THE STOCK EXCHANGES

Press, Volume LXXIV, Issue 22400, 13 May 1938, Page 13

THE STOCK EXCHANGES

MARKETS CONTINUE DULL PRICE MOVEMENTS IRREGULAR Trading was very small on the Christchurch Stock Exchange yesterday with markets dull and prices irregular. Government loans were firmer.

DEALINGS COMPLETED LISTED STOCKS Sales on 'Change 100 Broken Hill Propty. £ S ‘ d " div > •• (2) 3 10 400 Electro. Zinc .. .. 2 1 10 12) 2 111 (3) 22 0 100 Morts Dock .. .. 010 3' 155 Woofworths Properties (rights) .. (5) 0 3 5 (2) 036 100 Woolworths (S. Africa) 016 2 100 Mount Lyell (cum div.) (2) 1 6 6 200 Mount Morgan .. 0 810 0 8 9 Sale Reported 200 Mount Morgan .. 0 8 8 Banking Unsupported sellers of National Bank of New Zealand reduced their limits to 53s 6d. Buyers of Union Steam preference raised their bids to 27s 7d, sellers at 28s 6d. Sellers of Christchurch Gas came down to 28s 3d, buyers at 27s 9d. Tooth’s Brewery, cum dividend of 51 per cent., were firm with buyers at

56s 3d, sellers at 575. Miscellaneous Broken Hill Proprietary appeared easier with buyers and dealings at 61s, sellers at 61s 5cL Buyers of Dominion Fertiliser raised their bids to 25s Id without attracting sellers. Electrolytic Zinc, ordinary, were fractionally firmer at 41s lOd, 41s lid, and 425, market closing 41s lid buyers, 42s Id sellers —the preference were firmer on buyers’ offers 46s Id. Morts Dock had business at 10s 3d. Woolworths Properties, “rights,” remained unaltered at 3s 5d and 3s 6d, buyers staying in at the higher price, sellers at 3s 7d. Woolworths (South Africa) changed hands at 16s 2d, and more were wanted at that figure. Mining

Mount Lyell, cum dividend, were weaker with dealings at 26s od and further sellers at 26s 4d, buyers at 26s Id. Mount Morgans relapsed to 8s lOd, 8s 9d, and 8s Bd, market closing 8s 7d buyers, 8s 9d sellers. LATEST QUOTATIONS

HUGE BOND ISSUE SUBSCRIBED

MONEY RETURNING TO FRANCE PARIS. May 11. The - defence loan Is being issued next week. It is announced that the Treasury bond issue for £111,000,000 has been fully subscribed, owing to the steady return of funds from abroad, and the reduction in interest rates; BRITISH WAR LOAN (BRITISH OETICIAL WIRELESS.) RUGBY, May 11. War Loan, 3J per cent., is quoted at £lOl 7s 6d.

MINING PLACER DEVELOPMENT, LIMITED Placer Development, Ltd., announce an interim dividend (No. 10) for the year ending April 30 of 60 cents (Canadian) a fully t paid share, payable to shareholders on May 19, 1938. The dividend will become due on May 21, and will be paid from all offices of the company on June 10. Placer Development. Ltd., and uroville Dredging Company. Ltd., .have each accepted an allotment of 150,000 fully paid shares of Pato Consolidated Gold Dredging. Ltd., at two dollars and 50 cents net a share, to apply on cash advances made to assist Pato Consolidated Gold Dredging, Ltd., in its expanded field construction programme, and have each been granted an option for two years to call for an allotment of a further 70,000 fully paid shares at the same price in settlement of tne outstanding balance of cash advances amounting to 350,000 dollars. The allotment of the above 150,000 fully paid shares to each Placer Development, Ltd., and Ofoville Dredging Company, Ltd., brings the issued capital of Pato Consolidated Gold Dredging, Ltd., to 3.200,000 shares of one dollar each. No. 4 dredge is now completed and IS expected to reach payable values within the next three or four weeks. No. 5 dredge is also completed, but it will probably take about two months before it reaches payable ground. The finishing of these two dredges and the first 5000 horse-power of the Anori hydroelectric project completes the Pato Consolidated construction programme

for the time being. BULOLO Bulolo Gold Dredging. Ltd., announces an interim dividend (No. 10) for the year ending May 31, 1938. of one dollar 50 cents (Canadian) a fully paid share, payable to shareholders registered on May 19, 1938. The dividend will become due on May 21, 1938, and will be paid from all offices of the company on June 10, 1938. Payment from Sydney office will be made in Australian currency, calculated at the rate of exchange ruling at May 21. Dividends payable to non-residents of Canada will be subject to Dominion of Canada absentee tax of 5 per cent. Transfer books will be closed from May 20 to May 27, both days inclusive. ARGO * |

