Commerce, Mining, & Finance

Evening Star, Issue 21714, 8 May 1934, Page 5

Commerce, Mining, & Finance

THE SHARE MARKET DUNEDIN STOCK EXCHANGE The volume of business reported this morning indicates increased activity on the part of investorsj and the market for all i fhe better-class gilt-edged securities and industrial stocks reveals a tendency to rise in consequence. In the banking section, New'Zealands had an improved buyer and no seller. E.S. and A’s and National of New Zealand shares also had unsupplied buyers. . '..lnsurance shares had stronger inquiry, and sellers wore conspicuous by their absence. . A better lone pervades the loan and agency section, and Wright, Stephensons recorded a sharp advance, without having any effect on sellers. The demand for meat preserving shares was revived, and increased bids failed to shift present holders. South Otagos provided the only selling quote. dominion Rubbers regained strength, but Dunlops failed to produce either a. buyer or a'seller. N.Z. Drugs were in good demand, and ‘ Otago Daily Times ’ and Smith and Smith prefs. have also persistent buying offers. N.Z./Breweries, if anything, were a little firmer, while other companies’ shares have also an' increased inquiry. There were few changes in the gold mining section. Mahakipawas were wanted at Bd, hut sellers were not attracted. Nevis Diesels had a margin of one-farthing between the quotations, while Okaritos, Noborhais, and Waihi Grand Junctions were all fractionally firmer on the buying quotations. Increased prices were offered for Government’Loans, but still no sellers' came for- ; ward. . SALES. ■ Reported:—National Bank of New Zealand, j £2;’ Standard Insurance, .£3 Is 6d (two. ,late yesterday!; Dominion Rubber, £1 5«; North Broken Hill, £4 14s; Bell-Kilgour, SJfl (late yesterday).Quotations aa under . 1 n e-ll

DIVIDENDS DUE.

THE SEARCH FOR GOLD TUAPEKA MINING NEWS (From Ode Correspondent.] The work of pulverising the Blue Spur cement for experimental testing purposes with the “ lightning crusher, 1 ' which is being carried on by the New Gabrieli Gully Sluicing Company, has not been running too smoothly. In the first instance,' the feeder attachment gave a good deal of trouble, but that was at length successfully overcome. Now the hammers of the crusher, which do the lightning pulver-ising,-do not stand up to the continuous , strain, and another • type, giving a longer lease of life, has to be found. This, no doubt, as : with the feeder 'attachment, will soon come to pass, allowing the testing work to be soon accomplished. If the results of the tests are in keeping with expectations the directors of the company will lose no time in ordering a large plant from England wherewith to carry on operations on an ; extensive scale. Ah application for a prospecting license over, fifty acres of Crown land in block VII., Table Hill survey district, in the Identity Gully neighbourhood, has been lodged by Messrs Martain Kofoed and John J. Harris, residents of Manuka- Creek. The application is set down for hearing at the Lawrence Warden’s Court, sitting on Monday, May 21. A, good deal of prospecting, extending over a number of years, has been carried on at Identity Gully. where the “ finds” are said to be “rather patchy.” It was in this gully that Mr Harris (one of the applicants for the prospecting license) recently picked iip a soz nugget of pure gold. The number of minors’ rights issued at the registrar’s office for the Tuapeka district during the year ended March 31 last was 272. The number of mining applications received through the warden’s office for the districts of Lawrence'and Roxburgh for the same period : totalled 246,. the registrations numbered 165, and the grants 133. The total revenue collected amounted to £698 15s Id. The recent heavy ' rainfalls have had the effect of causing a rise of from 4ft to sft in the Molyneux River. This is very noticeable at the Beaumont, and it means that some of the men engaged in fossicking along the beaches will be compelled to turn their attention to the higher -ground for the next two or three weeks. A goodly number of applications for mining privileges were dealt with at the last sitting of the Roxburgh Warden’s Court, mostly for extended alluvial claims in block VIII.. Teviofc survey district. THE MATAKI RETURN The Mataki gold return for the week ended May 5 was 470 z for 131 hours’ work. WAITAHU COMPANY The directors of the Waitahu Company have created a debenture issue of £3,000 with the object of discharging current liabilities and providing about £I,OOO working capital. The term of the debentures is two years, and the rate of interest will be 10 per cent, per annum. WORKSOP DREDGE A Greymouth report states that the work at the Worksop dredge is proceeding satisfactorily, and it. is hoped to commence dredging before the end of this nionth. GILLESPIE'S BEACH DREDGE The secretary of the Gillespie’s Beach Gold Dredging Company Ltd. advises that the 30 h.p. motor which runs tbe port pump having been burnt out on April 26, dredging was stopped to enable repairs to be effected. Work resumed on Friday, May 4, consequently there is no wash-up this week. BIG RIVER REPORT The report of the Big River Gold Mines Ltd. for the month of April is as follows: —The stopes produced 116 tons of ore. One stope in No. 3 level has been discontinued, and the men have been removed to extract a pillar under No. 2 level, Jones’s line of reef. No. 3 east crosscut has been advanced 38ft 6in, making a total distance of 65ft since commencement. The country penetrated has been hard, and a change may be expected any time. Some water is making from the face. No. 4 level crosscut has beeh driven a distance of 48ft, making a total of 233 ft from the shaft. Twenty-five feet of reef underlie has been cut, and early developments are possible. The loader in No. 1 level is still being followed, but improvement is low. The stone bunches to 20in wide at intervals and then pinches In sin 1o 7in. The length is oft, and the stone is of good quality.

