Commerce, Mining, & Finance

Evening Star, Issue 21709, 2 May 1934, Page 7

Commerce, Mining, & Finance

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE Greatest interest was manifested in Dominion and Dunlop Perdriau Rubber shares this morning* There were reported sales, in Dominions up to 25s 2d, Dunlops changed hands up to 19s . 9d, but the market showed-a definite tendency to drop back, a sale taking place after the call' at 19s 4d. ‘ Meat preserving shares appeared even firmer this morning, and South Otagos provided the only seller, Few changes were recorded m the miscellaneous section, and brewery shares were .easier. . In the gold mining section, BeU-Kilgours were r inclined to weaken further, while Gillespie’s Beach shares had a closer market, and Nevis Diesel showed a difference of only id between the quotations, as did Oxenbridgo Shotovers. Waitahus appear steady round about 4s sd. The interest in Government Loans for investment purposes was as strong as usual •and not a single seller came forward. . SALES. Reported:— Dominion Rubber, £1 4s 9d, £1 Ss 2d, £1 5s Dunlop Perdriau Rubber, 19s 9d, 19s Bd, 19s 7d, 19s fid. National Bank ofx, Australasia, (cont.), £6 ,7s. Kaiapoi Woollen (cont.), 2s fijd (two,. Reported After Call Dunlop Perdriau Rubber, 19s 4d. Quotations as under: —

1 DIVIDENDS DUR. National Bank Australasia—halfyearly. final, 5 p.c., per annum May E.S. and A. Bank- int. 2j p.c. ... May Union Oil—lnterim, fid a share ... May 4 Mosgiel Woollen—interim, 4 p.c., 3s 22-5 d per share May 4 Waihi Mine—final of Is per share in sterling May 4 Kaitangata Coal—final, la fid ... May 7 N.Z. Newspapers—Final, 21 p.c. ... May 10 National Insurance—lnterim, ,4cl a share / ... May 15 N.Z. Paper Milk—4 p.c., making 7 p.c. per annum May 21 Dalgety and Co.-Interim, 5 p.c. per annum May 17 Bank of N.S.W. —quarterly, 5s share (Aust., cur.) May 30. Broken Hill South—ls 6d a share, • payable in Melbourne Juno 15 Bank of N.Z. final, 5 per cent making 10 p.c. for the year June 15 Broken Hill Propty.—half-yearly, Is per share ... ... ... ... May 16 Perpetual Executors and Trustees . Association of Australia—interim half-yearly, at rate of 6 per cent, per annum May 16 Talisman Dubbo Gold Mines Ltd. —third dlv., fid share (10 per cent.) PRICE OF COLD Press Association—By Telegraph—Copyright. LONDON, May 1. (Received May 2, at 11.40 a.m.) Fine gold is quoted at £6 15s 11 Jd per oz. SOLD AT £I,OOO A FOOT The improved outlook for real estate in Melbourne was shown last week by the announcement of the sale of a small building of three stories at 134 Elizabeth street, between Bourke street and Little Collins street. The property was bought by investors for £18,750, which, applied, to a frontage.of 17ft 7in, represents a price of more than £I,OOO a foot. This price shows .an improvement on the sale. price in 1932, when the same property changed hands for The sale price more than ten years: ago, however, was slightly more than £21,000. TRADE OF BRITAIN HER BEST CUSTOMERS When the trade of countries as a whole is considered the figures • show that the largest buyer of United Kingdom goods in 1933 was India, which took 9.1 per cent, of the total. South Africa came next with a percentage of 6.4, followed by Australia, 5.8 . per cent.; United States and the Irish Free,State, 5.2 per cent.; France, 4.9 per cent.; Canada, 4.8 per cent.: Germany, 4 per: cent.;- Argentina, 3.6 per cent.; Holland, 3.4 per cent.; Denmark, 3.2 per cent.; New Zealand, 2.6 per cent! By ‘ far the largest seller «to the United Kingdom in 1933 was the United States, which supplied 11.2 per cent, of the total, imports. Next in order! come Australia, 7-2 per cent.; Canada, 618 per cent. Argentina, 6.2 per cent.; New Zealand, 5.5 per cent.; Denmark, 6.2 per cent.; .Germany, 4.4 per cent. ; France and Holland, 2.8 per cent.; .Irish Free State, 2.6 per cent.; Russia, 2.6 per cent.; Sweden,.2.4 per cent;; and South , Africa, 2.1 per cent. PROFIT OF £38,722 NEW ZEALAND NEWSPAPERS LTD. The directors of New Zealand Newspapers- Ltd, Auckland, report for the year ended March 31, 1934, a profit of £38,722 15s 7d. To this-has been added the balance brought, forward from 1933 after payment of final dividend, £6,119 9s 3d, totalling £44,842 4s lOd. The interim dividend at the rate of 5 per cent, per annum paid in October, 1933, required £14,562 10s; leaving a balance available of £30,279 14s lOd. * From this sum tho directors recommend payment of a dividend which, with the interim dividend, makes a total of 5 per cent, for the year, £14,562 10s, leaving the amount to be carried forward £15,717 4s lOd. “ The trading period under review has been a difficult one, and the increase shown in net profit is more the result of economics than indicative of an increase in turnover. The last three months of the year under review revealed, however, a small but definite improvement in business.” WAIHI SILVER RETURN Owing to an .error in the transmission of the crushing returns of the Waihi Gold Mining Company Ltd., published in the ‘Star’ yesterday,' tho quantity of silver returned was 'understated. Instead of a return of 2,672 fine ounces, as published, the actual, amount obtained for the period was 27,672 fine ounces.

