FINANCE AND COMMERCE

Press, Volume LXXVI, Issue 22921, 18 January 1940, Page 9

FINANCE AND COMMERCE

DISPOSAL OF WOOL

SECOND APPRAISAL AT j AUCKLAND OFFERING REALISES £328,745 ; (press association telegram.) AUCKLAND, January 17. Wool submitted to the second appraisal under the British Government's purchase held in Auckland from December 27 to December 29 \vas valued at £328,745, according to the official return of the Auckland Wool Brokers' Association. The number of bales appraised was 19,294 of a net weight of 6,767,0771b. The average price realised for the wool was £l7 0s 9d a bale and 11.66 d per lb. So far in Auckland this season, 40,939 bales have been appraised at a total value of £701,948. ■ . , The wool is already coming forward well for the next appraisal, which is likely to be held shortly, and on present indications it appears that the season's cheque for Auckland ■will easily exceed that of the last two seasons, which totalled £1,061,743 and £1,031,483 respectively, and will be second only to the record realisation of £1,528,545 in 1936-37.

AUSTRALIAN IMPORT REGULATIONS

SOME CONCESSIONS AND AMENDMENTS

The January issue of the "Manufacturers' Bulletin," the organ of the Chamber of Manufactures of New South Wales, sets out some concessions and amendments which have been made in Australia's import licensing regulations. . ■ As a me&.ns of granting priority in the matter of shipping space and supply, in varying degrees to different classes of goods, four categories of goods have been drawn up, to indicate the degree of importance'attached to each. These categories are:—(a) Very important; (b) important; (c) less important; (d) unimportant. _ Attention is also drawn to the fact that the basis for the issuing of licences to importers of goods from "non-sterling" countries is the value of the applicant's importations of the same goods from "non-sterling" countries (not necessarily the same "nonsterling" country) during the year ended June 30, 1939. The first licensing period is for the two months ended January 31. 1940.

STOCK EXCHANGE "•BUSINESS

LOCAL MARKETS BRIGHTER PRICES FIRM TO BETTER

Share markets were brighter on call yesterday, and there was an increased turnover .in a wider, range of stocks. Prices on the whole were firm to -better.

Commercial Bank of Australia remained unaltered, with sellers and business at 16s 3d. Commercial Bank of Sydney changed hands at £2O 10s, and a late sale of Bank of New Zealand on Tuesday was reported at 40s 9d and there were further dealings yesterday at the same price. Buyers of Standard Insurance moved up to 59s 3d, without attracting sellers. Canterbury Frozen Meat were steady at £9 15s.

Broken Hill Proprietary (ex bonus) changed hands at 555. and there were further sellers at that price, buyers at 54s 9d. Electrolytic Zinc, pref. (cum div.> advanced to 68s 6d, and more •were wanted at that price, sellers at 70S. ttuyeirs ol Mzlfaum Inline raised their bids to 40s, but sellers were reticent. Wilcox, Mofflin were firmer, with buyers and dealings at 7s Bd. A late sale of Woolworths on Tuesday was reported at 25s sd. Business yesterday was reported at 25s 6d, market closing 25s 5d buyers, 25s 6d sellers. Broken Hill South rose to 34s 3d, but closed with sellers at 34s 2d, buyers at 33s 9d. Ngahere moved up to 29s 6d and 29s 7d, and there were further buyers at 29s sd, sellers at 30s.

LISTED STOCKS Sales on 'Change

LATEST QUOTATIONS

UNLISTED STOCKS

All transactions in stocks quoted in this section are subject to special brokerage and are not quoted on the official list: — Buyers. Sellers. £ s. d. £ s. d. Assoc. Gold Dredges (7s paid) .. 010 0 Aust. Mot. Petrol .. 012 6 - Paparoa Coal .. Selfridges (A'asia) .. R.U.R. (N.Z.) .. 3 10 Westland Breweries .. 1 14 0 Woolworths (W. Aust.) 4 3 0

AUCKLAND

WELLINGTON

DUNEDIN Sales on 'Change £ s. d. National Bank of N.Z. .. 22 3 N.Z. Refrig. (con.) .. .. 0 9 6 Woolworths (Sydney) .. 15 6 Electrolytic Zinc (ord.) ' .. 3 6 6 3 7 0 Mount Lyell .. ..113 0

SYDNEY

Thet Sydney Stock Exchange opened quietly, but livened up at the afternoon call, when Mount Lyell shares ;wrere m demand and recorded a substantial rise. £ s. d.

