COMMERCIAL

Evening Star, Issue 21077, 14 April 1932, Page 7

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. There were no sales reported or effected on the Stack Exchange this morning. Buyers of Bank of Australasias would not give more than £8 10s, and there was no response. Bank of New Zealands were obtainable at £2 3s 6d, and a buyer offered Is less for them.

The only buyer in the insurance section offered £1 13s 6d for Standards, while there were sellers of Nationals at 12s 2d, New Zealands at £1 18s, and South British shares at £2 9s 6d.

Milburn Lime and Cements were firm at £1 7s 6d, buyers offering £1 ss. ' Otago Daily Times ' shares were obtainable at £2 2s, buyers offering £1 17s for them. There was inquiry for Waihis at 16s without any sellers quoting. Broken Hill South shares were cum. dividend and £1 16s was bid for them. Quotations as under:—

DIVIDENDS PAYABLE. Stock. Amount. Period. Date. Broken Hill South Is - April 15* Kaitangata Coal Is 6d April 19 Electrolytic Zinc (pref.) ... 9 3-5 d interim April 14* N.Z. Guarantee Corp. 2d interim April Woolworth's (pref.) 10 4-5 d interim April Mosgiel Woollen Co. 3s 22-5 d interim May 12 E.S. and A. Bank 1b 9 3-5 d interim May 2 *Date payable in Melbourne. LONDON MARKETS. The New Zealand Loan and Mercantile Agency Company Ltd. has (received the following advice from its London House, dated April 13:—Butter: 108 s; market is very slow. Cheese: White 625, coloured 635; market is steady. LONDON WOOL SALES. Press Association—By Telegraph—Copyright, LONDON, April 13. (Received April 14, at 12.15 p.m.) At the wool sales 9,544 bales were offered, including 4,652 from New Zealand. Approximately 5,028 bales wero sold. There was steady Bradford <temand for New Zealand oross-breds. Withdrawals were fairly numerous, sellers being reluctant to meet the market. New Zealand greasies eross-breds " W.M.K. " top Bd, average 6-}d; halfbred "Rakunui" IOJd. AUSTRALIAN STOCK EXCHANGES. Press Association—By Telegraph—Copyright. SYDNEY, April 13. Stock Exchange investors to-day advanced their offers for all sound securities, and the market had a definitely buoyant appearance. There was nothing spectacular, but the volume of business was more general a,nd healthier. Even Barrier stocks were higher. Sales were recorded as follow: Commonwealth Bonds—fours (1938) £95 8s 9d, fours (1944) £93 10s, fours (1947) £9l 6s 3d, fours (1950) £9l 10s, fours (1955) £9l 6s 3d, fours (1951) £9l 17s 6d. fours (1959) £9l 18s 9d, fours (1961) £9l 2s 6d; Bank of New South Wales, £2B 2s 6d; National Bank (£lO paid), £11; Colonial Sugar, £4O 15s; Huddart, Parker, 255; Burns, Philp, 39s 6d; Berlci Ltd., 19s 6d; Tooths, 26s 7sd; Tooheys, 16s 9d; Goldsbrough, Mort, 255; Australian Gas "A," Ills; " B," 112 s; British Tobacco, 30s ljd; United Insurance, £8 10s; Broken Hill Proprietary, 15s 9d; North Broken Hill, 61s; South Broken Hill, 425. MELBOURNE, April 13. Stock Exchange sales were as follow:—National Bank (£5 paid), 109 s; Goldsbroughs, 21s Cd; Duulon Perdriau, lis 2d; Zinc Corporation, 25s 9(1; Broken Hill Proprietary, 15s lOd; South Broken Hill. 41s 6d; North Broken Hill, ®&t

