Commerce, Mining, & Finance

Evening Star, Issue 21571, 17 November 1933, Page 7

Commerce, Mining, & Finance

AUSTRALIAN STOCK EXCHANGES Press Associaiion-By Telegraph-Copyright SYDNEY, November 16. On the Stock Exchange the new Commonwealth Loan, which was launched to-day, caused buying support to sag, and . prices , for existing Government Joans were further readjusted to bring the yields more into line with the return offered on the new flotation. The market, however, was very firm. The following sales were made Bank of New South Wales, £33 os; Commercial Bank of Sydney, £l7 10s:; National Bank (£5 paid), £6 11s; Colonial Sugar, £6O 10s; Associated News, 20s 6d (pref.. 20s 4,1 d) ; British Tobacco, ' 37s 6d; Tooth’s, 425; Australian Glass, 48s 9d; Dunlop Perdriau, 19s 6d; Goldsbrough, .Mort. 30s rid; United Insurance, £9 7 s 6d: Australian Provincial Assurance, 12s 3d; Australian General Insurance, 11s 9d; Wincbcombe, Carson (N.Z., delivery), 29s 9d; Henry Jones, 35s 3d; Millaquin Sugar, 30s 3d; Fairymcad Sugar. 32s 9d; Lustre Hosiery, 18s; Standard Cement, 16s 6d; Australian Iron and Steel (pref.). 19s; David Jones. 36s 6d; Farmers’. 18s; Commonwealth Wool. 18s 4id; Mount Morgan, 59s 3d; Broken Hill Proprietary. 39s 6d: Bulolo Gold, £5 15s; Taranaki Oil, 2s 3d. MELBOURNE. November 16. Commercial Bank of Australia. 17s Id; ‘Herald and Weekly Times,’ 47s 3d; Electrolytic Zinc,'27s 3d; Dunlop Phrdriau. 19s sd; Goldsbrbngh, Mort, 30* 3d; North Broken Hill, 85s; Mount Lyell, 22s did. AUSTRALIAN BONDS IN AMERICA Press Association—By Telegraph—Copyright. NEW YORK, November 15. Persistent rumours that _ Australia would undertake the conversion of dollar bonds into sterling has had a disturbing effect on their Commonwealth States and municipalities were down 1 to 4J points to-day after several days of weakness. Although the present high quotation of the pound against }he dollar would make sterling bonds attractive, many holders appear to prefer dollar securities, and are selling., ASSOCIATED NEWSPAPERS SYDNEY, November 16.' The net profit of Associated Newspapers Ltd. for _the year 1933-33 amounted to £165,793, which is £46,105 greater than the previous year. A dividend at the rate of 5 per cent, is being paid on ordinary shares. Interim Jneference dividends of 7 per cent., ess the 221 per cent, statutory deduction, have already been paid. NEW ZEALAND MALAY RUBBER The twenty-third annual report of the New Zealand Malay Rubber Company Ltd. states that, owing to ■ the continuation of low prices the directors decided on tapping to a limited extent only, in order to cover, if possible, overhead charges and the cost of maintaining the estate. The results for the year, alter providing for depreciation of buildings and plant amounting to £159 14s, were a loss of £391 11s lOd, : substantially less than that of the previous year. This had been met out of reserves. The large expenditure on weeding w;as justified by the much improved condition of the estate. KAURI TIMBER COMPANY A net profit of £10,178 was earned by the Kauri Timber Company Ltd., ■which has its head office in Melbourne, during the year ended August 31. This compares with a loss of £26,022 in 1932 and of £10.408 in 1931. In 1930 the net profit was £18.643. GUARANTEE CORPORATION AUSTRALIAN CSMPANY A net profit of £72 is shown in the accounts of the Australian Guarantee Corporation Ltd. for the year ended June 30. 'compared with £4,424 for 1931-32. With £24.266 brought forward there is £24,338 available. A dividend of 2J per cent., against 4 per. cent, in the previous year, requires £10,077, and £14,261 is being carried forward. Preference capital was returned in 1931-32. FARMERS' DISTRIBUTING PROFIT The New, Zealand Farmers’ Co-opera-tive Distributing Company .Ltd.,_ Feilding, reports a net profit of £5.015, after making provision for bad and doubtful accounts,- unpaid interest, and depreciation. Last year the company made a las* of £3,289,0s Id. The turnover lor the year increased bv 26 per cent.. Irom £478,071 to £604,612, with an increase of business in all departments. ; AUSTRALIAN MARKETS Fre«( AiiociatiQß—By, Telegraph—Copyright SYDNEY. November 16. Wheat: Bulk is quoted in the country at 2s bagged and 2s Id, equal to about 2s Bd,. ex trucks, Sydney. Mos’> of the farmers are refusing to sell. Flour, £9. Bran, £4 10s. Pollard, £5. Potatoes: Tasmanian, £7 10s; Victorian, £6; new local varieties, £7. Onions: Victorian Brown. £5. Oaten’hay: Victorian. £7 10s. Maize: Yellow and white, 3s lOd. ADELAIDE, November 16. Wheat: Growers’ lots, 2s old. Flour: Bakers’ lots. £7 ss. Bran and pollard, £5 2s 6d. Oats: About Is lOd. MELBOURNE, Novemh.. 17. (Received November 17, at 11 a.in.) Wheat, 2s .9d. ' Bran, £4 10s. Pollard, £5. Oats', 2s 3d to 2s 4d. Barley: English. 2s 6d. Maize. Is to 4s 3d. Onions: Spanish, £2; Silverskins, £4 to' IT -ss.

