Commerce, Mining, & Finance

Evening Star, Issue 21637, 5 February 1934, Page 7

Commerce, Mining, & Finance

THE SHARE MARKET DUNEDSN STOCK EXCHANGE A ; quiet market was experienced this morning, a sale of King Solomons at the improved price of 4s on the call, and a reported sale of Southland Frozen Meat fully paids at 67s 6d constituting the business. In the banking section New Zealands staged a further recovery, buyers offering 49s 9d without attracting a seller. Commercials were quoted ex div., and were for sale at 17s 6d. Westport Coals were wanted at 14s Bd, and a seller appeared at 15s, the first for some time. The meat preserving market was steadier, while ■ amongst miscellaneous stocks there were .very few alterations, the market generally being firm. . King Solomons hardened to sellers at 4s 2d, following the business at 4s. Consolidated Goldfields were required at 19s, a price 2s in advance of that quoted on Saturday, but sellers were not in evidence. Gillespie’s Beach shares firmed to buyers at 2s 4d, with sellers a penny away. SALES. On ’Change.—King Solomon, 4s. Reported.—-Southland Frozen Meat (paid), £3 7s 6d.

THE SEARCH FOR GOLD CROMWELL MINING NEWS [From Ouk Correspondent.] Many of the older members of the mining fraternity are intensely interested in the developments of the Ounce Ltd. in its claim at the western end of the Kawarau Gorge settlement. The company has now driven a distance of close on 2Uoft through solid rock from a point about bft above the normal level of the river. A change in country was encountered during the week, and the ground has every appearance of dipping, for the country rock has given way to what may be termed hillside slip, and in the face about 2ft only of rock is now showing and more water is being met with. The ground coming in on the top of the face is not wash or river gravel, but indications of the existence of a former channel are decidedly encouraging. If a channel is struck ic will be at a lower level than Gee’s flat or anything hitherto worked in the vicinity m the Gorge. Conditions at Cornish Point look particularly promising, and the contractors, now having a full face of solid country, are making good progress with the incline tunnel, and are now in over 7Oft from No. 1 chain peg. The manager, Mr M. Move, keeps sampling the spoil trom the tunnel, and prospects have been such as to dispel any doubts in the minds of the many local shareholders as to what the future of this cfaim is to be. Bell-Kilgour Company has been working only two faces, several men being off due to the inability to get timber down from Makarora, though it has been on order since early December. The Lake ferry service is apparently taxed to its full capacity in the carrying of wool, and this is an occasion when industry is held in check through the road not being available. Timber orders wall perforce go further afield. GOLDFIELDS DREDGING COMPANY The Secretary of the Goldfields Dredging Company Ltd. reports that the dredge has passed through the gorge between the Lower and Upper Tucker Beaches. During the past fortnight the dredgemaster has been dredging a straight channel, and no wash-up was made, as the ground through which he passed had already been dredged on the downward journey. The dredge is now making a direct line to the lower end of the gorge, separating Little Tucker Beach and the company’s claim at Big Beach. NEW SOUTH WALES PRODUCTION Production of gold in New South Wales in 1933 was 29,2520 z, an increase of l.Slloz as compared with 1932, and the highest yield since 1921. The value of the production for 1933 was £225,683 in Australian currency, an amount which has not been exceeded since 1919. WETHERBTONES COMPANY The Consulting Engineers of Industries Ltd. report as follows: —The necessary work for the change-over from the temporary to the permanent track on the incline shaft has now been completed, and the self-dumping skip has been installed and is ijow working most successfully. Work is now restarted on the lower level on the 850tt horizon, working towards the contact between the conglomerate and the schist floor. Three shifts are starting operating as from to-day, and operations will be carried out on the incline shaft until the level at the 1,500 ft has been reached. The new winches which have been installed are operating successfully, and the mine manager (Mr H. T. Gordon) anticipates being able to drive right through without