THE WHEAT MARKET. Press Association—By Telegraph—Copyright. LONDON, April 13. (Received April 14, at 11.25 a.m.) Wheat cargoes are firmer in sympathy with the strength of American advices. Sellers raised their limits 3d and Cd. There, was some inquiry ior Plates. Others were neglected. Parcels opened at 3d to 6d up. Trading was fairly active, and closed quieter on disappointing foreign cables. Ex Reynolds, 27s 3d; Orestes, 27s 4Jd; Jutland, 27s 9d. Futures: London—Juno, 25s id; September, 25s 7d ■ December, 26s 3d. Liverpool—May, 5s 2|d; July, 5s s|d; October, 5s 84cl. METAL MARKET. Press Association—By Telegraph—Copyright, LONDON, April 12. Following are the official quotations in the metal market: — Copper.—Standard, £29 6s 3d per ton; forward, £29 11s 3d. Electrolytic,—Spot, £34; forward, £34 10s. Wire bars, £34 10s. Lead—Spot, £11; forward, £ll ss. Spelter.—Spot, £11; forward, £ll 2s Cd. Tin.—Spot, £lO2 7s 6d; forward. £lO4 12s 6d. Silver. —Standard, 16 13-16 d per oz; fine, 18|d. SYDNEY WOOL SALES. Fra*» Asioeiation—By Telegrapli—Copyright, SYDNEY, April 13. At the wool sales 10,313 bales were offered and 9,034 were sold, while 324 were disposed of privately, (jjho market was unchanged. Greasy merino made Isid. WANGANUI WOOL SALE. ON A PAR WITH WELLINGTON. [Per United Press Association.] , WANGANUI, April 13. The final wool sale of the 1931-32 series at Wanganui to-day revealed prices on a par with the Wellington offering. There were a great many seedy and inferior clips in the total catalogue, which approximated 16,000 bales, and as a result the range of prices was below wbat could be expected for a clean offering. Germany, which has invariably been a keen competitor at Wanganui sales, was conspicuously absent. In fact, there was little or no bidding from Continental mills, with the exception of occasional French demands for pieces and lambs. Bradford, as usual, was on restricted limits when competing with Japan. It is very evident that the latter country is becoming a keen competitor for dominion wools of almost every class. Much of the wool offered had been held from previous sales, and in cases where the vendors were able to accommodate their finances the clips were again passed. Wool showing quality was keenly competed for, but the vast accumulation of cross-breds, particularly of the coarser counts, is having a very detrimental effect on the demand for "this type. Present-day fashions apparently dictate a demand for finer grades," and by refusing to meet the market holders of the coarser types are acting to their*own disadvantage. The Wanganui clip is composed in the main of wool of the coarser counts, and in common with other dominion sales the auctions here suffer because of so much of this typo being on offer. The official range of prices was as follows:

