ANOTHER BIG ADVANCE

Press, Volume LXXII, Issue 21974, 24 December 1936, Page 13

ANOTHER BIG ADVANCE

BASE METAL PRICKS EFFECT OF ARMAMENT RACE Further appreciable rises in base mclate on the London market, yesirvday, serve to draw attention to the advance in value of these commodities during the last few months. Copper, electrolytic, lead, spelter, and tin, <>U indispensable in the manufacture of armaments and heavy constructional work, reflect the trend of the times. Copper, for instance, has risen since June of this year from £36 Os 7.', d a ton to £47 10s 3d, lead from £JS 3s 9d to £27 2s 6d, and other base metals have also reacted to the international situation. The appended table gives a comparison of prices on June 4 with those of December 22, spot being quoted in each case:—

Sharos Rise in Sympathy The shares of certain companies familiar to New Zealand investors, whose operations are concerned with base metals, have reacted very favourably to the remarkable buoyancy of the metal market. Thus, Electrolytic Zinc, ordinary shares, which a year ago were quoted at £1 15s 9d, are to-day worth £2 9s 3d; an'd the same company's preferential shares have risen lrom £1 18s 6d to £2 lis »d. Over the same period, the Broken Hill Proprietary's shares have jumped lrom £1! 18;; to £4 Is Gd, and Mount Lyell shares from £1 to £1 17s. THE METALS MARKET

COMPANY NEWS OFFICIALLY LISTED ON EXCHANGE OTAGO FARMERS' CO-OPERA-TIVE ASSOCIATION [THE PRESS Special Service.] DUNEDIN, December 22. The Dunedin Stock Exchange this morning decided to place the Otago Farmers' Co-operative Association (N.Z.), Ltd., on its official list. The authorised capital of the company is £109,560, and the directors are Messrs J. Clark (chairman). J. Sutherland. P. McSkimming, W. Robertson, R. McCorkindale. and George Ross. In 1933 the company showed a loss for the year of £21,645, but fii 1931 and 1935 net profits of £5240 and £3319 were shown respectively.

APPOINTMENT TO REFRIGERATING CO.'S DIRECTORATE Mr F. McSkimming. of Balclutha. has accepted an invitation to join the board of the New Zealand Refrigerating Company, Ltd. REID RUBBER MILLS The third annual meeting of shareholders of Reid (New Zealand) Rubber Mills. Ltd., was held at Auckland on Monday. The chairman of directors. Mr A. M. Seaman, presided. Mr Seaman said the year had been one of great activity, and turnover had nearly doubled, as compared with that of the previous year. It was now well in excess of the figure of £20.000 estimated in the prospectus. It was estimated that a paid-up capital of £IB,OOO would be required for the conduct of that volume of business, but actually £16,000 had sufficed. Allowing for the fact that £926 had been written oil for the balance of flotation expenses, and that income tax had had to be provided for on a scale higher than was in operation when the company was floated, the profit shown was comparable with the prospectus estimates. Early in the year a further issue of 4000 shares was made. The issue was very much over-subscribed by existing I shareholders, and allotment was made I in proportion to their former holdings. The additional capital had been sufficient to provide for more plant and for the carrying of the increased turnover. Further extensions, to both plant and buildings, were in progress, and it was hoped to finance these without the issue of further capital. The industries gazetted for licensing under the Industrial Efficiency Act included the "manufacture of rubber lyres for vehicles." It was anticipated that there would be no difficulty in the company, as the pioneer of the rubber industry in New Zealand, securing the necessary license, and immediate steps had been taken in that direction. Industrial legislation passed during the year had resulted in an increase in costs, both by increase in individual wages and by the shortening of the working v/eek. However, such charges as were made were effected without any dislocation or friction with employees, and the faelory was running smoothly and efficiently. The retiring directors, Messrs E. G. Bridgens and F. W. L. Milne, were re-elected. NEW REGISTRATIONS Local registrations of the following companies are notified in the Mercantile Gazette: — . Pegasus Riding School, Ltd.—Registered as a private company, October 7. Office: C/o Nicholls. North, and Nicholls, Cathedral square, Christchurch. Capital: £IBO. into 180 shares of £1 each. Subscribers: Christchurch—D. St. I. Minson 5 V. McKenna 5. A. G. Wilson 45. C. F. Hart 20, M. P. Coats 15, A. L. Dunn 15, R V. Milne 15, L. M. Hart 10. A. M. Wood 5, J. F. V. Coats 5, T. Trent 5. G W. Coats 5, F. H. Sandal 1 5, L. H. Petrie 5. L. R. Hewitt 5. B. E. T. Phmsoll 5. J. V. Glasson 5. M. C. Morgan 5. Objects: Riding school proprietors, instructors in all branches. Ackrovd and Macklin, Ltd.—Registered as a private company, December 0. Office: 184 St. Asaph street, Christchurch. Capital: £2OOO into shares of £1 each. Subscribers: Cliristchurch—A. E. Ackroyd 099; Wellington—L. C. Macklin 1000. J. S. Meadowcroft 1. Objects: Woollen and textile merchants, manufacturers, and incidental. Don Agencies, Ltd.—Registered as a private company, December 10. Office: 79 Tuam street, Christchurch. Capital: £IOOO, into shares of £1 each. Subscribers: New Brighton—S. Gill 960, M. C. Gill 20; Duncdin—H. L. Gill 20. Objects: Purchase business of agents and Importers of "Central Trading and Agency Company." together with assets, property, and effects. i

June 4. Dec. 22 £ s. d. £ s. "d Copper .. 3fi 0 7A 47 16 3 Electrolytic .. 40 0 0 51 15 0 Wire b'irs .. 40 10 0 52 15 0 Lead .. 15 3 9 27 2 6 Speller .. 14 3 9 18 18 9 Tin .. 183 5 0 238 2 6 Pig iron .. 3 10 0 4 1 0

LONDON, December 22. Dec. 21. Dec. 22. Copper— . £ s. d. £ s. d. Standard, spot 47 1 104 47 1G 3 Forward 47 8 14 48 U 74 Electrolytic .. 51 15 U 52 15 0 to 52 0 0 52 15 0 Wire bars .. 52 0 0 52 15 0 Lead — Spot 27 7 6 27 2 '6 Forward 27 5 0 27 2 6 SpelterSpot 18 17 6 18 18 9 Forward 19 1 3 19 1 3 TinSpot 232 17 G 238 2 G Forward 232 17 6 238 2 G Silver— Fine, per oz. . 215-16d 22id Standard, per oz. 23d 22 15-16d