COMMERCE, MINING, AND FINANCE

Evening Star, Issue 21786, 31 July 1934, Page 7

COMMERCE, MINING, AND FINANCE

WEST COAST MINING OPERATIONS HUGE SUMS OF MONEY INVESTED With the Blackwater capital of £250,000 and that of Rimu Company and several small private concerns, an estimate of £1,000,000 invested m West Coast mining is conservative. A proportion of the capital ot the purely local companies is represented by vendors’ paid-up interests, but in most cases a percentage of these interests is a repayment for prospecting and developmental costs, so that in the aggregate the total of New Zealand cash invested approximates £500,000. Sluicing operations require Jess capital as a rule than either dredging or ; quart:', mining, and this is responsible, . no doubt, for thirteen of the twentyfour locally-owned ventures being devoted to that' class of mining. The aggregate capital of the sluicing companies is £225,500. Most of this capital is still non-productive, being represented in companies still to commence operations or those which are not yet operating at capacity. Two companies —Golden Sands and Addison’s Flat—have paid dividends. Some of the others have commenced operations, but with indifferent success, and two or three of them have had troubles due ! to an insufficiency of water and pressure, which will require additional capital and plant to overcome. The companies still constructing their plants are the Glenroy, Hatter’s Plat, ’ Moonlight Nelson Creek, and Moonlight .Goldfields. The sluicing claims require •mall running costs compared with ‘other forms of mining, and returns do not require to "be very large to enable dividends to be paid, There is only one 'driving—deep lead mining—enterprise ori the Coast, and its initial return was very satisfactory. Sis dredges are now in operation, including the Rimu, which won gold to the value of £92,000 in 1932. Okarito and Brian Boru have both paid dividends, and it is reported that the Mataki (Murchison), Gillespie’s Beach, and Worksop Extended companies will ■be joining' the dividend-paying list shortly. Two additional companies are now constructing their dredges—Mossy Creek ‘ (which is expected to have a -trial run 'before the end of August), and Maori Gully. An Australian company is engaged erecting a dredge at Camerons. The two quartz mining companies which have been operating for some years—Blackwater and Alexander—have b6th paid substantial dividends. The Blackwater mine in 1932 produced gold to the value of £145,091, or a total of £1,905,419 from the commencement of operations until the- end of the year mentioned. The Alexander. mine in 1932 yielded gold to the value ,of £38,917. The other two quartz companies —Big River and Murray’s Creek—are ■till in the development stage. THE TARIFF CHANGES REQUESTS TO MINISTER [Put (Initio Press Association.] WELLINGTON, .July. A request for the restoration of duties on linseed bil and cattle cakes was made to Mr Coates to-day by the New Zealand Cattle Cake and Oil Company. Under the old tariff there was a duty of 20 per cent, on cattle cakes, 9d a gallon on raw linseed oil, and 6d a gallon on refined, but under the new schedule these duties were abolished. On behalf of, the company Mr A. W. Smith said the abolition of the duties would definitely mean the closing down of the works, entailing the sacrifice of buildings, plant, and machinery, in addition to throwing, more men out of work. The removal of the duties did not mean that linseed meal, which was admitted by. the commission to be a very valuable stock food, would be procurable from England' at a cheaper price. It simply meant that the door would bo opened to Australia, against whom it would be impossible for New Zealand, manufacture!* to compete without protection. England really had no need to export linseed oil, as for a number of years her imports exceeded her exports. The bulk of English oil was manufactured from foreign linseed, and was therefore entitled to pay a general rate instead of a British preferential rate. ‘ Slider, placket fasteners (zipp) were tho subject of representations to Mr Coates by Mr A. I). Guthrie, representing Guthrie, Bowron, and Co., and L. H. Labono, agent for Imperial Chemical Industries. Mr Labone said that under the new tariff fasteners from all sources were admitted free, and as a result the English manufacturer was not able to complete with foreign manufacturers, who produced their product under conditions which did not apply in the United Kingdom. They asked that a duty of 5d a foot be placed on foreign products. Mr Coates said he would consider the representations. DOLLAR AND FRANC Press Association —By Telegraph—Copyright. LONDON, July 30. (Received July' 31, at 10 a.m.) The dollar is quoted at 5.08 7-8, and the franc at 76 7-16 d.

