COMMERCIAL

Evening Star, Issue 20981, 21 December 1931, Page 9

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. Sales were effected at the opening call over for the week in Paddy’s Points at 3s 3d, and four parcels of Okaritos changed hands at 10s 6d. The result of the Federal elections was no doubt responsible for the slight rise in several Australian stocks. Bank of New South Wales were wanted at £2B ss, but sellers were not on the market. Bank of New Zealands were offered at £2 6s without attracting buyers. There was inquiry for E.S. and A, shares at £4 10s; sellers, however, would not take less than £4 12s. Union Bank of Australasias were in demand at £7 16s without response. Ordinary Huddart, Parker shares were wanted at £1 3s, while U.S.S. (preference) were wanted at 19s 6d, ox divdend, the best seller being £1 0s 6d, Buyers of British Tobaccos improved to £1 7s cum dividend, but there were no sellers. Milburn Limes were on the market at £1 10s without a buyer. Preference Electrolytic shares were wanted at 19s 9d, and the ordinary shares at 15s, but there was no seller of either. There was an improvement in Okaritos as the result of a very satisfactory return, and after four sales had been effected the market closed with buyers at 10s 5d and sellers at 10s 7d. Sales on ’Change; —Okarito, 10s 6d (four sales); Paddy’s Point, 3s 3d. Quotation* u under:—

DIVIDENDS PAYABLE. Stock, Amount. Period. D«4q. Mount Ly«ll ... 6d final ' Dec. Nat. Bank of N.Z. 2/ interim Jan. 4 Zinc Corporation 2/ interim Jan. 4 OKARITO RETURN. The secretary of the Okarito Five Milo Beach Gold Dredging Co. Ltd. reports that the wash-up for the week ending December 19, 1931, has yielded 183 oz lOdwt for a total dredging time of 129 hours. Dredging will be stopped as from December 19 until early in January. This is tho best return for one week’s work that the company has yet obtained, tho highest return previously being 120 oz for one week.

WAIHI MINING COMPANY. The principal work carried out in tho mine during the four weeks ended October 17 was as follows 13 level: Tho breaking of ore in this block was completed and the quantity of broken ore is estimated at 13,327 tons, which is now being drawn off. No. 11 level: State reef (in Grand Junction area), the level was widened for sloping timbers from 20ft to 114 ft east. State rise: At 30ft east from the main crosscut was put up to 64$ ft. Tho_ average assay value from 12ft to 55ft is 38s 7d per ton, and tho width of lode varied from 2ft to 4ft. Martha lode: Brooks rise, situated at 115 ft from the east boundary. At 70ft up an intermediate level ■ was commenced and driven westwnrd a distance of 53ft. Tho assay value over this length being 22s 9d per ton, and the width of quartz varying from 3ft to 6ft. The level was driven eastward 19ft, but the quartz was of little or no value. No 10. level: State reef (in Grand Junction area), tho roof of the State blocft was sampled about 50ft up, .over its full length of 153 ft. Results showed a length of 10ft at the oast and 60ft at tho west to be of low value, and stoping operations have been confined to the area between these points. No. 10 (30ft) sub-level, 103 ft roof (in Grand Junction area); At 84ft cross-cutting was done to tho north Gift and 2ft in. A 6in sulphide seam was intersected, which was driven on westward to 21ft. At the point of intersection the assay value was high, but immediately driving was commenced the value became very low and the vein split into stringers. No. 10 (52ft) sub-level, Empire lode: The oast drive from Holker winze was continued to 202 ft, where it connected to former workings. Tho ore opened up during tho period was of no value. A winze was commenced at 125 ft east, but after sinking sft, the sulphide ore gave place to and sinking was stopped. Preparations are now being made for stoping, and the block will extend from 18ft to 189 ft oast of Holker south crosscut.