THE SEARCH FOR GOLD CROMWELL MINING NEWS j FROM OCR CORRESrOKDf.XT.'I The Dunedin prospecting syndicate which holds an option over fitly acres at Richard’s Beach, on tho Bannockburn side of the Kawarau River, has been getting some very encouraging prospects, and.results now being secured are reliably reported to be comparable with those obtained higher up the river on tho Cromwell Flat. Messrs Faithful and party, the owners of one of the claims comprised in this option, have driven 360 ft with their tunnel, and now appear to ho in the gutter of a former channel of the.river. The wash is showing here from the commencement of the tunnel' to the lace, and varies from 4ft. to 12ft in depth. The whole area is on Crown lands, so there arc no complications with freeholders, and the' company intends to sluice the whole area, and to pump water from the river.. Tho project is hailed with interest by old miners, for. a revival of sluicing on tho banks of the Kawaran at a place like the vicinity of Richard’s Beach, Which has already produced thousands ;of.ounces of gold, is regarded as an intensely practical method. The Bendigo field continues to evoke considerable interest in the .mining fraternity- The-New. Bendigo Company is reported to be making excellent progress. and the reopening of a mine so rich in. records .is looked forward to as the forerunner of many big ventures on this extensive quartz country. The Developing Company at present operating on Logan and party’s Rise and * Shine claim has already spent a considerable sum in driving, and is now cross cutting tb the reef at the 601 T level. It is confidently expected that the reef will be cut within tho next two weeks. Development • work to date has proved the existence of a rich sulphide lode of from-sft to 6ft. and carrying values showing an assay of over 3oz to the ton. The company has also opened up an extensive reef of from loft to 20ft wide, carrying value of Ddwts to the ton on the surface.

The prospects of the Rise and Shine Company are regarded as particularly sanguine, aud it is this and the discovery of other lodes of low grade stone, giving assay’ returns of 13dwts and odwts on the, Come in Time and the Imperial Syndicates’ claims respectively, that point to the Bendigo field being a seene of great activity before long. . Mr N. Harliwich. of Roxburgh, is driving a low level adit from the Bendigo Creek, and has every (prospect of. cutting several of the reefs which were' worked on in the old Bendigo mine..

Messrs Carl Yunge and Frank Austin are on the hill doing. a lot of surface prospecting on claims held bv Messrs Ewart, De Bettencor, and Ytmgc on behalf of a local syndicate, and assays' of a number of samples from this area give evidence of the existence of a large body of.low-grade ore. A definite move towards a revival of dredging in the Kawarau is imminent in the proposal'by the Dunedin syndicate which now owns the Lady Ranfurly claim. The syndicate proposes to form a company, to. erect a modern Diesel electric dredge with a. 90ft ladder. large buckets, and a new departure will be the installation of Priestman cranes and grabs for handling the largest boulders and working into the banks and crevices so that virgin leads may be followcd*iut6 the banks. A collapsible cylinder is also to be used to direct the travel of the grabs and to prospect the ground ahead of the dredge. * , ' The Minister of Mines, lion. ('lias. Macmillan, has stated in regard to Cromwell' Flat that he has agreed to resume certain freehold areas, provided those concerned find approved security to cover the expense involved in taking the land compulsorily for mining purposes under the provisions of the law. The New Cornish Point mines have ceased operations pending a further visit to the company’s claim by the company’s engineer. 1 Mr E. Yickcrman, who has again . reported 'very fully to the company after a further geophysical investigation in which the seismic method was employed. Messrs Viekerman and Lancaster state, inter alia: “The survey shows that at the upper end for some fifteen chains from the Kawarau River the old channel is fairly wide; that it then narrows in, and for the next ten. chains is in what is practically a gorge; also that beyond this it gradually -widens out, but at the lower end the grade of_ the bottom appears to fall away rapidly. So far as the deposit of gold is concerned the upper end therefore appears to I s the most favourable.- ’ In view of the info:mation we have since obtained ami the uppiirently more favourable conditions for catching gold, as shown by the grade and width of the bottom, wc now consider it would be better to start Irom the Kawarau, and to, for the present, abandon the Clutha end of the claim. It may held that the water difficulties will prove greater there, b ( ut so far as the data available disclose;/ this does not appear probable, for the river level is no higher with respect to the bottom, and there appears to ho a fall towards the Kawarau River.” The report is quite a lengthy one. and vour correspondent bad an opportunity of perusing it. If is quite apparent- that the company, though anxious to commence operations at the earliest, is determined to first exhaust every method of ascertaining the most advantageous place-to' fierce from. The theory of an old channel is now an established fact, and local confidence in the old point is strengthened by the observations of the geophysical survey party. ■. ' WESTERN AUSTRALIA OUTPUT ' The Western Australia gold yield for October was-54,834 fine ounces,-valued at-£232,923 at standard price. The output was 3;84ooz less than lor Sep tember, but 3,5980 z in excess of production for October, 1932. UPPER SHOTOVER REPORT The managing director of the Uppei Shotover Gold Mining aud Hydroelectric Company Ltd. (Mr A. C. Gormack) reports that he visited the claim in company With the engineer, Mr Clapcott, on November 9 and 11 Good progress is being made with the diversion tunnel, the contractor having excavated 114 ft during the last four weeks, notwithstanding sonic lost time. Approximately 194 ft remains to be done, and it is expected that the tunnel will be pierced by Christmas, but there will probably be a week or fortj flight’s ' work in trimming off tho inside and generally finishing the tunnel bhfore the waters aro diverted.