Commerce, Mining, & Finance

Evening Star, Issue 21710, 3 May 1934, Page 7

Commerce, Mining, & Finance

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE There was comparatively little activity at this morning’s call, and there were few alterations to yesterday’s quotations. ■ Bank- of. Australasias weakened a blue, while' Bank of New Zealands had a firm buyer at £2 10s. Union Banks tended to slacken. , , , The;buying. quotation of btandard Insurances showed a slight improvement. J Kaitangata Coals were also inquired for at an improved price. * • • , . . Following the sharp rise m Dominion Rubbers and Dunlop Perdriau Rubbers, it was noticeable that sellers were quoting at a reduced figure, with no buying quotalions. Theto was a . better inquiry for Paper Mills. The market for New Zealand Breweries had receded a little during the last two or three days. Changes 'in the mining section were hardly noticeable. Gillespie’s were sold at the improved rate of 2s Hd, and Brian Boriis were sold at 2s, the latter amount representing a small , increase on recent safes, recorded when the shares were 20s 'demand for Government issues ■was made, but in most instances the bujinjr quotations -wer© about 20s under the i price ’at . which sales are being effected. ■" , ' , . - SALES. On'’Change.—Gillespie’s, 2s Ijd (two). Reported After the Call.—Brian Boru, 2s. ; Quotations as under:— , l Buyers. . Sellers.

London' stock exchange Presi'Associa tion—By Telegraph—Copyrigh t. LONDON, May-2. (Received May 3, at 11 a.m.) Dalgety and Co.—shares £8 10s; 4 per cent, debenture stock £IOO (ex interest) ; Goldsbrougli, Mort. 5 per cent. B ” debenture stock, £lOl 10s.

