Commerce, Mining, & Finance

Evening Star, Issue 21822, 11 September 1934, Page 7

Commerce, Mining, & Finance

AUSTRALIAN ORANGES QUESTION OF PRICE AND SUPPLY LOSS THROUGH BAD FRUIT [Per United Press Association.] INVERCARGILL, September 10. The latest phase in the public agitation about the' price and supply of Australian oranges was the presence of Mr C. B. Tapley, president of the Invercargill Chamber of Commerce, at a special meeting of the Invercargill Retail Fruiterers. Association to-day. Mr Tapley was invited to be present at the meeting in order that the association might have an opportunity of fully replying to the Press statements made by'him last week. It was declared by the retailers in the course of a lengthy discussion that their losses through bad fruit were so high that in some cases they could make no profit on consignments. It was alleged by members that the retailers had been shown up in a bad light, whereas they contended they .were simply the victims of circumstances beyond their control. The loss through bad fruit was estimated at 30 per cent. In the course of the discussion Mr Tapley said that the export of South Australian oranges, was in the hands of a monopoly which had caused the high prices here. Mr Tapley went on to say that people were asking why oranges were still so dear in view of the fact that the embargo had been relaxed. The position needed clarifying, and the general public did not realise that there was such a high percentage of loss. “I didn’t realise myself that the loss was so high,” said Mr Tapley. “ Thirty per cent, is a serious matter. A monopoly is at work. That is a serious thing for the dominion. We must point out to the Government what a serious thing this is for the country. I hope before long that there will be a free and open market for oranges from South Australia and that the retailers will then reap a greater benefit than by ■ the present restriction.” A retailer; We have been branded as profiteers. Mr Tapley: The losses with fruit are so serious that it is plain the retailers are not to blame for the high prices. SALES TAX Sales tar collected during July totalled £168,662, an increase of £7,785 over the June figure, and of £38,711 over that for July, 1933. The sales tax (says the Government statistician in his report for July) has not yet been in operation for a sufficient length of time to enable a considered judgment to be formed as to the normal seasonal fluctuation in the monthly yield from this tax; but it is noteworthy that between June and July of this year a fairly substantial increase £7,785 took place, whereas between the same months of last year a decrease of £6,782 was recorded. “From this evidence it would appear!, that -the. increase shown on this occasion was _ caused by improving trading conditions counteracting an expected seasonal decrease. It is, perhaps, germane to the question of sales tax to point out that imports (most of which.are.subject to this tax) have so far shown a.buoyant tendency during 1934, as .compared with . 1933. AMERICAN LOAN ARRANGEMENTS Press Association—By Telegraph—Copyright WASHINGTON, September 9. Because of the unsettled condition of the Government securities market the Treasury has announced that October financing, through which almost 1,800,000,000d0l of outstanding securities must be redeemed, will be entirely exchanges, with no cash subscriptions offered. The Treasury is offering holders of 1,250,000,000d0l of the fourth liberty loane 44 per cent, interest, with the option of accepting four-year notes at 24 per cent., or ten-year bonds bearing 34 per cent. As an inducement to make the exchange liberty holders are offered interest on the new securities beginning on September 15, although liberties are not callable until October 15. Two-year notes of 14 per cent, will be offered in exchange for 524,000,000d0l of other Government issues due. BRADFORD MARKET Press Association—By Telegraph—Copyright. LONDON, September 10. (Received September 11, at 10 a.in.) Bradford top-makers are adhering to recent quotations. BULOLO SHARES Frees Association—By Telegraph—Copyright. LONDON, September 10. (Received September 11, at 10 a.m.) Bulolo shares are quoted at £7 4s 3d,

