Commerce, Mining, & Finance

Evening Star, Issue 21285, 14 December 1932, Page 6

Commerce, Mining, & Finance

THE SHARE MARKET i ■ DUNEDIN STOCK EXCHANGE A* seller came on the market at the -morning call, over asking £2B for Bank of New South Wales shares,, but no buyer re•sponded. New Zealand shares eased to SZ Is Sd, and the beet buyer offered £2 Os 3d. Nationals of New Zealand were • for sale at -£3 10s, but there was no inquiry. Unions were for sale at the increased price-of £7 ss. ' ■ New Zealand Insurance shares had a ■two shilling market, buyers offering £2 for .them, with asking £2 2s. There was an advance of, one* shilling' on: the bid for South British shares, buyers . offering £2 12s 6d, but no sellers quoted. Standards eased slightly, £2 9s being asked, but .there was no inquiry. - Westport Coal shares eased to 12s, and -the best buyer of. Westport-Stocktons (ord.) •offered 6d, but there was no response to ’.either. There was a sharp drop in Gear Meat 'shares, sellers being willing to take £1 7s ;6d, but there were no buyers. The inquiry, for contributing Refrigerating shares was at 3s; 2d, and sellers were twopence . 'away. 1 British Tobacco shares were for sale at =£l 9s. epm dividend, but the shares were Cot wanted. Both; issues of Brown, Ewing ; shares were for sale, the ord.’s at 19s and ;the pref.’s at 10s, without any inquiry being made. National Electrics eased to 7s . 6d, and the best buyer offered-5s 9d for them. New Zealand’ Drugs were also .easier, sellers asking £2 17s, and a buyer ■came on the market at £2 12s 6d. Preference- New Zealand Express shares were obtainable at 19s,' and sellers of New Zea- ■ land Farmers’ Fertilisers came on the mar■;ket at 15s, but no buyers quoted for either. ;. Sellers of New Zealand Breweries were 'for sale at £1 Ss 3d, but the shares were ‘ not wanted. Hotutba Oils were again wanted at 3s r 9d, and C .seller came on the market at 4s t4d. : '4-. y ' j Electrolytic Zincs were ; tor sale at 15s, Cut there were no buyers. There were two 'reported sales of Okaritos at 8s 2d, and •the market. closed with quotations one , .penny above and below,.that price. After >.a reported sale of Gillespie’s Beach shares ; ,at 3d prem. the inquiry eased to 2Jd prem,, ..and there were no sellers. Nokomais were sold this morning at 6s, and the final quotations:; showed a -.buyer at ’ss lid, and a V seller at 6s 2d. '! Sales , Reported.—Okarito. 8s 2d (two /-sales); Gillespie’s Beach, 3d prem. Sale,on .’Change.—Nokomai, 6s. Quotations at under: —

WAR BONDS—(Bonds quoted are £IOO Bonds.) 1938 44 p.o. Bonds ... 93 0 0 1939 44 p.c. Bonds ... 93 0 0 1938 4J p.o. Inscr. ... 93 0 0 93 10 0 1939 4| p.o. Inscr..... 93 0 0 1933 54 p.o. S.S. Bonds 100 0 0 * 1933 54 p.o. S.S. Insc. 100 0 0 1933 54 p.o. Bonds ... 98 10 0 1953 54 p.c. Inscr. ... 98 10 0 1937 54 p.c. Bonds (September) ... 98 0 0 1937 54 p.c. Inscribed (February) ... ... 98 0 0 1937 54 p.c. Inscribed ' (September) 98 0 0

, :f DIVIDENDS DUE. Stock. Amount. Period. Date. ■ ’ North Broken Hill ’ Is .—, Dec. 14 Mount Lycll *6d final Dec. 19 Singapore Hume Pipe 71-Sd int. Dec. 19 'Alexander Mines Is sixth Dec. 21 : British Tobacco 3 3-5 d int. Dec. 31 Blackwater Mines Is interim Deo. 31 . Consolidated Goldfields 6d —, Dec. 31 • —1933. , Broken Hill South Is Feb. 10 ♦Australian currency. P. AND 0. SHARES Press Association—By Telegraph—Copyright. LONDON, December 13. (Received December 14, at 1.30 p.ra.) P. and O. shares, 14s 3d.

