Commerce, Mining, & Finance

Evening Star, Issue 21631, 29 January 1934, Page 7

Commerce, Mining, & Finance

THE SHIRE MARKET 1 DUNEDIN STOCK EXCHANGE A sale of Waitahus at 6s 6d represented the only business recorded at the meeting ' of the Exchange this morning. The market generally was quiet, though quotations were firm and on a par with the closing rates of last week. In the banking section Australasias and National of New Zealands improved slightly, while there was a distinct absence of sellers. A keen interest, was maintained for all the better-class industrial stocks, and gold mining shares, though a greater number of selling quotations, continued to command their usual attention; SALES. , On 'Change.—Waitahu, 6s 6d. „ Quotations as under; —

NEW GUINEA GOLD SHARES *Bv __ Press Association—By Telegraph—Copyright. LONDON, January 26. New Guinea Gold shares are quoted at 5s 101 d. BULOLO SHARES Press Association—By Telegraph—Copyright. i LONDON, January 26. ■ Buiolo shares are quoted at £5 10s.

SYDNEY STUCK EXCHANGE Press Association—By Telegraph—Copyright. SYDNEY, January 28. Investments showed a weaker tone on the Stock Exchange, and trading in mining shares was lights. Addition! sales were:—Bonds (fours), 1938, £lO4 Is 3d; 1947, £lO7 Is 3d; 1959, £lO7 7s 6d. Carlton Brewery, 45s 9d; Bulolo, £6 15s; Bulolo Deposits, 2s 7d (sixweeks, 2s Sd) ; Mount Morgan, 7s. 7s 4d, 7s 5d (six weeks. 7s 7d); Australian Gas (A). £7 18s; Toohey’s, 28s; Associated News, 21s 3d (pref. 225); British Tobacco, 37s 3d; Broken Hill Proprietary, 44s 3d; Dunlop Pcrdriau. 21s 4}d; Goldsbrough, Mort, 35s 7-id; Lustre, 22s 6d. METAL MARKET Press Association—By Telegraph—Copyright. LONDON. January 20. The following are the official racial quotations a—- ■ Copper.—Stair,an; £33 ss; forward, £33 Cs TOld per ton. Electrolytic.—Spot, £36; forward. £37 per ton.. . Wii*e bars, £37 per lon. Lead'.—Spot, - £ll 11s 3;l; forward. £ll 13s 9d per ton. Spelter.—Spot, £l4 16s’3d; forward, £ls per ton. - Tin.—Spot, £226 16s 3d; forward, £226 lls 3d per ton. Pig Iron.—Home trade, £3 2s 6d; export. £2 17s-6d per ton. , Antimony.—British, £39 ]os ; foreign 1 , £22 per ton. Molybdenite. £2 Is per unit. Wolfram. £1 7s. per unit. Silver.—Standard, 19 7-16 d; fine, 31d per oz. ! CDTTDH, RUBBER, ETC. Press Association—-By Telegraph—Copyright. ' LONDON, January 27. • The following were Friday’s prices:— Cotton: Spot, 6.07 d per lb; February, 6.61 d. Rubber: Para, 4jd; plantation ‘smoked, 4 13-16 d. Jute; January-Febrnary, £l6 7s Cd<; plantation Rabaul, £B. Linseed oil, £l9 15s. Turpentine, 46s 6d. HIDES MARKET Press Association—By Telegraph—Copyright. * . LONDON, Jam/aiv 27. Hides:- Mentworks dry' salted— Queensland. 