GRAIN AND PRODUCE, Messrs Donald Reid and Company Ltd., report:— Oats: Tho market firmed during the week, and inquiries throughout the country brought a few lines to light. There is every appearance that there will bo a shortage up north this coming harvest, and merchants appear anxious to secure any lines of grade oats that may be still unsold. Values improved and 2s 4d per bushel was obtained for A grade, B grade were sold at 2s Id (sacks extra), on truck, country stations. Chaff: The market has firmed, but the demand at present is negligible. Prime alone is saleable. Very few trucks are arriving. Canterbury holders are anticipating a further rise in' value after the new; year. In the meantime prime is worth up to £4 ss, ex truck, or £4 15s, ex store (sacks extra). Wheat: Millers are not operating, and any lines offering are consequently being sold for fowl wheat, tho value of which at present is higher than what new season’s wheat will be. Millers and growers have come to an agreement as to the handling of the new crop, and the conditions will no doubt appear in tiro newspapers within the next few days. In the meantime fowl wheat is selling at 5s 2d, f.o.b. (sacks extra), but there is not now ,a great deal of good whole quality left to sell. PROPERTY REPORT, Alex. Harris Ltd. report having sold at auction on Saturday, under instructions from the Public Trustee, in the estate of Alexander M'Culloch (deceased), a freehold property, being part allotment 51, Mosgiel Junction, and 27 poles, Clyde street, together with a two-roomed cottage and outbuildings thereon. After good competition tho property was sold to Mr Graham at a satisfactory price.

SHARE TRANSFER DUTY. Reference to the increase in stamp duty on share transfers last year and to the delay witli legislation revising company law in New Zealand was made by the chairman of the Auckland Stock Exchange, Mr G. C. Creagh, in his review of the year, given at the annual meeting of the exchange on Tuesday, “ During the year nothing has been done to cancel the inequitable and extremely objectionable system of stamp duties on overseas transfers introduced by the New Zealand Government last year,”' Mr Creagh said. As had been stated more than once, New Zeaalnd had- established a precedent for double taxation, a principle which had been vigorously opposed throughout the Empire for many years; It was well known that the British Government actually refunded income tax to colonial holders of stock. It was to be hoped that the matter would receive the attention it merited at the hands of the new Government during the next session of Parliament. The new Companies Act, which was long overdue, should become law during the coming year. It would, ho understood, deal effectively with such matters as the issuing of prospectuses, giving fuller information in balancesheets and putting a curb on the activities of fraudulent share salesmen. The need of a balance-sheet reform was a matter he had touched on at previous annual meetings, and there was everincreasing evidence of the necessity for it. It appeared to be a fixed purpose with some companies to give as little and as condensed information in their balance-sheets as possible. As another had said: “ The question of balance-sheet reform bristles with difficulties, but surely between the ideal of complete disclosure (advantageous to trade rivals) and studied concealment, there must be a happy medium which would reveal to shareholders all the information to which they are reasonably entitled. The ideal balance-sheet has yet to-be produced.”

GEAR MEAT YEAR. Satisfaction with the results of the year’s operations was the keynote of the procedings at the annual meeting of the Gear Meat Preserving and Freezing Co. Ltd., held on Thursday. In moVnig the adoption of tho report anl balance-sheet, the Chairman of Directors (Mr Allan Strang) said the bal-ance-sheet showed reasonable, though by no means excessive, profit 1 on the company’s transactions of the past year. The company thus reverted to its traditional position in that respect. The company’s permanent investment in Government stocks had been increased by £21,080 (now standing at £324,730 face value), and the addition from profits to marine, fire, and accident reserve fund brought that special reserve to £12,000. Shareholders would realise that owing to the conservative action of the company in the past they had investments which were bringing in a considerable income, and it was mainly due to that source and the sale of exchange that they had been able to show so satisfactory a balance-sheet. Had they to rely solely upon their stock purchases, the result would not perhaps have been considered quite so satisfactory. The stocks at works and on consignment constituted the only item dependent on realisation. The directors had every reason to feel assured that the amount appearing (£116,689 5s 6d) was a safe estimate of the sum which would be received as the sales proceeded. Shareholders would be pleased to learn that the board had not found it necessary to make very heavy reductions in the salaries or wages of tho staff and permanent servants of the company. The directors desired to express their appreciation of the loyal service rendered by all throughout the past two exceptionally difficult years. Sir Francis Bell, in seconding the motion, emphasised the fact that of the 10 per cent, dividend, a good proportion was derived from the company’s permanent investment in Government stocks and not from the business. The capital was not solely £460,000 in shares, but had added to it a great sum in economies made in* the past. His first point of great importance was that the company was not making anything like 10 per cent', out of the farmers. A second point was that tho reserves shown did not include that created by the whole of the company’s properties, appearing in the balance-sheet at £57,000. There was the great sum invested in Government stocks, and also £IOO,OOO in cash.