DAIRY PRODUCE VERY LOW PRICES Our Auckland correspondent telegraphs that merchants’ cables from Loudon quote new low prices for dominion produce—viz., butter, 82s (finest); cheese, 545, white j 565, coloured. [The most recent quote till this was: Finest New Zealand butter, 83s to 84s; cheese, while, 59s to 60s; coloured, 60s to 61s, j , The following cabled market report has been received from London by the South Island Dairy Association: — Butter, steady. Finest, 82s; first, 81s; Danish, 120 s. Cheese, slow; white,s4s, coloured 565. Messrs H. L. Tapley and Co. Ltd., South Island agents for the AngloContinental Produce Company, London, have received the following cable-.—Butter, 82s to 83s per cwt; market flat. Cheese : White, ,55s per cwt; coloured, 57s per cwt; market dull. . - Messrs’ Dalgety and Co. Ltd. have received the following cable from London, dated December 13:—Butter, 2s per cwt lower; cheese, 6s per cwt lower. - Nimmo and Blair Ltd. have received the following cable from London, dated December 12:—“Cheese: White, 56s per cwt; coloured, 69s per cwt. Likely to go lower. Expect improvement in February and March.” CANTERBURY MEAT COMPANY NEED TO BREED FOR EXPORT [Per United Press Association.] CHRISTCHURCH, December 13. The annual, general meeting of' the Canterbury Frozen Meat Company was held to-day. Mr John Deans, chairman of directors, in moving the adoption of the annual' report, said his recent visit to London nad confirmed his opinion that in order to maintain the reputation • built up for Canterbury lamb in the past they must pay far more attention to breeding lambs for export. Far too many badly-shaped, poorly-covered carcasses were being exported, and Smithfield opinion was that the quality _of Canterbury lamb had gone hack during the past few years. The annual report, which provided for a dividend or 6 per cent, on the preference shares ana 5 per cent, on the ordinary shares, was adopted. Messrs Herbert Elworthy and John Grigg were re-elected to the directorate. GEAR MEAT COMPANY , The directors of the Gear Meat Preserving and Freezing Company of New Zealand report for the year ended November 30, h loss of £12,948. They state with regret that “ the operations for the period do not show a satisfactory result, the loss for the year is £12,948, less amount carried forward, 30/11/31, £5,333 10s 7d,” leaving £7,615 Is Id; add interim dividend paid in June, £11,500, and the total 1 debit profit and loss account amounts to £19,115 Is Id. The directors recommend that this amount he carried forward to next year, and they add that, “ having regard to the losses sustained by the company for the past six months, the hoard regrets exceedingly that it cannot recommend any dividend beyond the interim dividend paid in June last.” The retiring directors are Sir Francis Bell and Mr A. de B. Brandon, who, being eligible, offer themselves for reelection. The auditors, Messrs Ernest W. Hunt and E. R. Dymock, also offer themselves for re-election. This company for many years past has been a consistent payer of dividends of 10 per cent., and for 1928 and 1929 it paid Hi per cent., and for 1930 and 1931 10 per cent. SOUTHLAND SHOW A SPLENDID DISPLAY [Per United Press Association.] INVERCARGILL, December 13. The Southland Summer Show opened to-day in excellent weather, with a magnificent display of stock, the cattle ana sheep, which were judged to-day, being of outstanding quality. Championships were awarded as follow: Sheep.