FINANCE AND COMMERCE

Press, Volume LXXII, Issue 21813, 19 June 1936, Page 13

FINANCE AND COMMERCE

SHARE MARKET IRREGULAR TWO COMPANY DISTRIBUTIONS * Following the trend in Australia, industrial issues on the Christchurch Stock Exchange yesterday were irregular, and there was some further marking, down, though not any marked falls. Turnover was fairly good. Government issues were in food demand.

Two companies have announced distributions. Woolworths (N.Z.), Ltd., is making a distribution of one share for every five held, and Berlei (N.Z.), Ltd., has announced the capitalisation of £ 14,000 of goodwill and other assets, which will be issued in shares in the proportion of two for every five now held.

At the Sydney wool sales yesterday steady competition was forthcoming for the better grades on offer, but inferior wools were shaky. The Continent and Bradford were the main buyers.

RESERVE RANK

WEEKLY STATEMENT

ASSETS AND LIABILITIES

(MISS ASSOCIATION TILNOBAM.)

WELLINGTON. June 18,

A Gazette issued to-night contains fee following statement of the assets god liabilities of the Reserve Bank d New Zealand as at the close of busiges on June 13:— LIABILITIES £ s. d. 0) General Reserve Fund .. 1.500,000 0 0 ID Bank notes .. 10,049,350 0 0 Hi Demand liabilities— U) State .. 9,768,407 3 6 (b) Banks .. 7,095.342 19 0 (C) Other ~ 146,636 13 1 I4i Time deposits .. IS> Liabilities in currencies other than New Zealand currency 18.600 0 0 m Other liabilities 88,660 13 8

28,666,997 9 3

ASSETS

CD Reserve—(a) Gold (b) Sterling exchange (c> Gold exchange It) Subsidiary coin .. Cl) Discounts—(a) Commercial and agricultural bills Cb> Treasury and local body bills tit) Advances—(a) To State nr State undertakings (b) To other public authorities «c> Other 111) Investments 112) Bank • buildings UJ) Other assets

2,801,733 0 0

23,388.007 4 2

198,213 11 7

2,014,856 13 6

264,187 0 0

Total .. 28.666,997 9 3 _ Proportion of reserve (No. 7 less 5) to notes and other demand liaUftfet. 96.716 per cent IHjSi * - _____ . , - 1 % J Ifw HEW YORK CALL MONEY * NEW YORK, June 17. (Mi money is quoted at 1 per cent.

DAIRY PRODUCE

U’KEria ASSOCIATION TELEGiiAM.)

SYDNEY WOOL SALES

GOOD DEMAND FOR BEST DESCRIPTIONS

AVERAGE £l2/19/- A BALE

(tTNITBD PBCSS ASSOCIATION—COPTBIGHT.)

SYDNEY, June 18. At the wool sales 6608 bales were offered, 4038 were sold at auction, and also 4540 privately. There was a good demand from the Continent and Yorkshire for all wellgrown wools, but all other sorts were irregular. The average price realised for the first three days of the week was £l2 19s a bale, and 9.7 d per lb. The new series of wool sales will begin in August. SHEEPSKIN SALE BUYING - LESS KEEN The Christchurch Woolbrokers’ Association report having held their usual weekly skin sale, yesterday, when fair average catalogues were offered of both green and dry skins. Buyers were not so keen, and prices slipped frofn id to Id per lb for dry skins and Is to Is 6d for green. The following is the range of prices:— Sound. Faulty. Halfbred— d. d. d. d.

MINIMUM F. 0.8. PRICES

WELLINGTON, June 18,

The New Zealand Dairy Board has fixed minimum prices for f.o.b. and c.i.f. sales on the basis of butter 13Jd, cheese 6sd. The minimum prices are subject to agents’ selling commission of 1£ per cent These prices are equivalent to butter 108s Id c.i.f.e.. and cheese 55s 4d c.i.f.e.

LONDON MONEY MARKET

CUMITED PBIBB ASBOCIATIO* —COPTBIGHT.)

LONDON, June 18,

Discount and short loan interest rates are:—Day to day loans, i per cent; fine trade bills, three months, 2 to 2i per cent; bank bills, three months, 15-16 per cent, six months, | per cent; Treasury bills, two months, 15-16 per cent, three months, 15-16 per cent. ADVANCES ON EGYPTIAN WHEAT

(UIUTBU PBISB AB9OCIATIOE —COPTEIGHT.)

ALEXANDRIA, June 17,

To avert a slump in the wheat market, the Egyptian Government is guaranteeing the banks giving advances on wheat. It is officially stated that it is not intended to raise prices artificially. but merely to stop the panic consequent on the arrival of the new crop before the old crop is disposed of.

(OTHER COMMERCIAL NEWS WILL BE FOUND ON PAGE 15.)

COMPANY NEWS

SHILLINGS, LIMITED STATUTORY REPORT Shillings, Limited, the chain drapery stores company recently formed, will hold its statutory meeting at Wellington on June 27. The total number of shares allotted to date, states the statutory report to be submitted to the meeting, is 125,000, all of which have been issued for a cash consideration. The total amount of cash received by the company in respect of the above shares is £34,677 19s 3d being application money at 2s 6d a share—£ls,62s and on account of allotment money at 2s 6d a share —£15,366 2s and on account of first call money at 2s 6d a share—£3377 7s lid and calls paid in advance £309 9s 4d. ... ■ The preliminary expenses of the company to May 31. 1936, including cost of registration, legal fees and printing, amount to £386 19s, and the balance of the preliminary expenses is estimated at £750 to cover secretarial fees printing and stationery, statutory audit, costs of collection of uncalled capital and legal expenses. There are no contracts to be submitted to the meeting for modification. Messrs E. A. Batt and J. F. Stewart have handed to the company free of cost, the option dated February 18, 1936. given by Will Appleton, such option being an option to take a lease of the premises known as the Appleton building in Manners street, Wellington; and also the option dated February 18, 1936, given by Ritz. Limited, such option being an option to purchase the leasehold intreest of Ritz, Limited, in the Appleton building. Both the above options have been exercised and the company now has a lease of the whole of the Ritz building.

