Commerce, Mining, & Finance

Evening Star, Issue 21828, 18 September 1934, Page 7

Commerce, Mining, & Finance

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE Increased activity in gold mining shares was the feature of the market to-day. Giltedged securities and the better class industrial stocks maintained a strong inquiry, but the market was very firm. The demand for banking shares eased a little, and there was a noticeable increase in sellers. A rise of 3d was shown in the buying quotation for Kaitangata Coals, but this failed to attract sellers. Westports, which have been in strong demand at 19s, produced a seller at 19s 6d. Dalgety’s were wanted at £9 3s, but no ■ shares were on oiler. Guarantee Corporations had a closer market, but otherwise no change was reflected in the Loan and Agency section. Meat Preserving shares continued to be popular with investors. South Otagos gained a point, but sellers of "Waitaki ‘'■Farmers were easier. Broken Hill Proprietarys had business at S2s, and there were further buyers on ’change at 52s 6d, with no seller under 53s 6d. Mount Lyells were a little easier, Regent Theatres wore firmer after business at 19s, and Woolworth’s (Sydney) continued to soar to new heights. In tho gold mining section Bell-Hoopers weakened from sellers at s)d to business at 4d, and no further buyer over 3Jd. Big . Rivers showed a further improvement, as did Wathis and Waitahus. SALES. On ’Change.—Bell-Hooper, 4d; Bell-Kil-gour, 2j.d; Big River, Is 9d; Golden Progress, Is 2d. Reported.—Broken Hill Proprietary, £2 12s; Regent Theatre, 19s; Bendigo Goldlight, Is (late yesterday); Big River, Is 9d; Gillespie’s, Is lOd; Golden Point, 2Jd; Nevis Diesel, 51d; Nokomai, 4s Id.

DIVIDENDS DUB. N.Z. Drug—interim, 3) p.c. ... Sept. 22 North Broken Hill—final, Is 64 per share and Is bonus ... Sept. 28 Bank Australasia—half-year, 7 p.c. (3s 6d) Sept. 28 Dunlop Perdriau—s p.c., ord. and pref Sept. 29 Kaiapoi Woollen (pref.)—two years, 5 p.c., Is 8 2-5 d 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 ALLUVIAL RETURNS LAST YEAR'S PRODUCTION The Mines Statement presented to Parliament on Friday shows the value of the production and the dividends paid by alluvial claims during 1933: Estimated value Diviof gold deuds, produced. 1933. £ £

IRON ORE INDUSTRY BIG BRITISH CAPITAL FOR .OHEKAKA [Per United. Press Association.] WELLINGTON, September 17. A project is afloat to rehabilitate on a big scale, with at least £2,000.000 of British capital, the paralysed Onekaka iron ore industry at Golden Bay. If it should come to achievement the Onekaka Iron and Steel Company will be paid £150,000 for the whole of its present assets, including an estimated aggregate of 69,000,000 tons of iron ore deposit, large areas of limestone, and extensive measures of coal in a rich mineralised district. PRICE OF GOLD Press Association—By Telegraph—Copyright LONDON, September 17. (Received September 18, at 10 a.m.) Fine gold is quoted at £7 0s Sid per oz. DOLLAR AND FRANC Press Association—By Telegraph—Copyright. LONDON, September 17. (Received September 18, at 11 a.m.) The dollar is quoted at 5.00 13-16 and the franc at 75 1-IG.

