FINANCE AND COMMERCE

Press, Volume LXXVI, Issue 23002, 23 April 1940, Page 11

FINANCE AND COMMERCE

drying seed FOR EXPORT MINISTER DESCRIBES PROGRESS IMPROVED QUALITIES OF GERMINATION Excellent progress has been made by the Department of Scientific and Industrial Research in designing a maclune for ‘ drying small seeds for export. The drying of seed has been found to secure considerably better germination, and as the export trade is of a good deal of importance to New Zealand, the Government is anxious to foster it The Hon. D. G. Sullivan, Minister in charge of the Department, said yesterday that a considerable export trade in grass seed had been built up in recerit years, especially with the United Kingdom, Australia and the United States of America; the quantity exported to these countries amounting to approximately 50,000cwt a year, valued at almost £170.000. As the Canterbury, Otago, and Southland land districts between them generally provided more than 85 per cent, of the area cut for seed, the work that was being done by the department to ensure that the "seed reached its destination with minimum loss of vitality, should be of special interest to these districts. In regard to the export to Britain and the United States, considerable trouble had been experienced in the past with chewings fescue seed due to the loss of germinating power, and hence loss in market value of the seed, brought about by the normal conditions under which seed was transported. In an endeavour to overcome these difficulties, officers of the Dominion Laboratory had been experimenting for some time to find methods for drying the seed to a low moisture content and packing it for transport, so that losses due to these causes would not occur, said Mr Sullivan. “The work that has been carried out so far has been conducted with chewings fescue for, apart from the value of this seed, it is especially sensitive to the influence of transport conditions.” he said. “It is known that seed kept in cold storage until required for sowing, has satisfactory germinating power, but from the point of view of dealers and growers there are obvious difficulties associated with this method. Results of Tests “From tests conducted by the Department of Agriculture, it was shown that if seed were dried so that the moisture content was below about 10 per cent., and the seed subsequently kept dry in sealed containers, the seed retained its vitality. Arising out of these tests, work was undertaken by the Dominion Laboratory on the production of ,a seed drying plant which would, reduce the moisture content to the required amount by a process ■Raich would not. in itself, affect the germinating cower. “Considerable experimental work was necessary with regard to the characteristics of both the machine and the seed, but finally a small scale experimental plant was produced capable of treating 801b of seed an hour. The seed dried by this machine, when subjected to germination tests locally, gave entirely satisfactory results. A trial shipment of seed treated in the plant w=s recently sent to Great Britain where it will be examined and tested for germinating quality on arrival and arier storage., -■■;,■ “In -addition -to the moisture contentof the seed, the influence of the conditions; of transport and, therefore, the method of package of the seed are also of fundamental importance. In an en-deavour-to determine ■’he best type of package, three different types were employed in the trial shipment forwarded to Great Britain, namely, the ordinary method of double sacks, sacks lined with special waterproof paper. an d_ sealed tin containers. As the packaging of the seed presents many proWems, the results of the trial shipment will he awaited -nth interest. “Encouraged by the local germinabon trials with the dried seed, consideration was given to the copstruction of a seed-drier of commercial size, capable of treating 5-6cwt an hour. Beat gnsfor a commercial plant are 'now practically complete. This plant can