DIVIDENDS National Bank Australasia—halfyearly, final, 5 p.c., per annum May E.S. and A. Bank—int. p.c. May Union Oil—lnterim, 6d 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, Is fid ... . May 7 N.Z. Newspapers—Final, 222! 2 p.c. ... -May 10 National Insurance—lnterim, 4d * a share- May 15 N.Z. Paper Mills—4. p.c., making 7 p.c. per annum ... May 21 Dalgety and Co. —lnterim, 5 p.c. per annum ... ... ... May 17Bank of N.S.W. —quarterly, 5s share (Aust. cur.) May 30 Broken Hill South—ls fid a share, . payable in Melbourne June 15 Bank of N.Z. final, 5, per cent making 10 p.c. for the year .lime 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 div., fid share (10 .per . ’ cent.) ‘ ... ... ... ... , / i ' , i ■ THE SEARCH FOR GOLD WETHERSTONES MINING COMPANY The secretary of the Wetherstones Gold Mining Company Ltd. reports that the inclined shaft, having reached the conglomerate-schist contact, has now been stopped, and that development drives along the contact are being started. The total depth of the shaft is 1,237 ft, but the development work is being started at 1,200 ft, where tlie contact was {irst niet. A drive * north has been advanced 20ft, and from this a drive east-down the dip has been* commenced. This, it is considered, is the quickest way bl. prospecting towards the main- gutter between the eastern and western “ reefs.” ‘ ...... This new development work is being done by the aid of explosives, which so shatter the ground that it will be possible, to take -fullest advantage of the gravity tower and sluice boxes foi saving values. . • ; The'borehole was cut in the inclined shaft, and a small ventilating fan has been placed at the top to drive air down to the workings, where l a noticeable improvement has,- already been ef-i fected. The , surface plant is all in .good order, and giving no trouble in operation. , WORLD PRODUCTION Interesting, figures regarding the world .production of. gold in. 1933 are contained in an article in the annual review number of the ‘ London \ Mining Journal.’ The article states that there has been an immense application of ffesh capital subscribed dr projected for the development of gold mining almost throughout -the world, and a vast 5 impetus given to the develop■ment of new producers, but the curious result has accrued that for the first time since- 1925- the gold production of the world has shown a-recession. It is noticeable that the three' chief producers. of the world all revealed a lower output, and were, in ' fact, responsible for the world production being somewhat reduced. In the_ case of the United'.States the reduction was considerably larger than appears foi the total below, as it includes the output from .the Philippines, which showed a gain- of. over 52,0000 z at 282,3360 z. Following are some of the main figures for the year:— 1933. ' 1932. , Transvaal, fine ounce, ... ... 11,017,49-3 11,533,564 Canada, fine oz 2,945,000) 3,044,387 U.S.A., oz ... 2,435,091 2,449,032 S. Rhodesia, oz 642,499 574,135 The total for the last year amounted to 23,819,219, compared with 24,011,171 in 1932—a reduction of 191,952. BELL-HOOPER MINE The report of Bell-Hooper Cromwell Gold Ltd. for, the week.! ended. April. 37 is as follows No!- 1 Tunnel Workings.—Work in this, section has been interfered with by the breaking of several sets of timber in the No. 1 main drive opposite to bloc-1: T. This breakage was caused by the general increase in weight on the' standing sets, due to the blockingout operations which are now close .to and on both sides of the drive. A day and a-half was occupied in picking the level up again. Work is how proceeding as usual in this section. Drive off NoJ 1 .'Main Drive.; —This diversion drive has now passed through No. 1 cross drive east, and the face is now on the line of No. 3 north drive and’ 15ft from No. 1 cross drive. Arrangements are being made to put on three extra men here to speed up progress. Latest prospects from this drive I are only fair. No. 2 , Tunnel.—No further driving has done in the face, and the measurement still stands at 131 ft from No. 2 tunnel. Water-in small quantities is still running' from the wash. The contract for .driving was terminated on April 21. it has. been necessary to reballast the track in the main tunnel for a distance of nearly 400 ft, as ; the line was in an.unusable state. To da this it was necessary to.stop all work in the face and to truck gravel from the surface. Many of the rails had to be removed and relaid. The work ia now completed as far as the j west crosscut. • Qn Monday a start will be made with driving again on three shifts. The work will be done on wages to ensqre that the timbering is done in a satisfactory manner. For a time at least the ground will be heavy on account of the wetness of the gravel. Gold Return for Week. —It is unfortunate that the gold return fell to the figure it did.. It must be remembered, however, that Anzac Day fell in this week, and that. no work was done in the mine on that day. The failure of the timber in the main drive engaged the time of two men iff repair work, and also prevented all mining work in block N/which at present is proving the best gold producer. Both the, cubic yardage and square footage was down for the week. A contributory cause to this and the low gold return was the prevalence of sickness among the men. The return for the week was 15oz_ IBgr. General. —No. 2 washing plant is now completed. All that remains to be done is to build the sluice boxes and to erect the pipe line from the puriip to the bins. This will be done as soon as the pipes and fillings are received from the makers. All the electric wiring has been completed. From the results of this week’s wash-up it appears that block T is not of high value, as it was from here that most of the i wash for the week was obtained.

