COMMERCIAL

Evening Star, Issue 21129, 15 June 1932, Page 5

COMMERCIAL

THE SHAKE MARKET DUNEDIN STOCK EXCHANGE. The hoard was hare of sales this morning except for a reported transaction in National Bank of New Zcalands at £3. There was a better market for Bank of New South Wales, sellers casing lo £25 15s, but there was still no inquiry. Commercial Banks eased to 13s 3d, but the best buyer would not offer move than 12s 9d for them. Canterbury Moats (ordinary issue) had inquiry at £3 15s without a seller, while South Otago Freezings were wanted at £2. Milburn Lime and Cements were firm at £1 4s fid, but there was no inquiry for them. Preference Now Zealand Express shares were obtainable at 15s 3d, but they were not wanted. There was continued inquiry for ‘ Otago Daily Times ’ shares at £1 i7s fid, with a seller at £2. Sellers of Tooth’s Brewerys eased to £1 6s fid without a buyer quoting for them. Electrolytic Zincs (pref.) were inquired for at 18s without a seller, while buyers of North Broken Hills improved to ‘£2 11s without any response to either. There was good inquiry in tho Government Bond section. Sale reported: National Bank of New Zealand, £3. Quotations as under: —

DIVIDENDS DUE. Stock. Amount. Period. Date. Bank of N.Z. ... Is 6 2-sd* final June Bank of N.Z. (Long “ D ”) 9(1 final June Alexander Mines ... Is June 16 Gear Meat 6d interim June 17 North Broken Hill ... Is fid June 30 British Tobacco 3 3-5(1 interim June 30 N.Z and River Plate 8 2-Sdf interim July 1 “Including bonus. thess 5s in £ income tax. BROKEN HILL SOUTH LTD. [Pun United Press Association.] WELLINGTON, June 14. Cable advice has been received from the Broken Hill South Ltd., by the New Zealand Stock Exchange Association that a dividend of Is per share had been declared, payable in Melbourne on August 12. The books will be closed on June 24. The dividend will be paid out of profits derived from sources other than mining at Broken Hill. At the present metal prices the operations at the mine are being conducted at a loss. BRITISH BANKING. “ It is a commonplace of finance,” states the ‘ Bankers’ Magazine of America ’ in an editorial note on the gold standard question, “ that faith in British credit lies at the foundation of world credit, and it must be a matter for rejoicing that the pound is showing such slaying qualities in the face of adverse conditions. This favourable turn of affairs is a r oiled ion of the sound character of England’s tradition ami practices, and a striking testimony lo the'soundness of British banking. In a world whore dark clouds arc all too much iu evidence this streak of sunshine is all the more welcome,.”

