Commerce, Mining, & Finance

Evening Star, Issue 21715, 9 May 1934, Page 7

Commerce, Mining, & Finance

AUSTRALIAN STOCK EXCHANGES L. x Press Association—By Telegraph— Copyright. SYDNEY, May S. The Stock Exchange was active, tending in sellers’ favour. The announcement that the Federal Cabinet to-day would consider preliminary details for a forthcoming internal loan caused Commonwealth Bonds distinctly to firm, but there were no declared sellers. Mining shares were weaker, but the ordinary investment market was unchanged. Later • sales were; —National. Bank (£lO paid), £lO 10s; Queensland National Bank, £5 16s; New Zealand Insurance. 61s; Associated News, 255; Burns, Philp South Seas. 25s 9d; Australian Gas (A), £8 4s; tooths, 44s 9d; If airy mead Sugar, 35s ltd; General Industries, 11s lid; Lustre Hosiery, 23s 3d; Anthony Hordern, 16s 3d; Henry Jones, 325; Goldsbrough, Mort, 345; Mount -Morgan, 225; Broken Hill Proprietary, 47s 9cl; South Broken Hill, 735: Bulolo Deposits, Is lid; llawang, 9s 4d; Larut, 15s 3d; Mai ini Nawar. 16s 3d; Placer Development, £23 15s; Bonds (fours) —1938. £lO6 Is 3d; 1941, £lO7 12s 6d; 1944. £lO7 12s 6d; 1947, £lO7 18s 9d; 1950, £IOB 6s 3d; 1953, £IOB 18s 9d; 1955, £IOB 17s 6d; 1957, £lO9 2s 6d; 1959, £lO7 13s 9d; 1961, £IOB 7s 6d. MELBOURNE, May S._ ■ Commercial Bank of Australia. 17s 3d; Goldsbrough. 'Mort. 34s 3d; ‘ Herald and Times,’ 525; Electrolytic Zinc (prof.), 33s 9d; Australian Iron and Steel (pref.), 23s Id. METAL MARKET Press Association--By Telegraph-Copyright, LONDON. May 7. The following arc the official metal quotations;— Copper.—Standard, £32 6s 3d; forward, £32 10s 7?.d. Electrolytic.—Spot. £35 ss; forward, £35 15s. Wire bars, £35 15s. .Lead.—Spot, £ll 2s 6d: forward, £ll 10s. Spelter.—Spot, £l4 13s 9d; forward, £ls. Tin.—Spot,. £235 10s; forward. £232 8a 9d. 1 Pig Iron.—Home trade, £3 7s Gd; export, £3 2s 6d. Antimouv.—British, £42 10s; foreign, £2O 10s. Silver.—Standard, 19 l-16d per or.-. fine. :20 9-16tl. ‘ Molybdenite. £1 16s per unit. £2 Is 3d. VASyUM'TARANAK! OIL The Vacuum Oil Company has been granted an extension From August 31 next to December 31 of the time tor notifying Taranaki (N.Z.) Oilfields, N.L., whether or not it intends to drill on the properties of the Taranaki group oh the east side of the North Island of New Zealand. Following an agreement made last 'August the Vacuum Company’s tccbiu--cal‘staff has been conducting a geological investigation of the properties. It has become evident that these officers, who have to return to America to consult their technical colleagues, will not he in a position to submit a final recommendation to their principals by August 31. .If Vacuum drills it may retain its right only by continuing to .drill or bymaintaining payable production. , LOHOtSH FRUIT MARKET The Otago Provincial Fruitgrowers' Council Ltd. advises that the High Commissioner’s cabled report for the week ended May 5 on the Loudon fruit market is as follows: —Market quiet. Hororata and Port Chalmers discharging fruit in good condition; Current prices Apples: Cox’s Orange, Bs. 6d to 12 s 6d; Alfriston. 9s to 10s; Ballarat and Cleopatra, 9s Od to 11s; Delicious, 8s to 10s 6d ; Dun’s Favourite, according to size, 7s 6d to 11s; Jonathan, 7s 6d to 10s 6d; Worcester Peannain, 9s 6d; Lord AVolseley and London Pippin. 8s to 9s 6d. Pears: Cornice. 12s to 14s ,6d; Beurre Bose, 10s to 15s; Conference. 7s 6d to 11s 9d; Winter Cole, 10s to 13s; Backhands Triumph. 10s 6d to 12s; P. Barry, 9s to 11s 9d; Beurre Clairgeau, 9s to 11s 3d; Beurre Capiamont, 9s to 9s 6d: Duchess, 8s 6d; Vicar of Winkfield, Bs.

