COMMERCIAL

Evening Star, Issue 21072, 8 April 1932, Page 7

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. There was a long list of reported sales this morning. A late sale of Commercial Banks at 13s 9d was reported in addition to D.I.C.s (pref.) at £l, Union Banks at £6 12s 6d, and King Solomons at Is sd. A sale of Paddy’s Points at 3s 9d was reported after the call. There was only a limited inquiry in the hanking section, buyers of E.S. and A. shares offering £4 2s 6d, with Nationals of New Zealand at £3 6s, without a seller of either. The selling quotations in this section remain unchanged. Dominion Rubbers were not obtainable under 6s, and there was no inquiry for them. Sellers of Kaiapoi Woollens increased their quote to 7s, but buyers eased to 5s 9d. New Zealand Drugs were inquired for at £2 4s without response. ‘ Otago Daily Times ’ were obtainable at the reduced price of £2 3s, but they were not sought for.

There was good inquiry for Government 4£ per cent, and 5£ per cent. Bonds and Stocks.

Sales reported; Commercial Bank (late sale yesterday), 13s 9d; D.I.C. (pref.), £1; Union Bank, £6 12s 6d; King Solomon, Is sd; Paddy’s Point (after the call), 3s 9d. Quotations as under;—

DIVIDENDS PAYABLE. Stock. Amount. Period. Date. Broken Hill South Is April 15* Electrolytic Zinc (pref.l ... 9 3-5 d interim April 14* Mosgiel Woollen Co. 3s 22-5 d interim May 12 * Date payable in Melbourne. BANK OF ENGLAND RETURNS. Press Association—By Telegraph—Copyright. LONDON, April 7. (Received April 8, at 10.5 a.m.) The following is the Bank of England return ; ISSUE DEPARTMENT. Note issue in circulation £359,791,591 Bonking department 36,015.648 £395,807.339 Government debt ... ... Other Government securities ... ... . oeMo Other securities L oon?oo? Silver coin ••• ••• ••• 3,oUl,ch>o Gold coin and bullion 120,807,239 £305,807,239 BANKING DEPARTMENT. Proprietors’ capital 1 3097 9’9 public d^osiis::::::::: Other deposits (bankers) 7 Other accounts Jd.bM.tat Seven-day and other bills J,ilU £140,831,082 Government securities ... Discounts and advances <rm »77 o' l - wK Notes in 1 0scr\ e ... ... ... •*• enn tui Gold and silver coin tMU.i.i £140,831,082 The proportion o( reserves-to liabilities is 29.70 per cent. Short loans are quoted at ‘.j per cent., three months’ bills at. 2J per cent. timaru brewery. The twenty-fourth annual report of the directors of the Timaru Brewery Co. Ltd., covering the year ended February 29, 1932, states:— In view of the economic conditions prevailing in New Zealand during the year, the operations of the company have been seriously affected. The net profit for the year’s trading is £157, the amount brought forward being £B,759, therefore the sum available to reservo is £8,916. Since the last annual meeting the directors deemed it advisable to make a call of 2s 6d per share upon the new issue capital. The company’s plant and premises have been kept in good order, also our products still maintain their high reputation. After reviewing the position of the company the directors feel justified in recommending a dividend of 3$ per cent, (making 7i per cent, for the year), leaving the amount in credit to be dealt with as follows:—Paying a dividend of 3J per cent., £1,688 2s 6d: directors’ fees, £250; to reserve, £7,078 14s 9d.