The report mid balance-sheet were adopted unanimously. Sir Harold Beauchamp, the Hon. Dr Collins, and Mr 11. W. Gibbs were reelected directors unopposed. HELP FOR FLAXMILLING INDUSTRY. [Special to the ■ Stak.’] CHRISTCHURCH, December 19. Welcome assistance to the almost stagnant flaxmilling industry in New Zealand would be given by the Unemployment Board’s promised subsidy of £3 per ton on fibre exported, because it would enable the millers to get down to the prices at which competitive pro-

ducts were marketed, a member of a Christchurch firm interested in the industry told a reporter to-day. The prices of sisal and manila had dropped enormously to a figure below that at which New Zealand fibre could at present be marketed, he said. The subsidy _ should result in a definite increase in production, with consequent increase in the employment of labour. “ We know that the Government has been considering giving help to the industry by subsidising the low prices ruling,” he remarked. “ The nominal export price for high fair fibre, which is about the standard grade, has been between £l7 and £lB a ton, and very little business lias been coming, and even at that figure no margin or profit has been left, and the industry has been at a standstill for the past year. Other countries, with native labour, are producing fibre in greater quantities than we can do, and our cost of production is not nearly so elastic.” The _ subsidy would bring the price at which New Zealand hemp could be sold more into line with the prices obtained by the competing industries of other countries. Increased employment in productive industries was. of course, the object of the Unemployment Board, and flaxmilling offered the board a good opening. There was the opportunity to absorb a lot of unskilled labour. The amount paid in wages to labour of this class in the industry was a large proportion of the whole cost of production, and the promised subsidy would presumably be chiefly expended in wages, so that the board would be achieving its purpose while the industry benefited. •

COTTON, RUBBER, ,ETC. Pres* Association—By Telegraph-Copyright. LONDON, December 19. Friday’s closing prices arc as follow : Cotton: January shipment, 4.85 d per lb. Rubber: Para, 4|d per lb; plantation smoked, 3Jd. Jute: December-January shipment, £2O 18s 9d per ton. Hemp: None offering. JanuaryPebruary shipment, South Sea, £l4 5s per ton; plantation, Rabaul, £l4 10s. Linseed oil, £l4 10s jier ton. Turpentine, £2 11s per cwt.

WHEAT MARKET. <> Press Association—By Telegraph—Copyright. LONDON, December 19. Cargoes are steady owing to better American closing. Bullish reports by new winter wheat sellers occasionally raise the limits by 3d. The appreciation of sterling has had l a quietening effect. Parcels have finned 3d to 6d. Trading is slow. Futures: Londen— December shipment, 24s 2d; February, 24s 6d; June, 25s 4d. Liverpool—December, 5s 11 Jd per cental; March, 5s 51d; May, 5s Bd. FROZEN MEAT MARKETS. Press Association—By Telegraph—Copyright. LONDON, December 19. New Zealand Sheep.—North Island cross-bred wethers and maiden ewes, 481 b to 561 b, 3|d; 651 h to 721 b, 3id. New Zealand Lambs. —Canterbury, 371 b to 421 b, 6|d; second quality, average 301 b, sd; other South Island brands, 361 b and under, none offering: 431 b to 501 b, none offering. Selected North Island brands, including Downs, 361 b and under, 7|d. Australian Lambs. —Victorian, first quality, 361 b and under-, 6d; 371 b to 421 b, s£d; other States, first quality, 361 b and under, Victorian, second quality,- 361 b and under, 4fd; all States, third quality, s|d. New Zealand Pigs.—First quality, 601 b to 1101 b, average 90lb, s|d; HHb to 1201 b, 4Jd. - Australian Pigs.—First quality, 601 b to 1101 b, average 901 b, 5Jd; llllb to 1201 b, 4|d; others unchanged. PRICE OF FINE GOLD. Press Association—By Telegraph—Copyright. LONDON, December 19. The price of gold is quoted at £6 2s 3d per oz.

