THE SHARE MARKET

Evening Star, Issue 21518, 16 September 1933, Page 11

THE SHARE MARKET

■4 DUNEDIN STOCK EXCHANGE Bank of New Zealand shares had continued inquiry at £2 8e lOd at the call over this morning, and a seller came on the market at £2 9s. There was better demand for Nationals of New Zealand, £4 2b 6d being offered, while Unions maintained their rising tendency, buyers offering £lO is. National Mortgages were firm at £2 Bs, with a buyer offering £2 7s. The “B ” Issue was in better demand at £1 7s, Buyers of New Zealand Drugs improved to £5 9s, but no seller quoted. The inquiry lor ordinary Electrolytic Zincs improved a ■hade, the buyers offering £1 3s sd, but there was no response from sellers. New Zealand Breweries eased to £1 18s Bd. but there was no market for them. _ SVaihi Grand Junctions came in for inquiry at 4s without a seller responding, Okaritoe were quoted ex dividend, and as ■ result the inquiry dropped to'Tls without a seller quoting. Buyers of Paddy’s Point* improved till they were offering yesterday’s selling price, of 5s 3d, while this morning’s seller asked 5e 6d. SALES.

DIVIDENDS DUE •lock. Am’nt. Period. Sate. Okarito 1* fifth Sept. 16 Kaiapoi Woollen 11 5-8 d final Sept. 16 H.Z. Farmers’ Fertiliser ... ... Is final Sept. 20 Broken Hi.i South Ist Sept. 22 N.Z. Drug 1« 4 4-5 d interim Sept. 23 North Broken Hill Is Sept. 29 Dunlop Perdriau Rubber fpref.) Is final Sept. 30 Dunlop Perdriau Rubber (ord.) 9 3-5 d final Sept. 30 King Solomon 3d second Sept. 30 British Tobacco 3 3-8 d interim Sept. 30 Bank of Australasia 3s 6d* interim Oct. 6 Electrolytic Zinc (pref.) ... Is 7 l-5d final Nov. 2 JNaihi Is interim Nov. 1 tAustralian currency. *Les* British income tar, 5s in £l. GUARANTEE CORPORATION . DIVIDEND DECLARED [Pan United Psxss Association.l WELLINGTON, September 15. The New Zealand Guarantee Corporation has advised the Stock Exchange Association that the directors recommend a dividend at the rate of 7 per cent, on the preference shares for the half-year ended August 31, less the compulsory reduction of 20 per cent, under the National Expenditure Adjustment Act, also at the rate of 7sd per share on the fully paid ordinary sham and 3d per share on the balance of the ordinary shares.

AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright. SYDNEY, September 16. On the Stock Exchange to-day’s operations were mostly effected at higher prices. The demand covered a wide variety of company shares, while there was greater activity in gold shares. The following sales were made ; —Bank of New South Wales, £32 10s; Commercial Bank of Sydney, £lB Is; Australian Provincial Assurance, 11s lOd; Mercantile Mutual Insurance, 19s 9(5; Associated News (pref,), 19s l)d; Australian Gas, £7 6s; Berlei (10s paid), 12s lid; Australian Glass, 49s 3d; QWdsbrough, Mort., 29s 10)d; British Tobacco, 37s 3d; Tooth’s, 39s 6d; Automatic Totalisators, _ 13s lid; Lustre Hosiery, 14s 9d; Newcastle Gas (C), 12s Id; Anthony , Hordern. IDs 9d; Henry Jones, 37s 10)d; Winchcombe, Carson, 28s; Mount Lycll, 225; Broken Hill Proprietary, 39s lid; Mount Morgan, 48s 3d; Bulolo Gold, 93s 3d; Commonwealth Bonds (fours) —1938 £lO3 3s 9d, 1941 £lO3 10s, 1944 £lO4 ss, 1947 (ex interest) £lO3 7s 6d, 1950 £lO4, 1955 £lO4 8s 9d, 1957 £lO4 15s, 1961 (ex interest) £lO3 10s. MELBOURNE, September 15. Australian Glass, 495; Dunlop Perdriau, 18s 4d; Electrolytic Zinc, 23s 8d; Goldsbrough, Mort., 29s 10) d; Howard Smith, 11s 8d; Mount Morgan, 48s 3d. METAL MARKET LONDON, September 14. The following are the official quotations : Copper.—Standard, £35 14s 4Jd per ton; forward, £35 16s 10)d. Electrolytic.—Spot, £3B 12s 6d; forward, £39 10s. Wire bars, £39 10s. Lead.—Spot, £ll 15s; forward, £l2 2s 6d. Spelter.—Spot, £l7; forward, £l7 ss. Tin.—Spot, £216 12s 6d; forward, £216 12s 6d. Pig Iron.—Home trade, £3 2s 6d; export, £2 12s 6d. Antimony.—British, £39 10s; foreign, £23. Molybdenite, £2 Is per unit. Wolfram, 17s. Silver.—Standard, 18 3-16 d per oz; fine, 19|d. SALE OF JERSEY BULLS [Per United Press Association.] HAMILTON, September 15. The eleventh annual national Jersey bull sale, which commenced on Wednesday, was concluded at Hamilton today, 163 lots being sold averaging 26) guineas, compared with an average of 34 guineas for 128 head last year. The top price of the sale was 135 guineas, paid by Mr C. J. Lovegrove (Auckland) for Sir Truby King’s Silver Marquis, while Finvoy Handsome Lad realised 101 guineas. AMALGAMATED WIRELESS FINAL DIVIDEND [Per United Press Association.] WELLINGTON, September 15. The Stock Exchange Association has been advised that Amalgamated Wireless (Australia) Ltd. has declared a final dividend of 4 per cent., payable on October 14, making, with the interim dividend of 4 per cent, declared in March, 8 per cent, for the year. CANTERBURY MARKETS [Per United Press Association.] CHRISTCHURCH, September 15. There has been a recovery in the potato market in the last few days. At mid-week they had dropped to £2 15s a ton, f.0.b., s.i., and tno inquiry was negligible. Since then an inquiry set in from Auckland and business has been done at £3 10s. To-day potatoes are being offered at £3 15s, but buyers are now prepared to pay this figure. The spurt an the market is apparently due to the Auckland supply being near the disappearing point, as the last few shipments have been very small. The mid-week boat took approximately 2,500 sacks, and the next boat is not due to load until Tuesday. The fowl wheat market is firm at 3s 6d, f.0.b., s.i., and the better, clean grade to 3s 7cl. There is no inquiry for oats or chaff. A gartons are worth Is lOd, on trucks.

