Commerce, Mining, & Finance

Evening Star, Issue 21934, 22 January 1935, Page 7

Commerce, Mining, & Finance

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A sale of Bank of New Zealand shares was reported at 60s lOd this morning, a figure lOd in excess of yesterday's best buying offer. There were further buyers on 'Change at 50s 7d, but no seller was in sight. Other banking issues moved up in sympathy with the New Zealand bank. Holders of insurance and shipping shares remained firm despite improved offers by buyers. There w.gs a margin of 3d between the quotations for Refrigerating paids, and in the loan and agency section National Mortgages were inclined to harden with inquiry at 525. Buyers of Guarantee Corporations increased their bid by Id, and 3d more was offered for Wright Stephenson prefs. In the miscellaneous section Broken Hill Proprietary's were inclined to be easier, ‘ Sun ’ Newspapers had strong demand without revealing a seller, and Woohvortbs (Sydney) were wanted at the record price of 90s,' which is 8s more than what was offered a week ago. There was a better inquiry for brewery shares on a market devoid of sellers. Amongst Australian mining stocks Mount Lyells appeared to be .weakening, while Mount Morgans were prevented from doing business by a very narrow margin. There were fewer buyers for gold mining shares, though Big Rivers and Gillespies showed improvement. SALES. Reported.—' Sun ’ Newspapers, 4s (late yesterday); Bell-Hooper, 3d; Bank of Now Zealand, £2 10s 10d. Quotations as under:—

UNLISTED STOCK— Quart,! Mountain ... par 0 1 Op p Premium. DIVIDENDS DUE. 'Hume Steel—pref., 10 p.c Jan. 24 Mining Trust Ltd.— p.c. on ord. shares ... .Tan. 25 Kuala Lumpur Tin —6d per share dan. 25 National Electric—3 p.c lan, 28 Australian Provincial Assuranceannual, 2J per cent Feb. 5 N ,7j Rcfrig.—p.c ... Feb. 6 Commercial Bank of Australiapreference, 4 p.c, per annum; ordinary, at rate of b p.c, per annum, in Australian currency Feb. 25

FOREIGN EXCHANGE OH NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rales for purchases and sales of foreign exchange;—

T.T. represents telegraphic transfers. O.D. represents on demand transactions. The above rates are subject to alteration. AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, January 21. Though quiet, the investment market on the Stock Exchange to-day was firm. Bank shares were neglected, but the gas group was in demand. Commonwealth loans wore quiet. Later sales were as follow:—English, Scottish, and Australian Bank, £5 2s; Colonial Sugar, ,£42; Australian Provincial Assurance, 11s 3d; Associated News, 24s 3d (pref. 24s 6d) ; Howard Smith, 16s 10Jd; Australian Gas (A and B), £8 2s Gd: British Tobacco, 39s 3d; Tooth's, 51s; Dunlop Perdriau, 20s; Goldsbrough, Mort, 30s; Wilcox, Moftlin, 10s 3d; Millaquin Sugar, 36s 10d; Electrolytic Zinc, 22s 7Jd (pref. 33s 6d); Anthony Hordern, 19s 3d; Lustre, ‘2ss 3d; Hume Pipe, 16s; Australian Iron and Steel (prof.), 24s 3d; Drug Houses of-Australia, 26s 9d ; General Industries (pref.), 255; Mount Morgan, 40s 9d; Mount Lyell, 17s lid;. South Broken Hill, 765; Placer Development, £25 10s. MELBOURNE. January 21. Commercial Bank of Australia (pref.), £lO 4s; Goldsbrough, Mort, 29s 9cl ; Howard Smith, 16s lid; Gordon and Gotch, 495; Nestles (pref.), 395. SYDNEY WOOL SALES GOOD GENERAL COMPETITION Press Association—By Telegraph—Copyright SYDNEY, January 21. At the wool sales 11,745 bales were offered and 10,395 sold, while 614 were disposed of privately. There tvas good general competition, and prices for all free, well-grown descriptions were fairly well maintained, but with this exception the market was 5 per cent. below r the closing levels of last week. Greasy merino made 163 d. The average price of wool last tveek was £l2 8s 8d a bale, equal to 9.7 d per lb. PRIDE DF GOLD Press Association—By Telegraph —Copyright LONDON, January 21. (Received January 22, at 10.35 a.m.) Fine gold is quoted at £7 2s OJd per o%y DOLLAR AND FRANC Press Association—By Telegraph—Copyright LONDON. January 21. (Received January 22, at 11 a.m.) The dollar is quoted at 4.88 7-10 and the franc at 74