Argo Gold Dredging Company. Ltd., announces a dividend (No. 13) of one penny a share (free of income tax) on all shares, payable on Monday. May 23. This dividend represents a distribution of £2OOO, and makes a total of £25,200 paid in dividends since operations commenced. The sum of £2O has been placed to the general reserve fund, which now stands at £2400. Transfer books will be closed from May 17 to May 23, 1938, both days inclusive. •

MOUNT MORGAN The directors of Mount Morgan have issued a circular to shareholders advising them of a programme of increased production and of a proposal to oay a dividend of 3d a share about July '2O. WELLINGTON ALLUVIALS

Wellington Alluvials. Ltd., reports that the installation of the special overburden apparatus has been completed and the dredge, which was closed down on April 4. resumed working on April 21. . , , • . The dredge has worked 199 hours, handled 66,000 cubic yards, and recovered 4690z gold. Operations were impeded by the extremely low river level. The recovery is equal to 3.4gr a cubic yard.

PRICE OF GOLD LONDON, May'll. Gold is quoted at £6 19s lid a fine ounce. PRICE OF SILVER RUGBY, May 11. Spot silver is quoted at 18 11-18 d a fine ounce and forward at 18 7-16 d.

TRADE WITH FRANCE

VIEWS OF DEPUTY-MAYOR OF COGNAC MARKET FOR BUTTER Possibilities of extended trade between France and New Zealand il a trade agreement were made were mentioned in an interview yesterday by Mr Lucien Roux, Deputy-Mayor of Cognac, in the famous brandy district of France. Mr Roux is also commissioner of foreign trade in Cognac, He is now in Christchurch during a tour of the Dominion in the interests of his firm, James Prunier and Company, of which he is managing director. Mr Roux said that France already bought a great deal of wool from New Zealand and there was the possibility of a good market for butter. New Zealand was a better market for French wines and brandies than Australia, where there was high tariff to protect the country’s own products. Yet France purchased goods from Australia of about six times the value of what Australia purchased from Frsncc “Brandy is, of course, a luxury,’’ he said, “and its sale depends on whether economic conditions are good. But there is every sign of prosperity m New Zealand, and conditions seem to

be much better than when I was here five years ago.” . Speaking of conditions in France, Mr Roux said that it was a conservative country, and the Labour Government was meeting some opposition in the changes it was trying to make, “We wanted some reforms," he said, “but the present Government is bringing in reforms too briskly;” He did not think that war m Europe was imminent. Even the Germans did not want it, at least not those who remembered the last war. If Britain and France stood together they could preserve peace, for Britain maintained a strong navy and France a strong army.