DOLLAR AND FRANC

Press Association—By Telegraph—Copyright LONDON, May 1. (Received May 2, at 10.30 a.m.) The dollar is "quoted at 5.13 and the franc at 77 5-16 d. SALE Of BUILDING SITES KEEN BIDDING The interest that is manifest in the city in freehold property and real estate generally was reflected in the attendance of about 200 people, mostly genuine buyers, at the sale conducted by Messrs Tamblyn, Rhodes, and Jamieson in the Education Board office last evening of eight sections suitable for building sites, situated between King and Cumberland streets, bounded by King street and St. David street. Bidding was keen throughout the sale, and all except two of the sections were disposed of at satisfactory prices. Lot 1, a corner section, was sold to Mr D. B. Wilson for £395, while lot 3 went to Mrs J. S. Divers at £3BO. As the highest bid was £370 lot 3 was withdrawn, but an offer of £40(1 was received after the sale, and the section was sold to Mr Cook. Acting as agent, Mr J. Abbott bought lot 4 for £460. and lots 5 and 6, for which the highest offer received in each case was £375, were withdrawn, although it is anticipated that these will be disposed of within a short time. Lot 7 was sold to Mr D W. Kirkwood for £3BO, and Mr •L N. A. Cameron bought the remaining section for £385. “BLENDED" BUTTER TENDENCY IN ENGLAND Attention is drawn by Lord Apsley in a letter in a leading Gloucestershire newspaper to a tendency of considerable interest to the dairying industry in New Zealand. He has noticed recently, he says, butter marked or advertised as “ blended,” conveying the impression that a blended butter was superior to the, ordinary kind. He suggests, however, that far from being a recommendation the word should in some cases at least be taken as a warning. “ Is there any virtue in blended butter, as there is, for example, in blended tea <ir blended tobacco?” he asks. I have eaten so much excellent butter, both of English and of dominion origin, which was not blended (or at least was not marked | blended ’) that I find myself doubting whether any blending can improve this admirable food. “ What 1 fear is that under cover of the ominous word opportunity is sometimes taken to use inferior butters or butter from the unpopular and undesirable sources without disclosing the fact. I am told that it is almost impossible at some branches of the various co-operative societies and other multiple stores to get pure Australian butter, for example. If it is asked for the customer is given what is called an Empire butter, but which, being marked ‘blended,’ may, for all the purchaser knows, contain Latvian. Estonian. Finnish. Swedish, or even • Siberian butter. The word ‘ blended ' conveys no cine ps to the constituents of the blended article.” SHEEPSKIN SALE The Dunedin Stock Agents ami Woolbrokers’ Association held its fortnightly sale yesterday, when medium-sized catalogues were offered to the usual bench of buyers. Prices showed a drop of ■Jd to Id per lb on the average. Quotations are: Pelts, 5Jd to 6Jd; second pelts, to del; cross-bred quarter wool, to 6d; fine cross-bred quarter wool, to 6Jd; half-bred quarter wool, to 7-jd; cross-bred half wool, to 6.(d ; fine cross-bred half wool, to 6?d; halfbred half wool, to 9d; cross-bred full wool, to 7d; fine cross-bred full wool, to 9Jd; half-bred full wool, to 12-Jd; merino full wool, to lOd; cross-bred dead and damaged full wool, to 5-Jd; fine cross-bred dead and damaged full wool, 7jd; half-bred dead and damaged full wool, to lOJd; cross-bred hoggets dead and damaged, to d ; half-bred hogget dead and damaged, BJd; halfbred lamb, to,9jd. WORLD HIDES MARKET A weaker tendency has developed in world markets for hides, according to the latest report of W. Weddel and’ Co. Ltd., London. Under date March 8 the firm states that the outlook is uncertain, tanners claiming that they cannot buy hides on a normal scale until a substantial quantity of leather is shifted. However, the ’firm believes that an improvement will be shown in a few months.