THE SEARCH FOR GOLD KING SOLOMON RETURN [Per United Press Association.) INVERCARGILL, September 15. The wash-up at the King Solomon mine for the week totalled 1590 z 17chvt. The returns from this mine for the last six weeks have been as follows: August 12, 86oz 19dwtj August 19, 960 z 13dwt; August 26, 1760 z; September 2, 1930 z lldwt; September 9,130 oz Bdwt; September 16, 1590 z 17dwt —a total of 838 oz Bdwt. FREBNFORD DREDGING COMPANY [Per United Press Association.] INVERCARGILL, September 15. The Freshford Dredging Company's return for the week was 18oz. OPERATIONS AT WAIHI RETURN OF 5,939 OUNCES. [Per United Press Association.] WAIHI, September 15. No. 5 level, north branch of Martha lode.—Driving west was resumed. The next 19ft is country rock, and the next 10ft of ore is of good grade, the width being about two feet. Martha lode.—Driving west the next 50ft assays 7s a ton. No. 11 level, Edward lode winze.— The next 15ft assays 15s 3d a ton. No, 12 level. Royal lode.—Driving west the next 6tt is good grade ore, and the next 19ft assays 17s 6d a ton. The lode was crosscut at 195 ft, and the first 3ft, being the south part of the lode, assays 29s a ton. The next sft is country rock, and the last 12ft is quartz, assaying 4s 9d a ton. Grand Junction, No. 6 level southeast.—Prospecting the crosscut from royal lode is out 180 ft, with nothing material to report. GOLCONDA MINES The mine manager reports that during the week ended September 9 the following work has been carried out at the Golconda mines:— We have now got the south stopes on the branch reef in working order and quartz will be got from there next week, colours of gold aro seen in the ore broken out. < Wo have completed connecting up with the stopos on the branch reef from the shaft to tho south stopes. This has taken longer than was anticipated. Wo aro now endeavouring to connect tho stopo on tho main reef with the stopes on tho branch reef, and good progress is being made. A rise was put up at this point about eighteen months ago, but it only went up for ventilation purposes. IVe left quartz in both walls, and now that wo have taken out the rise timbers there appears to bo a mass of quartz mixed with country rock, and wo are probably on the junction of the three reef formations. Tho country has improved and tho footwall of tho ore body is getting back to its proper underlie, it will take a week to secure this point, and then we can work on the different reefs. NEW MINING COMPANY The ‘ Mercantile Gazette ’ notifies tho registration of tho following company;—Hatters Plat Mining Company Ltd. Registered September 1, 1933. Office: Rond street, Dunedin. Capital; £6,000 in 120,000 shares of Is each. Subscribers: Dunedin—J. A. Neilson, A. P. Alloo, J. W. M'lndoo 1,000 shares each; J. N. Scurr 500, A. C. Patterson 600. J. Haig 300, Investments Company 14,000. Objects; Mining. AUSTRALIAN GOLD YIELD The yield in gold in Victoria for tho first seven months of tho year was 13,365 fine ounces more than for the corresponding period of 1932. For the first seven months of the year Queensland produced 47,1690 z, compared with 6,7950 z in the corresponding period of 1932. Mount Nolan and Mount Morgan were the principal contributors. The Western Australian yield for the first seven mouths of the year was 354,2620 z. The July yield was 54,455 ounces. The 1932 yield was 605,5620 z. Duo to tho high price of gold and the exchange, a yield of 7dwt to the ton is now equivalent to 13dwt. In addition a mine that required 6dwt to pay working expenses at £4 an ounce requires less than 4clwt at the present price of gold. CORNISH POINT MINES The statutory meeting of the New Cornish Point Mines Limited is to bo held in Christchurch on September 20. Tho directors in their report to shareholders state tho total number of shares issued for cash was 140,500, and tho cash received in respect of such shares is noted as £3,303 4s 9cl. Payments made include £625, on account of purchase moneys to the vendor company, £95 on account of preliminary expenses, and £346 15s 7cl on account of brokerage, leaving a balance of £2,236 9s 2d. CROMWELL FLAT Tlio following judgment of Mr H. J. Dixon, S.M., was delivered at the Warden’s Court, Cromwell, in connection with an application for a mining privilege on Cromwell Flat made by Alexander Dewar, stock agent, of Cromwell : “ This is an application by A. Dewar for an ordinary prospecting license over certain land on the Cromwell Flat. As the land is private land, the applicant

would, in ordinary circumstances, have had to apply under section 93 of the Mining Act, 1926, for leave to enter and peg out. He, however, applied for a largo area because by doing so lie could peg on the road at each end of the area without entering tho land. He thus pegged on the roads and did not enter on to the land. In an Australian case—Parada Gold Mining Company v. Victoria United Company, 3 V.L.R, (E) 24—it was held that such an action may be illegal as far as encroaching on the highway is concerned, yet as regards the claim the applicant can effectually take it up by so marking it out. However, there were several objections, which have been settled or withdrawn. Stevens is still an objector by virtue of his opposing application. Stevens, among others, was satisfied with a smaller area, and to peg out it was necessary for him to apply to the warden for leave to enter under section 93, and having obtained leave to give twenty-four hours’ notice to the owner before entering to peg. It was after he had commenced proceedings to obtain leave to enter .that Dewar pegged his area. This area had been previously pegged out by different applicants, including Stevens, but without obtaining leave to enter. On discovering that the land was private land their applications were withdrawn and they commenced de novo by applying for leave to enter. Dewar, by pegging on tho road, was able to peg out first. By applying for a largo area he was thus enabled to obtain an advantage over others who restrained their greed and applied for smaller areas, which necessitated their applying for leave to enter. It is an illegal act to put an obstacle on the road and dig trenches, but the local authority (the Vincent County Council) are offering no objection to the application and are not proceeding'against Dewar. Stevens, having complied with section 93, pegged out some days later than Dewar. It was contended that Dewar’s application was void because ho pegged on Sunday. I am of tho opinion that pegging on a Sunday did not affect the application. It was further contended that I should act under sub-section 3 of section 93, but I have already held in another case that the notice there referred to Is the second notice. Dewar’s position appears to be legally sound, but it would bo unfair to allow him by action to obtain an advantage over Stevens, who is morally a prior applicant, but owing to his reasonable attitude had to wait until the Warden’s Court consent could be obtained. Dewar’s application will be recommended for the consent of the Minister, and a further recommendation will bo made that such consent be only given on the condition that Dewar allows Stevens to apply for and obtain tho area he has pegged out, either by Dewar amending his application or transferring such area to Stevens and subject to such further conditions as the Minister may think fit to ini nose. Frye and others have obtained the grant of a claim on their freehold. This will require to be deducted*out of Dewar’s area. Also part of sections 3, 34, 28, Cromwell Development Company’s land will require to be struck out of his area and part of section 29, Cromwell Dveclopment Company’s land, included to conform with the pegging. The question of security can bo dealt with before the grant.” HEW ZEALAND FARMERS' COOPERATIVE TRADING PROFIT OF £25,000 (Pb# Usitbd Prsss Association.]