THE SHARE MARKET DUHEDIN STOCK EXCHANGE No transactions were effected at this raoi-ning’B call over of the Stock Exchange, and generally the quotations showed little variation on yesterday’s figures. The selling quote for Bank of Australasia., dropped Is to £l2 9s, whilst buyers of New Zealand; improved to 51s. Westport Coals wore inquired for at 1-1; lOd, but sellers required 15s 6d. New Zealand Refrigerating maintained its improvement of the past week, and there was an improved inquiry for Waitaki Farmers’ Freezing at £2 ss. Dominion Rubbers steadied, buyers offering 25s 3d, with sellers 6d away. Now Zealand Breweries firmed, and the offer of 7s 3d for Timarus (10s paid) was an improvement of 3d on yesterday's buying quote. Sellers predominated in a quid mining section. A sale of Nokomais was reported at 2s Id, but no seller appeared on the market. Nevis Diesel still showed a tendency to weaken, Sellers quoted at yesterday’s sale price, but buyers were licit prepared to pay more than 4d. Little interest was taken in Skippers, but Waitahus appeared to improve. Sellers .were not in evidence in the Government Loans section, although buyers in some eases offered betier prices. SALES. ■Reported.—Associated News, £1 ss; Rawang Tin, 9s 4-id; Moonlight-Nelson Creek, 8d; Nokomai, 2s Id.

• DIVIDENDS DUE. E.S. and A. Bank—hit. 2t p.c. May Kaitangata Coal—dual, Is 6d ... May 9 N.Z. Newspapers—Final. 2], p.c. ... May 10 Sharlaml and Co.—lnterim, ord. and prof.. 2j p.c. ... ... ... May 10 National Insurance —Interim, 4ri a share ... May 15 Broken Hill Propty. —half-yearly, Talisman Dubbo Gold Mines Ltd. —third div., 6d share (10 per cent.) May 15 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 Dal'gety and■ Co. per annum May 17 Bank of N.S.W.—quarterly, 5s N.Z. Paper Mills—4 p.c., making 7 p.c. per annum ... May 21 share (Aust. cur.) May 30 National Bank Australasia—half- . yearly, final, 5 p.c. per annum May 30 Farmers’ Trading—Final, pref., 7 p.c. per annum (less 20 p.c.) May 31 Henry Jones—interim, 6d a share June 1 Broken Hill South—ls 6d a share, payable in Melbourne June 15 Bank of N.Z. final, 5 per cent. making 10 p.c. for the year June 15 EXPERT TRAVELS WITH CHILLED BEEF RESEARCH EXPERIMENT AHD OBSERVATION | Per United Press Association.] PALMERSTON N., May S. Mr J. C. Neill. Held mycologist attached to the plant research station at Massey College, sailed in the Trojan Star from Auckland yesterday, accompanying a shipment of gas-chilled beef for the purpose of continuing the study of the effect and formation of mould on carcasses He will also investigate the condition of New Zealand meat, butter. cheese, ami fruit on its arrival Home. This undertaking follows several srears5 r ears of close investigation into factors affecting their condition at this end. Mr Neill supervised the first shipment of chilled beef from the dominion in August of last year. His trip is being carried out in conjunction with the New Zealand Department of Scientific and Industrial Research and the Cambridge low temperature station (England). Investigations into wastages in shipments of fruit .have been proceeding for five or six years at Palmerston North, and a point has been reached at which it is not possible to proceed further at this end. Mr Neill will examine the fruit on its arrival Home to determine what species of fungus is responsible for the trouble. Ho will represent the New Zealand Government at the third Imperial Mycological Conference in September. He intends to investigate the growing of swede turnip seed and also peas and beans in England and on the Continent, the object being to develop lines that will bo free from disease. MARKETS IN CHINA NEW ZEALAND BUTTER The belief that there were good prospects for the sale of New Zealand dairy produce in China was expressed last Friday by Mr Sieh Ming Chang, secretary oi the Run Vat Sen University, Canton, who left by the Monowai for Sydney alter a visit to New Zealand. 11 1 think New Zealand butter and wool are the best,’ he said. ”At present vye got a lot of our butter from America and Canada.” He added that the consumption of ■ butter In China was Increasing. FROZEN BEEF EXPORTS RUMOURS OF EMBARGO Rolerring to rumours of a pending embargo on the export of frozen beef from New Zealand. Mr D. Jones, chairman of the New Zealand Moat Producers’ Board, said there had been no indication from Great Britain that this aas the case. “ There is no foundation for the rumour that the board has been approached.” said Air Jones in Christchurch last week. “ The Eat Stock Commission reported to the British Government only three- weeks ago, and the British Minister of Agriculture has been away on holiday since. The Board is not aware whether the British Government has considered the report, and no representations have been made (o the board by it.”

