COMMERCIAL

Evening Star, Issue 20958, 24 November 1931, Page 9

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. A lato sale of Okaritos at 9s 3d was reported at this morning’s meeting of the Dunedin Stock Exchange. Bank of Australasias were offered at £lO without a buyer quoting. Bank of New Zealands (Long “ D ” issue) were wanted at. £1 5s 6d (cum. dividend), but none were offered. National Insurances were again wanted at 13s, but sellers appeared at 13s 9d. Westport Coals were quoted ox dividend, buyers offering £1 4s 6d, with sellers firm at £1 6s. Preference Westport-Stockton shares were on the market at 3s, without a buyer offering. Buyevs of Donaghy’s Ropes eased to £1 8s 6d without sellers, and no vendors answered a bid,of £1 7s for Wilburn Lime and Cements. New Zealand Paper Mills were ex dividend, buyers offering 17s 9d, without sellers. Sellers of Electrolytic Zincs (preference) quoted 19s 3d, but the best buyer offered 2a less. Sellers of Paddy’s Points eased to 3s, without a buyer. In the Government War Bond section, 1938 and 1939 4£ per cent. Bonds and Stock and 1937 5£ per cent. Bonds were quoted. Sale Reported.—Okarito, 9a 3d. Quotations as under;—

WEST COAST COAL TRADE. Prospects of any noticeable recovery in the aoal mining industry before the New Year are stated to be unpromising (says the Greymouth correspondent of the ‘Christchurch Times’). Several good orders have gone to the North island mines during recent weeks for the reason that transport is less costly than from Coast mines. Advice has been received that unless an improvement in the position is brought about within a week, at least one of the larger mines in the district will have to close down. Blackball and Wallsend are averaging two days’ work each week, State three, Dobson is closed, and all the co-operative miners are working short time. Some difficulty is being experienced in keeping the industry moving, the output being confined to tbo two or three days each week. WAK-ll REPORT. Tho following report has been' received from the > superintendent of the Waihi Gold Mining Company’s mine:— The principal work carried out underground during the period ended September 19, 1031, was as follows No. 11 Level.—Junction No, 1 shaft: A chamber has been opened out at No. 7 sub-level corresponding with Waihi Company’s No. 11 level. This will enable ore from this level to be hauled through the Junction shafts instead of Waihi Company’s shaft as hitherto. State reef: A rise is being put up at a point 30ft oust of Junction No. 1 shaft south crosscut, tho height at tho elld of tho period being 19ft. Assay valuo at 12ft is 58s lOd over a width of four feet, the north wall being seen. Empire lede: A gangway in tho footwalj of tho Empire lode has been commenced at a point 165 ft in Junction No. 1 shaft south-east crosscut, ahd will bo driven westward about 300 ft, its purpose being to take out an arch of ore mr Empire lode left by previous Junction Company. Junction No. (3 Level.—Dominion lode: The sloping of a small shrinkage block close to Junction No. 1 shaft is being commenced. No. 10 Level.—State reef in Grand Junction area at 30ft sub-level; Driving was stopped at 98ft east, the reef in this direction having reached tho payable limit. A rise lias been commenced at 96ft point, and is up 23ft. The assay value at 18ft is 34s 3d per ton over a width of four feet, the north wall being seen. Reef at 103 ft in Junction No. 1 shaft, north-west crosscut; Driving westward was continued lo 8(lft, where calcilc made its appearance, almost cutting out tho quartz. Crosscutting is in progress now at this point. No. 10 (52ft) Sub-level.—Empire lode in Waihi Company’s area: An east drive from Rolker yrinz© >vas com-

