COMMERCIAL

Evening Star, Issue 21170, 2 August 1932, Page 7

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. Sales wore reported in U.S.S. (pref.), £1; Okarito, 9s; and 1939 per cent. Inscribed Stock, £B6, on the Stock Exchange this morning. No sales were effected on 'Change, however. There were still buyers of Bank of New Kcalands at £2 7s, and a seller came on the market at £2 Bs. Sellers of Commercial Banks moved up to 14s (cum div.), and buyers offered 4d less. E.S. and A. shares were on the market nt £4 3s without any inquiry for them, while Unions eased to £6 18s without attracting any interest from buyers. National Insurances had continued inquiry at 12s 6d, and a seller came on the market at 12s 9d. P. and O. Deferred Stock improved to buyers at 16s 6d, but shares wore still unobtainable. Dalgetys hardened to £7 7s, and there was no inquiry for them. One shilling separated buyers and sellers of Goldsbrough, Morts, buyers offering £1 Is 6d, sellers £1 2s 6d. There was no buyer of British Tobaccos above £1 7s 6d, and sellers did not quote. Ordinary D.I.C. shares were firm at 12s, with buyers prepared to give 10s 3d for them. Donaghy’s Hope and Twines eased to buyers at £1 8s 6d, and there were no shares offered. Milburn Lime and Cements had inquiry at £1 4s 9d, and N.Z. Drugs at £2 14s, but these shares were not for sale. Wilson's Cements were on the market at £1 10s, but there was no inquiry for them. N.Z. Breweries were rather more closely quoted, sellers having eased to £1 5s with buyers still offering £1 4s 3d - for them. There was increased inquiry for Staples Brewery shares at £1 3s 6d, but no sellers quoted. Dunedins were obtainable at £1 Os 6d without any inquiry being made. Mount Lye! Is bad a threepenny market, buyers offering 17s 6d with sellers asking 17s 9d. There was a sharp rise in Blackwaters, buvers at 13s with no seller under 16s. Sales Reported.—U.S.S. (pref.), £1; Okarito, 9s; 1939 4-j- per cent. Inscribed, £96. Quotations as under:—

DIVIDENDS DUE. Stock. Amount. Period. Date N,2j. Insurance Is final Aug. 5 Christchurch Gas (cont.) 3 3-scl interim Aug. 4 Christchurch Gas ... 7 1-5 interim Aug. ‘1 Commercial Bank ... 6d final Aug. C (approxD Coral. Bank (prel’.l ... 4s final Aug. G (approx.) Broken Hill South ... Is Aug. 11l Wellington Wool (ord.) 3s final Aug. 18 Wellington Wool (pref.) 3s final Aug. 18 Bank of N.S.W. 5s interim Aug 30 Wellington Uas ... 9 3-5 d interim Aug AUSTRALIAN STOCKS IN NEW YORK. ,NEW YORK. August 1. (Received August 2, at 11 a.m.) Commonwealth Fives. 1900. £72 . 1907, £7l 17,'6; lour and a-lialves. £65. New Soul I) Wales, 1957, £67 17/6: 1968, £67; Queensland Sevens. £BO 10s j sixes, .£73. THE SEARCH FOR OIL. Mofuroa Oil Fields advises ns follows: “No. 2 well produced 120 barrels of oil by self How. Two days lost through clearing lulling. Tola! production to date 221,019 gallons. Timbering of cellar for No. 3 well has befii toinmeneed.”

GRAIN AND PRODUCE. Donald Reid and Co. Ltd. report:— Wheat.—No milling wheat is offering locally. Values automatically increase Jd per bushel for the present month, and prices now are as follow’s: —Tuscan, Is lOd; Hunters, 5s : and Velvet, 5s 2d, sacks extra, f.o.b. Dunedin. Fowl wheat is not meeting with much inquiry. it is anticipated, however, that ail the availabe supplies will bo required before the new season’s crop is available. With the mild winter experienced it is certain that a larger area than usual will bo sown out this season. Fowl wheat is selling at prices ranging from 4s 3d to ss, sacks extra, ex store Dunedin.