THE SEARCH FOR GOLD BELL-KILGOUR COMPANY The secretary of the Bell-Kilgour Gold Mining Company Ltd. lias rcccivcd a report From the manager, dated May 5, which reads as Follows: — Main face No. 2 Cross-cut West.— Drove L'll't; Bft, Fair fine gold; last oft on a rising Hoor. values were low; started No. 3 at the end oF main drive. North-east Block. —Clearing up round old workings For good gold. South-east block; Drove 12l't Gin parallel to hpun--dary. and connected with old block: Fair fine gold showed through the wash ; started a panel parallel to boundary. South-east No. 2.—Drove south For 12ft For varying values, and connected with main drive. No. 3.—Drove 12ft through loose ground; varying values. BRIAN BORU OPERATIONS A survey ot operations at the Brian Born claim, near Greymouth, states that the dredge is operating smoothly, and is approaching virgin ground. Short working weeks on account of holidays had reduced the hist two returns, but SOoz a week was approximately the return From the old workings now being dealt with. TALISMAN DUBBO RETURN The Talisman Dubbo Company wired the secretary oF the Dunedin Stock exchange to-day that twenty tons of ore had recently been treated for an actual realisation of £312. TAXED SAVINGS NEW 'PLYMOUTH BANK Total deposits at New Plymouth Savings Bank for the" year ended March 31 were £368,879, an increase of £17,475 over those of 1933. Withdrawals were £329,818, compared with £312,999 a year previously. Interest credited to depositors decreased by £2.363 to £16,962. Advances were £61.762. and the total of first mortgages, together with accrued and unpaid interest held now, amounted to £500.000. Total funds of bank, £664,062, an increase of £59,619 in the year. The profit for the year was £4,835. an increase of £582, increasing the balance in profit and loss appropriation account to £41,788. Interest from mortgages and investments realised £25,345. a decrease of £661. Income tax. which was paid for the first time in. the. bank’s history, required £829. The balance-sheet shows cash at £43,769 and Government stock at cost £71,955, representing almost twice the amount ot liquid resources required by statute. IMPROVED CONDITIONS SELFRIDGE EXPERIENCE Mr H. Gordon Hclfridgc (chairman and managing director of .Selfridge and Co. Ltd., London) said the directors were able ,to address shareholders in a more cheerful state of mind than had been possible for several years, because there had come to nearly everyone in business in England during the last half of 1033 evident demonstration of generally improved conditions. Aside From their own substantial increase in returns those conditions were showing themselves in various and many directions, such as in the manufacturing districts in the Midlands and elsewhere, in the country’s exports,.in the Budget surplus, in the daily and evident increase in numbers of transactions, and in the annual reports which had already appeared of distributive business, both retail and wholesale. They had had throe years of sagging business, but now things seemed to be definitely better, and trade and commerce. through their own united efforts and without Government or other aid. were proving that the so-called Capitalistic system, as the world had known it for hundreds of years, could and would rebuild the structure of business which the terrible war and great governmental faults and errors had nearly destroyed. TRADE WITH JAMAICA BULLETIN TO BE ISSUED A comprehensive report upon the nossihilities of increasing New Zealand’s trade with .Jamaica is shortly to bo issued in naniphlct form hv the Department of Industries and Commerce. The Minister in charge, the Hon. 11. Masters, stated yesterday that while in Canada ho met business men who were carrying on export trade to Jamaica He thereupon arranged with the New Zealand Trade Commissioner in Canada , Mr J. W. Collins, to hare investigations made on the spot and a full report prepared upon present market conditions and openings for New Zealand products. The report was a voluminous document. and could not Ire circulated .in full, but the more important nassages, including a number of useful recommendations. would be issued in tbe Form of a bulletin. It would then remain for producers and exporters to decide how far they could take advantage of the oneouragincr opportunities which .Jamaica offered. AUSTRALIAN BANKS Mr E. O'Sullivan, joint general manager of the English. Scottish, and Australian Bank Ltd., has been elected •■•hainnan of the Associated Ranks of 'nstralia in place of Mr W. A Leitch. t’’o general iiv'nager of the Union Bank oF Australia Ltd., whose term of office as chairman had exoirH. During the oast twelve months Mr Leiteb fins manv tunes found scone for his ahilitv and intimate knowledge of hanking in defending the hanks against continual attacks. The incoming chairman. Mr o’BoHii-a’> has been in the service of the English, penttish. and Australian Dank for more than forty years, and is numbered amongst the ablest of the General managers of banks in Australia. He took a prominent part in negotiations which resulted in the absorption hv the K.S. and A. Bank of other banking institutions. Air C. H. Tranter, general manager of ihc Commercial Bank of Australia Ltd., would have been chairman for the second time on the present occasion, but ill-health prevented him taking office.

