COMMERCIAL

Evening Star, Issue 20982, 22 December 1931, Page 7

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. Commercial Banks sold on the Dunedin Stock Exchange this morning at 16s 6d, and New Zealand Breweries changed hands at £1 8s 7d. A sale of Okaritos at 10s 9d was reported, and after the call another sale at the same price was reported. Bank of Australasias were wanted at £8 17s, without sellers. Buyers did not offer more than £2B for Bank of New South Wales, and none were offered. New Zealands and the Long “D ” issue were wanted at £2 5s and £1 5s respectively. Goldsbrough Morts were offered at £1 4s 6d, without any inquiry for them, while New Zealand Loan and Mercantilos were on the market at £52. Buyers of the paid-up New Zealand Refrigerating shares eased to 10s 9d, with a seller at 12s. A buyer of Colonial Sugars came on the market at £39, but sellers did not quote. Buyers of Dominion Rubbers continued firm at 6s, and a seller appeared at 10s. National Electrics eased to sellers at Bs, but there was no bid for them. There was a closer market for New Zealand Breweries, buyers offering £1 8s 4d, with a seller asking threepence more. Mount Lyells were offerd at £1 Is ex dividend, but they were not inquired for. Okaritos had a close market, buyers offering 10s Bd, with sellers one penny away. There was a good offering of Government 4j per cent. Bonds and Stocks, but most of the inquiries were for the 5j per Sales Reported.—Okarito, 10s 9d. Reported after call: Okarito, 10s 9d. Sales on ’Change.—Commercial Bank, 16s 6d; New Zealand Breweries, £1 8s 7d.

DIVIDENDS PAYABLE. Stock. Amount. Period. Date. Mount Lyell ... 6d final Dec. Nat. Bank of N.Z. 2/ interim Jaa. * Zinc Corporation 2/ interim Jan. 4

WHEAT PRICES FIXED. 20 PER CENT. DECLINE ON 1931. [Per United Press Association.] CHRISTCHURCH, December 21. The prices for wheat from the 1932 crop under the new marketing system wore announced to-day. The rates will be 4s 81 d a bushel f.o.b. Lyttelton, Timaru, and Oamaru for F.A.C. Tuscan; 4s 10}d for Hunters; 5s o]d for Pearl; brokerage being included in each case. These values represena a 20 per cent, decline on 1931. The prices corresponding “on trucks ” values will be 4s 4d, 4s 6d, and 4s 9d a bushel, out of which a penny per bushel will have to be paid into the proposed equalisation fund. Under the proposed sliding scale of duties, it is said to be impossible for the millers to sell flour at more than £l3 12s a ton f.o.b. Lyttelton, Timaru, and Oamaru, and that this price will not permit of more than the foregoing prices being paid for wheat. The Marketing Board considers that one penny per bushel will be sufficient to meet all contingencies, and this amount will be deducted from the value of all wheat sold. It is anticipated that more than a half-penny per bushel will be returned to growers later in the season, and in the event of a substantial rise in the price for bran and pollard, the whole penny per bushel may be paid out at the end of the season.

The price of corn sacks to farmers will be Is each, and the farmer will be ' credited with lOd when the sack is returned filled with grain. The information received by a local mercantile firm is that the new prices apply to “ nearest ports.” This means that the new rates are f.o.b. Lyttelton, Timaru, Oamaru, Dunedin, and Bluff, and not solely to the ports mentioned in the above message.

LARGE GOLD RETURN. GOLDEN PROGRESS YIELD. What is probably the highest return from an Otago gold mine for many years is reported by the Golden Progress Gold Mining Company. For the period from November 17 to December 19 this company’s mine has returned 5220 z of retorted gold from 175 tons of ore.. Two tons of concentrates from the Wilfley table are estimated to produce 38oz of gold, and one ton of middlings is estimated to produce 7oz of gold. This makes a total return of 5670 z of gold from all sources. BIG BEACH COMPANY. The fourth annual report of the Big Beach Gold Mining Company Limited states that the result of the principal wash-up proved disappointing, and a considerable loss was incurred in sluicing operations, as a result of which the company was placed in a very serious financial position. The company’s bankers sent notification requiring discharge of the company’s bank overdraft, amounting to a little over £I,OOO, and with a view to saving the position a number of informal meetings of Dunedin shareholders were held ,to discuss the matter fully in conjunction with the manager (Mr J. M'Mullan, Jun.). As a result of this a circular was sent out in February last inviting co-operation of all shareholders. Resulting from the appeal debentures to the value of £1.215 were applied for. The main purport of the debenture issue was to take advantage of the improvement promised by the manager at the end of May. Unfortunately, the results from the operations of the claim for the ten and a-half months ending November 10,1931, have again resulted in a loss, as a result of which a meeting of debenture holders was convened to discuss the financial position _ generally. At this meeting the position was gone into very fully, and it was decided to convene a full meeting of shareholders to consider the financial position of the company and the advisability of the liquidation of the company.