CHRISTCHURCH, September 15. The annual report of the New Zealand Farmers’ Co-operative Association of Canterbury Ltd. states that the gross profit for the year amounted to £133,423, or £1,796 less than for the previous year, a small reduction on a larger volume of business. The net loss for the year is £95,218. This includes the sum of £31,593 interest on current accounts, which has been suspended and not taken into profit and loss, and also a sum of £27,963 for loss on current accounts which have been dosed during the year, and a sum of £61,000 Which has been provided against losses which appear to be inevitable in the near future, less a sum of £25,338, which is the actual profit on the year’s general trading. The report states that the prices of farm produce during the past year have again been lower than for the previous year, and this has forced some customers to default on their obligations to the association, despite all reasonable attempts to continue their accounts. General expenses have again been reduced, though it has been impossible to continue the large rate of_ reduction in expenses which was achieved during the previous two years. The association’s position with its bankers has improved during the year by £82,774. The losses made are on the old advance accounts of farmer customers which it was expected to nurse back again to soundness, but this had been frustrated by the depression. KAIAPOI WOOLLEN COMPANY ANNUAL MEETING [Per United Press Association.] CHRISTCHURCH, September 15. At the annual meeting of the Kaiapoi Woollen Manufacturing Company today Mr A. M'Kellar, chairman of directors, said that the trading position of the company as revealed by the accounts was more encouraging. Although the profit was not large, considering the difficulties of the times, it was something to bo able to place before the shareholders a set of accounts carrying a credit balance. The wholesale prices continued at a very low level, and traders were filling requirements with small purchases frequently made. Vigorous competition had occurred throughout the year, and had corno in many instances from new and unexpected sources. The company’s warehouse in Napier had been rebuilt, and with offices and tenancies arranged the company was occupying a suitable and up-to-date warehouse at a rent based on the interest on money invested in land only. During the year some of the factory units had been taxed to tho utmost, but other divisions had not been working full time. Tho annual report was adopted, with tho approval of tho payment of a preference dividend. The Chairman spoke of the energetic and capable direction of tho business by tho manager (Mr W. R. Carey), and said the directors were very grateful to him. THE DOLLAR Press Association — My Telegraph—Copyright. LONDON, September 15. (Received September 16, at 11 a.m.) The dollar is quoted at 4.68|.

