Commerce, Mining, & Finance

Evening Star, Issue 22030, 16 May 1935, Page 7

Commerce, Mining, & Finance

AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY,. May 15. The recent advances in all sections of the investment market brought ini an. increased nujmber of sellers on the stock Exchange,, and the upward trend m values : received a check., Price variations. howeyer,, were negligible, and the tone of the market was firm. MORNING SALES. £ s. d.

LOAN FOR CANADA Press Association—By Telegraph— Copyright OTTAWA. May 14. The Government will float a 60,000,OOOdol public loan immediately, portion for, eight years being at the rate of , per cent, and the balance for 10 years it 3 per, cent. METAL MARKET Press, Association—By Telegraph—Copyright LONDON, May; 14. The following arc the official metal quotations •Coppers—Standard, £33 105,.7-id .pqr ton; forward, £34 4s 4Jd. . Electrolytic.—Spot, £37; forward, £37 iQs, ■ Wire bars, £37 10s. Lead.—Spot, £l3 16s 3d; forward, £l3 173 ,6d. . ■ . Spelter.—Spot, £l4 11s 3d; forward, Spot, £226 ss; forward, £219 17s 6d, - > „ ‘ Pig Iron. —Home trade, £3i <s 6d; export, £3 2a 6d, , ; Antimony.'—British, £< 6 10s; toreign, £49 15s. ' ~ Molybdenite, £1 14s 6d per unit. Wolfram. £1 13s 6d. Silver.—Standard, 34|d peroz; fine, 37*d. DUNEMK BTARR-BOWKETT Three appropriations of £SOO each were disposed of by the Dunedin Starr■Bowkett Building Society .at a meeting of .shareholders Jast night, Mr P. W. Stabb'presiding. ' . . XT , The 171st appropriation in the No. 4 group was by sale,’ hut, no _ buyer appearing, the £SOO was balloted for, and'cluster number 127, held by two shareholders, drew the marble. In group No. 5, the 101st appropriation, the £SOO was taken at the upset of £lO per £IOO. - In* group No. 6, the 60th appropriation, the money also went to the bidder of "the upset, £lO per £IOO. . These prices work out to something less than 3 per cent, per annum, ROLLS-ROYCE DIVIDEND The board of Rolls-Royce Ltd., manufacturers of motor cars and aeroplane engines, Derby', England, recommends a final dividend of 15 per cent., making, with the interim dividend, 20 per cent, for the vear ended December 31, 1934. For 1933, the final dividend was 10 per cent.; plus a bonus of 2 per cent., making, with the interim payments, 1/ P er cent. * Profits for‘the 12 months to December 31 last are £291,611, an increase of £74,BBs’over the figures for 1933.

THE SEARCH FOR GOLD NEW METHOD OF BORING In view of the large amount of boring how being done on South Island alluvial areas, and the heavy cost of the work, the following from a Melbourne paper should be of interest to mining companies:— A record for cheapness in boring has been claimed at Ruthergleu by Mr D. D. Curtain. A boring plant that can be operated by one man only has completed more than 2,000 ft of boring. The deepest bore. drilled was almost 300 ft deep, and ‘the shallowest nearly 2Qoft deep. The average cost of boring was 2s a foot j without casing. The boring disclosed a new deep lead. The plant was designed pud made by Air, Curtain after 35 or 40 years of practical experience m lode and aihiyial mining. He is now,contemplating importing a suitable light boring casing, by use, of which two men could .both to any depth in .either alluvial or .rock at a cost, of less than 2s a foot down to at .least 300 ft. _ ilie usual price for boring in the district is from 5s to TOs a foot to this depth. MOANATAIARI GOLCONDA CONSOLIDATED LTD. ; V- 1 . ‘ The supervisor of the . Moauataiari Golconda Consolidated Ltd. advises that the contractors have driven 440 ft on the crosscut, thus. completing the contract. The hanging wall of the Caledonia Reet had just been reached, giving the width of ore body at 23ft. The hanging wall was well mineralised and showing antimony. MATAKI RETURN The official return for the Mataki Gold Dredging Ltd,'was 31oz for 138 hours’ work, covering 13,800yds. BULOLO DREDGING M'v-Fred. G. , Dunn, attorney for Clutha Development Ltd.,. advises the receipt of. the following production report for, Bulolo .for April:—“For the month of April the total gross production from dredges Nos. 1,2, 3, . and 4 amounted to 15,3570 - of bullion, containing 10,5400 z of fine gold from 892,.000 cubic yards. The estimated Working profit is 7,3530 zof fine gold. Thjtabovc production is equivalent to £93,642 10s, and the working profit’ to 6d on the basis of £8 175,6 d (Aust.) per fine ounce of gold.” , MACETOWN DEVELOPMENTS