further interruption. PROFITS FRDM TDBABGD BRITISH'AMERICAN YEAR The directors of the British-Ameri-can Tobacco Company recommended a final dividend tor the year ended September 30 last of 8d per £1 of ordinary stock, free of British income- tax. The corresponding payment last year was at the same rate. The full dividend for the twelve months, with the four interim payments of lOd each, was 20 per cent., tax free, the same as for 1931-32. The net profits for the year amounted to £5,403,065, a decrease of £35,187 on the previous year’s figure. The balance was struck, as usual, after deducting all charges and expenses for management, etc., and providing for income tax. After paying the final dividend, mounting to £786,125, the carryforward was £2,071,179, an advance of £101,438. The directors also decided to pay on January 17 an interim dividend of lOd per £1 of ordinary stock for the year 1933-34, free of United Kingdom income tax. RABBIT MARKET Press Association —By Telegraph Copyright. LONDON, February 3. Rabbits, first large, ex store, are quoted at 19s. DIVIDENDS DUE N.Z. Insurance share Feb. 14 Wellington Gas —Annual, 8 per cent, per annum Feb. 6 Auckland Gas—lnterim, 2J p.c. Feb. 6 Standard Trust Ltd. —Half-year, 2J p.c. on 5i p.c. pref. stock, and 2 p.c. ord. stock, less British income tax Feb. 10 Queensland National Bank—lnterim. at the rate of 4 per cent, per annum, free of State and Federal income tax ... Feb. 14 Christchurch Gas —Final, 3 p.c. (7 l-sd) •• Feb. - Southland Frozen Meat Halfyear, p.c., plus bonus 25 P.C ; ~ Bank of N.S.W.—lnterim, quar-, terly, 5s share (Australian currency) Feb. 28 Silverton Tramway Co. Ltd. —Interim, 6d a share ... Feb. 28 Elder, Smith Ltd.—lnterim, 4f p.c, per annum Mar. 1 National Mortgage—s p.c. per annum Mar. 1 Electrolytic Zinc (pref.)—B p.c. per annum for year ended December 31 Mar. 14 Broken Hill South share Mar. 16 National Mortgage—Final, 2\ p.c. ' Mar.

RIMU TIMBER INDUSTRY FOREST MANAGEMENT SCIENTIFIC INVESTIGATION. “ There are about 2,000,000 acres of prime commercial forest in Westland and proper management of it is a matter of some national importance,” said Mr F. E. Hutchinson, lecturer in forest utilisation at Canterbury College, when speaking the other day on the possibility of making the rimir timber industry on the West Coast a permanent one. Mr Hutchinson and two students of the School of Forestry camped for a month in the forest, and Mr Hutchinson explained that the school was doing the scientific work for the State Forest Service. He said that the work done was a highly important phase of the investigation, since it involved the remeasurement of sample plots of timber which were set out in 1928, to see what growth and development had taken place. A preliminary inspection of the figures, which would later be analysed in detail, showed that growth had been definite and rather better than earlier measurements had promised. • The bush was growing well, natural regeneration taking place freely on extensive areas of cut-over land wherever fire or stock had not interfered. ABUNDANCE OF SEEDLINGS. .It was found that there had been an enormous amount of germination this spring, and on many of the areas the crops of seedlings stood thousands to the acre. That state of affairs, said Mr Hutchinson, was very good indeed when compared with the conditions which obtained in the natural forests in other parts of the world, particularly North America. Growth in the rimu forest had been as good as, and regeneration better than, the standard often considered satisfactory in North America. From the purely silvicultural point of view, there seemed to be no handicap to the scientific management of the rimu forest in Westland on a basis of continuous and permanent production of timber. DAMAGING LOGGING METHODS. Present logging methods were apt to damage the young growth of the forest and lay waste extensive areas. Permanent production required that logging should leave behind the young growth in as undamaged a state as possible and should . preserve conditions suitable for the germination, of seedlings, said Mr Hutchinson. The investigations which had been made so far indicated that the native forest of Westland was probably as amenable to skilled forest management as the native forests of the northern hemisphere. The forest was owned by the Crown, sawmillers being granted licenses to work over certain areas. FLAK PULP MILL The