KAWARAU GOLD COMPANY. The report of the directors of the Kawarau Gold Mining Company Ltd., for the period from March 31, 1931, to May 16, 1932, states that since the previous report had been issued the Amalgamated Kawarau Gold Mining Company Limited, had been registered, but it was not until April of this year that the actual assignments of the company’s mining privileges were executed in favour of the new company. The debts of the company, both on its own account and on account of claimholders, have all been settled, and apart from a small cash balance required to see the company through the process of liquidation, the only asset left consists of the right to fully paid shares in the new company. The Kawarau Gold Mining Company Limited is to receive in fully paid shares in the capital of the Amalgamated Kawarau Gold Mining Company Limited oneninth of the nominal value of shares allotted to claimbolders. As it is not yet known how many claimholders will be joining the amalgamated company the actual number of shares coming to the Kawarau Gold Mining Company Limited • is not yet , determinable. Originally, it was agreed that claimholders joining the amalgamation would receive shares in, the new company with a paid-up value equivalent to their payments under their leases, and. carrying a liability equivalent to tlieir liabilities under their leases. It was found that these proposals offered insufficient inducement to claimholders to join the amalgamation, and in April of this year, representations were made to the directors, that claimholders joining the new company should ■ obtain fully paid shares to the value of their payments under the leases, thus freeing claimholders from the liability, of calls being made on their, shares in the new company. In this way the proposition became much more attractive to claimholders, and it would appear that there is now no reason why every claimholder should not < come into the amalgamation. When the fully paid shares in the new company are received; they: will be distributed amongst the shareholders of this company in proportion to their holdings. Shareholders will. thus become shareholders in the Amalgamated Kawarau Gold Mining Company Limited, and the Kawarau Gold Mining Company Limited will then have distributed all its assets. There is, therefore, no object in deferring the liquidation of the Kawarau Gold Mining Company Limited, and an extraordinary general meeting of members has been called for the purpose of putting the company into voluntary liquidation. The balance-sheet shows the nominal capital to be £14,985 Bs. On. the assets side is shown £336 10s in the bank. The book value of assets acquired by the amalgamated company in consideration rtf fully paid shares to be allotted is £20,518 6s 9d, while the profit and loss account shows a balance of £4,007 12s 3d. HEMP PRODUCTION. The Government’s bonus of £IO,OOO for a commercially practicable method or process of effecting major improvements in the preparation' and manufacture of New Zealand hemp is unlikely to be awarded in view of the fact that no process giving promise of being accepted has been submitted. Entries were originally to have been submitted to the Government not later than November 30 of last year, but the closing date was posponed for six months. In spite of this, it is stated that it has been impossible to rfind. a process that complies with the specifications laid down when the bonus was offered in February, 1930. It was stipulated in the conditions that the machine or process in regard to which the whole or any part of the bonus was to be paid should be recommended by a committee set up by the Government. The £IO,OOO was to have been paid wholly or in part for a commercially practicable process of extracting and dressing the fibre of New Zealand hemp (phormium tenax), whether by machinery or otherwise. There was to be , obtainable a greatly improved quality of fibre,' marketable at a higher ■ price, a considerably greater quantity of strong white fibre per ton of green leaf, or a substantial reduction in the cost of producing the fibre. Various other conditions were attached to the award of the bonus, but it is stated that the conditions concerning the extraction of fibre from not less than 500 tons of green leaf under test requirements lias not been fulfilled to the satisfaction of the Government. LONDON FRUIT MARKET. The Otago Provincial Fruit Council advises that the High Commissioner’s cabled report for the week ended June 11 on the London fruit market is as follows;—Market glutted and prices declining. Australian supplies during current fortnight 1,000,000 cases. S.s. Northumberland, Port Napier, Middlesex consignments in the market. Current prices: Granny Smith, 12s to 16s; Jonathan, Delicious, Dunn’s Favourite, Stunner, Ballarat Seedling, Cleopatra, Lord Wolseloy, Statesman, Dougherty, Kymer, 9s to 11s; others, 8s to 10s. Pears; S.s. Port Wellington consignment very wasty and many unsaleable. Current prices for sound fruit—Winter Nelis, 12s 6d to 15s; Winter Cole, 13s; wasty fruit, 4s to 10s. Otago fruit generally in good condition. S.s. Tamaroa Cox’s Orange, 14s to 225; others as quoted above. Pears: Winter Nelis, 4s 6d to 5s 6d per tray, 7s to Ss per half-case. BUTTER AND CHEESE. The South Island Daily Association lias received the following report from tbo New Zealand Produce Association, London;—Butter, 94s to 965; Danish, 96s to 98s; market steady. Ciieese, noth colours, 55s to 565. Messrs H. L. Tapley and Co. Ltd., South Island agents for tho AngloContinental Produce Company, London, have received tho following cabled market report:—Butter, 955" to 96s per cwt. Cheese, 55s per cwt. Markets steady. METAL MARKET. Press Association—By Telegraph—Copyright. LONDON, June 13. Following are the official quotations in the metal market:— Copper.—Standard, £27 4s 4Jd per ton; forward, £27 0s 7-Jd. Electrolytic.—Spot, £3l; forward, £3l 10s. Wire bars, £3l 10s. Lead.—Spot, £9 10s; forward, £9 18s 9d. .Spelter.—Spot, £ll 11s 3d; forward, £ll 18s 9d. 'fin.—Spot, £lls 2s Od ; forward, £ll7 12s 6cl. Silver.—Standard, 16Jd per ounce; fine, 18 3-16il. ‘■■""i" 1111 i " gjiji.i —i mmm

SYDNEY WOOL SALES. Press Association—By Telegraph—Copyright. ■ SYDNEY, June 14. At the dosing wool sales of the season to-day competition was well sustained. The .Japanese and Yorkshire sections predominated, with good support from the Continent. Values were on a par with recent levels. Greasy merino sold at 12d. A total of 4,671 bales was offered, 3,311 being sold, while 1,935 were disposed of privately. AUSTRALIAN STOCK EXCHANGES* Press Association—By Telegraph—Copyright, SYDNEY, June 14. Stock Exchange business returned to normal to-day, with a slightly weaker tendency, but the reaction in the case of the banks was rather marked. Tho following sales were made:—Commercial Bank of Sydney, £l6; Commercial Bank of Australia, 14s lid; Bank of New South Wales, £2B 7s 6d; National Bank (£5 paid), £5 10s; Burns, Philp, 43s 6d ; Tooths, 28s 6d; Tooheys, 18s 6d ; Australian Glass, 39s lsd; British Tobacco, 37s OJd; Dalgety, £7 10s; Goldsbrough, 23s 6d; Millaquin Sugar, 25a 6d; Henry Jones, 30s; Dunlop Perdriau, 12s 2d; Electrolytic Zinc (pref,), 21s Od; Broken Hill Proprietary, 16s; South Broken Hill, 40s; Commonwealth Bonds—l- per cent., 1938, £95 ss; 1911. £92 2s 6d ; 1911, £9l: 1947. £9l 2s 6d; 1950, £9O 17s Gd; 1955. £9l 10s. HELBOUHNE, .June 14. Tho following sales were madeCommercial Bank of Australia (prof.), £7 2s; Goldsbroughs, 245; Australian Glass, 395; Electrolytic Zinc, 11s 9d»