Half-bred, 50/56Average, 6d to 7£d. Inferior, 5d to s|d. Extra fine cross-bred, 48/50 — Average, 5d to 6a. Inferior, 3)d to 4]d. Fine cross-bred, 46/48 ) Average, 4d to sd. Inferior, 3d to 3jd. Medium cross-bred, 44/46 — Average, 3}d to 4Jd. , Inferior, 2d to 3Jd. Coarse cross-bred, 40/44 — Average, 3d to 4d. Inferior, l)d to 2]d. Lambs, Down-Cross-bred, 5-Jd to 7d. 50/56, 5d to 6Jd. 46/50, 4d to s*d. * Inferior, Hd to 3)d. Pieces— Fine, to 4d. Cross-bred, 2;]d to 3Jd. Bellies, Hd to 2£d. Locks, Id to IJd. Crutchings, Id to 2]d. MOUNT LYELL REPORT. The Mount Lyell Mining Company’s progress report for the fortnight ended March 23, is as follows: North Mount Lyell Mine. —Tons extracted, 8,628; 925 ft level, No. 6 rise, to 48ft through bornitic ore. Crown Lyell Mine.—Tons extracted, 860. At the surface, mullock pass tunnel to 219 ft through pryitised chloritic schist; 100 ft level, transfer pass crosscut, commencing from 122 ft point in south drive, advanced to Oft through hard quartzitic ore; 200 ft level, transfer pass drive to 22ft through pyritised schist; south drive, to 168 ft through schisty ore; 300 ft level, transfer pass drive commencing from No. 1 cross-cut, advanced to 12ft through pyritised schist; 400 ft level, transfer pass rise to G4ft through schist carrying a fair amount of chalcopyrite; GOOft level, transfer pass rise to 47ft through lowgrado schisty ore; 850 ft level, transfer pass rise to 129 ft through pyritised chloritic schist; 925 ft level, transfer pass rise to 68ft through chloritic schist; I,looft level, crown drive to 304 ft through dark schisty quartzite, transfer pass rise to 39ft through dark grey quartzitic schist. Royal Tharsis Mine. —Tons extracted, 1,171; 980 ft level, main cross-cut south end to 108 ft through pyritised grey schist; main crosscut, north end,_ to 57ft through pyritised grey schist; Tharsis shaft to 172 ft through grey schist; I,looft level, transfer pass rise to 47ft through ore. Lyell Comstock Mine. —Tons extracted, 4,567; No. 4 level, concreting walls of engine chamber in progress; No. 5 level, No. 1 drive north end to 395 ft through hard pyritised quartzitic schist; No. 1 drive, south end, to 68ft through pyritised grey schist, shaft to 39ft through grey schist, excavation for opening out set at brace level in progress. Reduction Works. —Furnace in blast for full period; 4,747 tons of refinery anodes made for current year. Concentrator.—Mill operated 336 hours and treated 14,150 tons of ore, producing 1.966 tons of concentrates._ Copper Refinery.—Tank honsc in operation throughout period, 435 tons of cathode copper being produced during the fortnight. Total for current yoar,_ 5,251 tons.;

GOLDEN PROGRESS MINING COMPANY. The following is the report of the manager of the Golden Progress Quartz Mining Co. Ltd.:— “ During the past month the Easter holidays and the breakdown to the winding machinery caused a stoppage of nine days. A fair amount of sickness amongst the staff was also responsible for lost time. In the east end face two shifts have been driving to locate the reef. The cross-cut is now well across the strike of the reef without cutting anything defined. Under the present circumstances, progress is too slow in the firm rock on this level to do further searching, and ■ it is intended to drive to a point as nearly as can be fixed under the old workings and rise up in that direction. It is hoped by doing this to gain some tangible evidence as to the position of the reef on this level. Good ore is coming from the stopes recently prepared further back in the east end workings, where' two to four men are kept employed. In one of the more advanced stopes from this level we holed into old workings, and a considerable amount of ore appears to have been left in. We are preparing to take out this ore for treatment. “ In the west end face driving ig proceeding with two shifts. We appear to bo on the reef track, but nothing definite is showing. It is intended, as soon as the broken ground is passed through, to rise up to the level above and prove the reef’s position. “ Prospecting Level.—Two men have been driving the west end face through troublesome country. With good-look-ing quartz occasionally showing in this face the prospects are encouraging. Some good ore is now_ being taken out of the stopes above this level. “ The quartz hoppers being full, the battery was started running before the Easter holidays, and is working satisfactorily.” DEPRECIATION OF CURRENCY. Maintaining that the depreciation of the currency would act as a solution of New Zealand’s economic problems, Mr E. Langford, secretary to the Spreydon Burgesses’ Association, said at Monday night’s meeting that the adoption of a system somewhat similar to that in practice in the Argentine would go a long way towards the restoration of national prosperity. New Zealand, he said, with all its mineral wealth, had many advantages that the Argentine did not possess, and the Argentine could never become a manufacturing country, yet it was now in a comparatively wealthy position because it had adopted a depreciated currency. . “ To develop onr secondary industries it is absolutely necessary to reduce the cost of, production,” Mr Langford continued, “ and this can bo done as is done in the Argentine, by the institution of a depreciated currency, which, if carried out on the same lines, would reduce the cost by half. Hie effect would lie that all goods imported would cost us, the consumers, double what they do to-day, for we would have to import them at their. gold.-YAW^-feut