building of the foundations for the boiler house and bunker house for a cellulose pulp mill at Mercer, Waikato, for Flax Pulp and Celulose Products Ltd. is now well forward. The foundations are of massive ferro-con-crete construction. The boiler house covers an area of 47ft by 30ft, and the bunker nouse, which, adjoins,' is 30ft by lift. A heavy concrete'ramp makes a portion of the boiler room floor an inclined plane. The chimney, base is octagonal, and is 14ft across. COTTON, RUBBER, ETC. Press Association—By Telegraph—Copyright. LONDON, February 2. Friday’s closing prices were as follows : Cotton : Spot, 6.29 d per lb; March, 6.10 d. Rubber: Para. 4jd per lb; plantation, smoked, 227-32 d. Jute: March'-April shipment, £l6 2s 6d per ton. Copra: Fehruary-March shipment, South Sea, £7 12s 6d per ton; plantation, Rabaul, £B. Linseed oil, £l9 15s per ton. Turpentine. 47s 9d per cwt. NEW ZEALAND MULLET INDUSTRY IN NORTH SCOPE FOR DEVELOPMENT. The canning of New Zealand mullet is a small industry which has existed at the Bay of Islands for well over forty years. The fish abound with other edible varieties in the waters extending from the Bay of Islands to Whangaroa, but it has been left to the local enterprise of settlers of the district to convert them into a marketable product available to the consumer at all times. At present the plant at Purerua is operated by Messrs Hansen Brothers, who maintain a small but steady output from a factory conducted as a sideline to farming operations. Auckland is the principal market, the outlet through the city being sufficient to absorb practically the whole of the factory’s production. In some years the pack has been below requirements, and 'inquiries received from overseas, opening possible export markets,, could not be met. Consequently the possibilities in this direction remain unexploited. Recently, however, there have been developments which promise an expansion of interest in the rich harvest to be won from the seas bordering the northern coast. The present season’s canning operation have only just begun at the Bay of Islands and the prospects of a good catch are reported to bo favourable. The netting of the fish usually pvoeveeds until well into the middle of the year, each day’s catch being dealt with as it is brought in. On the market the canned mullet competes favourably with the lowest-priced imported salmon, for which, at the present time, it is the only New Zealand-produced substitute.

PASSION FRUIT PULP KERIKERI GROWERS'. CONTRACT As a result of recent negotiations growers of passion fruit in the Kerikeri district have made an agreement to dispose of their fruit “ at the gate. ” for IJd a pound for a term of five .years, according to a .statement made by Mr G. E. Alderton yesterday. "Provision is made in the agreement that all fruit grown by the settlers is to be the property of the purchasing company, and that none may be withheld. This contract has been made by the growers with Pashon Products Ltd., a company recently formed in Christchurch by a visitor from London, Mr F. A. Cade, who has interest in the trade in England. The company has a subscribed capital of £12,000. It is reported that the company has furnished a bank guarantee for £1,500 to meet payments on account of fruit, this guarantee to be renewed on October 1 during the currency of the contract. Following the signing of the contracts between growers and representatives of the company, the company entered into possession of the factory at Kerikeri and arrangements are being made for dealing with the current season’s crop, which gives promise of being substantial, although the dry weather is retarding the fruit. PERMANENT INVESTMENT CANTERBURY SOCIETY'S DIVIDEND The Permanent Investment and Loan. Association of Canterbury has declared a dividend of 3 per cent, for the year ended December 31, 1933. In the previous year 5 per cent, was' paid, and in 1931 per cent. METAL MARKET Press Association —By Telegraph—Copyright. LONDON, February 3. The following are the official metal quotations:— Copper: Standard, £33 11s per ton; forward, £33 15s 71 cl. Electrolytic:. Spot, £36 los; forward, £36 17s 6d. Wife bars, £37 17s 6d. Lead: Spot, £ll 12s 6d; forward, £ll 18s 9d. Spelter: Spot, £l4 16s 3d; forward, £ls 3s 9d. ■ Tin: Spot, £226 11s 3d; forward, £226’Is 3d. ■ „ Pig iron: Home trade, £3 2s 6d; export, £2 18s 6d. Antimony: British, £39 10s; foreign, £22 ss. Molybdenite, £2 Is per unit. Wolfram, £1 7s. Silver: Standard, 19id per oz; fine, 203 d. , MEAT MARKET Press Association —By Telegraph—Copyright. New Zealand Sheep.