Commerce, Mining, & Finance

Evening Star, Issue 21622, 18 January 1934, Page 7

Commerce, Mining, & Finance

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Quieter conditions prevailed in the market this morning, though prices generally remained very firm. Buyers were-again in strong demand tor banking shares, but prices wero on a par with yesterday's quotations. Howard Smiths had a margin of Is between ;-tmyers and sellers, and the other quotations in this section were steady, with a noticeable absence of sellers. Westport Coals were fractionally firmer, while' flio seller of the ordinary issue of New "Zealand Mercantiles weakened by 1-4 without attracting a buyer. Meat preserving stocks found ready demand, and the Southland issues were particularly strong, t/ . , . . ’ Dominion Fertilisers were for sale at Ift 3d, without - eliciting a response from buyers. Fertiliser 1 Uebohtures had a closer market ■ Another-sharp, rise was recorded by Mount Lyells,. .which' showed buyers 6d m advance of-■yesterday’s,'offer, while a sale was reported'which' showed a rise of lOd. Wilson's Cement came in for,better inquiry, while -Staples’ Breweries' ato improved. . There %as>a better buyer for 'Wfuhis tins morning." while •Okaritos, King Solomons, and Waitahus .were steadier. . Nokomais recorded, a sharp decline, with buyers at « and seltefs ohly 3d away. ' • SALES.Mount .Lyell, £1 4s 10d; Staples’ Brewery, £1 8s fid. Reported After Call.-N-Z. Farmers fertiliser, 18s;3d. ,

K.Z. GOVERNMENT LOANS—v" 1 (Bonds Quntcrl are £IOO -Bonos.) 54 p.c, Stock, 19381943 . 101 S 0 '34 p.c. Stock. 19391943 W 1 5 0 '34 p.c. Stock, 1941- ‘ *1943 ;.. 101 5 0 - 34 p.c... Stock, 19381952 - 101 5 0 - 34 p.c. Stock, 1939- , 1952 101 5 0 - 34 p.c. Stock, 1941*1952 .... .... - ... 101 5 0 - 4 p.c. Bonds. Jan. 15, 1940 ;.. ... ... - 100 15 0 - 4 p.c. Stock, Jan. 15, 1940 4‘ p.c. Bonds, Feb. 15, , 1946 , .... ... 102 0 0 4 p.c. Stock, Feb. 15, „ 1946 ... ’ 102 0 0 - * ' 4 p.c. Bonds, April 15, ■ 1949 .;.... 101 ; 4 p.c. Stock. April 15, 1949.’ ... ... 101 5 0 4 p.c. Bonds. June 15. 1935 ... ■- 10° I 5 0 4 100 15 0 - PRICE OF GOLD Press Association—By Telegraph—Copyright. LONDON, January 17. (Received January 18, at 11.50 a.m.) Fine gold is quoted at £6 11s 6d per oz. America purehrtsed the bulk of the £BOO,OOO offered,.