all goods made here would be sold at the present rates; but these same goods could' be exported and sold at a price that would compete more than favourably with any other country, and show a profit to New Zealand.” ADDINGTON STOCK SALE. [Per United Press Association.] CHRISTCHURCH, April 13. Heavy entries of sheep were forward in all sections to-day at the Addington stock sales, and prices were fairly well maintained. ■ ~, , Stbre Lambs.—The bulk of the heavy entry was comprised of backward sorts. Good rape lambs improved in price and made from 10s 6d to 12s Hd; medium, 7s to 10s; 'ordinary mixed-sex, 4s to 6s; backward, to 3s 6d; extra good ewes, 11s to 12s; medium, 7s to 8s; ordinary, to 6s 6d. , Store Ewes—Good sound-mouthed ewes advanced in value, and ■ other classes maintained the recent rates. Medium two-tooth three-quarter-bred ewes sold at from 14s lOd to 16s 6a; ordinary, 11s Cd ; medium four and sixtooth three-quarter-bred, 12s to 14s; ordinary four and six-tooth three-quar-ter-bred, to I,ls 6d; good six and eighttooth three-quarter-bred, to 14s; medium six and eight-tooth three-quarter-bred, 10s to 12s; good s.m. cross-bred, to 10s; ordinary, 6s to 9s; good twotooth half-bred, to 16s; medium, to 13s 6d; s.m. half-bred, 6s to 9s; s_and f.m. half-bred, 3s 6d to 5s 6d; aged, Is to 3s; good four and six-tooth wethers, 11s 3d to 12s lOd; ordinary wethers, 8s to 10s. . Fat Sheep.—There was a heavy entry of 6,500 head. Heavy sheep cased by up to Is per head, but other classes maintained late rates. Extra prime heavy wethers made to 19s lOd; prime heavy, 15s 6d to 17s; medium-weight prime, 14s to 15s 3d; ordinary, 12s to 13s 9d; light, 9s 6d to 11s Cd; extra prime heavy ewes, to 15s 4d; prime heavy 11s 8d to 13s Cd; medium-weight prime, 8s 9d to 10s Cd; ordinary, 7s to 8s Gd; light, 4s 9d to 6s 9d. Fat Cattle.—There was an average entry, the bulk being of .very, l poor quality, except for a small proportion of prime sorts. Values went back_ by from 10s to 20s per head. Extra prime beef made from 20s to 23s per 1001 b; good, 15s 6d to 19s; secondary, 12s to 15s; and rough, down to Bs. Extra prime heavy steers sold to £ll I7s off; prime heavy, £7 10s to £10; prune medium weight, £5 to £7; ordinary quality, £3 10s to £4 15s; light, to £3 ss; extra prime heifers, to £8 2s (jd• prime, £5 to £6 10s Cd; medium, £3 5s to £4 15s; light, £2 to £3; extra prime cows, to £7 17s 6d; prune, £4 10s to £6; medium, £2 10s to £4 ss; light, to £2 ss. . Fat Rigs.—The entry in both sections included a heavy proportion of overweights, particularly of baconers, which sold at slightly lower rates. Good medium weight porkers sold at an advanced price. Choppers, £2 to £4; baconers, 38s 6d to 44s 6d; heavy baconers, 44s 6d to 54s Gd; extra heavy baconers, 55s Cd to 60s Gd; average price per lb, 3;[d to 4ld; porkers, 32s to 35s 6d; heavy porkers, 36s 6d to 38s 6d_; average price per. lb* sjid to. 6(1.,