EXPORT OF EGGS

SUPPLIES FROM OTAGO FARMERS HEAVY SHIPMENTS PLANNED An export of 3,500 eases, or 100,000 dozen, eggs is aimed at this season in Otago, although it is considered that the actual exports may fall slightly short of the projected total. With the present surplus on the markets the export of eggs has been commenced already. Up to the present a total of 12,000 dozen has been shipped for the London market, 200 cases of thirty dozen each being despatched by the Opawa and ri further 200 by the Mataroa. Space for 1,100 cases has been secured on the lonic, which will sail about September 25. The eggs, on being taken from the crates in which they are sent forward by the poultry farmers, are first roughly graded into two sizes—large and small. They are then further graded according to weight, the smallest eggs accepted being those which weight Mi lb per “ long hundred,’’ as ten dozen eggs are termed in the trade. The next grade comprises eggs weighing 151 b per “ long hundred,” and so on by increases of half a pound per “ long hundred ” till the highest grade is reached, this being for eggs weighing 181 b per “ long hundred.” In addition to being graded, the eggs are tested for freshness, the presence of blood spots, thickness of shell, and general suitability for export, and are also stamped “ New Zealand eggs.” They are then packed in cases containing thirty dozen each, each layer of eggs being placed in cardboard compartments with cushions of papier mache, and, in the case of the heavier eggs, of woodwool. The cases are later placed in store at a temperature of 4Gdeg to await shipment. Although a great deal of handling is involved in this work, the men employed rapidly become expert, with the result that approximately 2,000 dozen eggs per day are dealt with. Those eggs which do' not meet the requirements of the expqrt trade are rejected and sold for local consumption or disposed of to the bakers and pastrycooks. The export trade is of importance to poultry farmers. If there were no export the local market would be completely swamped with a surplus of eggs, and prices would fall to a point where production would be quite unpayable. As it is, the shipment of 100,000 dozen from Dunedin relieves the pressure and ensures a more or loss steady price for growers. Latest advice from London was to the effect that Australian eggs are selling at 12s per “ long hundred.” With the exchange premium this brings the price up to approximately Is 6d per dozen, and it is considered that after all grading and export costs have been paid growers will receive about lOd per dozen. The export is being carried out under the iogls of the Provincial Council of the New Zealand Poultry Association, and the actual grading and packing of tho eggs is done under the supervision of an inspector of the Department of Agriculture.

DAIRY PRODUCE The South Island Dairy Association has received the following cable from Londonßutter, firm, 100 s to 102 s; Danish, 120 s. Cheese, steady; white, 535; coloured, 545. Messrs H. L. Tnpley and Co. Ltd., South Island agents for the Anglo-Con-tinental Produce Company, London, have received the following cable: — Butter, 100 s to 102 s per cwt; market firm. Cheese: White, 52s to 53s per cwt: coloured, 53s to 54s per cwt; market quiet. BUTTER HIGHER The New Zealand Loan and Mercantile Agency Co. Ltd. have received the following cable advice from London, dated September 15:—Butter, 2s higher. BRITISH TREASURY BILLS (British Official Wireless.) Press Association—By Telegraph—Copyright, RUGBY, September 15. (Received September 16, at 11.30 a.m.) The amount applied for in Treasury bills tenders to-day was £62,440,000. The amount allotted in bills at three months was £45,000,000. The average rate per cent, was 5s 11.39 d, compared with 6s 7.34 d a week ago. BEATH AND COMPANY DIVIDENDS ANNOUNCED (Per United Press Association.l CHRISTCHURCH, September 15. In the annual report of Messrs Beath and Co., drapers, Christchurch, the directors state that the company’s position is now so satisfactory that they have no’hesitation in recommending the usual dividend of 5 per cent, on the preference shares and 8 per cent, on the ordinary shares. This will absorb £9,452. The accounts show a net profit of £8,054, which, added to the carryover of £12.162, gives a total for disposal of £20,216, the allocation of which the directors recommend as follows; £250 interim dividend on jireferenco shares already paid, £4,476 interim dividend on ordinary shares, £250 further dividend on preference shares, £4,476 further dividend on ordinary shares, £10,704 carry forward. TUNG OIL The future production of Tung oil in New Zealand appears to be assured, according to tho latest advice received from the 1,200 acre plantations of the Now Zealand Tung Oil Corporation Limited at Kaikohe, North Auckland. Tho corporation reports that, as a result of much careful thought and planning, coupled with systematic working in tho interests of all concerned, it is now able to produce a set of photographs which go to show that it has builcled more wisely than it knew. It is with a great sense of satisfaction that it is now able to demonstrate that not only can tho Tung tree be grown in Now Zealand, but also that it will produce tho fruit. The corporation has gone further than this, and has procured an analysis of a simple of the oil extracted from the fruit of a throe-year-old tree, which proved tho oil to he equal to the best produced in Florida.

