Commerce, Mining, & Finance

Evening Star, Issue 21720, 15 May 1934, Page 22

Commerce, Mining, & Finance

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Two sales of Bank of New Zcalantls at 52s 6cl were reported after the call this morning, when a fair volume of business was recorded on and after the call. Quotations were more numerous for banking shares. New Zealand Long D’s showed a buyer’s price 9d in advance of yesterday’s offer. Unions were inquired for at £lO, but sellers remained firm. Westport Coals continued to move in an upward direction, and all meat preserving shares were Ann. Associated News shares appear to have weakened a little, but other prices in the miscellaneous section were unaltered. Beth the Cromwell gold mining flotations weakened slightly, as also did King Solomons,; Gillespie’s, Mahakipawas, Okaritos, and Skippers. ' Waitahus were steady, and Paddy’s Points and Nokomais gained a little. ' There was the usual strong demand for Government loans. SALES. On ’Change.—Bell-Kilgour, 4d; Nokomai, 3s, 3s. Id. Reported.—N.Z. Paper Mills, £1 10s 9d; E.S. and A. Bank, £5 Bs. Reported. After Call.—Bank of New Zealand, £2 12s 6d (two); Waitahu, 4s lid; 3,1 per cent. Stock (1938-1052), £lO3 ss. Quotations as under:—

DIVIDENDS DUE. Wright, Stephenson—Final, 3 p.c. on ord. shares K.S. and A. Bank—int. 2 i p.c. May Broken Hill Propty.—half-yearly, 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—halfyearly, 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—lnterim, 6d a share June 1 Wilson’s Cement —Final, 6d per share Junf 6 Broken Hill South—ls 6d a share, payable in Melbourne June IS Bank of N.Z.—final, 5 per cent., making 10 p.c. for the year June 15 AUSTRALIAN STUCK EXCHANGES Preaa Association —By Telegraph—Copyright. SYDNEY, May -14. The Stock Exchange market had a strong undertone, especially whore giltedged fixed income securities were concerned, bond buyers finding difficulty in locating sellers. Gold shares comprised the bulk of the day’s turnover at recent levels. Additional sales were: National Bank (£5 paid), £6 10s; Colonial'Sug_ar (London delivery), £64 10s; Mercantile Mutual Insurance, 22s 4£d; Associated News, 24s 101 d; Adelaide Steam, 25s 3d; Australian Gas (A), £8 2s 6d; British Tobacco, 37s 7-Jd; Tooths, 44s 9d; Australian Glass, 50s 9d; Dunlop Perdriau, 18s 9d; Wilcox, Mofflin, 13s sd; Electrolytic Zinc, 2Cs 9d; Anthony Hordern, 16s 9d; Lustre Hosiery, 23s 6d; Standard Cement, 17s 6d; General Industries (pref.), 23s 3d; Australian Iron and Steel (pref.), 32s 6d; Mount Morgan, 22s 6d; Mount Lycll, 23s 3d; Broken Hill Proprietary, 48s 6d; Kuala Kampar, 17s; Lanit, 15s 6d; Malim Nawar, 16s Placer Development, £25. MELBOURNE, May 14. Commercial Bank of Australia, 17s; British Tobacco, 37s 9dj Goldsbrough, Mort, 33s 3d; Electrolytic Zinc (pref.), 33s 9d; Mount Lyell, 23s 41d; Tonkah Compound, 295.

BULOLO SHARES Press Association—By Telegraph—Copyright. LONDON, May 14. (Received May 15, at 11 a.m.) Bulolo shares are quoted at £6 ss. DOLLAR AND FRANC Press Association—By Telegraph—Copyright LONDON, May 14. (Received May 15, at 10.30 a.m.) The dollar is quoted at 5.11 J and the franc at 77|. LONDON WHEAT MARKET Press Association—By Telegraph—Copyright LONDON, May 14. (Received May 15, at 11 a.m.) Wheat cargoes are dull. With the good rains, American sellers are 3d to 6d lower without attracting buyers. Parcels of Canadians are 6d lower, but Australians and La Plates are unchanged to easier. Futures:—London: June, 17s lid; September, 18s sd; December, 18s’ lid. Liverpool: May, 4s 3d; July, 4s sd; October, 4s 7fd; December 4s Bd, 5s Bd. PRICE OF GOLD Press Association—By Telegraph —Copyright LONDON, May 14. (Received May 15, at 10 a.m.) Fine gold is quoted at £6 15s lljd per oz. DAIRY PRODUCE The New Zealand Loan and Mercantile Agency Company Ltd. have received the following cable from London, dated May 13:—Butter, 765; market firm at the moment. Cheese: White, 44s 6d, 455; coloured, 43s 6d, 445. Market firm at the moment. DAIRY PRODUCE SITUATION PREMIER COMPLAINS OF MISLEADING STATEMENTS . [Per United Press Association.] WELLINGTON, May 14. Statements relative to the dairy produce situation cabled from England to the New Zealand Co-operative Dairy Company Ltd. by its chairman of directors, Mr Dynes Fulton, .were assailed by the Prime Minister to-day. Mr Forbes said that advice obtained from London following the publication of Mr Fulton’s cablegram showed that the comments ascribed to that gentleman had no foundation whatever.