PRICE OF GOLD Press Association—By Telegraph—Copyright, LONDON, May 8.. (Received May 9, at 10 a.in.) Fine gold is quoted at £6 16s lid per 07. DOLLAR AND FRANC Press Association—By Telegraph —Copyright. LONDON. May 8. (Received May 9, at 10.30 a.m.) The dollar is quoted at 5.10;i and the franc at 77 3-16. BURNS, PHILP’S YEAR Gross profits of Burns, Phi Ip, and Co. Ltd., Sydney, increased by £23,086 to £735,587 during the year to March 31 last, but net profit was £15,274 lower at £203,257. The shrinkage in disclosed profits was .due to ‘larger provision for depreciation, bad debts, and losses. Dividend at the usual rate of 10 per cent, takes £150,000, whilst £25,000 will be placed to the reserve, raising it to £975,000, and £25,000 earmarked as special depreciation on the company’s copra plantations. A credit balance of £28,083 will be carried forward, against £24,826 brought into the accounts. Before striking the year’s profit an addition of £19,731 was made to tbe insurance fund, raising it to £516,419. Further improvement was gained in the Australian section of the company’s merchandise business, sales again showing ait appreciable increase in volume. Earnings from shipping services also were maintained, in spite of the everincreasing foreign .competition, grading in Papua and the Mandated Territory was seriously affected throughout the year by a steadily falling market for copra. FISH FOR AUSTRALIA HEW TYPE OF- EXPORT BOXES A consignment of 1,192 boxes of fish, valued at nearly £I,OOO, was despatched from Auckland by the Monowai tor Sydney last Friday by Sanford Ltd. An improved and more attractive method of packing which has been adopted is expected to increase the export trade in lish to Australia. Various types of containers have been experimented with in the past three months, and it is considered the waxeoated fibre boxes now being used will prove suitable.- , *• A previous shipment of 969 similar boxes sent about six weeks ago met with a keen demand in Sydney and Melbourne, and created interest m other centres,'’ said Mr J. .). Enwright, manager of the firm. “ The boxes, which are bound with wire, are loaded and unloaded on trays, in the same manner as butter boxes, to prevent damage. They vary in size according to the type of fish they contain, and range in weight from 241 b to 001 b.” The latest consignment included schnapper, terakihi, trevalli, ffounder, and kippers. A number of boxes of schnapper fillets also was sent, and future consignments will include crayfish. DAIRY PRODUCE I The South Island Dairy Association has received the following market reports from the New Zealand Produce Association, London :—Butter, 74s to 755, Danish, S3s; market steady. Cheese White, 445; coloured, 43s to 43s 6d; market steady, with more inquiry.