35 to 46, 6id; 30 to 40, 6id; 25 to 35. 6 l-8d; 20 to 30, 6 l-Bd. Wet salted—Queensland. 50 to 60. 44d ; 40 to 50 4 3-Bd. New South Wales,’ both 4|d. Victorian abattoirs, both 4 5-Bd. ■ i " "" ~'y ' A.M.P. SOCIETY'S BUSINESS £2,000,006 INCREASE LAST YEAR According to advice received by the manager of the Dunedin office of the Australian Mutual Provident Society from head office, the total new business transacted last year was:—Ordinary department. £12.053,096; industrial department, £3,562,993—a total of £15.616,089. MEAT MARKET Press Association—By Telegraph—Copyright. LONDON, January 27. New Zealand Sheep.—Canterbury and North Island selected cross-bred wethers and maiden ewes: 48lb-60Ib. 5 5-8 d per lb; 571b-641b, s*d; 651b-721b, sid. North Island: 48lb-561b. 5 5-8 d; 571b--641b, s»d; 651b-721*b, sid. Australian Lambs.—Victorian, first quality, 5 7-8 d per lb.; Argentine Sheep.—First quality crossbred wethers; 481b-641b, 5d per lb; 651b--721b, 4-Jdl Australian Frozen Beef.—Ox binds, 1601 b and under, 3 3-Sd per lb; oxbinds, over 1601 b. 3Jd. Argentine Chilled Beef.—Ox fores. I6olb'-2201b. 3 3-8 d per lb. * New Zealand Pigs.—First qunlitv: 601<b-801b. 6Jd per lb: 811b-1001b 5 5-Bd. ' The Bank of New' Zealand has received the following advice from its London office, dated January 26: Frozen Meat.—For wethers the market is firm. There is a moderate demand for ewes, and prices are firm. There is a firm demand for lambs, while prices are a shade low'er. Unfavourable weather is affecting trade. Wethers—light, .5Jd to' 6d per lb; heavy, 44d to 5-Jd per lb. Ewes. '34d to 4Jd per lb. Lambs—Twos. 7Jd to 7}d per lb; eights, 7 3-Scl to T 5-Brl per lb; fours, 7Jd to 7|d per lb; seconds, CJd to 7d per lb. / DIVIDENDS DUE Australian Provincial Assurance--14 p.c. per annum ... Jan. 30 British Tobacco (Aust.) —Interim ; pref., quarterly, 64 p.c. per annum (less property tax) Jan. 31 Union Bank—lnterim 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 Sydney— Interim, 5 p.c., 6s 3d a share Jan. N.Z. Insurance—ls a share ... Wellington Trust, Loan, and Investment Co. —Final, 3 per cent., making Si per cent, per annum ... Feb. 2 N.Z. .Refrigerating Co.—4 p.c. and bonus 1 p.c Feb. 3 Wellington Gas—Annual, 8 per cent, per annum Feb. 6 Auckland Gas —Interim, 2| p.c. Feb. 6 Commercial Bank of Australia — \ Interim; preference at rate of 4 p.c. per annum; ordinary at rate of 5 p.c. per annum in Australian currency Feb. 7 Queensland National Bank—lnterim. at the rate of 4 per cent, per annum, free of State and Federal income tax ... Feb. 14 National Mortgage—s p.c. per annum ..." ... ... Feb. 29 Christchurch Gas—Final, 3 p.c. (7 l-sd) Feb. - Electrolytic Zinc (pref.)—B p.c. per annum ... ... ... Mar.