OXENBRIDGE SHOTOVER GOLD LIMITED Construction work of the Moke Creek dam has now reached an advanced stage, and, weather permitting, another four weeks will see the dam completed. Mr 11. S. Cree Brown, the company’s engineer, who visited the claim last week, reports that the pipe lines from the dam should be installed by the time the dam is finished, and as the company’s claim manager (Mr W. Smith) has the wing dam for commencing paddocking well in hand, no delay is anticipated in getting out the first paddock at the mouth of Moke Greek. This area is considered to be virgin ground. After completing the few chains at the mouth of Moke Creek work will proceed in the Shotover, and the wing clam in course of construction will serve for the first paddocks in the Shotover. Given a favourable river, the company should be getting returns by the end of June. PRICE OF GOLD Press Association—By Telegraph—Copyright. LONDON, May 7. (Received May 8, at 10 a.m.) Fine gold is quoted at £6 16s 2d per oz. DOLLAR AND FRANC Press Association—By Telegraph—Copyright. LONDON, May .7. (Received May 8, at 10.30 a.m.) The dollar is quoted at 5.11 J and the franc at 77 3-16. LONDON WHEAT MARKET Press Association—By Telegraph—Copyright. LONDON, May 7. (Received May 8, at noon.) Wheat cargoes are firmer at 3d advance. Parcels are firm, Canadians being 3d dearer. Futures—London : June 17s 9Jd, September 18s 3d, December 18s 9d. Liverpool: May 4s 3fd, July 4s sid, October 4s December 4s B|d. NEARLY TWO MILLIONS WELLINGTON WOOL SEASON REALISATION [Per United Press Association.! WELLINGTON, May 7. The gross value of the wool sold at tlie April sale in Wellington was £133,773, thus bringing the total proceeds for the five sales held in this centre during the 1933-34 season up to £l,923,838, compared with only £702,291 for the five sales held last season, an increase of £1,221,543. Official returns compiled by the Wellington Wool Brokers’ Association show that at the sale on April 24, 15,978 hales were offered, of which 11,673 hales, or slightly over 73 per cent., were sold, 4,305 bales being passed in. The net-weight of the wool, sold was 4,158,1351 b. The gross proceeds of the sale were ;Ui33,/V7 15s Bd. The average price per bate was £ll 9s o|d, and the average price per lb was 7.692 d, the low nst of the season. AUSTRALIAN STUCK EXCHANGES Press Association—By Telegraph—Copyright. , SYDNEY, May 7. A reaction from last week’s abnormal activity and rising prices in gold shares occurred on the Stock Exchange to-day. The tone of the market was distinctly hesitant, although falls in prices were only moderate. Buyers . exhibited a tendency to transfer their attention to Eastern tin dredging concerns, which were firmer. The most active industrial trading issues were steady. Additional sales were;—Bank of New South Wales, £34; Mercantile Mutual Insurance. 22s 9cl; Associated News, 24s 3d (pref., 245,3 d); Burns, Philp. South Sea, 265; Australian Gas (A), £8 3s 6d; Tooth’s, 455; Toohey’s, 29s 6cl; Dunlop Perdriau, 18s 9d; Henry Jones, 31s 9cl; - Goldshrough, Mort, 31s; Millaquin Sugar, 31s; Farmers’, 19s; Anthony Hordern. 16s 3d; Newcastle Gas A and B shares, 13s 3d; Meggilts. 22s 3d; John M'Grath, 295; Australian Iron and Steel (prof.), 22s lO.fd; Mount Morgan, 225: Broken Hill Proprietary, 48s; South Broken Hill., ~'2i 9cl; Kuala Kanipar. 16s 9d : La rut. ■ ; ss 3d ; Tongkah Harbour: 21s 7-Jd;' .'lalini Nawar, 16s 9d. MELBOURNE, May 7. Carlton Brewery. 43s 9d; ' Herald ’ and 1 Weekly Times.’ 31s 3d ; Electrolytic Zinc, 26s 9d; Mount Lvell, 23s 'id. MDTUROA OIL FIELDS FOURTH WELL COMPLETED I The fourth well drilled by Moturoa Old Fields Ltd., at New Plymouth, has been completed to a depth of 2,184 ft. Besides the producing sand met with at 2,134 ft, another oil strata has been encountered at 2,175 ft. During cleaning out operations some 2,500 imperial gallons of clean crude oil were obtained. A 60ft screen has been placed in position and 2in tubing will be run to the bottom to bring the oil to the surface by gas pressure. This work is expected to occupy a week or ten days. All water has been successfully shut off.

