Commerce, Mining, & Finance

Evening Star, Issue 21719, 14 May 1934, Page 3

Commerce, Mining, & Finance

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE Markets generally were firm on call this morning, with a largo volume of reported business and a turnover of gold mining shares on call Considerable activity was recorded in Nokomais, and 1,500 shares changed hands at ss. „ , , , In the banking section New Zealands had an improved, buyer with still no seller. Insurance companies’ shares continued in good demand. , There was little alteration in the quotations in the other sections, though in the gold mining section King Solomons showed a better buy, as did Nokomais and WaitaGovernment Loans remained very firm, and despite increased offers by buyers no sellers were attracted; SALES. On ’Change.—Mahakipawa, Is Id; Nokomai, 3s (four). _ . ■ Reported.—Dominion Rubber, £1 os M (late Saturday); New Zealand Paper Mills, £1 11s- E.S. and A. Bank, £5 8s; North Broken Hill, £4 - 14s; Nokomai, 2s lid. Reported After Call.—Waitahu, 4s lOd. • Quotations as under: — Buyers. Sellers.

MALAYAN TIN QUOTA

Following the decision of the International Tin Committee for an increase in quotas of production, Alluvial Tin (Australia) Ltd. has received cable information that Malaya’s quota of production has been increased as from April 1 from 30 per cent, to 37J per cent, for the quota period ending June 30 next.

DIVIDENDS DUB. Wright, Stephenson—Pinal, 3 p.c. on ord. shares E.S. and A. Bank—int. 2£ p.c. May National Insurance—lnterim, 4d a share May 15 Broken Hill Propty.—half-yearly, Talisman Dubbo Gold Mines Ltd. —third div., 6d share (10 percent.) May 15 Is per share May IS Perpetual Executors and Trustees Association of Australia—interim half-yearly, at rate of 6 per cent, per annum May 16 Dalgety and Co.—lnterim, 5 p.c. 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.cl per annum (less 20 p.c.) ... ... May 31 Henry Jones —Interim, 6d a share June ■ 1 Wilson’s Cement—Final, fid per share Jung 6 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 June 15

RETAILERS’ RESOLUTIONS

NORMAL CONDITIONS DESIRED The Drapers, Clothiers, and Boot Retailers’ Federation, at its conference in Wellington last week, passed the following resolutions regarding the rate of exchange, on London: — .(a) “That the present rate of exchange is seriously affecting imports and retarding the normal flow of trade.”

(b) “ That the uncertainty in respect to the exchange rate is very upsettling to the trade, and it is essential that there should, at the earliest possible date, be a return to normal conditions, with the control of exchange left in the hands of the banks.”

BRITISH RUSSIAN TRADE HO BAD DEBTS INCURRED A warm welcome was given to the new Russian trade agreement when introduced to the House of Commons recently Mr Runciman, president of the Board of Trade, revealed that the export Credits Department, which insures British firms against the greater part of the risk of giving Russia credit, had actually made a profit on these transactions'. He declined to reveal the amount of the profit, but said that Russia had made all ipayments punctually, even during the trial of the British engineers last year. ' He also said that up to the present, on credit which had been made for exports from this country into Russia, there was not a pennyworth of bad debts. “ The Russians,’’ said Mr Runciman, “ have now' accepted out view that we could not continue to buy largely from them while they bought so little from us. That was a very handsome admission on their part. “ Accordingly the agreement included a provision under which the money they received for their sales to us would in the main be spent here.”

H.Z. PERPETUAL FOREST

SATISFACTORY YEAR The accounts of N.Z. Perpetual Forests Ltd., for the year ended March 31, disclose a net profit of £24,308, compared with £28,459 earned in the previous year. The profit includes interest on investments and is struck after making provision for depreciation, future planting, and maintenance costs.

The directors recommend payment of a dividend unchanged at 8 per cent. As in past years, Australian shareholders will be paid from Sydney and English and New shareholders from Auckland. The dividend will absorb £15,803 and provision for taxation requires £9,000, leaving £13,740 to be carried forward; as against £14,235 brought into the accounts. . The directors state that the company has now established 152,788 acres of forest and the work has been commented on favourably by the visiting forest authority appointed by the trustees. A great deal of attention had been given to matters affecting realisation and the commencement of a realisation project was imminent. Care was needed before undertaking the scheme, and the legal aspects were being considered before the proposal was announced. It was considered the scheme should be a major activity of the directors and an increasing proportion of their time was being given to the work.