AUSTRALIAN MARKETS. Press Association—By Telegraph—Copyright. SYDNEY, April 7. Wheat: Ex truck, Sydney, 3s Id; country stations, 2s 6d. Flour, 200 s. Bran, 80s. Pollard, 955. Potatoes; Tasmanian, to 180 s; Victorian, £7 10s. Onions: Victorian Globes, £l7; New Zealand, £l6. Oats: White and Algerian, 2s 6d. Maize, 4s. ADELAIDE, April 7. Wheat, 3s. Flour, 160 s. Bran, 105 s. Pollard, 110 s. Oats, Is 9d. MELBOURNE, April 8. (Received April 8, at 11 a.m.) Wheat, 3s Id to 3s 2d. Flour, £7 7s 6d. Bran, £3 ss. Pollard, £3 ss. Oats, 2s 3d to 2s 4d. Barley: English, 3s 2d to 3s 3d. Maize, 3s lid to 4s. Onions: Firm, £l4 to £l4 10s. METAL MARKET. Press Association-By Telegraph—Copyright. LONDON, April 6. Following are the official quotations in the metal market: — Copper.—Standard, £3O 3s per ton; forward, £3O Is 3d per ton. Electrolytic.—Spot, £34 6s; forward, £34 15s per ton. Wire bars, £34 15s per ton. Lead.—Spot, £lO 16s 3d; forward, £ll 10s per ton. Spelter.—Spot, £lO 11s 3d; forward, £lO 18s 9d per ton. Tin.—Spot, £IOB lls 3d; forward, £llO 13s 9d per ton. Silver,—Standard, 17d; fine, 18 5-16 d per oz. SYDNEY WOOL SALES. Press Association-By Telegraph—Copyright. SYDNEY, April 7. At the wool sales 11,072 bales were offered, and 9,969 were sold, while 871 were disposed of privately. The market closed firm, and the best features were maintained. Greasy merino sold at 18Jd. AUSTRALIAN EXCHANGES. Press Association -By Telegraph—Copyright. SYDNEY, April 6. On the Stock Exchange business covered a wider range to-day, and all the better class industrials received inquiry at somewhat weaker levels. Commonwealth Bonds also reacted slightly. Sales recorded were as follow:—Fours, 1938, £95 3s 9d; fours, 1941, £93 8s 9d; fours, 1944, £92 17s 6d; fours, 1947, £9l 2s 6d; fours. 1950, £9l 2s 6d; fours, 1953, £9l; fours, 1957, £9l 10s; fours, 1961, £9l; Commercial Bank of Sydney, £ls 10s; Bank of New South Wales, £27 17s 6d; National Bank (£lO paid), £11; Colonial Sugar, £4O; Huddart, Parker, 25s 3d; Australian Gas (A), 110 s 6d; do. (B), Ills; Tooths, 25s 74d; Tooheys, 15s lid; Bums. Philp, 39s 6d; British Tobacco, 28s 9d; Dunlop Perdriau, 10s 9d; do. pref., 24s 9d; Australian Provincial Assurance, 4s 6d; Millaquin Sugar, 245; Broken Hill Proprietary, 15s 7sd; Mount Lyell, 20s 9d. MELBOURNE, April 6. Sales were made as follows: —Australian Glass. 34s 6d; Dunlop Perdriau, 10s lOd; Broken Hill South, 425. BLACKWATER RETURN. During March, Blackwater Mines Ltd. crashed 3,573 tons for a yield of 1,787 fine ounces of gold, valued at £7,588. Working expenses amounted to £5,437. In addition, the furnace treated 83 tons of concentrates for a return of 180 fine ounces of gold valued at £767. The capital expenditure was £951. Tile profit over all, with gold at standard value, was £1,622. BUTTER AND CHEESE. Messrs Dalgety and Co. Ltd. have received the following cable from London, dated April 7;— The butter market is quiet, following an active demand. The cheese market is firm, but less active. Quotations: Danish butter, 116 s to 118 s; New Zealand finest, 108 s to 110 s; Australian finest, unsalted, 106 s to 108 s; Australian finest, salted, 106 s to 108 s; Australian G.A.Q., 104 s to 106 s. Australian cheese: white, not quoted; coloured, not quoted. New Zealand: White, 635; coloured, 645. Canadian: White, 68s to 725; coloured, 68s to 725; c.i.f., not quoted.. JOSEPH NATHAN AND CO. ■ Messrs Nathan and Co.’s report states that the net profit declined from £68,066 in 1929-30 to £52,311 in 193031, and no dividend is to be paid on the ordinary shares (against 10 per cent.). The company’s trading was maintained, and has continued to develop on a broader basis of commodities and proprietary articles; but, with world trading conditions in a state of chaos and restriction, it was not possible to earn the same profit. The company’s losses in the New Zealand earthquake have been provided for out of the profits for the year, and were, fortunately, less than anticipated. As the company’s capital in New Zealand and Australia is principally in fixed assets, which form part of the. permanent organisation of the business, the directors do not consider it necessary to make provision for the nominal unrealised exchange depreciation on such capital. The total liquid capital employed in New Zealand and Australia is normal, and will continue to be occupied in those countries, but £20,000 would cover the nominal exchange depreciation on the liquid capital. MOUNT TOKATEA OPERATIONS. A recent report concerning the Mount Tokatea Company’s operations states that work has been resumed on the main cross-cut through the big sulphide lode. The distance penetrated is now over 135 ft from the mouth of the main tunnel, and the best mineralised ore yet seen in the mine has been unearthed. A series of assay samples has been taken, but the results of these are not yet to hand. Prospecting operations in Sykes’s Creek, about half a mile to the southward along the line of reef, have revealed a large face of ore rich in mineral values, as well as gold and silver in payable quantity. Driving and sloping on the Madid Reef has been commenced, and a further crushing of rich gold ore from this locality, as well as stone from the intermediate footwall droppers, will be put in hand and continued during the month ns stone is available*