Buyers. Seller £ S. < a. £ s. d. BANKING— Bank of Australasia — 12 10 0 Bank of N.S.W. ... — • x 35 15 0 Bank vi N.Z ... 2 10, 6 — E.S. and A. Bank ... 5 6 0 — National Bank of New Zealand ... 3 19 6 — INSURANCENational Ineur. Co. 0 19 6 — N.Z. Ineurance Go, ... 2 19 6 — Standard Insur. fjo. 3 1 0 — SHIPPING— Huddart, Parker (pref.) ... i 5 0 y — TJ.S.S. Co. (prc/.j ... ; 1 5, 6 “ COAL— Westport Coal Co. 0 14 10 Westport-Stock ton 0 1 (ord.) 6 ! ’ 0 2 0 Westport-Stock ton 0 5 0 (P«L) LOAN AND AGENCYNational Mortgage ... — 3 i 0 National Mortgage (“B” Issue) i 10 0 N.Z. Guarantee Corp. 0 4 0 Wright, Stephenson 19 0 ' (ord.) ..; 0 Wright, Stephenson I) (pref.) ' .’. 0 19 HEAT PRESERVING— N.Z. Refrigerating 0 (paid) 0 18 N.Z. Refrigerating 0 8 {con t«) ••• ■ 2 Southland Frozen Meat ■ 3 5 6 Southland Frozen Meal (cont.> • 1 11 6 Southland Frozen Mea t (pref.) 3 3 6 0 South Otago Freezing MISCELLANEOUS— Associated News i 4 •6 British Tobacco 1 16 9 Brown, Ewing (ord..i — i 1 u Brown, Ewing 0 (pref.) 1' 0 D.T.C. (or.d.) . •• 0 14 0 D J.C., (pref.) ... .; 1 2 0 10 Dominion Fertiliser 0 17 6 o17 Dominion Fertiliser Debentures . ... • 102 0. 0 ■1 ■ — Dominion Rubber ... 1 . 4 6, n 6 Diincdin-Kaikorai 14 0 Trams ... 1 — Dunedin Stock Ex- , ■ change Propty. — 2 8 0 Electrolytic Zinc (del 1 ord-l 1 6 6 — Kaiappi Woollen (ord.)' . — 0 10 0 Kaiapoi Woollen . (pref.) ... .... , 0 19 0 Milburn Lime and Cement ... 1 11 6 — N.Z. Drug Co 3 14 6 i — N.Z. Paper Mills ... — 11 0 ;* Otago Dailv Timev ' 2 6 0 i — Regent Theatre 0 18 0 0 6 Smith and Smith (pref.) - 0 17 0 — Wilson’s (N.Z.) Cement i 7 9 BREWERIES— N.Z.’'Breweries ... ... 2 1 9 2 2 9 Staples’ Brewery 1 7 6 — Timavu Brewery (10s -.7 0 paid) - ••• 0 — Tooth’s Brewery 2 4i — GAS—. Christchurch ... ... 1 9 0 “ ! CHL— MOtuvoa (old.) — 0 4 o Moturoa (pref.) — 0 4 6 GOLD MINING— Bell-Hooper — 0 o 11 Ball-Kilgour — 0 0 6 Bendigo Gold light . — 0 0 a Brian Boru (Is paid) . n 2 i Central Sholover ... — 0 0 10 Charleston ... ... 0‘ 1 3 — Gillespie’s — 0 2 2 Golden Point — 0 U v)»» Golden Progress — 0 1 5 Golden Sands — 0 5 3 Goldfields Dredging — 0 0 10 Kildare ... 0 1 0 0 2 0 King Solomon 0 — 0 4 8 Maerewhenua 0 10 . Mahakipawa 0 0 8 — Moonlight-Nelson 0 0 Greet . — 9 Nevis Diesel 0 0 M 0 0 5 New Cornish Point 0 (cont.) ... ... — • 0 New Cornish Point i (paid) ... .. ... — 0 1 Nokomai 0 1 10 0 2 1 Okarito 0 8 6 0 8 8 Oienbridge ... ... Paddy’s Point ... ... Skippers (Is paid) ... — 0 0 11 — 0 Z 6 0 0 10 0 i 1. Skippers (9d paid) ... Waihi 1 14 6 0 ' 0 Waihi Grand Junetion ; , 0 4 8, 0 5 0 Waitahn 0 4 6 “ M.Z. GOVERNMENT LOANS- ■ (Bonds quoted are 1 £100 Bonds.) It p.e. Stock. 1938103 1943. i ... 0 0 — Stock, 193*103 0 0 — If . j.e. 8 to ok. 1*41103 0 0 _ It P-e. Stock. IMS1952 ... ... 103 10 0 ■ If p.e. Stock. 19391952 103 10 0 — Stock. 1941103 10 0 ‘ 4 p.e. Bonds, Jan 15, - 1940 ... 104 10 0 — 4 p.e. Stock, Jan. IS, 1940 ■ ... 104 10 0 “ 4 p.e. Bonds, Feb 15, 1946 ... 104 0 0 — 4 «.c Stosk, F«b, 15, 1346 ... ... ... ... 104 0 0

