Commerce, Mining, & Finance

Evening Star, Issue 21633, 31 January 1934, Page 5

Commerce, Mining, & Finance

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE Business was limited to mining shares this morning. Two further sales of Mount Lycllg were reported at 25s lOd, and the market?) closed with buyers at 25s 9d, but no seller under 265. King Solomons changed hands at 3s 9d, a price 3d in advance of yesterday’s best buyer. Bank of New Zealands continued to show an improvement, while Union Banas, which were reported as having been sold yesterday at £lO 2s fid, cum. div., had a seller this, morning at £lO Is, ex div. ' There were no buyers of insurance shares," but the market was steady. Huddart, Parker ords. advanced to buyers at 33s 3d, with still no seller, while the preference issue and Union Steam Ships were also in strong demand. All meat preserving shares came in for strong inquiry, and the Southland fullpaids improved by Is fid on yesterday's buying quote to receive a reply of 695, These shares are cum. div. Broken Hill Proprietarys were fractionally firmer, while Dominion Rubbers were wanted at 19s, with sellers at 20s. Smith and Smith prefs. had a margin of 2s between buyers and sellers. In the gold mining section Okaritos showed a slight improvement, as did King Solomons and Central Shotovers, There was the usual strong demand for Government Loans. Sale on ’Change;—King Solomon, 3s 9d. Reported.—Mount Lyell, £1 5s lOd (2). '

HENRY BERRY DIVIDEND Henry Berry, and Co. Ltd., merchants, Sydney, and Wellington, have declared a half-yearly dividend on preference shares at the- rate of 7 per cent, per annum, payable February 1. DOLLAR AND FRANC Press Association—By Telegraph—Copyright. LONDON. January 30. (Received January 131, at 11 a.in.) The dollar is quoted at 5.02 and the franc at 79 9-16.

DIVIDENDS DUE British Tobacco (Aust.) —Interim; pref., quarterly, 6£ p.c. per annum (less property tax) lan. 31 Union Bank—lnterim at the 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 share ... .' : Feb. 14 Wellington Trust, Loan, and Investment Co. —Final, 3 per cent., making 5J 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, 2J 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 —Interim. 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 Mar. 1 Christchurch Gas—Final, 3 p.c. (7 l-sd) Feb. - Electrolytic Zinc (pref.)—B p.c. per annum Mar.

AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright. SYDNEY,. January 30. The Stock Exchange was more active and firmer than yesterday. The following were the late sales: —■ Commercial Bank of Sydney (ex div.), £l7 15s; National Bank (£5 paid), £6 15s; Queensland National Bank, £6; Commercial Bank of Australia, ISs 6d; Australian General Insurance, 15s fid; Associated News, 21s 74d; Huddart, Parker, 34k; Australian Gas (A), £7 19s fid; Tooth’s, 45s (ditto, New Zealand, delivery, 455); Toohey’s, 28s ; John M'Gratn, 28s fid; Goldbrough, Mort, 35s 3d (ditto,''New Zealand delivery, 35s 3d) ; Dunlop Perdriau, 21s 3d; Morris, Hedstrom, 18s 3d; Millaquin Sugar, 31s; Fairymead Sugar, 345; David Jones, 38s; Anthony Hordern, 16s; Lustre Hosiery, 235; Standard Cement, ISs 10id; Mount Morgan, 70s fid; Kuala Kampar, 14s 9d; Mount Lyell, 25s fid; Broken Hill Proprietary, 44s 3d; South Broken Hill, .70s fid ; Zinc Corporation, 38s fid. MELBOURNE, January 30. , Commercial Bank of Australia, 18s 7d; Dunlop Perdriau, 21s 3d; ‘Herald’ and ‘Times,’ 50s; Goldsbrough, Mort, 35s 3d; North Broken Hill, 89s fid; Mount Lyell, 25s 9d.

TRADE m FISH EXPORT TO AUSTRALIA A large increase in the fish trade between the South Island and Australia has taken place as a result of the favourable conditions in the Commonwealth. According to Mr M. Marks, managing-director of one of Sydney’s large wholesale fish firms, the export of fish from the South Island to Sydney has doubled in the last twelve months, arid it will probably be increased by as much again during the coming twelve months. There were no exchange costs, and fish from New Zealand had to pay no sales tax or customs duty, because of the trade agreement in operation between the two countries. As a result, said Mr Marks, his firm was taking a great deal of fish from New Zealand which it had formerly obtained from Great Britain., . In the past the greater part of the export has been from Bluff and Stewart Island, but it is hoped to make early arrangements for supplies from each of the main ports. The fish are sent to Australia in cold storage by the ordinary cargo steamers. There most of them, with the exception of the flatfish, are smoked and distributed to the retailers throughout Sydney and its suburbs. Flatfish and blue cod are the most popular lines.