N.Z. Govt. Debentures Buyers Sellers £ s. d. £ s. d. 3J p.c. Jns.. 15/3/39-43 99 0 0 99 15 0 31 p.c. Ins., 1938-52 .. 100 10 0 —- 3i p.c. Ins., 1953-57 93 7 6 — 31 p.c. Ins., 1941 102 0 0 — 4 p.c. Ins., 1943-46 103 0 0 — 4 p.c Ins., 1949 103 0 0 —■ 4 p.c. Ins., 1955 104 10 0 —■ 4 p.c. Bonds. 1949 103 5 0 — Other Debentures Booth, Macdonald, 5 p.c., 1/6/47 68 0 0 — Banks Australasia (£5) 9 19 0 Comm, of Aust. (10s) 0 16 2 0 16 4 Comrn. of Aust. (pref.. £10) 9 7 0 9 7 6 E., S.. and A. (cum div.. £3 paid) —. 4 10 9 Natl, of N.Z. (£2 10s) —. 2 13 C Now Zealand (cum div., £1) — 2 S 0 N.Z. (mort. shares. £1) 1 9 0 — Union of Aust. (£5) .. 8 10 0 — Insurance National (cum div., 7s paid) 0 17 8 — New Zealand (£1) — 2 18 0 South British (10s) .. 2 6 0 — Standard (£1) — o 18 0 Loan and Agency Dnlgety and Co. (cum div., £5) 8 B 0 8 15 0 Goldsbrough. M. (£1) 1 10 5 1 10 8 N.Z. Guar Corpn. (3s) 0 4 2 0 4 C N.Z Loan and Merc. (ord. stock, £100) .. 37 10 0 a — United Building (£1) 1 0 3 1 1 3 Shipping P. and O. Def. Stock (cum div., £1) Union (pref., cum div.. 1 6 8 — 6 £1) 1 7 7 1 fi Frozen Meat Cantbv. (£7 10s paid) — 10 5 0 N.Z. Refrig. (£1 paid) 0 18 10 0 19 2 N.Z. Refrlg. (10s paid) 0 8 3 — Southland (£1) 1 8 0 — Woollens Bruce (El) 0 7 0 0 8 0 Felt and Textiles (£1) 1 12 6 1 13 3 Timaru (£1) .. — 0 13 0 Coal Westport (cum div.. 10s) 1 3 6 Westport-Stcckton (10s) 0 2 8 0 3 0 Westport-Stockton (pf.. 10s) 0 5 8 0 0 0 Gas Auckland (£1) 0 19 6 1 1 0 Auckland (con., 15s paid) 0 13 9 — Christchurch (£1) 1 7 9 1 8 3 Christchurch (10s pd.) — 0 14 6 Breweries Dominion (£1) 1 18 0 Timaru (In liqdn.) 0 0 10 0 1 1 New Zealand (£1) 2 4 9 2 5 1 Queensland (5s) — 1 6 0 Tooths (cum div., £1) 2 16 3 2 17 0 Miscellaneous Alloy Steel (N.Z.) (cum div., £1) 0 19 0 __. Anthony Hordern (£1) 0 18 4 0 18 8 Aust. Foundation Trust 0 4 4 Anrlersons (pref., cum div., £1) Aust. Glass (cum div.. — 0 19 3 £1) 4 12 6 4 14 0 Aust. Iron and Steel (pref., £1) — 1 7 6 Beath and Co. (£1) .. — 1 0 3 Beath and Co. (Is pd.) 0 0 9 — Booth, Macdonald (p£„ £1) 0 1 9 0 2 2 British Tobacco (£1) 2 a 0 2 8 0 Broken Hill Pty. (cum div., £1) 3 i 0 3 1 5 Broken" Hill Pty. (cont., cum div.) 1 16 10 1 17 1 Colonial Sugar (£20) 48 10 0 49 5 0 Consolid. Brick (£1) 0 8 1 0 9 2 Cox Bros. (5s) 0 14 6 —- Dominion Fert. (cum dlv„ £1) .. 1 9 1 — Dunlop Rubber (£1) .. 1 1 11 1 2 2 Electro. Zinc (£1) 2 1 11 2 2 1 Electro. Zinc (p£„ £1) 2 6 1 2 6 6 Evans Atlas Flour (10s) 0 19 1 — G. J. Coles (£1) 4 1 0 4 2 0 Hume Pipe (Aust.) (£1) 0 19 0 — Kauri Timber (25s) .. — ’ 1 2 0 Millaquin Sugar (£1) 1 17 0 — 9 Morts Dock (£1) 0 10 0 0 10 McKenzies, Ltd. (cum div., £1) S 9 1 N.Z. Drug Co. (£2) .. 3 7 0 3 8 0 N.Z. Farmers’ Co-op. (£2 10s paid) N.Z. Farmers’ Co-op. — 0 12 0 (10s paid) — 0 0 3 N.Z. Farmers' Co-op. (A pref., £4) — 1 19 0 N.Z. Farmers’ Co-op. (4} p.c. Stock, 1949, £100) 94 15 0 ■— N.Z. Farmers' Co-op. (4i p.c. Stock, 1950, £100) 94 10 0 95 10 0 N.Z Farmers’ Co-op. (4J p.c. Stock, 1955, £100) 94 10 0 95 10 0 N.Z. Farmers’ Fert. (£1) — 0 19 9 N.Z. Newspapers (cum div., 16s 8d) — 1 19 0 N.Z. Paper Mills (rts.) — 0 I 11 Quill. Morris (1936), 6 (£1) 0 18 — Radio (1936) (10s) 0 17 11 0 18 11 Taranaki Oil. (24/7) .. 0 7 2 0 7 5 Waldas Shoes (£1) ... 0 4 0 0 8 0 Woolworths Properties 6 (rights) 0 3 0 3 7 Wilson’s Cement (cum 6 div., 10s) 0 8 0 7 3 Woolworths (N.Z.), 9 (5s paid) 1 1 5 1 1 Woolworths, Ltd. (ord.. 5s) 1 2 1-1 2 2 Overseas Listing Woolworths (S-A.). 3 (5s) 0 16 2 0 16 Mining Argo (cum div., Is) .. 0 1 VS 0 2 1 Argo (cont., cum div.) 0 1 3 Gillespie’s Beach (Is) 0 0 9 Golden Sands (Is) .. —- U 0 1 11 Goldfields Dredg. (Is) 0 0 ••