—Canterbury and North island selected cross-bred wethers and maiden ewes: 48-*-61b, 5Jd per lb; 60-721 b, ogd. North Island: 48-50 lb, ojd; 65-721 b, o|d. Ewes: 48-641 b, 4Jd; 65-721 b, 3jd. New Zealand Lambs.—Selected North Island, including Downs: 361 b and under, 7Jd; 37-421 b, Other North Island: First quality, 36!b and under, 7d; 37 r 42lb, 7jd. Australian Lambs.—Victorian: First quality, 37-421 b, 6Jd; second quality, 361 b and under, ojd. Other States; Second quality, 361 b and under, o£d. All States: Third quality, average about 261 b, s|d. . Australian Sheep.—First quality cross-bred and/or merino wethers: 40-6olb, 4|d;. second quality, 30-551 b, 4|d. Ewes: 30-551 b, 4|d. Argentine Sheep.—First quality cross-bred and/or merino wethers: 48-641 b, 5Jd; 65-721 b, sd. New Frozen Beef.—Ox fores (160-2201 b), 2d; ox hinds (1602201 b), 3Jd„ , ■ Australian Frozen Beef.—Ox hinds (1601 b and under), 31d; ox hinds (over 1601 b), 3id. ■ Argentine Chilled Beef.—Ox fores (160-2201 b), 3id. . ... New Zealand Pigs.—. First quality, 60-80Ib, 6Jd; 81-1001 b, s*; 101-120 lb. njd. ■ , ■ Australian .Pigs.—First quality. 101-1201b,' 5Jd. GOLD PRODUCTION LAST YEAR'S TOTAL EXCEEDED [Pta United Press Association.! WELLINGTON/February o. Although the final returns have , yet to be checked, the preliminary figures in the possession of the Mines Department indicate that the quantity of gold produced in New Zealand during 1933 exceeded the production for the previous. year. Last year’s production amounted to approximately 168,-601 oz, compared with 166,3540 z in 1932. Exports of newly-won gold in 1933 were smaller than in 1932, and although there was an export duty of 12s 6d per oz, in New Zealand currency of the quantity sent abroad showed a considerable increase' as the result of the appreciated exchange rate, which, on the basis of £6 per fine oz, represented an advantage of approximately 30s. , In 1932 the exports of gold in all forms totalled 167.7840 z, valued at £925,950. while in 1933 the exports totalled 164,998, valued at £1,205,364. THE FLAX INDUSTRY ANOTHER SACK-MAKING PROJECT With the present agitation amongst New Zealand fiaxmillers, due to Japan’s desire to import 140,000 two-year-old phomium tenax plants, despite the fact that previous attempts to cultivate the piant there were not very successful, comes additional interesting information that arrangements are well ahead to establish in New Zealand two large mills of six systems each at commencement, and gradually enlarging to twelvs systems for the manufacture of woolsacks and sacks from hemp fibre. The capital behind this big undertaking vill be Australian and New Zealand. One mill is to be erected in the Nortl Island and the other in the South Island. Australian fabric is to be shipped in bulk and made up there, whilst New Zealand requirements will be filly supplied with the finished article. Spicial high-speed, hard-fibre machinery, which has just been perfected within recent weeks, is to be instaljed. This machinery is said to be revolutionary. It softens the hard hemp and

spins and weaves with astonishing rapidity, producing a woolpack of 61b in weight with a tensile strength greater than the 111 b improved article. Although labour will not be the important item it hitherto has been, work will be provided for several hundred operatives. The saving in, raw material. plus the additional considerable reduction: in spinning and weaving costs, will overcome any fear of overseas competition. The principals behind the concern, who are at present in the north, are due in Dunedin shortly. LOM WOOL SALES The New Zealand Loan and Mercantile Agency 00. Ltd. has received the following cablegram from its London house, under date the 2nd inst.: —As compared with last sale's closing rates, prices are higher 2d to 2Jd per lb for fine greasy cross-bred, fine cross-bred slipe, medium scoured cross-bred; higher lid to 2d per lb for merino and cross-bred lambs, coarse scoured crossbred and greasy inerino and medium cross-bred slipe, higher 2Jd to 3d per lb for scoured merino; higher id to Id for medium greasy cross-bred and coarse greasy cross-bred; higher Id to lid per lb for coarse cross-bred slipe, and 3d to 4d higher for fine scoured cross-bred. The sales closed with a fairly firm tone to-day.

