COMMERCIAL

Evening Star, Issue 20846, 16 July 1931, Page 7

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. Bank of Now South Wales shares were inquired for at £24, with a seller asking £25. New Zealands wore sought lor ai £1 7s. hut thorn were uo sellers. Sellers again asked 14s 3d for Commercial Banks, but buyers would not oiler more than 13s lOd. Shares in the E.S. and A. Bank were offered at £4 2s Cd without attracting any buyers. Union Banks were wanted at £6 10s, but sellers moved up to £6 16s. There was still a buyer of National Insurances at 12s lOd, but there was no response from sellers. Sailors of New Zealand Insurances cased down to £2 2s 3d cum dividend, without a buyer quoting. Preference Huddait, Parker shares were on iho market at 18s 6d, and Howard Smiths at 7s, without a buyer in either case. Kaitangata Coals continued to bo offered a* Is 6d discount, but there was no buying offer. Wostporls were inquired for at £2 2s 6d. Goldsbrough, Morts were tho only slocks m the loan and agency section to be quoted, tho buyer offering 19s and the seller asking £1 Os 9d British Tobaccos had inquiry at £1 4s, but sellers were not present. Buyers of Donaghy’s Rope and Twines improved slightly. This morning’s offer was £1 Os 9d, but there were still no sellers. Kaiapoi , Woollens were wanted at 7s 9d without ‘ sellers. There was still inquiry for Christchurch Gas shares at £1 15s, without sellers. N.Z. Breweries shares were quoted ex dividend this morning, sellers asking £3 33s 9d, but the best buyers offered only £3 12s. A parcel of Waihis was offered at 15s 9d without buyers. Sellers of Mount Lyells cased back to 18s, but buyers were 9d away. Two sales of Okaritos at 9? lOd were effected, and tho market closed with a further buyer at that prico and seller at 10s 2d. Two parcels of Cornish Point' also changed hands, the prices being lid the last quotes showing a seller still asking that price and a buyer offering lOkl. There was still good inquiry in tho Government War Bond section. Sales on 'Change:—Oltarito. 9; lOd (two sales); Cornish Point, lid (two sales).

DIVIDENDS PAYABLE. Stock. Amount. Period. Date. N.Z. Breweries Is 3d final, .Inly .6 National Bank N.Z. 2s final July 18 Union Bank 2s final, July 31 Trustees, Executors 4 p.c. final, August 6 N.Z. Insurance Is final, August RYEGRASS CERTIFICATION. QUICK TESTMETHOD DISCOVERED. [Pint United Press Association.] PALMERSTON NORTH, July 15. A publication of outstanding importance to the ryegrass seed trade and New Zealand farmers in general, detailing the work of Messrs Linehan and Mercei, of the Ministry of Agriculture in Belfast, in perfecting a rapid laboratory method of accurately distinguishing between the seeds of true perennial ryegrass, false perennial ryegrass, and Italian ryegrass has recently been received by the plant research station at Palmerston North. This method, with the use of screened ultra-violet rays ■luring tne germination of the seed, enables information to bo available in a lew c.ays tha’ hitherto necessitated extensive” field trials covering many months. The material an which the Irish investigators worked was supplied by the Palmerston North plant research otati m, and covered all types of ryegrass that are being produced in New Zealand. Mr Nelson Foy, of tho plant research station, has checked up tho work of Linehan and Mercer with the additional material available here with con plouo verification of tho Irish results. I'e is at present perfecting the method so that it can bo generally adopted in all ryegrass certification and testing work performed by the station, I in l method is to germinate the seeds to no tested on absorbent paper, these ate then placed under nltra-violt rays, when it is fount that tiny roots and pseudo-perennial ryes arc loft on the pap-ir material which shines a brilliant blue, whereas tho true perennials exude none of this ilorescout material. It is an easy matter to count up tho percentage of Italian there may bo in the mixed sample. A matter worthy of note is that the now test has proved that the work of the station in seed certificates from field trials has been remarkably accurate.

