accounts since the establishment of the company:— Kate of Net profits. Dividend Amount £ per cent. £ 1930 54,710 7 40.775 1931 45,550 6 34.950 1932 34,909 5 29,125 1933 31,607 5 29,125 1934 38,723 5 29,125 1935 39,886 5 29,125 Balance-sheet The principal items taken from the company's last two balance-sheets are: LIABILITIES 1934. 1935. £ ' £ Paid capital . . 582.500 582,500 Reserve ■ • 55,000 55,000 Sundry liabilities 'including taxation reserve)' .. •- 30,402 21,958 ASSETS Land and buildings .. 170,771 166.269 Machinery and plant 1.17,544 127,976 Stock ' . 28.319 49,048 Copyright, etc. . . 120.000 120,000 Sundry debtors .. 44,331 45,084 Investments .. 188,946 174,195 Cash .. 28,271 20.'925 Total assets .. 698.182 703.498 BYCROFTS, LIMITED DIVIDEND UNCHANGED AT 10 PER CENT. [THE PRESS Special Service.) AUCKLAND, May 4. Slightly increased profits are disclosed in the annual accounts issued by the directors of BycroCts, Ltd., for the year ended March 31. The figures are £10.690, compared with' £10,505 in the previous year. The directors recommend a final dividend of Is Id a share, making a total dividend for the year cf 2s a share, an unchanged rate. LTlie paid-up capital of the company is £IOO,OOO, and the reserves at the 1934 balance were £36,295. The dividends for a number of years have ranged from Is lOd (a share) to 10 n«H* cent. (2s).]

MINING ! MAORI GULLY RETURN | 1 .THlsa ASUCCIATIO* TEI.F.IiEAU.I GREYMOUTH. May 5. The first wash-up of the Maori Gully dredge was 48oz 9d\vt for 140 hours' d red gins. MOSSY CREEK ■ PKt.,S ASsOCIATIG* I'EI.EGIMJI.) GREYMOUTH, May 5. The Mossy Creek dredge returned 470z lOdwt 'from 8900 yards for 132 hours. WORKSOP EXTENDED \TXIES9 iSSOt LA 1 [UN rCLEGIii'MJ GHKYMOUTH, May 5. I The Worksop dredge secured 530 x for 150 hours from 12,000 yards. DEKI' LEAD, LIMITED The Deep Lead, Ltd., West, Coast, I washed up GOoz 3dwt oil Saturday, for | 23 shifts, t i BIG RIVER REI'ORT The report for the week ending ; April 30, stales: No. 4 North Drive —Extended rise live feet, total distance driven up seven feet above back of level, 10 feet from north face. The rise is following reef formation, five feet wide, with stone 18 inches wide; have commenced to drive face of level ahead north. Slope—No. 5 stope in progress; stone live feet wide. Rise 45 feet up, distance driven south It! feet. Reef lias split here; one section carries stone two feet wide, other section 18 inches wide. No. 4 South Drive: —South face not extended. Stope No. 3 looking well;, stone six feet wide. Main Shaft—Filling nearing completion; delayed owing to repairs necessary to shaft higher up. Battery—Working two shifts a day. IHERWIRTJI'S GOLD REEFS, LIMITED The managing director of Bierwirth's i Gold Reefs, Ltd., Mr W. O. Bierwirth. i reports on the prospecting operations ; carried out by the Greenland Syndi- . cate since its inception: pecting license covering 100 acres, to- ; gether with one water right and : machine site, was marked out and held j in trust for the Greenland Syndicate. : This area was practically tested, and i tiie "following year the second pros- j peeling license was taken up, together , with further water rights, and these j areas have been practically and thor- i oughly tested, and finally converted into special claims. During this period, more than 4000 assays, both tire and chemical, have been carried out to ascertain the values of the walls and lodes. Over the same period, 2315 tons o£ ore were treated bv the battery for an approximate yield of l(>f>3 ounces, at an approximate average of £4 7s 6d a ton. This includes more than 700 tons used for analysis, which would reduce the value of the «liinrl m considerably. The syndicate started off with less than £ 1000 of capital, and has prospected and developed these areas and converted Miem into special claims, on its own support. The syndicate has handed over'to 1 lie company now known as Bierwirth's Gold Reefs. Ltd., property easily worth £IOO.OOO. As soon as roading suitable for the transport of Pnavy machinery has been completed, it is the intention of the managamcnt to install immediately one counterbalanced ball-mill and crusher, and to add to the plan until mills are installed to a capacity of 2do to 300 tons a day. Operations during the month of April, 1935, have been carried out as follows: 39 tons of ore have been treated for a yield of 82oz sdwt 12gr of retorted gold. Working face values —No. 2 stopes. leading stope, average width 29 feet; chemical assay 2oz lldwt a ton. No. 2 face—Assay value 2oz 9dwt a ton. Air course rise—The reef here has overlapped the undergoing loot-wall, and the reef has been proved to the width of 12 feet. Face values are 17dwt 14gr a ton. Sediments on the foot-wall are three feet wide, carrying values of 14d\vt a ton." ! WAIKAKAHO MINE Work preliminary to the installs- ' tion of a mining plant tor Waikakaho j Deep Lead. Ltd.. has begun at the company's claim in the Waikakaho Valley, Marlborough, the site being at the junction of Hop Pole and Golden Belt streams. This company, which is the successor to Waikakaho Victory Gold Mining Company, recently went to allotment, and since the subscription of sufficient share capital to warrant action no time has been lost in pushing en with the scheme of development. The old company, which, after proving the ground by boring, was beaten by water —and was forced to discon- • ti'nue operations. It was a venture: with only limited capital, and its | pumping plant proved inadequate. The | new organisation is giving attention to ; the provision of abundant power for j nil purposes, particularly for pumping. | It proposes to adopt water power, j which will be employed in the genera-1 lion of electricity. By piping the water from the creeks to the mine shaft, a fall of 350 feet will be obtained, and the water will be delivered for the generation of power at a pressure of 1701b to the square inch. Tests have satisfied the company's consulting engineers that this will provide ample power for all requirements. A contract has been let locally for the manufacture of the lighter pipes required, and in addition some 27 chains of high pressure pipes will be installed. As soon as the pipes are delivered the staff will be increased to enable the pipeline to be installed eyieditiously. Negotiations in regard to pumping ; gear are tinder way, the aim of the j company being to get the mine work- i ing as early as possible. i PRICE OF GOLD (m:msn imtu'.ial wikelkss.i RUGBY. May 4. j Gold, a tine ounce, is quoted: £ s, d. Mav 4 ..741 ! May 3 ..7 3 11! j May 2..7 4 4 I May 1 ..7 5 0 j April 30 ..7 4 8 ! ApiMl 29 .. 7 4 5! I April 27 ..7 5 4 j PRICE OF SILVER