GOLD EXPORT DUTY MINISTER'S EXPLANATION [Per United Press Association.] WELLINGTON, January 17. The fact that the high exchange more than offset the gold export duty was pointed out by the Minister of Mines (Hon. C. E. Macmillan) when replying to a deputation to-day representing Australian financial interests which are prepared to invest in gold mining in New Zealand, and which sought the removal of this duty. Tlic deputation was a private one. Although Mr Macmillan promised to place the representation before Cabinet, it is understood that he informed the deputation that the high exchange was put on for the benefit of that classin the community which had suffered by the drop in the . world’s; prices of commodities, and that gold, so far from having dropped, had appreciated in value. It had been considered reasonable, therefore, that the gold industry should contribute something in consideration of the benefits given. AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph -Copyright SYDNEY, January 17. On the Stock Exchange business in gold shares was more active than it has been for many months, 'the market being stimulated by President Rousevelt’s proposals for the devaluation of the dollar and the rise m the London price of gold. Heavy trading began m the’ morning and continued. unabated throughout the day. Morning sales; Bonds (fours) —1941, £lO5 .'10s; 1944,. £IOO. ss; 1953, £lO5 12s 6cl; 1961, £lO7 los. Commercial Bank' of Sydney, £lB 10s; Bank of New South; Wales, £34 los; Australian Gas (A), £7 17s 6dToohey’s, 28s 3d; .Tooth’s, 455; Associated News, 21s (pref.,’2lsi 9dj; British Tobacco, 37s 6d; Broken Hill Proprietary, 44s 3d; Burns, Philp, 54s 6d; Colonial Sugar; £65 6s; Dunlop' Perdriau, 22s 3d.; Goldsbrough, Mort, 36s 9d; Henry, Jones, 34s 6d; Howard, Smith, 15s; Wilcox, - Motflin, 13s. Afternoon sales: Bank of New South Wales, £34 los; Commercial Bank, of Sydnev, £lB 13s; E.S. and A. Bank, £5 16s; National Bank - (£5 paid), £6 15s; Colonial Sugar, £65 ss; Adelaide Steam, 26s 3d; Howard, Smith, los IJd > Australian Gas (B), £7 18s; British Tobacco, 37s 7Jd; Dunlop Perdriau, 22s 4Jd; Associated News, 2Ts ,3d (pref., 21s 9d)Tooth’s, 45s 6d; Toohev’s, 28s 3d; Meggits, 225; Farmers. 20s 3d; Mount Morgan, 68s-; Mount Lyell, 24s 6d; Broken Hill Proprietary, 44“ 3d; North Broken Hill, 87s;; Bulolo Gold, £7 6s (ditto. New Zealand . delivery, £7/65).; Bulolo Deposits, 2s 8d; Kuala Kampar, 15s 6d. MELBOURNE, January 17, The Exchange was closed till late this afternoon owing to the death of a member, (Mr J. W- Bradbury). AUSTRALIA’S EXPORT TRADE Exports from Australia during the five months ended November ; 30 amounted -to £39,002,000 sterling, compared with £28,710,000 during the corresponding five months of 1932-J3. Import of commodities amounted to £24,380,000, us against £25,982,000 during the corresponding period a year previously. Excess of export amounted to £14,622,000. and in addition there was a net export of, specie and bullion of £2,932.000. The credit balance is £12,395.000 better than a similar balance reported twelve months ago. All the values given are in terms of sterling. The principal increase was in wool, exports fit which for the five months were £19.267,000. as against £11,923,000 during the . corresponding period of 1932-33. DDLLAR AND FRANC Press Association —By Telegraph-Copyright LONDON, January 17. (Received January 18, at noon.) The dollar is quoted at 5.08 J, and the frano at 80 7-16. THE ROYAL SHOW PREPARATIONS AT AUSKIAHD With the time for the Royal Show rapidlv approaching, the Auckland Agricultural and Pastoral Association is working.hard to complete arrangements. A laroe general stock exhibit is going to Auckland from all parts of New Zealand. While all classes shown wib be of a high standard, the outstanding sections will probably be the dairy stock generally, the porker and baconer classes, and the fat lambs. ; The Auckland Kennel Club is anticipating a very large entry of dogs, and is endeavouring to ensure that the dog show shall be a royal show in every sense of the word. The Auckland Poultry Club and’ the Onehunga Poultry Club are working together to run the poultry section at the forthcoming Royal Show. DIVIDENDS DUE Australian Provincial Assurance--14 p.c. per anmim § ••• Jan. 30 British Tobacco (Aust.) —Interim ; pref., quarterly, 6£ p.c. per annum (less property tax) Jan. ol Union Bank —Interim at th* rate of 4 p.c. per annum, free of English income tax, equal £2 9s 7d per cent. ... ••• , Jan. 31 Commercial Bank of Australia— Interim; preference at rate of 4 p.c, pei* annum; ordinary at rate of 5 p.c. per annum in Australian currency Feb. I N.Z. Insurance —Is a share Electrolytic Zinc (pref.)—B p.c. per annum Mar, Wellington Trust, Loan, and Investment Co.—Final, 3 per cent., making 54 per cent, por annum Feb. d N.Z. Refrigerating Co. —4 p.c. and bonus 1 p.c Feb. 3 Wellington Gas —Annual, 8 per cent, per annum ... ... Feb. b Auckland Gas (£1 paid)—lmal Feb. 6 Queensland National Bank —Interim. at the rate of 4 per cent, per annum, fro eof State and Federal income tax ... leb. 14

