Commerce, Mining, & Finance

Evening Star, Issue 21509, 6 September 1933, Page 5

Commerce, Mining, & Finance

THE SHARE MARKET

lINEIIN STOCK EXCHANGE

Inquiry for National Bank of New Zealand shares improved to £4 2s, but sellers did not quote. The remainder of the quotations in this section remained practically unaltered. An improvement was noticeable in the bid for Dalgetys, buyers offering £2 ss, but sellers were not on the market. . Southland Frozen Meats had business at £2 11s, and the market closed with sellers still asking that price and no buyer. There was continued inquiry for South Otagos at £4 15s, and a seller came on the market at £5 ss. Sellers of Dominion Fertilisers increased their quotation to 13s 6d, and a buyer came on the market at 12s 6d. Inquiry for preference Electrolytic Zincs eased slightly, buyers offering £1 12s 6d this morning, but there were no sellers. Milburn Lime and Cements were obtainable at the somewhat easier price of £1 11s, but they were not wanted. The inquiry for Waihis continued to improve, buyers offering £1 7s this morning, but there was no response from sellers. For Grand Junctions the bids improved to 4s sd. SALES. Reported:—Bell-Hooper, Is 9d (2); BellKilgour, Is Id (5). On ’ChangeSouthland Frozen Meat [(paid), £2 11s (ex div.). Reported after the call: —Gillespie’s Beach, 2s 2£d; Bell-Kilgour, Is 9d.

dividends due. Stock. Am'nt. Period. Date. Huddart. Parker (ord.) 6d, interim Sept 14 Huddart, Parker (prof.), 7 l-sd, interim Sept. 14 Golden Sands 3-sd, 3rd monthly, Sept. 14 Okarito 1® fifth Sept« 16 Kaiapoi Woollen . 11 5-8 d final Sept. 16 Broken Hia South Ist Sept. 22 N.Z. Drug 8 2-sd, interim Sept. 23 Dunlop Perdriau Rubber (pref.) ' Is final Sept. 30 Dunlop Perdriau Rubber (ord.) 9 3-5 d final Sept. 30 British Tobacco 3 3-8 d Bank of Australasia 3s 6d interim Oct. 6 Electrolytic Zinc (pref.) ... Is 7 l-5d final Nov. 2 tAustraliau currency.

PRICE OF FINE GOLD

Press AssociationT—By Telegraph—Copyright. LONDON, September 5. (Received September G, at 10 a.m.) The latest quotation for gold is £6 10s 4d.

THE DOLLAR

Press Association—By Telegraph—Copyright

LONDON, September 5. (Received September G, at 10 a.m.) The dpllaE is quoted ai 4.60.]

SYDNEY WOOL SALES

KEEN COMPETITION Press Association —By Telegraph—Copyright SYDNEY, September 5. At the wool sales 12,122 bales were offered and 11,718 sold, while 450 were disposed of privately. There was very strong general competition, and the market was equal to the previous day’s rates for all descriptions. Full and satisfactory clearances were effected, and greasy merino made to 213 d.

LONDON STOCK EXCHANGE

Press Association—By Telegraph—Copyright.

LONDON, September 5. (Received September 6, at 10 a.m.) Saturday closing of the Stock Exchange has been extended until September 30.

AUSTRALIAN STOCK EXCHANGES

Press Association—By Telegraph—Copyright,

SYDNEY, September 5,

On the Stock Exchange front rank company shares were in request to-day at higher levels, and there were extensive dealings in gold shares, but the market otherwise was steady.