METAL MARKET

Press Aesooiation—By Telegraph—Copyright. LONDON, May 1. The following are the official metal quotations:— Copper: Standard.- £32 16s 3d per ton; forward, £33 Os 7Jd. Electrolytic: Spot, £35 15s; forward, £36 ss. Wire, burs, £36 ss. Lead: Spot, £ll 8s 9d; forward, £ll 16s 3d. . Speller: Spot, £l4 Ids 3d; forward, £ls 2s 6d. ’ Tin: Spot, £238 12s fid; forward, £235 17s 6d. - ' Pig iron: Home’trade, £3 7s fid; export, £3 2s 6d. Antimony: British, £39 10s; foreign, £25 ss. Silver:'Standard, 18 3-16 d per oz; fine, I'-'gd. Molybdenite, £1 16s per unit. Wolfram, £1 15s. AUSTRALIAN STOCK EXCHANGES Free* Auoeiation—By Telegraph—Copyright. SYDNEY, May 2. On the Stock Exchange there were no spectacular price advances, although the general trend of the market was higher. Ilea lings were : exceptionally heavy in Australian gold companies; in the development stage, the operations being largely, speculative. Later gales were: Bank of New South Wales, £33 17s '6d; Commercial Bank of Sydney, £lB 2s; National Bank (£5 paid, New Zealand delivery), £6 9s 6d • Queensland National Bank, £5 15s; Colonial Sugar (ex div.), £65 ss; United Insurance, £lO 10s; New Zealand Insurance, 61s; Associated News, 25s 6d (pref., 25s 9d); Australian Gas (A), £8 3s; Tooth's, 455; Toohey’s, 295; Dunlop Perdriau, 19s; Goldsbrpugh, Mori, 34s;i Anthony Hordern, 16s; David Jones. 40s 9d; Australian Iron and Steel (pref.), 22s lOJd; Drug Houses of Australia, 18s; General Industries, 11s lOd ; Lustre Hosiery, 245; Millaqiiin Sugar, 30s 3d; Fairymead Sugar, 34's fid: Mount Morgan, 21s l}d;' Kuala Kampar, T6s lOJd; Rawang, 8s 9d; Tanah Biji, 17s 6d; Broken Hill Proprietary, 48s 6d ; South Broken Hill. 73s 33 ; Tongkah Harbour, 235; Placer Development, £23. MELBOURNE, May 2. i National Bank : (£5 paid), £6 10s; Gordon and Gotch, 40s; Taranaki Oil. 2s.- ' ■ ■ COLONIAL SUGAR COMPANY HALF-YEAR'S ACCOUNTS Press Association—By Telegraph—Copyright. ; SYDNEY,, May 2. The accounts of the Colonial Sugar Refining Company Limited for the halfyear ended March 31 disclose net profits from the factories and investments of £495,389, from which a dividend is being paid of 20s and a bonus of 5s a share, absorbing £365,625, leaving £129,764 to be added to the profit and loss account of, £370,783 on September 30, 1933, making a total of, £500,547, from which the board is placing to the reserve fund £IOO,OOO. The Chairman, Mr E. R. Knox, in proving the adoption of the report at 1 the meeting of shareholders to-day. said that weather conditions in Fiji had been moderately favourable for the crop to be harvested, but in Queensland and New South Wales the crops had been retarded through excessive rain. The prospects for 1935 were generally favourable, both in Australia and Fiji, The output of' raw sugar in Queensland and New South Wales in 1933 exceeded' the forecast of last November, the total production being 666,552. tons. The average ' tonage of cane per acre was 22.4, compared with 20.5 during the past ten years. There had been heaviei planting than usual on the northern rivers . in New South Wales, partly owing to the setback to the industry and partly to .the introduction oi disease-resistant cane. The chairman added that the general manager (Mr Goldfinch) had gone to London, where important, matters were under consideration affecting sugar-producing countries. ' The report, was adopted. Dr E. W. Fairfax was elected a director. The profit for the corresponding halfyear of 1933 was £422,122! Mr Knox explained that the abnormally large surplus of 317,847 tons of sugar exported was due to favourable growing conditions. , \ . NEW ZEALAND FLAX The shipment of 140,000. New Zealand flax plants to Japan some little time ago is referred to somewhat forcibly in an overseas publication, which states that unless drastic measures are taken by the New Zealand Government the dominion will be faced with serious competition from countries employing cheap coloured labour. As plants of the species in question have already been established , in certain overseas countries, action to prevent their export now is long overdue; but a suggestion is given for the future. Growers, , instead of attempting to do What cannot be undone, should “ endeavour to emulate the humour of certain Celestial agriculturists who, when approached in hush-hush fashion by Bengal planters with a view to supplying the latter with the seeds of what is commonly known as China grass, provided them with something which, when jt came to leafing, turned out to be jute.” HENRY JONES CO-OPERATIVE Henry Jones Co-operative have declared an interim dividend of 6d per share. The dividend is payable on June I.—Wellington Press Association.