SYDNEY WOOL SALES MARKET FIRM Press Association—By Telegraph—Copyright SYDNEY, September 17. At the wool sales 9,444 bales were offered and 8,085 sold, while 1,048 were disposed of privately. There was increased Continental demand to-day, with strong support from Yorkshire and Japan. The market was firm at the closing rates of last week. Greasy merino fleece made 15)d for seven bales from Moree. THE SEARCH FOR GOLD WAITAHU RETURN Messrs W. A. Mitson and Co., secretaries of the Waitahu Gold Mining Company Ltd., report that the wash-up for the seven days’ elevating ended September 15. was 50oz 12dwt. OKARITO REPORT The secretaries of the Okarito Five Mile Beach Gold Dredging Company Ltd. report that the alterations to the dredge were completed at the end of last week and that dredging commenced on Monday, September 17. It is expected that dredging will be carried on intermittently during the present week while, various' adjustments are made to the new machinery. So far the shaking tables and the new pump arc functioning most efficiently and as a result of the alterations the pressure of the water supply has been greatly increased, thus giving a substantial increase in power. During the stoppage tho old gold-saving tables were removed and the■ ne\v tables fitted, and these will require some adjustment during the week. Twelve ounces of gold were recovered from the old tables. GILLESPIE'S BEACH The secretary'of tho Gillespie’s Beach Gold Dredging Company. Ltd. (Mr F. 11, Thompson) advises receipt of a wire from the dredgemaster stating that there was no wash-up last week on account of his having to fix up the race from lagoon to dredging paddock. This is only a temporary stoppage, but the seepage through the race prevented sufficient water from entering' the paddock. NEW CORNISH POINT MINES Mr M. Moye, manager New Cornish Point Mines Ltd., reports, under date September 15, at follows:—“For the past week the east level has been advanced 41ft and timbered, making the total distance 100 ft from the starting point in the south level. The country driven through consisted of course gravel and fairly stony. From the floor to the roof of the drive the ground was more of a solid nature than formerly, enabling better progress to bo made with the level. The wash contains a considerable quantity of black sand and Maori stones, but little improvement in vahies, the latter being of low grade. The rock bottom is keeping fairly regular throughout the whole distance, it being just above the floor of the level. A small quantity of water is coming out of the wash above the rock bottom. The latter shows indication of having been water worn in various places, but on the average is fairly hard, with a few soft crevices. 1 ' BELL-KILGOUR MINING The secretary of the Bell-Kilgour Gold Mining Company Ltd. (Mr F. R. Thompson) advises receipt of report from the manager, dated September 15, leading as follows:—No. 3 north branch was advanced 4ft; owing to amount pf water coming from face found it necessary to clean out water tables and ballast the tram line. Blocking out at 5a progressed steadily for fair fine gold. At 5h 24ft of driving and blocking out produced irregular values of coarse -gold. At No. 6 30ft of blocking out produced varying values,. chiefly in very fine gold. Driving west at 7a, 10ft Gin, on a very uneven floor, produced a little gold among heavy black sand and Maoris; 135vds of wash treated-yielded Boz 4dwt 20gr of gold. AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright. SYDNEY, September 17. On the Stock Exchange the reaction to the election result was favourable, but there was evidence of profit-taking, which caused values in some cases to ease. There was, however, a strong undertone of confidence. Later sales were as follow;—Bank of New South Wales, £32 7s fid; Commercial Bank of Sydney, £18; Commercial Bank of Australia (pref.), £9 18s; Associated News, 23s fid; Burns, Philp, 545; Burns, Philp (South Sea), 24s 3d; British Tobacco, 38s 9d; Tooth’s, 46s fid; Toohey’s, 29s fid; Carlton Brewery. 4Cs 3d; Dunlop Perdriau, 20s 3d; Winehcombe, Carson, 295; Morris Heelstrom, 16s 3d; Millaquin Sugar, 335; Victoria Nyanzn, 8s fid; Automatic Totes, 19s 9d; Farmers, 22s 3d; David Jones, 41s; Australian Provincial Assurance, 10s 4d; Honry Jones, 35s fid; Anthony Hordern, 14s-8d ; Lustre Hosiery, 24s 9d; Wunderlich, 23s 3d; Mount Morgan, 345; Broken Hill Proprietary, 52s 9d; North Broken Hill, £5 Is; Euratha, 10s 9d. MELBOURNE, September 17. Commercial Bank of Australia, 17s 10d (pref., £9 18s); National Bank (£5 paid), £6 11s: Goldsbrough, Mort, 30s; Hiiddart. Parker, 34s 3d; Australian Glass, 545: 1 Herald and Times,’ 535: Australian Iron and Steel (pref.), 24s 3d. I

FOREIGN EXCHANGE ON NEW ZEALAND CURRENCY BASIS The Bank of Now South Wales, Dunedin, quoted the following rates tor their purchases and sales of foreign exchange to-day; France

T.T. represents telegraphic transfers. O.D. represents on demand transactions. The above rates are subject to alteration without notice.

