FAIRLY FIRM TONE

Dominion, Volume 28, Issue 230, 26 June 1935, Page 12

FAIRLY FIRM TONE

Sydney Shai-e Market INVESTORS MARK TIME By Telegraph.—Press Assn.—Copyright (Received June 25, 5.35 p.m.) Sydney, June 25. On the Sydney Stock Exchange to-day the investment market retained a fairly firm tone, but investors were showing a disposition to mark time pending the result of the Commonwealth loan, which closes to-day. Sales: —Bank, of New South Wales, £3l/15/-; Bank of Australasia, £ll/3/-; Colonial Sugar, £44/2/6; Associated News, 24/-. Australian Gas. A and B, £B/3/-; British Tobacco, 39/3; Tooths, 55/3; Tooheys, 29/9 ; Drug Houses, 26/6 ; General Industries, 20/-; Morris Hedstrom, 21/10$; Anthony Hordern, 18/104 ; Standard Cement, 23/14; Automatic Totes, 19/6. ’ Mt. Lyell, 18/6; Broken Hill Proprietary, 59/3; Malim Nawar Tin, 18/6: Placer Development, £3O/12/6; Tanah Bi.ii Tin, 14/6. Morning sales included Commonwealth Bonds, 3J per cent., 1948, £99 10/-; 3-J per cent., 1942. £lOl/17/6; 4 per cent., 1938. £lOl/15/-; 1941, £lO3 5/-; 1944, £lO4/11/3; 1950, £lO6/17/6; Bank of Australasia, £ll/3/-; Tooths Brewery, 56/6; Anthony Hordern, 18/105; ditto, pref., 23/3; Broken Hill Proprietary, 59/6; Dunliops, 16/4s; ditto, pref.. 33/3; Fairymead Sugar, 40/-; James Stedman, 17/9 ; Morris Hedstrom, 21/10$ ; Wilcox Mofflin, 10/11. Melbourne, June 25. Stock Exchange sales included; —Commercial Bank of Australia, 16/-; ditto, pref., £9/12/-; E.S. and A. Bank, £o 1/-; National Bank of Australasia, £5 paid, £6/5/-; Gordon and Gotch, 45/6; Nestles, pref.. 38/3; Goldsbrough Mort, 30/-. ’ BASE METALS MARKET Copper Prices Slightly Firmer (Received June 25, 5.35 p.m.) London, June 24. The official London (middle) quotations for Monday, as reported by the Australian Mines and Metals Association compare with those previously cabled as follows: —

Rapid Obsolescence A heavy charge against profit nowadays is the extensive provision for obsolescence necessary in many classes of machinery. With rapidly changing methods of production and improvements being constantly made in plant, the provision necessary, if establishments are to keep in tbe forefront of production, is of a degree which sometimes approaches the profits actually distributed. Stewarts and Ltd., a Scottish company with interest' in Sydney, manufacturing tubes of all descriptions, in its last report showed the great amount necessary in a business of the description which it carries on. The directors recommended a distribution of £306,575 among shareholders, after setting aside £300,000 for depreciation, writing £82,125 off the debenture issue expenses, providing £140,000 for income tax and setting aside £175,000 as a special reserve for contingencies. On the matter of depreciation, the chairman, Mr. A. C. Macdihrmid, in addressing shareholders, said: “This (the amount set apart, £300,000) is a large sum, and a considerable portion of it must be regarded more in the light of a contribution to our. obsolescence fund than as ordinary depreciation. The rate of obsolescence of plant increases year by year by reason of the intensiveness of the inventive genius which is now being applied to finding new and better ways of producing the various products in. which we deal. No firm which has to meet world competition, if it intends to keep in tbe forefront and takes a view beyond the immediate present, can afford to scamp depreciation and obsolescence allowances.” The chairman made reference to the company’s Australian business. “>We ourselves, as you are aware, have built new plants in South Africa and Australia, but these lire not dependent on foreign imports, but based on local ore and steel and are economically sound.” GRAIN AND PRODUCE Auckland Market Prices Dominion <>-<jvicp AuckJand. June 25. The comparatively high price of potatoes is limiting consumption, and although supplies from tbe south have not been heavy, there are no signs of a shortage. Stocks bought in recent weeks are not moving off as rapidly as they do when prices range from £6 to £7 per ton. Onions continue in short supply and the small quantities available from Pukekohe are readily placed and go into consumption at about 17/- per ewt. There is a rather better demand for horse feed and this is contemporaneous with a sharp rise in the price of oate. B Gartons are now quoted at 4/4 per bushel and as at 4/9 clipped Duns of good grade are practically unprocurable and are quoted nominally at 5/6. dipped A Gartons are now up to 5/-. Despite the fact that southern wheat will be available at 3d. per bushel lower .next month, local stocks are still firmly Held at the former rates of 5/9 to 5/10 per bushel. Maize is in very keen demand and. despite the fact that new season’s is available in large quantities, growers have been able to maintain the recent price level. Merchants are quoting 4/3 per bushel. Dividends Payable

t June 21. Per ton June 24. Per ton CopperStandard. spot ... £ s. d. 29 15 0 . £ s. d. 30 11 10J Ditto, forward . •. 30 1 101 30 18 9 Electrolytic ■■■• 32 15 0 33 15 0 to 33 10 0 34 5 0 AV ire bars 33 10 0 31 5 0 Lead — Spot 13 15 0 13 18 9 Forward 13 15 0 14 0 0 Spelter— Spot 13 S 0 13 17 C Forward 13 11 3 14 0 0 Tin— Spot 229 IS 9 229 10 3 Forward 21S 11 3 219 6 3 Silver— Standard, per oz. • Fine 32 l-8d. 3411-lCd. 31 Jd. 34d.

Dividends Due. Fanners Trading—ord., 5 p.e. June 26 Australian Glass—final pref. 4} p.e.; ord., 8 p.e June 26 Talisman Dubbo Mines—Gd. a share June 27 North Broken Hili—dividend 1/6 per share, bonus 6d. per share June 28 Waihi Grand Junction—4d. a share June 28 Goldsbrough, Mort—final. 4 p.e. June 28 British Tobacco—quarterly. 1} z P-e June 29 Farmers' Go-op. Org. Soev. — 4 p.e June 29 Morris Hedstrom —final, 3 p.e. June 30 National Mortgage—int., 24 p.e. July 1 Queensland Insurance, interim. 4 p.e July 1 Zinc Corporation—pref. and ord. 1/- a share for 1934; pref, int., 1935, 2/ a share July 1 Bulolo Gold Dredging—int., 1 dollar 20 cents (about 5/10) a share July 9 Piaeer Development—int., 2 dollars 40 cents (about 11/8) a share July 9 National Bank of N.Z.—final 4 p.e.. July 13 N.Z, Breweries—final, 3J p.e. July 17