THE SEARCH FDR GOLD TALISMAN DUBBO The Dunedin -Stock Exchange has received the following telegram from the Talisman Dubbo Company:—“Thirtythree tons treated for £3OO actual realisation.” . CROWN MINES COMPANY Mr A. L. Foster presided at the annual mooting of the New Zealand Crown Mines Company in London on March Ho said that the meeting was called three months earlier in the year chan was customary. This was made possible because the entire business of the company t was now centred in London., The favourable results shown at last meeting, continued the chairman, had for the past financial year not only been repeated, but improved upon. The gross income for the past year amounted to £3,520, as compared with £1,169 for the previous year, an increase of £2,351. Administration expenses in London and New Zealand amounted to £9-17, a small increase of £36, leaving a net resultant .profit for the year of £3,023, or equivalent to over 30 per cent, on the issued capital of., the company. The report and accounts were approved and adopted after Mr Foster had given an explanation of the reason for paying a dividend of only 124 per cent. r GOLDEN SANDS LIMITED ANNUAL MEETING. , The annual meeting of shareholders in Golden Sands Ltd. was held in the Chamber of Commerce library room on Saturday last. The chairman of directors (Mr 11. T. Tosswill) presided. Moving the adoption of the annual report and balance-sheet, the Chairman said that, in reviewing the work of the mine during the past year, it had to he borne in mind that on the advice oi the mine manager, and with the full concurrence of the board, it was decided to work the leads in front of the stone bar which were known to be oi considerably less value than those behind the bar. The cleaning up of this area, however, not only prevented a more or less predatory method of mining, but it also provided a large area in which sludge could be ultimately deposited when the back leads were worked. This was a material advantage which would be of considerable benefit to the company in the future. The net profit for the year was £3,564 10s 2d, to which was to be added £552 19s 4d brought forward from last year, making a total of £4,117 9s 6d, Dividends amounting to 30 per cent, had been paid, and the balance, other than cash carried forward, was, on the recommendation of the board, applied in writing off preliminary expenses and writing down the plant. Out of a possible 890 shifts, 771 had been worked, the interruption of sluicing being necessitated by the usual alterations and adjustments to plant. A recentsurvey of the claim established that approximately 110,500' yards had been sluiced since the company commenced operations, which averaged 128 yards a shift, as against the prospectus estimate of 100 cubic yards. The average values recovered per yard after deducting realisation charges amounted to over Is 44d at ‘the "present price of gold. The directors regretted that they could not recommend the payment of a dividend at March 31 for the following reasons:—lt was deemed advisable to build up the cash reserves to the "extent that the company could meet any emergency without calling upon the bank or otherwise. It was also considered advisable to write off the undistributed profits to clear up the accounts as between the original capita) .of £6,000 and the additional £I,OOO of shares to be allotted to .Messrs Dcnnehy -under their ..agreement. As Messrs Dennehy Brothers had fulfilled their guarantee that gold to the not value of £4,000 would Ife won from the elaim during the period ended February 1. 1934, they were now entitled to £I,OOO in fully-paid shares which had been held in reserve for them. On the recommendation of the board the shares were allotted to take effect from April 1. 1934. fn answer to a shareholder the Chairman said that it was expected that the working of the front lead would continue for some months. Messrs R. T. Tosswill and W. G. M'Donald were re-elected directors. METAL MARKET Press Association—By Telegraph—Copyright. _ , LONDON. April 30. The following are the official niet-nl quotations : Copper: Standard, £32 18s lld per ton; forward, £33 Is IOJd. Electrolytic: Spot, £35 15s; forward, £36 ss. ■Wire bars, £36 ss. Lead: Spot, £l.l 7s 6cl; forward, £ll 13s 9d. Spelter: Spot, £l4 18s 9d; forward, £ls Is 3d. Tin; Spot, £238 15s; forward, £235 17s 6d. Pig iron: Home trade, £3 7s 6d ; export, £3 2s 6d. Autiraonv; British. £39 10s; foreign. £25 ss. Silver: Standard, 18 13-16 d per ox; tine. 20 5-16 d. Molybdenite. £1 16s per unit. Wolfram, £1 15s.