AUSTRALIAN STOCK EXCHANGES

Press Association— By Telegraph—Copyright. SYDNEY, July 30. Stock Exchange business opened quietly, but sellers of industrial and general trading shares were not pressing, and values remained about late levels. Latei sales were as follow -.—Queensland National Bank. £5 2s 6d ; Australian General Insurance. 15s 3d; Adelaide Steam, 25s 6d: Australian Gas (A), £8 Is; Tooths, 445; Australian Glass. 47s 6d; Farmers, 19s 9d: Anthouv Hordern. 14s: Standard Cement. 19s T]d; Australian Iron and Steel (pref.). 21s 7Jd ; Mount Lyell, 21s 6d; Broken Hill Proprietary 46s 9d; North Broken Hill, 92s 9cl; Bulolo Gold, £/ 19s; Kuala Kamner. 16s iOJd; Rawang, 9s 2d; Euratha Gold, 10s. MELBOURNE, July 30. Dunlop Perdriau, 18s 9d; Electrolytic Zinc, 25s 10Jd; Electrolytic Zinc (pref.), 345; Herald and Weekly Times, 49s 9d. ■ PRICE OF GOLD Pres* Association— By Telegraph—Copyright. LONDON, July 30. (Received July 31, at 10 a.m.) Fine gold is quoted at £6 18s OJd per oz. ' BRADFORD MAr.ET Pres* Association—By Telegraph—Copyright. LONDON, July 30. (Received July 31, at 10.30 a.m.') The Bradford market has not improved, and there is little business. NEW GUINEA GOLD SHARES Pr«M Association—By Telegraph-Copyright. LONDON, July 30. (Received July 31, at 10.30 a.m.) New Guinea Gold shares are quoted at 5s 4Jd. THE SEARCH FOR GOLD BELL-KILGOUR COMPANY The secretary of the Bell-Kilgqur Gold Mining Co. Ltd. advises receipt of a report, dated July 28, from the manager, which reads as’' follows. — During the period blocking out at sc, four yielded good values. Block 6, a panel was carried through for 32ft to edge of run of gold, for good values. S.E. block.—Wash taken out between two old drives, yielded good gold. N.E. boundary drive was advanced 12ft for fair values, and sft of driving east showed fioor dipping one in four with low _ values. 149yds of “wash” treated yielded 54ozs 9dwts lOgr. , THE CHARLESTON RETURN The Charleston sluicing return for a fortnight was 19oz 7dwt.—Christchurch Press Association. THE MATAKI RETURN The Mataki return for the week ended July 29 was 290 z for 138 hours’ • work. —Auckland-Press Association. TALISMAN DUBBO MINES The Talisman Dubbo Mines advised the Dunedin Stock Exchange this morning that 37J wet tons equal to 31 Ad dry tons of ore* were treated for an actual realisation, on eighty-live extraction, of £199. PRIZE STOCK FDR AUSTRALIA VALUABLE CONSIGNMENT FROM U.S.A. (Pm United Pms« Association.] AUCKLAND, July 31. In charge of .an Agricultural University graduate, ten cows and three bulls, said to comprise the most valuable consignment of stock that ever left the United States, arrived from Los Angeles to-day on the steamer Golden Coast, bound (with one exception) for Australia, where they are to improve the strain of the chilled beef stock. Their custodian, Homer L. Thieman, the son of' the breeder of the international champion Polled Shorthorn cow, Vanity Queen, considers that one bull is one of the finest America has ever produced. It lost the international gx-and championship by a narrow margin to another animal which is also aboard the ship. It weighs over 2.000 pounds. The first-mentioned bull is consigned to Mr C. E. Robertson, of Wellington. Thieman was in Chicago when that city’s stockyards were burned to the ground on May 19, and he had the task of saving thirteen cattle from destruction. Two caught on fire, hut lie managed to drive all thirteen to a place of safety. The damage in the fire exceeded £250,000.