BUTTER AND CHEESE QUALITY. EFFORTS OF DAIRY DIVISION. [Peu United Puess Association.] WELLINGTON, July 15. With a view to effecting improvements in the quality of the dominion’s dairy produce a meeting of the dairy instructors and graders stationed in the Auckland province was held at which an examination was made of various lots of experimental butter made under the supervision of tho instructors by three of tho butter factories in the province. Tho Minister of Agriculture (Hon. A. J. Murdoch) stated to-day that the results of the experimental work emphasised tho need for sweet, souudliavourcd cream being delivered at dairy factories manufacturing butter iu order that manufacturing operations might bo so adjusted as to avoid complaints regarding the neutraliser iiavour in butter and of its being insipid or lacking in aroma. A quantity of cheese was examined and points in connection with manufacture and grading were discussed. Mr Murdoch, who is himself a practical farmer, has lately been in close contact with those connected with the dairying industry, and among the letters of appreciation of the work which ho has received is one as follows: — “ It may be some encouragement for you to know that your efforts in helping the dairying industry are very much appreciated by many of those with whom you come in contact. 1 write this because 1 know we are all somewhat diffident in expressing appreciation, and 1 hope you will excuse the liberty I have taken.’’ BUTTER AND CHEESE. . Tho New Zealand Loan and Mercantile Agency Company Ltd. has received the following cablegram from its London house under date 15th instant:— Butter: New Zealand choicest unsalted, 114 s to 115 s; market slow. Cheese— White 60s to 61s, coloured 62s to 635; market is quiet. COMMERCIAL BANK. [Per United Press Association.] WELLINGTON, July 15. The manager of tho Commercial Bank iu Wellington has advised the Stock Exchange Association that at the annual general meeting of shareholders to be held on August 6 the directors will recommend a dividend for the six months ended June 30 at the rate of 4 per cent, pei annum on the preference shares and 10 per cent, per annum on the ordinary shares. This will equal a dividend of Hi per cent, on the ordinary shares. SALE OF CROWN LANDS LEASES At an auction of Crown lands held at tho Lands Department yesterday afternoon, the leases of tho following sections in the Town of Hyde (each comprising one rood) were of at the upset rentals as follows:—Section 15, block 1., Mrs M. Laughton, of Hyde; section 23, block 1., Mrs B. Dowling, of Hyde; section 9, block 111., Mrs H. Laverty, of Dunedin; sections 10, 33, and 34, block 111., Thomas Holland, of Hyde; sections 28, 29, and 35, block HI., J. J. Creighton, of Hyde. In addition: Section 22, block: 11., Tautuku S.D. (comprising 1 rood 22 poles), was purchased for cash by Mr W. J. R. M'Callum, of Owaka, for £l6, the upset being £2. MOUNT LYELL RETURNS. The Mount Lyell Mining Company’s progress report for the fortnight ended July 1 is as follows; — North-Mount Lyell Mine.—Tons extracted, 7.348; 850 ft level, north drive deviation No. 4 to 113 ft through hard pyritised quartzite carrying a small amount of chalcopyrito; 625 ft level, south-east drive to 80ft through fractured grey quartzite. Crown Lyell Mine.—Tons extracted, 782 Royal Tharsis Mine.—Tons extracted, 217; I,looft level, transport drive to 269 ft through silicious pyrtised schist. Lyell Comstock Mine, Tons extracted, 4,619 No. 5 level, No. _ 1 drive to 147 ft through dark grey schist carrying a fair amount of chalcopyrito; No. 2 nse to 39ft through schist carrying a little chalcopyrito. . Reduction Works,—Furnace m blast 2 2-3 days during period; 6,544 tons of refinery anodes made for current year. Concentrator. - Mill operated 333 hours and treated 12,609 tons of ore, producing 1,895 tons of concentrates. Copper Refinery.-Tank house in operation throughout fortnight, 414 tons of cathode copper being produced tor the period. Total for current year, 8,166 tons. ' Treatment Plant Extension. —Coarse crushing sect.on: Good progress being made with general construction programme. GOLD FROM TAILINGS. Two companies Electrolytic Gold Pty. Ltd. and Electrolytic Gold (Overseas) Pty. Ltd.—have been formed m Victoria, with the aid of English capital. to exploit an invention of Mr V. Nightingall, of Melbourne, for the extraction of gold from tailings, dumps, and refractory ore. An experimental plant at Stawell is reported to have given satisfactory results, and the manaceniont has decided to instal a plant there to treat 1,000 tons of tailings. Dumps of tailings in other parts of Australia will be treated later. It is estimated that the cost of treating the tailings will bo 2s 6d a ton, RESTRICTING ZINC OUTPUT. Press Association—By Telegraph—Copyright. LONDON, July 15. (Received July 16, at 8.30 a.in.) At Ostend a conference of zinc producers agreed to restrict the production in 1932 by 45 per cent. PRICE OF SILVER. (British Official Wireless.) RUGBY, July 14. Silver is quoted, both spot and forward, at 13 l-16d per ounce. PRICE OP GOLD. Press Association—By Telegraph—Copyright LONDON, July 15. (Received July 16, at 11 a.m.) Fine gold is quoted at £4 4s Hi cl per ounce. j LONDON WOOL SALES. Press Association—By Telegraph—Copyright LONDON, July 15. (Received July 16, at 11 a.m.) At tho woo! sales 8,919 bales were offered, including 6,907 from New Zealand. About 8,325 bales _ were sold. There was a splendid selection of slipes and a limited supply of other sorts. There was a good clearance with general competition at full late rates. Now Zealand greasy cross-breds: “ Queroa,” 73d and 7d; “ Pckapeka,” 6id and 'Gjclf lialf-breds, “Ponkawa,” 9Jd and 9d.

