Commerce, Mining, & Finance

Evening Star, Issue 21621, 17 January 1934, Page 5

Commerce, Mining, & Finance

THE SHIRE MARKET

DUNEDIN STOCK EXCHANGE

A .very much brighter tone hae been apparent. in the local, share market during the past few days, and again this morning a fairly large- volume of business was reported, though no sales were effected on call. , A greater interest has been particularly manifest in banking stocks, and most issues have recorded an improvement. N.S.W. shares have, been in regular demand at much improved figures, and again this morning these shares were fractionally firmer. New Zealands have also hardened, with sales at 50s, and no seller on the market under SOs 4d. Union Banks, which have declared aii interim dividend of 4 per cent, per annum had a close market of 5s this mprnshares attracted considerable interest, with prices,generally firm. Meat preserving stocks are still being closely watched, though ■ Refrigerating con-tributings-reveal a tendency to weaken. ' Buyers of Crystal. Ices offered 33s this morning, without response, and Electroyltic Zinc* wefe in strong demand, without producing a seller.. Mount By ells were wanted at 24s:', ■ ■ , , . , Waihis appear to have weakened a nui|, ■while Okaritos advanced 9d since yesterday. Waitahus were fractionally firmer. Bell-Hoopers weakened to sellers at lOd and no buyer over 7d, while .Mount Morgan* and Bulolo Dredgings had buyers, but no sellers.’ Bell-Hills were for sale -at 2s

9d. Firm conditions prevailed in the Govern-ment-Loan section, although tw.o sellers of small 'parcels of 4 per centsi put in an apPearai,Ce ' / ' SALES. :..;-: Reported.—Bank of N.Z., £2 10s (two), N.Z. Insurance, £2 17s 6d (late yesterday), N.Z.' Refrigerating (paid), 19s lOd; King Solomon,- 3s 7Jd. E

, dividends due. ’Australian Provincial Assurance—li p.c. per annum ... ... . Jan. British Tobacco (Aust.) Interim; pref., quarterly, 6£ p.c. per I annum (less property tax) Jan. 31 N.Z. Refrigerating Co.—4 p.c. and bonus 1 p.c. ■■■ Jan ‘ Union Bank—lnterim at th« rate of 4 p.c. per annum, free of English income tax, equal £2 9s 7d per cent , ■■■ Jan> Commercial Bank of AustraliaInterim; preference at. rate of 4 p.c. per annum; ordinary at rate of 5 p.c. per annum in Australian currency * eb - 6 ' Electrolytic Zinc (pref.)—B p.c.

AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright. SYDNEY, January 16. - The Stock Exchange market was exceptionally strong, the transactions covering a wide range. Bulolo Gold shares continue to rise. The following were the \later sales: —Bank of New South Wales, £34 15s; E.S. and A. Bank, £5 13s; Commercial Bank of Sydney, £lB 8s; Union Bank, £10; Bank of New Zealand, 50s 9d; Queensland National Bank, £5 16s 6d; Colonial Sugar, £65 2s 6d; Associated News, 21s (pref., 21s 9d); Howard Smith, 15s; Huddart, Parker, 33s 3d; Australian Gas (A), £7 17s: Australian Glass, 535; Dunlop Perdriau, 22s 3d; Dalgety’s, £lO 12s 6d; Goldsbrougb, Mort, 36s 10|d; Winchcombe, Carson, 32s 9d; : Wilcox, Mofflin, 13s lOd ; Morris, Hedstrom, 18s 3d; Anthony Hordern, 16s 6d (pref., 23s 6d) ; David Jones, 37s 9d; Lustre Hosiery, 225; Henry Jones, 34s 6d; British Tobacco, 37s 6d; Tooth’s 44s 9cl; Toohej-’s, 28s 4Jd; Mount Lyell, 24s 6d; Broken Hill'Proprietary, 445; South Broken Hill, 655; Bulolo .Gold, £7 (Bulolo Gold, New Zealand ■ delivery, £7): Kuala Kampar, 15s 4Jd. Commonwealth Bonds (4 per cent.). 1938, £lO4 15s;. 1941, £lO5 7s 6d ; ' 1944, £106; 1947,; £lO5 17s 6d; 1953, £lO5 7s 6d; 1955, £lO6 10s; 1959, £lO7 7s 6d; 1961, £lO7 12s 6d. MELBOURNE, January 16. Commercial Bank of Australia, 18s Sd: National Bank (£lO paid), £l3 10s; Metropolitan Gas, £l3 10s: Electrolytic Zinc, 26s 6d; Howard Smith. 15s; British Tobacco, 37s 3d; ‘ Herald ’ and ‘Times,’ 51s 9d; North -Broken Hill, S7s; Mount Lyell, 24s 6d. WELLINGTON GAS COMPANY RATE OF DIVIDEND MAINTAINED [Pee United, Peess Association.] WELLINGTON, January 16. The directors of the Wellington Gas Company, in 'their "report for the year ended December 31, 1933, state that, considering the adverse financial and economic conditions with which they had to contend, the results achieved may be considered satisfactory. After payment of an interim dividend of 4 per cent, on the ordinary shares, the •year’s dividend on the preference shares, . providing for depreciation of plant- buildings, machinery, etc., and also for the debenture redemption fund and insurance fund, the balance to credit of profit and loss amounts to £25,659 15s 4d. It is recommended that this sum be appropriated as follows: To payment of a further dividend of 4 per cent, (making B,per cent, for the year), £11,152 8s; and carry forward the balance of £14,407 7s 4d. The dividend is at the same rate this year as last. The sales of gas and residuals for 1933’ were £227,609 12s 9d, compared with £233,775 12s 7d for 1932. The ; cost of coal, .manufacture, distribution, and other incidental charges for 1933 were £114,277 11s Bd, compared with £llß,lßl 18s 2d for 1932. Management; salaries, and other charges, totalling £32,041 16s Bd, were £3OO less for 1933, and rates ‘and taxes at £22,972’ahout £2O less. The balance to profit and loss for 1933 was £55,630 2s lid. compared with £52,602 4s 9d for 1932.