PROPERTY SALE. Yesterday Messrs N. and .E. S, Paterson Ltd. offered by auction, ort behalf of Miss A. Acton-Adams, her; freehold section, being part lot 13, township of Nevada. Although the price offered by auction did not reach, the reserve, the section was afterwards sold to a client at a satisfactory figure*

Buyei :s. Sellers. £ s. d. £ s. " d. BANKING.— Bank of Australasia 8 10 0 — Bank of N.S.W. ... — 25 0 0 Bank of New Zealand 2 2 e 2 3 6 Commercial Bank ... — 0 13 11 E.S. and A. Bank (cu: Ul. HR^^^^HI — 4 5 0 National Bank of Australasia — 10 5 0 Union Bank of Australia Ltd — 6 15 0 INSURANCE.National Insur. Co. — 0 12 2 New Zealand Ins. Co. — 1 18 0 Soutli British Ins. Co. — 2 9 6 Standard Insur. Co. 1 13 6 . _ SHIPPING.Huddart, Parker (ord.) 1 1 Q — P. and 0. Deferred Stock — 1 3 0 U.S.S. Co. (pref.) ... 0 19 10 — COAL.Westport Coal Co. — 0 19 6 LOAN AND AGENCY.- - Dalgcty and Co. — 7 0 0 N.Z. Loan and Mercantile (ord.) — 42 0 0 Wright, Stephenson (pref.) ■ — 0 15 0 MEAT PRESERVING.N.Z. Refrigerating (paid) 0 10 9 0 11 6 N.Z. Refrigerating (cont.) 0 4 3 0 4 5 South Otago Freezing 2 0 0 — MISCELLANEOUS.— Colonial Sugar Co. — 38 0 0 Crystal Ice Co 1 1 0 — D.I.C. (ord.) — 0 12 3 D.I.C. (pref.) 0 19 6 — Dominion Rubber ... — : 0 6 0 Donaghy's Rope and Twine 1 8 0 —i Milburn Lime and Cement . 1 5 0 1 7 6 M'Leod Bros. ... ... 22 0 0 _; National Electric ... — 0 9 6 N.Z. Drug Co. 2 5 0 — N.Z. Paper Mills ... 0 18 6 — ' Otago Daily Times ' 117 0 2 2 0 GAS.Auckland — 1 2 0 BREWERIESN.Z. Breweries Ltd, 1 2 9 1 3 6 N.Z. Breweries Debs. 1 0 0 — Staples' Brewery 1 1 0 — Tooth's Brewery 1 1 0 — MINING.— Waihi ... 0 16 0 _ Waihi Grand Junction 0 3 6 — North Broken Hill ... 2 10 0 — Broken Hill South (cum. div) 1 16 0 — Molyneux Electric ... — 0 4 0 Mahakipawa 0 0 2 0 0 3 Kildare — 0 1 10 Okarito 0 9 3 0 9 8 Paddy's Point ... ... 0 3 3 0 4 0 Golden Progress 0 2 9 0 3 3 King Solomon Golden Point 0 110J 0 1 1 0 0 4 0 0 5 Consolidated Goldfields 0 2 2 — WAR BONDS(Bonds quoted arc £100 Bonds) 1938 4£ p.c. Bonds ... 94 0 0 — 1939 4j p.c. Bonds ... 94 0 0 — 1938 4| p.c. Inscribed — 94 15 0 1933 5£ p.c. S.S. Bonds 98 0 0 99 0 0 1933 5£ p.c. S.S. ,Insc. 98 0 0 — 1936 5£ p.c. Bonds 97 5 0 — 1936 51; p.c. Inscribed 97 5 0 — 1933 5$ p.c. Insc. — 98 5 0 1937 5£ p.c. Inscribed — 96 0 0 1937 5j p.c. Bonds (February) 98 0 0 — (September) ... ... 98 5 0 — 1937 5£ p.c. Insc. (February) 97 15 0 — (September) 97 15 b —