—Shropshires: Ram, S. T. Evans (Longbush); ewe, W. Swale (Limehills). Southdowns: Ram, S. T. Evans; ewe, A. W. Pannett (Clinton). Border Leicesters: Ram, W. Kennedy (Otautau); ewe, R. J. Anderson (Kanana). Romney Marsh; Ram, A. S. Elworthy (Timaru); ewe, J. Mosley and Sons (Clydevale). Corriedales: Ram, H. P. M'lntyro (Maitland); ewe, H. P, MTntyre. English Leicesters: Ram, A. S. Elworthy; ewe, A. S. Elworthy. Lincolns: Ram, ,0. Sutton (Otapiri); ewe, O. Sutton. Ryelands: Ram, S. T. Evans; ewe, S. T. Evans. Cattle.-—Jerseys:, Bull, N. Moore (Tapahui); cow, D. M. A. Cameron (Edendale). Ayrshires: Bull, R. S. Weir (Seaward Downs); cow, R. S. Weir. Friesian: Bull, W. J. Dickie and Sons (Ferndale); cow, James Brown (Waianiwa). Milking shorthorns: Bull, David Murphy and Sons (Kennington); cow, John Bateman (Invercargill). Red polls: Bull, G. S. Young (West Plains); cow, G. S. Young. RUSSIAN PETROL ARRIVAL IN JANUARY By the end of next month a large shipment of Russian petrol will be landed in the dominion, sufficient for the immediate needs of the Associated Motorists’ Petrol Company. Lubricants are due to arrive shortly afterwards (states the ‘ Press ’). The company has all arrangements in hand to distribute the spirit to between 200 and 300 resellers in various parts of the dominion. Ocean instalments for the bulk reception of petrol are situated at Lyttelton, Wellington, Auckland, and Dunedin, and subsidiary installations have been erected at Invercargill and other centres.

LONDON WOOL SALES THE SERIES CLOSED BRISK COMPETITION Press Association —By Telegraph—Copyright. LONDON, December 13, (Received December 14, at 1 p.m.) At the wool sales 6,575 bales were offered, including 2,272 from New Zealand. About 4,797 bales were sold. New Zealand.—Greasy cross-bred, “ SJC/N,” 9Jd; half-bred lamb slipe, “T. 8.5., Canterbury ’’ —top 12jd, average IOJd. The series closed with brisk home and Continental competition. Prices, compared with the October closing rates, were: Merinos—Greasy, fine combing, barely 5 per cent, lower; robuster styles, par; scoured combings, 5 per cent, lower; cross-breds, 5 per cent, and half-breds fully 5 per cent, dearer; medium and coarse, 5 per cent, lower; top-making styles, 10 to 15 per cent, lower; slipes, fine, par; medium and coarse, 5 to 10 per cent, lower. The total catalogued was 135,213 bales. Sold for home consumption, 52,200 bales; Continent, 65,200; held over, 42,500, of which 11,500 were Australian and 31,000 New Zealand. Totals sold: '’■o,soo Australian, 39,000 New •/aland. LOCAL AGENTS’ REPORT. The National Mortgage and Agency Company of New Zealand Ltd. is in receipt of the under-noted cablegram from its London office, dated the 13th inst.:—The auctions closed here to-day with a good tone; good general competition. Compared with opening rates we quote: Greasy merino—Best unchanged, average unchanged; halfhred (50-56), unchanged; cross-bred, Jd lower; slipe (half-bred) lambs, price firm; medium and coarse slipes, id to Jd lower. ; Messrs Dalgety and Co. Ltd. have received the following cable from London, dated December _ 13: —The sales closed active, competition good from home trade and Continent. As compared with closing rates of last series: Greasy merino, , par to id lower; scoured merino, Jd to Jd lower; greasy half-bred, par to id higher; scoured half-bred, unchanged; greasy crossbred fine, id to jd lower, except