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE The recorded basinets this morning conceraed gold mining shares only, Gillespie’Beach, which had a reported sale late yesterday, firmed to business at Is lid after the call. Blackwater? changed hand* at 31s 6d off the call, and Kildare* had business at the improved figure of 2s 2d. Buyers of Bank of New Zealand* offered 3d more than yesterday, but no shares were for sale. Reserve Banks had inquiry at 24s 6d premium, but sellers were firm al 25s 3d. Onion Steam Ship prefs. had a closer market as the result of an increased offer by buyers. ' Meat preserving shares appeared to bo easier, with fewer buyers than usual, and there was not much altera (ion in the miscellaneous section.

A margin of 6d separated the quotations for New Zealand Breweries, which were fractionallv firmer. King Solomons had a better buyer. Okarilos had stronger inquiry, and Massy Creeks also gained strength in the gold mining section, in w-hien most interest seemed to be centred. SALES, Reported.—Blackwater, £1 11s fid; Gillespie's Beach, Is ICd (late yesterday) : Kildare. 2s 2d. After- Call.—Gillespie's Beach, Is 11J

(threel. Quotations as under:— Buyc s, Sellers. £ s. c . £ s. d. BANKING— Bank of Australasia ... 11 18 0 Bank of New Zealand 2 5 9 — Bank of New Zealand, Long “ I) ” — 1 14 6 Commercial Hank ... 0 16 4 — E.S. and A. Bank' ... ' 4 19 0 — National Bank of Australasia (cont.l — 6 1 0 Union Bank of Aus0 tralia Ltd — 9 18 Reserve Bank 6 ■4 6 6 5 3 INSURANCE— National Insur. Co. — 0 19 6 N.Z. Insur. Co. ... 3 1 0 — South British Insurmice Co.. 4 0 3 — Standard Insur. Co. — 6 0 SHIPPINGHuddart, Parker (pref.) ... 1 8 0 — U.S.S. Co. (pref.) ... 1 6 6 1 7 6 •COAL— Kaitangata Coal ... 1 0 6 1 1 3 Westport Coal Co, ... 0 19 0 — Westport-Stockton (pref.) 0 4 2 — LOAN AND AGENCYGoldsbrough, Mort ... — 1 10 0 National Mortgage ... — 3 i 0 National Mortgage (B Issue) ... ... N.Z. Guarantee Cor- — 1 11 9 poration 0 4 3 “ 1 Trustees, Executors, and Agency 3 8 0 — Wright, Stephenson (ord.) — 0 ia 9 Wright, Stephenson (pref.) — 1 0 8 MEAT PRESERVINGN.Z. Refrigerating (paid) 0 IS 0 0 18 11 N.Z. Refrigerating 8 (cout.) ... — 0 5 Southland Frozen Meat (paid) ... ... ... — 3 12 0 Southland Frozen Meat (cont.) — 0 ■1 16 0 South Otago Freezing 6 0 “ MISCELLANEOUSAssociated News ... 1 1 0 — Brown, Ewing (pref.) - 1 0 9 — Bruce'Woollen Co. (ord.) ; ... 0 10 6 — Bruce Woollen Co. (pref.) ... 1 J.l.C. (pref.) 1 1 0 — 4 0 — Dominion Fertiliser ... 