The following sales were made; — Bank of New South Wales, £32 10s; Dalgety, £lO 10s; National Bank (£lO paid, New Zealand delivery), £l3 7s 6d; Australian Provincial Assurance, 11s 6d; Associated News, gs 8d (pref. 18s 9d);, Australian Gas (A), £7 6s 6d; Australian Gas (B), £7 7s; Berlei ex div.), 25s 9d; Australian Glass, 495; Dunlop Perdriau, 18s 4§d (pref. 335) ; Goldsbrough Mort., 30s; Anthony Hordern, 11s Id; Automatic Totalisators, 12s 6d; David Jones, 28s 6d; Henry Jones, 37s lOJd; Fairymead Sugar, 295; Newcastle Gas (C), 12s; Farmers, 13s 9d; Standard Cement, 15s Gd; Meggitts, 20s IJd; Tooth’s, 395; Toohey’s, 245; Wilcox, Moffliu, 9s lid; Commonwealth Wool, 19s 4sd; Mount Morgan, 46s ; Bulolo Gold, 94s 9d; Bulolo Deposits, Is 4sd; Broken Hill Proprietary, 37s 9d; South Broken Hill, 625; North Broken Hill, 84s 3d. Commonwealth Bonds (4 per cents.), 1938, £lO3 10s; 1941, £lO3 ss; 1944, £lO3 16s 3d; 1947, £lO4 15s; 1950, £lO3 8s 9d; 1953, £lO3 10s; 1955, £lO3 15s; 1957, £lO4 ss; 1961, £lO5.

MELBOURNE, September 5. Goldsbrough, Mort, 30s; Metropolitan Gas, £l2 14s; Anthony Hordern, 10s 8d; Dunlop Perdriau, 18s sd; ‘ Herald ’ and ‘ Times,’ 445; National Bank (£5 paid), £6 9s; Mount Lyell, 225.

IN BRITISH CURRENCY

AUCKLAND TRANSPORT BOARD'S INTEREST TWO DISSENTIENTS [Pen United Press Association.] AUCKLAND, September 5. The Transport Board, at a special meeting, confirmed the decision of its committee to pay the half-year’s interest on its loan in Britisli currency “ without the right of recovery in terms of the telegrams exchanged with Mr Coates,” and to send its chairman (Mr J. A. C. Allum) to London to negotiate with the bondholders. There was a keen debate.

Mr Nagle said that what was behind the whole thing was pressure from England, supplemented by pressure from the New Zealand ' Government. A deliberate bogey had been raised in respect of the future credit of the dominion. The Government had not played its part. It had been responsible for the nigh rate of exchange, but had done nothing to relieve local bodies of the extra burden.

Mr Grey_ Campbell said the board’s earlier decision had caused a definite reaction against the financial interests of the dominion. There would be no chance of .converting the loan if the full payment of interest were not made. Mr Allum said the difficulty was that the board was trying to run a business concern under political rules. If it had been a private business there would have been none of this discussion. The board would not have paid, and that would have been the end of it. That was the .position of many business firms in New Zealand to-day.

Mr Allum replied to various points raised, after which the board’s decision was confirmed, Mr Nagle and Mr Bloodworth dissenting.

SYDNEY NEWSPAPER ASSETS

‘ DAILY TELEGRAPH ’ IH LIQUIDATION The liquidator of the ‘ Daily Telegraph ’ Newspaper Company (in liquidation), Sydney, has issued a balancesheet as at Juno 30 last. In his report he states that the King street property was sold in October last for £IOO,OOO, and the foil purchase money duly received. From the proceeds sale expenses and the accumulation of rates and taxes were met, and the old bank overdraft of the company was liquidated. Most of the remaining funds were utilised in the payment in January last of a cash distribution to shareholders of 2s 4d a share, amounting in all to £41,482. The net amount received from the receiver of the Hotel Savoy Ltd. (in liquidation) to June 30 was £95,973. This represents money received for the property, together with amounts collected from Savoy contributing shareholders and from the sale of sundry Savoy assets, less charges, rates and taxes, and various expenses. The sums of £25,000 for principal and £3,535 interest have been brought into account as receivable from Arthur Rickard and Co. Ltd. (in voluntary liquidation) in connection with a guarantee agreement. The liquidator of the ‘ Daily Telegraph ’ Newspaper Company Ltd. (in liquidation) is assured by the liquidator of Arthur Rickard and Co. Ltd. (in voluntary liquidation) that the money will ultimately be paid. Apart from any small amounts which may come to hand from the Hotel Savoy receivership, the only remaining assets are the money owing by Arthur Rickard am,! Co. Ltd. and the cash in hand and on deposit. The completion of liquidation and the payment of a further dividend will take place when the money due is collected. The shareholders’ funds (subject to realisation) arc £34,078. The cash actually in hand is current account, and deposit of a total amount of £0,539 and an unclaimed dividend account of £B4B.

