Commerce, Mining, & Finance

Evening Star, Issue 21639, 7 February 1934, Page 5

Commerce, Mining, & Finance

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Bank of New, South Wales reached a new ; level this morning, a buyer appearing on f the call at £33 and a sale transpiring after f the call at £33 ss. New Zealands continued to advance, and E.S. and A.s were stronger • loan and agency section New Zea- . land Loan; and Mercantile ordinary shares ■ advanced to buyers at £63, with still no • seller in sight. Trustees, Executors were in demand at 50s. . ' Gear Meats found inquiry at 255, while ‘ ‘Refrigerating shares eased a little with ! business at 18s 4d. , , Brown Ewings have been in strong demand of late, and this morning buyers increased their bids for both issues without attracting sellers. A seller of D.I.C. preference shares appeared this morning at 23s 6d, but buyers stood firm at 22s 6d. Mount . Lyells recorded a slight improvement, and , only 2d separated buyers and sellers. In the gold mining section Waihis advanced to buyers at 31$, while Grand Junctions were wanted at 4s 9d, with no sell- : ing quote in either case. Okaritos had a , reported sale at 9s 3d, and there were ' buyers on the call at 9s Id. The other quotations showed no-change. Government Loans produced the usual preponderance of buyers, with a distinct ' absence of sellers.

SALES. On ’Change.—N.Z. Refrigerating (paid), 18s 4d; King Solomon, 4s Id (two). Reported.—Okarito, 9s 3d. Reported After Call.—Bank of New South Wales, £33 ss. - .

PRICE OF GOLD Press Association —By Telegraph —Copyright. LONDON. February 6. (Received February 7 at 10 a.m.) Fine "old is quoted at £6 19s 3d per oz. . America purchased the whole £l,200,000 offered.

AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright. SYDNEY, February 6. On the Stock Exchange the price movements to-day indicated a strengthening in the market, but Commonwealth Bonds were relatively quiet. The following were the later sales:--Bank of New South Wales, £33; E.S. and A. Bank, £5 17s; National Bank (£5 paid), £6 12s 6d; United Insurance, £9 10s; Associated News, 21s 3d ; Associated News (pref.). 225; Howard Smith, 15s 9d; Australian Gas' (A), £7 19s; Tooth’s, 44s 6d; Morris. Hedstrom, 18s 3d; Dunlop Perdriau, 2Us 3d; Greater J. D. Williamson, 6s lid; Nestles (pref.), 34s 6d; Farmers, 19s 6d; Anthony Hordern, 16s; Australian Iron and Steel (pref.), 21s 1 Jd; General Industries, 11s; Gordon and Gotch, 42s 3d; J. Fielding, 6Ss; Meggett’s, 20s; Mount Morgan, 755; Mount Lyell, 25s 6d; Broken Hill Proprietary, 44s 3d; South Broken Hill, 74s 3d; Bulolo Gold, £6 19s; Bulolo Deposits, 2s sd: Kuala Kampar, 15s l}d. MELBOURNE. February 6. E.S. and A. Bank. £5 ISs; National Bank (£lO paid), £l3 16s; Metropolitan Gas, £l3 8s; ‘Herald’ and ‘Weeklv Times,’ 51s 3d; Goldsbrough Mort, 34s 9d; Mount Lyell, 25s 6d. METAL MARKET Press Association—By Telegraph—Copyright. LONDON, February 5. The following are the official metal quotations:— Copper.—Spot, £34 Os per ton; forward, £34 4s 4Jd. . Electrolytic.—Spot, £37; forward, £37 ss. Wire bars, £37 Ss. Lead.—Spot, £ll os; forward, £l2 ?s 6d. Spelter.—Spot, £l4 16s 3d; forward, £ls os. „, . , Tin.—-Spot, £227 8s 9d; forward, £226 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|-d per oz; fine, 21 3-16 d. DAIRY PRODUCE Market reports received by the South Island Dairy Association from the New Zealand Produce Association, London, read:—Butter: 66s to 68s; Danish, 86s to 87s. Cheese: White, 435; coloured. 455. Both markets steady. NORTH ISLAND LAMBS SMITHFIELD COMPETITION Press Association-By Telegraph—Copyright, LONDON, February 6. (Received February 7, at 10 a.m.) In the New Zealand Meat Producers’ Board’s North Island competition 360 lambs were displayed at Smithfield. Sir James Parr and a number of wholesale and retail dealers inspected the exhibits, which were generally considered to be the finest ever seen at Smithfield. j The challenge shield was awarded to | the Wairarapa district. Individual prizes won were as follow:—Wairarapa (pen number 28) 1. Manawatu (pen number 32) 2, Feilding (pen number 37) 3. DOLLAR AND FRANC Press Association—By Telegraph—Copyright. LONDON, February 6. (Received February 7, at 11 a.m.) The dollar is-quoted at 4.94, and the franc at 78|. DIVIDENDS DUE Standard Trust Ltd. —Half-year, 2J p.c. on 5i p.c. pref. stock, and 2 p.c.. ord. stock, less British income tax P Feb. 10 N.Z. Insurance share Feb. 14 Queensland National Bank —Interim. at the rate of 4 per cent, per annum, free of State and Federal income tax ... Feb. 14 Southland Frozen Meat Haifyear, 7i p.c., plus bonus 25 p.c Feb. Bank of N.S.W.—lnterim, quarterly, 5s share (Australian currency) Feb. 28 Silverton Tramway Co. Ltd.—lni terim, 6d a share Feb. 28 Elder, Smith Ltd.—lnterim, p.c. per annum Mar. 1 National Mortgage—-5 p.c. per annum Mar. 1 Electrolytic Zinc (prnf.t—B p.c. per annum for year ended December 31 *, Mar. 14 Broken Hill South -- Is 6d a { share Mar. 10 National Mortgage-Final, 2£ p.c. Mar.

