COMMERCIAL

Evening Star, Issue 21012, 28 January 1932, Page 7

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. A sale was reported this morning in Bank of New Zealands at £2 4s 4d, while a late sale yesterday of Okaritos at 9s lid was also reported. No transactions were effected on ’Change. Banking shares showed little variation from yesterday’s prices, while in insurance shares the only change was the appearance of a seller of New Zealands at £2 10s. Dalgetys were on the market at £7 15s, but no buyer was quoting. Loan and Mercantiles were again offereda at £SO, without response. There was a seller of British Tobaccos at £1 7s, buyers, however, remained silent. Preference D.I.C. shares were inquired for at £1 without a seller quoting. New Zealand Paper Mills had inquiry at 15s 9d, without a seller quoting. Sellers of Smith and Smiths eased to 16s 6d without attracting a seller. There was inquiry for Goveniment 4j per cent. Bonds at £94 10s, but the best seller was £95 10s. There was also a good offering of the s' s per cents, at £IOO. Sale reported:—Bank of New Zealand, £2 4s 4d. , Late sale yesterday:—Okarito, 9s 3ld. Quotations as under:— ' u

DIVIDENDS PAYABLE.

LONDON STOCK EXCHANGE.. Press Association—By Telegraph—Copyright. LONDON, January 27. (Received January 28, at 11 a.m.) P. and 0., 21s. PRICE OF GOLD. Press Association—By Telegraph—Copyright. LONDON, January 27. (Received January 28, at 11 a.m.) Fine gold is quoted at £5 19s 9d per oz. FARMERS AND EXCHANGE. [Per United Press Association.] WELLINGTON, January 27. The question of the exchange credit pool and the exchange rate were discussed to-day at a conference of representatives of the Government, the Associated Banks of New Zealand,, and the Farmers’ Exchange Committee. The Government was represented by the Prime Minister (Mr G. W. Forbes), the Minister of Finance (Mr W. Downie Stewart), and Mr Park (Secretary to the Treasury). The conference was a private one, and no statement was available for publication. It is understood that a full and free discussion of the problems took place, but that no agreement or decision was arrived at. DAIRY PRODUCE. The South Island Dairy Asociation has received the following market report from London:—“Butter, 96s to 995; Danish, 116 s; market firm. Cheese, white js to 595; coloured, 57s to 585.” OUEENSLAND NATIONAL BANK. The Queensland National Bank Ltd. has declared an interim dividend for the half-year ended December 31 at the rate of 4 per cent, per annum, payable on February 18. Transfer books will not be closed. Last year the bank paid quarterly dividends at the rate of 8 per cent, for the first quarter and at tie rate of 6 per cent, per annum for the succeeding quarters.

SYDNEY WOOL SALES. Press Association—By Telegraph —Copyright. SYDNEY, January 27. At the wool ales the offerings totalled 10,766 bales, of which 10,104 were sold, while 2,100 were disposed oi privately. Competition was spirited and sustained, and values were very firm. Greasy merino brought 18Jd. LONDON WOOL SALES. Press Association—By Telegraph—Copyright. LONDON, January 27. (Received January 28, at 11 a.m.) At the wool sales 10,652 bales were offered, including 2,657 from New Zealand. Approximately 7,539 bales were sold. There was active Bradford and Continental competition at full late rates. Greasy New Zealand, “ Papanui,” lOd and Bd. NEW SOUTH WALES WHEAT. Press Association—By Telegraph—Copyright. SYDNEY. January 27. The fair average quality standard for this season’s New South Wales wheat has been fixed officially at filjlb per Imperial bushel. CHICAGO WHEAT MARKET. Press Association—By Telegraph—Copyright. NEW YORK, January 26. Wheat.—March, 55 3-8 cents per bushel; May, 57 5-8: July, 57A; September, 58 7-8; New York, cash, 69 7-8. AUSTRALIAN STOCK EXCHANGES. Press Association—By Telegraph—Copyright. SYDNEY, January 27. The turnover on the Sydney Stock Exchange to-day was below normal, and there was a rather sharp reaction in Australian consols in sympathy with the decline in Melbourne yesterday. Four per cent. (1938), fell 11s 3d to £94 3s 9d, and (1944) 10s to £93 10s. Long-dated issues suffered a similar set-back. Commercial Bank of Sydney, on an ex dividend basis, were quoted higher at £l7. Bank of New South Wales had a sale at £3O 2s 6d, and Commercial of Australia at 17s. Colonial Sugar sold at £46 12s 6d and £46 10s; United Insurance at £8 12s 6d, and Australian Provincial Insurance at 4s lid. Other sales were; British Tobacco, 29s 6d; do. Melbourne register, 29s 7sd; Australian Gas (B issue), £5 15s; Tooths, 26s lOJd; Tooheys, 17s 9d; .Broken Hill Proprietary, 16s 9d; North Broken Hill, 695. 6d; South Broken Hill, 47s 6d; Electrolytic Zinc (pref.), 24s 6d. MELBOURNE, January 27. Early sales were: Commercial Bank, 16s lid; do. pref., £7 ss; Dunlop Perdriau, 13s 7d; do. pref., 27s 9d; Goldsbrough, Mort, 26s 9d; South Broken Hill, 48s; North Broken Hill, 69s 3d; Zinc Corporation, 31s 10id. OIL BORING. The secretary of Moturoa Oil Fields Ltd. reports as follows: — “ Moturoa No. 2 well produced by self-flow 172 barrels (equalling 6,020 imperial gallons) of crude oils.” LONDON METAL MARKET. Press Association—By Telegraph—Copyright. LONDON, January 26. Following are the official quotations in the metal market: —