CALL MONEY RATE. Pres* Assooiation—By Telegraph—Copyright. NEW YORK, December 18. The call money rate of renewal is 3 per cent, more than. 100. STERLING APPRECIATES. (British Official Wireless.! . Press Association—By Telegraph—Copyright. RUGBY, December 19. Sterling on New .York to-day opened firm at 8.38d0l against the overnight closing level of 3.34. ~

Buyers. Seilers. £ *. . d. £ s. d. BANKING— Bank of N.S.W. ... 28 5 0 Bank of New Zealand — 2 6 0 Bank of N.Z. (Long “ D ”) 1 5 0 Commercial Bank ... 0 16 6 — E.S. and A. Bank ... 4 10 0 4 12 0 National Bank of Now Zealand 4 5 0 National Bank of Australasia (cont.) 5 0 0 Union Bank of Australia Ltd 7 16 0 INSURANCE— National Insur. Co. 0 12 6 0 13 0 N.Z. Insurance Co. ... — 4 0 9 Standard Insur Co. — 2 4 0 SHIPPING— Huddart, Parker (ord.) 1 3 ■0 U.S.S. Co. (pref„ ex div.) ... ... ... 0 19 6 1 0 6 COALKaitangata Coal 0 3 fid Westport Coal Co. ... — 1 T 6 LOAN AND AGENCY— Goldsbrougli, Mart 1 3 6 National Mortgage C‘B” issue) _ 1 10 0 Wright,, Stephenson (ord.) 0 16 6 MEAT PRESERVING— N.Z. Refrigerating (paid) . 0 11 3 N.Z. Refrigerating (cont.) 0 4 9 0 5 0 MISCELLANEOUS— British Tobacco (cum div.) 1 7 0 Crystal Ice Co 1 2 0 .— D.I.C. (ord.) 0 11 3 — D.I.C. (prof.) 0 19 6 — Dominion Rubber ... 0 6 0 . — Donaghy’s Ropo and Twine X 8 Q _ Milburn Lime and Cement 1 10 0 Mosgiel Woollen Co. 6 13 0 — National Electric — 0 9 0 N.Z. Drug Co — 2 10 0 N.Z. Paper Mills ... 0 18 6 1 0 0 ‘ Otago Daily Times ’ Wilson’s N.Z. Cement 2 5 6 — _ 1 15 6 BREWERIES— N.Z. Breweries Ltd. 1 8 0 1 9 0 N.Z. Breweries Debs. 1 1 0 — Tooth’s Brewery 1 3 0 —! MINING— Waihi 0 16 1 Waihi Grand Junction 0 3 6 — Electrolytic Zinc (pref.) 0 19 9 Electrolytic Zinc (dcf. ord.) 0 15 0 Molyncux ’'’Electric ... 0 1 9 — Kldavc 0 1 8 0 1 10 Okarto ... 0 10 5 0 10 7 Cornish Point (paid) — 0 0 5 Golden Progress 1 13 0 1 18 0 King Solomon 0 1 11 0 2 1 Blackwater 0 3 6 — WAR BONDS (Bonds quoted are £100 Bonds)1938 4i p.c. Bond* ... — 97 0 0 1939 4i p.c. Bonds ... — 97 0 0 1938 4J p.c. Inscribed — 97 0 0 1936 5£ p.c. Bonds ... 99 15 0 — 1936 5£ p.c. Inscribed 99 15 0 — 1937 p.c. Bonds ... 94 0 0 . — 1937 54 p.c. Bonds ... 99 15 0 — 1937 bl p.c. Inscribed 99 15 0 —