THE SEARCH FOR GOLD

OPERATIONS AT WAIHI

The following information has been cabled to the London office of the Waihi Gold Mining Company Ltd.:—

No. 5 Level.—North branch Martha lode cross-cut, at 107 ft west: At 14ft in the north cross-cut intersected a vein of quartz Ift wide, assaying 23s 9d a ton. The course is 45deg and the dip one in four south. The total length of the cross-cut north is 27ft. The south cross-cut is out a total length of 27ft, with nothing material to report. The cross-cut is now suspended. Martha lode: Driving west the first 58ft assays 9s 6d a ton.

No. 11 Level.—Sinking winze on Edward lode, the next 22ft assays 28s 9d a ton.

No. 12 Level.—Royal lode: Driving west the next 14ft assays 14s 9d a ton and the next 27ft 34s a ton. The lode is about 2ft wide. Grand Junction No. 6 Level. —The south-east prospecting cross-cut from the Royal lode is out 147 ft, with nothing material to report.

WETHERSTONES MIMING COMPANY

The following is the Wetherstones Gold Mining Company’s progress report for the four weeks ended September 2;—

The inclined shaft has been advanced 586 ft in conglomerate and timbered to the face, the progress for the four weeks being 176 ft. At 510 ft a drive north was started from the north eomparlment and was continued to 21ft. From the end of this drives east and nest were started. The forracrj which has been advanced to 15ft, wdl connect to an ore pocket at 550 ft in the south compartment. The latter, which has been advanced to 4ft, will be driven to the contact on the installation of the belt conveyors, and a working level will be extended north and south. In the vertical shaft a Sin airline has lieen carried to the shaft, aild preparations are being made to lay a water line. The trestling and framing for the sluice boxes has been completed, but the lining is being held over till the last moment to save exposure to the weather.

The water was brought in on August 24, and the spoil from the inclined shaft is now being put through the boxes.

AUSTRALIAN PRICE OF GOLD

The price fixed by the Commonwealth Bank for gold, including jewellery, lodged at the Melbourne Mint for the week ended August 25 was at the rate of approximately £7 5s Id per standard ounce (22 carats), equal to a premium of 86.34 per cent. Payment is made according to the assay value of the gold. The price per ounce fine is £7 18s 4d.

The Commonwealth Bank’s price for sovereigns at head office, Sydney, August 28, was 365, subject to alteration without notice.

GOLDEN POINT COMPANY

if largely attended meeting of shareholders of the Golden Point Gold and Scheelite Company was held on Monday evening in the Christchurch Chamber of Commerce rooms to consider proposals for raising capital to enable mining operations to be resumed. Mr A. E. Kincaid (chairman of directors) presided. The Chairman detailed the various steps taken by the directors and the offers made by mining organisations to provide the capital required, and after a long discussion it was resolved practically unanimously that the shareholders themselves raise the necessary amount, a proportion of which it was resolved to subscribe within three weeks to enable development work to be commenced at as early a date as possible. As part of the major scheme it was resolved to issue £3,000 of unissued capital, bearing a cumulative preference of 8 per cent., the present •subscribed capital of £32,000 being written down to £16,000. Should the amount necessary to enable the development work to be commenced not be forthcoming within three weeks, the offer of one of the mining organisations to find the necessary sum would be accepted. A substantial amount of the capital required for the development work was subscribed in the room.