superior; greasy cross-bred fine, par to id lower; greasy cross-bred medium and coarse, Jd lower;. scoured crossbred, par to id lower; slipe half-bred, unchanged; other sorts slipe, Jd lower; lambs, greasy, par to id lower. Quotations : Half-bred, 56-58, good to super., llld-lSd; half-bred, 36-58, low to medium, Bd-lld; half-bred, 50-56, good to super., 9|d-12d; half-bred, 50-56, low to medium, 6Jd-9Jd; fine cross-bred, 48-50, good to super., 6,Jd-9d; fine cross-bred, 48-50, low to medium, sd--6d; fine cross-bred, 46-48, good to super., 6d-7id; fide cross-bred, 46-48, low to medium, 4id-sid; cross-bred, 44-46, good to super., sid-6Jd; crossbred, 44-46, low to medium, 44d-sd; cross-bred, 40-44, good to super., Sided; cross-bred, 40-44, low to medium, 4d-4|d; coarse cross-bred, 36-40, good to super., sd-5Jd; coarse cross-bred, 36-40, low to medium, 4d-4id. SYDNEY WOOL SALES MARKET FIRM Press Association—By Telegraph—Copyright. SYDNEY, December 13. At the wool sales 11,948 bales were offered, of which 11,338 were sold, while 1,314 were disposed of privately. There was strong competition, especially from Japan and the Continent, and the market was very firm. Greasy merino made 16Jd. LOANS MATURING CHANCES OF CONVERSION Following the view expressed recently by. the Prime Minister in favour of a reduction of interest rates, it is felt in some quarters that a definite statement, disclosing the full intention of the Government, should be made (states the Auckland ‘Herald’). At present uncertainty exists with regard to all issues of State loans, and this has a direct bearing on the prospects of a successful conversion of the Discharged Soldiers’ Settlement loan, maturing on January 15. The amount of the loan outstanding is £4,114,630, and the Government proposes to convert the issue to bonds and stock maturing in 1940, and bearing interest of 5 per cent., free of the 10 per cent, stamp duty. There is provision for repayment m cash to holders not wishing to convert. When the Government conversion policy was announced the opinion was expressed generally that the new loan offered a good investment, the rate of interest being higher than could be obtained in other similar directions. It was considered that at least 75 per cent, of the holders would be willing to convert their holdings. However, later developments have raised a considerable doubt whether the response by the public would be so satisfactory. In the circumstances, stockbrokers are at a loss how to advise their clients. They state that they wish to help the Government to make a success of the conversion. The loan, when offered in 1920, was a very popular issue, and bonds were taken up_ by all classes of the community. It is stated that in fairness to holders the Government should acquaint them with what reduction, if any, on 5 per cent, they may expect. Otherwise holders are being asked to accept blindly whatever terms the State cares to offer. METAL MARKET Press Association—By Telegraph—Copyright LONDON, December 12. The following are the official quotations ; Copper.—Standard, £27 6s 3d per ton; forward, £27 13s 9d per ton. Electrolytic.—Spot, £32 10s per ton; forward, £33 10s per ton. Wire bars, £33 10s per ton. Lead.—Spot, £lO 17s 6d per ton; forward, £ll 6s 3d per ton. Spelter.—Spot, £l4 15s per ton; forward, £l4 18s 9d per ton. Tin.—Spot, £149 3s 9d per ton; forward, £l5O 6s 3d per ton. Silver.—Standard, 17Jd per oz; fine, 18 7-8 d per oz.