j Quotations as under: — Buyers. Sellers. £ s. d. £ s. d. 'BANKING— Bank of New South Wales 31 10 0 Bank of New Zealand 2 7 9 2 8 3 Commercial Bank ... — 0 17 7 Commercial Bank (pref.) 9 14 0 _ National Bank of New Zealand 3 17 0 Reserve 6 8 9 6 9 6 V INSURANCE— National Insur. Co. ... 10 1 i South British Insur. Co. ... ... 4 4 0 Standard Insur. Co. — 3 8 6 ’ SHIPPING— A Huddart, Parker (ord.) — 1 14 0 ■ Huddart, Parker (pref.) . ... ... ... 18 0 — . 11.8.5. Co, (pref.) ... 16 9 COAL— Kaitangata Coal XI 3 Westport Coal Co. ... 0 19 0 0 19 6 '■ Westpoft-Stockton j (ord.) ... ... ... 0 3 6 LOAN AND AGENCY— ■t Dalgety and- Co. 9 3 0 — ; Goldsbrough, Mort ... , . 1 10 0 — National Mortgage ... — 3 10 N.Z. Guarantee Corporation ... ... 0 5 0 0 5 6 Perpetual Trustees ... 3 10 — Wright, Stephenson 0 18 6 ■ <ord.) ... ... ... — . HEAT PRESERVING— Canterbury Meat Co. (pref.) 5 12 0 _ :.'N.Z. Refrigerating 0 19 3 :■ .. ■■ - r ' (paid) — N.Z. Refrigerating (cont.) 0 0 4 0 9 7 Southland Frozen Meat (paid) ..i 3 11 0 _ Southland Frozen Meat (cont.) 115 0 Southland Frozen Meat (pref.) .... 3 11 0 South Otago Freezing Waitaki Farmers’ Free 6 4 0 — z>ng ... - ... — o o K) MISCELLANEOUS— British Tobacco ... 1 18 3 — Broken Hill Proprie- . tary ... ' 2 12 6 2 13 6 Brown, Ewing (ord.) ... .... ... 10 2 Brown, Ewing (pref.) 110 t — Bruce Woollen Co. (ord.) ... 013 3 Bruce Woollen Co. (pref.) 110 — Crystal Ice Co. ... ... 117 0 2 2 0 D.I.C. (pref.) ... ... 15 0 — Dominion Fertiliser ... 10 0 — . Dominion Fertiliser Debentures ... ... 102 10 0 — Dunedin-Kaikorai. Trams ... 117 0 Dunedin Stock Exchange Proprietary 2 0 0 — Electrolytic Zinc • (def. ord.) 17 0 — Milburn Lime and , Cement ... 1 17 0 ■Mount Lyell ... ... 10 1 10 4 National Electric 0 7 6 .0 8 6 N.Z. Drug Co 3 18 6 — ■ N.Z. Newspapers 1 12 0 — N.Z. Paper Mills ... 1 11 6 — 4 Otago Daily Times ’ 2 10 0 0 19 6 Regent Theatre 0 18 6 Smith and Smith (pref.) ... Wilson’s (N.Z.) 0 18 0 ' Cement 1 10 0 — Wbolworth’s (Sydney) 3 16 6 — Woolworth’s (ord.) ... 7 10 0 — * Sun ’ Newspapers ... — 0 4 2 BREWERIES— N.Z. Breweries 2 7 9 Dunedin' Brewery ... ■ 18 0 1 10 0 Timaru Brewery (7s 6d. paid) 0 7 3 0 7 8 Tooth’s Brewery 2 5 9 — OIL— Moturoa (ord.) ... M . — 0 4 0 GOLD MIN1NGAotcaroa 0 10 ■" Bell-Hooper ■ 0 0 5( 0 0 Bell-Kilgour 0 0 2i 0 0 3 Bendigo Goldlight 0 0,1U 0 10) Big River 0 1 84 0 19 • Central • Shotover ... — 0 0 10