ALEXANDER MIMES RETURN

'The Dunedin Stock Exchange has been advised that during August the Alexander Mines crushed 393 tons of ore for 2750 z 9dwt- of melted gold. ’The cyanide plant treated 256 tons of sand for 1450 z 17dwt of bullion. The total estimated value is £2,326. Concentrates valued at £492 have also boon saved. In estimating the above value gold has been taken at 120 s per fine ounce.

DAIRY PRODUCE

Market reports received by the South Island Dairy Association from the Nen Zealand Produce Association, Loudon, read as follow;—Butter: 94s to 965; Danish, 108 s. Cheese: White, 495; coloured, 51s to 525. Both markets are firm.

Messrs H. L. Tapley and Co. Ltd., South Island agents for the Anglo-Con-tinental Produce Co., London, have received the following cabled market re-port:—-Butter, 95s to 96s per cwt; market firm. Cheese; White, 495; coloured, 52s per cwt. Market steady.

OIL BORING

MOTUROA WELLS

The following report lias been received from New Plymouth;—Aioturon Oilfields Ltd. report for five weeks from July 29 to September 2:—No. 4 well, erection of derrick and machinery completed; now finishing buildings and rigging up. No. 2 well produced 452 barrels (15,820 Imperial gallons). Total production to date, 423,224 Imperial gallons.!

WORLD’S WEALTH IN FIBRES

WOOL'S VALUE TO THE EMPIRE NEW ZEALAND'S SHARE New Zealand as a wool producer had third place within the Empire, and fifth in the world, with an outpue in 1932 of 116,000 tons, although sheep were reared primarily for meat. Like the United Kingdom she has the best crossbreds in the world, obtained by scientific breeding, and they give excellent wool as well as meat. These factors appear in a report recently issued by the Empire Marketing Board on ‘ Fibres.’ The report also reviews the world production and trade in cotton, silk, hemp, jute, and flax, of which the importance in the native trade may be gauged by their estimated value of £1,195,000,000. New Zealand’s wool production in 1932 was double that of the United Kingdom, which receives 80 per cent, of her exports. France was the next best customer, taking 6 per cent. Wool exports in themselves make up in value more than a quarter of all New Zealand’s export trade, but have to be added to those of South Africa and Argentine before equalling Australia’s output. Australia has the largest sheep population in the world, and accounts for nearly one quarter of the estimated total of the world’s supply of wool. Her sheep are mainly of the merino type, and are increasing in numbers. It is noted ,in the report that during the slump merino held its price better than the cross-bred. UNITED KINGDOM RECORD WOOL IMPORTER. World wool is valued at £270 million, and of that the Empire’s share is nearly one-half. The Empire as a whole is an exporter of wool on a very large scale, although the United Kingdom in 1932 absorbed more wool than any other country. She is the best customer not only of New Zealand, but also of South Africa and Argentine, whilst one-third of Australia’s exports enter her ports. But it must be remembered that Britain carries on an extensive entrepot trade.

INCREASE IN EMPIRE. HEMP. Jute hemp and flax have comparatively small roles to play in world trade. Jute to the value of £6O million enters the market. 99 per cent, coming from within the Empire, where it ranks third in value, being preceded by wool and cotton. ' Hemp, now understood to embrace all those fibres used in cordage manufacture, is grown mainly outside the Empire. But sisal hemp is the most important export of Tanganyika, where until 1930 there had been a steadily increasing production. New Zealand’s phormium tenax industry, has been severely handicapped during recent vears owing to the heavy fall in prices. She produced 22.000 tons of fibre in 1926, and only 16,000 in 1930; more recent figures are not available. New Zealand divides her fibre exports between the United States 133 per cent.) the United Kingdom (22 per cent.), and Australia (33 per cent.). The Empire remains a net importer of manila.