foreign' exchanges (British Official Wireless.) Press Association —By Telegraph—Copyright. RUGBY, December 12. - Paris, franc to £1 83). Brussels, belgas to £1 23.45 j Oslo, kroner to £1 19.37| Stockholm, kroner to £1 18.30| Copenhagen, kroner to. £1 19.28| Geneva, franc to £1 16.95| Berlin, reiohmarken to £1 13 21-32 Montreal, dollar to £1 ... 3.781 Now York, dollar to £1 3.26 Amsterdam, florin to £1 ... ... 8.101 Milan, lire to £1 ... ... 63 11-16 Prague, kroner to £1 110£ *Vienna, schilling to £1 271 Helsingfors, marks to £1 228 Belgrade, dinars to £1 2421 Warsaw, zlotys to £1 Madrid, peseta to £1 40 Athens, drachmae to £1 595 Lisbon, escudo to £1 ... 1071 Bucharest, lei to £1 567 i *Eio de Janeiro, pence to milreis 51 •Bubnos Aires, pence to dollar ... — •Montevideo, pence to dollar ... 30 Shanghai, pence to tael' 21 Yokohama,- pence to yen ... ... 16 Hongkong, pence to dollar 16 Bombay, pence to rupee 18 1-16 Batavia, florin to £1 ... ..; 8.17 •Nominal. LONDON STOCK EXCHANGE Press Association—By Telegraph—Copyright. LONDON, December 13. (Received December 14, at 1 p.m.) Dalgety and Co.’s shares, 4 per cent, debenture stock, £BB 10s; Goldsbrough, Mort, £76 10s. AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright. SYDNEY, December 13. On the Stock Exchange investors showed little inclination to enter into fresh commitments, and much of the business transacted was of a clearing-up character. The following sales were made:— Bank of New South Wales, £3O 12s 6d; National Bank (£lO paid), £ll 15s; Australian Gas (A), £6 19s; do. (B), £6 19s 6d; Dunlop Perdriau, 16s 3d; Goldsbrough, Mort, 24s 3d; Millaquin Sugar, 27s 6d; Australian Glass, 43s 3d; British Tobacco, 335; do. (pref.), 27s 3d; Tooth’s, 34s 6d; Mount Lyell, 21s 7id; Broken Hill Proprietary, 26s 7Jd; South Broken Hill, 45s 9d. MELBOURNE, December 13. ■ National Bank (£lO paid)) £ll 18s; Commercial Bank of Australia, 15s 9d; Metropolitan Gas, £ll 17s; Dunlop Perdriau, 16s 6d; South Broken Hill, 465. GOLD MINING WILUNA PROFITS The report of the Wiluna (Western Australia) Gold Corporation shows that during the ten months ended on October 31 last the mines treated 275,181 tons. Gold produced was worth, including gold exchange preimums, £599,918. The working costs amounted to £238,301, and exploration and development £54,386, leaving a working surplus % of £277,231. The mines manager reports that the net overall recovery can be increased to not less than 84 per cent., and working costs, including normal development, reduced to 18s a ton, Australian currency. The scale of operations will be increased to 40,000 tons monthly by the middle of 1933, while a, considerably larger production will be warranted later. WAIHI GOLD MIKE The following information has been cabled to the London office of the Waihi Gold Mining Company Ltd.:— No 5 Level.—No. 2 reef: Driving west the next 34ft assays 30s_ 6d a ton. The lode varies from 2ft to sft wide. No. 11 Level.—North section, Empire lode: Driving east the next lift assays 60s 3d a ton. At 105 ft the total width of the reef is 7ift, assaying 43s 9d a ton. No. 11 Level, 38ft Sub-level.—North section, Empire lode: In the cross-cut south from the winze at 51ft down, the next 12ft assays 13s 6d a ton, the next 4ft 52s 6d a ton, the next 4ft is country rock, the next 4ft 76s a ton, the next 15ft 11s a ton, and the last 2ft country rock. We have holed here to former workings. No 11. Level, 90ft Sub-level.—North section, Empire-lode: Commencing at Mitchel winze we have driven east 77ft, the assay value being 45s 6d a ton. The lode is about 4ft wide. WEST COAST GOLD Since mining commenced in 1857 seventy-five years ago— ; to December 31, 1931, the total quantity of gold exported from the West Coast was 6,664,308oZj valued at £26,543,887. The four counties on the West Coast each contributed the following quotas during the year ending December 31. 1931; —- Grey, 6140 z, valued at £2,457; Duller, 1,1690 z, valued at £4,652; Inahgahua, 26,4770 z, valued at £103,896; Westland, 12,5110 z, valued at £51,581. The West Coast output for the previous year ending 1930, was 32,6930 z, valued at £128,820. BORING AT WETHERSTONES It is understood that the test bore at present being sunk through the conglomerate at Wetherstones has reached a depth of 270 ft. PRICE OF FINE GOLD Press Association —By Telegraph—Copyright. LONDON, December 13. (Received December 14, at H a.m.) Fine gold is quoted at £6 6s 5d per oz.