BENDIGO ROMANCE

A PREMISING QUARTZ FIELD (From Our Cromwell Correspondent.) For some considerable time past statements of large returns in the ,way of assays of stone from Bendigo have been in circulation in Cromwell, ami while it has been well known that Logan and-party have been on very rich stone at the Rise and Shine claim it lias been difficult to get at any authoritative statement as to what is being done. This claim at Bendigo, which was prospected by three subsidised unemployed miners—Alessrs George Logan, William Cameron, and Frank Austin—lias for the past year been the centre of considerable interest. It is something of a coincidence that George Logan is a son of the original Logan who first opened out the Bendigo reef in 1865, while William Cameron is a son of the miner of that name who discovered the “ Come in Time reel. The ' N.Z. Handbook of Mines. 1887,’ records that gold to the value of £500,000 was obtained by Logan and party, and that from 3876 to the end of 1883 £6,000 ounces of gold was obtained, 1 A Dunedin company secured an option some months ago, and has spent a considerable sum on extensive developments. Tile claims at the Rise and Shine Valley comprise 140 acres, and Mr Blaek, of the • Otago School of Mines,-has been methodically sampling the'stone in the faces'at both levels. Dr Arthur R. Andrews, D.Sc., F.G.S;, has also reported 1 favourably on the geological features of the lodes, and, in conjunction' with Mr Black’s report on the assays obtained, has recommended a large amount of development work. The east and west lode is making in width at depth, and at the 62ft level is 36in wide. The assays have been excellent, and one Header of a width 'of lOin ■ shows an assay return which, in comparison with the assay of 9oz per ton first made by the Dominion Analyst for the Unemployment Board, cannot be regarded as other than most satisfactory. , The assays average 4oz lldwt all over, after substantially weighting the averages to discount abnormally high values. Dr Andrews states that this may be taken as a fair value at the point, and also mentions that there should be no difficulty in mill treatment of the ore. .It is of great interest that in addition to the rich leader there is also a large ore body up to 70ft in width running approximately north and south which is also part of Logan, Cameron, and Austin’s claim. An area of 80 acres of this lode has been taken up, and assays from" near / the surface vary from sdwt to lOdwt. ■ This ore could be worked very cheaply, and would be of great value in providing a consistent supply of ore. for the battery'while development work is being carried out. As the work recommended by Dr Andrews involves a largo outlay it is quite probable that the same will be found to be beyond the means of the present option-holders, and the probabilities are that a company to provide the necessary capital will be formed. ! METAL MARKET Press Association—By Telegraph-Copyright , LONDON, January 16. The following are the official metal quotations:— Copper.—Standard, £32 5s per ton; forward, £32 7s 6d. Electrolytic.—Spot, £35 os; forward,. £35 12s 6d. Wire bars, £35 12s 6d. Lead.—Spot. £ll 6s 3d; forward, £ll 11s 3d. Spelter.—Spot. £l4 12s 6d ; forward, £l4 18s 9d. Tin.—Spot, £227 16s 3d; forward, £228 3s 9d. Pig Iron.—Home trade, £3 2s 6d; export. £2 17s 6d. Antimony.—British, £39 10s; foreign, £22. Molybdeni.e. £2 Is per unit. Wolfram. £3 7s. Silver.—Standard, 19)d per oz; fine, 20 l-16d. ELECTROLYTIC ZING DIVIDEND The Wellington Stock Exchange received the following cablegram yesterday from the Electrolytic; Zinc Company:—“Dividend declared to-day at the -rate of 8 per cent, per annum for the year ended December 31, 1933, payable on March 14 on preference shares. Dividend payable to shareholders registered on February 7.”