EGGS FOR LONDON STUPENDOUS FIGURES MARKETING METHODS. National Mark Egg Central Ltd., London, has just completed the most successful year in its four-year history. It has dealt with 64,500,000 eggs, and has declared a dividend of 5 per cent. “ Egg Central ” is a co-operative association of National Mark Egg distributors, of which the primary object is to arrange the disposal of surplus National Mark eggs and to act as a market intelligence service for indicating weekly egg prices. These prices are observed by the organised distributors in London, and are regarded by the trade in the provinces as a correct indication of the market value of eggs for the week. It is administered by Mr E. T. Thornton-Smith, representing the Minister of Agriculture, and by an elected board of egg distributors. It is the central marketing organisation for National Mark eggs. The scheme is purely voluntary, but its benefits have been so apparent to the trade that the board.have been able to obtain successfully a voluntary levy of Jd per long hundred of eggs from all its members to carry out its work.

METAL MARKET

Press Association—By Telegraph—Copyright LONDON, May 11. The following are the official metal quotations;— Copper.—Standard, £33 8a 9d per ton; forward, £33 15s 7Jd. Electrolytic.—Spot. £36 10s; forward, £37. Wire bars, £37. Lead. —Spot, £11; forward, £ll 6s 3d. i Spelter.—Spot, £l4 15s; forward, £ls 2s 6d. Tin.—Spot, £236 2s 6d; forward, £232 12s 6d. Pig Iron.—Home trade, £3 7s 6d; export, £3 2k 6cl. Antimony.—British, £42 10»; foreign. £27 15s. Silver. —Standard, 19 3-16 d per oz; fine, 20 11-16 d. Molybdenite, £1 16s per unit. Wolfram, £2 Is 3d.

WRIGHT, STEPHENSON, PO 60. DIVIDEND DECLARED [Pm United Press Association.] WELLINGTON, May 13. The accounts of Messrs Wright, Stephenson, and Co. Ltd., for the year ended March 31 last, show a credit balance in the profit and loss account of £41,354 5s 6d, this being the net trading profit for the year. Front this has been deducted an interim dividend on the preference shares, paid on November 1 last, amounting to £6,246, leaving a balance available for distribution of £35,108 5s 6d. Out of this sum the directors recommend that, after making a fixed payment, including the half-year’s dividend in arrears on the preference shares, a dividend of 3 per cent, should be paid on ordinary shares, leaving £13,609 Os 6d to be carried forward.

LOCAL BODY LOAMS RATES OF INTEREST REDUCED [Per United Press Association.] WELLINGTON, May 12. Having regard to the fact that giltedged securities are now selling at prices returning the buyer interest at from 3i to 4 per cent., the Local Government Loans Board considers that the rates of interest for loans, for renewing maturing loans, or for new works should be reduced, and at a meeting yesterday, in view 7 of the present trend on the Stock Exchange, it was decided that in future the rate to be sanctioned for loans to be raised by major local authorities will be 3J per cent., with an intermediate rate of 3£ per cent., with a maximum of 4 per cent, for local authorities of smaller classes.

MERCHANDISE MARKET The Narbada has been delayed, and is now due to arrive with Eastern merchandise on Saturday. In the meantime stocks of tapioca, sago, and Burma rice are becoming low in the wholesale houses.

Reports from Argentine announce a firming , there in the canary seed market.

The pepper market is reported firm in Singapore, owing to a strong demand from Europe. The Wingatui has arrived with a cargo of sugar, and the Port Waikato is due to-morrow with a further supply. The Waipiata will land another cargo on Wednesday.

The Waikawa, which is due on Friday, i will land supplies of Thompson’s unbleached raisins and prunes in all sizes.

A circular from S. Kirkpatrick and Co. states that there will be a shortage of North Island sliced peaches, and that the Australian pack is also short. Stoned dates are getting into short supply in the wholesale houses. Clothes pegs show a slight advance in price. Herrings in sauce are now becoming short on the local market, and further supplies will not be available until the new season’s pack is released some time in June for shipment from Home.