THE SEARCH FOR GOLD MATAKI RETURN Tiie Mataki Gold Dredging Ltd. return tor the week ended February 2 was 28oz for 135 hours’ working.Auckland message. BELL-KILGOUR REPORT The Secretary of the Bell-Kilgour Gold Mining Company Ltd. advises the receipt of a report from the manager for the week ended Februarv 3, stating that owing to the fact that transport of wool is occupying the carters from Makarora timber supplies were late in coming to hand, and consequently work on some of the faces had to be stopped temporarily early in the week. The wash in the main drive has good indications, and good coarse gold is .sometimes obtained. In a few feet a short cross drive to BelLHooper for air will be made. The drive was advanced oft for fair gold. The new north drive from west crosscut was advanced 28ft, for varying, values. The north-west stope drive was driven back 30ft towards the main drive for good coarse gold, and it is now nearly through to the main drive. This will have a small block which should carry good gold. This block can be taken out when the new work from the west crosscut is finished. This latter work will be carried back to the eastern boundary. Indications are that fair gold should ■be won here, and the work will also open up a block that showed some good values. The south-east block was worked two days squaring up old workings, and secured fair fine gold. The north-west stope crosscut was driven sft for varying values of fine gold. AUSTRALIAN CAPITAL INTERESTED Deports states that an‘ Australian company, with a capital of £400,000, is now being formed with the object of gold dredging in New Zealand. It is stated that the intention of the company is to put four dredges on the Bari vtown Flats. A substantial figure is being paid as the purchase price of the rights over the area it is intended to work. LAWSON'S FLAT SLUICING The Mine Manager of Lawson’s Flat Gold Sluicing Company reports that since the tail race was completed at No. 1 face 137 hours’ sluicing has taken place, resulting in approximately 4,500vas being treated. The result of the wash-up on Saturday was 250 z lldwt of retorted gold.' No. 2_ lace was not washed up. as most ot the time was spent on No. 1. STAFFORD SLUICING At a meeting of directors of Stafford Sluicing Ltd., held at Christchurch on January 24, it was decided to close the share list. The factors bringing about this decision are, first, that the capital construction costs have been considerably below the suni estimated, and second, construction is well ahead of schedule, and the claim should commence production in the latter half of February. In all 65.700 shares have been allotted, including 12,000 vendors shares. The contributing shares are called up to 9d a share. BIG RIVER REPORT The following is the Big River Gold Mines Limited’s progress report for .the week ending February 1: Stopes in No. 3 level produced 41 tons of crushing dirt for the week. Faces are somewhat improved. Stone varies from one foot to 2ft 3in in width. Prospecting has been carried out on Jones's reef above No. 2 level, the stone showing three feet wide. It is impossible to determine the nearness of the old adjacent workings. At the No. 4 level the crosscut was advanced 13ft for the week, making the total distance driven 25ft. There is nothing to report. The crosscut is directed to the point where the No. 3 level cut Henderson’s reef. Repairs not yet completed on the main shaft between No. 1 and No. 2 levels. One shift daily is being worked at the battery. MURRAY CREEK OPERATIONS The following is the Murray Creek Gold Mining Company Ltd.’s progress report for the month of January conditioning work on Nos. 2, 3. and 4 levels had been under way. All were in very bad condition, rendering repairs slow and necessitating the use of a large quantity of timber. A marked improvement has occurred in Nos. 2 and 4 levels, and much more rapid progress is assured. No. 2 has been repaired for 1,700 ft from the mouth of adit No. 3 for GOOft from the main shaft, and No. 4 for 450 ft from the main shaft. Eleven feet have been driven on the Inglewood reef track, and stone is showing in the face of the drive. A crosscut to intersect the Phoenix reef has been advanced 4ft in favourable country. A number of hands have been shortened, and all work is now confined to repairing Nos. 3 and 4 levels to complete the ventilation circuit underground. No. 1 level chamber has been repaired, and- ore bins have been made ready for the reception of ore. The remaining huts have been erected, and are occupied. Ironwork and timber have been prepared for another dozen mine trucks. Minor repairs have been effected to the winding plant, which is now in good order. GOLDEN DAWN MIKES For the fifteen working days ended January 22, 280 tons of ore were treated for a return of £663, exclusive of premium and exchange. The mill also treated 118 tons of outside ore.