THE SEARCH FOR GOLD CROMWELL NEWS [From Our Correspondent.] The secretary of the Cromwell District Mining Association yesterday re-ceived-word from Mr W. A. Bodkin, M.P., to the effect that the Prime Minister would ho in Cromwell on Saturday afternoon. Arrangements will be made for a deputation to place before Mr Forbes several matters affecting the welfare of the mining industry, more particularly in regard to the Cromwell Flat. A party of forty Australian tourists passed through Cromwell on Sunday en route to Dunedin from Queenstown, and during a respite for refreshments were entertained by the mayor (Mr .Joseph Roberts), who took advantage of the presence in the town of so many overseas visitors to show them specimens of Bendigo quartz and samples of Kawarau and Cromwell Flat gold. PADDY'S POINT RETURN Messrs W. A. Mitson and Co., secretaries of the Paddy’s Point Gold Mining Company, Ltd., report that a paddock was completed yesterday for a return of 560 z. This paddock, which is a little under an acre, Was started on December 10. BLACKWATER MINES The report of Blaekwatcr Mines, Ltd., (Reefton), for December, with November figures in parentheses, is as follows: —Crushed, 3,000 toils of ore (4,185 tons), yielding 1,369 (1,859) fine ounces of gold, valued at £8,214 (£11,151) at £6 an ounce. Working costs were £5,479 (£5,777), leaving a working profit of £2,735 (£5,374). Development expenditure was £635 (£788), and capital expenditure £1,511 (£3,090). AUSTRALIAN PRICE The price .fixed by the Commonwealth Bank for gold, including jewellery, lodged at the Melbourne Mint, for the week ended January 5, was at the rate of approximately £7 3s 4d a standard ounce (22 carats), equal to a premium of 84.04 per cent. Payment is made according to the assay value of the gold. The price was 8d higher on the week. The price an ounce fine was £7 16s 4d, a rise of 8d on the week. ADDINGTDH MARKETS [Per United Press Association.] CHRISTCHURCH, January 17. ' Owing to a rise in the export schedule for ewes, prices for fat sheep at Addington to-day were firm, despite the heavier yarding. Lambs also sold firmly, with prime light-weights dearer. There was a good demand for' store sheep and lambs. The store sheep entry was not quite as big as last week. There was a big gallery of buyers, and tile demand was keen for all sorts, many farmers’ requirements being unsatisfied. Values were as high as those ruling last week, with a firmer tendency. Values; Forward . m.s. lambs, 14s to 16s 3d: medium, 13s 6d to 14s 9d; inferior and average, 0s to 13s. Good half-bred wethers. 15s 6d to 17s; medium, 13s 6d to 15s 3d ; others, 10s to 13s. Medium three-quarter-bred ewes, 16s 4d to 17s 4d; ordinary ewes, to 15s’ 7d ; small owes, to 11s 9d. Good two-tooth halfbred ewes, to 24s Od; good two-tooth cross-bred, to ■ 245; medium twotooth three-quarter bred, to 22s 9d; medium four and six-tooth half-bred, to 255; good four-year-old cross-bred, to 255; good four-year-old cross-bred, 17s to 18s 3d; average s.m., 14s to 16s; s. and f.m.-, 7s 4d to . 11s 2d; forward half-bred wethers, 18s to 19s 3d. •Fat Lambs.—There was a yarding of 250, the quality not being as good as last week. A steady sale took place at late rates, with prime light-weights dearer. Values; Extra prime heavy, to 25s 4d; prime heavy, 20s to 22s 6d ; medium, 17s to 19s 6d; light and plain, 14s to 16s 6d. Fat Sheep.—There was a yarding of 3,500, the quality being moderate. The keen demand at advanced prices at the opening later eased, leaving values, on the whole, unchanged from those of last week. Extra prime heavy wethers brought to 29s lOd; prime heavy. 26s to 295; prime medium weight, 23s 6d to 25s 6d; ordinary; 21s to 235; light, 18s to 20s Od; prime heavy ewes brought 23s 6d' to 26s ; prime mediumweight, 19s 6d, to 235; ordinary, 16s to 19s; light, 12s 6d to 15s 6d. Fat Cattle. —A yarding of 300. There was a good diniand for best steer beef at a rise of £l. others being on last week’s rates. cßst beef made 25s Od to 28s per 1001 b. and in cases to 30s ; good, 18s Cd to 21s; heavy-weight, 17s to 20s; medium, 14s Od to 16s 6d ; rough and ordinary. 9s to 13s 6d. Values: Extra prime heavy steers made to £l2 12s 6d; prime medium-weight, £8 10s to £10; ordinary quality, £5 to £7; light, to £4 15s; extra heavy heifers made to £8 12s 6d; prime, £4 tq £6 10s; medium, £2 15s to £3 los; light, to £2 10s; extra prime cows brought up to £7 17s 6d; prime. £3 10s to £5 ss; medium, £2 5s to £3 os plight, 15s to £2. A very heavy entry of fat pigs came forward to meet an irregular market. Pork was a fraction easier, but bacon met with a strong demand, and was a little firmer. Exporters took • the surplus at satisfactory prices. Values: Choppers, to £3 18s 6d ; porkers,’ 25s 6d 'to 30s; heavy, 32s Od to 38s 6d (average, 5d to 5 1 <1) ; baconers, 45s 6d to 55s 6d ; heavy, 56s 6d to £3 3s 6d; extra heavy, to £3 13s 6d (average, 4id’ to s:jd). DESTRUCTION OF COFFEE 200 MILLION DOLLARS' WORTH A total of 3,050,124,0001 b of coffee, equal to more than the average annual world consumption, has already been destroyed under the direction of the National Coffee Department of Brazil, according to recent statistics compiled by the New York Coffee and Sugar Exchange. At late New York prices the amount destroyed would have a value of some 200,000,000 dollars. Since the start of the destruction in July, 1931, the Brazilian Government has burned, dumped in the ocean, or otherwise destroyed 23,107,000 hags. Last year’s world consumption was 22,850,234 bags. In its efforts to eliminate its .over-supply of coffee Brazil has been speeding up its destruction programme. For the three months ended September 30 4,782,000 bags were destroyed (1,511,000 bags in September). Brazil bad in its warehouses recently about 15,500,000 lings of coffee, compared with 25,048,000 at the same time in 1932, and 27,999,000 in 1931.