Buyers. Seller •s. £ s. d. £ s. d. BANKING— Bank of New South Wales 25 15 0 Bank of New Zealand 2 1 10 2 2 3 Commercial Bank ... 0 12 9 0 13 3 National Bank of New Zealand 3 1 0 Union Bank of Australia Ltd 6 16 6 INSURANCE— National Insur. Co. 0 11 1 South British Insurance Co 2 10 0 Standard Insur. Co. 1 18 0 — SHIPPING— Huddart, Parker (ord:) 113 P. and 0. Deferred Stock 0 13 0 U.S.S. Co. -(pref.) ... — 1 0 0 COAL— Westport Coal Co. (10s paid) 0 10 0 LOAN AND AGENCY— National Mortgage (cum div.) 1 16 0 National Mortgage (B issue, cum div.) 0 17 0 N.Z. Guar. Corp. ... 0. 4 0 — Perpetual Trustees ... — 3 0 0 Trustees, Executors, and Agency _ 3 0 0 Wright, Stephenson (ord.) 0 10 G Wright, Stephenson (prof.) 0 14 6 MEAT PRESERVING— Canterbury Meat (ord.) 3 15 0 N.Z. Refrigerating (paid) 0 11 4 N.Z. Refrigerating (cont.) 0 3 9 0 4 3 South Otago Freezing 2 0 0 — MISCELLANEOUS— British Tobacco (cum div.) 1 8 3 D.I.C. (ord.) — 0 12 0 Dominion Rubber ... — 0 6 0 Kaiapoi Woollen (prof.) 0 8 0 Milburn Lime and Cement ... * 1 4 6 M‘Lcod Bros 22 0 0 National Electric — 0 9 0 N.Z. Express (pi'cf.) 0 15 3 N.Z. Fanners’ Fertiliser 0 12 N.Z. Paper Mills ... 0 18 9 ‘ Otago Daily Times ’ 1 17 6 2 0 0 Woohvorths’ (pref.) 13 0 — GAS— Christchurch '1 5 3 BREWERIES— N.Z. Breweries Ltd. (cum div.) ... ... 1 4 ■ 3 1 4 9 N.Z. Breweries Debentures 10 0 Dunedin Brewery 0 18 0 0 19 3 Tooth’s Brewery — 1 6 6 MINING— Kawa.rau 0 0 21 0 0 31 Waihi Grand June. 0 2 9 — Electrolytic Zinc . (pref.) 0 18 0 _ North Broken Hill (cum div.) 2 11 0 _ Mahakipawa ... ... ■ 0 0 5 Kildare — 0 1 9 Okarito 0 9 1 0 9 4 Paddv’s Point 0 4 0 — Golden Progress 0 1 10 0 2 5 King Solomon ... 0 11 0 1 3 Golden Point ... 0 0 5i — BIac.kwaf.er 0 8 0 0 8 9 Gillespie’s Beach — 0 0 0, gP Alexander Mines (fully paid, cum div.) 10 0 Waitahu0 0 5(1 par OIL— Moturoa ... 0 4 2 WAR BONDS— (Bonds quoted are £100 Bonds.) 1938 4£ p.c. Bonds ... 92 5 0 1939 41 p.c. Bonds 92 10 0 — 1958 4* p.c. Inscribed 92 5 0 — 1939 4£ p.c. Inscribed 92 10 0 — 1933 5i p.c. S.S. Bonds 100 5 .0 1933 51 p.c. S.S. Insc. 100 5 0 — 1936 5£ p.c. Bonds 99 7 6 — 1936 5£ p.c. Inscribed 99 3 6 — 1933 51 p.c. Inscribed — 99 0 0 1937 5£ p.c. Bonds (February) 99 10 0 — 1937 65 p.c. Bonds (September) 99 10 0 1937 51 p.c. Inscribed (February) 99 10 0 __ 1957 51 p.c. Inscribed (September) .99 10 0 -