Commerce, Mining, & Finance

Evening Star, Issue 21721, 16 May 1934, Page 7

Commerce, Mining, & Finance

SUN NEWSPAPERS LTD. ANNUAL MEETING [Pm VmvKD Prbss Associawok.] CHRISTCHUKCJH, May IS. The annual meeting of shareholders of tho 'Sun' Newspapers, Ltd. was held to-dav, Mr H. D. Acland. chairman of directors, presiding. The chairman, moving the adoption ot the import and balance-sheet, said that, while the trading account had unproved by £1,231 as compared with the previous year, the advertising revenue, owing to the unfavourable business conditions prevailing, had not recovered material) v. with the result that the earnings were ju*>t about sufficient to maintain - Hiß paper at its accustomed standing, leaving little or no surplus for distribution. The outlook for the future was hopeful. There were indications of steady expansion in the volume of advertising. The company's assets were entirely unencumbered, and the plant and rnaehiuerv were iu good order. Mr J. J. Dougali and Mr David June? were elected directors, jiud Messrs Be«t and Wilkinson auditors. SHEEPSKIN MARKET The Dunedin Woolbrokers' Association reports as follows: The fortnightly sheepskin sale was held yesterday, when small catalogues were offered to a good attendance of buyers. There was fair competition, though in sympathy with the drop in the London" market prices all round were' easier. Good- full-wool skins showed *a drop of id to Id per lb on last sale's rates, and faulty sorts from Id to 2d. Half-bred full-wools, to lljd;'half wools, to Bidj quarter wools, to did; f. ero&a-bred full-wools, to 9Jd; half-wools, to 7d; quarter-wools, to <5Jd; cross-bred'lull-wools, to 7Jd; halfwools, to G.Jd; quarter-wools, to.od; dead half-bred, to dead line crossbred, to 6.jd; dead cross-bred, to ojd; • half-bred hogget?, to 93d: f. cross-bred hoggets, to Sid; cross-bred hoggets, to 7£d; dead half-bred hoggets, to Sid; dead cross-bred hoggets ? to 6Jd; he.st lambs, to BJd; medium, 6Jd to 7d ; ; first pelts. 4d; medium second, 2d to 3d; inferior. Id tolljd. LONDON FRUIT MARKET The Otago Provincial Fruitgrowers' Council advises that the High Commissioner's cabled report on the London fruit market for the week ended May 32 is as follows:—Tamaroa pears in sound condition; apples slightly forward. Middlesex. Sultan Star, Doric Star, and Rangitane discharging next week. Current prices are:—Apples: Alfristou, 8s Od to ]os 6d; Ballarat. 9s 6d to lis; Cleopatra. 9s to 10s 9d; Cox's Orange, 10s to los; Delicious, 8s to 335; Dunn's. Ss to lis; Jonathan, 7s 6d to 31s; Loudon Pippin and Lord Wolseley, 7* Od lo 9s Cd; MTnlosh Red, 8s to 30s 6'd; Adam's Pearmain. 7a to Ss 6d; Desert Cold, 8s b'd to 9s. , Pears: Cornice, l(is; Winter Cole, 13s 6d to 13s; 15*uiro Bote, 12s 6cl to 14s 9d; "Beurre Clairgeau. 9s to 9s 6d; Vicar of Winkfield. 8s 3d to 10s; Packham's Triumph, 355: Josophiuc, 12s to llr. 6d; Winter Nellis, 12s to lis 3d; Elizabeth Cole. 1 U lo 12s 3d: Tw vford Munim.h, 10s to Jo> 9d: liourju Did, 9s 6tl. TRADERS' FINANCE GOMPANY The directors of the Traders' Finance Corporation Ltd., Auckland, have declared an interim dividend on preference shares at the usual rate of 7 per cent, per annum, less the statutory re r duction of 20 per cent, for the halfyear ended March 31. Payment will be" ' made on May 18. No declaration has been made on ordinary shares. The company's paid capital of £91,497 includes £34,077 in £l. preference shares. METAL. MARKET ' '.. ' i Press 'A'MMiation— By Telegraph—Copyright I [ LONDON, May 14. The following are the official mctai quotations: Copper.—Standard. £33 0s 7-Jd per ton; forward, £33 6s lOJd. —Spot, £36; forward, £36 10s. / .... Wire bars,-£36 10s. Lead.—Spot, £lO 17s 6d; forward, £ll 3s 9d. Spelter.—Spot, £l4'l2s 6d; forward. £l4 18s 9d. Tin.—Spot, £233 12s 6d; forward, J 229 16s 3d. Pig Iron.—Home trade, £3 7s 6d; •xport, £3 2s <xl. Antimony.—British, £42 10s: foreign, • £27 15s. Silver.—Standard, 19*d per oz:,fine, i 21 lrl6d. ! Molybdenite, £1 16s per unit. I Wolfram, £2 Is ,3d.

AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY. May 15. On tbe Stock Exchange a somewhat hesitant tone was evinced to-day. mainly owing to the easing ov wool prices, although it is recognised that the wool sales which are now being held are mainly of a clearing-up nature. Bank of New South Wales were sold down rather sharply, and Government Bonds were rather quiet owing to the reluctance of holdei-s to sell. The ordinary investment market was fairly steady, and the turnover in gold and tin ventures was substantial. Later sales were:—Bank of Xew South Wales, £32 ]2s 6d; Colonial ■Sugar, £64 Jos; Associated. News (pref.), 24s 6d; Howard Smith; 14s Id; British Tobacco, 37s 6d; Tooths, 14s 9d; Tooheys, 29s 3d: Uunlop Pevdriau, 18s 9d; Anthony Hordern, 16s 7*d; Farmers. 19s 9d; Hume Pipe, Ms -Id: Mount Morgan. 22s 4Jd;. Bulolo Gold, £7 15s; Bulolo Deposits, Is 9.Jd; Kuala Jiampar, 17s; Larut, 15s 6d; Commonwealth Bonds (fours)—l93B. £lO6 !8s 9d; 1941. £lO6 7s 6d; 1944. £lO6 ]os: 1947,£108 15s; 1950, £lO9 .3s 9d; 1953, £llO 2s Gd; 1957 (ex interest), £lO3 2s 6d; 1959, £lO9 3s 9d; 1961. £lO9 10s. MELBOURNE. May 15. Australian Glass, 50s Gd: 'Herald and Times.' 51s 9d; Electrolytic Zinc, 26s 9d. DOLLAR AND FRANC Press Association—By Telegraph -Copyright. LONDON, May 15. (Received May 16, at 10.30 a.m.) The dollar is quoted at 5.11' and the franc at 77 5-16. PRICE OF GOLD LONDON, May 15. (Received May 16, at 10 a.m.) Eilie gold is quoted at £6 .16s OJd per 07.. HUNGARIAN WHEAT EXPORTS TO ITALY AND AUSTRIA Press Association—By Telegraph—Copyright LONDON, May 15. The ' Daily Telegraph's'. Rome correspondent says it has been arranged that Hungary shall .export 12,750,000 bushels of wheat to-Italy and Austria, of which the former will take two-fifths and Austria the remainder. Italy rcseives tbe nght to ic-e\poit any sui ■ plus wheat sent horn Hungaij REDUCED ATLANTIC FARES Geueial xeduciions in the sLeanicr fates between Gieac Britain and Ireland and the United States hcue been made by the transatlantic shipping companies. It h expected that the improvement in the value of sterling will assist, the development of tourist travel from Great Britain to the i U.S.A. and Canada. The pound sterling, worth at'this time last year about 3dol 80 cents, now. buys about sdol 15 cents. Hotel and other expenses in the United States have been considerably reduced. Visitors will obtain exceptionally good value for English money. The American-owned lines have also cut rates. TAUPIBI GOAL MINES v The annual report of the Taupiri coal mines for the year ended March 31 states that the directors regret that the operations resulted in a heavy loss of £12,248. There was, however, a balance to credit of the profit and loss account for 1933 of £9,604, out of which a dividend of 5 per cent, on ordinary shares was paid. The dividend on the preference shares has been paid > from | the dividend equalisation reserve, which now stands at £1,720. The debit balance remains in the profit and loss appropriation account of £7,495. The directors recommend that an amount of £II,OOO. shown in the accounts as accident reserve, be transferred to profit and loss appropriation. AUSTRALIA'S TRADE BALANCE Australian overseas trade for the nine months ended March 3] showed a favourable balance of £37,857,000, an improvement of £4,530.000 on the favourable balance for the corresponding period of 1932-33. The favourable balance on merchandise account. alone was £32.496,000, compared with . £17,420,000 at March 31 last year. Lower shipments of gold reduced.the bullion and specie balance to £5,361,000. Gold shipped during tbe nine months was in value £10.731,000 less than that exported from July to March, 1932-33. Total imports for the nine mouths fell by £541,000. WOOL SUPPLIES World woo] production reached a peak in 1929, when 3,806,000,0001 b was grown, the equivalent of over 12,000,000 bales of Australian weight. The quantity produced during the past year was about 1,000,000 bales less than in 1929. Until the past season, decreasing world production was without effect on demand because carry-over stocks supplemented each year's supply. But that surplus in regard to merinos and medium to fine cross-breds has disappeared. Supplies of the staple_ in Australia (says the Sydney ' Morning Herald ') will be larger nest season. That situation cannot be disregarded in viewing the future. The new season's clip, however, will not commence to arrive in consuming centres in Europe and Great Britain until October next. By that time five exceedingly lean months for replenishing stocks will have been experienced, the most extended in that regard seen for many years. The situation should, therefore, be satisfactory for the establishment of a range of values for the clip. .Meantime the outlook for world trad* may improve. $

