Commerce, Mining, & Finance

Evening Star, Issue 21711, 4 May 1934, Page 7

Commerce, Mining, & Finance

METAL MARKET Press Association —By Telegraph—Copyright. LONDON, May The following arc the official metal quotations:— Copper: Standard, £32 18s Ifd pel ton; forward, £33 Is 10fd._ Electrolytic; Spot, £35 los: forward, £36 ss. Wire bars. £36 ss. Lead: Spot. £ll 7s.bd; forward.. £ll 13s 9d. Spelter: Spot. £l-1 16s 3d; forward, £ls 2s 6d. , . . Tin; Spot. £238 12s 6d; forward, £236 2s 6d. „ Pig iron; Home trade. £3 is od; export, £3 2s .6d. Antimony: British, £39, 10s; foreign. £25 ss. ' Silver: Standard. 18 11-16 d per oz; fine, 20 3-16 d. Molybdenite, £1 16s per unit. Wolfram. £1 15s AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright. SYDNEY. May 3. On the Stock Exchange trading in gold shares was again the feature today. The call periods at noon and in the afternoon during the past two days have been so prolonged as to have completely disorganised the routine, necessitating an alteration in the call arrangements. The investment ma ike* was subject to only minor fluctuations. Later sales were:—Bank of New South Wales, £3l; Commercial. Bank of Sydnev. £lB 2s; Australian Provincial ‘Assurance, 10s 7d;iTinted Insurance, £lO 10s; Mercantile Mutual, Insurance. 235; Associated News, 26s 4fd (pref., 25s 9d) ; Adelaide Steam, ‘-os 3d; British Tobacco. 37s 9d; Tooth’s, 45s C ■ Toohey’s, 29s 3d; Australian Glass, 495; Dunlop Perdnau. 18s 9d; Goldsbrdugh, Mort. '34s; Henry Jones. 325; Fairvmead Sugar, 34s 6cl; Electrolytic Zinc, 275; Lustre Hosiery (pref.). 26s 9d, Standard Cement, l.s 9d; Genera! Industries, 11s 10(1 (pref.. 23 s); Gordon and Gotch. 41s; Australian Iron and Steel (pref.). 23s 3d; Broken Hill Proprietary, -18 s 9d; South Broken Hill, 735; North Broken Hill. 945; Kuala Kampar, 16s 3d; Bawang Tin, 9s; Larut, 13s 8d ; Mount Morgan, 21s 4Jd; Tongkah Harbour. 23s lid; Placer Development, £23; Maliro Na- ' war, .15s 3d. MELBOURNE, May 3. Commercial Bank of Australia (pref.). £9 15s; Commercial Bank of Sydnev,- £IS; .Goldsbrough. Mort, 345; ‘ Herald ‘ and ‘ Weekly Times,’ 51s 6d; Mount Lyell. 23s 6d. AUSTRALIAN WOOL SALES £58,000,000 FOR REASON BRITAIN BEST CUSTOMER. ,'With the closing fd' the present series of wool.sales in Sydney, the mam wool-selling season loi-»,1933-34 came to an end. Tin will be later .sales in Brisbane, but the greater part of the Australian wool c’ifi has been sold. It is anticipated that the wool cheque this year will total approximately £58.000,UQ0. This compares wit’ £60,873,662 for 1927-28 and £2(.645,745 for 1930-31. The main selling season this year closed earlier than usua l owing to the reduced quantity shorn. . Britain was the largest purchaser of wool, with Japan next, the figures to the end of January, 1933-34. being 632,480 and 393,382 bales respectively. Germany, Belgium, .France, and Italy , were next on the list of purchasers in that order. It is stated that the reduction shown in shipments to France has been substantially lessened in subsequent periods. fur which records are not yet available. According to . the Customs returns, in Australian currency, the exports for the first seven months of 1933-34 represented £38.796,019, compared with £21,161,745 for the same period of the previous year. JAPANESE IMPORTS. The imports of wool into Japan this season are expected to decline by 100,000 bales, compared with last season, owing to the high costs of wool and the low price of manufactures. The efforts that are being made to restrict the use of Australian wool are expected to stimulate the use of mixtures containing artificial wool. The projected factory extensions have been postponed; The purchase of 20,000 hales of South African ivool has been followed by a rise in South African prices, widening the difference between the African and Australian from 24 yen (£2 8s) to 32 yen (£3 4s).,and involving the buying guild in a loss of 20 yen (£3) per bale, instead of 12 yen (£1 4s), as estimated. The guild, therefore, is adopting a waiting policy. BEET SUGAR Press Association—By Telegraph—Copyright. ■ LONDON, May 3. (Received May 4, at 10 a.m.) Beet sugar; June, Is S;(d. PRICE OF GOLD Press Association—By Telegraph- Copyright. LONDON, May 3. (Received May 4, at 10 a.m.) Fine gold is quoted at £6 16s per ox. DAIRY FACTORY MANAGERS REGISTRATION BOARD PERSONNEL [Pm Ukitid Peiss Association. 1 WELLINGTON, May 3. The ‘Gazette’ to-night announces the appointment of the following as members of the Dairy Factory Managers’ Registration Board:—Messrs P. C. H. Petersen (chairman) and J, Murray (on the recommendation of flu Dairv Factory Managers’ Association). C. P. Agar and T. A. Winks (on the recommendation of the Dairy Produce Control Board), W. Bagrie (on the recommendation of the Otago and Southland Cheese Factory Managers’ Union), W. M. Singleton and W. E. Gwillini fas members of the stall of the'Department of Agriculture), and Professoi Riddet (on the recommendation of the council of the Massey Agricultural Collegfi. J'- _