Receipts and Payments The following is an abstract of receipts and payments to May 31:—

CAPITAL ACCOUNT

£52,294 11 0 REVENUE ACCOUNT Receipts—Balance transferred from capital account, £23,549 14s 2d. Payments—Rent, £43 6s 8d; sundry expenses, £75; insurance, £354 4s 2d; salaries, £476 6s 8d; buyers’ expenses, £2 13s Id; advertising, £5 14s 6d; office expenses, £3 14s 9d; Post and Telegraph Department, £l6 12s 6d; printing and stationery, £73 17s lid; light and heat, 4s Id; staff transfer. £29 3s Id; travelling expenses, £7l 9s 2d; balance at Commercial Bank, £22,397 7s 7d; total, £23,549 14s 2d.

WOOLWORTHS (N.Z.) DISTRIBUTION

TWO SHARES FOR EVERY FIVE

HELD (UNITKD PRBBS ASSOCIATION —COPTBIOHT.) (Received June 18th, 11.45 p.m.) SYDNEY, June 18. Woolworths (N.Z.) is making a bonus issue in the proportion of two shares for every five registered as being held to-day. BERLEI (N.Z.), LIMITED [THE PRESS Special Service*! AUCKLAND, June 18. Berlei (N.Z.), Ltd., is calling an extraordinary general meeting of shareholders to consider a proposal to capitalise £14,000, and to distribute two fully paid shares of £1 each for every five shares held. This will be done by valuing the goodwill, including patent rights, etc., at £14,000, and establishing a goodwill reserve account, from which transfer to the capital account will be made. The company has an authorised capital of £50,000 of which £35,000 is paid.

MINING

GOLDEN DAWN RETURN The secretary of the Golden Dawn Company reports that for 24 working days, ended June 8, the ore treated was 923 tons, for an actual return of £2959, with gold at £7 2s a fine ounce. NEW COAST DREDGES Several new dredges on the West Coast are due to commence operations shortly. The Nemona, near Duncanville, is practically completed, and should be digging within a week or 10 days.

The New River dredge, at Marsden is also practically ready for Work, §nd should be operating before the end of the month.

The White’s Electric dredge is now nearing the final stages of completion, and it is expected that it will be dredging in another two months. Repair work on the Brian Boru dredge, which has been idle for a considerable time, is well under way, and it is expected that the work will be completed by the beginning of August.

Word was received yesterday that the water was turned on at the Antonio’s Flat Sluicing Company on Wednesday night, and sluicing will commence in a few days. The company’s area adjoins the Worksop Company’s claim. MARTHA PRODUCTION [THE PRESS Special Service.] AUCKLAND, June 18. The following information has been cabled to the London office of the Martha Gold Mining Company (Waihi), Ltd.:—For the period ended June 6, comprising 22 crushing days, 18,467 tons of ore were crushed for a result of 4860 fine ounces of gold and 31,877 fine ounces of silver This includes 2191 tons mined from the Grand Junction area, which yielded 509 fine ounces of gold and 1878 fine ounces of silver. No. 2 level—Driving west on Bell reef next 19ft assays 9s a ton; reef is about 4ft wide. Have commenced crosscutting south at 434 ft. No. 5 level—North branch of Martha lode on Comes rise, next 28ft is ore of good grade. Rising is stopped at 78ft up, and preparation is being made to stope. No. 6 level—North branch of Martha lode, driving east of Giddens crosscut. Next 29ft is ore of good grade, but reef is very small, and driving is temporarily suspended. No, 7 level—North-west crosscut from north branch of Martha lode, crosscut is now out 350 ft in blue andesite with oxidised joints with occasional quartz leaders. No, 8 level— Edward lode, crosscut west at 550 ft south at 134 ft in intersected quartz 4ft wide, assaying 17s a ton.

Three-quarter to full wool 10 to 11* 8| to 10 Half wool .. 93 8 Short to quarter wool .. 7i 5i Three-qua r ter bred — Three-quarter to full wool 93 73 Half wool . 8i 63 Short to quarter wool .. 6 5 Crossbred — Tnxee-quarter to full wool 8'. 61 Half wool 73 53 Short to quarter wool .. 5 - 4 Merino— Tnree-qusrter to full wool 10 Half wool .. 7i — Hoggets— Halfbred 93 91 Three-quarter-bred 83 8 Crossbred .. 53 8 Pelts 5 4 Green Skins s. d. Halfbred ... ..4 0 to s. d. 10 0 Three-quarterbred ..4 0 to 8 0 Crossbred ..3 6 to 7 0 Hoggets ..3 6 to 6 0 Pelts .. 1 6 to 2 0

Receipts— £ s. d Application money on ' 125,000 shares at 2s 6d a share 15,623 0 0 Allotment money received at 2s 6d a share 15,386 2 0 On account of first call 3,377 7 11 Calls paid in advance 309 9 4 Excess exchange 1 11 9 Surplus application deposits 17,615 0 0 £32,294 11 0 Payments— £ s. d. Deposit on Wellington lease 200 0 0 Brokerage as per prospectus 10,125 0 0 Preliminary expenses 386 10 0 Furniture and fittings 349 12 4 Registration of trade marks 48 4 6 Registration of name In Australia 20 1 0 Surplus application moneys refunded 17,615 0 0 Balance transferred to revenue account 23,549 14 2