DAIRY iOARD STILL IN CHARGE EXCEPT IK NATIONAL NEGOTIATION [l'.er ' United Press Association. ] CRRISTCHUTIGTI. May 15. . Although the Government has taken over the powers previously exercised 1 by the -New Zealand Dairy Produce Board in negotiating with the British Government,' the board still retains its ordinary powers and continues to func 7 Lion in the usual way. A pronouncement to this effect was made by the Prime. Minister (Mr Forbes) to-night. Mr Forbes referred to the recent announcement that the board intends to proceed with the new marketing regulations to come ' into operation on August.!. Some doubt as to the board's intentions had arisen in the export trade in view of tho Government's assumption of the responsibility for the dairy problem, and the appointment of a lloyal Commission. Mr Forbes said that the Government 'had not abolished the powers of the Dairy Board, except-in the negotiations with Britain. Previously the Government had accepted the views of _ the board in regard to such negotiations, but it had been decided that matters affecting the nation at lai-ge should be dealt with by the Cabinet. In the meantime the board's ordinary powers continued. The lloyal Commission would.probably report on the,control of dairying and" it might recommend amending legislation. The position of the hoard would then be reconsidered. DAIRY PRODUCE The Otago Farmers' Co-operative Association of New Zealand Ltd. has recieved the following cable from Loudon, dated May 15:—Butter, 775. Cheese: Firm white, 44s 6d, 455; coloured, .'44s, 44s 6d. THE SEARCH FOR GOLD BELL-KILGOUB COMPANY The secretary of the Bell-Kilgour Gold Mining Company Ltd. has received a report from the,mine manager dated May 12, which reads- as follows: Main Face.—No. 3 west cross-cut was advanced 14'ft ou a rising floor; values of fine-gold wore irregular. : North-east Block. Timbering old workings and saved fair gold. South-east Block; No. I.—Secured a little gold in taking out a panel near the old-workings. ......-• South-east Block, No. 3, Fast Crosscut.—Drove 29ft with timber; values first 24ft low, with' improvement in last 6ft. No. 3 West Cross-cut.—Drove 17ft through loose ground ; values low : have now turned north. A little water is making with a change from a clay lo a sandstone • " floor ; last prospects showed better gold. - OPERATIONS AT WAIHI . The following information concerning the operations at Waihi has been cabled to London:— No. 4 Level.—Martha lode, north branch cross-cut to south : At 329 ft west and.at 24ft in tho upper 4ft of.face k quartz assaying 7s 3d per. ton. • The lower 4ft consists of country with stringers of quarts:. No. 5 Level.—Martha lode, north branch, driving west: The next 13ft assays 3s 3d per. ton. The reef is wider than the drive. The north wall being in.hand, we are now cross-cutting at 520 ft. Martha lode, driving west; nest 50ft assays.3s 6d per ton. No. 6 Level.—Cross-cut to northwest, driving west on lode: At 4GSft in the next 56ft assays 9s 3d per ton. The vein is about 3in wide. Junction No. 6 Level.—lloyal lode south cross-cut: At 100 ft cast of N'o. 1 shaft and south-east cross-cut was resumed, and advanced 72ft. At 27ft in this cross-cut we drove to east 77ft. The reef is dissipated-'in faulted country, and we are now rising. AHAURA GOLD. Applications are coming- in for shares in the Upper Ahaura Gold Dredging Co. Ltd.. which is to dredge for gold on the Ahaura River, on the West Coast. The main northsouth lead crosses the river, and on the boring to date excellent' dividends are assured. Amplications for shares, or a. prospecans, may be.made to the Isutiing House of N.Z. Ltd.. Whitcombe and Tombcs Butldinss Dunedin. or to anv members of anv of the N.Z. Stock •Exchange.—l6/5/34.