LONDON FRUIT MARKET

The Otago Provincial Fruitgrowers’ Council Ltd. advises that the High Coimnissioner’s cabled report for the week ended September 2 ou the London fruit market is as follows“ Business slow. Prices for Neiv Zealand apples are: Granny Smith, 14s; Dougherty and Rome Beauty, Gs 6d to 7s 6d; Delicious. Stunner, and Statesman, 5s 6d to 6s Gd; Pioneer. 4s 6d to ss. Otago apples; Newton Pippin, 9s; Rome Beauty. 8s; Statesman. Gs to 7s; Delicious, 5s to Gs; Dunn’s, 5s to 5s Gd; Cleopatra and Jonathan, 3s Gd to 4s Gd; Lord Wolscley, 3s to 45.”

FRUIT TRADE TO BRITAIN

Pears from New Zealand and Australia make up 45 per cent, of the United Kingdom imports in 1932, and those from South Africa 31 per cent., according to a report recently issued by the Empire Marketing Board on ‘ The Demand for South African Deciduous Fruit.’ But the quantity of pears coming from the Union shows a very big increase on the previous year. New Zealand, however, sent nearly 34,000ewt of pears, and Australia 98,17Gcwt more than any single country. The investigation made in 1932 was to discover the popular taste and preference for peaches, pears, plums, and grapes, how far that taste was catered for by South Africa, and the condition of the fruit on arrival in the United Kingdom. Trade depression and unemployment have left their mark on the demand for fruit. Shops in every tyjie of district have complained of diminished trade —those situated where income tax has made heavy inroads to those where the people have no income through stoppage in industry, as on the banks of the Clyde. The popular taste in fruit appears to reflect the travelling capacity of each, for peaches and grapes have been growing in popularity, pears declining, whilst plums have retained a faithful public. As with human beings, some fruits are better travellers than others. The exotic poach bears herself in such fine array that she is fit to grace any board immediately on arrival. Of her kind 85 per cent, reflect perfection, only 5 per cent, deterioration, the remainder being found unprepared for disembarking. The plum retains her bloom exceedingly well, but the pear proves an unwilling traveller., only half her number are in good array for the market, whilst grapes are inclined to drop off on the journey.

METAL MARKET

Press Association—By Telegraph—Copyright. LONDON, September 4. The following are the* official quotations ; Copper.—Standard, £35 18s 9d ; forward, £36 3s Ijd. Electrolytic.—Spot, £39 5s per ton ; forward, £4O ss. Wire bars, £4O 5s per ton. Lead. —Spot, £l3 per ton; forward, £l2 6s 3d. Spelter.—Spot, £l6 18s 9d per ton ; forward, £l7 3s 9d. Tin.—Spot, £219 Is 3d per ton; forward, £219 Is 3d. Pig iron, Home trade, £3 2s Cd per ton; export, £2 12s Gd. Antimony.—British, £39 10s per ton ; foreign, £23 ss. Molybdenite, £2 Is per unit. Wolfram, 17s 3d per unit. Silver. —Standard, 18 Jd per oz; fine, 19 9-16 d.

MELBURN LIME AND CEMENT

The annual report of the directors of the Milburn Lime and Cement Co. Ltd. for the year ended July 31, states that the profit and loss account, after writing off depreciation, and making provision for income tax for the current year, shows a credit balance of £14,851 7s lOd, including the sum of £2,469 2s Id carried forward from last year. An interim dividend of 3 per cent, was paid on March 10, 1933, amounting to £6,000, leaving a balance of £8,851 7s lOd to bo dealt with. The directors recommend that this balance should be appropriated as follows: payment of dividend for the six months ended July 31, 1933, at the rote of 3 per cent, £6,000; balance to be carried forward to next year, £2,851 7s lOd. ;