menced and extended to 161 ft. Payable quartz is exposed for the whole length, the width varying between four and five feet. Junction No. 5 Level.—Dominion lode: The south-west drive was continued to 86ft, where work was stopped. The face is a mixture of quartz and country three feet wide, assaying Gs Gd per ton. The north-east drive from close to Junction shaft was extended to 82ft. The vein has reduced to six inches, and driving has been stopped. EXCHANGE RATES. Although no official notification has been received, a reduction in Australian exchanges rates is expected by many banks, but the present schedule rate remains at £lB 17s 1 Cd for selling drafts (states the Auckland ‘Herald’). This rate is not adhered to by all the banks, most of which are offering a much lower premium. In one bank which does business with Australia the premium has been reduced to £l2 10s. SYDNEY WOOL SALES. STRONG COMPETITION. Pres* Association—By Telegraph—Copyright. SYDNEY, November 23. At the wool sales 11,745 bales were offered, and 10.516 were sold, in addition to 1,123 which were disposed of privately. There_ was strong competition from all sections of the trade, and the market was practically on a par with last week’s closing rates. Greasy merino made the record price of 22Jd. MAHAKIPAWA GOLDFIELDS LTD. The Mnhakipawa Goldfields Ltd. has received advice from the mine manager that he is now working four faces, of which two are in good gold wash, and he expects to have another face working also in good wash within the next day or so. No. 7 east crosscut has been further extended, and gold has again been found, the drive being out now 90ft from the main drive. The air compressor which was purchased recently has arrived at the mine, and the foundations for a compressor motor are being put in. It will he about three weeks yet before the compressor can bo used. With a substantial sum to he received from the premium on gold sold to date and moneys on deposit the reserve funds of tlie company are ample to meet all contingencies.—Christchurch correspondent.

Buyers. Sellers. BANKING— £ i. d. £ s. d. Bank of Australasia — 10 0 0 Bank of N.S.W. ... Bank of New Zealand (Long “ D,” cum. 30 0 0 div.) 15 6 — Commercial Bank Union Bank of Alls0 15 9 0 16 5 tralia Ltd. INSURANCE — 8 3 0 National Insur. Co. 0 13 0 0 13 9 Standard Insur. Co. SHIPPING— 2 3 0 Howard Smith 0 5 6 *— U.S.S. Co. (pref.) ... COAL10 2 Kaitangata Coal Westport Coal Co. 0 3 6d 16 0 (os div.) ... W estport-Slockton 14 6 (prof-) - LOAN AND AGENCY0 3 0 Goldsbrough, Mori: Wright, Stephenson 12 0 12 9 (ord.) MEAT PRESERVING0 15 0 Goar Meat Co. N.Z. Refrigerating 15 0 r— (paid) N.Z. Refrigerating 0 10 3 0 H 9 (cout.) ... MISCELLANEOUS0 4 2 0 4 5 Crystal Ice Co 12 0 — D.I.C. (ord' ... ... 0 11 0 — D.I.C. (prof.) Donaghy's Rope and 0 19 9 Twine _ Milburn Lime and 18 6 Cement 17 0 e— Mosgicl Woollen Co. 6 10 0 — National Electric ... « 0 10 0 N.Z. Drug Co 2 8 6 — N.Z. Express (ord.) N.Z. Paper Mills 0 17 9 0 12 0 (ex div.) — * Otago Daily Time* ’ Wilson’s (N.Z.) Cement 2 4 0 T" (cum. div.) 1 15 6 — BREWERIESN.Z. Breweries Ltd.' 19 6 1 10 6 N.Z. Breweries Debs. MINING110 Waihi 0 14 6 0 15 3 Waihi Gd. Junction ... Electrolytic Zinc 0 3 0 (pref.) 0 17 3 0 19 3 Okarito 0 9 2 0 9 5 Paddy’s Point ... — 0 3 0 Cornish Point (paid) — 0 0 6 Golden Progress 16 9 1 10 6 King Solomon 0 19 0 2 0 Blackwater WAR BONDS0 2 6 (Bonds quoted are £100 Bonds)— 1938 4J p.c. Bonds ... 93 0 0 97 10 0 1939 44 p.c. Bonds ... 96 0 0 97 10 0 1333 44 p.c. Insc. ... 36 0 0 — 1939 44 p.c. Ins, 96 0 0 99 0, 0 1937 54 p.c. Bonds ... 98 12 6 DIVIDENDS PAYABLE. Stock. Amount. Period. Date. Westport Coal 1/3 final Nov. 24 N.Z. Paper Mills 7L5d Nat. Bank of Aust. interim Not. 24 (£10 shares) ... 6/ Nat. Bank of Aust. interim Nor. 25 (£5 shares) ... 3/ interim Nor. 25 Wilson’s Cement ... 1/ interim Nov. 26 Dainty 4/ final Nov. Bank of N.Z. ... 1/4 interim Dec. & P. and 0 1/ final Dec. 6 North Broken Hill 2/ Deo. 14 Mount Lycll 6d final Dec, -