THE SEARCH FOR GOLD GILLESPIE’S BEACH DREDGE The secretary of the Gillespie's Beach Gold Dredging Company Ltd. (Mr F. R. Thompson) advises that the wash-up on Saturday amounted to 270 z lOdwt for 150 hours. To this should be added 13oz 13dwt washed up over a broken period just prior to the holidays. MATAKI RETURN t The Mataki return for the week ended January 20 was 19oz for 133 hours’ work. NEW CORNISH POINT MINES Mr M. Moye, manager New Cornish Point Mines Ltd., reports for the week ended January 19 as follows; — “ For the past week the north level has been advanced 54ft and timbered for a length of 40ft, making the total distance 140 ft from the incline. The country passed through showed 2ft of stoney" wash from the bottom upwards, the remainder towards the roof of the drive consisted of fine gravel. The bottom (which was of a soft schist nature throughout the distance) kept fairly regular and level, with a small seepage of water coming from the wash above the bottom. The values from the wash treated were not payable.” REPORT TO SHAREHOLDERS. The following report to shareholders, dated January 17, is signed by Mr J. R. Templin, acting chairman:—“The shareholders at tho meeting held last evening unanimously decided that the development work should be continued as long as tho company's capital would permit. The position in the prospecting drive going north is now more encouraging, the mine manager having advised that the drive, which is in 106 ft, is on a soft bottom with 2ft_of wash, and has nearly reached a point opposite to where the dredge scooped into the bank. Mr Moye recommended that this drive should he extended a further 100 ft if necessary, and that before abandoning it a crosscut from it should be carried out to the river bank whore the dredge worked. Although up to the present values in the wash show no great improvement, the discovery of a soft bottom near where the dredge endeavoured to follow the lead into the bank is considered very encouraging. In the event of the lead not being found in the present workings, the plant will be removed to the lower end of the .claim to prospect the ground to the north of the old company’s shaft in the hope of finding the lead, said to come from under Cromwell, and of intersecting any lead which may run across the point. OKARITO RETURN Messrs W. A. Mitson and Company, secretaries of the Okarito Five Mile Beach Gold Dredging Company Limited, report that the wash-up for the week ended January 19 was 260 z 6dwts for 121 hours’ dredging. BELL-KILGOUR COMPANY The secretary of the Bell-Kilgour Gold Mining Company Ltd. (Mr F. E. Thompson) advises receipt of report from the manager, dated January 19, reading as follows:—“The north branch was advanced 27ft 6in for the week. The ‘ floor ’ level was very uneven, and the wash proved of lowgrade. From tho north cross-cut of the east branch drove an incline up to the ' wash floor.’ At 14ft the wash proved low grade, and am now extending the north cross-cut, which has been advanced 16ft fo? the week. The 1 wash floor.’ which has dropped Ift Gin, is now showing at cap level. Dish prospects show a little rough gold.” NEW GUINEA GOLD SHARES Press Association—By Telegraph—Copyright LONDON, January 21. (Received January 22. at 11.45 a.m.) New Guinea Gold shares are quoted at 4s 9cl.