Quotations as under £ 8. d. £ 8. d. Buyers. Sellers. BANKING — Bank of N.Z 2 8 9 2 9 3 Bank of N.Z., Long “D” ... 1 12 6 — Commercial Bank 0 15 10 0 16 3 National Bank of New Zealand 4 2 0 — Union Bank of Australia Ltd ' 9 6 0 — INSURANCE— New Zealand In. Co. 2 12 6 — Standard Insur. Co. (ex div.) ... 2 17 6 — /SHIPPING— ■ ' Huddart, Parker (ord.) . ... — 1 10 6 P. and 0. Def. Stock 1 3 0 — COAL— Westport Coal Co. ... — 0 13 3 LOAN AND AGENCY— Dalgety and Co. ... 9 10 0 National Mortgage ... 2 5 0 — Wright, Stephenson (ord.) 0 11 6 — MEAT PRESERVING— N.Z. Refrigerating (paid) ■ ... 0 18 6 — N.Z; Refrigerating :8 8 (corit.). : ... ... ... 0 — Southland Frozen Meat 0 (paid) — 2 11 Southland Frozen Meat (pref.) ... 1 5 9 — South Otago Freezing 4 15 0 5 5 0 MISCELLANEOUS— British Tobacco (cum div.) 1 14 0 — Brown, Ewing (ord.) 0 10 0 — Bruce Woollen Co (pref.) — 1 1 0 Dominion Fertiliser ... 0 12 6 0 13 6 D.I.C. (ord.) on 0 — D.I.C. (pref.) ... .;. Donaghy’s Rope and 1 0 6 — 0 Twine . 2.10 Electrolytic Zinc (pref.) , 1 1? 6 — Kaiapoi Woollen. (pref.i cum div.) ... ;o 12 6 : — Milburn Lime and Cement (cum • div.) '— 1 11 0 Mosgiel Woollen Co. 8 8 0 — M’Leod Bros. ...... 26 0 0 — Mount Lyell .... ••• .1 1 8 1 2 0 National Electric — 0 6 0 N.Z. Drug Co. (cum div.) . 3 6, 6 — . N.Z. Farmers’' Fertiliser (cum div.) ... ... — 0 16 6 N)Z. Maby Rubber. 0 (ord.) 6 0 — N.Z. Paper Mills 1 7 6 — * Otago Daily Times ’ 2 3 0 —* Wilson’s (N.Z.) Cement 1 14 3 BREWERIES— Staples’ Brewery 0 6 9 — Timaru Brewery 0 6 0 OIL— Motm-oa (ord.) 0 1 6 0 2 3 MINING— Kawarau 0 0 5J 0 0 1 ,W aihi 1 7 0 — Waihi Gd. Junction 0 4 5 0 Mahakipawa - 0 0 2 0 3 Kildare 0 2 3 0 2 5 Okarito (cum div.) 0 11 11 0 1Z 2 Paddy’s Point 0 1 6 u 0 3 New Cornish Point 0 (6d paid) — 0 7 6 . Golden Progress 0 0 — 0 6 0 1 King Solomon ... ... Golden Dawn 3 2 0 3 1 0 Blackwater — 0 1 J.y Consolidated Goldfields 0 17 ■— . Gillespie’s Beach 0 2 2 0 2 3 Waitahu 0 7 2 0 7 5 Golden Sands ... ... 0 3 0 0 9 Big River ... ; Nokomai 0 0 1 3 6 1 1 Freshford 0 0 74 0 0 9 Lawson’s Flat 0 0 6 0 U iU Central Shotover 0 ,0 10 0 i u Bell-Hooper 0 1 u 0 1 1 Bell-Kilgour ... ... 0 1 It 0 1 9 Oxenbridgc Shotover 0 0 WAR BONDS— (Bonds quoted are £100 Bonds.) 1938-45 34 p.c. Ins. ... 100 15 0 — 1935-52 3i p.c. Ins. ... 193945 34 p.c. Ins. ... 100 15 0 — 100 15 0 — 1339-52 34 p.c. Ins. ... 100 15 0 — 1941-43 p.c. Ins. ... 100 15 0 — 1941-52 34 p.c. Ins, ... 100 15 0 1940 4 p.c. Ins. 100 5 0 — 1946 4 p.c. Bonds ... 100 5 0 — 1946 4 p.c. ’Ins. 100 10 0 — 1949 4 p.c. Bonds ... 101 5 0 — 1949 4 p.c. Ins. 101 5 0 —