Buyers Sellers £ s. d £ s. d. Grey River (10s pd.) — ' 0 12 3 Maori Gully (Is) .. 0 0 4 0 0 54 Moonlight Gold, (8d paid) .. .. — 0 0 6 Mossy Creek (Is) .. — 0 x 6 Nemona (cum div., Is) — 0 i 10 Nokomai (5s) .. — 0 2 0 Mining House Concesslons (Is) .. 0 0 Oi 0 0 1 Skippers, Ltd. (Is) .. 0 0 Oi Waihi Grpd. June. (2s) — 0 3 0 Australian mining Broken H1U sth. (cum div., 5s) ,. 1 10 4 1 10 7 Mount Lyell (cum div.. £1) .. ..161 1 6 4 Mount Morgan (2s 6d) 0 8 7 0 8 9 Nth. Broken Hill (5s) 2 7 7 2 8 4 • Kawang Tin (10s) .. 0 8 10 0 9 0 Mount Morgan (pref.. 8s paid) .. .. 0 8 9 0 9 6 UNLISTED STOCKS All transactions In stocks quoted in this section are subject to a different rate of brokerage from listed stocks and are not quoted on the official list. Buyers. Sellers. £ s. d. £ s. d. AJP.A. .. .. 0 9 0 Assoc. Motorists’ Petrol (pre£) .. 15 6 1 8 6 Aust. Motorists Petrol 0 16 6 0 19 0 Blackball Creek .. 0 13 0 1 6 Balllns Breweries .. 0 12 7 0 15 0 Christchurch Press .. 9 0 0 Coulls, Somerville .. 0 15 0 0 18 0 Mount Cook Tourists — 0 5 0 N.Z. Perpetual Forests — 2 1 9 Self ridges (A’asla) .. 0 IS 0 — Timaru Lime Co. .. — 1 2 6 Wool worths (WA.) .. — 4 12 0 AUCKLAND Sales on 'Change 4 p.c. Ins, Stock, 1946-49 £ s. <1. 102 10 0 4 p.c. Ins. Stock, 1953-55 104 10 0 Bank of New Zealand (2) 2 4 6 New Zealand Breweries 2 5 0 Colonial Sugar 49 5 0 Consolidated Brick ... (2) 0 8 10 0 6 11 Farmers’ Trading .. (2) 1 0 4 M.K. Manufacturers .. 0 10 0 Union Oil 1 3 0 Wilson’s Cement 0 17 0 Woolworths (Sydney) 1 2 3 Woolworths Properties (rts.) .. U 3 6 Mount Morgan .. (2) 0 8 9 Unofficial List Selfridges (Aust.) 0 16 10 WELLINGTON Sales on ’Change d. £ B. Bank of Now Zealand 2 4 9 Taupirl Coal 0 17 0 Colonial Sugar 43 6 0 G. J. Coles .. (2) 4 1 6 Taranaki Oil 0 7 0 Woolworths (N.ZD 1 1 8 Woolworths. Ltd. 1 2 Mount Morgan (prof.) 0 0 4 (All above late Wednesday) 35 p.c. Ins. Stock, 1613 100 0 0 N.Z. Refrigerating (10s pd.) (3) 0 8 5 Colonial Sugar (odd lot) 49 5 0 Taranaki Oil 0 7 55 Woolworths rights .. (4) 0 3 7 (2) 0 3 8 DUNEDIN Sales on 'Change £ s. d. Mount Lyell 1 6 4 Woolworths Properties (rts.) 0 3 6 Mount Morgan 0 8 9 Bales Reported New Zealand Drug (late Wed.) 3 7 6 Associated Newspapers (pref.) 1 4 0 Broken Hill Pty. (cont.) (2) 1 17 0 New