Oats—Northern merchants appear to have amide stocks on hand. At present there is very little inquiry from that quarter, and the market is consequently quiet. Seed sowing will commence this month, and this should liven up the trade. Grade oats are not offering, but there are still plenty of sound heavy undergrade lots in the stores. Lines out of condition are also in over supply with the reduced demand for feed. This class of oat is now nearly unsaleable unless at a very low price. A grade are nominally worth 2s lOd, B grade 2s Gd, sacks extra, on truck country stations. Chaff.—There is no business of any consequence passing with this product. Shipping is never attempted from this port, and the only demand is from local feeders, who are getting harder to find as the motor gradually takes command of the carrying business. Prime quality is worth £5, sacks extra, ex store or the equivalent, £4 10s ex truck. Potatoes.—This market has brightened again a little, and, once the stores clear out some of the accumulated stocks, it will probably improve still further. There are very few potatoes left in fanners’ hands. Certainly less than has been the case for many years at this time of the year. Freshly picked sound tables are worth £5 10s, sacks in, ex store, Dunedin. All kinds of seed potatoes are available at comparatively cheap prices. DOMINION BREWERIES LTD. The annual general meeting of Dominion Breweries Ltd. was neld at Auckland last week. In moving the adoption of the annual report and balance-sheet, the chairman of directors, Mr H. Reimers, said that production for the year showed an increase of 40 per cent, over that of the previous year. Although the company’s turnover was so highly satisfactory, the heavy increase in taxation deprived it to a great extent of the benefits which otherwise could have been expected from the increased business. During the year the company was called upon to find over £38,000 for duties alone. “ It is almost entirely owing to this fact,” said the chairman, “ that the net earnings of the company for the past year are not ns satisfactory as they otherwise would have been, and that the directors cannot recommend the payment of a dividend to shareholders. After making full provision for land, income, and other taxation, depreciation, bad debts, etc., it is recommended that the amount available for distribution—viz., £2,436, the sum of £I,OOO be transferred to reserve, increasing that amount to £4,000, and that the balance of £1,436 be carried forward.” The principal items in the company’s balance-sheet at March 31 are: Paidup capital, £77,746; secured credi tors, £8,000; sundry creditors, £26,098; reserve, £3,000. Assets include brewery and plant,, shares in other companies, and goodwill, £45,235; hotel leases, etc., £3,045; stock on hand, £19,858; sundry debtors, etc., £48,541. A.M.P. REDUCE INTEREST.

Advice has been received by the manager of the A.M.P. Society for New Zealand (Mr C. M. Martin) to the effect that the principal board of the society has given prolonged consideration to the question of reducing the. rate of interest payable on country, city, and suburban property mortgages to the society. recognising that a reduction in interest will bo a factor in reducing the costs of production and distribution essential in a period of tow world prices. The board is practically the trustee for the benders of approximately one million life policies, the bulk being for moderate amounts. The funds of the society are mainly the savings of tens of thousands of persons endeavouring by thrift to secure to their dependents' protection against adversity. A long view of the interests of all the society’s policyholders justified the board in taking action to assist the national recovery from the present depression. Accordingly, the board has determined for a period of two years from September 1, to accept from existing and future mortgagers of country, city, and suburban properties, interest at a maximum rate of s.}.per cent, instead of the rates, now payable under iheir mortgages, to the society. The reduction is contingent upon no further legislative interference with existing mortgage contracts with the society. Legislation which increases the element of "risk necessarily and simultaneously increases the rate of interest required to cover that risk. WEST COAST OPERATIONS. The Golden Sands Company, a sluicing enterprise in the Barrytown district. is expected to commence active mining operations by the end of September or early October. The construction of the pipes is being earned out at the claim, and the time-table of the work and the estimate of the cost are well within the schedule. The major part of the capital is held in ChnstThe Molyneux electric dredge, which operated on the Molyneux River about twentv years ago. is being dismantled for removal to the Gillespie’s Beach claim, in South Westland. It is expected that the Brian Boru dredge will be operating actively within a mouth. Substantial quantities cf gold were won in this area in the eaily days, ind a good deal of interest attaches to rho impending operations. Most of the capital is held on the Const and in \Vel- \ commencement is being made this week with the dismantling of a dredge in Waikaka Valley (Southland), and another in Central Otago, for removal fo Murchison to work a claim on the Mataki River. From the two dredges -in efficient machine will be provided., (t is interesting to note that the Otago dvodec —the Success —was origin all y transported there from the Coast. Five plant will be railed to Tnangahua. and thence convoyed to the claim at Murchison hv lorry. Ihe of the stock of the' company is held in Wellington. The New Zealand Mining Investment Company has completed for a local svndicnte tlie boring of a claim on the Blackball Creek, the results being satisfactory. The area averaged slightly over a shilling a yard, one bore averaveraging two shillings._ T ho company s plant is commencing this week to drill the South Beach, south of Greyniouth. Rich returns were secured on the alluvial Ik'.ts in this vicinity in the carlv days, the famous Golconda load