METAL MARKET

Press Association—By Telegraph—Copyright. LONDON, January 29. The following are the official metal quotations:— Copper—Spot, £33 15s 7sd per ton ; forward, £33 18s 9d. Electrolytic.—Spot, £36 10s; forward, £37 ss. Wire bars, £37 ss. Lead.—Spot, £ll 11s 3d; forward, £ll 13s 9d. Spelter.—Spot, £l4 16s 3d; forward, £l4 18s 9d. Tin.—Spot, £220 6s 3d; forward, £226 3s 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 9-10 d per oz; fine, 21 Jd.

THE SEARCH FOR GOLD

DEMAND FOR WOLFRAM The IJsew South Wales Government lias granted £2,500 to reopen the Mount Charleston Wolfram mine, at Frogmore. This mine is regarded as the richest wolfram mine in the British Empire, states the ‘ Sydney Morning Herald.’ Tungsten, the metallic element found in wolfram, is one of the key metals of civilisation, and the Empire is particularly deficient in supplies. The deposit of wolfram at Frogmore was worked before the war, and- during the war large quantities were commandeered by the Imperial Government. Tungsten is a hard, grey metal, and, in addition to being malleable and ductile, has a hard tensile strength. It is this characteristic which makes it the central element in high-speed tools and steel-cutting machines'. _ About 90 per cent, of the tungsten mined annually is used in ferro-alloys. Other uses of the metal include magnet steel, incandescent lamp filaments, X-ray tubes, and needles for sound reproduction. Scientists are continually finding further uses for tungsten. China and Burma are the chief sources of the world’s supply of wolfram (which is a low grade scheehte), and the -producers' in those countries have recently initiated steps for the stabilisation of the market at 22s 6d a, unit. Wolfram is sold in the form ot concentrates, and the value of these concentrates is assessed on the basis of their tungstic acid content. At present the London quotation is 275. Heavy international demand for wolfram last year caused the price to rise from 7s 7d on May 5 to about the present level, which has been maintained since early November. The United States Government, in a desire to assist domestic production, placed a duty of 300 per cent, upon imported wolfram.

There are three scheelita mines in New Zealand, all of which contain ore of a high grade tungsten content. The mine at Glenorchy, at Lake Wakatipu, has resumed operations since the rise of the price of tungsten. The second is at Macrae’s Flat, Central Otago, where operations were resumed recently, and the third is at Wakamarina, Marlborough. Outcrops of the, mineral have been discovered m : other parts of Otago, and individual miners in the past have mined them on a small'scale, tip to the end oj 1930 the quantity of tungsten ore exported from the dominion was 2,453 tons, valued at £311,209, or practically £127 a ton. During the war, however, the British Government commandeered the output at a price ranging-up to £240 a ton To-day’s price is approximately £IOO a ton, plus exchange. ''

MOLYNEUX DEEP LEAD The prospectus of a new Otago company—the Molyneux Deep Lead Ltd.— has been issued. It is projected: to work an area in the Roxburgh district by deep lead driving, and to acquire several other properties in the vicinity, the total area involved being 362 acres. The engineer’s report states that four bores were put down in the deep lead area of fifty-two acres, and produced values, at £6 an ounce, of 24s 3d a cubic yard, and five face prospects 9s lOd a yard. The properties adjourn or are contiguous to the Molyneux River, where good returns were secured by sluicing in the early days and later by dredging. The proposed capital is £25,000.

TALISMAK DUBBO MIKE The secretary of the Dunedin Stock Exchange has received advice from the Talisman Dubbo Mine that 39! tons of material were treated for a return of £384, actual realisation.

THE GOLGONDA MINES During the week ended January 20 the following work was carried out at the Golconda mines:— Timbering has been in progress in the tunnel level on the new reef, and a few nice dabs of gold were seen when hitches for timber were being cut. We have started a crosscut south of the east crosscut to try and pick this reef up further back towards the shaft. At the intermediate level we continued sloping on the branch reef south, but not much quartz has been broken, the reef being small, and it requires to bo timbered. The ore broken shows nice colours of gold. The reef will be bigger in the next_ stope. At the 70ft level on the main reef cast we have been timbering the leading stopo and have got the passes in position. We have started a leading stope on the hanging wall reef south-west of the shaft. The reef is very compact, and should make values at any time. MATAKI DREDGING The Mataki gold dredging return for the week ended January 2(3 was 23 ounces for 137 hours’ work.—Auckland Press Association. MODERNISED METHODS Two young women at Round Hill, near Riverton, have (says a Southland exchange) shown courage, fortitude, and no little skill in working a gold claim. A visitor stated that in a sludge channel and in the hillside bordering it some forty claims are at present located but none has a more workmanlike appearance or is being more successfully operated than that which these two sisters, the Misses Jordan, have acquired. Not once did they seek male assistance as they performed the arduous preliminaries to the commencement of operations. The tramrails, the fiuming, and all the other appurtenances of gold mining were installed by their unaided labour and the claim is operated solely by them. While one sister shovels into the truck the gold-bearing wash from the cutting and propels the truck to the tip, the other is busy at the boxes. It is reported that their weekly earnings are close on double figures in New Zealand' currency*