3.6. and A. Bank, £5 15s. On ’Change.—Bell-Hooper, 1«, U 0|d. Sale after the Call.—Nokomai , 3s 2d. , Quotations as under Buyers. Sellers. £ a. d. £ ■. d. flNKINQBank of New Zealand 2 8 10 2 9 0 Commercial Bank ... 0 16 4 — National Bank of N.Z. 4 2 6 — Union Bank of Australia, Ltd 10 2 0 — INSURANCE— National Ihsur. Co. ... 0 17 6 — N.Z, Insurance Co. ... 2 13 0 — South British Ins. Co. 3 12 6 — Standard Ins. Co. ... 3 1 6 SHIPPING— P. and 0. Def. Stock 1 3 0 — U.S.S. Co. (praf.) ... 1 3 6 — COAL— Kaitangata Coal ... 1 2 6 1 3 0 Westport. Coal Co. ... 0 12 10 — liOAN AND AGENCYGoldsbrough, Mort ... 1 9 3 — National Mortgage ... 2 7 0 2 8 0 National Mortgage . (“B” issue) 1 7 0 — N.Z. Guarantee Corp. (cum div.) ... ... — 0 8 2 Perpetual Trustees — 2 15 0 Wright, Stephenson (ord.) ... ■ ... ... 0 12 Wright, Stephenson 9 0 15 0 (pref.) 0 13 0 — MEAT PRESERVING— N.Z. Refrigerating 0 (paid) 0 19 0 19 6 N.Z, Refrigerating , (oont.) ... . — ,0 9 9 Southland Frozen Meat (paid) ... 211 3. 2 12 3 South' Otago' Freezing 4 15 Q — MISCELLANEOUS— Bruce Woollen Co. (pref.) — 1 0 6 Crystal Ice Co. . 1 0 6 — Dominion Fertiliser Debentures 99 0 0 — D.T.C (pref.) 1 1 0 — Dunlop Perdriau Rubber (cum div.) 0 18 0 — Electrolytic Zinc (def. ord.) 1 3 5 — Kaiapoi Woollen • (pref., cum div.).... 0 13 0 — Milburn Lime and 0 Cement 1 10 — M'Leod Bros 26 0 0 — N.Z. Drug Co 3 9 0 — N.Z. Farmers’ Fertilisers ... — 0 16 6 N.Z. Paper Mills ... — 1 8 3 ’ ‘ Otago Daily Times ’ 2 4 , 0 — Regent Theatre — Wilson’s (N.Z.) 1 0 0 Cement ~ 1 17 0 BREWERIES— N.Z. Breweries Ltd. — 1 18 6 Dunedin Brewery ... 1 2 6 •"* piL— Moturoa (ord.) ... — 0 3 6 MINING— Kawarau — 0 0 7 Waihi Grand June. ... 0 4 0 0 — Mahakipawa — 0 3 Kildare ... ... 0 2 3 0 2 6 Okarito (ex divi) ... 0 11 Paddy’s Point ... ... 0 5 0 — 6 3 0 5 King Solomon 0 (cum div.) 0 3 7 3 7* Blackwater — 0 17 y Gillespie’s Beach ... 0 2 2 0 2 3 Waitahu 0 7 6 0 — Golden Sands 0 3 3 3 9 Big River ... 0 1 7 0 1 9 Nokomai 0 3 0 0 3 3 Freshford 0 0 9 0 U IU Central Shotover ... — 0 0 lljt Ball-Kilgour 0 1 7 0 i a Bell-Hooper 0 1 0 0 i ui WAR BONDS— (Bonds quoted are £100 Bonds.} 1938-43 3jr p.c. Ins. 0 (ex int.) 100 0 — 193943 3i p.c. Ins. ... 100 10 0 — 1939-52 31 p.c. Ins. ... 100 10 0 * 1941-43 3| p.c. Ins. ... 100 10 0 — 1941-52 Si p.c. Ins. ... 100 10 0 — 1940 4 p.c. Bonds ... 100 10 0 — 1940 4 p.c. Ins. ...100 10 0 — i946 4 p.c. Bonds ... 100 10 0 — 1946 4 p.c. Ins. ... 100 10 0 — 1949 4 p.c. Bonds ... 101 5 0 — 1949 4 p.c. Inscribed 101 5 0 — 1955 4 p.c. Bonds ... 100 7 6 — 1955 4 p.c. Ins. ... 100 7 6 — ♦Different-sized parcels.