DAIRY PRODUCE The South Island Dairy Association has received the following market reports from London :—Butter, firm with more inquiry: 71s to 71s 6d; Danish, 81s. Cheese, firm : white, 42s 6d ; coloured, 425. AUSTRALIAN STOCK EXCHANGES Press Association —By Telegraph—Copyright. SYDNEY, May 1. The feature of the Stock Exchange to-day was the exceptional activity in gold shares, the majority of local ventures being in request at firmer rates. Price movements on the investment market were in sellers’ favour. Later sales were: Bank of New South Wales, £33 15s; ditto (New Zealand delivery], £33 12s 6d; National Bank (£5 paid), £0 9s; Queensland National Bank, £5 14s; Colonial Sugar, £66 10s; United Insurance, 10s lOd; Australian Gas (B), £8 2s 6d; Associated News, 25s (pref., 25s 6d) ; British Tobacco, 37s 9d ; Australian Glass, 50s ; Dunlop Perdriau. 19s 4Jd; Wilcox, Mofflin, 14s Id; Milaquin Sugar, 30s; Fairymead Sugar, 34s 6d; Australian Iron and Steel (pref.).' 22s 9d; Meggitt’s, 22s 3d; Gordon and Gotch. 39s 7.)d; Tooliey's, 295; Standard Cement, 17s 9d ; Bulolo . Gold. £7 19s 6d; Rawang, 8s 9d ; Mount Morgan, 21s IJd; Commonwealth Bonds (fours)—l93B £lO6. 1941 £lO7 10s, 1944 £lO6 18s 9d. 1950 £IOB, 1955 £IOB 10s. 1957 £IOB 17s 6d. 1959 £lO7 ss. 1961 £lO7 17s 6d. MELBOURNE. May l._ Commercial Bank of Australia. 17s 2tl; National Bank (.£.' paid), £6 9s 6d ; Nestles (pref.). 365.