MELBOURNE

QUEENSLAND NATIONAL « ''- BANK ' '■'

INTERIM DIVIDEND RAISED

The Queensland National Bank, Ltd., has advised the Stock Exchange Asso,ciation that an interim dividend for the half-year ended December 31, at the rate of 5 per cent, per annum, on the paid-up capital, is declared payable on February-15; to shareholders on the register at close of business on February 14. This dividend will be paid free of Queensland income tax and income (State development) tax. The interim dividend of 2£ per cent, compares with 2J per cent, last year, for which the final rate was 2 3-8 per. cent., making 4 5-8-per cent, for the year.

TOMATOES FIRMER IN DUNEDIN

Tomatoes were firmer in Dunedin yesterday. Firsts were, bringing Is to Is 2d, and seconds 9d to lid. The market for peas and cucumbers is glutted.

MINING

MOLYNEUX DREDGING AFFAIRS CRITICISM AT ANNUAL MEETING (FEOM OUB OWN COBB.ESPOKDEST.) LONDON, December 22. "The company seems to be doomed from the start. It seems to me that there is never a chance of making a profit. Would it not be better to sell the dredge, get something back, and ask the Clutha Company to work the area on a royalty basis?" This blunt question was asked of the chairman of the Molyneux Gold Dredging Company. Ltd., Mr A. H. Collier, at the annual meeting on December 20, by Mr Strettell. a shareholder. . Mr Collier had just announced a net loss of £10.951 for the last year, after providing £5238 for depreciation. With the loss of £7641 in 1938, this made a total loss of £18,592 to be carried forward. He took a rather more hopeful view of the future, however, than Mr Strettell "We have looked at the affairs of the company from all points of view, Mr Collier replied, "ancVwe are quite awake to all that might possibly be done. In the meantime, with a war on, we think that liquidation immediately or realisation of the dredge immediately would be a mistake." Mr Strettell remarked that the company had lost what little cash k had year after year, and that its assets were that in the last month or twp the results had been distinctly encouraging and were tne best since the start of the company "The latest information we have had. only this week is nothing but optimistic," he added "We are not.asleep, and we hope to be able to tell you something better at a not very distant Qa in his address to shareholders, Mr Collier said that proceeds from gold nroduction amounted to &.u*u, com pared with £11,060 in the previous year. Recovery of gold had decreased from 1881oz to 1189oz. The directors had waived their fees for the 3am***March quarter of 1938, since when only £255 had been paid in fees. The consulting engineers nad waived all tees from December 31. 1937. Returns for the eight working months of the current year were better than those for the last year Given a continuity of returns an improvement was anticipated.

BIG WEST COAST DREDGES

Latest returns from the big West Coast dredges are (those for Barrytown, Kanieri and Arahura covering the first half of January, and GreyRiver*s the period ending January 1} " • Oz. Hours. Yards. Barrytown .. 529 203 63,000 Kanieri - 499 226 143.000 Arahura 588 232 156,000 Grey River 437 134 94,033

MOUNT MORGAN, LTD.

PREFERENCE DIVIDEND

Mount Morgan, Ltd., has advised the Stock -Exchange Association that the directors have declared an interim dividend (the fourth) on preference shares at the rate of 8 per cent, per annum (Australian currency) for the six months ending February 15, 1940, payable in Sydney on that date. The dividend is payable wholly and exclusively out of" the;profits r *f the company earned in Queensland from goldmining operations.- -■-'■-• ': -- The transfer books of the company will be closed from February 1 to 15, both days inclusive.

