COMMERCIAL

Press, Volume LXXX, Issue 24258, 16 May 1944, Page 6

COMMERCIAL

STOCK EXCHANGES

PRICE LEVELS WELL MAINTAINED

There was strong inquiry yesterday in all sections of the market on the Christchurch Stock Exchange. Price levels were well maintained, and a good volume of diversified business was reported. Apart from vestibule business the follpwing transactions were recorded;— Sales on 'Change.—Listed Stocks: £3OO 3 per cent. N.Z. Government Stock, 196063. £9B; 100 Kauri Timber (cum (3iv.), 295; 500 Maori Gold, sd. Sales Reported.—Listed Stocks: 25 Bank of Australasia, £9 11s (Melbourne register); 200 Dominion Breweries (ord.), 455; 300 Beath and Company (ord.), 30s; 200 Claude Neon (N.Z.). 265, 26s 2d; 400 Consolidated Brick, 10s 9d; 150 1.C.1. Aust. and N.Z. (pref.), 27s 6d; lOp Kauri Timber (cum div.), 295. Latest Quotations N.Z. Govt. Debentures.—National Savings bonds, 22/6/48, b. 19s lid, s. £1 Os' 2d; 2J per cent. Ins., 1947, b. £9B 15s, s. £99 10s; 3 per cent. Ins., 1952-55, s. £100; 3 per cent. 1 Ins., December, 1953-56, s. £100; 4 per cent. Ins., 1954-58, b. £IOB ss, s. £IOB 12s 6d; 3 per cent. Ins., 1960-63, b. £9B, s. £9B JOs. Banks: Adelaide, b. £5 12s 6cl; Australasia, b. £9 11s 6d, s. £10; National of New Zealand, s. £2 15s; New Zealand Mort. Shares, s. £1 14s 9d. Insurance; New Zealand, s. £4 9s 3d; Standard, b. £4 0s 6d. Loan and Agency: National Mortgage "B," b. £1 15s 6d; N.Z. Loan and Mercantile (ord. stock), b. £67, s. £72; N.Z. Loan and Mercantile (pref.), s. £ll2. Shipping; Huddart Parker, b. £3 3s 9d; P. and O. Defd. Stock (ex div.), b. £2 Is. Frozen Meat; N.Z. Refrigerating (£1 pd.), b. £1 7s, s. £1 8s; N.Z. Refrigerating (10s paid), b. 13s, s. 13s 2d; Southland, b. £2 6s. Woollens: Bruce (pref.), b. £1 7s. Coal: Westport-Stockton, b. 3s, s. 3s 4d; West-port-Stockton (pref), b. 6s 3d, s. 7s. Gas: Fellding, b. Is; Auckland,* b. 7s 8d; Christchurch, b. £1 5s 6d. Breweries: Ballins (15s paid), b. 18s sd; New Zealand, b. £2, s. £2 Is 4d, Miscellaneous: Anthony Hordern; b. 18s 9d, s. 19s 6d; Beath and Company, b, £1 9s 9d, s. £1 10s 3d; British Tobacco, b. £2'lls 6d, s. £2 12s 6d; Canterbury Roller Flour, b. 17s 9d; Colonial Sugar, b. £SB, s. £SB 12s 6d; Donaghy Rope (cum div.), b. £3 4s; Gordon and Gotch, b. £2 17s 6d; Kauri Timber (cum div.), b. £1 8s 9d, s. £1 9s 6d; Macduffs, b. 16s; McKenzies, Ltd. (cum div)., b. £2 17s 6d; N.Z. Drug Company (£1 paid), b. £2 18s; N.Z. Farmers’ Coop. ("A” pref.), b. £3 12s 6d; N.Z. Farmers’ Co-op ("B” pref.), b. £3 3s; N.Z. Farmers’ Fertiliser (ord.), b. £1 4s 3d; N.Z. Forest Products (pref.), s, 11s; Selfridges, s. £1 10s; United Provisions, s. 14s 4d; Weeks, b. £ll 7s , 6d; Woolworths (Victoria, pref.)', b. £1 10s 4d; Woolworths (West Australia), b. £4 2s. Australian Mining: Broken Hill South (ex div.), b. £1 9s Id, s. £1 11s; Mount Lyell, b. £1 13s 6d, s. £1 14s. N.Z. Mining: Maori Gold, b. 4d; Ngahere, s. 9s. WELLINGTON Sales.—Late Friday: Ins. Stock, 15/12/5356, 3 per cent., £IOO 2s 6d; National Bank of N.Z., 555; N.Z. Loan and Mercantile, £72 10s; N.Z. Insurance, 89s; Woolworths (N.Z.), 18s 4d. Yesterday: Dominion Breweries. 44s 9d. DUNEDIN Sales Reported.—N.Z. Refrigerating (contributing). 13s; National Insurance, 24s 6d; Northern Steam Ship Company (paid), (late Friday), 10s Bd. AUCKLAND Sales.—Third Liberty Loan, 15/6/47-49, 2J per cent., £9B 17s 6d; Union Bank, £8 10s; National Insurance, 24s 6d; N.Z. Insurance, 88s 9d, 89s (2); Northern Steam, 10s 8d (2); Guarantee Corporation. 4s 3d; Renown Collieries (pref.), 3s 3d; Burns Philp, 63s 6d; Colonial Sugar, £SB 12s 6d; Consolidated Brick, 10s 8d; 1.C.1. (pref.), 27s 6d; M.K Manufacturer’s, 7s 2d; Wool Bonds, 20s 3d. COMPANY NEWS Martha Gold.—Cabled advice has been received by Mr J. H. G. Banks, New Zealand director and attorney, from London, that at the annual meeting of the Martha Gold Mining Company (Waihi) in London on June 8, the directors will recommend a first and final dividend on account of the year ended December 31, 1943, of Bd' a share, free of income tax, payable on June 26 to shareholders registered on June 1. The dividend will be paid to shareholders on the New Zealand register in New Zealand currency. The dividend compares with lOd in the previous year and Is 3d in 1941.—( P.A.) MINING Slab Hut.—Net profit of the Slab Hut Creek Gold Dredging Company for the 12 months ending December 31, 1943, was £4577. The gross profit from working account was £6079. Dividends during the period amounted to £3700. Gold won was valued at £25.512, from which the war tax of £2250, export tax £1594, and expenses of realisation, £776, amounted to £4620. The report .states that the dredge during the year, had worked only 66 per cent, of the possible dredging time, the greatest loss of time being incurred by general repairs, of which an overhaul in August last accounted for 614 hours. Extensive repairs were made in February. 1944, and the dredge resumed operations on May 10. It was now considered to be in very good condition. Costs had risen from 4ld a yard in the previous year to s.6d'this year, part of the increase being absorbed in higher price paid for repairs and spares and to the drop in the percentage of dredging time. The annual meeting Of shareholders will be held in Christchurch on May 29.