THE WOOL MARKET LONDON SALES Press Association—By Telegraph—Copyright. LONDON, May 2. (Received May 3, at 11 a.m.) At the wool sales 7,113 bales were olfered, including 2,164 from New Zealand. " About 4,300 bales were sold. There was a better selection, including a good proportion of merino. There was fair competition; and steady prices were realised. There were some withdrawals, as the selling limits were not reached New Zealand half-bred iamb slipes, “ H/NZ,” 17d; ditto cross-bred lamb slipes—top 16d, average 14id. The New Zealand Loan and Mercantile Agency Company Limited have received the following cable from London, dated May 1:—“ The opening catalogues were fairly representative. There was a good attendance at_ the opening of the sales to-day, competition by Home and French buyers being fairly active. As compared with last sale’s closing rates prices are lower par to id per lb for merino, and lower id to Id per lb for cross-bred.’ ADDINGTON STOCK SALE There was an overflow entry of fat cattle at the Addington market today, the entries in other sections being of normal size. Fat sheep, fat lambs, good young ewes, dairy cattle, aijd vealers sold well, but fat cattle of inferior quality and .store lambs were easier. The store sheep entry was drawn from Marlborough, Nelson, the south, and the Chatham Islands. For the most part it was comprised of mixed sorts. Good young ewes were in keen demand; good two-tooth cross-bred ewe? made from 29s to 30s 6d; plain twotooth, 17s to 19s 6d; ordinary four and six-tooth half-bred ewes,- 21s to 22s 6d;, ordinary fou; and six-tooth crossbred ewes, 20s to 21s 9d; medium six and eight-tooth half-bred ewes, 21s to 235; ordinary six and eight-tooth half-bred ewes. 19s to 20s 6d; low and conditioned six and-eight-tooth ewes, 16s to 18s; ordinary s.ih., 16s to 17s 6d ; s.. and f.m. ewes, 13s to 15s 6d; aged and inferior, 10s 6d to 12s 6d; forward full-mouth half-bred wethers, 20s to 21s; medium full-mouth half-bred, 18s to 19s 6d; ordinary two tooth half-bred, 18s to 18s 3d. Store Lambs.—There was a heavier entry than a fortnight previously. Lambs for carrying over were easier, although good ewe Jambs were wanted. Good half-bred ewe lambs made to 21s; medium ewe lamffs, 15s 3d to 17s 9d; forward store lambs, to 22s 7d; medium store lambs, 15s to 16s 6d; inferior and plain store lambs, 9s 3d to 12s. Pat Lambs.—There was an entry of 3,400 head, which sold at full schedule rates. Extra prime heavy lambs made to 29s 4d; prime heavy, 24s to 275; prime medium- weight, 21s to 23s 6d ; light, 16s to ,20s 6d. Fat Sheep.—There was an entry of 6,300 head. \ The export competition maintained rates at the schedule level. Extra prime heavy wethers sold to 29s 4d; prime heavy, 25s to 275; prime medium-weight, 22s to 24s 6d ; ordinary quality, 19s to 21s 6d; light, to 18s 6d ; prime heavy ewes, 22s to 23s 6d ; prime medium-weight ewes, 19s 6d to 21s 6d; ordinary quality ewes, .16s to 19s; light ewes, to 15s;6d. Fat Cattle.—The excess entry of 735 bead met with a dragging sale. Good beef sold at little difference, but -cows were hard to quit, and there was an easing in values. Special beet made to 265; good, 20s to 22s 6d; heavy, to 17s; medium quality. 16s 6d to 19s Id; and inferior down to 11s 6d; extra prime heavy steers, to £ll 7s bd; prime heavy, £6 15s to £8 ss; imme medium-weight, £6 to £7 ss; ordinary quality, £4 to £5 10s; light, to £3 los; extra prime heifers, to £8; prime, £4 to £6 iss; ordinary. £2 15s to £3 10s; light heifers, to £2 10s; extra prime nows, to £8 2s 6d ; prime, £0 5s to £4 15s; ordinary, £2 to £3; rough, to 355. . Fat Pigs.—A good entry met with a steadv demand. Choppers sold at from £2 to £4 18s 6d; baponers, 44 s 6d to £3 10s 6d (average price per lb 4icl to sd) ; porkers, 28s to ,39s fid (average price per lb 43-d lo 5-ldl. ‘ Store Pirns -There wr-. •; largo entry, which ‘old at slightly better rates. Weancrs made from 6s _!o ils: slips. 8« (o 10s: stores. 10s 10J.75: extra good. 10 26=; sows, in pig. 455. TRICE OF GOLD Press Association—By Telegraph—Copyright. LONDON, May 2. (Received May 3, at 11.40 a.m.) Fine gold is quoted at £6 16s 3}d per oz. DOLLAR AND FRANC Press Association—By Telegraph—Copyright. LONDON, May 2. (Received May. 3, at 10.30 a.m.) The dollar is quoted at S.lOiJ and the franc at 77-Jd. P. AND 0. COMPANY Press Association—By Telegraph—Copyright. LONDON, May 2. (Received May 3, at 11 a.m.) The P. and 0. Company is not paying an interim dividend on its deferred stock. AWAKING KING GOAL i BRITISH CAMPAIGN The comprehensive campaign of propaganda, publicity, and sales training conducted in Great Britain by the Noa! Utilisation Council is claimed to be responsible for a large percentage of the increase in the output of British coal during the month of January, viiich was 1,147,400 tons more than in the corresponding period in 1933, and nearly 200,000 tons greater than in 1932. As a result of the tax on fuel oil imposed in the last Budget there is a steady increase in the return from oil to coal, and it is expected that this year’s total tonnage recaptured from 011 will be very substantial.