FOREIGN EXCHANGES (British Official Wireless.) Press Association—By Telegraph—Copyright. RUGBY, January 27. (Received January 29, at noon.) Paris, franc to £1 ... 79 21-32 New York, dollar to £1 4.98 Montreal, dollar to £1 ... ... ... 5.014 Brussels, belgas to £1 ... ... ... 22.55 Geneva, franc to £1 ... 16.20 Amsterdam, florin to £1 7.82 Milan, lire to £1 5913-16 Berlin, reichmarken to £1 ... ... 13.244 Stockholm, kroner to £1 19.394 Copenhagen, kroner'to £1 22.40 Oslo, kroner to £1 ... ... ... ... 19.90 “Vienna, schilling to £1 29 Prague ' kroner to £1 108 Helsingfors, marks to £1 ... ... 2264 Madrid, peseta to £1 394" Lisbon, escudo to £1 ... IK) Athens, drachmae to £1 ... ... S-15 Bucharest; lei to £1 ... ... 530 , Belgrade, dinars, to £1 Warsaw, zlotys to £1 ... Rio de Janeiro,-pence to milreis 44 Buenos Aires, pence to dollar ... 3§4 •Montevideo, pence to dollar ... 37 Bombay, pence to rupee ... ... 18 3-32 Shanghai, pence to tael ..i ... 16 ’ Hongkong, pence to dollar .... ... 17J Yokohama, pence to yen ... ... 144 Batavia, florin to £1 ... ... ... •Official. MERCHANDISE MARKET . Owing to the scarcity of bottles and the higher cost'that these are - realising, packers of methylated spirits, vinegar, turpentine, ammonia, etc., have had to increase prices. Merchants report- that higher costs for tea are taking place on every shipment landing.. A shipment of Rangoon nee arrived ex Narbada. Peanuts, shelled, which' were short also arrived by.'the.Narbada.Singapore pineapples are now in plentiful supply. Mou bants report chat slocks of pilchards are short, but supplies from America are due to arrive in from four to five weeks. Canary seed, w’hicb was in short supply, is again available. . The Wingatui and the Port Whangs rei landed considerable quantities of sugar during the week'. The nest vessel carrying sugar will be the Waipiata on Thursday, followed by the Waimarino on February 8. 1 The Hauraki, from San Francisco and Vancouver, discharged consignments of prunes (in various grades), seedless raisins, salmon, canary seed, over- 1,000 sacks of. Canadian flour, resin, iodised salt, etc.. The. market for seeded raisins continues firm. Owing to the extensive use of raisins in. America for winemaking, the price is firm., DAIRY PRODUCE The National Mortgage and Agency Company Ltd. has received the following cable from, its principals, Messrs A. J. Mills and Co. Ltd., London:— Butter: ■ Market steady; New Zealand finest, 68s; first grade,' 675; unsalted, 70s to 725; Danish, 86s. Cheese: Market steady;. New, Zealand white' 42s to 42s 6d, coloured 43s to '43s 6d; Canadian, 48s to 525. Messrs Dalgety and Co. Ltd. have received .the following cable from London. dated January ' 26:—Cheese: White, 40s'; coloured, 425; Butter,'67s to 68s. The markets are weak. : The South Island Dairy Association advises receipt of a message from London statingßutter. 675; , unsalted, 72s to 745; Danish, 89s to 90s. Cheese: White, 40s to 41s; coloured, 42s to 435; both markets quiet, AMERICAN MARKETS Press Association—By’ Telegraph—Copyright, NEW YORK. January 26. (Received January 29, at 1 a.m.) Reports trom Detroit of an increase in sales and production sent motor shares up on the Stock Exchange, although the majority of issues were little changed in dull trading. Commodities were mixed, and the dollar moderately stronger. January 27, The markets generally, were listless to-day. Stocks closed irregular and lower, while commodities were up slightly in featureless trading. The dollar closed at 62.90 in terras of gold currencies, sterling at 4.944, and the franc at. 6.22. Chicago, wheat: May, 904 cents per bushel;, July,, 88J ; September. 894 : New York Cash, IQOJ. BASE METAL MARKETS HIGHER AVERAGE PRICES LEAD REMAINS WEAK. Apart from lead, which is the chief of the Broken Hill mining companies, the chief base metals commanded higher average prices during 1933, compared with quotations for 1932. Average raetal prices for the past three years are compared in the following table :