Buyers. Sellers. £ s. d. £ i. d. BANKING— i New Zealand 2 10 7 New Zealand (Long “ D ”) 1 U 3 Commercial 0 16 9 E.S. and A. .. — 5 5 0 National of New Zealand 3 10 6 .Reserve 6 12 0 6 13 0 INSURANCE — National 12 2 1 2 10 New Zealand ... ... 3 9 6 , . South British 4 17 0 — .HIPPING— Huddart, Parker (ord.) 1 17 0 P. and 0. Deferred Stock 1 1 0 U.S.S. Co. (pref.) ... 17 0 — MEAT PRESERVING— N.Z. Refrigerating _ (paid) 1 1 0 1 1 3 N.Z. Refrigerating (cont.) 0 10 0 Southland Frozen (cont.) ... - 2 2 0 LOAN AND AGENCYMort ... 1 10 0 National Mortgage ... 2 12 0 N.Z. Guarantee Corporation 0 5 10 Perpetual Trustees ... 3 10 „ Wright, Stephenson (pref.) 0 19 3 1 0 3 COAL— Westport 1 1- 4 12 6 MISCELLANEOUS— Broken Hill Propric- „ ta T 2 13 9 Brown, Ewing (pref.) Brnco Woollen Uo. (pref.) 113 113 Colonial Sugar. Co. ... 42 0 0 Dominion Fertiliser ... 1 1 1 Dunlop Pcrdriau Ruh her 1 0 0 Kaiapoi Woollen (ord.) 0 15 5 0 15 8 Kauri Timber 0 13 0 Milburn Lime and Cement 2 2 6 National Electric 0 10 0 0 13 0 N.Z. Drug Co. ... ... — 4 0 0 N.Z, Paper Mills — 1 15 0 ‘ Otago Daily Times ’ 2 12 0 Regent Theatre — 0 19 6 Smith and Smith (pref.) 0 17 9 ‘ Sun ’ Newspapers .. 0 4 0 Wilson’s (N.Z.) Cement 1 13 0 Wool worths (Sydney) 4 10 0 - BREWERIES— New Zealand ... ... 2 12 0 Staples’s Timaru 1 13 0 0 8 1 — OIL— Mctmroa (pf'ef.) ;.. — 0 5 0 AUSTRALIAN MINING _ Electro. Zinc (prof.) 1 12 6 Mount Lyell — 0 17 0 Mount Morgan 2 0 6 2 10 GOLD MINING— Aotearoa 0 1 0 Bell-Hooper —' 0 0 34 tkdl-Kilgonr 0 0 1 0 0 14 Bendigo Goldlight ... — 0 0 11 Big River 0 2 3 — Gillespie’s . ... ... 0 17 0 19 Golden Progress Golden Sands — 0 10 — 0 3 0 Goldfields Dredging ... 0 0 7| — Glenroy — 0 0 10.'. Halter’s Flat _ 0 0 2 Kildare — 0 2 3 Lawson's Flat — 0 0 7 Maerewhcnna 0 0 3 Nevis Diesel — 0 0 4 Nokomai 0 2 6 0 3 0 Okarito — 0 8 3 Cambridge _ 0 0 10 Paddv’s Point _ 0 2 9 Sandhills — 0 0 6 Skippers 0 0 7 — Waihi Grand Junction 0 4 8 Waitalm 0 2 0 — Maori Gully 0 15 0 19 N.Z. GOVERNMENT LOANS (Bonds quoted are £100 bonds). 3j p.c. Sleek. 19331943 ... 106 0 0 |).c. Stock. 1939103 0 0 3j |>.c. Stock. 1941106 0 0 _ 3J p.c. Stock, 19581952 103 0 0 3J j>.c, Stock, 1939106 0 0 _ 3i p.c. Stock, 19411962 106 0 0 4 p.c. Bonds, Jan. 15, 1940 101 10 0 4 p.c. Stock, Jan. 15, 1940 101 10 0 4 p.c. Bonds Feb 15. 1946 106 10 0 4 p.c. Stock, Feb. 15, 1946 106 10 0 4 p.c. Bonds, April 15, 1949 ... 106 10 0 _ 4 p.c. Slock, April 15, 1949 106 10 0

Franee — Francs lo £1 N.Z. T.T. 60.23 58.93 O.D. 60.53 53.98 Noumea— Francs to £1 N.Z. T.T. 61.18 58.18 O.D, 61.58 58.23 Papeete— Francs to £1 N.Z. T.T. 61.18 58.18 O.D. 61.58 58.23 Belgium— Bclgas to £1 N.Z. ... T.T. 17.219 16.519 O.D. 17.319 16.534 Germany— ■ Reichsmarks : to £1 N.Z. ... T.T. — 9.586 O.D, — 9.591 Italy— Lire to £1 N.Z. T.T. — 45.53 O.D. — , 45.37 Switzerland — Francs to Cl N.Z. T.T. 12.373 11.973 O.D. 12.448 11.983 Holland— Florins to £1 N.Z. ... T.T. 5.956 5.706 O.D. 6.006 5.T10 JavaFlorins to £1 N.Z. ... T.T. 5.923 5.698 O.D. 5.973 5.702 Japan— N.Z. pence to 1 yen T.T. — . 17 21-32 Shanghai— N.Z. pence to 1 dollar T.T.. 20 27-32 22 5-32 O.D. 20 25-32 22 3-32 India and CeylonN.Z. pence to, 1 rupee ... T.T. 22 11-32 22 11-16 O.D, 22 7-32 221 Hongkong— N.Z. ponce lo 1 dollar T.T. 26 7-32 27 9-32 O.D. 26 3-32 27 7-32 Singapore — N.Z. pence to 1 dollar ... T.T. 34 7-16 35* O.D, 34 5-16 55 5-IS