Grey River Dredge.—The accounts of the Grey River Dredging Company for the year ended December 31 show a net profit of £25,758, compared with £40,332 in the previous year and £32,794 in 1941 The amount excludes depreciation. Throughout 1943, says the report, the dredge operated for 5593 hours, or 80 per cent, of possible digging time, and treated 3,528,114 yards of gravel, from which 11,4740z of bullion was obtained, realising £114,702, representing an average recovery of 7.8 d a yard excavated. Operating costs, including taxes. totalled £86,036. equal to 5.08 d a yard, compared with £93,431, or 5.38 d a yard, in the previous year During 1943 two dividends totalling Is a share were paid, equal to 10 per cent., against 16 2-3 per cent, in 1942.

Ngahere Geld Dredging Company.— Net profit of £22,637 reported by Ngahere Gold Dredging, Ltd., for 19.43, is an increase of £3916 The profit increases the credit balance carried forward to £61,768. Gold recovered, 8408oz, was 4070z more than the previous year. Net proceeds were £70,849, against £67,780 Operating costs increased by about £IOOO. being 4.34 d a cubic yard, against 3.65 d for 1942. Overhead expenses were reduced by £I3OO. Driling operations on the Grey river claim, carried on intermittently, had so far not given conclusive results the report savs. Associated Gold Dredges (N.Z.), Ltd. — For the week ended May 13, the company’s dredges recovered 72 ounces from 56.750 yards in 352 dredging hours. Marsden dredge is at present going through tailings. Clutha River.—For the week ended -May 12, the Clutha River dredge operated for 79 hours and recovered 94 ounces.—(P.A.)

Gillespie’s Beach. —The Gillespie's Beach wash-up for the week ended May 13 was 290z in 127 hours from 16,300 yards.— (P.A.)