Prices of copper and lead remain weak, and although spelter, has made, headway a further improvement would be welcomed by producing companies. Tin hardened appreciably during the year, and the average price of £194 lls lid a ton was £SB 13s Id and £76 2s lid higher, compared with the average quotations for 1932 and 1931 respectively. The substantial advance was clue to the improved statistical position, increased American consumption, and curtailed production accounting for a shrinkage in visible supplies..

| CROMWELL MINING HEWS [From Our Cokrgspokdekt.] The contractors are now making progress with the incline shaft at the new Cornish Point Mines Ltd., where, for a fen clays, considerable difficulty was encountered with loose and running ground. This necessitated close timbering of the face and progress was slow and arduous: The lower part of the drive was of a more solid nature, and gave the men heart to carry on. The drive has now been advanced a total distance of fifty feet, and the men have practically a full face in the solid country. The manager (Mr M. Moye) informed your correspondent that he had worked a few dishes from the material from this shaft, and each dish contained quite an encouraging prospect. Messrs Frye and Giddcns have now definitely established the existence of another lead or deep channel across the Cromwell Flat. ..This syndicate has been working auietly and . assiduously for some - months, and it is now reported that wash carrying quite payable values has been encountered. The drive going in; under the terrace is now crossing the old river channel, and it has been decided to commence a cross drive, which will follow the bottom down. Prospects here are particularly sanguine. Cromwell is pleased over the success at Logan and party’s Rise and Shine claim at Bendigo, from where Mr H. G. Black, A.0.5.M., of the Otago School of Mines has personally taken numerous samples, and he advises that a systematic sampling of pug, quartz leader, and lode formation was carried oiit'in both east and west walls of the drive at a sixty-two feet, level. From samples taken at right angles to the plane of dip, quite encouraging assays were secured, and on the east wall a leader of ten inches in, with produces an assay of 260 z 2dwt 6gf, while another lender of fourteen inches yields a return of 14oz 3dwt. Dr A. R, Andrew, who has also reported on the claim, has stated the average per ton at 4oz lldwt, after weighting the averages to discount abnormally high values. THE SEARCH FOR GOLD BRIAN BORU LISTED Brian Born Gold Dredging Company is now listed on the New Zealand Stock Exchanges. Authorised and issued capital is £27.000, in ordinary shares of Is each. Head office, Greymouth. LAWSON'S FLAT RETURN Tim manager reports having washed up the boxes from No. 2 face with the/ result that 370 z 9dwt of retorted gold was .obtained. This, together with the lßoz 7dwt 9gr obtained two weeks ago, makes a total of -sooz 16dwt 9gr since last report. Samples taken from. No. 1 face are reported to be showing good heavy gold, and' the development work should be sufficiently, advanced in a few days’ time to enable this face to bo worked alternately with that of No. 2. ’ Washing up on No. 1 face will take place' on February 3 next. ■ - ■ i'■ > A HEW COMPANY Mining Investment Corporation Ltd., Wellington,, has been registered. Capital: £IOO,OOO, into- 2,000,000 shares of Is each. Subscribers: Wellington—W. S. Wilson, J> J. Garbettr A. H. Kitnbell, C. W. Salmon, N. J. Webster, L. V. Ellis, F. W. Mothes, one share each. Objects: To undertake the business ..of an investment; company .in the shares and securities of companies formed, for the purpose of mining for silver, or other, metal and general incidental. AMALGAMATED KAWARAU Amalgamated Kawarnu Goldmining Company has increased its capital from £1150,000 to £250,000 by. the issue of ordinary shares of Is. COLLIHGWOOD PROSPECTS , The directors of Mining : Research Company Limited recently .considered reports from engineers who had inspected the company’s properties at Golden Gully., Collingwood. The engineers were. -Messrs U. S. Burleigh, H. Vickerman (Vickerman and Lancaster), ,1. Henderson, and G. M. Powell (Westport). As all these reports were considered to be highly satisfactory, it was decided that an operating company should be; formed for the purpose of sluicing all suitable ground and boring an area of approximately 500 acres at the. mouth of the Parapara Inlet, which is particularly well suited for dredging. It was reported by the directors that the areas which the company' holds were particularly well reported' on by the late Sir James Hector (director of the Government Survey), and tests which he made disclosed astoundingly , high values. . From the information contained in Hie engineers’ reports, above referred to. a conservative estimate of the value of the wash-dirt would be Is per yard, with operating costs estimated not to exceed 2d per yard. Samples token by Sir James Hector numbered twentyseven (three of which were bulk tests of 100yds or more). They disclosed the fact that 16s 6d per yard was obtained. These figures are confirmed by Mr Burleigh’s tests, which from eighteen samples averaged 19s 9d ptr yard. Mr G. M. Powell (Westport) spent a considerable time on the property, and considers the values particularly good, and that the water supply and pressure arc ideal. RABBIT MARKET Press Association —By Telegraph—Copyright. LONDON, January 27. Rabbits: First large, ex store, 19s and 19s 6d. BROKEN HILL SOUTH The Stock Exchange has been advised that a dividend of Is 6d per share has been declared payable in Melbourne on March 16 by the directors of Broken Hill South Ltd.,