DAIRY PRODUCE BRITISH IMPORTS NEW ZEALAND'S INCREASE The New Zealand Dairy Board has received by cablegram from London the following returns of butter and cheese imports into Great Britain for the twelve months ended December, 1933. They show the great advances made by New Zealand in shipments of both butter and cheese. The returns are as follows ; ' *

The heavy deliveries show that rho produce is being consumed. For instance, during December last 46,190 tons of New Zealand butter and 31,845 tons of New Zealand cheese went into consumption, compared with 32,845 tons of butter and 2,554 tons of cheese for the corresponding month or 1932. RE-EXPORT TRADE. Large quantities of butter were formerly exported from England to the Continent, and this was generally of Australian and New Zealand origin, but for the twelve months ended Decembber 31 last the quantity of butter exported was but 4,291 tons, compared with 15,380 tons for 1932.

Quotations- as under:— Buyers. Sellers. ■ r ■ _ ... . £ 8. ' d. £ 8. d. BANKING- , Bank of'.'Australasia 12-10 0 — Bank of-N.S.AV; ... ■5415 0 Bank ’'oiijN'.Z:'-■ 0 —• Z 1U 3 Commercial iBank : ... U lb 3 — . E.S. and; A. . Bank ... 5.12 0 — National-Bank-of .-4, New Zealand . 30 Union Bank of Aus10 tralia Ltd. ' 0 0 ■! INSURANCE— : '■ National .Insur, ..Co, 0 18 6 \ . N.Z. Insur. Co.;. ; ,2 17 3 — 6 South British, Ins. Co.. — O 10 Standard Insur. Co. 2 la 0; ; O £ 6 SHIPPING1 Howard-'-Smith 0 14 0 0 15 0 HucHart, Parker (pref;)' ••• t ,p.--and 0. Def. Stock 1 1 ’ 4 .3 0 0 — : ? .U.S.S. Co. (prof.) 1 4 9 1 5 6 COAL— ' 0 f -Westport Coal Cp. ... 0 14 3 -.0 15 LOAN AND AGENCY— i . Dalgety and .Co, 10 10 0 — .- National. Mortgage ... 3 . b 0 3 7 6 ' National Mortgage (“ B ” Issue) I-11 0 ’ — .. N.Zi - .Loan . and. Mer- ; 61 ; . !+■ can tile. .(ovd."] ... 0 0 Wright, Stephenson ■ (ord.-) ... — 0 18 6 ■; Wright, Stephenson (pref.) . .... .... n 17 0 - MEAT PRESERVINGN.Z. “Refrigerating • ■ (paid) ... — o 1a 9 f ; N.Z. . Refrigerating n 9 7 ■; (cont.) .,. , '■ — — u C Southland Frozen Meat 6 V (paid) ;.. 3 0 — ' ■; Southland Frozen Meat --.(cont.) •••■ 1 10 6 1 12 0 Southland.