The mine manager’s report for the two-weeks ended January 27 states:—

No. 4 level : Drive north on No. 1 reef extended 1011, tolls* 146ft.' reef averaging lOi'n wide, values still low. The ••ho on No. li reef north of crosscut has been extended 33ft, total 33ft, reel averaging 211 wide and looking well. The ore by assay is very patchy, but in the last few feet values have improved. Drives from 30ft up rise south, of crosscut on No. 3 reef. South drive driven 32ft, total 12ft, reef 2ft wide, ore of fair value. Drive north extended 10ft, total 10ft, reef 2ft wide, ore of fair value. No. 3 level: Drive north on east wall branch of No. 1 reef near winze extended 6ft, total 38ft. reef ].oin wide, of very good value. Crosscut east off last-named drive has been driven 24ft, total 24ft. At 14ft in a leader Gin wide was cut of fair value. Intermediate level: Drive north on east wall reef from crosscut east off No. 1 reef driven 16ft, total 38ft. Reef averages 2ft wide in ore of good value. Drive south on same reef driven 14ft, total 24ft. Reef averages 2ft wide in oro of very good value. No. 2 level: Rise on No. 1 reef from north end of stopes extended 7ft, total 21ft, reef 18 inches wide, but ore is not at present payable. Stoping.—No. 3 level: On No. 1 reef north in one block with machines working three shifts. Reef averages 12in wide in ore of very fair value. On No. 3 reef in one block with machines working three shifts. Reef averages 3Sin wide in ore of very fair value. On Magazine reef in one block, reef averages lOin wide in ore of good value. BELL-HILL SLUICING The secretary of the Bell-Hill Sluicing Company advised the Dunedin Stock Exchange this morning that the return for the week ended February 2 was 340/, Bdwt 21gr,