THE SEARCH FOR GOLD NEVIS DIESEL ELECTRIC The secretary of the Nevis Diesel Electric Dredging Company Ltd. reports that the wash-up for the week ended May 11 was soz lodwt. The dredge is now proceeding rapidly towards the ground proved by the bores, and is working through alluvial drift. After a long delay suitable casing for the boring plant has been received from the manufacturers and boring is to be commenced right away. Up till now the plant had been operated by hydro power, thus keeping the cost down to a minimum. Preparations are being made for benching the dredge at the end of next -week to close down for the winter.

MAHAKIPAWA RETURN The Mahakipawa return was 710 z.— Christchurch Press Association.

UPPER SHOTOVER OPERATIONS Writing on May 5, the manager of the Upper Shotover Gold Mining and Hydro-electric Company Ltd. reports that unfavourable weather lias hindered operations recently. About a week’s sluicing had been done, with a good deal of dead work caused by floods. The return for five days’ work was nine ounces. Constant rain was again being experienced.

WOOL SALES

ROSTER FOR NEXT SEASON [Pm Uwitid Fxesb Association] CHRISTCHURCH, May 13. Tlie roster of sales arranged for next season by the New Zealand Wool Brokers’ Association and the New Zealand Wool Buyers’ Association is as follows: —1934. November 17.—Auckland. December 3.—Napier. December B.—Wellington. December 13.—Christchurch. December 17.—Timaru. December 21.—Dunedin. —1933.--January 7.—Wellington. January 12.—Napier. January 17.—Wanganui. January 22.—Auckland. January 28.—Christchurch. February I.—lnvercargill. February 6.—Dunedin. February 13.—Wellington. February 18.—Napier. February 22.—Wanganui. March I.—Christchurch. Marcli 4.— lnvercargill. March 9.—Dunedin. March 13.—Timaru. March 20.—Wellington. March 25.—Napier. March 29.—Auckland. April I.—Wanganui. April s.—Christchurch. April B.—Dunedin. April 13.—Wellington.

WELLINGTON MORTGAGE CO.

RESTRICTING LEGISLATION “ Existing legislation has restricted the activities of financial institutions and the passing of the Mortgagors and Tenants Relief Act, 1933, introduced further restrictions that make successful operations more difficult, said Mr W. H. P. Barber, chairman of directors of the Wellington Deposit, Mortgage, and Building Association Ltd., at the annual meeting last week. “ The company’s advances were made on a conservative basis by reliable valuers, and, although values have declined, it is not considered likely that any loss will ultimately result, added the Chairman. “ The outlook appeals to be brighter, and when confidence is restored business will improve and become normal.”

ROLLS-ROYCE YEAR RECORD DIVIDEND PAID A record dividend has been paid by Rolls-Royce Ltd. motor car and aero manufacturers, En'gland, which c.slnbuted 17 per cent, for the year ended December 31, compared with 10 per cent, in the previous year. Higher percentage rates were paid on the much smaller capital existing prior to the war, but in 1918 the company, by the capitalisation of part of its reserves, allotted a free share bonus at the rate of one for one. ‘ ~ , „„„ In 1933 profits amounted to £216, lib, against £150,979 for 1932, the increase of £66,000 being equal to about 44 per cent. In addition to a dividend or 15 per. cent., a bonus of 2 per cent, was paid. The capital of the company is £825,813 in £1 shares.

STEADY EXCHANGES CURRENCIES MORE STABLE ASSISTANCE TO IMPORTERS. The comparative steadiness of the dollar exchange rate at about 5.000 to the pound sterling during the past few months has been of considerable assistance to importers of United States and Canadian goods. In. fact, exchanges on all foreign countries appear to have settled at a fairly steady level. The violent fluctuations which were experienced last year were a considerable trial to importers, whose trade was subject to many unsettling influences. Traders believe that a point which promises stabilisation for some time may now have been reached. The inunediate concern appears to be the maintenance or otherwise of New Zealand s own rate of exchange on London. What has evidently made possible the present more or less stable conditions is the operation of the British exchange equalisation fund. For practical purposes the fund has taken tne place of the gold points under the gold standard. With the United States and Great Britain there are two funds in operation, evidently working to a common end on opposite sides of the Atlantic. Although equilibrium lias neen achieved for the time being, the ettect of anv of the gold countries abandon mg its present standard cannot be minimised. This would probably involve another reshuffle all round.