THE SHARE MARKET GUHEDIN STOCK EXCHANGE Kirm conditions generally prevailed on tlio local shaiv market this morning, and business was confined to one sale of BcllKilgours and two reported sales. There was little alteration m the banking- section. Sellers of Commercials eased a little, and E.S. and A's were fractionally firmer. In the < miscellaneous section there was a. buyer of Crystal Ices, but sellers required 5s more. Xokoniais, which recorded a further improvement, were the only shares to showany alteration in the gold mining section, though King Solomons revealed a tendency to weaken. Government loans met with the usual strong demand, with 4 p.c. Stock (19-10) providing the only seller. SALES. On 'Change.— Bell-Kilgour, 4d. Reported.—North Broken Hill, £4 14s; Xew Zealand Breweries, £2 2s. Quotations as under:—

DIVIDENDS DUR.

Burers. Sellers, C s. d. £ t. d. BANKINGBank of Australasia — 12 8 0 Bank of N.S. W. — 33 10 0 Bank of N.Z 2 12 0 2 12 6 Commercial Bank 0 16 8 0 16 10 E.S. and A. Bank .. 5 7 0 5 9 0 National Bank of , New Zealand 4 0 0 4 4 0 INSURANCE— ' National Jnsur. Co, 0 19 6 N.Z. Insurance' Co. 3 0 0 . Standard Jnsur. Co. 3 1 3 — SHIPPING— Huddart, Parker (pref.) ... 15 0 U.S.S. Co. (pref.) ... 1 S 6 — COAL— Kaitangata Coal 116 Westport Coal Co. ... 0 15 9 — Westport-Stock ton (ord.) 0 1 10 W cstport-S tock ton (prof.) - 0 3 3 LOAN AND AGENCYGoldsbrough, Mort ... — 1 13 0 National Mortgage ... •- 3 4 8 N.Z. Guarantee Corp 0 4 0 — Trustees’ Executors and Agency 3 0 0 — Wright, Stephenson (pref.) 10 0 - MEAT PRESERVINGN.Z. Refrigerating (paid) . 0 18 0 _ N.Z. Refrigerating (cent.) 0 8 6 0 8 10 Southland Fror.cn Meat (paid) ... 5 5 0 Southland Frozen Meat (pref.) 3 5 0 South Otago Freezing — 6 2 0 Waitaki Farmer?’ Freezing 2 7 6 MISOELL AN EO USAssociated News 1 5 6 Brown, Ewing (ord.) ’■ 10 0 Brown, Ewing (pref.) 1 0 6 — Bruco Woollen Co. 1 (pref.) ... 10 6 — Crystal Ice Co 1 15 0 2 0 0 O.I.C. (pref.) 12 0 — Dominion Fertiliser 0 17 6 0 18 0 Dominion Fertiliser Debentures 102 0 0 — , Dominion Rubber -T1 5 6 Duncdiu-Kaikorai Trams ... ... ... 