, The following : report has been received from the mine manager of Macetown Developments Ltd. Daring the week the Golden Treasure tunnel has been advanced 12ft with no change in; the- country rock. The following is a, description of the company’s property:—The mines are as follows: Homeward-Bound, Albion, Lady Fair, Golden Treasure, Premier, Maryborough, 1 Garibaldi. The Homeward Bound consists of three special quartz claims, two of 19 acres, and one of four acres. Tho Albion consists of two special quartz claims, 18 acres each. Tho Lady* Fair consists of one special quartz claim pf.lß acres.. The Golden Treasure consists of one special quartz claim of 18 acres. The Premier consists of two special quartz claims of 19 acres each, and a prospecting- license of 100 acres. The Maryborough mine consists of four special claims, one of 19 "acres, and three of 18 acres each. The Garibaldi mine consists of two quartz claims of 19 adres each. ' There, are three lines of lodes, the Premier Homeward Bound, the Garibaldi, Maryborough, and the All Nations. 1 The’Premier Homeward Bound line strikes' almost east and west ami traverses the Homeward Bound, Albion, Lady Fair, Golden Treasure and Premier mines for a distance of'lo,oooll. The • Garibaldi-Maryhorough t line is parallel to the Premier Homeward Bound , line, and strikes through tie Garibaldi and Maryborough mines for a distance of-4,000ft. Tho All Nations line converges towards the ...Maryborough from the All Nations mine, it traverses the-three most western Maiyborough claims, and _at a lower horizon dips into the Ganbaldi-Maryborough The gold deposition is confined to a specific zone,, and occurred at the period during which the lenticular spaces doming the mother' veins were being filled with quartz. The zone is defined by the contact of the,sheared country witn the veins having permitted theescietorv ground waters to flow into tlip voids between the materials forming the original filling, these and replaced with quartz bv the chemical action of the waters. The replacement of the erushed materials by quartz, mineral,, and, gpld has taken place as one precise action, producing a homogeneous matrix. The only secondary gold observed was at the contact of the main fault and the i icmicr Homeward Bound lodo in the Golden Treasure mine, wheic a small goj San shows. .

KILDARE REPORT The directors of the Kildare dated Gold Mining Co. Ltd., m then report for the year ended D^ lnb si 1934, . to be presented at tne seventh .annual meeting of the company at St. Bathans on May 24, state. .‘‘ For the first few months in the year operations in the channel . were continued with quite satisfactory iesults. and at the conclusion ol the work the scheme to open up the Surface Hill claims was commenced, the remainder of the year, was ),ed ’ n carrying tins scheme into effect, comprising the cleaning out of .the water mces, purchase and installation of pipe K purchase and erection o certain new plant at the claim, a new elevator and boxes, and the transferring of all available plant from the Kildare basin to Surface Hill. AM work in connection with the install.! tion and erection of pipe line and e.cvator, etc., was concluded some months Rgo, and the big hole at Surface Hill has now been completely pumped out. The boxes were cleaned out towards the end of the year and a wash-up resulted in 70 odd ounces being obtained. This result gives encouragement to the opinion that future working of the i-hiims will prove a profitable undertaking. The total expenditure to date is as follows Wages cleaning out water races. £756 12s sd; and purchase ol additional new plant and pipes, £624 6s 4d. “ Early in the year we were negotiating with an Invercargill syndicate who wished to take an option over the St. Bathans claims. The terms of an option could not be' completed, however. ■ and negotiations ceased. Later we werfe approached- by representatives of British Developments Ltd., to

FOREIGN EXCHANGE ON NEW ZEALAND CURRENCY BASIS .The Bank of New South Wales, Dunedin, quoted the following rates for purchases and sales of foreign exchange (all rates subject to alteration without notice): — Buying. Selling.