Quotations at under: — B uvers. Sellers, C s. ■ d. £ S. d. BANKING— Bank of Australasia 12 9 0 Bank of N.S.W. - 35 10 0 Rank of N.Z. 2 11 0 — Bank of N.Z. (Long • D ”) . . .. ... 1 13 6 — Commercial Bank n 16 10 — E.S. and A. Bank ... 5 6 0 National Bank of New Zealand 3 19 6 — Union Bank of Australia Ltd. ... ... - 10 3 0 INSU RANGE— National linin'. Cm 0 19 8 Standard In.-ur. Co. 5 I 0 - SHIPPING— Howard Smith ... 0 14 o ■ — Huddarl, Parker . (pref.) 1 5 0 — U.S.S. Co. (pref.) ... 1 5 6 COAL— T’ukcmiro Collieries ... 1 4 0 — Taupiri Coal (pref. I 1 3 0 — Westport Coal Co. 0 14 10 0 15 6 LOAN AND AGENCYDalgcly and Co. 10 0 0 Coklsbrcugli, Mort.' 1 14 0 National'Mortgage ... -- 3 4 0 N.Z. Guarantee Corp. 0 4 0 — Wright, Stephenson (pref.) 0 19 6 MEAT PRESERVING— Gear Meat Co 1 7 S — N.Z. Refrigerating (paid) 0 18 0 — N.Z. Refrigerating (cont.) 0 8 6 0 8 11 Southland .Frozen Moat (paid) ... 3 4 6 ' 3 5 6 Southland Frozen Mca t (coni.) ... — 1 33 3 South Otago E'reezing ... 6 2 0 WtiiLaki Farmers’ Freezing 2 5 0 “ 51ISCELLA N EOUS— Associated News — 1 6 0 Brown, Ewing i.ord.) ... 1 1 0 Brown, Ewing (prof.) i 0 0 — D.l.C. (end I 0 14 0 — D.I.C. (pref.) 1. 2 0 -- Dominion Torlilistv 0 17 6 0 18 0 Dominion FertiliserDebentures 102 0 0 — Dominion Rubber 1 5 3 1 5 p Duncdin-Kaikorai Trams 1 14 0 — Dunlop Perdriau Rubber 0 18 6 0 18 n Ka’.apoi Woollen (ord.) ... . — 0 10 i Ksdapoi Woollen (pref.) — 0 19 0 Milburn Lime and Cement 1 11 9 — N.Z; Drug Co 3 14 5 — Mount Lyell — ■1 3 3 N.Z. Farmers’ Fertiliser ... 0 17 0 — N.Z, .Paper Mills ... — 1 H 0 Regent Theatre ... ... 0 18 6 1 0 6 Smith and Smith (pref.) ... 0 17 0 — Wilson’s (N.Z.) Cement — 1 7 9 Rawang Tin 0 9 2 BREWERIES— N.Z. Breweries 2 1 9 2 2 6 Staples’ Brewery 1 7 6 Dunedin Brewery ... 1 5 ■o — Timaru Brewery (10s paid) ... ... .:. ... 0 7 3 GAS— Christchurch ■ 1 9 0 -■ OilsMoturua, (ord.) ... ... 0 5 3 0 4 3 GOLD MINING— Bell-Hooper ... ... — 0 0 11 • Bell-Kilgour — n 0 fi Bendigo Goldlight ... — 0 0 8 Brian Born 0 1 10 0 2 0 Charleston n 1 3 Gillespies 0 1 10 0 2 1 Golden Point, — 0 0 5 Golden Progress — n 1 fi Kildare ... 0 1 10 0 2 0 King Solomon — 0 4 8 Lawson’s Flat ... — 0 0 7 Mabakapiwa 0 0 01 — Moonlight-Nelson Creek ... .... 0 0 a Mount Morgan i 2 ft Nevis Diesel 0 0 4 0 0 5 New Cornish Point (Is' paid) — 0 1 1 New Cornish Point (6rl paid) .... 0 0 61 Xokomai 0 2 0 — Okarilo — • 0 8 g Paddy’s Point 0 2 0 0 2 6 Skippers (Is paid) ... 0 0 10 — Waihi 1 15 0 — Waitahu ... ... -■ ■ ■ 0 4 7 0 4 10 N.Z. GOVERNMENT LOANS(Bonds quoted are £100 Bonds.)” 3t p.e, Stock. 1938ms 103 0 0 — 3i p.c Stock, 19391943 103 0 0 — 3i p.c. Stock, 19411943 103 0 0 — ik p.c. Stock. 19381952 103 10 0 -- 3i p.e Stock. 19301952 103 10 0 — ik p.e. Stock. 19411952 103 10 0 — 4 p.c. Bonds, Jan 15, 1940 104 10 0 — 4 p.c. Stock, Jan. IS, 1940 104 10 0 4 p.c. Bonds, Feb 15, 1946 104 0 0 — 4 p.c. Stock. Feb. 15, 1946 104 0 0 — 4 p.c. Bonds, April 13. 1949 103 10 0 — 4 p.c Stock. April 16. 1949 103 10 0 4 p.c. Bonds. June 15. 1955 105 0 0 4 p.c Slofk. Jane 15, 1955 105 0 0 —