SYDNEY WOOL SALES GOOD COMPETITION Press Association —By Telegraph—Copyright. SYDNEY, September 10. At the wool sales 8,982 bales were offered and 7,811 sold, while 1,195 were disposed of privately. There was good competition from Japan and Yorkshire, and an increased demand rom Continental sections. Prices were firm and unchanged at last week’s dosing rates. Greasy merino fleece brought to 15“ for five bales from Boomi. THE SEARCH FOR GOLD THE MATAKI RETURN The Mataki return for the week ended September 9 was 460 z for 126 hours’ work.—Auckland Press Association. GILLESPIE'S BEACH RETURN The return from the Gillespie’s Beach dredge for the past week - was 38oz lOdwt for 1294 hours’ dredging. The dredge now has a clear run northwards. NEW CORNISH POINT MINES Mr M. Moyc,- manager New Cornish Point Mines Ltd., reports for the week ended September 8 as follows: “ For the past week the east level has been timbered, making the total distance 59ft from the starting point in the south level. The country driven through was coarse, stoney gravel near the bottom, towards the roof was a finer gravel. It is better standing ground than usual, it being more of a tighter nature. Though it requires timbering, it is unnecessary to close lathe the sides of the drive or to use face-boards. The rock bottom has been fajrly regular for the whole distance driven, it being necessary to take up about six inches of it. the bottom has risen slightly for the last few sets. It is now one foot above the floor of the level at the face, with a small seepage of water coming out of top of the bottom. The values ip the wash show a slight improvement, but are still of low grade.” SELL-KILGOUR COMPANY The secretary of the Bell-Kilgour Gold Mining Company Ltd. (F. 11. Thompson) advises receipt of report from the manager, dated September 7, reading as follows: —No. 3 north branch was advanced Bft 6in for the week. Water is making freely from the face. Two holes bored up in the roof were pulled up by a hard, coarse quartz gravel layer at 7ft 6in and 9ft respectively. Blocking out progressed steadily at 5a with fair values of fine gold, with an occasional heavy piece. In No. 6 a panel was advanced 22ft and showed fine gold through the wash, with irregular values on the floor. No. 5h produced irregular values of fairly coarse gold. No 7a was advanced 7ft Sin, when “ floor ’’ started to rise again. Have started opening out in lowest pdrt where a fair sample of gold was found during the week. 146yds of “ wash ” treated yielded 13oz 3dwts 7grs. MAHAKIPAWA RETURN The wash-up for Mahakipawa Goldfields Ltd. for the week ended September 8 totalled 330 z. ALEXANDER MINES The secretary of Alexander Mines Ltd. advised the Dunedin Stock Exchange this morning that number nine call of 6d per share struck on all contributing shares is payable on September 27. WORKSOP RETURN ' The return for the week ended September 8 for the Worksop Extended Gold Dredging Company was 370 z lOdwt for 126 hours’ dredging. DOLLAR AND FRANC Press Association—By Telegraph—Copyright. LONDON, September 10. (Received September 11, at 10 a.m.) The dollar is quoted at 4.99 11-16 and the franc at 74 13-16. PRICE OF GOLD Press Association—By Telegraph—Copyright. LONDON, September 10. (Received September 11, at 10 a.m.) Fine gold is quoted at £7 0s 114 cl per oz.

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE A dull market was experienced this morning, with business in Mahakipawa gold mining shares at lid and a reported sale of New Zealand. Breweries at 47s 6d. Slightly improved offers were made for several of the banking issues, including New South Wales, Commercials, and Union of Australias, but sellers remained firm in each case. Reserves had a margin of 6d between the quotations, which were a little easier. A rise of 6d in the buying quotation for Standard Insurances- failed to attract sell ors. Better prices were offered for meat preserving shares without having any effect on sellers. Dominion Fertilisers had an easier market, and Dominion Rubbers were for sale at 30s 6d. Mosgiel Woollens have persistent buyers, hut sellers are very scarce, Wilson's Cements had a margin of 6d between the quotations, and Woolworth's (Sydney) continued . to harden. In the brewery section New Zealands, if anything, were a little easier. Staples wore for sale at 30s, and Dunedins improved to buyers at 28s, with sellers demanding 2s more. Tooths also had a better inquiry. More quotations were recorded' in the gold raining, section. The best buyer for Bell-Hoopers was at 3d, but sellers wanted 2d more. Bendigo Goldlights moved up a shade, and only “ prevented business. There were buyers of Molyneux Electric prefs., but no shares wore on offer. Mount Davids were quoted for the first'time in months, but produced a wide market. Nokomais Showed further improvement, and Okaritos were inclined to be easier witli sellers at 8s fid. Once again Government loans failed to produce a seller.