N.Z. INSURANCE DIVIDEND The Wellington Stock Exchange has received advice that the New Zealand Insurance Company has declared a dividend of. Is per. share. METAL MARKET Press Association—By Telegraph—Copyright LONDON, January. 15. The following are the official metal quotations:— Copper.—Standard, £32 Is 10$d per ton; forward, £32 4s 4Jd. Electrolytic.—Spot, £35; forward, £35 10s. Wire bars. £35 10s. Lead.--Spot, £ll 3s 9d; forward, £ll 7s' 6d. Spelter.—Spot, £l4 12s 6d; forward, £l4 17s 6d. ■ Tin.—Spot, £227 7s 6d; forward, £227 13s 9d. Pig Iron.—Home trade, £3 2s 6d: export, £2 17s 6d. Antimony.—British, £39 10s;, foreign, £22. . . , Molybdenite, £2 Is, per-unit. Wolfram, £1 7s. Silver.—Standard, 19 11-16 d per oz; fine] -20Jd.

REDUCED COAL SHIPMENTS There has been a decrease in exports of coal and timber from Greymouth for the month ended January 6, 1934. For that period in 1933, 11,273 tons of coal were exported from the port, and 2,345,193 superficial feet of timber, while for the period ended January 6, 1934. the amount of . coal sent away was 9,532 tons, and the timber was 2,403,695 ft.

/THE SEARCH FOR GOLD MATERIAL FOR SHOTOVER OPERATIONS STEEL SHIPMENT FOE, SKIPPERS LTD. The steamer Cornwall, at present at Bluff, is unloading there a consignment of nearly 300 tons of steel plate sections and attachments for erection on the claims of a new gold mining enterprise, which will work the bed of the Shotover River. • The shipment comprises 3,408 steel plates four feet square by quarter of an inch thick, weighing 281 tons altogether, 116,000 nuts and bolts, weighing 16 tons, and 118,000 steel washers, weighing two tons. These will be carried by rail and steamer to Queens-town-and then carted sixteen miles along a tortuous road to Skippers. No great difficulty should - be experienced in handling the plates, as they were shipped in a manner to facilitate transportation. It is-the intention of Skippers Ltd. - to work the Shotover.River at a distance of about twenty miles from Queenstown, first deviating the riverbed in sections of 2,000 feet at a time by means of diversion tunnels and sectional steel fluming, and then by hydraulically elevating the sand and gravel composing the river wash. The enterprise will call for a capital expenditure estimated at over £35,000, the cost of 281 tons of steel plates alone being £6,778, while the bolts cost £616. The cost of the erection of the nine' dams will be £I,BOO.