AUSTRALIAN MARKETS Press Association —By Telegraph—Copyright. SYDNEY. May 3. . Wheat, Is LOd tor bulk and Is lid for bagged, on country sidings, equal to 2s 7d a bushel, ex trucks, Sydney. Flour. £ll 10s. Bran, £4 ss. Bollard, £5. Potatoes; Tasmanian. £7; Victorian. £5 10s. Onions: Victorian' Brown Spanish. £5 10s'to £6. Maize. 3s. ADELAIDE, May 3. Wheat; Growers' lots. 2s 3d. Flour: Bakers’ lots, £ll 10s. Bran. £5. Pollard, £-1 15s. Oats; Algerian, 2s. Barley, 2s. . MELBOURNE. May 4. (Received May 4. at 11 a.m.) Wheat is inactive. .Shippers’ limn.?, 2s 4id. Parcels. 2s oijd. Flour, £7. Bran, £4 ss. Pollard, £4 15s. Oats, 2s 4d. Barley; English malting. 2s 7d to 2s 9d. ' • Maize; Best, 3s 6cl. Onions arc strong. Prime, £1 to £4 ss. ECLIPSE PETROL ECONOMISER SYSTEM DIRECTORS' REPORT In the' eighteenth annual report of the Eclipse Petrol Economiser System Company Ltd. the directors regret being unable to report any satisfactory ; progress during the year under review. Unfortunately (they state) the agreement entered into with Brigadier-gene-ral A. Huggins, C.M.G., D. 5.0., M.1.M.E., .M.1.A.E., has not proved up to date the financial success hoped for The main reason for this was the huge lax last year placed by the British Government on all motor, vehicles using any other fuel than petrol, which has destroyed most of the economic advantages expected from use of the vapouriser with low grade oil. The result guide' sales of vapouriser? almost impracticable, and the directors have deemed it prudent in the interests of the shareholders to modify the original terms of the license. Despite this, heavy losses have been incurred by General Huggins, who has made no further advance royalty payments despite the company’s demand for same. With the introduction of the N.R.A. in the United States the directors hoped that renewed interest in the Godward vapouriser might be possible, and institutes fresh inquiries in likely quarters. The result has been satisfactory in so far that a company, which' has a factory well equipped to handle the vapouriser, has asked tor an option, to enable trials to be conducted, and negotiations to this end are now being conducted. Tt is too early to offer any opinion as. to the ultimate value of this proposal. It is satisfactory to report that the income received has been sufficient to cover the administration expenses. t to further reduce these expenses Mr Godward has generously offered to accept a lower retaining fee, which will bring his remuneration to the basis ot the other paid officers and who voluntarily reduced their foes by 50 per cent, in 1932. Incidental expenses have been reduced to an absolute minimum in trying to conserve the company s capital. ■ , LOCAL BODY LOANS block conversion difficult [P*r United Pkbss Association.l I CHRISTCHURCH, May 3. The mayor (Mr D. G. Sullivan), who returned to the city this_ inormng, states that while he was in Wellington as president of the Municipal Association he discussed with Treasury officials the question of calling a conference ot local bodies with loans domiciled overseas with a view to considering the possibility of a block conversion scheme. He found'no opposition to the idea ol a conference, but the expert viewpoint was that the prospects of effecting such a block conversion were not bngnt, the principal difficulty being the attitude of the London Stock Exchange. Furthe: consideration will be given to the sub-. ject. I DOLLAR AND FRANC | press Association —By Telegraph-Copyright. LONDON, May 3. (Received May 1, at 10.30 a.m.) The dollar is quoted at 5.12 and the franc at 77 5-16. CHEESE IMPORTS, 1933 According to a report issued by the British Ministry of Agriculture and | Fisheries, imports of cheese into the I United Kingdom in 1933 amounted to 152.000 tons, which was 2,ot)ti tons | more than in 1932. New Zealand’s supplies amounted to 103.000 in 1933, as against 92,000 tons a year earlier, and Canada 31.000 tons, as compared with 37,000 tons. Australia’s contribution was nearly 6.000 tons. DONAGHY'S ROPE REPORT The directors of Donaghy’s Rope and Twine Company Ltd. report a net profit of £4.703 14s Id, to which has to be added last year’s carry forward of £3,521 14s 4d (less interim dividencl_of 9d per share paid October, 1933. £1,762 10s), and balance of £1,759 4s 4d, This makes available for distribution £6,462 18s od. The directors recommend the following appropriations:— Final dividend of lOd per share from trading account absorbing £1,958 6s Bd, and 5d per share out of income from investments, absorbing £979 3 S 4d (making with interim dividend of 9d per share previously’ declared and paid. 10 per cent, for the year) £2,937 10s. carry forward £3.520 8s sd, totalling £6.462 ISs stl. Depreciation amounting to £3,018 14s Id has been written off buildings and plant. The directors retiring by rotation are Sir John Roberts and Mr Willi Pels, who offer themselves for re-election.