REDUCTION OF CAPITAL

At an extraordinary general meeting of the Automobile Finance Company or Australia Ltd., held in Melbourne, it was decided that the capital or the company should bo reduced by returning to the holders of the 24,700 preference shares of the company the lull amount of the capital paid up—i.e., £1 a share, without dividends outstanding, or interest, and by cancelling the whole of the 60,000 preference shares forming part of the capital of the company. The Chairman (Mr W. O. Burt) said the company would apply to the Supreme Court immediately for sanction to reduce the capital without repayment of dividends. Preference shareholders said that they would oppose the step, and would urge in the court for repayment of a substantial part or the whole of the 8 per cent, dividends due to preference shareholders.

BRITISH TREASURY BILLS (British Official Wireless.) Press Association —By Telegraph Copyright RUGPX, May.ll. The total amount applied for in tenders for £35,000,000 in Treasury bills was £76,690,000. The maximum amount was allotted in bills at three months, the average rate per cent, being 17s 2.lid, compared with 17s 1.95 d last week.

SYDNEY STOCK EXCHANGE

Press Association —By Telegraph—Copyright SYDNEY, May 12. The sales on Exchange wore: — Bonds (fours) —19-11, £IOB 10s; Anthony' Hordern, 16s 9d; Associated News, 21s 9d ; British Tobacco, 37s 7id; Broken Hill Proprietary, 48s; Dunlop Perdriau, 18s 6d.

HIGHER GOST OF LIVING A MEW ZEALANDER IN AUSTRALIA IMPRESSIONS FROM VISIT Cheaper postage, cheaper electricity, cheaper telephones, and cheaper motor car registration are merely some of the economic advantages New Zealanders enjoy in comparison with Australians, but these were the most outstanding examples noticed on a visit to Australia by Mr J, Liggins, of Burwood, chairman of the Waimairi County Council. Mr Liggins, who spent six weeks in Sydney, Melbourne, and Adelaide, said in an interview with the Christchurch ‘Press’ that the cost of living there was generally much higher than in the dominion.

The rental for telephones in Australia, was only £2 for suburban areas and £5 for business connections, said Mr Liggins, but each ring cost the subscriber an additional twopence. One small business man, with two business telephones and one private one, told Mr Liggins that his telephones cost him £BO a pear. Electricity ailso was much more expensive, chiefly because it was almost everywhere generated from coal. At Liverpool, a town about twenty miles from Sydney, the charge for power was 6£d a unit for lighting and 2d a unit for other purposes. At a town near Adelaide the charge was 9d a unit all round.

The average motorist in Australia paid far more for registration than the New Zealand motorist. Cars were rated on their weight and horsepower, and an ordinary sedan car cost its owner anything from £lO to £l2 a year. Trucks for heavy haulage work were rated at amounts up to £6O in Sydney, and if they were used in two or more States their owners were required to pay registration fees for each of those States. This heavy cost to motorists, added Mr Liggins, was to some extent offset by the lower price of petrol. Petrol prices were about 6d a gallon lower than in New Zealand.

MEAT MARKET Press Association —By Telegraph—Copyright LONDON. May 12. New Zealand Sheep.—Canterbury and North Island selected cross-bred wethers and maiden ewes: 48-561 b, 5Jd; 57-641 b, 4Jd; 65-721 h, 4 l-Bd. North Island: 48-561 b, sid; 57-641 b, 4 3-8 d; 65-721 b, 4 l-Bcl. North Island ewes: Under 481 b, 4d ; 48-651 b, 3 3-8 d; 65-721 b, 2 7-Bd.