Buyers. Seilers. BANKING— 1. d. 2 I, d. 4 Bank of N.S.W. ' 28 0 0 Bank of 'New Zealand 2 0 3 2 1 0 E.S. and A. Bank ... 4 4 0 National Bank of - New Zealand ... ‘ ... 3 10 0 V. Union Bank of Aus- , tralia Ltd. •— 7 5 0 INSUBANCENational Insur. Co. 0 14 3 : N.Z. Insurance , Co. 2 0 0 2 2 0 •• South British Insurance Co 2 12 6 Standard Insur. Co. 2 9 0 - SHIPPING— Huddart, Parker ;‘s (pref.) ... 0 18 6 i U.S.S. Co, (pref.) ... "'I 0 6 — ' POALt-j p Kaitangata Coal ... par ? Westport' Coal Co. ... 0 12 0 5 .Westpprt-Stocktoh ’ (ord.) ... 0 o' 6 — ; LOAN AND AGENCY— National Mortgage i, ■(“ B”£ Issue) ’ <0 14 0 0 18 6 Trustees, Executors, and Agency ... ... ;2 17 0 — , MEAT PRESERVING— Gear Meat Co', . 1 7 6 N.Z. Refrigerating N.J 1 . Refrigerating • 0 9 0 — (conti) ... 0 3 2 0 3 4 i MISCELLANEOUS— British Tobacco (cum. div.) ... 1 9 b • Brown, Ewing (pref.) — 0 19 0 Bruce Woollen Co.. ford.) — 0 10 0 p D.I.C. (ord.) 0 9 3 P D.I.C. (pref.) ... ... Donaghy’s Rope and — 0,19 0 Twine 1 10 0 Milburn Lime and Cement 1 7 0 National Electric 0 5 9 0 7 6 N.Z. Drug Co 2 12 6 2 17 0 N.Z. Express' (ord.) ... — 0 8 0 N.Z. Express (pref.) — 0 19 0 "■ N.Z. Farmers’ Fer-. tiliser — 0 15 0 N.Z. Paper Mills ... 1 0 0 — Smith and Smith (pref.) Wilson’s (N.Z) 0 10 0, Cement ... ... — 1 9 6 , BREWERIES— N.Z. Breweries Ltd. (ex. div.) . ... ... 1 5 3 . N.Z. Breweries Debs. 1 0 0 Dunedin Brewery ... 1 3 6 OIL- • Moturoa ... 0 3 9 0 4 4 • MINING— /: Kawarau ... ... ... 0 0 5 0 0 9 Waihi Grand'Jiinction 0 3 9 Electrolytic Zinc (def. ord.). ... ... 0 15 0 Mount Lyell (cum div.) — 1 0 0 Kildare 0 1 .9 0 1 11 Okarito 0 8 1 '0 -8 3 Paddy’s Point ... ... 0 4 10 0 5 1 Cornish Point ... ... 0 0 2i — King Solomon Golden Point 0 2 3 0 2 6 0 0 2i 0 0 3i Gillespie’s Beach 0 0 2ip — Alexander Mines — 1 2 0 Waitahu 0 0 9t) Golden_ Sands 0 1 10 0 2 3 Big River — 0 1 2 Mount David 0 3 0 0 3 6 Nokomai ... ... ... 0 5 11 ' 0 6 2