MATAKI RETURN The Mataki Gold Dredging return for the week ended January 12 was 270 z for 136 hours’ work. —Auckland Press Association. BENDIGO GOLDLIGHT The secretary of the Wellington Stock -Exchange has been advised that the Bendigo Goldlight Company struck a call of 3d a share on January, 15, payable on February 5. AUSTRALIAN PRODUCTION Preliminary figures prepared by the Commonwealth Statistician’s Department show that Australia’s gold production during 1933 reached a total value of £6,151,00 in Australian money. This is a remarkable improvement upon the 1929 figure of £1,814,457—a_ year in which gold mining in Australia was at its lowest ebb. The growth of production in recent years has been as follows : ,

With a continuance of the present high world price of gold and a furtherance of mining development throughout Australia, this increase is expected to be maintained this year. LONG TRAIL OPERATIONS The Long Trail Gold Mining Co. Ltd., Coromandel, reports that before the Christmas vacation twenty-three tons of ore were, treated for a return of 28oz sdwt without treatment for tailings and concentrates. The total amount of gold won from the claim was 2140 z from 165 tons. The mine manager reports that underhand stoping was continued on the Long Trail reef north of Adam’s winze, and the ore extracted was of good grade. The intermediate level was driven on approximately 10ft, and requires to bo driven for a further 40ft to get under the run of ore. This development will be pushed on with all speed, as a large block of highly payable stone will become- available.

6ELL-KILGOUR COMPANY The secretary of the Bell-Kilgour Gold Mining Co. Ltd., advises that the manager reports for the week ended January 12 ; that the following work was carried out since starting after the holidays:—The main drive was advanced 18ft to the eastern boundary with slight improvement in value. The west cross cut advanced 36ft, with improved values for the last 2ft. North-west cross cut, stope drive here was given 18ft, the first 7ft showing lair values, the balance some tine gold. Preparations are, being made to carry out .the stope drive to the west cross cut. One shift was working on the north-west branch drive where slightly improved prospects appeared in tlie 15ft driven. RABBITSKIN MARKET A rabbit skin sale was heltK yesterday, when small catalogues were offered to a good attendance of buyers. The bulk of the offering consisted of offseason sorts. There was keen competition, and prices all round were firmer by from 2d to 6d per Jb on the previous sale’s rates. The following prices were realised;—First winter bucks to 46d; spotted winter bucks, 25d to 32d; outgoing bucks, 18d to 24d; outgoing does to 18d; autumns, 13d to 15d; springs, lid to 15d; summers to 8d; milky does, to 9£d; light racks to 10id; runners to 6|d; small to 2sd; hareskins to 7id. DAIRY PRODUCE The South Island Dairy Association has received tffe following cable from London:—Butter; steady, C4s to 655; Danish, 86s to 88s; cheese, dull with nothing doing; white, 43s to 455; coloured, 42s to 435.

Kauri Industries Ltd., Auckland, has been registered. Capital, £40,000, into 40,000 shares of £1 each. Subscribers: Auckland, N. Buchan 500, P. Mason 500, E. L. Bartleet, H. W. Hotson, R. D. Mossman, F. E. M'Kenzie, M. A. Clark, 1 share each. Objects: Deal in kauri gum, : etc.* and incidental*

THE WOOL MARKET SYDNEY SALES Press Association —By Telegraph—Copyright SYDNEY, January 16. At the wool saleg 12,584 bales were offered, and 11,768 sold, while 212 were disposed of privately. All sections operated freely, and good clearances were effected. A feature of the market was the strong demand for specialty lines, and the Sydney season’s record high price of 39Jd was secured for six bales of super from Mudgee. WAIRARAPA RAM SALE TOP PRICE 210 GUINEAS [Peb United Press Association.] MASTERTON, January 16. Very satisfactory prices were realised at the Wairarapa stud sheepbreeders’ stud rani sale to-day. Although it revealed a vastly improved tone compared with last year, the sale was a patchy one, and ended early, the buyers using keen discrimination. The top price, 210 gs, was paid by Messrs Yardley and Sons (Heriot) for a Romney ram sold on account of Sir William Perry. Messrs Bremner Bros. (Wa verier) paid 200 gs for another of Sir William Perry’s rams. The latter sold twenty-seven rams for an average of 61gs, whereas last year he sold twenty-seven for an average of 30gs. Mr A. L. Wheeler (Marton) averaged 70gs for two rams. I’he top price last year, 102 gs, was secured by Sir William Perry.