- Frozen Meat (ft (pref.) South.vAtago Freezing S U S 10 0 0 “ MISCELLANEOUS— vf Australian Glass 2 0 0 '} t Broken Hill Pty. ... 2 3 0 ; . /. Crystal Ice Co.* 1 10 0 . — DXCMordO . ... 0 14, 3 • t’l D.I.O..J (pref.) ..- 1 z 6 0 17 3 ;■ Dominion' Fertiliser ... — V Dominion Fertiliser ■' Debentures 102 0 0 103 0 0 ?; Electrolytic Zinc • (pref;') ... 1 14 0 - .Electrolytic Zinc,. 1 ■i (def. ord.) ... ••• 6 0 • Milborn Lime and ■i Cement ... ••• Mount Lyell , ... 1 «l X 1 -4 3 6 , i 4 10 , National Electric.-... ... 0 o - N.Z, Drug Co. 6 14 0 . N.Z. Farmers’. Fer•t iiliser 9 0 18 4 ’• N.Z. Paper Mills ... i i * ; ' Otago Daily Times 2 6 0 . Wilson's (N.Z.) : Cement j ...V, ... 1 7 0 ... x 7 9 ■'breweries— 6 - N.Z. Breweries 2 0 0 2 0 /■■Staples' Brewery ..... ,1 8 : 3 '6 C Tooth’s Brewery : OIL— 0 o -■(Moturoa'- (ord;) — -, 0 4 -Moturoa (pref.)0 4 y MINING— ■ ( v ;:-Waibi 1 9 6 1 10 5 f.Mabakipawa ... ••• ; Okarito ... 0 0 0 9 1 9 .0 10 0 Point .... • U O’ * 6 ''"New- Cornish ■ Point . '■ — 0 J, *, Golden ' Progress' ... '. — 0 1 6 8 --'Kirig' Solomon /... 0 3 6 0 3 Golden -Point . .- 0 0 2 0 U Oi ■ Gillespie’s Beach ... 0 1 1U U 1 lirn n C\ cWaitabu' ’ ...' • ' r— U < y .'Big River ... ... • ■‘Nokomai b 2 0 0 0 , 1 2 I : 3 . r. Central ; Shotover ... ' — 0 1 1 ) Bell-Kilgoiir 0 0 10 0 1 0 Bell-Hooper, ... 0 u Y — Oxenbridge , ... ... — 0 V <72 Mount Morgan ... 3 3 0 3 0 u ; tBblolo Dredging ... 7 0 0 '0 — %,N4yis!.; Diesel. ... . 0 1 0 Charlston •r0 Z ■Maerewhenua ... 0 U 1U —

Butter:— 1933. Tons. 1932, Tons. 1031. Tons. Russia ... 28,rj;i 10,143 1*0,218 Finland ... .... li.titJO 10,831 12,70a Estonia ... ... ■1,167 4,137 6.272 Sweden ... • A 11,331) 8,783 10,586 Denmark ... ... 133,953 129,184 123,302 Netherlands ... ... 7,388 2,349 4,803 Argentina 10,118 19,522 . 18,476 Irish I-’rcc State ... 18.931 15,734 19,030 Australia New Zealand " ... 84,081 133,031 01,402 109,317 77,931 90,730 Others ... ... 18,833 14,708, 13,193 Total tuis ■141,773 122,454 403,558 Cheese:— 8,410 Netherlands fi.nn 8,498 Italy ... ... Australia - - 5,305 3.677, 6,588 3,402 NeW Zealand ... 103,970 92,637 ■ 86,582 Canada ... ... 31,502 37,364 35,337 Others ... .» 2,301 2,849 3,918 Total tons ... ... 152,023 130,330 144,237