Gillespie’s 0 1 9i0 1 10 Golden Point —. 0 0 3 Golden Progress ... 0 1 1 0 1 3 Goldfields Dredging 0 0 11 0 1 0 Kildare ... — 0 2 1 Mahakipawa 0 Mining House Con0 9i 0 0 11£ cessions Moonlight-N elson — 0 0 4J Creek — 0 0 5 Nokomai 0 4 0 0 4 2 Okarito 0 8 6 Oxonbridgo 0 0 9 0 0 11 Skippers 0 0 7 — Upper Shotover — 0 1 3 Waihi 1 Waihi Grand 12 9 1 13 3 Junction ... 0 4 3 0 4 6 Waitahu 0 4 7 0 5 0 WetUerstones — 0 1 3 Sandhills 0 0 5 — Stafford — N.Z. GOVERNMENT LOANS— 0 i H (Bonds quoted aro £100 Bonds.) 3i p.c. Stock, 19381943 108 3A p.c. Stock, 19390 0 __ 1943 108 3t p.c. Stock, 19410 0 — 1943 108 31 p.c. Stock, 19380 0 __ 1952 ... 108 3j p.c. Stock, 19390 0 — 1952 108 31 p.c. Stock, 19410 0 — 1952 103 fep.c. Bonds, Jan. 15, f 1940 107 4 p.c. Stock, Jan. 15, 0 0 — 15 0 — 1940 107 4 p.c. Bonds, Feb. 15, 15 0 — 1946 107 4 p.c. Stock, Feb. 15, 1946 107 4 p.c. Bonds, April 15, 10 0 “ 10 0 1949 109 4 p.c. Stock, April 15, 1949 '... 109 4 p.c. Bonds, June 15, 0 0 — - 0 0 — 1955 110 0 0 — 4 p.c. Stock, June 15, 1955 110 0 0

Mahakipawa Goldfields Ltd 7,885 Addison’s ;FIat G.M. Company 1,453 812 Addison’s Exploration Ltd 103 _ Charleston Sluicing Company ... 559 — Waitahu Sluicing Company 251 Snowy lliver Sluicing Company 398 Mount David Sluicing Company 1,612 _ Bell Hill Sluicing Company 1,928 Deep Lead Ltd. 148 — Golden Sands Ltd. 5,049 1,800 Hohonu Sluicing Company 1,193 Stubbs, Steel, and Ford 753 . Callaghan’s G.M. Company ... 774 Lawson’s Flat Sluicing Company 8,595 King Solomon Deep Leads 28,304 9,750 Nokomai G.M. Company 4,235 Paddy’s Point G.M. Company 4,148 1,396 Sailor’s Gully Sluicing Company Gabriel’s Gully Sluicing Company New Gabriel’s Gully G.M. Company ... 3,627 1,890 1,524 1.800 446 — Kildare Consolidated G.M. Company ’.. 2,651 1,000 Central. Shotovcr G.M. Company ... 2,049 Moonlight Mining Syndicate 1.939 1,200 Bell-Kilgour G.M. Company 2,420 .— Bell - Hooper G.M. Company 8,417 14-Mile Beach G.M. Company 1,076 — Macraes Flat G.M. Company 1,807 1,965 Terrace G.M. Co. — Round Hill G.M. Company 986 All other claims 126,499 — Total ; £217,854 £19,648

Francs to £1 Buying. Selling. N.Z. Noumea — Francs io £1. T.T. O.D. 60.94 61.24 59.64 59.69 N.Z. Papeete— Francs to £1 T.T O.D. 61.89 62.29 58.89 58.94 N.Z. Belgium— Belgas to £1 T.T. O.D. 61.89 62.29 58.89 53.94 N.Z. Germany— Reichsmarks i to-£l T.T. 0.0. 17.304 17.404 16.604 16.619 N.Z. Italy— Lire to £1 T.T. 0.0. 9.747 9.752 N.Z. Switzerland— Francs to £1 T.T. O.D. := 45.67 45.71 N.Z. Holland— Florins to £1 T.T. O.D. 12.401 12.476 ■ 12.001 12.011 N.Z. Java— Florins to £1 T.T. O.D. 5.995 6.046 5.746 5.750 N.Z. Japan— N.Z. pence to 1 T.T. O.D. 5.959 6.C09 5.734 5.738 . yen Shanghai— N.Z. pence to 1 T.T. 18 1-16 dollar India and .Ceylon — N.Z. pence to 1 T.T. O.D. 20 7-16 20 5-16 213 21 11-18 rupee T.T. 22 5-16 22 21-32 Hongkong— N.Z. pence to 1 O.D. 22 5-16 22 19-32 dollar Singapore— N.Z. pence to 1 T.T. O.D. 22 15-16 22 13-16 24 23 15-16 dollar T.T. O.D. 34 13-32 34 9-32 35 11-32 35 9-32