AFRICA'S DROUGHT SHORTAGE IN WOOL According to the ‘ Natal Mercury,’ the shortage of wool in South Africa will not be less than 210,000 bales. That is the estimate given by the head of one of the largest selling organisations, who is' in close touch with the wool areas. One circumstance contributing to this immense shortage is that the wool per sheep on two shearings would be at least lib less, but there was also the extraordinary loss in adult sheep as the result ot the drought—estimated at no less than 6,000,000 head, each one of which would have yielded at least 51b of wool. Even in the areas which did not suffer so severely from the drought, such ,as the Northern Cape ; and Free State, breeders estimate that their yield would be from IJl.b to 21b less per sheep than in normal year’s. Another fact which has affected wool suppliers is that the greater sale for slaughter owing to the higher prices ruling as the result of the drought shortage of slaughter stock, has further greatly reduced the number of sheep available for shearing. South African farmers are also faced with a tremendous shortage in lamb ' crop, particularly in the Northern Cape and Orange Free State, where there will be hardly any lambs to rear, and even where comparatively good rains were experienced the fall of lambs has been reported in many cases to be CO to 70 per cent. down. ;

GEAR MEAT COMPANY •A meeting of shareholders of the Gear Meat Company confirmed the resolution passed at a previous meeting, reducing the capital of the company from £460,000 in shares of £1 each to £230,000 in shares of 10s each. The reduction in the capital of the company was. confirmed by order of the Supreme Court, dated October 30. The capital will be returned to the shareholders who were registered holders as on December 16, 1933. The company’s dividend for 1932 was 2J per cent., and for 1933 it-was 7i per cent, on the full capital of £460,000.

LONDON RETAIL MEAT PRICES The New Zealand Meat Producers’ Board has been advised by its London manager that the following retail prices were being quoted for New Zealand lamb and mutton retailed in London during December, 1933. These prices represent a fair average of the prices quoted by the better class shops in London for the best quality of New Zealand lamb and mutton:—Lamb: Legs, 12d per lb; shoulders, lOd; loins, lOd; necks,. 6d; breasts, 3d; forequarters, 8d; hindquarters, lid. Mutton (wethers): Legs, 9£d per lb; shoulders, 8d ; loins, 8d ; necks, 4d ; breasts, 3d.

HEW ZEALAND REFRIGERATING COMPANY A not' profit of £79,994, compared with £284 earned in the previous year, is shown in the accounts of the New Zealand Refrigerating Company Ltd., Christchurch, for the year ended October 31, 1933. The 1 amount available for appropriation, together with the balance brought forward from the previous year, £15,039, is £95,033. The directors ’recommend the payment of a dividend of 4 per cent, and a special bonus of 1 pei - cent. This will absorb £31,815. and it is proposed to transfer £30,000 to reserve, leavng a carry forward of £33,218. ’ ; The company’s results and appropriations for the past three years are as follows : 1931. 1932. 1933. £ £ £. Brought forward 12,168 14,755 15,039 Net profit ... ... 64,402 284 79,994 Dividend, p.c. ... 5 Amount 31,815 To reserve 30,000 Carried forward ... £14,755 £15,039 £33,218 In 1930 the company showed a loss of £136,935, and in the previous year there was an adverse balance of £105,342. These losses were covered by transfers from reserve, which was extinguished by the final transfer. The company has a capital of £636,310, in 336,3i0 £1 shares fully paid, and 600,000 £1 shares paid to 10s. With the transfer of £30,000 this year the reserve account stands at £60,000. DOLLAR AND FRANC Press Asuociation—By Telegraph—Copyright. LONDON, January 16. (Received January 17, at noon.) The dollar is quoted at 5.13 i and the franc at 80$,