MINING UNA HILL The directors of Una Hill Consolidated Gold Mines. Ltd., announce that the recent issue limited to 35.000 shares and offered to shareholders at par has been heavily oversubscribed. Applications have been received for more than 50.000 shares. Allotments will be made pro rata to the holdings of applicants. CLUTHA The Clutha River dredge working at Alexandra recovered 46 ounces of gold in 122 hours in the week ended April 19. GILLESPIE’S BEACH The Gillespie’s Beach return is 32cz 7dwt for 123 hours and 16,640 yards. ALEXANDER The Alexander Mines, Ltd., report for the week ended April 18 is;— _No. 6 Level—North drive advanced 15 feet. The country on the eastern side of the drive appears Very disturbed, while the country rock on the western side looks more promising. Stoping—Stoping has been carried out on three faces above No. 6 level north and south of No. 2 rise, and also above the Intermediate north of No. 3 rise. Average width of all three faces is 24 inches. A considerable amount of filling has been done in the slopes above No. 5 intermediate level by driving into the rock walls of the stopes. During the week 43 tons of stone were transported to the battery. BLACKBALL CREEK The Blackball Creek dredge return last week was 44 ounces, secured in 130 hours’ dredging. SNOWY RIVER Good progress is being made in the construction work on the Snowy River dredge at Hukarere, on the West Coast, and there are prospects of the plant commencing operations within a few weeks. COMPANY NEWS KAITANGATA COAL The directors of the Kaitangata Coal Company recommended a dividend for the year of 2s 6d a share. BROKEN HILL PTY. Broken Hill Proprietary has declared a half-yearly interim dividend of 90 a share (Australian currency), payable on May 29. NATIONAL INSURANCE (PRESS ASSOCIATION TELEGRAM.) DUNEDIN. April 22. The directors of the National Insurance Company of New Zealand, Ltd.. have declared an interim dividend of 4d a share for the half-year ended March: 31, payable on May 15. be constructed from material readily available in New Zealand. “With this plant,’’ the Minister said, “the successful results obtained on a small scale will be thoroughly tested out and confirmed, and any necessary modifications made in designs so as to secure the maximum efficiency In operation.” “The Press” Classmen Advertisements are read at Me breakfast table, and are sure to deliver results during the day—l2 words Is, 3 insertions 2s 6d. ’Phone 33-358. —6

STOCK EXCHANGE BUSINESS

LOCAL MARKETS HAVE QUIET DAY VALUES GENERALLY REMAIN FIRM Share markets in Christchurch were quiet on call yesterday but generally firm. Dealings were confined to a few stocks. Bank of New Zealand had dealings at 43s lOd and 43s lid. sellers staying in at the higher price, buyers at 43s 9d. South British Insurance eased to 50s 6d. and late offers of 50s failed to attract sellers. Buyers of Christchurch Gas raised their bids to 28s 3d. but sellers wanted 28s 6d. Consolidatec Brick had business . at 9s lid, and more were wanted at 9s Bd. Among the unlisted stocks. British Developments rose sharply to 555, and late offers at 54s 9d met with no response. LISTED STOCKS Sales on ’Change £ s. d. 100 Bank of N.Z. (2) 2 311 200 South British Insurance (2) 2 10 6 Sales Reported 250 Bank of New Zealand 2 311 2 3 10 200 Consolidated Brick . 0 9 11 UNLISTED STOCK Sale Reported 50 British Developments 215 0 LATEST QUOTATIONS N.Z. Govt. Debentures Buyers. Sellers. £ s. d. £ s. d. 31 p.c. Ins., 1953-57 . 100 0 0 4 p.c. Ins., 1943-46 .. 102 0 0 104 0 0 4 p.c. Ins., 30/11/48 .. 4 p.c. Ins., 1946-49 .. 103 10 0 4 p.c. Ins., 1952-55 .. Other Debentures Booth, Macdonald, 5 P.C., 1/6/47 .. .. 69 5 0 N.Z. Refrig.. 41 p.c., 1/8/40-45 .. .. 101 10 0 Majestic Theatre (Invercargill). 5 p.c., 20/3/52 .. .. id o 0 Banks National of N.Z. (£2 10s paid) .. .. 2 5 3 2 6 2 New Zealand (£1) .. 2 3 9 2 311 N.Z. (mort. shares. £1) 19 0 Insurance New Zealand (£1) .. South British (10s) .. 210 0 Loan and Agency Invincible Build. (£5) Mutual Benefit (£10) 13 5 0 N.Z Guar. Corpn. (3s) 0 3 10 United Building (£1) 113 Wright, Stephenson (pf., £1) . .. 0 18 8 Frozen Meat Cantby. (£7 10s paid) 10 0 0 Cantby. (pref.. £5) .. 611 0 N.Z. Refrig. (£1) paid) 1 010 N.Z. Refrig. (10s paid) 0 9 6 010 3 Woollens Katapoi Cl7s paid) .. 015 0 015 2 Kaiapoi (7s paid) .. 0 5 4 0 5 9 Kaiapoi (pref- 17s) .. 017 6 Manawatu (£1) .. 018 6 12 6 Mosgiel (cum dlv„ £4 paid) .. .. 11 o 0 Oamaru (£1) .. .. Timaru (£1) .. 0 9 8 Coal Taupiri (£1) .. .. 116 Westport (10s) .. 15 0 16 6 Westpcrt-Stockton (10s) 0 2 8 0 211 Westport-Stockton (pf., 10s) .. .. 050 Gas Christchurch (£1) .. 18 3 18 6 Christchurch UOs pd.) 012 3 Breweries Bailing (15s paid) .. 012 7 013 1 New Zealand (£ 1) .. 117 6 119 0 Ward (in liqdn.) .. 0 0 6 0 1 9 Miscellaneous Booth, Macdonald (pf., ... .. 02 ifi ;o .3 a Consolid "BHcfr D'~9 8 ;! ' Dom. Builders (IDs) .. 0 5 0 D.I.C. (pref., ex div., £1) .. ..126 Greater Crystal (£1) .. 012 0 016 0 Hay’s, Ltd. (£1) .. l l o Hay’s, Ltd. (cont., 15s paid) .. .. 016 0 017 0 Mason. Struthers (£1 paid) .. .. 0 16 0 1 Mason, Struthers (14s paid) - •• ■■ 0 10 0 Mason, Struthers (10a paid) .. .. 0 6 0 Milburn Lime (£1) .. 250 259 M. Manufact, (ss) 0 511 Moturoa Oil (Ss) .. 0 5 0 MacduiTs (£1) .. 0 8 0 National Electric (£1) 018 0 10 0 N. Drug Co. (£2) .. 4 3 0 N.Z. Farmers’ Co-op. (A pref- £4) .. N.Z. Farmers’ Co-op. di p.c. Stock, 1950, £100) .. .. 91 0 0 Otago Daily Times (£1) 200 N.Z. Newspapers (16/8) 17 3 N.Z. Paper Mills (£1) 111 0

