COMMERCIAL

Evening Star, Issue 21193, 29 August 1932, Page 7

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. A late sale of New Zealand Guarantee Corporation shares at 6s on Saturday was reported this morning, but no transactions wore effected on ’Change. Sellers of Bank of New Zealands cased to £9 6s 6d. but there was no inquiry for them. Offers for the Long “D ” issue, increased to £1 7s, but there was no response from sellers. There was still inquiry for B. and O. Stocks at £l, and a seller came on the market at 2s 6d more. New Zealand Loan and Agency (ordinary) shares again had £3B offered for them this morning. but sellers were still reticent. Both issues of Wright, Stephensons wore wanted, the ordinary at 11s and the preference at. 12s 6d, but no shares in cither issue wore offered. Inquiry for Dominion Rubbers eased to 4s, while an offer at last week's price of £1 10s for Donaghy’s Rope and Twines was unanswered. Milburn Lime shares were wanted at £1 5s 3d. Now Zealand Breweries were still being offered at £1 7s. but no buyer offered more than £1 6s 6d for them. Electrolytic Zincs (def. ord.l wore wanted at 14s 3d) and sellers offered them at 15s 9d. Okaritos were on (lie market at 8s 6d, and buyers offered 8s 2d. Sale reported:—New Zealand Guarantee Corporation, 6s (late sale, Saturday).

DIVIDENDS DUE. Stock. Amount. Period. Date Bank of N.S.W. 5s interim Aug. 30 Wellington Gas ... 9 3-5 d interim Aug. Standard Insurance Is 3d final Sept. 6. FOREIGN EXCHANGES. (British Official Wireless.) Press Association—By Telegraph—Copyright. RUGBY, August 27. (Received August 29, at noon.) Paris, ITane to £1 BSS Brussels, helgas io £1 24.97) Oslo, kroner to £1 19.95 Stockholm, kroner in £1 19 15-32 Copenhagen, kroner to £1 18.77) Geueva, franc lo £1 17.82) Berlin, rcichmarkon (o £1 ... ... 135 Montreal, dollar to £1 ... 3.91) Now York, dollar to £1 3.461 Amsterdam, llorin to £1 8.61 Milan, lire to £1 67 % Prague, kroner to £1 lit * Vienna, schilling to £1 30 Helsingfors, marks to £1 232) Belgrade, dinars to £1 ■ ... Warsaw, zlotys to £1 Madrid, peseta lo £1 43 Athens, drachmae to £1 553 Lisbon, escudo to £1 D-9 Bucharest, lei to £f ... .... ... 590 Rio tie Janeiro, pence to milreis 5 5-32 * Buenos Aires, pence to dollar ... • ‘Montevideo, pence to dollar ... 30 Shanghai, pence to tael 215-16 Yokohama, pence to yen 15p Hongkong, ponce to dollar I6g ■Bombay, pence lo rupee 18 7-C4 Batavia, llbrni lo £1 ‘Nominal. PRICE OF GOLD. Press Association—By Telegraph—Copyright. LONDON, August 27. Gold is quoted at £5 18s lid per ounce. SYDNEY WOOL SALES. FROM IS!NG INDICATJONS. Press Association —By Telegraph—CopyrightSYDNEY, August 28. Indications point prices at the wool sales opening at Sydney on Monday, showing a. rise ol 20 per cent, above the June rates. This idea is based on recent private sales, and the possibility of the clip being light in many areas owing to dry weather. Jfc is believed that China will buy -100,000 hales of wool this season. MEAT MARKET. Press Association—By Telegraph—Copyright. LONDON, August 27. ■ The following are the latest quotations; — New Zealand Lambs.—-Canterbury; 36!h and under 5Jd per lb, 431b-501b JJd; second quality—average 301 b. ■ltd. Selected North island brands, including Downs: 43ih-501h, 4 fit! , second qnalitv, average 301 b, -!;jd. Other North island brands: Second quality, average 301 h, -lid. Australian Lambs.—Victorian : Best quality—3Bll) and under 4 d, -lid, 4d ; 371h-121b, 45d, -lid, -Id; second quality —36 lb ami under, 4Jd. Other States: First qnalitv—36!h and under -lid, 4R 4cl: 37ib-121h, 4-id, del, 4d. Argentine Sheep. First quality cross-bred wethers—4Blb-C4lb, 2)d, 23d. Argentine Lambs.—First quality; 371b-421h, 41d. 4d ; 431h-501b, 4kl, 4gd. Patagonian Shoe)). —Wethers and/or maiden owes; Under 501 h, 2)d. 2gd. Patagonian Lambs. First quality : 30ih and under. 4jld, 4)d; 371b-421b, 45d. 4 Id. Second quality; Average 301 h. -lid. 4id. New Zealand Frozen Reel,— Ox hinds (160lb-2201b). 3;id, dpi, Argentine Chilled Beef. —Ox tores (160Ib-2201b), 2)d. 2fM. 2;id ; ox hinds (1601h-220!b). 6:ld. 6tl. 5/dAustralian Frozen Beet. —Ox hinds, under 101 b. 3Jd, 31(1. New Zealand Pics. First quality: 11 Jlh-12011). -!’.d. 4!,(1. Australian Pigs.— First quality ; 11 ]!h-1201h. 5.1. l;d.