Australian Sheep. First quality cross-bred and/or 'merino wethers: 40-651 b, 4 l-Bcl. Second quality: 30-551 b, 3Jd. Ewes; 30-551 b, 4?d. Argentine Sheep.—First quality crossbred wethers: 4S-641b, 4jd; 65-721 b, 4Jlb. Patagonian Sheep.—Wethers and/or maiden ewes: 501 b and under, 4d; 40-501 b, 7*d. Patagonian Lambs. First quality: 361 b and under, 6|d; 37-421 b, 6 l-Bd. Second quality: Average about 301 b, 6}d. Argentine Lambs.—First quality: 36Jb and under, 6Jd; 37-421 b, 61d. Second quality: Average about 281 b, 6 5-Bd. New Zealand Lambs. Canterbury; First quality: 361 b and unler, 6 5-8 d; 37-421 b, 6Jd; 43-501 b, 7d. Second quality, average about 321 b, 7-Jd. Other South Island: 361 b and under, 6 5-8 d; 37-421 b. 61d; 43-50Ib, 7-Jd. Selected North Island, including Downs: 361 b and under, 7 1-Sd. Second quality; Average about 321 b, 7 l-Bd. Other North Island: First quality, 361 b and under, 6 5-8 d ; 37-4216, 7d; second quality, average about 321 b, 6Jd. „ x Australian Lambs.—Victorian: first quality—36lb and under, 6Jd; 37-421 h, 6Jd; second quality—36lb, and under, 6 5-Sd. Other States: Second quality. 361 b and under, 61d. All States: Third quality, average about 261 b, 6 5-Bd. New Zealand Frozen Beef.—Ox fores (160-2201 b), 2id; ox hinds (160-2201 b), Australian Frozen Beef.—Ox hinds (1601 b and under), 3 3-8 d; ox hinds (over 1601 b), 3 3-8 d; ox crops (1001 b and under), 25-8 d; ox crops (over 1001 b), 2 5-Bd. Argentine Chilled tteef,—Ox lores (160-2201 b), 27-8 d; ox hinds U6O- - s?d. New Zealand Pigs.—First quality: 60-80Ib, 5|3; 81-lOOlb, 5 3-8 d ; 10M201b, sjd. Australian Pigs.—First quality: 601001 b (average about 801 b), 5 5-8 d; 101-1201 b, sld.

COTTON, RUBBER, ETC. Press Association —By Telegraph—Copyright LONDON. May 12. Friday’s closing prices were as follows : Cotton. —Spot, G.lod per lb; June, 5.95 d. Rubber. Para, 6cl; plantation smoked, 6 9-10 d. Jute.—May-June, £ls 7s 6d. Hemp.—April-June, £ls 10s. Copra.—May-June, South Sea. £7 17s 6d; smoked, £7; plantation Rahaul, £8 10s. Linseed oil, £23. Turpentine, 47s 3d. CHICAGO WHEAT MARKET Press Association—By Telegraph—Copyright NEW YORK. May 12. Chicago wheat: May, 87i- cents per bushel: July, 85 5-8; September, 86 3-8. New York cash, 93s 4d.

