STRONG MARKET

Dominion, Volume 29, Issue 210, 2 June 1936, Page 12

STRONG MARKET

Australian Stock Exchange BROKEN HILL ADVANCE By Telegraph—Press Assn.—Copyright. (Received June 1, 8.25 p.m.) Sydney, June 1. On the Sydney Stock Exchange to-day leading indiirjtriala met a strong market. Broken Hill Proprietary scrip advanced to a new high record level. Sales: Colonial Sugar, £42; Bank of New South Wales, £33; Associated News, 22/li, 23/44; Howard Smith. 18/104; British Tobacco, 41/9. Tooths. 52/6: Toohcys, 31/3; Carlton, 57/6; Coles, 80/9; Dunlop Perdriau, 18/-; Moß'lins, 11/th Lustre, 25/3; General Industries, 19/7J._ Mount Morgan, 14/7; Broken Hill Proprietary, 67/-; ditto, new, 43/4; Broken Hill South, £5/13/-; Rawang, 9/-; James Stedman. 18/-; Woolworths, second pref., 26/6; Koroere, 4/10; Mineral Development, 1/1; Emperor, 12/9; Mount Knei, 11/-. Morning sales included: Commonwealth bonds. 4 per cent., 1935. £lO2 5/-; 1941, £lOl/5/-; Bank of Australasia, £l2/2/-; Tooths Brewery, 52/3; Anthony Hordern, 18/104 ; Colonial Sugar, £42; Howard Smith, 19/-. Melbourne, June 1. Sales on the Stock Exchange to-djiy. included : National Bank. £5 paid, £7/6/-: Dunlop Perdrinu. 18/3; Herald and Weekly Tinies. 68/9. GOLDEN DAWN MINES Net Profit Doubled Golden Dawn Gold Mines Ltd. reports a net profit of £15.988, against £7957 earned in the previous year. The total amount available is £17,234. Depreciation requires £1250, and £9500 is transferred to development reserve, leaving £6484 to be carried forward. The report states that in the ordinary course there would be a substantial amount to pay to the shareholders, but before doing this it is necessary to pay the amount of £4246, advances by the Unemployment Board and the Mines Department. The cash assets, Jess the liabilities. would not have allowed this to be done without reducing the amount available for further development, to rather too low a sum in such a business as mining. A request had been made for a reduction of the amount payable and was now under consideration. At the present juncture the directors cannot declare a dividend. In development the exploration of the lodes in the present area of production disclosed the existence of several branch reefs containing values which increased the payable ore reserves of the company, the tonnage being estimated in December. 1935, at 9077 tons of assured ore and 4660 tons of probable values. It was from the stopes on the reefs in this section of the mine that the 8645 tons of the company’s ore treated during the year were produced. The extension of the northern drive and crosscut from it has been continued for a total of 838 ft.. passing broken country for 502 ft. It is now in more solid country and has to be continued for some 300 ft. before it reaches the locality under the foot of the main range where it is expected to encounter in undisturbed country the continuation of the reefs now being worked, TIMBER INDUSTRY Rise in Prices Coming Reference to increased costs in the timber industry was made by Mr. G. J. Browne, chairman of directors, at the annual meeting of the National Timber Co., Ltd., at Auckland. • Mr. Browne said the 40-hour week and the higher Wages asked by the workers would result in a rise in timber prices. 'The Government realised that the industry could not pay higher wages without some increase in prices, but it had asked the millers not to take any action until it had examined the position. Dealing with a mortgage liability of £lO,OOO which appeared in the. accounts. Mr. Browne said the money had been borrowed against the purchase of extra bush land. The report and balance-sheet, which appear in this column on May 19. were adopted. The retiring directors. Messrs. Browne and J. A. Lamb, were re-elected. HIGHER BUTTER PRICES Tooley Street’s Opinion By Telegraph—Press Assn.—Copyright. London, Mny 31. The improvement in the butter market continues. Tooley Street authorities consider that the market is heading definitely for higher prices. Activity is concentrated on New Zealand descriptions. Australian butter is on a rather quiet market. Joseph Nathan and Co.. Ltd., have received from their principals. Trengrouse ami Nathan Ltd., London, the following cablefl advice, dated May 30:—New Zealand butter, 103/-. Market quiet. New Zealand cheese: White, 58/6; coloured, 56/6. Market firm. 'l'he Bank of New South Wales has received the following cabled report on the meat and dairy produce markets from its London office, dated May 30:—Mutton: Ewes, 3d. to 44'1.: wethers. 3 5-Sd. to 4 7-Sd. Lamb: 6 1-Sd. to 71(1. Beef: 2 3-Sd. to 4d. Pork: 5 1-S.I. to 5 _5-Sd. Butter: 103/-. Cheese: White, 58/6; coloured, 57/-. London Stock Exchange By Telegraph —Press Assn. —Copyright. London. May 31. Interest in the stock and share markets is negligible owing to the Derby ami Whitsun holidays. Gilt-edged securities remain weak and industrials are barely supported. Australian Government loans are affected by the current dullness of the market, but a leading firm of stockbrokers draws attention to the discrepancy in the Australian and New Zealand issue and instances New Zealand 3 per cents, at £99 and Australian at £94. and firm at that. They point out that Australia has a record for conservative finance and it also shows a satisfactory export surplus, while New Zealand, having nationalised the Reserve Bank, seems resolved on a policy of financial dictatorship. Gold Mining Returns The Okarito dredge hail a wash-up of 220 z. !)dwt. for .129 hours’ work. Gillespie's Beach Gold Dredging Co., Ltd., reported to the Stock Exchange Association a return of 330 z. 12dwt. for 69 imurs' work. The following advice lias been received by the secretary of the Nevis Sluicing Claims from the claim manager:— The wash-up in the main tail race has resulted in 920 z. 12dwt. of gold being won. Included in the wash-up are no fewer than nine nuggets, varying in weight from 4oz. to loz. Idwt. Before cleaning i. No. 2 tail race, there will be a further week’s sluicing, but it is not anticipated that there wil] be a great deal of gold won from this second wash-up, most of the sluicing having been done into the No. 1 tail race. The claim Is now well opened up for a favourable season next year. By Telegraph — Press Association. Auckland, June I. The Malaki dredge return for the we"k ended May 31 was 38 ounces for 135 hours’ work, 9000 cubic yards being dealt with.