1 14 0 — Dunlop Pcrdriau 0 18 3 Rubber ... . Kaiapoi Woollen (ord.) 0 9 5 0 10 0 Kaiapoi Woollen 0 19 0 (pref.) ... — Milbuvn Lime and Cement 1 11 6 Mount Lyell — 13 3 N.Z. Drug Co. 3 14 9 1 11 0 N.Z. Paper Mills 1 10 0 Otago Daily Time? ’ Regent Theatre 2 6 0 — 0 18 6 10 6 Smith and Smith (prof.) 0 37 0 BREWERIESN.Z. Breweries 2 1 10 2, 2 3 Dunedin Brewery 15 0 — Timaru Brewery (10s paid) ... ... 0 7 6 - OIL— ■ Moturoa (ord.) - 0 4 3 COLD MINING— Aoteaiv* .-. — 0 0 8 Bell-Hooper 0 0 31 0 0 10 Bcll-Kilgour 0 0 4 Bendigo Ooldliglit ... 1 12 0 0 0 8 Blackwater , Brian Born — 0 19 Charleston — 0 17 Gillespie’s 0 19 0 2 0 Golden Point — 0 0 4 Golden Progress — 0 16 Golden Sands ■ 0 111 0 3 3 Kildare • King Solomon ... , ... — 0 4 3 Lawson’s Flat 0 0 35 — . Maercwhenua — 0 0 101 Mahakipawa -- 0 10 Moonlight-NeUoa 0 0 7 Novis Diesel -- 0 0 5 isokornai 0 3 1 0 3 6 Okarito 0 8 7 Osonbridge 0 1 0 I’a.ddv's Point 0 2 4 0 3 0 Skippers 0 0 91 0 0 11 Waitahu 0 5 0 Wetberstone 0 4 11 N.Z. GOVERNMENT LOANS— (Bonds Quoted are £100 Bonds.) ,ii p.«. Stock. 19381913 104 0 0 ■_ ik p.c. Stock. 19301945 104 0 0 . 3J p.«. Stock, 19411943 104 0 0 __ . 3J? p.c. Stock, 19381952 103 0 0 — ik p.c. Stock. 1938'1952 ' ... ... 103 0 0 J; p.c. Stock. 1941* 1952 103 0 0 ♦ p.c. Bonds, Jan 15, 1940 ... 104 10 0 4 n.c Stock, Jan. 15, 1940 105 10 0 — 4 p.c. Bonds, Feb 15 1946 .104 0 0 4 p.c. Stock, Fob IS. 1946 ... .: 104 0 0 4 p.c. Bonds. April 15 1949 104 0 0 . — 4 p.c Stock. April 15. 1949 104 0 n 4 p.c. Bonds. June I';. 1955 105 0 0 4 p.c. Stork. June 15. 1955 105 0 0 —

Wright, Stephenson—Final, 3 p.c. on ord. shares . E.S. and A. Bank—int. 2j p.c. May — Broken Hill Propty.—half-yearly, Is per share to-day Perpetual Executors and Trustees Association of Australia—interim half-yearly, at rate of 6 per cent, per annum ...' ... t >-day Ualgcty aud Co.—Interim, 3 p.c. per annum .' May n Bank of N.S.VV. — tjuartovly, f;s N.Z. Paper Mills—I p.c., making 7 p.c. per annum M ay 21 share (Aust. cur.) May30 National Bank Australasia —halfyearly. final, 5 p.c. per annum Farmers’ Trading—Final, pref.. 7 p.c. per annum (less 20 p.c.) May 50 May 51 Henry Jones—Interim, 6d a share June 1 Wilson’s Cement—Final, 6d per share. Jung 6 Broken Hill South—Is 6d a share, payable in Melbourne June IS Bank of S.Z. — final, 5 per cent., making 10 p.c. for the year June 15