SALE OF STUD SHEEP

HIGH PRICE FOR ROMNEY RAM

HAWEKA BREEDER PAYS 380 GUINEAS

(SSIS3 ASSOCLLTIOH TEtEOBAH.) MASTERTON, January 17. "' Although bidding on the whole was hard to get, the sale of stud Southdowns and Romneys to-day was a good one for classy animals.' A Romney ram, offered by the estate of the. late Quentin Donald, and purchased by Mr J. C. Best, of Hawera, went for 380 guineas, which is claimed to be the highest price paid in an auction ring in New Zealand for a stud Romney ram. Another high figure for a Romney was 220 guineas paid by Mr A. T. Hunter (Wanganui) for a ram offered on account of Sir William Perry, who also received 200 guineas for another ram, the purchaser being Mr J. Grant (Waimate). "

The highest price for a Southdown was 100 guineas', the vendor being Sir William Perry, and the buyer, Mr C, E. Vile, of Bulls. *

"I sold them through The Press* want-ads.—and bought these new things."

£ s. d. 250 Bank of N.Z. " (3) 2 0 9 100 Broken Hill Proprietary (ex bonus) 2 15 0 50 Electro. Zinc (pref., cum div.) 3 8 6 100 Wilcox, Mofflin 0 7 8 100 Woolworths .(Syd., ord.) .. 1 5 6 200 Ngahera .. 1 9 6 v 1 8 7 Sales Reported 500 Comm. Bank of Aust. (cum div.) 0 16 3 10 Comm. Bank of Sydney (cum div.) 20 10 0 100 Bank of N.Z. (late Tuesday) 2 0 9 25 Canty. Frozen Meat 9 15 0 50 Broken Hill Prop., (ex bonus) 2 15 0 200 Wilcox, Mofflin 0 7 8 200 Woolworths (Syd., ord., late Tuesday) .. 1 5' 5 100 Broken Hill South .. 1 14 3