CANADIAN TRADE POSITION Foreign commerce grows from month to month, due in no small degree to the Imperial Economic Agreements (reports the Bank of Montreal), and while imports have now started to enlarge, the favourable balance of trade still continues. Another advance in external trade was registered in February. Imports were heavier than in the preceding month or in February last year; exports though larger than in January or February, 1933. were down from the heavy volume of the fall months and ot January, 1934. The gains compared with February. 1933. were: Imports, 42.9 per cent.; exports. 43.4 per cent. a record which exceeds that of any previous month since the recovery set in. The visible trade balance’ for the fiscal year to date of March 1 is favourable to the extent of 141,011,000dol; last rear at this date it was 70,132,pOOdoI. . BUTTER AND CHEESE Press Association —By Telegraph Copyright. LONDON, May 3. (Received May 4. at 10 a.m.) Butter; More inquiry and firmer. Danish, 80s; choicest salted, New Zealand; 735; Australian, 725; .unsalted New Zealand. 73s and 745; Australian, Cheese: Steadier. New Zealand white, 435; coloured, 42s 6d; Australian coloured, 41s. The New Zealand Loan and Mereaiv tile Agency Company Ltd. has received the following cabled advice iron) its London house,.dated the 2nd instant: Butter, 71s, 725: market steady. Cheese—White 42s 6d, coloured 425, 42s 6d; market firm. THE SEARCH FOR GOLD GOLDEN DAWN REPORT The manager of Golden Dawn (Owharoa) reports:—On the No. 4 level the drive on No. 3 reef from 30ft up the rise was extended 10ft. The reef is 12in wide,, at present broken into stringers. The drive north from 60ft in the winze from the No. 3 level was extended sft. The reef is lOin wide. On the intermediate level the crosscut west from No. 1 reef was extended 4ft in hard country. The drive south from the crosscut was extended 33ft. The reef is 12in wide. The farmers’ level was cleaned out for a total of 235 ft, still in mullock, 'Sloping was also carried out in the No. 4 and No. 3 levels, and the intermediate level. BYCROFT LTD. DIVIDEND OF 10 PER CENT. [Special to thi: ‘ Star,’] AUCKLAND, May 3. Improved returns are indicated in the accounts just, issued by Bycrolt Ltd. ior the period ended March 31. 'The net profits total £10,505, which compares with £9,489 for the previous year, and the directors recommend a final dividend of Is Id per share. This, with the; interim dividend of lid already made, brings the return for the year to 2s a share, equivalent to 10 per cent. In tlieir. report to the shareholders, the directors state that the progress dl the company has been maintained. The balance in the profit and loss account of £10.505 is reached after a conservative valuation ot buildings, machinery, and plant, as well as stock, and also after maintaining sufficient provision for income fax and bad debts. The report adds that “ prudent investment of company’s reserves has supplemented’ the trading returns.’' Reference is made to the death of the late Mr A. B. Roberton, chairman of directors, who had been a .member of the board for many years. Appreciation of his services is recorded. Mr R. Hutchinson, who had been a director for twelve years, had been elected to fill the vacancy as chairman, and Mr E. H. Davis had come on to the board. The chief items in the balance-sheet are:— Liabilities: Paid capital. £100,000; reserves, £32,025; sundry creditors and income tax, £51,000. Assets: Land, £12.500; buildings, £38,850; machinery and plant, £15,• 439; sundry debtors, £39,939; stock. £58,263; investments. £10.862; cash. £15.000. The rate of the dividend last year was Is 10d per share.