MARKETING GF EGGS DIFFICULTIES OF SALE BY WEIGHT [Special to the 4 Stab.’] CHRISTCHURCH. January 27. The opinion that it would not prove a practicable proposition to sell eggs by weight instead of by the dozen, as was suggested at the annual conference or poultrymen, was expressed by Mr \\ • M. Evans, manager of Canterbury Cooperative Poultry Producers Ltd., today. Mr S. F. Marshall, one of the Christchurch delegates to the. conference, would not commit himself to an opinion on the merits of the proposal, but emphasised that it was merely a suggestion, and if a change were, made at all it would not be for some time yet. Mr Evans pointed out that if grocers hud to retail eggs by weight they would be in a very difficult position. . It would be impossible to get the exact weight in most Cases, and, as they could not give less than the correct weight, they would have to give more, with the result that they would be losers. 4 One retailer told me that it would be necessary to divide an egg in half, or hard boil it to get the correct weight, said Mr Evans. . Another difficulty he mentioned was that eggs lost weight by evaporation, especially in nor-west weather. Chore would also be a lot of trouble, in nil probability, between producers and distributors over weights. 41 I don't think there is a possible chance of its working satisfactorily, 4 ’ declared Mr Evans. 44 There are so many little points where it would not work out.

Buyers. Sailers. £ 6. d. £ 1. d. BANKING— / Bank of Australasia 12 15' 0 Bank of New Zealand ... 2 8 0 Commercial Bank .. 0 18 0 E.S. and A. Bank .. ■ 5 15 0 '— National Bank of New Zealand ... ... .. 4 5 0. INSURANCE— V National Insur. Co. 0 19 0 New Zealand Insurance ’ Go. ... ... ... 2 17 3 —- . South British Insurance Co. ... — 3 18 0 ’ Standard Insur. Co. • 3 0 9 3 2 0 SHIPPING- . Huddart.. Parker ■, (ord.) ... 1 12 6 •— Huddart/-Parker , (P?ef.) ... V 1 4 0 — U.S.S.. Go. (pref.) ... 1 4 9 ■— COAL-. ' ' - Kaitaugata. Coal . 1 1 0, Westport Coal Co. ... 0 14 7 LOAN; AND AGENCYDalgety and Co. Ooldsbrough, Mort .. Perpetual Trustees'. ... 10 7 0 10 12 1 16 0 0 2 10 0 — Wright; Stephenson (ord.), - ... 0 17 0 — Wright,- Stephenson (pref.) 0 17 6 0 18 9 MEAT: PUESERVINGN.Z. Refrigerating ■ (paid) -... 0 19 9 — 1 N.Z. Refrigerating (cent.) .. : 0 ’ 9 2 0 9 e Southland Frozen Meal (paid) . ... ... ... 3 3 0 3 7 0 Southland Frozen Meat (prof.) ... i 3 3 0 —. South Otago Freezing 5 18 0 — MISCELLANEOUS— British ' Tobacco . 1 15 9 : ’ Broken -Hill . Propty. - 2 2 6 ■ Brown,. Ewing ■ (ord.) '0 19 0 — Brown,’Ewing (pref.) — 1 2 0 Bruce., iVVoollon Co. .