0 18 0 0 18 6 Dominion Fertiliser Debentures 104 0 0 — Dominion Rubber ... — 1 9 9 Dunedin-Kaikorai Trams ... 1 16 0 — Dunedin Stock Exchange Proprietary ... 2 0 0 _ Kaiapoi Woollen (ord.) — 0 11 3 Kaiapoi Woollen (pref.) ... 0 19 0 — Mount Lyell ... ... 1 1 4 1 2 0 National' Electric ... 0 5 6 — N.Z. Drug Co — 3 18 0 N.Z. Newspapers ... 1 9 9 — N.Z, Paper Mills ... 1 1U 6 — North Broken Hill ... — 4 14 0 ‘ Otago Daily Times ’ 2 9 0 — Regent Theatre — 0 19 6 Smith and Smith (pref.)' 0 17 Wilson’s (N.Z.) 0 -- Cement ... — 1 10 6 ‘ Sim ’ Newspapers ... — 0 4 9 BREWERIESN.Z. Breweries ... 2 3 7 2 4 0 SOLD MINING— Aotearoa ... 0 0 8 — Bell-Hooper 0 0 5 0 0 6 Bell-Kilgour 0 0 4i 0 0 5 Bendigo Goldlight ... 0 Big River ... 0 74 0 0 8 — 0 1 14 Brian Boru 0 1 5 0 1 6 Central Shotover ... — 0 0 11 Gillespie's ! 0 1 10 0 1 11 Golden Point 0 0 14 0 0 2 Golden Progress ... 0 1 1 0 1 6 Golden Sands — 0 3 H Goldfields Dredging ... 0 0 10 0 0 11 Glen toy 0 1 1 — Kildare 0 2 0 0 2 3 King Solomon 0 3 11 0 4 1 Lawson’s Flat ... — Q 0 7 Moonlight, Nelson Creek 0 0 5 0 0 6 Nevil Diesel ... ... 0 0 4 — Nokomai ... — 0 3 6 Okarito ' ... 0 8 0 0 8 4 Oxenbridge ... ... — 0 0 10 Skippers 0 0 74 0 O' 84 Sandhills ... ... ... — 0 0 6 Mossy Creek 0 1 65 0 1 74 N.Z. GOVERNMENT LOANS(Bonds quoted are £100 Bonds.) 34 p.c. Stock. i9381943 ... ... • 106 10 0 34 p.c. Stock, 19391943 ... ... 106 10 0 34 p.c. Stock 19411943 106 10 0 '35 p.c. Stock, 193S1952 . 106 10 0 — .34 p.c. Stock, 19391952 106 10 0 pc. Slock, 19411952 ■ 106 10 0 1 u.c Bonds, Jan 15. 1940 105 0 0 — ; o,< Stock, Jan. i5. 1940 105 0 0 1 p.c. Bonds, Feh 15. 1946 107 0 0 — t p.c. Stock, Feb, 15, 1946 107 0 0 — 1 p.c. Bonds, April 15, 1949 ... ' ... 106 IS 0 — 1 p.c Stock, April L5, 1949 106 15 0 t p.c. Bonds June In. 1955 ' ... 107 0 0 4 p.c Stock. June la, 1955 107 0 0 DIVIDENDS , DUE. Smith and Smith preference, 5 per cent, ... To da v East African Coffee—pref,, at rate of 7 per cent To-day Farmer and Co. Ltd., Sydnc, half-yearly, 1st pref,, per cent.., and 2nd pref., per cent, per annum To-day Union Bank final, 3s ... , Aug. 1 Trustees and Executors Co., Melbourne —final, at rate of 6 per cent per annum ... . Aug. 2 Auckland Gas- interim, 6 3-5d Ai 2 N.Z. Insurance—final, Is a and bonus of 6d a share . Aug. ? Hommorcial Bank—Una!, 3d i and 4a (pref.) ord.) Aug. 9 Fanu. Fertiliser annual, 5 p.c. Aug >2 and pref.) Sept. 7 Elect roll tie Zinc—final, 9Jd (ord. and pref.) ... ' Sept. 7