DIVIDENDS DUE. Adelaide Steamship—final at 6 per cent per annum Sept. 11 Milburu Lime and Cement —5 p.c. Huddart, Parker Ltd.—interim, half-year, 3 p.c. on ord. and pref. Sept. 13 Broken Hill South—ls 6d a share Sept. 15 King Solomon —25 per cent. ... Sept.«ls North Broken Hill—final, Is fid per share and Is bonus ... Sept. 28 Bank Australasia—half-year, 7 p.c. (3s fid) Sept. 28 Dunlop Perdriau —5 p.c., ord. and prof Kaiapoi Woollen (prof.)—two years, 5 p.e.. Is 8 2-Sd a share Sept. Kaiapoi Woollen (ord.)—one year, 3 p.c., 6 3-5 d a share Sept. British Tobacco—quarterly, 6 p.c. (3 3-5 d share) Sept, 29 Smith and Smith—half-year, 5 p.c. (fid a share) Oct. 31

NEW GUINEA QUID SHARES Press Association—By Telegraph— Copyright ■LONDON, September 10. (Received September 11, at 10 a.m.) Now Guinea Gold shares are quoted at 5s 9d. AUSTRALIAN STOCK EXCHANGES Press Association —By Telegraph—Copyright SYDNEY, September 10. The Stock Exchange tv as fairly active and strong in all departments. Later sales were as follow: —Bank of New South Wales, £32 7s 6d; Commercial Bank of Australia. 16s 9d; Union Bank, £9 10s; Bank of Australasia, £ll 12s; Australian Gas (A), £7 18s; Automatic Totes, 19s sd; Amalgamated Textiles, 12s 7d; Howard Smith, 16s; Berlei, 31s 6d; British Tobacco. 38s; Tooth’s, 465; Toohey’s, 28s 9d; Drug House of Australia, 20s 5d ; Morris Hedstrom, 16s 3d; Electrolytic Zinc, 27s Ijd; Farmers, 21s 6d: Anthony Hordern, 14s 9d; Lustre Hosiery, 23s 9d; Mount Morgan, 33s 7itl; Broken Hill Proprietary, 50s; Placer Development, £26 ss. MELBOURNE, September 10. Goldsbrougb, Mort, 30s 9d; British Tobacco, 37s 7£d; Dunlop Perdriau, 20s 4d ; Metropolitan Gas, £l4 13s; Australian Iron, and Steel (pref.), 23s 3d.

POTATO GROWING IN HEW ZEALAND INCREASED ACREAGE The acreage of potatoes in the dominion during the 1933-34 season was 25,028. compared with 24,605 in the previous year, while the yield was 131,045 tons, compared with 129,079 tons in the season 1932-33. states the monthly ‘ Abstract of Statistics.’ The figures are in respect of all holdings of one acre or more situated outside borough boundaries. Potatoes of table quality represented 66.4 per cent, of the total quantity dug, and those described by growers ns suitable for seed purposes accounted for 22 per cent. The remaining 11.6 per cent, represents the proportion rejected as fit only for pig feed, etc. Corresponding percentages in 1932-33 were 60.1, 26.3, and 13.6 respectively. The chief potato growing districts wore Canterbury (14.242 acres, yielding 73.324 tons), , Wellington (2,400 acres, yielding 12.349 tons), and Otago (2,003 acres, yielding 12,448 tons).