Buyers. Seller: £ s. d. £ s, c Simpson and Williams £1) .. .. 1 12 9 Wilson’s Cement (10s) 10 0 N.Z. Mining Alexander (15s paid) • 0 10 0 Arahura (£1) .. Argo (Is) .. .. 0 0 8 0 1 2 Austral (N.Z.) Mining 1 10 6 1 13 0 Barrytown (£1) .. 126 176 Gillespie's Beach (Is) 0 0 3 Golden Sands (Is) .. 0 0 8 0 1 0 Grey River (10s) .. 018 0 018 S Maori Gold (Is) .. 0 0 8 Nemona (Is) .. .. - 0 0 6 New River (Is) .. 0 0 8 Ngahere (£1) .. 1 7 0 .1 8 6 Worksop Extend. (Is) 0 0 4 UNLISTED STOCKS All transactions in stocks quoted in thl section are subject to special brokerag and are not quoted on the official list;— Buyers. Sellers £ S. d. £ s. d Assoc. Gold Dredges (8s paid) .. .. 012 9 Ass. Mot. Petrol (pf.) 17 0 British Developments 214 9 Christchurch Press . . 7 0 0 8 10 0 Paparoa Coal ... Taramakau (5s paid) 0 6 3 AUCKLAND Sales £ s. d Bank of N.Z. (late sale) .. 2 3 9 National Insurance (late sale) 019 9 South British .. .. 2 10 B N.Z. Breweries (late sale) .. 118 3 Consolidated Brick .. .. 0 9 9 M. Manufacturers (late sale) 0 511 N. Farmers’ Fert. (late sale) 116 Golden Crown .. .. 0 0 6 WELLINGTON Sales £ s. d Northern Holier Mills (late Friday) .. .. .. 10 0 South British Insurance .. 2 10 6 Macduffs (ord.) .. (2) 0 7 3 Macduffs (pref.) .. .. 0 14 0 DUNEDIN Sales £ s. d N.Z. Govt. Stock, 4 p.c., 1954-53 107 0 0 N.Z. Refrigerating (con.) .. 0 9 9 National Insurance .. .. o 19 9 Bank of New Zealand .. 2 3 9 SYDNEY There was a generally firmer trend i Industrial shares on the Sydney Stoc Exchange yesterday. Business opene quietly, but livened during the afternoa: call. Morning Sales £ s. d Commercial Bank of Sydney .. 19 3 0 Tooths . .. .. 2 12 0 British Tobacco .. .. 2 6 6 Broken Hill Proprietary .. 2 5 6 Burns, Phllp .. .. .. 213 0 Cash Orders .. .. ~ 016 0 Colonial Sugar .. .. 52 0 0 Afternoon Sales , £ s. d Woolworths .. .. .. 0 19 10 National Bank (£5 paid) .. 8 8 0 Arahura . .. .. ins Broken Hill Proprietary .. 2 6 3 Goidsbrough. Mart .. .. 118 6 Colonial Sugar .. .. 52 10 0 Mount Morgan .. .. 0 10 1 Marts Dock .. .. .. o 17 C Electrolytic Zinc .. 2 15 C David Jones .. .. .. 113 3 Burns, Philp .. .. .. 213 0 Tooths .. .. .. 2 12 C MELBOURNE Sales £ s. d Mount Lyell .. .. .. 1110 British Tobacco .. .. 2 7 0 Kauri Timber .. .. 119 G. J Coles .. .. .. 310 0 Dunlap Perdriau .. .. 0 19 1 FOREIGN EXCHANGES QUOTATIONS FROM BANK OJ NEW SOUTH WALES Telegraphic rates of exchange on over seas centres. April 22, are supplied b the Bank of New South Wales as fol lows:— ■ , Buying. Selling . New York— Dols to £1 N.Z. .. 3.2542 3.2050 Montreal— Dols. to £1 N.Z. .. 3.6039 3.5290 Belgium—.Belgas to £1 N.Z. .. 19.252 13.977 Denmark— Kroner to £1 N.Z. .. Finland— Marks t a £1 N.Z. France— Francs to £1 N.Z. .. 142.05 141.05 Greece— Drachmae to £1 N.Z. Holland— Florins to £1 N.Z. .. 