Quotations as under: Buyers. Sellers. £ s. d. £ s. d. BANKING— Bank of New South Wales 33 0 0 — Bank of New Zealanc 2 10 3 2 11 0 Commercial Bank 0 18 0 E.S. and A. Bank ... 5 16 0 — National Bank of New Zealand 4 4 0 4 6 0 INSURANCE— National Insur. Co. 0 18 6 — Standard Insur. Co. 3 X 0 3 3 0 SHIPPING— Huddart, Parker (ord.) ....... — 1 13 0 — Huddart, Parker (pref.) 1 4 0 —- U.S.S: Co. (pref.) ... 1 5 0 — COAL— Kaitangata Coal 1 1 0 — Westport Coal Co. ... 0 14. 9 — LOAN AND AGENCYDalgety and Co. 10 8 0 — Goldsbrough, Mort ... National Mortgage ... 1 14 3 6 9 0 N.Z. Loan and Mercantile (ord.) ... ... 63 C 0 — Trustees, Executory, and Agency ... 2 10 0 — Wright, Stephenson 9 (ord.) 0 17 — Wright, Stephenson (pref.) 0 17 6 U 18 6 MEAT PRESERVING— Gear Meat Co 1 5 0 — N.Z. Refrigerating 6 (paid) ... — U 18 N.Z. Refrigerating 8 6 (cont.) — 0 Southland Frozen Meat .6 (paid) 3 7 — Southland Frozen Meat (cont.) — 1 15 0 South Otago Freezing 5 18 0 MISCELLANEOUS— British Tobacco ... ;.. 116' 8 — Broken Hill Proprietary ... ... ... 2 3 0 — Brown, Ewing (ord.) 0 18 3 — Brown, Ewing (pref.) Bruce Woollen Co. 0 19 6 — (pref.) D.LC. (ord.) 0 18 0 14 0 6 — D.I.C. (pref.) 1 2 6 1 3 6 Dominion Fertiliser ... — 0 17 6 Dominion Fertiliser 100 0 Debentures 0 — Dunlop Perdriau Rubber ... 1 0 0 — Electrolytic Zinc (def. ord.) 1 7 0 ■— M‘Leod Bros 28 0 0 — 8 Mount Lyell ... 1 5 6 1 5 National Electric ... — 0 6 0 N.Z. Drug Co 3 14 6 — N.Z. Paper Mills 1 8 ,0 — ‘ Otago Daily Times ’ 2 6 0 — BREWERIES— N.Z. Breweries 2 0 9 2 ,1 0 OIL— Moturoa (ord.) — 0 4 0 Moturoa (pref.) — 0 4 3 MINING— Waihi ... 1 11 0 — Waihi Grand Junction 0 4 9 0 — Mahakipawa .... ... — 0 3 Kildare — 0 1 1U Okarito 0 9 1 — Paddy’s Point — 0 4 0 New Cornish Point 0 (Is paid) ... ... 0 1 0 T Golden Progress ... — 6 King Solomon 0 4 0 0 4 3 Golden Point — 6 0 0 4 Alexander 0 17 — Gillespie’s Beach 0 2 3i 0 2 5 Waitahu — 0 6 0 Nokomai — 0 2 6 Freshford ... 0 0 1 0 c 2 i Central Shotover. ... — 0 I 0 Bell-Kilgour 0 0 9 0 o n Boll-Hooper — 0 1 0 Oxenbridge — 0 0 9 Bendigo Goldlight 0 0 (9d paid) 8 0 0 9 . Nevis Diesel 0 0 11 0 X 0 Gharlston — 0 2 0 Maerewhenua ... ... Addison’s Flat 0 0 10 — 0 2 Z — N.Z. GOVERNMENT LOANS(Bonds Quoted are* £100 Bonds.) 3i Stock, 1938101 5 0 Si £.c. Stock, 1939101 5 0 — Si Stock, 1941101 5 0 3i p.c. Stock, 19381952 ... 101 0 0 — 3i p.c. Stock. 19391952 101 0 0 -— 34 p.c. Stock, 1941101 1952 0 0 — ♦ 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 0 1949 0 , — 4 p.c. Bonds, June 15, 1955 101 0 0 — 4 p.c. Stock, June 15, 0 1955 101 0 —