AUSTRALIAN SUGAR. SHIPMENT TO CANADA. Press Association—By Telegraph—Copyright HALIFAX, August 27. Tho first cargo of Australian sugar reached hero in the motor ship Australind. Some 2,500 tons were unloaded at St. John and 5,000 tons are going to Halifax. INCOME TAX DISPUTE. AUSTRALIAN APPEAL SUCCEEDS. The Standard Trust Limited, Melbourne, has succeeded in an appeal to tho Supreme Court against an assessment by tho Federal Commissioner of Taxation for income tax for the year 1928-29. A sum of approximately £4,000 was involved. The Acting Chief Justice, Sir Leo Cussen, gave judgment for the company. The appellant company came into existence for the purpose of taking over the assets of throe banks which went into liquidation after the land boom. The company was known first as Melbourne Trust Limited, but later it became known as the Standard Trust Limited. The reserve fund of the company in 1927 totalled £160,000, and the company considered that the sum was not liable to taxation. The commissioner took tho view that at least £92,008 was taxable for the year in dispute. COTTON, RUBBER, ETC. Press Association—By Telegraph—Copyright. LONDON, August 27. Friday's closing prices arc as follow ;—- Cotton: Spot, 6.40 d per lb; September, 6.36 d per lb. Rubber.—Para, 4Jd per lb; plantation, smoked, 211-16 d per lb. Jute; New, August-SeptOinber, £l9 Is 2d. Copra : Septomber-October shipment. South Sea, £l3 12s 6d per ton ; plantation Rabaul, £l3 15s. Linseed oil, £l6 10s per ton. Turpentine, 62s per cwt. 40oz A TON FROM TAILINGS. A parcel of five tons of tailings from idle Baby Endeavour Mine, Combionbar (Victoria), was recently treated by cyanide process and yielded 40oz of gold a ton. TRANSFER OF SHARES. The restriction on the transfer of shares of Mount Isa Mines Limited (Queensland), and New Guinea Goldfields Limited, from the Sydney to the London registers has been lifted, states tho Auckland 1 Herald,’ ECLIPSE PETROL. DIRECTORS’ REPORT. The report of tho directors of the Eclipse Petrol Economiser System Co. Ltd.) states that Godward Gas Generator, Inc., as anticipated, has been liquidated because it had exhausted its financial resources, and the vapouriser patent rights have reverted to the company. During the past three months Mr Godward has been engaged in trying to dispose of the patent rights in the United States, but his letters and cables indicate that with the present trade depression, in the automobile industry in America, there appears to be little, if any, possibility of success, or any improvement in conditions before the presidential elections in November. Mr Godward has some promising inquiries from England, which he considers should be investigated in that country, and the directors have authorised a few weeks’ visit in order that no opportunity of dealing with the patent rights may be missed before Mr Godward returns to New Zealand. The directors have intimated to Mr Godward that, if success in England as well as the United States appears unlikely, he should return to New Zealand and leave the disposal of the patent rights in the hands of reliable agents in each country. This, Mr Godward agrees, is the best'policy, as the remaining cash resources of the company must be safeguarded. Until further information is available about present prospects in England and unless conditions improve in the U.S.A.. indicating a satisfactory deal there, the directors can make no recommendation as to whether carrying on, or on the other hand, liquidating, is tho hotter policy, but they consider it unwise to spend the funds in hand by further efforts to market the patent rights unless prospects are much brighter "than they appear at present. Tho important question is whether the company shall remain in existence, and, while retaining the patent rights, try to sell them on a commission basis with a minimum of expense, or whether it should call tenders for the rights ami any other assets and sell to the highest' bidder. This would mean liquidation. As the rights are unlikely to sell at present for more than a nominal sum shareholders may prefer to keep tho company alive so long as the capital assets are maintained intact, after Mr