“It is, I think, up to Mr Dynes Fulton to state explicitly the authority for his statement or to indicate how it could be authenticated, as it is obviously most misleading,” .said Mr Forbes. “It has already been made clear that New Zealand did not offer to abolish her whole tariff against goods imported from Great Britain. Nobody who is ait all conversant with the facts regards that as a possibility, and it is regrettable that the truth of this matter has been ,so flagrantly misrepresented in England. “ Finally, a warning should be given against the acceptance as reliable of propaganda and guesses that come from sectional interests. The conduct of negotiations between countries is a difficult enough matter at any time, and the position is needlessly complicated and made more difficult when unauthorised individuals outside of the regular and accepted channels affect to assume a responsibility that does not belong to them. The public should be on guard against being misled by such irresponsible tactics.”

THE SEARCH FOR GOLD GILLESPIE'S BEACH RETURN The return from the Gillespie’s Beach dredge for the week ended Friday was 450 z lodwt for 113 hours’ working. AUSTRALIAN PRICE The price lixed by the Commonwealth Bank for gold, including jewellery, lodged at the Melbourne Mint for the week ended April 27, is at the rate of approximately £7 13s 6d per standard ounce (22 carats), equal to a premium of 97.12 per cent. Payment is made according to the assay value of the gold. The price is unchanged on the week. The price per ounce fine is £8 7s od, unchanged on the week. GOLDEN GULLY REPORT The following is the report from the engineer-in-charge of the Golden Gully Sluicing and Development Company Ltd. for the period ended May 6:— High Level Race, —On April 26 I accompanied Mr M'Allistcr to Richmond Flat and there laid off the necessary track for bringing in stores and equipment. I also took three men with me to establish camps and pack out stores for the commencement of this work. These men returned to headquarters that evening and took out a further supply on the following day, and have been permanently camped there ever since. The work of clearing the track from the top of the hill to Richmond Flat (camp sites) has been completed for a, distance of approximately one mile. The men’s own camp and cooking shelter is being erected. I laid off a further track from the camp across Richmond Flat to the dam site (approximateyl thirty chains). A certain amount of formation work has to be completed on both tracks to enable sledging to be carried out. Low Level Race.—Heavy showers and seepage into the race have retarded progress with this work, but I consider that the men have made good progress under the circumstances. Formation work has now been completed from intake to peg 82, which represents the top of the hairpin bent in Frank Eyre’s Gully. A few logs and boulders have yet to be removed, but this does not entail much labour. Three chains and a-half of rock formation have yet to be completed. The survey work on the low level race is now completed. The timber required for boxing has not yet arrived, but is due for delivery next week. One small load of timber for shafting has been delivered on the property, but not at the shaft, owing to the lorry being bogged in wet weather. MAHAKIPAWA FIELDS The Mahakipawa mine manager’s report for the period ended April 23 to May 9 is as follows:—No. 3 blocking strip off south-east drive has been advanced to a distance of 142 ft through good grade wash. Bottom rock 2ft Gin above floor of drive, which has been turned slightly to the south to follow the gutter. This is now apparently in the left-hand wall. No. 1 blocking strip off No. 1 cross-cut is now 46ft long, and has been in good wash for the period. Bottom rock has risen to nearly 4ft from the floor. This face is stopped for the time being. No. 4 blocking strip off south-east drive connected up with No. 1 cross-cut at a distance of 68ft from'-drive. , The wash was average grade. A further blocking strip (No. 3 off No. 1 cross-cut) has been started and has been driven for 17ft in good grade wash. The wash here is sandy and of smaller size than the other strips, and carries good gold about the size of wheat. During the period 271 cubic yards of wash have been treated. .OKARITO FIVE-MILE BEACH DIRECTORS’ REPORT. The half-yearly report of the directors of the Okarito Five Mile Beach Gold Dredging Company Ltd. for the period ended March 31 states:— In February conditions improved temporarily, when a greater proportion of sand appeared in the cut, the proportion of heavier materials decreasing. As a result the returns improved, and on February 24, 1934, the highest return for the half-year (68oz) was secured. Since that date conditions have become worse, and the returns have again fallen off, those for the concluding weeks of the period varying between 30oz and 350 z. The total gold •won during the half-year amounted to 9300 z, the second lowest figure fob any half-year since the dredge started. A compensating factor has been the high price of gold during the half-year, the average price realised being £7 net per oz. It was stated in the previous halfyearly report that certain alterations to the dredge were contemplated to enable it to cope satisfactorily with the heavier ground on the claim. During the last six months preparations towards this end have been in train, and it is proposed to stop the dredge for a fortnight (probably at the end of June) in order to effect these alterations. The alterations comprise the installation of shaking tables, a new centrifugal pump driven by a separate pelton wheel, and the lowering qf the dredge ladder so as to give it greater effective length. Dredging will be continued until all this new machinery has actually been delivered at the claim ready for installation, so that the dredge will be stopped for an absolute minimum of time. It was originally intended to carry out the alterations just after Easter, but unfortunately the new centrifugal pump ordered from Switzerland was lost at sea in transit to London, with the result that a second pump had to be manufactured. During the half-year the contract for the deviation of the main pipe line has been in progress and was recently completed. The water is now running through the new pipe line, which is of slightly larger diameter than the original line, and as ‘the total length of the line to the present site of the dredge is less a considerable saying in friction has been effected. The increased pressure on the dredge is 7!b per square inch. When the programme of alterations is completed further economies in power will be effected, and should result in the dredge having more than ample power to deal efficiently with the heaviest ground on the claim. Dredging costs for the half-year were somewhat less than for the preceding half-year, the greatest difference being noticeable in wages, which arc lower, chiefly on account of the Christmas