PRICE OF GOLD. Press Association—By Telegraph—Copyright* LONDON, April 7. (Received April 8, at noon.) Fine gold is quoted at £5 9s pep oz. BRADFORD MARKET. Press Association— By Telegraph—Copyright* LONDON, April 7. (Received April 8, at 12.5 p.m.) The Bradford market is quiet. Seven* ties, 24Jd; sixty-fours, 22d; sixties,; 20jd; fifty-sixes, 17d; fifties, LJdjj forty-sixes, 9Jd; forties, 9d. DAIRY PRODUCE. The following cable was received to* day by A. S. Paterson and Co. from their principals, Messrs J. and J.-, Lonsdale and Co. (London) Ltd., dated 7th inst. Butter: Market steady,; tendency firmer. Continental market taking more Danish. Retailers her® using Australian where possible owing to keen competition resulting reduced profit Colonial. Danish, 105 s, 108 s; New Zealand, 109 s, 112 s; Australian,; 106 s, 108 s. Cheese: Quiet. White,. 635; coloured, 645; new season’* Canadian, 635, c.i.f.” BUTTER AND CHEESE. Press Association—By Telegraph—Copyright, LONDON, April 7* (Received April 8, at 12.5 p.m.) Butter, active. Danish, 116 s and 118 s; choicest salted New Zealand, 109 s and 110 s; Australia, 107 s and 108 s;! unsalted New Zealand, 116 s and 113 s jj Australian, 106 s and 108 s. Cheese, steady. New Zealand whit® 635, coloured 645; Australian, cleared* BEET SUGAR. Press Association—By Telegraph—Copyright, LONDON, April 7. : Received Apirl 8, at 12.5 p.m.) ( Beet sugar: May, 4s IJd. mahakipawa goldfields. The following is the report for Marcli of the mine manager of Mahakipawa Goldfields Ltd.: — South Face.—Advanced 68ft, making a total of 693 ft south of shaft crosscut. The west siding appeared at 630 feet and the drive was turned southeast. The wash dirt then became very stony, and good grade values appeared at 670 ft, and have continued to the present face. No. 6 West Crosscut.—This was started at 685 ft, and, after passing through 10ft of good grade wash dirt* appears to have encountered the westi siding. , , No. 8 East Crosscut. —Advanced 33 feet, making a total of 47ft east of south drive. From 10ft to 40ft east the wash dirt met was of good grade* Blocking north and south of No. 8 east crosscut is in progress, and has fur* nished patches of good grade wash. South Drive Off No. 79 East Cross* cut.—A block strip, carried along this drive for 30ft, has produced fair grade wash dirt. East Crosscut to Find East Siding.—* This is really an extension of No. 4i east crosscut. It has been advanced aI total of 40ft east in low grade sandy, wash, and the face now appears to be amongst boulders that have slipped off the east bank. A blocking srip north of No. 4 east crosscut was carried fori portion of the period in fair grade wash dirt. Returns.—From 423 cubic yards of wash dirt sent to the sluice box 17So* lOdwt of melted gold was obtained. M'NEIL claim activities. Since the holidays renewed activity is apparent at the M'Neil claims, where* a crushing is being taken out for treat* ment at the four-in-hand battery. Tfiia will be the last occasion on which so, much trouble will be necessary to win gold from this promising series of reef formation. A five-head stamp mill has been secured from the site of the old Monowai mine, and is being dismantled for transportation to the site now being prepared at the Colville end of the peninsula. The Wellington syndi* cate which acquired the M'Neil family] intrests in the Long Trail, Red Trail, and Golden Trail properties, have gona quickly into action, and within two. months crushing operations will be ini full swing.