♦ p.c. Bonds, April 15, 1949 ... 103 10 0 4 n.e. 8to«k. April IB. 1949 ... 103 10 0 — ♦ p.c. Bonds. June 15, 1955 ... ... ... ... 104 10 0 i «>. Stock, Jtta* IB. 1955 ... 104 10 0

E.S. and A. Bank—int. 2* p.c. May — Kaitangata Coal—final, Is fid ... May 9 N.Z. Newspapers—Final, 3j p.c. ... Sharlaud and Co.—Interim, ord. May 10 and pref., 2£ p.c National Insurance—Interim, 4d May 10 a share ..: .. ... May 15 Broken Hill Propty.—half-year)}', Talisman Dubbo Gold Mines Ltd. —third div., 6d share (10 per cent.) May 15 Is per share ' Perpetual Executors and Trustees Association of Australia—interim half-yearly, at rate of May IS 6 per cent, per annum Dalgely and -Co.—Interim, 5 p.c. May IS per annum Bank of N.S.W.—quarterly, Ss N.Z. Paper Mills—4 p.c., making May 17 7 p.c. per annum May 21 share (Aust. cur.) National Bank Australasia—halfMay 30 yearly, final, 5 p.c. per annum May 30 Farmers’ Trading—Final, pref., 7 p.c. per annum (less 20 • p.c.) May 51 Henry Jones—Interim, fid a share Broken Hill South—Is fid a share, J ime 1 payable in Melbourne Bank of N.Z.— final, 5 per cent. June la making 10 p.c. for the year June IS