fBRTTIotI OFFICIAL \fIXIOOESS.) RUGBY. May 3. Quotations (ponce an ounce) were:—

' Per lb. May. Apl. AnL £■: z. shctp ■ Canterbury & North !..!a)id selected /•roo.;brcd valuers yntl maiden owe.-.: 43 to 561b . ■ ■'■'< •'! ; ] * 57 to 641b . 31 '■''■' f.;5 to 721b •■ 3.; •*■' Koitn Inland: 48 to 501b ■• 4 4.', 4 1 ;,7 to 6-Jlb • 2' ;! ' •}<} 05 to 731b ■ • 31 3;; 3^.. 431b and under ..•'. .'J. •>'-. 43 to «41b . . 2 ; ; 2,', 2.;, t>3 to 721b 2 ; ' ; 2-1. 2;; HZ. bmbivCaMerbury: 361b raid under 0;, (>•.. <> :f 37 to 421b .. 01 (U 0.1 43 to 501b -. 63 C;; 6i Second quality: Average 321b .. 5 \ 5/, 6 Other South Island brands'. 361b and under (i; 0.1 01 37 to 421b . . «i; 01 <':\ 43 to 501b .. 61 0.1 tiji Selected North Island brands: including Downs: 361b and under 01 0.1 i>i 1 37 to 421b .. 63 «' 6 : V 43 to 501b .. 6* 6 ; '. 61 Second quality: Average 321b . . 0 61 0} Other North Island brands: First quality: 381b and under 0', (>', 01 '■ 27 to 421b .. 6'i til 6j Second Quality: Australian Lambs— Victorian 1st quality: 361b and under 5; "v.; 5.1 37 to 421b .. 5i 5;' 5i Argentine Lambs— 361b and under 51 51 . 5'. 37 to 421b .. 51 5; 5i ;-;.z. BeefOx fores 2 : j li'4 21 Ox hinds .. 3J 31 3i Argentine Chilled BeefOx fores .31 31 3 Ox hinds . . r>j; 5;j 5<j Australian Frozen Beef— Ox crops over 1001b . 31 3; 31 Ox hind::, over IGOlb . . 3',' 31 35 *.'.Z. Prima Porker Piss — 60 ro 801b ..0 0 6 31 to 1001b 5.1 51 51 101 to 1201b . 3'! 5? . r >ii 120 to 1601b 51 5j 5;;

:y EW YORK, Cents May 1. May 4. a bushel May 4 May .. 973 9G July September ■• .. 98, \ i)G'. New York feci i'h ) .. 1 lf>o 115

Spot Forward May 2. .. 32j; .. 32'. May 3 331! 33 9-16