God ward's return, all expenses (except possibly when there appear good chances of a sale) being paid out of the interest receivable on investments. The opinion of the shareholders on this question will be asked at the annual meeting, and a letter expressing the view of any shareholder unlikely to be at tho meeting, will be appreciated. The statement of accounts- discloses the company’s financial position as at March 31. The development expenditure account debit has increased by £2Bl 2s 2d for actual p.atcnt fee renewals, etc., and Mr God ward’s fee in America, whilst the administration account for general management of the company shows costs at a minimum of £325 19s 3d, which is more than covered by the interest on investments, leaving the debit balance, in the account some £37 lower than at the beginning of the financial year. NORTH BROKEN HILL. [Pen United Piiess Association.] WELLINGTON, August, 28. A cable received to-day states that the North Broken Hill Company has declared a dividend of Is per share, payable at Melbourne on September 30. The directors inform shareholders that tho dividend is payable primarily out of accumulated funds. NORTH BROKEN HILL. Tho following report of North Broken Hill was read at the call over of the Dunedin Stock Exchange this morning : “ Cross cuts 2,150 level cuts footwal! of lode at 248 ft from shaft and continues in one to 251 ft. Face still in one and foot-walls normal.” TASMANIAN PRODUCTION. EFFECT OF LOW PRICES. The low prices ruling for mineral products, particularly those of tluj___hase metals, caused a decrease ol £375,000 in the value of the minerals produced in Tasmania during the last year. The total value was £895,000, compared

•with over £1,270,000 in the previous vear. This figure was the lowest since 1921, when it was £829,000, which was the lowest since 1896. The principal decreases were £200,000 in copper, £12,000 in coal, £48,000 in lead, £45,000 in limestone, £30,000 in silver, £19,000 in zinc, £19,000 in cement, and £12,000 in wolfram. Small increases occurred in the case of carbide, gold, osmiridium, and tin. The fall in the price of copper did not affect production at the Mount Lyell mine, where lower grade ore ,is being mined on a larger scale than formerly. The output amounts to 1,100 tons a day. and the increased production has necessitated the employment of more labour. The total number of men employed at the mines is over 1,500. BANK OF AUSTRALASIA, An interim dividend at the rate of 6 per cent, per annum, less British income tax at the rate or 5s in the £ has been declared by the court of directors of the Bank of Australasia Ltd., and will be payable on September 30 to proprietors registered on the New Zealand share list on September 5. COAL MINING INDUSTRY. SUPPLY AND DEMAND. “ The coal industry is in a very precarious condition,” said Mr Dynes Fulton, acting managing director of Glen Afton Collieries Limited, in an address to the suppliers of the New Zealand Cooperative Dairy Company Limited on Tuesday. Mr Fulton said the position was that there were more mines opened than the demand for coal warranted. Glen Afton Collieries Limited, he said, was the only company that had made a clear profit .for the year. Two companies were unable to pay a dividend. An effort had been made to stabilise prices, but so far no satisfactory action had been taken. Mr Fulton said the output of the company’s mines for the last year had been •243.670 tons, as against 219,281 tons for the previous year. The contract to supply the Auckland Power Board with coal as the result of the situation at Arapuni had been resumed, and would be continued for an indefinite period. Mr Fulton said the MacDonald mine had opened up satisfactory. _ In answer to a question, Mr Fulton said a profit of £6,849 was made by Glen Afton Collieries Limited last year, and of this amount £6,000 was paid in to the debenture reserve accmmt for the redemption of debentures issues when the company was formed. The cost ol j opening the MacDonald mine was £59,547. The company’s output of eon) was 180,000 tons annually, and the requirements of the New Zealand Dairy Company’s factories and suppliers were 52,000 tons.