THE FRUIT MARKET

Press Association—By Telegraph—Copyright. London, May 2. (Received May 3, at 11 a.ni.) The Mamari’s .and Rangitiki’s New Zealand apples realised: Cox’s, 8s to 11s 6d; Delicious. 7s 6d, to 10s; Dunns, 7s 9d to 10s 6d; Jonathans, 7s to, 9s 6d. Pears from the same steamers (cases) realised: New Zealand Cornice, 12s to 14s; Clairgeau, 9s to 10s fid; Vicars, 7s 6d to 8s; Boses, 12s to 14s; Pachai.is, 10s 6d to 11s 6d. ,

c s. 3. £ s. d. BANKING— , Bank of Australasia — 12 12 0 Bank of New South 34 ' Wales.(Sydney) — 0 5 0 Bank of N.Z. ... ... 2 10 — Bank of N.Z. (Long “ D •’) ... ... ... . X 13 6 — KaliouaP Bank of New Zealand 3 19 6 4 1 6 Union Bank of Am10 0 ■ tralia Ltd. • ... ... 9 18 0 1 INSURANCE— National 1 Insur, Go 0 19 6 — N.Z. Insurance Co. . . 2 19 6 3 — Standard Insur Co. *. 3 0 9 1 6 SHIPPING— Huddart,. Parker 1 (ord.) ... ’• ... 1 5 0 — U;S.S. Co. (pref.). ... 1 5 8 COALKaitangata ' (cum) ‘ 1 1 9, — ■Westport Coal, ...' -.. 0 14 10 — LOAN AND.AGENCY— Goldsbrough. Mort __ 1 14 3 National Mortgage ... — 3 4 0 National Mortgage (B '. issue)',.'. ■.... 1 10 0 — Trustees. Executors, 0 and Agency ... 3 0 — Wright, Stephenson ' - , 1 (pref) . . ... .- 0 18 0 0 0 MEAT PRESERVING— 1 ■ N.Z. Refrigerating - (paid) ... ... ... 0 17 10 N.Z. : Refrigerating ' (cont.) . ... 0 7 8 0 7 9 Southland Frozen Meat < (paid). 3 3 0 3 5 0 Southland Frozen Meat V (cent.; ... ... ■ .,. 1/11 6 — Southland Frozen Meat (pref.) ...* ... 3 5 0 — South Otago Freezing — 6 2 0 Wailaki Farmers’ Freezing. ... ... ... ; 2 0 0 — MISCELLANEOUS- - Associated Newspapers 1 4 9 British Tobacco .... 1 17 0 — Broken Hill Propty. 2 Brown, Ewing (ord.) .' 7 0 1 1 3 Brown, Ewing (pref ) 1 0 6 — [ D.I.C. (prof.) .... 1 2 0 . — Dominion Fertiliser ■ 0 17 6 0 17 10 Dominion Fertiliser Debentures 102 0 0 — Dominion Rubber — 1 5 6 Dunlop Perdriau Rubber- . 0 19 3 Electrolytic Zinc (del - . ord.i - ... 1. 6 6 . —* Kaiapoi* Woollen (ord.) .. 