Buyers. Sellers. £ s. d. £ s. d. BANKING— Bank of N.S.W. ... 25 0 0 Bank of New Zealand — 2 3 7 Bank of New Zealand (Long “ D ”) 16 3 Commercial Bank ... — 0 13 11 E.S. and A. Bank ... 4 2 6 — National Bank of New Zealand 3 6 0 National Bank of Australasia _ 10 5 0 Union Bank of Australia Ltd 6 15 0 INSURANCE— South Brit. Insur. Go. 2 7 6 2 9 6 Standard Insur. Co. — 1 19 0 SHIPPING— Huddart, Parker (ord.) 1 0 0 P. and 0. Deferred Stock 1 0 0 U.S.S. Co. (prof.) ... 0 19 10 — COALKaitangata Coal 0 2 Od 0 0 6p Westport Coal Co. ... — 10 0 LOAN AND AGENCY— Goldsbrough, Mort ... 1 2 0 National Mortgage (B issue) _ 13 0 Perpetual Trustees ... — 3 3 0 Wright, Stephenson (pref.) — 0 15 0 MEAT PRESERVING— N.Z. Refrigerating (cont.) 0 4 2 MISCELLANEOUS— Colonial Sugar Co. 38 0 0 D.I.C. (ord.) — 0 12 3 D.I.C. (pref.) — 1 0 3 Dominion Rubber ... — 0 6 0 Duncdin-Kaikorai Trams 1 8 0 , Kaiapoi Woollen (ord.) 0 5 9 0 7 0 Milburn Lime and Cement 18 0 Mosgiel Woollen Co. 6 15 0 — N.Z. Drug Co 2 4 0 — N.Z. Farmers’ Fertiliser 0 12 0 _. N.Z. Paper Mills ... 0 18 0 — ‘ Otago Daily Times ’ Woolworth’s (rights) — 2 3 0 0 2 3 _ BREWERIES- . N.Z. Breweries Ltd. 13 0 14 0 N.Z. Breweries Debs. 10 0 — Tooth’s Brewery — 14 0 MINING— Waihi 0 16 9 0 17 0 Molyueux Electric ... — 0 5 0 Mahakipawa 0 0 2 0 0 3i Okarito 0 9 9 0 10 0 Paddy’s Point 0 3 4 0 3 9 Golden Progress 0 2 10 0 3 3 King Solomon Golden Point ■0 14 0 16 0 0 4* 0 0 Si Golden Dawn — 0 6 3 Blackwater 0 6 0 0 7 0 Consolidated Goldfields 0 2 1 — WAR BONDS.(Bonds quoted are £100 Bonds)— 1938 p.c. Bonds 93 0 0 — 1939 4 1 p.c. Bonds 93 0 0 — 1938 4i p.c. Insc. 93 0 0 — 1939 4J p.c. Insc. 93 0 0 — 1933 p.c. S.S. Bonds 98 0 0 99 5 0 1933 Si p.c. S.S. Insc. 98 0 0 99 5 0 1936 Si p.c. Bonds 97 0 0 — 1936 5( p.c. Insc. 97 0 0 — 1933 Si p.c. Bonds ... 97 5 0 — 1933 p.c. Insc. 97 5 0 98 5 0 1937 5| p.c. Bonds (February) 97 10 0 1937 p.c. Bonds (September) 1937 Si p.c. Inscribed - 97 15 0 (February) 97 0 0 1937 Si p.c. Insc. (September) 97 0 0 -