CHARLESTON SLUICING Reporting on the progress of the repair work being carried out at the Charleston Sluicing Company’s claim at Croninville, the mine supervisor states that two breaks in the water race had been completed. The first had involved driving tunnel in the blue reef of 70ft, and the other was open ditch. A start had been made on laying rails in the tunnel, and all the material was on the ground. MAEREWHENUA FIELDS In a progress report to the directors of the Maerewhenua Goldfields Development Company Ltd., the company’s engineer, Mr W. Morgan Gimson, states that he visited the claim for four days last week. During the last three weeks both rain and snow had fallen at intervals, and the subsidiary creeks were able to supply as much water as the races could carry. The new {turnings' between Spring Creek and the head were placed in position, and on this section all that remained to be done was the placing of the new pipe siphon across the main river. This work had been started, and it would’ probably take two weeks to complete, after which it would be possible to draw on the Maerewhenua River itself for water supply in addition to the subsidiary creeks. From twenty-five to thirty heads of water had been reaching the field during this period. As much as fifty heads could have been brought in had, the main siphon been in position and the widening of Cook’s race been completed. The removal of tailings was proceeding satisfactorily, and Mr ,Gimson estimated that to date about 80,000yds had been removed,, 50,000 of which had gone out of Duffer’s Gully where flic main tail race was being constructed. Excellent prospects had been shown when tested on the main reef. The country in the tail race 'tunnel had softened considerably, with the result that 28ft had been taken out during the last six-day period, and should the country remain soft the tunnel would not take more than four weeks to complete. Seven of the pulsator machines had been taken to a site which had been prepared below the boxes, and a second monitor was being erected in Duffer’s Gully, preparatory to beginning sluicing.

BELL-KILGOUR MINING The secretary of the Bell-Kilgoui Gold Mining Company Ltd. advises re eeipt of report from the manager foi the week ended January 27, which reads as follows: “ The following work has been carried out for this last period:—Main drive: 20ft driven for the week, values irregular, a little coarse gold showing sometimes. West cross-cut; Drove 19ft 6in for low values, and then advanced 19ft at right angles towards the north boundary; floor dipped quickly, and will have to drain out water later. South east block: Secured good fine gold in blocking , out. North-west cross-cut stope driye: Drove 17ft and connected to west cross-cut; good coarse gold was obtained here. North-west stope crosscut advanced loft, for varying values (one shift).

SKIPPERS LTD. The consulting engineer to Skippers Ltd., Mr W. Morgan Gimsou, reports that he visited the claim on January 25, and states that excellent progress has been made with the preliminary work. The accommodation house" for the staff was nearing completion, and half of it was already occupied. The road from the riiain road to Maori Point beach has been widened, and the cartage contractors were delivering the materials right down on to the beach,' At the time of his visit about sixty tons of plates and other materials had been delivered at the claim. At the Queenstown wharf some 160 tons of plates and fittings were at hand. A channel had been blown through about 100 ft of the beach, and it was now possible to erect the fluming at this point. Construction of a second dam upon the terrace was in progress, and this would ensure that over the week-ends no water would go to waste, which would materially assist in keeping down costs. The electrical department was making a thorough overhaul of the existing plant and making minor alterations to the suction dredge to enable it to be used for removing the over-burden in the paddocks.

CENTRAL SHOTOVER RETURN The secretaries of the Central Shotover Goldmining Co. Ltd., advises that the wash-up of the paddock has now been completed and the final wash-up totalled 190ozs. The gold won from previous wash-ups from this paddock totals 308ozs,making a total from the paddock of 4980z5, valued at £3,275.

PRICE OF GOLD Press Association—By Telegraph—Copyright. LONDON, January 30. (Received January 31, at 10 a.m.) Fine gold is quoted at £6 12s lOd per oz. America purchased the whole £71)0,000 offered. WHEAT MARKET Press Association—By Telegraph—Copyright. LONDON, January 29. Wheat: Cargoes are inactive, sellers having advanced prices. Parcels are unchanged to slightly dearer. Futures . London—February-April, 18s 6d ; June, 18s lOd. Liverpool—March, 4s 4|d; May, 4s 5Jd; July, 4s 6|d. MUTTON IN STORE A cable received by the New Zealand Meat Producers Board from its London office advises that the stocks of New Zealand mutton estimated to be in store at.' that end on February 1 will bo under 50,000 carcasses. DAIRY PRODUCE The South Island Dairy Association has received the following cable trom Londonßutter, quiet, 66s to 675; Danish, 88s to 90s. Cheese, rather quiet, white, 425; coloured 445.