N.Z. Govt. Debentures Buyers. Sellers. £ s. d. £ s. d. 3 p.c. Ins.. 15/7/39-41 .. 98 10 0- — 4 p.c. Ins.. 15/2/43-48 .. 101 5 0 — 4 p.c. Ins.. 15/3/40-43 .. 100 15 0 ■ ~ 4 p.c. Ins.. 15/5/49-52 .. 100 0 0 — 4 p.c. Ins.. 1955 100 0 0 — 4 p.c. Bonds, 1946 101 5 0 — Other Debentures Cheviot County, 31 p.c, 1/12/72 — 86 0 0 Booth, Macdonald 1/6/47 62 0 0 —■ C.F.C.A., 4J p.c, 21/4/42 — 85 0 0 Dom. Fertiliser, 6 p.c, 1/2/41 100 10 0 — Gisborne Sheep., 6J p.c. 31/8/41. .... — 101 0 0 N.Z. Refrig., 4i p.c, 1/8/40-45 ... 100. 0 0 — ._ Auckland; Gas, 5 p.c. '-> 20/12/49 , .. 101 0 0 103 0 .0 Banks Australasia j(£5 paid) Comm. of Aust. (cum 8 12 6 9 12 6 div.. 10s) ..« J — . 0 16 3 Comm. of Syd. (cum div., £12 10s paid) .. 20 0 o" 21 0 0 E., S., and A. (£3 pd.) 4 17 0 — Natl, of N.Z. (£2 10s paid) 2 2 0 2 2 9 N.S.W. (£20) — 31 0 0 New Zealand (£1) .. 2 0 8 2 1 3 Union of Aust. (£5 paid) .. •• 8 3 0 8 5 6 Insurance National (7s paid) 0 18 5 —- New Zealand (cum div., £1) 3 2 0 — South British (10s) .. 2 10 6 — Standard (£1 paid) .. 2 19 3 , — Loan and Agency Dalgety and Co. (£5 paid) _ 7 2 6 Goldsbrough, M. (£1) 1 11 0 1 11 4 N.Z. , Guarantee . orpn. (3s) — 0 3 11 United Building (£1) 1 0 5 x — Wright. Stephenson (cum div., £1) — 0 19 0 Wright, Stephenson (51 p.c. cum pref.. cum div., £1) — 1 0 3 Shipping P. and O. Def. Stock (£1) 1 6 0 — Union (pref., £1)' 1 5 6 ~~ Frozen Meat Cantby. '(£7 10s paid) — 10 0 0 Cantbv. (pref., £5) .. 6 0 0 — N.Z. Refrig. (£1 pd.) 1 0 0 1" 1 0 N.Z. Refrig. (10s paid) 0 9 4 0 9 9 Woollens Bonds Hosiery (£1) 1 2 0 — . Bruce <£1) 0 15 9 0 17 0 Felt and Textiles (£1) 2 2 .0 — Kaiapoi (17sT3aid) 0 13 0 — Kaiapoi (7s paid) 0 4 9 0 5 3 Kaiapoi (pref.. 17s) .. —. 0 17 0 Mosgiel (£4 paid) 9 15 0 — Oamaru (£1) ' 0 15 0 0 17 3 Coal Grey Valley (£1) — 0 5 1 4 0 0 Westport (10s) *— Westport-Stockton (IDs) .'•■ <> 3. 7 0 4 0 Westport-Stockton (pf., 10s).. ,\ :. 0 8 3 0 9 6. . -, Gas', Christchurch (£1) .'..' 1 6 3 \ — 1 Breweries Ballins (15s paid) 0 10 6 0 11 3 Dominion (£1) v .. ■ 1 11 6 -— New Zealand (£1) .. — 1 17 9 Swan' (5s) 1 12 6 --T— Timaru (in liqdn.) ... — 0 0 ill | Tooheys (16s) 1 11 6 -— Ward (in liqdn.) ■'. — 0 1 4 Miscellaneous Aust. Alloy Steel (£1) .... 0 6 10 0 8 6 Andersons (1st pf., £1) 0 16 1 — Beath' and Co. (£1) 0 14 6 0 16 9 Booth, Macdonald (pf.. £1) . .. v. 0 1 4 0 2 4 British-Tobacco (£1) .. 2 13 0 —: Brokeri Hill Pty. (ex bonus, £1) 2 14 9 2 15 0 C.F.C.A. 0 . 8 0 ~ Claude - Neon (N.Z.) (£1) .. Dom. Builders (10s) .. 0 18 0 4 3 9 0 ~6 0 Dom. Fertiliser- (£1) 1 6 6 *~ Donaghy Rope (£1) 2 9 0 . ~~ Dunlop Rubber (£1) .. 1 1 7 1 11 Xi. Electro. Zinc (cum div.. £1) .'..'■ 3 7 3 3 8 0 Klectro. Zinc (pref., cum div., £1). \ 3 8 6 3 10 0 Farmers' Trading (£1) 0 16 10 0 17 6 G. J. Coles (£1) 4 4 0 "" G. J. Coles (10s paid. new) ' — 3 16 0 Hay's, Ltd. (£1) 1 1 0 ■"" Hay's, Ltd. (cont., 15s paid) Gen. Industries (12/6) 0 15 0 18 0 6 ~ Howard Smith (£1),-. 1 6 0 1 9 0 Milburn Lime (£1) .. 2 0 0 —■* Millaquin Sugar ( £ 1) 2 6 0 — Morris Hedstrom (£1) 1 7 0 1 10 0 Moturoa Oil (5s) .. — 0 4 3 Macduffs (ord., £1) .. 0 4 0 0 4 6 McKenzies, Ltd. (£1) 1 19 9 2 1 6 N.Z. Drug - Co. J £2) 3 18 8 — N.Z. Farmers' Co-op. (A pref., £4) < - .. 1 8 6 — N.Z.v Farmers' Co-op. (4J p.c. Stock, 1950, £100) 88 0 0 —— N.Z. ' Farmers' , Co-op. (4! p.c. Stock, 1955, .: —~ 88 0 0 -^ N.Z. Farm. Fert. (£1) 0 18 3 0 19 0 N.Z. Newspapers (16/8) 1 6 9 1 9 0 N.Z. Paper Mills (£1) 1 7 6 1 9 6 Quill, Morris (1936, 1) — 1 0 0 Standard Cement (£1) — 1 4 0 Taranaki Oil (24/7 pd.) 0 5 0 •— Taranaki Developments 0 2 0 0 3 0 United Provisions (£1) 0 9 7 0 9 10 Wilcox. Mofflin (lis) 0 7 8 0 7 9 Wilson's Cement (10s) 0 19 0 0 19 3 Woolworths (Sydney) (ord.,-5s) 1 5 5 1 5 6 Woolworths (N.Z.) (5s) 0 16 6 0 16 7 \"Woo\worttre W.Z.) <&U 1 £1) 1 17 0 —• W. K. Carpenter (£1) 2 e 6 ■• —

