METALS SHARES WEAK

Dominion, Volume 30, Issue 176, 22 April 1937, Page 14

METALS SHARES WEAK

Further Decline in Sydney INDUSTRIALS STEADY By Telegraph.—Press Assn. —Copyright. (Received April 21, 9.25 p.m.) Sydney, April 21. A renewed easing in metal share values was the main feature of Stock Exchange operations to-day. Industrial issues weie steady to firm. Government loans were hardening. Sales: Bank of New South Wales. £3B 2/6: Commercial Banking Co. of Sydney, £22/18/-; Queensland National Bank, £5/10/-. .. Colonial Sugar; £4o/o/-; Mercantile Mutual Insurance, New Zealand delivery. 31/6; Adelaide Steam. 32/6: British lobneeo, 51/-. Tooths. 57/6; Touheys, 30/3: Coles, £5/7/6; Australian Glass., New Zealand delivery. 92/3: Dunlop I’erdriau, 21/3. Goldsbrough Mort, 37/44: \\ inclieombe Carson. 36/9; Wilcox Moftlin. 14/4; Morris Hedstrom. 29/9. Electrolytic Zinc, 57/9: ditto, pref., 59/-: Anthony Hordern. 20/ID Australian Gypsum, 21/9; R. Fowler, 10/3: Bitt, Son' and Badgery, 01/-; Clifford Love, 55/5. _ Amalgamated Wireless, 08/-; 1 lnn {T Isles. 31/-; Union Theatres, pref., 14/9. Woolworths, Ltd., ordinary, sale ** 6/-; Woolworths (New Zealand), buyer £7/10/-, seller £7/18/-. Mount Morgan. 14/11; Mount Lyell, 45/10J; Zinc Corporation, £6/18/-; Larut Tin, 20/3, Morning sales included: Commonwealth bo”nds, 3 per cent.. 1948, £9l; 3 3-8 per cent., 1949, £94/10/ ; 4 per cent., 19611 £lOO/13/9; Wilcox Mofflin, 14/3; Australian Gas. A. £7/4/6; Sargents. 32/9: Broken Hill Proprietary, 82/9 ; Electrolytic Zinc, 58/-, and pref. 59/3; General Industries, 20/44. LONDON WOOL SALES N.Z. Shipments Offering By Telegraph.—Press Assn.—Copyright. London, April 20. The third series of London wool sales for 1937 will commence on April 27 and conclude on May 6, The catalogue totals 63,300 bales, including 18,050 of Australian and 31,150 of New Zealand. Dalgety and Company, Ltd., report:— We anticipate strong demand at the London wool sales with the following advances Merino, 5 per cent, to 74 per cent.; crossbred, 1.0 per cent. As compared with closing rates of March series. Sales open on April 27. List of arrivals closed April 19. The following vessels in which we are interested have arrived for the sales: —Taranaki, Tekoa, Tahini, Remuera, Zealandia, Port Fremantle, Waipawa, Rotorua. Rangitiki, and Port Townsville. We sell on April 27 and 29 and May 4 and 6. Sales close May 6. The New Zealand Loan and Mercantile Agency Company, Limited, have received the following advice from their London house, dated April 20:—Wool sales: List closed to-day. New Zealand shipments ex Fordsdale, Cornwall. Huntingdon, and Bencruachau available. EXTREMELY FIRM Sydney Wool Sale By Telegraph.—Press Assn. —Copyright. (Received April 21, 9.25 p.m.) Sydney, April 21. At the wool sales to-day 12.326 bales were offered, of which 10,490 bales were sold at auction, also 660 disposed of privately. . . There was good competition, with prices extremely firm. Good clearances were effected. Greasy merino made to 27jd. SAVING IN INTEREST Australian Loan Conversions Thirty-nine per cent, of the total Australian funded debt in London has been converted, mostly to lower rates. The Federal Treasurer (Mr. Casey), who is now in London, will probably deal with a further £12.361,000 which tails due in November. When that has been done, more than £210,000,000 will have been converted in about six years. Between October. 1932. and June, 1936, the conversions totalled £198,500,000 (sterling). The annual saving is approximately £4,000,000 in Australian currency. The reduction in interest rates on individual loans varies from 1 per cent, to 3 per cent. The conversions are regarded as a triumph for the prestige and financial acumen of the Australian High Commissioner (Mr. S. M. Bruce). The conversion operations in London since October, 1932, are summarised below. The amounts are in sterling.

New South Wales debts included in th-> operations amounted to £94,820,(100, and on these the total saving is £1,544,000 a year. This represents about 20 per cent, of the State's interest bill in London before the conversions were undertaken. Kildare Gold Mining Co. A debit balance in (he profit and loss account, of £3196 is shown in the bal-ance-sheet of Kildare Consolidated Gold Mining Company. Limited. Otago, for 1936. The report states that although slightly more gold was obtained than in the previous year, actual’ operations showed a loss of some hundreds of pounds. Operations in the deep hole at Surfdale Hill wore suspended as prospects were not encouraging, and work on higher ground had later uncovered nothing of value. In the channel, however, sufficient gold was obtained to meet current expenses, Further operations were giving the directors considerable concern. Paid capital of the company is £BOOO and rights, property, machinery, and shares are valued in the current accounts nt £5510. Goldmining Returns The Okarito Five Mile Beach Gold Dredging Company, Ltd., reports that the wash-up for tbe week ended on Saturday was 240 z. 3dwt. for 129 hours’ dredging. The Waitahu Gold Mining Company, Ltd., reports that a further partial washup on Friday last resulted in a return of 570 z. Tldwt. for 24 shifts’ elevating of eight, hours each. This makes the total goid won to date from No. 12 paddock 1450 z. 19dwt

Date. Amount. New •. Old rate. rate, (effective) p.c. p.c. £ d. October, 1932 ... 12,360,000 5} 4 1 ‘ 1 February, 1933 . 9,6'21,0110 ■1 4 0 0 .May, .1933 11,410.000 64 3 14 . 1 July, 1933 17,221,000 6 4 1 10 September, 1933 •20,951,000 6 & 5} 3 17 11 December, 19X3 . 16.647,00) 54 & 5 3 16 9 February, 1934 . 21.636.000 51 & 5 3 13 8 November, 1934 . 14,602.000 3 to 5 3 G 0 January. 1935 .. 22,384.000 3 V> 0 July. 1935 13.470.0(H) 3 * 5 3 0 0 January. 1936 ... 21,657,000 5 3 10 .lune, 1936 16,551,000 3 to 4-.1 2 18 6 Total 198,513,000