0 9 3 0 10 1 Kaiapoi Woollen (pref.) ■ — 0 19 0 Milburn Lime and 0 Cement ' ... ... 1 11 — Mount liyell ... ... — 0 1 ■4 0 N.Z. Drug Co. 3 14 — N.Z.- Newspapers ... 1 8 N.Z.<- Paper Mills ... 110 3 6; 1 11 0 ‘ Otago Daily Times ’ 2 6 0 — Regent Theatre '/:. ' ... — 1 0 s Smith and Smith (pref.) ... ••• ••• 0 17 Wilson’s (N.Z.) 0 Cement. ... . — 1 7 9 BREWERIES ■ ' N.Z: Breweries ... 2 i 6 2 .2 0 Staples’ ’ Brewery - ... 1 .7. 6, “T GAS— Christchurch ... 1 9 0 rjSf 1 (?6LD MINING— Bell-Hooper ■ ... .... 0 0 10 0 0 11 Bell-Kilgoiir -... '... 0 0 4i 0 u b Bendigo - Goldlight ... 0 .0 a ■Big' River — 0 U 1U Brian' Boru 0 2 0 0 z X Charleston ■•; Gillespie’s ... ... /.:. . 0 — 0 1 9 2 1 0 2 2 Golden Point ... — 0 0 3 Golden Progress ' — 8 0 1 6 Kildare ... 0 King Solomon- ... .... 0 1 0 i ii 4 4 Lawson’s Flat ... ... 0 0 3js 0 0 7 Mahakipawa ... 0 0 7 0 O i j? Mahakipawa (pref.) 0 1 0 Moonlight-Nelson 8i Creek ... ... ... 0 0 0 U iU Nevis Diesel ... ... 0 0 5 0 0 5£ New Cornish Point 0 (6d. paid) ... ... — u New Cornish Point 0 (Is paid)- ... ... . — 8 0 : 1 ' Nokomai 0 1 0 2 0 OkariVo ... 0 8 5 0 8 9 Oxenbridgo .... 0 0 10 0 0 lUg Paddy’s .Point, 0 z 3 0 z b Skippers (9d paid) — 0 0 10 Waihi — i in b Wailahu . ... 0 4 3 0 4 9 K.Z. GOVERNMENT LOANS(Bonds Quoted are £100 lends.) . p.e. Stock, 19380 1943 - 103 0 — . Ja ; p.e Stock. 1939--19& ■ ... ... 103 0 0 ■ ■, __ ii j p.e. Stock, . 1941.1945 105 0, 0 — 3A: p.e. Stock, 19361952 ... ... .. ...103 10 0 31 • p.e. Stock, 1939"lOSZ ... ... 103 10 0 31 •..p.e/ Stoek. 19411952 ... ... 105 10 0 — 4 pie. Bonds, Jan 15, 1940 ... ... ... ... 104 0 0 — 4 p.e. Stock, Jaa. 15, 1940 ... ... 104 0 0 , — 4 - p.e. • Bonds, Feb IS, •1946 ... 104 0 0 — 4 p.e. Stoek, Feb. IS; ■ 1946 104 0 0 4‘p.c. Bonds, April 15, 1949- 103 0 0 ‘ — 4 p.e Stocki April 15. 1949 103 10 0 — 4 p.e. Bonds. June 15, i . 1955 ... ,104 0 0 — 4 p.e: :Stoek, Jaae 15, 1955 ... 104 0 0 —