Quotations as under Buyers. Sellers. £ 8* d. £ 8. d. BANKING— Bank of Australasia 12 15 0 — Bank of New Zealand 2 8 6 2 9 6 National Bank of New Zealand ... ... 4 ,4 0 — Union Bank of Australia Ltd , 10 1 Oe INSURANCE— ; National Insur. Co. — 0 19 0 South British Insurance Co ... 3 18 0 Standard Insur. Co. — 3 2 0 SHIPPING— Huddart, Parker (ord.) 1 13 3 — Huddart, Parker (pref.) ... ... ... 1 4 0 — U.S.S. Co. (pref.) ... 1 4 9 — COAL— ' Kaitangata Coal 1 1 0 — Westport Coal Co. ... 0 1J 0 0 15 0 LOAN AND, AGENCYDalgety and Co. ... 10 8 0 — National Mortgage 6 (cum. div.) 3 0 Trustees. Executors, and Agency 2 10 0 MEAT PRESERVING— N.Z. Refrigerating (paid) 0 19 9 — / N.Z. Refrigerating 9 (cont.) 0 9 1 0 5 Southland Frozen Meat (paid) 3 5 6 3 9 0 Southland Frozen Meat (cont.) 1 12 0 — South Otago Freezing b 18 0 , — MISCELLANEOUS— British Tobacco ' 1 16 9 — Broken Hill Propty. 2 3 3 — Brown, Ewing (ord.) 0 19 0 — Bruce Woollen Co. (pref.) ‘. ... 0 18 0 — Crystal Ice Co. 1 15 0 — D.I.C. (ord.) 0 14 6 — D.I.C. (pref.) 1 2 6 1 3 6 Dominion Fertiliser 0 16 6 0 17 3 Dominion Fertiliser Debentures ... ... 102 10 0 — Dominion Rubber ... 0 19 0 1 0 0 Electrolytic Zinc 9 (pref.) ... ... ... 1 14 — •' Electrolytic Zinc 6 9 (def. ord.) 1 3 1, 6 Milburn Lime and ' Cement 1 11 3 — M’Leod Bros 27 0 0 — Mount Lyell ..; ... 1 5 9 1 6 0 : National Electric ... — 0 6 0 N.Z, Drug Co. 3 14 6 — N.Z. Farmers’ Fertiliser 0 17 3 0 18 3 N.Z. Newspapers ... .1 9 0 — N.Z. Paper’ Mills ... 1 8 0 — ‘ Otago Daily Times ’ Smith and Smith 2 6 6 (pref.) t 0 17 0 0 19 0 BREWERIES— v N.Z. Breweries 2 0 3 2 1 0 Dunedin Brewery ... 1 4 0 “ OIL— Moturoa ... — 0 4 6 MINING— ‘ Waihi Grand Junction 0 4 4 -r Mahakipawa 0 014 0 0 24 Kildare — ! 0 1 JO Okarito 0 9 2 0 9 6 Paddy’s Point — j 0 4 0 New Cornish Point 1 (6d paid) 0 0 6 — Golden Progress — 8 0 1 6 King Solomon ... ... 0 3 0 3 10 Golden Point 0 0 24 0 ,0 34 Alexander (paid) 0 17 — Gillespie’s Beach 0 2 34 — Waitahu . — 0 6 4 Big River — 0 1 0 Mount David — 0 2 0 Nokomai — 1 0 2 3 Freshford 0 0 0 0 3 Upper Shotover -• 0 1 74 Lawson’s Flat 0 0 2 — Central Shotover 0 0 34 0 1 3 Bell-Kilgour 0 0 9 0 0 11 Oxenbridge 0 0 9 Nevis Diesel — 0 1 0 Charlston — 0 2 0 Addison’s Flat 0 2 3 >/.Z. GOVERNMENT LOANS(Bonds quoted are £100 Bonds.) 34 p.c. Stock, 19381943 101 0 0 — 34 jo.c. Stock, 1939101 0 0 34 jo.c. Stock, 1941101 0 0 34 p.c. Stock, 1938102 19o2 — 0 0 jp.c. Stock, 1959102 0 0 3j g.c. Stock, 1941101 0 0 4 p.c. Bonds, Jan. 15, 1940 101 10 0 — 4 p.c. Stock, Jan. 15, 1940 101 10 0 4 p.c. Bonds, Feb. 15, 1946 102 10 0 4 p.c. Stock, Feb. 15, 1946 102 10 0 4 p.c. Bonds, April 15, 101 1949 0 0 ■ — 4 p.c. Stock, April 15, 101 1949 0 0 — 4 p.c. Bonds, June 15, 1955 . 101 15 I- 0 101 12 6 4 p.c. Stock, June 15, 1955 101 0 0 101 10 0