Buyers. Solid S s. d. £ S. d. BANKING— Bank of N.S.W, ... 24 0 0 25 0 n Bank of N.Z 2 7 0 — Bank of Now Zealand, Long “ D ” 1 5 0 — Commercial Bank (cum div.) 0 13 10 0 14 3 E.S. and A. Bank • 4 2 6 National Bank of New Zealand (cum div.) — 4 8 e Union Bank of Aus. Ltd. (cum div.) ... 6 10 0 6 16 0 INSURANCE— National Insur. Co. 0 12 10 — New Zealand Insur. Co. (cum div.) ... — 2 2 3 Standard Insur. Co. 2 4 0 * — SHIPPING— Howard Smith ... 0 7 0 Huddart, Parker (prof.) U.S.S. Co. (pref.) ... 0 19 9 0 18 6 COAL— Kaitangata Coal — 0 1 6d Westport Coal Co. 2 2 6 — LOAN AND AGENCYGoldsbrough, Mort ... 0 19 0 1 0 S MEAT PRESERVING— N.Z. Refrigerating (cont.) — 0 3 0 MISCELLANEOUS— British Tobacco 1 4 0 O.l.C (pref.) 0 19 6 Dominion Rubber ... — 0 12 6 Donaghy’s Rope and Twins , 1 9 9 Kaiapoi Woollen (ord.) ... . ... —. 0 7 9 , Milburn Lime and Cement I 10 3 Mosgiel Woollen Co. 6 8 0 M'Leod Bros 19 10 0 National Electric — 0 10 0 N.Z. Drug Co. 2 10 6 — N.Z. Milk Products (Bonds) 1 0 0 — N.Z. Paper Mills 0 17 6 — Smith and Smith (pref.) —. 0 18 0 Wilson (N.Z.) Com. 1 15 0 r— GASChristchurch 1 5 0 r— BREWERIES— N.Z. Breweries, Ltd. (es div.) 1 12 0 1 13 9 N.Z Breweries Debs. 1 1 0 — MINING— Waihi 0 15 o Waihi Grand Junction 0 3 8 Mount Lycll 0 17 3 0 18 0 Kildare — 0 0 11 Okarito 0 9 10 0 10 , Paddy’s Point ... ... 0 3 3 — Cornish Point (paid) 0 0 101 0 0 :i Golden Progress — 1 8 0 Kin" Solomon 0 2 9 0 2 Golaen Point — 0 1 10i WAR BONDS. (Boils quoted are £100 Bonds.) 1938 4i p.c. Bonds ... 98 0 0 — 1939 41 p.c. Bonds ... 98 0 0 — 1941 4 1 p.c. Bonds, ... 98 0 0 — 1938 4£ p.c. Inscr. ... 98 0 0 — 1939 41 p.c. Inscr. ... 98 0 0 — 1933 5i p.c. S.S. Bonds 98 10 0 — 1936 5i p.c. Insc. ... 99 10 0 —