Quotations as under:Buy ers. Seilers. £ 8. < a. £ 8. a. BANKING— Bank of Australasia 15 0 0 Bank of New Zealand 2 9 9 Commercial Bank (ex div.) — 0 17 6 National Bank of New Zealand > 4 4 0 Union Bank of Austrail a Ltd — 1C 2 6 INSURANCE— National Insur. Co. 0 18 5 0 19 0 N.Z. Insurance Co. 2 17 6 — Standard Insur. Co. 3 1 0 — SHIPPING— Huddart, Parker (pref.) 1 4 0 — U.S.S. Co. (pref.) ... 1 4 9 ” COAL•Kaita'ngata Coal 1 1 0 — . Westport Coal Co. ... 0 14 8 0 15 0 ■ Westport-Stockton (pref.) 0 2 0 — LOAN AND AGENCY- / Dalgety and Co. 10 8 0 10 11 0 National Mortgage ... — 3 6 0 N.Z. Loan and Mercantile (ord.) 61 10 0 — Trustees, Executors, and Agency 2 10 0 Wright, Stephenson 6 (ord.) 0 17 — ' Wright, Stephenson • (pref.) 0 17 6 0 18 6 MEAT PRESERVING— Gear' Meat Co. 1 3 6 /N.Z. Refrigerating 0 8 8 8 (cont.) 4 0 Southland Frozen Meat (paid.) — 3 8 6 South Otago Freezing 5 19 0 MISCELLANEOUS— ' Broken Hill Proprietary 2 3 0 — Brown, Ewing (ord.) 0 19 3 — Brown, Ewing (pref.) 0 19 6 1 2 0 ; Bruce Woollen Co. (pref.) ... 0 18 0 — ;. D.I.C. (pref.) ... ... 1 2 6 • — Dominion Fertiliser 0 16 9 0 17 6 Dominion Fertiliser Debentures 100 0 0 — Dominion Rubber * — 1 0 0 Electrolytic Zinc ■: (pref.) I 14, ,6 — ; Electrolytic Zinc 9 (def. ord.) 1 6 — • Kaiapoi Woollen 9 (ord.) Kaiapoi Woollen (pref.) ... 0 11 0 0 11 — 0 18 0 ■ Milburn Lime and Cement 1 11 6 — Mount Lyell — 1 6 0 National Electric — 6 0 6 0 • N.Z. Drug Co /N.Z. Farmers’ ,Fer3 14 — — 0 IB 3 : N.Z. Paper Mills 1 8 0 1 11 0 ‘ Otago Daily Times ’ 2 6 0 — 6 Regent Theatre ... ... — 1 0 Smith and Smith (pref.) 0 17 0 0 13 0 BREWERIES— N.Z. Breweries 2 0 0 2 0 9 OILMoturoa (ord.) 0 1 3 — Moturoa (pref.) — 0 4 O MINING— Waihi 1 9 9 1 10 6 Waihi Grand June0 4 4 0 — Mahakipawa 0 0 2 0 5 1 1( ? Kildare ... — 0 Okarito — 0 y 0 Paddy's Point — 0 4 0 New Cornish Point 1 (6d paid) — 0 0 8 - Golden Progress — 0 King Solomon 0 4 0 0 4 2 Golden Point 0 0 24 — Blackwater 1 16 0 — Alexander 0 lb 0 — ' Consolidated Goldfields 0 19 0 0 — Gillespie’s Beach 0 2 4 2 5 Waitahu — 0 6 Mount David — 0 2 0 Nokomai — 0 2 5 Freshford 0 0 1 0 0 6 Central Shotover — 9 0 1 0 Bell-Kilgour 0 0 0 1 0 Bell-Hooper Oxenbridge 0 0 8 0 0 1 0 0 9 Bendigo Goldlight ... — 0 0 9 Nevis Diesel 0 0 11 0 1 0 Charlston — 0 2 0 Addison’s Flat 0 2 0 — Glenroy (6d paid) ... 0 0 6 — N.Z. GOVERNMENT LOANS— (Bonds Quoted are £100 Bonds.) 3i p.c. Stock, 19581943 101 5 0 — 31 p.c. Stock, 1939‘1943 101 5 0 — 51 p.c. Stock, 19411943 101 5 0 31 p.c. Stock. 19381952 101 5 0 — 3J p.c. Stock, 1939101 5 0 31 p.c. Stock, 19410 • 1952 101 5 — 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, 0 1946 102 10 — 4 p.c. Bonds, April 15, 101 1949 0 0 — 4 p.c. Stock, April 15, 101 0 1940 0 4 p.c. Bonds, June 15, 1955 101 0 0 4 p.c. Stock, June 15, 1955 101 0 0 “