£ ». d. £ Sr d. bankingBinfc of Australasia — 12 10 0 Bank of N.Z. ... 2 12 0 — Bank of N.Z. (Long “ D ”) ... .. ... 113 6 — Commercial Bank ... 0 16 9 — National Bank of Ne* Zealand ... - - 3 19 6 Cnion Bank of Aus10 ft* tralia Ltd. — ••• . 0 INSURANCE— 9 National Insur. Co. 0 19 N.Z. Insurance Co. 3 0 0 Standard Insur. Go. 3 1 0 SHIPPING— Huddart, Parker (pref.) . ... .... — 1 8 U.S.S. Co. (pref.) ... 1 5 0 6 1 {JOAIi— Kaitangata Coal ... 1 J 0 Westport Coal Co. ... 0 lo 6 Westport-Stockton . (ord.) 0 1 10 - W estport-Stockton 0 3 g (pref.) “ LOAN AND AGENCTDalgety and Co. ... 10 2 0 1 n in Goldsbrough, Mort ... National Mortgage ... 3 4 0 N.Z. Guarantee 0 14 g Corporation Wright, Stephenson ' (ord.) 0 19 6 Wright, Stephenson (pref.) 0 15 6 - 'meat preservingGear Meat Co. ... 1. 9 0 N.Z Refrigerating . (paid) ... - 0 0 - N.Z. Refrigerating n (cont.) ... ,'■ 0 8 j Southland Frozen Meat _ 6 (paid) J 8 Southland Frozen Meat (pref.) ... 3 o South Otago Freezing , — 0 0 6 2 0 .Waitaki Farmers’ ■ Freezing ... 1 6 - MISCELLANEOUS— Associated News ... 0 0 0 1 5 6 British Tobacco • XX* Brown, Ewing (ord.) — 1 °. 0 D.I.C. (ord.) , ... ... 0 1* D.I.C. (pref.) , ; 1 Dominion Fertiliser UH Dominion Fertiliser 9 Debentures 192 0 0 Dominion Rubber ... 1 5 0 Dunedin-Kaikorai ■ Trams ... — 1 0 - Dunlop Perdriau Rubber .... 018 2 0 18 10 Electrolytic Zinc A (def. ord.) 1 ° u Kaiapoi Woollen (ord.) ... ... 0 9 6 0 10 1 Kaiapoi Woollen ‘ (pref) - 9 17 M’Leod Bros 28 0 9 0 ; 0 19 0 n Mount Lyell ■ ••• , . N.Z. Drug Co. ... -. 3 14 6 J. O 1 N.Z. Farmers’ Fertiliser 9 37 N.Z. Paper Mills ... 110 North Broken Hill 4 13 0 6 0 1 11 3 ‘ Otago Daily Times ’ 2 6 Regent Theatre ... ... U l® 0 6 1 0 6 Smith and Smith _ (pref.) 017 0 breweries— N.Z. Breweries ... •■■■' 2 2 0 2 2 6 Staples’ Brewery ... IV 3 Dunedin Brewery ... X b 0 Timaru Brewery (10s paid) ... ... ... - 0 7 Tooth’s Brewery ... — 6 2 6 0 PIL— Moturoa (ord.) 0 4 3 gold mining— Bell-Hooper T" 0 0 11 0 6 Bell-Kilgour 0 0 Bendigo Goldlight ... 'i Big River ■ — Blackwater 1 4 0 0 0 n 0 .8 .0 10 , Brian Boru (Is paid* 9 ■■ i n 0 Gillespie’s ... ... •••, 0 X !. Golden Point ... ... 0. 0 r2i 0 0 ‘ Golden Progress ... “ 0 t) Hatter’s Flat . “ / King Solomon ... ... 0 4 Lawson’s Flat , P 0 2 (J 47 3j 0 0 7 Maerewhenua. 0 0 11) 0 0 Mahakipawa 0 1 u 1 0 • 2 Mining House — 6 Moonlight-Nelson Creek 99 6 Neris Diesel ... ... 9 0 4i 0 0 bi New Cornish Point 0 1 . (paid). — . — Nofcomai ... u J 0 0 0 . X ‘3 Okarito ... — 9 8 4 0 8 7 Oxenbridge ... r — 0 Oil 0 — 0 Paddy’s Point 0 Z 5 3 Skippers — — Waihi ... ,••• — 10 V . 1 1 16 0 0 Waitahu . 9 4 0 5 0 N.Z. GOVERNMENT LOANS— (Bonds Quoted are £100 Bonds.) Ji p.e. Stock. 1933'•1943 — ...103 10 0 — 11 p.c, Stock, 1938103 10 0 11 p.e. Stock, 19411943 , 103 10 0 — 91 p.c. Stock, 1918- ' 0 1952 104 0 — . n p.c. Stock, 19300 1952 ... 104 0 — 11 p.c. Stock, 1941\m 104 0 0 4 p.e. Bonds, Jan. 15, 1940 104 0 0 — 4 p.c. Stock, Ja». 15, 1940 ... 104 0 0 ■— 4 p.e. Bonds, Feb 15, 1946 ... 104 0 0 — 4 p.c. Stock, Feb. 19, 1946 104 0 0 — 4 p.e. Bonds, April 15, 0 1949 104 0 — 4 p.e. Stock, April IS, 1949 104 0 0 4 p.e. Bonds, June 15, 1955 105 0 0 — 4 p.c. Stock, Jane IS, 1955 105 0 0 —