6.099 5.979 Italy— Lire to £1 N.Z. ~ Java Florins to £1 N.2. .. 6.05 X 5.931 Norway— Kroner to £1 N.Z. .. Sweden— Kronor to £1 N.Z. .. Switzerland— Francs to £1 N.Z. .. 14.532 14.180 Hong Kong— N.Z, pence to dol. .. 18 21-64 18 53-6 India and Ceylon— N.Z. peaca to rupee 22 19-64 22 45-6' Japan— N.Z. pence to yen .. Manila—e.J ir-Z V p ? nce ta peso 36 27-64 37 29-6' Shanghai— N.Z. pence to dol. Singapore— N.Z. pence to dol. .. 34 53-64 35 37-6' LONGBURN FREEZING WORKS SOLD BOUGHT BY CO-OPERATIVE WHOLESALE SOCIETY (7BSS3 ASSOCIATION TEPBOBAM J WELLINGTON, April 22. The Co-operative Wholesale Society, Ltd., of Manchester, England, has purchased the Longburn Freezing Works, near Palmerston North, from the National Mortgage and Agency- Company, of New Zealand, Ltd. The Co-operative Wholesale Society has been a purchaser of New Zealand primary produce for some years. STOCK SALES TINWALD Prices at the Tinwald stock sale yesterday showed rises of up to Is 6d a head compared with the Ashburton sale a week previously. The yarding of fat sheep was limited. Top price for fat ewes was 22s Id, W. P. Blackle (Longbeach) and P. H. Read (Eiffelton) seiling sheep at this price, rhe best price for fat lambs was 24s lOd, and wethers realised up to 23s 4d. Sales were:— Fat Ewes—On account of P. Merrin (Lagmhor), 12 at 12s 4d; A. Black [Lagmhor), 20 at 15s lOd to 19s 10d; T. 31ack (Lagmhor). 8 at 14s 7d; J. H. Papvorth (Willowby), 31 at 12s 4d to 13s (d; G. Chalmers (Willowby). 18 at 7s Id to 12s lOd; C. Kennedy, 6 at 12s 7d: Taylor, 7 at 12s 7d; Mrs R. Holland Tinwald), 18 at 10s lOd to 12s 4d; T. Hack (Lagmhor), 20 at 15s 4d to 17s 0d; Small Bros. (Wheatstone), 16 at 12s Od to 14s lOd; W. P, Blackie (Longicaoh), 12 at 20s to 21s Id; P. H. Read Eiffelton). 3 at 14s 3d to 21s Id; F I ’aylor (Eiffelton). 1 at 9s 3d; K Taylor Ashton), 19 at 8s lOd; F. Merrin Lagmhor), 66 at 11s; clients, 63 at 10s d to I9s 4d. Pat Wethers—On account of H. C J Ullon (Westerfield), 56 at 16s 4d to 21s d; K. Taylor (Ashton), 14 at 16s 7d to clients. II at 21s 4d to 23s 4d. Fat Lambs—On account of J. Clifford Ruapuna). 14 at 22s 4d to 24s 4d; W lerrin (Tinwald), 5 at 24s 4d to 24s lOd; . Merrm (Lowcliffe), 24 at 22s Id; P ■: Read (Eiffelton), 211 at 21s lOd to 24s i; clients, 44 at 22s Id to 23s Id. Store Sheep—On account of clients, 26 vo and four-tooth ewes at 10s, 78 two30th ewes at 13s lOd, 36 wethers at 13s. 13 two-tooth ewes at 13s 6d. RANGIORA Because of the alteration in the day of je sale, there was only a small entry . the weekly market in Rangiora yestersy. Values were:— Sheep—Two-tooth wethers, 13s 6d to Is 6d; two-tooth ewes, 15s 6d. Cattle—Spring cal vers. £2 10s to £8; 18icntha heifers. £4 15s; store cows, £3 5s i £6 ss. Pigs—Good weaaers. 10s to 12s; small, Ito 9s, _: - . x |