holidays coming within the period. The expenditure on repairs and maintenance also shows a substantial decrease. The profit on dredging for the six months amounts to £4,307, a fairly satisfactory result in view of the comparatively low returns secured during the period. Overhead expenses total £438, leaving a net profit of £3,945. Against this balance of net profit has been charged the expenditure during the half-year on the main pipe line deviation, and the expenditure in connection with the proposed alterations to the dredge. The balance of profit remaining after charging all of the above expenditure is £2,738 3s, and this amount has been transferred to profit and loss appropriation account. No dividend was paid during the halfyear, partly for the reason that the extent of the expenditure could only be estimated roughly, and on account also of the fact that the payment of any dividend prior to March 31 would have been unduly expensive from the point of view of income tax ; as the company had already paid during the same income year dividends amounting to £10,500. Most shareholders are already aware that a dividend has since been paid on April 12. THE NEW MESIMA Fred Cuthbert’s New Misima treated 3,657 tons to the middle of March for £4,085 worth of bullion, with fine gold at its statutory price (£4 4s lOd per ounce). The profit, says the Sydney ‘ Bulletin,’ was 13s lOd per ton of ore; but, with the current premium for exchange added, the figure approximates 23s lid per ton of ore. The company is thus able to pay a dividend of Is 6d each month, or 18s annually, on each £1 share, in addition to building up cash reserves. Further, when dividend cheques are mailed to shareholders each month, the white employee gets a cheque for a 5 per cent, bonus. NEW GUINEA SHARES Press Association—By Telegraph—Copyright. LONDON, May 14. (Received ’May 15, at 11 a.m.) New Guinea shares are quoted at 6s Ud. BRADFORD MARKET Press Association—By Telegraph—Copyright LONDON, May 14. (Received May 15, at 11 a.m.) At Bradford quotations are barely steady. NEW ZEALAND APPLES AND PEARS Press Association—By Telegraph—Copyright. LONDON, May 14. (Received May 15, at 11 a.m.) The Port Chalmers’s New Zealand apples realised: Dunns, 7s 6d to 8s; Lord Wolseley, 7s 6d to 9s; Cleopatras, 8s 6d to 9s 3d; Delicious, 7s to 8s 3d; Jonathans, 7s to 9§. The Tamaroa’s New Zealand pears (boxes) brought:—' Boses, 11s 6d to 13s 9d; Winter Cole, 10s 6d to 12s 9d; Winter Nehs, 13s 9d to 14s 6d; Vicars, 8s to 9s 6d; Clairgeau, 9s to 10s 3d.