Quotation* a* under ... Buyers. Sellers. £ ft. d. £ s. d. BANKINGBank of Australasia 12 10 0 13 10 0 Bank of N.S.W 34 15 0 35 Bank of N.Z. ... ... 2 -9 10 2 1U 4 Commercial Bank 0 18 u E.S. and A. Bank .... National'Bank of 5 12 0 4 New Zealand ... .... 2. .6 T“ Union Bank of AusIQ 10 tralia Ltd- ..... ... o 0 5 IN8UBAN CE— National Insur. Co. 0 18 10 ■— ■,o r : 6 N.Z; ilnsur. Co. 2.,17 u 2 10 ■ South'British Ins. Co % — Standard Tnsur. Co. •— SHIPPING— • ■ Huddart, Parker - 4 -(pref.) 1 0 ' — P. and 0. Def. Stock 1 3 0 —* U.S.S. Co. (pref.) ... 1 4 9 — cbiiP v" Weetport Coal Co..... 0 14 0 — LOAN AND AGENCYbalaety and, Co.., . 10 10 0 0 Gbldsbrough, Mort. — i r/. National Mortgage (“B” Issue) 1 11 0 N.Z. Loan and Mer65 0. ■cantile (ord.) ff. ' Wright, Stephenson , (ord.) ••• \ O' 18 6 MEAT PRESERVING— 1 N.Z. Refrigerating .(paid) u la N.Z. Refrigerating . (cent.) ... ••• . o 9 6 0 9 8 Southland Frozen Meat .* (paid) ' , ... ...' { - '3 0 South Otago Freezing 5 10 .6 0 3 2 0 miscellaneous-^ Brown, Ewing (ord.) 0 17 9 Colonial Sugar Co. ... 62 u 0 — Crystal Ice Co. .*.■■ ••• i id 6 0 0.I.C. (pref.). Dominion Fertiliser ... 1 2 0 16 0 17 3 Dominion Fertiliser 102 ■Debentures 0 0 * Electrolytic Zinc >) (pref.) .... ••• — 1 14 i 3 - Electrolytic Zinc •:(def. : ord.) ‘ ... ... Milburn Lime and 1 .Cement ... 1 11 3 Mount Lyell ■ .- 1 Or 0 7 National Electric ... . N.Z. Drug Co. 3 14 0 N".Z. Farmers’ Fer0 18 6 vtiliser' — N.Z. Newspapers 1 8 0 N.Z. i?aper Mills ... 1 7 9 BREWERIES— N:Z. Breweries 2 0 6 2 i 0 Staples’ Brewery 1 8 0 Tooth’s; Brewery OILi 0 9 Moturoa (ord.) •••. ••• — 0 4 Moturoa (pref.) ’ MINING— Waihi ... 1 9 3 1 10 3 Waihi Grand June4 : tion . 0 3 *— Mahakipawa ... ••• 0 0 1 Kildare Okarito ■ •- .0 9 9 0 10 0 Faddy’s ; Point. .... ... — 0 New Cornish Point — 0 7 Golden Progress 6 0 8 King; Solomon 0 3 Golden' Point ... ... 0 0 2 — Alexander, (fully -paid, 0 16 0 — Consolidated Goldfields — 9 2 0 0 Waitahu ... ... ••• 0 6 9 0 7 Biff River — Nokomai ••• 0 U -LUj 0 0 0 11 2 3 Freshford ... — 0 — 0 u d Upper ■ Shotover i 3 0 1 7 Central Shotorer '■ ... — ■ 0 1 Bell-Kilgour ... 0 — 0 Bell-Hooper 0 7 0 U iU Oxenbridge 0 0 7 0 0 9£ Bell-Hill ... — 0 z a Mount Morgan ... ... . 3 2 0 — Bulolo Dredging 7 0 0 Eendigo Goldlight (9d i paid) - Nevis Diesel 0 1 0 0 0 0 i 9 3 Charlston 0 — 0 2 Maerewhenua ... ... 0 10 N.Z. GOVERNMENT LOANS- ■ ■ (Bond* Quoted are £100 Bond*.] 31 p.c. Stock, 1938101 1943 ... 5 0 — 3£. |>.c. Stock, 1939101 5 0 . 3J Stock, 1941101 5 0 Si p.c. Stock, 1938101‘ 0 19o2 ... 0- — 34 p.c. Stock, 1939101 ■1952 • - - 0 0 — 34 p.c. Stock,-1941-101 1952 0 0 — 4 n.e. Bonds. Jan. 15. , 1940 - - 100 10 0 101 5 0 4 p.c. Stock, Jan. 15, 101 0 1940 - 100 10 0 0 4 p.e. Bonds, Feb. 15 102 1946 ... ... — 0 0 — 4 p.c. Stock, Feb. 15 102 0 1946 0 4 p.c. Bonds, April 15, 1949 101 0 0 — 4 p.c. Stock, April 15, 1949 101 0 0 — 4 n.c. Bonds. June 15, 1935 ... - - — 100-15 0 —- 4 pic. Stock) June 15, 1935 100 15 0 -

Fine ounces. Value. 1929 ... , ... 427,000. £1.814,457 1930 ... ... 466;593 1 ;081,971 1931 ... ... 595,123 3,563.519 1932 ... ... .714,000 5.211 ;802 1933 ... ... 805,000 6,151 iOOO