TALISMAN DUBBO MINES. ' The mine manager reports for the week ending December 12, 1931, as follows : Driving south from' the cross-cut at the Talisman No. 1 level has been continued during the week, a distance of 10ft having been driven in good firm country. This drive will be continued for about 40ft or 50ft before connecting with the old No. 1 level on the reef. SOUTH AFRICA HARD HIT. While the suspension of the gold standard in Great Britain gave an impetus to the sale of wool in Australia, it had reverse effects in South Africa, which country remained on the gold standard (states an exchange). In one catalogue offered in Port Elizabeth on September 31, 4,313 bales were offered, and only 231 bales were sold. A French buyer purchasing wool at 12d in Australia actually pays about half that figure in terms of gold. In South Africa the selling price would bo on gold basis, and the grower would, therefore, only receive about 6d for the same type of wool. Yorkshire, owing to the exchange position, is only able to pay prices in Africa which the grower considers are too low to accept. It is the world parity of values, but it is certainly abnormally low. The ‘ Wool Record and Textile World,’ Bradford, in a: late October issue, referred to the position which had arisen. “ The demand for Cape tops in Yorkshire improved in sympathy with the increased demand for tops made from Australian wool, but it is now so difficult to obtain supplies of South African raw material that most spinners are reducing the proportion of Cape wool in their y yarns. Already, to some extent, short, fine Australian wool is being used instead of Cape. It is estimated that stocks of wool at South African ports totalled 115.000 bales on October 17, or double the quantity at the same date a year before.” That is a serious position for South Africa. The return for her wool has been so extremely depressed that the stable has practically been unsaleable. The development has largely ■mitred Yorkshire inquiry on Australian sales, and has consequently been at least temporarily advantageous for this country.” The position supplies an argument fqr those who are against any alteration in the rate of exchange between Australia and London. While the Australian grower can congratulate himself that his product has been in a bettor selling position than the output of the South African sheepman, the situation is not without possibilities of a “hit-back.” An accumulation of South African wool would eventually have a bad effect on prices, unless a sudden revival in woollen manuf lowering throughout the world caused a particularly strong demand for vho raw material.

Quotation* aa undsr; — Buyers. Sellers. £ s. d. £ s. d. BANKING— , Bank of Australasia... 8 17 0 — Bank of N.S.W. 28 0 0 — Bank of New Zealand 2 5 0 — Bank of N.Z. (Long “D”) 1 5 0 — Commercial Bank ... 0 16 3 0 16 9 E.S. and A. Bank... 4 10 0 — National Bank of 0 N.Z. (cum div.) ... — 4 5 Union Bank of Australia Ltd 7 16 0 — INSURANCE— National Insur. Co. — 0 13 1 N.Z. Insur. Co. — 2 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 — COAL— Kaitangata Coal 0 3 M — Westport Coal Co. ... — 1 4 6 LOAN AND AGENCYGoldsbrough, Mort ... — 1 4 6 National Mortgage (•B” issue) 1 10 0 N.Z. Loan and Mer0 cantile (ord.) — 52 0 Wright,, Stephenson 0 (ord.) 0 16 — MEAT PRESERVING— N.Z. Refrigerating 0 (paid) ... 0 10 9 0 12 N.Z. Refrigerating 9 0 (cont.) 0 4 5 0 MISCELLANEOUS — Colonial Sugar Co. ... 39 0 0 —■ Crystal Ice Co 1 2 0 — D.I.C. (ord.) D.I.C. (pref.) 0 11 0 19 6 9 0 Dominion Rubber ... 0 6 0 0 10 Milburn Lime and Cement — 1 10 0 Mosgiel Woollen Co. • 6 13 0 — M’Leod Bros. 21 10 0 — National Electric — 0 8 0 N.Z. Drug Co — Z 10 0 N.Z. Paper Mills ... 0 18 6 — ‘ Otago Daily Times ’ 2 5 6 — Wilson’s N.Z. Cement — 1 15 ’3 BREWERIES— N.Z. Breweries Ltd.... 1 8 4 1 8 7 N.Z. Breweries Debs. 1 1 0 — Staples’s Brewery ... — 1 8 0 MINING— Waibi ... 0 16 0 — Waihi Grand Junction 0 3 6 — Mount Lyell (ex div.) _ ... . 1 1 0 Molyneux Electric ... ” 0 1 9 0 3 0 Kildare 0 1 8 0 2 0 Okarito 0 10 8 0 10 9 Paddy’s Point ... ... Cornish Point (paid) 0 3 0 0 3 6 -— 0 0 5 King Solomon 0 1 10 0 2 1 . Blackwater 0 5 6 — WAR BONDS (Bonds quoted are £100 Bonds)1938 4J p.c. Bonds ... 96 0 0 97 0 0 1939 4£ p.c. Bonds ... 96 0 0 97 0 0 1941 4£ p.c. Bonds ... — 96 10 0 1938 4£ p.c. Insc. ... — 97 0 0 1939 4J. p.c. Insc. ... — 97 0 0 1933 5i p.c. S.S. Bonds — 99 15 0 1936 5£ p.c. Bonds ... 99 15 0 — 1936 5j p.c. Inscribed 99 15 0 1937 5| p.c. Bonds ... 94 0 0 — 1937 5i p.c. Bonds... 100 .0 0 • — 1937 5| p.c. Insc. ... 100 0 0 —