Buyers. Sellers. £ s. d. £ S. a. BANKING— . Bank of N.S.W. ... — 3# 0 0 Bank of N.Z. ... ••• 2 9 6 2 11 3 Commercial Bank 0 16 10 — National'Bank of New /Zealand ... 3 19 0 4 1 6 Union Bank of Aus10 tralia Ltd — 4 0 INSURANCE—, • ' National Insur. Co. 0 19 7 . Insurance Co. ... 2 19 0 — Standard Insur. Co. 3 0 6 — SHIPPING— Huddart, Parker (pref.) U.S.S. Co. (pref.) ... 1 1 s t 0 ■ 8 - COALKaitangata Coal 1 1 3 — Westport Coal ... 0 14 » LOAN AND AGENCIDalgety and Co 10 0 0 ■•National Mortgage ... — 3 ■ 4 0 National Mortgage IB issue) ... ... 1 10 3 — N.Z. Guarantee Corp. 0 4 0 — Trustees, Executors, and Agency 3 0 0 — •Wright,- Stephenson (pref ) 0 18 0 1 0 0 MEAT PRESERVING— N.Z. Refrigerating (paid) ... -. 0 17 10 — N.Z. Refrigerating (cont.) 0 7 7 — Southland Frozen Heat ' (paid) ... .1. ... 3 3 0 — Southland Frozen Meat (cont.) ... ... ... 1 11 6 — Southland Frozen. Mec t ' Ipref.) 3 5 0 South Otago Freezing Waitaki Farmers’ — 6 2 0 Freezing 2 0 0 — MISCELLANEOUS— Newspapers 1 4 ,6 1 5 6 Brown, Ewing (ord.) I —* 1 1 3 Bro.wn, Ewing (pref.) 0 6 — ’ Crystal Ice Co — 2 0 0 D.I.C. (pref.) 1 2 0 ■— Dominion Fertiliser 0 17 6 0 18 0 Dominion Rubber 1 4 0 1 6 0 Dunedin-Kaikovai Trams ... ... ••• 1 14 0 — Dunedin Stock Exchange 8 Proprietary 2 0 0 2 0 Dunlop Pevdriau Rubber ... ... ... 0 10 3 0 19 6 / Electrolytic Zinc (def. ord.) ... ... 1 6 3 — Kaiapoi Woollen (ord.) 0 9 0 0 10 2 Kaiapoi Woollen (cont.) ... ... 0 2 5 Kaiapoi Woollen (pref.) — 6 19 0 Milburn Lime and Cement 111 0 10 , Mosgiel Woollen Co. 9 15 0 5 0 MfLeod Bros. ... 28 0 0 1 — Mount Lyell 1 3 9 4 3 N.Z. Drug Co. 6 0 ■— N.Z; Paper Mills ... ‘Otago Daily Times’ 2 6 0 1 U 3 Regent Theatre — X u S - Smith and Smith (pref.) v Wilson’s, (N.Z.) 0 17 0 — 8 . Cement 1 0 BREWERIES N.Z. Breweries — 2 2 6 Staples’ Brewery 1 8 0 — Timaru Brewery (10s - paid) ••• 0 6 6 GAS— \ Christchurch 1 9 0 — OIL— ' Moturoa (ord.) 0 3 6 0 4 6 ■Moturoa (pref.) 0 4 6 GOLD MINING— Addison’s Flat 0 2 6 — Bell-Hooper ... •... 0 0 31 0 0 X15 Boll-Kilgonr ... .;. 0 0 5 0 . u b Bendigo Goldlight ... . — 0 0. 8 Central Shotover — 0 U li . Charleston — 1 0 1 3 Gillespie’s 0 2 0 C Golden Point — 0 0 2 2 Golden Progress ► — 0 1 5 Goldfields Dredging —• 0 1 0 •Kildare ... ... ... 0 1 3 0 2 0 King Solomon ... ... 0 4 3 — Lawson’s Flat — 0 0 7 Maerewhenua ■ •■• 0 0 10 0 — 8 Mahakipawa 0 0 7 0 Moonlign t-N elson Creek 0 0 8 0 0 10 Nevis Diesel 0 0 5 0 0 5S New Cornish Point (cont.). 0 0 5 0 0 6i New Cornish Point ; (paid) 0 — - 0 1 1 Nokomai ■ 1 7 0 2 0 Okarito 0 3 5 0 8 9 OxenbridgR 0 0 lOi 0 0 11 Paddy’s Point — 0 2 6 Skippers (9d paid) ... Waini 0 0 9i 0 0 10 1 15 4 Waitahu 0 4 2 0 4 7 Weatherstone 0 r 9 N.Z. GOVERNMENT LOANB— (Bonds Quoted are £100 3onds.) 31 p.e. Stock. 1938- , 1943' ;.. 103 0 0 — 5j |>.c. Stock. 1939103 0 0 _ ji p.c. "stock, "mi1943 103 0 0 — 5i p.c. Stock, 19361952 ... 103 10 0 — H |i.c. Stock. 1938103 10 0 5j p.e. Stock, 18+11952 103 10 0 — ♦ p.c. Bonds, Jan. 15, 1940 ... ... 104 0 0 — ♦ p.c. Stock, Jan. 15, 1940 ... 104 0 0 4 p.c. Bonds, Feb IS 1946 104 0 0 — ♦ p.c. Stock, Feb. 15. 1946 104 0 0 _ 4 p.c. Bonds, April 15, 1949 102 10 0 ♦ p.c Stock, April 15, 1949 102 15 0 ... 4 p.c. Bonds. June 15. 1955 104 0 0 ♦ p.c. Stork, Jane IS. #955 104 0 0