‘ (pref..) ; -... .:. ... 018 0 — Crystal Ice Co. • 13 6 D.I.Cw. (pref.) ... ... 1 2 6 — Dominion, Fertiliser ... • 0 16 0 0 17 3 Dominion'"Fertiliser Debentures' 102 10 0 Dominion ■ Rubber ... 0 13 6' Donaghyls ‘Rope and Twjne ; ... — 2 *9 0 Dunedin .Stock Ex- ■ , ; change Proprietary — 3 5 ; 0 Durlop Perdmu Rubber • ... - ' 1 1 0 — Electrolytic Zinc 1 (def. ord.) v . ... ‘ 1 7 0, 1 7 6 Kaiapdii .Woollen' (ord.)r' .- 0 10 0 — Milburn Lime and Cement ... 111 6 —L M’Leod ..Bros.. , 27 .0 0 — 1 Mount Lyell ... ... l‘ : 6 0 — National, Electric ... •0 6 0 N.Z. Drug Co. 3 14 6 — N.Z. Farmers’ Fertiliser .... — 0 18 3 N;Z. Newspapers N.Z. Paper Mills ... 1 1 9 3 6 0 — , ‘ .Otago Daily Times * 2 6 0 — Regent Theatre ... ... — l' 1 6 BREWERIES— , N.Z. Breweries ... ... •,20 0 —■ Staples’ Brewery 1 9 0 — 0 Tooth's Brewery — 2 6 OIL— . Moturoa (ord.) ... ... ■•_ 0 4 0 Moturoa: (pref.) ... — ,0 4 6 ' UININGWaihi ... .1. ... ... 1 9 9 — Waihi Grand Juncrtion ... ... ... ... 0 4 4 —; Mahakipawa , .... ... 0 0 14 — Kildare ... ... — ; 0 10 Qkarito ... . ... ■ ... 0 9 1 0 9 6 Paddy’s Point — 0 4 0 . New Cornish Point ... — 0 0 64 Golden Progress — 0 1 6 v King Solomon ... . . 0 3 7 0 3 10 Golden Point ... ... 0 0 24 0 0 3 Golden Dawn ... ... 0 T 3 — Alexander (20s paid) 0 17 0 — -'(Gillespie's Beach / 0 2 ,3 0 2 4 JWaitahu ’■ ... __ 0 6 7 Big River — 0 1 0 ,Mount David ... — 0 2 0 Nokomai. ... ... ... — 0 2 5 Freshford „ v ... ... 0 • 0 1 0 0 2 tipper Shotover ... 0 1 64 0 1 9 Lawson’s Flat — 0 1 0 > Central Shotover ... 0 1 0 Golconda — 0 0 9 Bell-Kilgour — 0 1 1 Bell-Hooper v — 0 0 11 Oxenbridge — 0 0 9 Nevis Diesel 0 0 11 0 1 0 ... ... 0 2 0 ■Addison’s Flat ... ... 0 2 4 Glenroy 0 0 6' N:Z. GOVERNMENT LOANS— ■ (Bonds Quoted are £100 Bonds.) 34 p.c. Stock, 1938- , hi943 ... ... ..: ... 101 10. 0 34 , p.c. Stock. 1939- ‘ 1943 101 10 0 — ■3i p.c., Stock, 19411943 ... ....... ... 101 10 0 — 34 p.c. Stock, 1938- ' 1952 , ,... ■ ... ... 101 5 0 —. 3i p.c. Stock, 1939h 1952 ... .... ... 101 5 0 — ’34 p.c. Stock, 1941(1952 ; 101 5 0 — 4 p.c. Bonds, Jan. 15, 1940 ... ... 101 7 6 V _ 4 p.c. Stock, Jan. 15, ( 1940 101 7 6 .4 p.c. Bonds, Feb. 15, 1946 102 0 0 — 4 me. Stock, Feb. 15, 1946 ... ... 102 0 0 — 4 p.c. Bonds, April 15, 1949 ... 101 0 0 — 4 p.c. Stock, April 15, 1949 101 0 0 — 4 p.c. Bonds, June 15, 1955 101 15 0 4 p.c. Stock, June 15, 1955 ... ... ... ... 101 15 0 —

1931 1032 . 1933 Per Ton Per Ton Per Ton Electrolytic £ « <1 £ s d £ » d copper .. 42 13 3 36 7. 9 36 14 2 Lead .. 13 0 6 12 0 0 11 16 1 Spelter .. 12 8 10 13 13 10 15 14 10 Tin, spot 118 9- 0 135 18 10 194 11 J