P. AND 0, SHARES Press Association —By Telegraph —Copyright. LONDON, May 3. ("Received May 4, at 11 a.m.l R. and O. shares arc quoted at Ids. MOUNT LYELL j Press Association--By Telegraph—Copyright. | LONDON. May 3. 1 (Received May 4. at 11.30 a.m.) | Mount Lvell shares are quoted ;U I IDs 6d. | BUIOLO SHARES Press Association —By Telegraph —Copylight. LONDON, May 3. (Received May 4. at noon.) liulolo shares are quoted at 125>:. NEW GUINEA GOLD SHARES Press Association—By Telegraph—Copyright. LONDON, May 3. (Received May 4, at 11. a.m.) New Guinea Gold shares are quoted at 6s Cljd. WHEAT, FLOUR, ETC. Press Association —By Telegraph—Copyright. LONDON, May 3. (Received May J. at 11.30 a.m.) Wheat: Cargoes show a steady undertone. Parcels are in small demand. Prices arc steadily upheld. Futures London: June, 17s 6{d: September. 17s lid; December. ISs od. Liverpool: May. 4s l|d ; July, 4s 4d ; October. 4s Bid; December. 4s 7|d. The spot trade is ■ slow. Australian (ex ship). 23s to 23s 3d. . Flour: Quiet. Australian (ex store), 16s 3d to 17s. Oats: Occasionally slightly easier. Peas and beans: Quiet. DAIRY PRODUCE The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cabled advice from London dated May 2:— Butter, 71s, 725; market steady. Cheese.—White, 42s 6d ; coloured, 425, 42s 6d; market firm. DOMINION RUBBER COMPANY The secretary of the Dominion Rubber Company, Ltd., reports that he is in receipt of a cablegram from the estate advising that the drop of rubber harvested for April was 47,0001 b. REDUCTION OF CAPITAL Resolutions for the reduction of the capital of the Australian Guarantee Corporation Ltd. received unanimous support from shareholders last week. The capital is to be reduced Irom £950,01)0 in 850,000 ordinary and 100,000 preference shares, all of £1 each, to £822,500,. in 850.000 ordinary shares of 17s each and 100,000 preference shares of £1 each. To effect the reduction paid-up capital, lost or unrepresented by available assets, is to be cancelled to the extent of 3s per ordinary share, and the nominal value of 369,007 unissued shares is to be reduced to 17s each. BOVRIL LIMITED TRADING PROFITS DECREASE The gross trading profits of Bovril Limited for 1933 amount to £334,870, j compared with £383,516 for 1932. The receipts from dividends and interest amount to £46,075, against £51,242. After meeting debenture and note interest the net income is £174,504. A dividend of per cent, for the year on preference and ordinary shares is declared. with a 3 per cent, dividend to holders of deferred shares, against 6 per cent, in 1932. The balance of the 5i per cent, notes second series has been paid off, involving £342,600. The value of stocks of cattle held by the company is stated to be £1,133.193. against £1.325,500 a year ago. SHIPBUILDING INCREASE OPTIMISTIC OUTLOOK 9 An ■ optimistic note as to the future of shipbuilding was struck at the annual meeting of the British Corporation Register of'"Shipping and Aircraft by the chairman, Mr Robert Clark. He said the tonnage placed in the United Kingdom at the end of last year, although very small in terras of norma! output, was large in terms of the acute depression with which everyone in the shipping industry had been all too familiar. The corporation's share gave more than twice the tonnage on hand twelve months ago. or 68,0i1'1l tons, while the orders placed since and in prospect, together with the spirit ol confidence which appeared to he growing, seemed to justify the belief that output had really passed its lowest point, was on the up grade, and would stay on it during the year, if not blown back by some unforeseen gale. COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of May 1 : "At yesterday's auction of 2,310.0001 b. common teas wore firm to dearer, while all other grades advanced two or three cents: 2.61(1.00011) arc catalogued for sale next week."

For most of the year lie had a feeling that he was of no great importance. His family saw to that. But this morning it was different. He knew that once, at any rate, he had known greatness. There had been a time, not so very long ago, when his work was of paramount importance, when he. had been the salt of the earth, the saviour of his country,'one of the bulldog breed. For last night lie had been to his regimental dinner, and several orators had reminded the company what a line hotly of men they were.