Copper.—Standard, £39 Is 10Jd per ton; forward, £39 3s l)d per ton. Electrolytic.—Spot, £46 per ton; forward, £47 10s per ton. Wire bare, £47 10s per ton. Lead.—Spot, £l4 18s 9dper ton; forward, £ls per ton. Speller;—Spot, £l4 8s 9d per ton; forward, £l4 16s 3d per ten. Tin.—Spot, £l4O 6s 3d per ton; forward, £143 6s 3d per ton, Silver.—Fine, 20 13-16 d per oz; standard, 19 5-16 d per oz. : WAIHI. “The Diarist” of the London 1 Financial Times ’ recenty made the following reference to the: Waihi Gold Mining Company;— ; Although the famous old Waihi Gold Mining Company of Nev Zealand—which has paid out neark £6,000,000 in dividends since 1893 —has long passed its zenith, it is suggested that the incidence of the gold p'ernium may gave it a moderate fresh base of life. In big mines such as tha has been there are usually left behind large blocks of low-grade ore as impossible to work profitably under mrmal conditions. With the sterling price of gold now over £6 per ounce, as against the former £4 ss, the position is obviously radically altered. An average- pre mium of only £1 per ounc would give per annum an extra Is (d per share gross on the company’s capital. Ever since 1923 the pmpany has been distributing a reguld 2s tax-free per annum, but in view If the uncertain life of the mine the shares were earlier this year down to 2s 3d. Of the current quotation oi around 15s some 12s' is represented ly new liquid assets. These include beides Government securities already leld (valued at December 31 last at 1371,000) the right to receive from tie New Zealand Government £212, 6j0 in 5 per cent, stock in payment if the hydroelectric works taken over from the

company. The balance of, say, (s per share (equal to about £150,000 O the capital issued) seems not a greaj deal to pay for the mine itself, andia two-thirds interest in a promising I tin-dredging property in Siam, althou h the latter has still to be brought t< the producing stage. In this connect in the Waihi will have to bear its proprtion of the expense of erecting and istalling the dredge.

MOUNT LYELL R PORT. The Mount Lyell Minii; Company’s progress report for the fotnight ended January 13 is as follows jNorth Mount Lyell Miie.—Tons extracted, 5,281. I,looft eve! No. 20 rise to 45ft through hard (uartzitic ore and sohisty ore. j Crown Lyell Mine.—Tois extracted, 690. t At surface mullock pass tunnel to 3lft through green soist carrying some chalcopyrite. 200ft'level, south drive to 40ft through] mineralised schist. 500 ft level, tranjfer pass rise to 27ft through schist carying a fair amount of chalcopyrite. | 700 ft level, transfer pass rise to 88ft trough schist carrying a little chalco lite. 850 level, transfer pass rise to J9ft through green mineralised schist, ,000 ft level, transfer pass rise to 20ft f rough green schist. I,looft level Crcm drive to 164 ft through green schis Royal Tharsis Mine.—TV s extracted, 460. 980 ft level main tosscut commencing from No. 1 rise t a vertical height of 120 ft from Norn Lyell tunnel level, advanced in noiherly direction to lift through low fade schisty ore. I,looft level, Tha;is shaft to 106 ft through grey schist. Lyell Comstock Minep-Tons extracted, 4,304. No. 1 vel, No. 1 winze, to 18ft through *rey schist carrying a fair amount of halcopyrite. No. 4 level, ropeway croisut to 64ft