Quotations as under;—■ Buyers. Sellers. £ s. d. £ 8. d. BANKING— Bam: of N.S.W. ... 26 10 0 — Bank of N.Z — 2 6 6 Bank of N.Z, (Long " D ”) 1 7 0 — Commercial Bank ... 0 13 10 0 14 3 E.S. aiul A. Bank ... 4 5 G — National Bank of Australasia (cent.) 5 2 0 — Union Bank of Australia Ltd 7 2 0 INSURANCE— National Insur. Co. 0 13 8 — Standard Ins. Co. ... 2 5 0 — SHIPPING— P. and 0. Deferred Stock I 0 0 1 2 6 U.S.S. Co. (prof.) ... 1 0 0 — COAL— Kaitangata Coal 0 1 G — Westport-Stockton < ore!.) 0 0 6 — LOAN AND AGENCYDalgcly and Co. Goldsbrongb. Mori '... National Mortgage ... 7 12 1 4 0 V — 2 0 0 N.Z. Loan and Mercantile (ord.) 38 0 0 — N.Z. Guarantee Corporation 0 5 10 — Trustees, Executors, and Agency 2 12 6 — Wright, Stephenson 0 (ord.) 0 11 ■— Wright. Stephenson . (prof.) 0 32 G MEAT PRESERVING — Gear Moat Co. 1 1C 6 — N.Z. Refrigerating 4 (eont.) 0 4 0 4 G MISCELLANEOUS— British Tobarco 1 9 6 — Brown, Ewing (prof.) -- 0 19 0 Crystal Ice Co. t 3 U — D.1.0. (ord.) 0 10 G 0 12 0 Dominion Rubber ... 0 -1 0 — Donaghy’s Rope am! 10 0 Twine I — Kaiapoi Woollen (ord.) 0 5 0 — Milburn Lime and Cement t 5 3 — Mosgiel Woollen Co, G 12 0 — N.Z. Drug Co 2 17 0 — N.Z. Express (ord.) — 0 10 6 N.Z. Farmers' Fertiliser 0 13 s 0 14 3 N.Z. Paper Mills ,. Whitcombe and Tombs 1 (1 8 — 2 10 0 — Wilson's N.Z, Cement 1 10 0 — BR EW FRIES - N.Z. Breweries Ltd. 1 i. t) ] 7 0 N.Z. Breweries Debentures 1 I) (1 — Dunedin Brewery ... 0 19 G — Tooth's Brewery .1 8 0 — MINING — Kawaran 0 0 6 — Wailii 0 15 9 Wailii Grand Juno. 0 2 8 0 2 11 Elertrolytir Zinc (del - , ord.) 0 11 3 0 16 9 Mahakipawa 0 0 a 0 0 5 Kildare 0 1 3 0 1 6 Okarito 0 8 2 0 S 6 Paddy's Point 0 4 9 — King Solomon 0 1 u 0 1 11 Big River Gillespie's Beach ... — 0 0 5p 0 0 0]p — Waitahu 0 0 Id Golden Sands 0 1 G 0 1 9 OIL— Moturoa (ord.) 0 3 3 WAR BONDS(Bonds quoted are £100 Bonds.) 1933 4] p.c. Bonds ... 95 0 0 96 0 0 1939 4] p.c. Bonds ... 95 0 0 — 1938 4] p.c. Inscribed 95 0 0 96 0 0 1939 4j p.c. Inscribed 95 0 0 — .1933 Sj p.c. S.S. Bonds 99 7 6 — 1933 5£ p.c. S.S, Insc. 99 7 C — 1936 5] p c. Bonds ... 99 0 0 — 1.956 is], p.c. Insc. ... 99 0 0 — 1937 5A p.c. Bonds (February) 99 0 0 — 1937 5] p.c. Bonds (September) 301 5 0 — 1937 Si; p.c. Inscribed (September) 1937 51 p.c. Inscribed 301 5 0 — tFebruary) 9S 0 0 —