Buyers. Sellers. £ 1. d. £ i. d. BANKING— Bank of Australasia 12 8 0 Bank of N.Z. ...' ... 2 12 0 2 13 0 Bank of N.Z. (Long “ D ”) 1 14 3 Commercial Bank ... 0 16 8 0 17 0 E.S. and A. Bank ... 5 6 0 — National Bank of New Zealand ... ... ... ' — 4 1 6 Union Bank of Australia Ltd. ... ... 10 0 0 10 3 0 INSURANCE— National Insurance Co. , (ex.) ... ... 0 19 6 N.Z. Insurance Co. 3 0 0 — Standard Insur. Co. 3 10 — SHIPPING— Huddart, Parker (pref.) ... ... ... 15 0 — U.S.S. Co. (pref.) ... 15 6 COAL—. Westport Coal Co. ... 0 15 9 _ Westport-Stockton (ord.) ' ... 0 1 10 — Westport-Stockton (pref.) ... ... .... — 0 3 6 LOAN AND AGENCXGoldshrough, Mort‘ ... _ 1 13 9 National Mortgage ... — 3 4 0 Wright, Stephenson (ord.) ... ... ... _ 0 19 6 Wright, Stephenson (prof.) ... ... ... 0 19 9 - MEAT PRESERVING— Gear Meat Co. ... ... 19 0 N.Z. Refrigerating (paid) 0 18 0 — N.Z. Refrigerating (cont.) ... 0 8 7 0 9 0 Southland Frozen Meat (paid) ...' 3 5 0 — Southland Frozen Meat (pref.) ... 3 5 0 3 6 6 South Otago Freezing — 6 2 0 Waitaki Farmers’ Freezing ... 2 7 6 - MISCELLANEOUS— Associated News 14 6 15 6 Brown, Ewing (ord.) — 0 19 9 Brown, Ewing (pref.) 10 6 — Crystal Ice Co — 2 0 0 D.I.C. (ord.) 0 14 0 — D;I.C. (pref.) 12 0 — Dominion Fertiliser — 0 18 0 Dominion Fertiliser Debentures ... ... 102 0 0 — Dominion Rubber ... — 1 5 Dnnedin-Kaikorai Trams .:. 114 0 , Kaiapoi Woollen (ord.) , 0 10 ,2 Mosgiel Woollen Co. 9 14 0 (ex div.) ... ... — Mount Lyell — 1 3 7 N.Z. Drug Co 3 15 0 — N.Z. Paper Mills 1 10 3 111 0 Regent Theatre 0 18 6 10 6 Smith and Smith (pref.) ... ... ... 0 17 0 - riHEWEEIES— N.Z. Breweries 2 2 0 2 5,5 Tooth’s Brewery — OIL— . Moturoa (ord.) ... ... — 0 4 3 10LD MINING— Bell-Hooper i 0 0 7 0 0 10 Bell-Kilgour 0 o 34 0 0 5 Bendigo Goldlight ... 0 0 6 0 0 8 Big River — 0 0 10 Blackwater ... ..J ... Brian Boru (Is paid) 1 12 0 — — 0 1 10 Charleston — 0 17 Gillespie’s ... 0 19 o i 114 Golden Point . — 0 0 4 Golden Progress — 0 16 Hatter’s Flat — 0 0 7 Kildare 0 1 10 0 2 0 King Solomon 0 4 1 0 4 5 Lawson’s Flat 0 0 34 — Maerewhenua o o 114 Mahakipawa , — 0 10 Mining House ; — 0 0 6 Moonlight-Nelson Creek 0 0 7 _ Nevis Diesel 0 0 44 0 0 5 New Cornish Point (cont.) ... 0 0 6 , New Cornish Point (paid) 0 1. 0 Nokomai 0 3 0 0 3 3 Okarito 0 8-4 0 8 6 Oxenbridgo 0 p 11 0 10 Paddy’s Point 0 2 3 0 3 0 Skippers 0 0 10 0 0 11 Waihi — 1 15 6 Waitahu p ; ... 0 4 10 0 5 0 N.Z; GOVERNMENT LOANS— (Bonds Quoted are £100 Bondi.) 3) p.e. Stock, 19381943 104 0 0 Ji p.c. Stock, 1939- • 1943 104 0 0 JA p.e. Stock, 19411943 104 0 0 34 p.c. Stock, 19381952, ex ' 103 5 0 — 34 p.e. Stock, 19301952, ex 103 5 0 3j p.e. Stock, 19411952, ex 103 5 0 4 p.c. Bonds, Jan. IS, .1940 104 0 0 4 p.c. Stock, Jan. IS, 1940 104 0 0 4 p.c. Bondi, Feb. 15 1946 ... 104 0, 0 — - 4 p.c. Stock, Feb. IS. , 1946 104 0 0 4 p.c. Bonds, April 15, 1949 104 0 0 _ 4 p.c. Stock, April 15, 1949 104 0 0 4 p.c. Bonds, June 15, 1955 105 0 0 4 p.c. Stock, June 15. 1955 105 0 0 __