through soft grey schist. No. 5 level, No. 1 drive, north end to 375 ft through rjuarzitic schist carrying a little hornite; No. 1 drive, south end, to 19ft through grey schist carrying a little chalcopyrite, timbering or collar set of shaft in progress. Reduction Works.—Blast furnace in operation for eight and two-third days of period, 2,426 tons of refinery anodes made during current year. Concentrator.—Mill operated 284 hours, and treated 10,470 tons ore, producing 1,509 tons of concentrates. Copper Refinery.—Tank house in operation throughout period, 411 tons of cathode copper being produced during the fortnight. Total for current year, 3,138 tons.

Buyer*. Sellar*. BANKING- £ s. d. £ d. Bank of N.S.W, ... — 28 0 0 Bank of Now Zealand Bank of New Zealand 2 4 3 ~ Long “ D " 1 5 6 — Commercial Bank 0 14 10 — B.S. and A. Bank ... Union Bank of Australia Ltd. (cum. 4 9 0 (div.) INSURANCE7 12 0 National Insur. Co. 0 12 9 2 10 0 N.Z. Insurance Co.... — Standard Insur. Co. SHIPPINGHuddart, Parker (ord.) P. and 0. Deferred 2 5 0 — 1 4 6 Stock 1 1 6 — U.S.S. Co. ... COAL0 19 10 Kaitangata Coal 0 3 6d — Westport Coal Co.... LOAN AND AGENCY14 0 Dalgety and Co. ... — 7 15 0 Goldsborough, Mort N.Z. Loan and Mer1 3 0 1 4 3 cantile (ord.) MEAT PRESERVING— N.Z. Refrigerating 50 0 0 (paid, cum div.) ... Ki.ELLANEOUS— 0 4 8 0 5 0 British Tobacco — 17 0 Crystal Ice Co. 0-18 6 12 0 D.I.C. (ord.) 0 12 0 — D.I.G. (prof.) 1 0 0 — Dominion Rubber ... — 0 9 0 Eclipse Petrol Milburn Lime and — 0 3 0 Cement — 19 0 Mosgiel Woollen Co. 6 15 0 M'Leod Bros. Soap ... 22 0 0 — National Electric ... — 0 9 0 N.Z. Drug Co N.Z. Farmers’ Fer2 6 0 2 8 6 tiliser 0 12 0 ~ N.Z. Paper Mills ... 0 18 9 —■ ‘ Otago Daily Times ’ Smith and Smith 2 7 0 (pref.) — 0 16 6 Wilson’s (N.Z.) Cem.' — 114 0 Woolworth’s (pref.) GASChristchurch (cum 1 3 0 div.) BREWERIES— 1 6 6 N.Z. Breweries Ltd. — 16 6 N.Z. Breweries Debs. MINING— Electrolytic Zinc 1 V '0 (pref.) 1 0 6 — Molyneux Electric ... 0 3 0 0 2 0 Kildare — Okarilo 0 9 7 0 10 0 Golden Progress ... — 2 0 0 King Solomon ... ... 0 2 Is C 2 2 Golden Point WAR BONDS 0 0 9i 0 0 101 (Bonds quoted are ; £100 Bonds)— 1938 4i p.c. Bonds ... 94 10 0 96 0 0 1939 4! p.c. Bonds ... 94 10 0 — 1938 4£ p.c.' Inscribed 94 10 0 95 10 0 1939 4| p.c. Inscribed 94 10 0 95 10 0 1933 5i p.c. S.S. Bonds — 99 5 0 1936 5i p.c. Inscribed — 100 0 0 1937 5£ p.c. Bonds ... 1937 5i p.c. Inscribed — 100 0 0 (February issue) ... 1937 5i p.c. Inscribed 100 0 0 ■— (September issue; — 100 0 0

Stock.* Amount. Period. Date. Auckland Gas ... 9 3-5d final Feb. 2 Commercial Bank 4■/ interim Feb. (pref.) 5 Wellington Gas ... 7 l-5d final Feb. 30 N.Z. Insurance _ ... Is interim Feb. Queensland National 4s interim Feb. Id Bank N.Z. Refrigerating 1/ final Feb. (20s) ... N.Z. Refrigerating (10s) 6d final Feb. — Christchurch Gas 9 3-5d final -