SOUTH AFRICA'S GOLD

CHANGE IN BASIS OF TAXATION EFFECT OF RECENT BUDGET PROVISIONS Changes in the basis of taxation of gold and in the method of its disposal are provided for in the recent South African budget. The sum which the mines will contribute to the year’s total revenue of £44,868,JC0 is £21,246,000 (47 per cent.), which is about the same amount as at present. Mines have been taxed first by the imposition of a flat rate of 15 per cent, on profits, plus a percentage of the working revenue, determined by means of a formula which operates in raising the percentage of the profits taken by the Government as the ratio of profit to grade of ore improves. These impositions were increased recently by the expropriation by the Government of the proceeds of all gold sales above the price of £7 10s an ounce, against which the Government took over certain realisation charges and. it was hinted, might assist the companies should working costs advance as a consequence of the war. While the first two impositions remain unchanged, it is now provided that there should be substituted for the third a new tax of 9 per cent, on taxable income, calculated before deduction of redemption allowances and losses brought forward from the previous year. The Government is to be: relieved of the realisation charges, estimated at about 3s to 4s an ounce, and is not to be asked to assist in the event of any material increase in working costs. The mines become free to sell outputs at current values. Discussing the last point the “Statist' comments that, although the price of gold appears to be practically stabilised at present, there is the risk that improvement of sterling may lower the price for the metal, while the disadvantage imposed on distributable profits by the advance in percentage of profits to grade taken by the Government under the formula will involve on managements the utmost care to avoid the concession becoming a hindrance instead of an advantage. The changes are presumed to have the objective of easing the burden of taxation on low-grade propositions and adding a little to that paid by the more prosperous undertakings.