Zealand Breweries 2 5 0 Broken Hill South 1 10 6 North Broken Hill ,. (3) Electrolytic Zinc (pref.) 2 8 0 2 0 6 SYDNEY Industrial shares were less active on the Sydney. Stock Exchange yesterday Price movements were irregulai , but the undertone of the market was firm. Some disappointment was expressed upon the announcement that Australian Glass was not raising its rate of dividend. Morning Sales d. £ s. Comm. Bank of Sydney 21 2 0 Tooths 2 17 6 Australian Gas (A) .. 7 9 0 Anthony Hordern (pref.) 1 3 6 Associated Newspapers (pref.) 1 4 0 Aust. Glass 4 14 9 Broken Hill Pty. 3 X 9 Colonial Sugar 49 10 0 Dunlop Perdriau 1 2 4i Felt and Textiles 1 13 6 G. J. Coles 4 2 9 Howard Smith i 2 0 Afternoon Sales Comm. Bank of Australia 0 16 6 Colonial Sugar 49 10 0 Mercantile Mutual Insurance 1 10 3 Australian Gas (A) 7 9 0 Tooths 2 17 6 Tooheys 1 12 6 G. J. Coles 4 2 9 Dunlop Perdriau 1 2 4J Morts Dock 0 10 1 Claude Neon 2 8 0 Amalgamated Wireless (cont.) 2 17 0 Standard Waygood (ex div.) .. 0 5 11 Felt and Textiles 1 13 6 W. R. Carpenter Victoria Nyanza Sugar 2 (1 0 0 16 9 Mlllaquin Sugar Goldsbrough, Mort 1 1 17 11 3 0 Mount Morgan ,. 0 9 0 Mount Lyell Broken Hill Pty. 1 2 6 3 2 3 Rawang Tin 0 It 0 Taranaki Oil 0 7 0 MELBOURNE Quiet conditions prevailed on the Melbourne Exchange. There was a good demand for G, J. Coles. Other, puces were steady. Sales: — d. 6 Comm. Bank of Australia £ 0 s. 16 National Bank (£5 paid) National Bank (£10 paid) 7 0 6 14 0 0 Cox Bros. 0 16 3 Huddart-Parker 2 6 0 Carlton Brewery 3 6 6 G. J. Coles .. .. ■ 4 2 9 Drug Houses 1 5 6 Australian Iron and Steel (pf.) 1 8 U Australian Glass 4 14 3 Herald and Weekly Times 2 18 9 Electrolytic Zinc 2 2 6 Electrolytic Zinc (pref.) 2 7 0 Victoria Nyanza Sugar 0 16 6 Mount Lyell 1 6 6 Broken Hill Pty. 3 2 3 North Broken Hill 2 8 0 South Broken Hill .. .. 1 11 0

METALS MARKET * LONDON. May 11. May 10. May 11. Copper — £ s. d. £ s d. Standard, spot 39 4 4} 38 18 15 Forward 39 8 if 39 1 Electrolytic 43 0 44 0 0 0 42 15 43 15 U 0 Wire bars .. 44 0 0 43 15 0 Lead — 14 13 15 14 15 0 Forward 14 18 li 14 IS 74 Spelter — 13 1 3 13 0 Forward 13 5 74 13 4 44 Tin — 167 12 6 167 17 6 Forward 168 12 6 168 2 6 Silver— Fine, per oz 18 ll-10d 18 ll-16d Standard, per oz. . 20 3-16d 20 3-loa