Overseas Listing * Buyers. Sellers £ s. d. £ s. d. Woolworths (S,A.) (5s) 0 15 3 0 15 10 Australian Mining Broken Hill Sth. (5s) 1 13 9 1 14 2 Emperor Fiji (10s) .. 0 15 10 0 17 3 North Kalgurli (1912) 14 6 19 0 Mount Isa — 0 7 0 Mount Lyell (£1) .. 1 12 7 1 13 2 Mount Morgan (2/6) —— 0 9 9 Placer Development (1 dol.) 4 10 0 — Rawang Tin (10s) — 0 11 6 N.Z. Mining Addison's Flat (Is) .. 0 10 — Arahura (£1) 1 13 0 1 17 0 Austral-N.Z. (£1) .. 18 6 1 15 0 Barry town (£1) 16 0 X 12 6 Big River (Is) 0 0 7 -— Gillespie's Beach (Is) ■ — 0 0 10 Golden Sands (Is) . .. 0 0 10 0 1 3 Goldfields Dredg. (Is) — 0 0 2 Grey River (10s) 0 17 9 0 18 0 Kanieri. (£1) 1 12 0 1 14 6 Maori Gold (Is) 0 0 9 0 0 11 Martha (5s) 0 8 6 — Moonlight Gold. (8d) — 0 0 7 Mossy Creek (Is) .. New River (Is) 0 0 11 0 0 10 0 10 Ngahere (£1) 19 4 1 10 0 Ngahere (deferred) .. 116 — Waihi Invest (5s) 0 7 3 0 8 6

Sales on 'Change £ s. d. Newmarket Boro.. 1/6/51, 41 p.c. National Insurance 101 0 0 18 0 6 South British Insurance 2 10 0 2 10 6 N.Z. Guarantee Corpn. 0 3 10 Taupiri Coal 0 19 0 Pukemiro Collieries 0 16 6 Kaiapoi Woollen 013 1 N.Z. Breweries 1.17 7 British Tobacco .. 2 14 0 Broken Hill Pty. (ex bonus) 2 16 3 Bycrofts (late sale) 1 19 0 Consolidated Brick 0 9 0 Electro. Zinc 3 6 6 Farmers' Trading (A pref.) 1 1 0 Gear Meat •• 0 14 3 McKendrick Bros, (ord.) 0 18 0 Woolworths (N.Z.) (2) 0 16 7 Taranaki Oil Development 0 2 5 Loloma • 1 17 6 Wellington Alluvials .. 0 4 £ Mount Lyell 1 13 4 . Unofficial List Una Hill (2) 0 1 9

Sales on 'Change e 6. 100 18 d Inscribed Stock. 4 p.c, 1943 .. 9 Inscribed Stock, 4 p.c, 1948 .. 101 2 6 Inscribed Stock, 4 p.c, 1958 (3) 100 2 6 Commercial Bank of Australia 0 16 3 Bank of New Zealand 2 0 9 Wairarapa Farmers (pref.) 0 5 0 N.Z. Guarantee Corporation .. 0 3 11) South British Insurance 2 10 " b Tooth and Company 2 18 0 Mount Morgan .. .. 0 9 6

Goldsbrough. Mort ..- 17 6 Bawang ,. 0 9-4 Mount Lyell 1 11 4| David Jones . . - 1 14 3 Tooheys •• 19 10 1 Howard Smith 14 0 Broken Hill Fty. .. . 2 10 3 Henry Jones ...... 2 19 0 Emperor .. •• .. ■ - 0 -14 . 6 Morts : Dock ... .. ' 0 18 ~3 Bank o£ New South Wales ..'- 27 3 0Colonial Sugar .. 49 12 6

G. J. Coles ../ .. 3 14 a. 6 National Bank (£5 paid) ..> 6 19 6 Mount Morgan ,. -08 7 New Broken Hill •Y 1 1 0 British. Tobacco 2 10 0 Carlton -• ■ •• 3 8 9