running through the district. Should the boring reveal satisfactory results a mining enterprise of- considerable importance should develop, as the area adjoins the electric power line, the railway, road, and sawmills, and is within a few miles of Greymouth. • The operations of the Mining Investment Company’s plant during the past few months empnasise the necessity of systematic and adequate prospecting. On one area in the Grey Valley, adjoining the claim of a company which paid over £40,000 in dividends during the dredging boom, the first two bores put down by the company’s plant revealed values of Is 7d and Is 5d a yard. The subsequent bores, however, showed results that were unpayable, and the claim was abandoned. On another area, where good gold was obtained in the early days, live first bore proved exceedingly rich—ss a yard to a depth of 33ft—but the subsequent holes were quite unpayable. Experience has shown that oyer a wide area of the Coast, as distinct from Otago and Southland, the gold runs in narrow and frequently rich leads, and anything but systematic prospecting is likely to be deceptive. It is understood that the syndicate, whose proposed development of an extensive dredging area in the Barrytown district was objected to by the fanners of the district, has been granted mining rights over the property, provided that the agricultural area, of it is resoiled. The syndicate represents outside capital, and should the prospecting of the area produce satisfactory results the probabilities are that several dredges will be placed on it. An area of 3,000 acres of alluvial ground in the Okarito district, held by an Auckland syndicate, has been submitted to Home mining interests. Some scout bores have been put down with very encouraging results. If the Home interests are favourable extended prospecting will be undertaken, and should results warrant a big dredging field is likely to develop.

Buyers. feel lei :s. BANKING— Bank of Aus- £ s. d 1. £ s. d. tralasia Bank of New South 9 5 0 — Wales (cura. div.) 26 0 0 — Bank of Now Zealand Bank of N.Z. (Long 2 7 0 2 ■ 8 0 “D”) Commercial Bank 1 5 6 — (cum div.) 0 13 8 0 14 0 E.S. and A, Bank ... — National Bank of New 4 3 0 Zealand National Bank of — 5 9 0 Australasia (cent.) Union Bank of Aus5 0 0 — tralia Ltd INSURANCE— 6 18 0 National Insur. Co. South British In0 12 6 0 12 9 surauce Co Standard Insurance 2 12 0 — Co. SHIPPING— 2 1 6 Burns, Philp 1 17 0 — P. and 0. lief. Stock 0 16 6 — U.S.S. Co. (prof.) ... COAL— 0 19 9 Kaitangata Coal 0 2 6d 0 12 Westport Coal Co. ... LOAN AND AGENCY0 12 0 9 Dalgety and Co. — 7 7 0 Goldsbrough, Mort ■... 1 1 6 1 2 6 National Mortgage ... National Mortgage 1 130 (“ B ” issue) 0 16 0 — N.Z. Guarantee Corp. Wright, Stephenson 0 4 — (ord.) MEAT PRESERVING— 0 10 6 Gear Meat Go N.Z. Refrigerating 1 11 6 — . (paid) N.Z. Refrigerating 0 11 9 0 12 3 (cont.) MISCELLANEOUS— 0 4 5 0 4 8 British Tobacco 1 7 6 — D.I.C. (ord.) .Donaghy’s Rope and Twine Kaiapoi Woollen 0 10 3 0 12 0 1 8 6 (ord.) Milburu Lime and 0 4 9 0 5 6 Cement 1 4 9 — N.Z. Drug Co Regent Theatre 2 14 0 — (ex div.) Smith and Smith 0 11 0 — (pi'eL) Wilson*?* (N.Z.) — 0 12 6 Cement BREWERIES— 1 10 0 N.Z. Breweries Lid, N.Z. Breweries Do 1 4 3 1 5 0 bontnrc.s 1 0 0 — Staples’ Brewery 1 3 0 — 6 Dunedin Brewery ... M 1NING — 1 0 Wailu 0 15 3 — Wailii Grand Junction 0 2 a — Mount Evoll 0 17 6 0 17 9 Kildare 0 1 2 0 1 i) Okariio 0 8 11 0 9 j Paddv s Point 0 4 9 0 5 0 Cornish Point (paid) 0 1 0 0 2 0 Golden Progress 0 1 0 King Solomon — 0 1 8 Golden Point 0 0 6 — ’ 0 lilackwater 0 13 0 0 16 Big River 0 0 Id — Gillespie’s Beach 0 0 Id par Waitahu 0 0 4d 0 0 Id Golden Sands OIL— 0 1 7 Moturoa WAR BONDS— 0 4 (Bonds quoted are £100 Bonds.) 1938 4A p.c. Bonds ... — 93 10 0 L939 p.c. Bonds ... 96 0 0 1941 4| p.c. Bonds ... 96 0 0 — 1938 4l p.c. Inscribed — 96 10 0 1939 44 p.c. Inscribed 99 0 0 — 1933 Si p.c. S.S. Bonds 99 5 0 — 1933 5i p.c. S.S. Insc. 1936 Si p.c. Bonds 99 5 0 ~ (ex interest) 1936 5i p.c. Inscribed 98 5 0 ~ (ex interest) 98 0 0 — 1933 Si p.c. Bonds ... 99 10 0 — 1933 5i p.c. Insc. ... 1937 5i p.c. Bonds 99 n 0 “ (February) 1937 5i p.c. Bonds 101 0 0 (September) 1937 5i p.c. Inscribed 101 0 0 (February) 1937 5i p.c. Inscribed 101 0 0 (September) 101 0 0