SALES. On ’Change.—Mabakipawa, lid. Reported.—N.Z. Breweries, £2 7s '6d. Quotations as under:— Buyers. Sellers. £ s. d. £ s. d. BANKING— Bank of Australasia 11 16 0 Bank of N.S.W. 51 5 0 — Bank of New Zealand 6 — Bank of New Zealand (Long D) ... ... 1 14 0 Commercial Bank ... 0 16 3 — Commercial Bank (prof.) >... 9 15 0 _ National Bank of New Zealand ... 3 16 0 Union Bank of Australia Ltd. ... ... 9 8 0 9 12 0 Reserve J ... 6 9 0 6 9 6 INSURANCE— National Insur. Co. ... 1 OvO 1 0 6 Standard Insur. Co. 3 6 6 — HIPPING— Howard Smith ... 0 16 3 Huddart, Parker (ord.) 1 14 0 Huddart, Parker (pref.) ... • : S 1) U.S.S. Co. (pref.) .... 17 0 — :oal— Kaitangata. Coal 10 6 Westport Coal Co. ... 0 18 11 0 19 2 LOAN AND AGENCY— Dalgety and Co. 9 0 0 National Mortgage ... — 3 1 0 N.Z. Loan and Mercantile (ord.) 57 0 0 N.Z. Guarantee Corporation ... 0 4 7 _ Wright, Stephenson • (ord.) — 0 18 6 MEAT PRESERVING— Canterbury Meat Co. (pref.) 5 12 0 N.Z. Refrigerating (paid) ... 0 19 5 0 19 3 N.Z. Refrigerating (cont.) ... 0 9 0 0 9 2 Southland Frozen Meat (paid) 3 11 0 Southland Frozen Meat (cont.) 1 15 0 _ Southland Frozen Meat (pref.) 3 11 0 _ South Otago Freezing 6 3 0 — MISCELLANEOUS— Associated News 13 0 Brown, Ewing (ord.) — X 0 6 Brown, Ewing (pref.) 110 — Bruce Woollen Co. (ord.) 0 13 0 Bruce Woollen Co. (pref.) 110 _ Crystal Ice Co 1 16 0 2 2 0 D.I.C. (pref.) I 5 0 — Dominion Fertiliser ... 10 1 1 0 4 Dominion Fertiliser Debentures 1*02 10 0 , Doriiinion Rubber 19 0 1 10 6 Dunedin-Kaikorai Trams 1 16 0 Dunedin Stock Exchange Proprietary 2 0 0 Electrolytic Zinc (def. ord.) 1 6 6 Kaiapoi Woollen (cont.) _ 0 4 8 Milburn Lime and Cement ... 1 14 6 Mosgiel 'Woollen Co. 10 15 0 — M'Leod Bros. ... ,.. 32 0 0 — Mount Lyell 10 0 — National Electric — 0 8 9 N.Z. Drug Co. 3 18 0 — N.Z. Newspapers 1 12 0 — N.Z. Paper Mills ... 1 11 6 — ' Otago Daily Times ’ 2 9 0 — Regent Theatre' — 0 19 6 Smith and Smith (pref.) 0 17' 6 _ Wilson's (N.Z.) Cement 1 30 0 3 10 6 Woolworth's (Sydney) 3 30 6 5 11 6 Woolworth’s (ord.) ... 7 0 0 — ‘ Sun ’ Newspapers ... — 0 4 2

BREWERIES— N.Z. Breweries 2 7 5 2 7 8 Staples’ Brewery — 1 10 0 Dunedin Brewery 1 8 0 1 10 0 Tootli’s Brewery 2 5 3 — IOLD MINING— Addison’s Plat 0 2 3 — Aotearoa — 0 0 9 Bell-Hooper 0 0 3 0 0 5 Bell-Kilgour — 0 0 4 Jeudigo Goldlight !ig River 0 0 Hi 0 10 o o Hi Ilackwnter ... 1 12 6 — lentral Shotovcr lillespie's — 0 0 10 — 0 111 loleonda Holdings .. 0 1 6 0 1 8 loldcn Dawn 0 2 1 —* loldcn Point 0 0 2 — ■ loldcn Progress 0 1 1 0 1 6 inld/ields Dredging ... 0 0 10 0 I 1 Hldare 0 1 10 — <ing Solomon — 0 4 4 .'Jaevewhcnua 0 0 5 — Mali a IE paw a 0 0 101 n 0 11 Mining House . — 0 0 5 Molyneux Electric (pref.) ■... 0 18 6 — Moonlight-Nelson Creek 0 0 41 Mount David 0 0 2 0 0 9 Nevis Diesel 0 0 4i 0 0 51 Nokomai 0 4 0 0 4 3 Okarito 0 8 3 0 8 6 Oxcnbridgc 0 0 9 0 0 H Skippers 0 0 6 0 0 8 Upper Sliotover ... 0 0 10 0 I 3 Waitabu — 0 4 9 Wctherstoncs 0 0 8 0 1 2 Sandhills 0 0 5 0 0 7 Stafford — 0 1 41 Clutha River 0 2 0 — i Z, GOVERNMENT LOANS(Bonds quoted are £100 Bonds.) 3J ji.c. Stock, 1938108 0 0 3i p.c. "stock, "'l9391943 108 0 0 *“ 3J |3.c. Stock. 1941108 0 0 31 p.c. Stock, 19381952 ... 108 0 0 — 3J p.c. Stock, 19331952 108 0 0 — it P c, Slock, 1941'1952 108 0 0 — 4 p.c Bouds, Jan, 15, 1940 107 0 0 — t p.e. Stock, Jan, 15, 1040 107 0 0 — 4 p.c. Bonds. Feb. 15, 1946 107 10 0 - * 4 p.c. Stock, Feb. 15, 1946 107 10 0 — 4 p.o Bonds. April 15, 1949 109 0 0 — 4 p.o Stock, April 15, 1949 109 0 0 — ♦ p.c. Bonds. June 15, 110 0 0 1 p.c Stock, June io. 0 1955 110 0 —