DOLLAR RATES. The Associated Banks (other than the Bank of Now South Wales) quoted the following dollar-sterling rates to-day, which are subject to alteration without notice; — U.S.A. Canada. Conversion of dollar bills received for collection and sale of dollar drafts and telegraphic transfers 4.86 4.86 Purchase of dollar hills ... 4.89 4.89 On a New Zealand currency basis these rates are equivalent to':— U.S.A. Canada. SELLING— T.T .3.90 - 5.902 On demand ... 3.903 3.90 J « BUYING - On demand ... 3.96 i 3.96-i whom, with the approval of the shareholders, we have given an option for sale of the whole of the company’s assets for the sum of £35,000. Under this option, British Developments Ltd. has agreed to pay the sum of £250 every three months up to a period of two years for renewals up to tnat tjjne. and also the sum of £l3 10s cadi month for the purpose of keeping the hole at St. Bathans clear of water ; all payments due by British Developments Ltd. to date have been paid. “In spite of the development work which was carried out during the year, operations show only a small loss of £35 15s 5d after allowing for depreeia tion off tho plant. Gold won for the period under review amounted to 2360ji 2dwt 15gi'.s, and realised £1,815 9s 4cl. This amount include-) the amount underestimated on gold in transit at the end of the previous year, which was valued at £G 5s per Oct, and realised considerably more than that figure.”-

DIVIDENDS DUE,

Annual at the vale of 5 per cent, per annum ~~ Wilson's Cement—Final, 9(1 a sliavo .lime The latest and most effective treatment for colds eatai rh, liav fever, etc.— HPHRINEX. Make a note of the name. Gives quick relief. 2s a bottle at all eheniisU.—[Advt.]

Commonwealth Bonds — 104 0 4 per'cent., 1938 0 4 per cent., 1944 4 per cent., 1947 ...' ■ 4 per cent., 1953 ... 104 7 6 105 15 107 7 0 6 4 per cent., 1955 ... 107 17 6 : 4 "per cent., 1957 ... ••• 4 per cent., 1959 ... 4 per cent., 1961 ... ... Tdoheys „• ••• , - — Anthony Hordern 106 7, 6 106 12 6 107 2 1 9 0 19 6 0 0 Anthony Hordern (pret.) ... ■ 1 4 3 Associated News ... 1 2 3 British Tobacco* ... •... ••• 1 19 6 Broken Hill Proprietary ... 2 16 3 Colonial Sugar ... ... ... 41 12 6 Dunlops 0 17 0 Winchcowbe ... ... ••• ,••• 1 » 0 ADDITIONAL SALES. Bank of New South • Wales 31 7 6 Commercial Bank of Sydney 17 18 0 Kational Bank (£5 paid) ... 6 6 0 Colonial Sugar ... ... ... 41 12 6 Dhited Insurance 11 0 0 Associated News ...' .... ... 1 3 3 4* Associated-News (pref.) ... 1 4 Huddart, Parker ... ... 1 19 0 Burns, Philp (ex div.) ... 3 1 0 Australian Gas (A) ... ••• . 8 2 0 British Tobacco ... ... ... 1 19 7i Tooths ... ... ... —• ••• 2 12 3 Carlton Brewery ...’ ... 2 9 0 Lustre Hosier}’ ... 1 7 3 Hume Pipe. ... ... ••• 0 14 0 General Industries ... .. . 0 17 0 John M'Grath ... ... ... 1 L3 6 Broken Hill Proprietary ... North Broken Hill '... ... 2 16 6 1 0 0 Bulolo Gold ... ... ... ••• 9 4 0 MELBOURNE, May 15. Commercial Bank of Aus0 tralia ... ... 0 16 * Herald ’ ... and ' ‘ Weekly f) Times’ ... ... ... ... 2 17 Australian Glass ... ... ... 3 3 0 1 Electrolytic Zinc ... ... 1 5 0

London— £100 st*. N.Z. ... ... T.T. £124 £124 10/ O.D. £123 10/ £124 7/6 Australia— £A to £100 £100 10/ N.Z. ... .. . T.T. £101 Fiji— £P.t6 £100 £89 N.Z . T.T. £90. 7/6 New York— Dollars to £1 3.90| N.Z. ... T.T. 3.94* O.D. 3.96 3.91* Montreal —: r Dollars to £1 3.90* N.Z. ... T.T. 3.94* O.D. 3.95* 3.91* France— Francs to £1 60.13 58.83 N.Z. ... T.T. O.D. 60.43 58.88 Noumea— Francs to £1 N.Z ... T.T. 61.03 58.08 O.D. 61.48 58.13 Papeete— Francs to £1 58.08 N.Z. ... ... ... T.T. 61.08 O.D. 61.48 58.13 Belgium — Be (gas to £1 N.Z . T.T. 22.857 O.D. — 22.872 Genuany— Rcichmarks to hi N.Z, ... ... , T.T. — 9.521 O.D. — 9.526 Italy— Lire to £1 N.Z .. T.T. — 46.88 O.D. — ■ 46.92 Switzerland— Francs to £1 ■ 11.941 N.Z. ... T.T. 12.341 O.D. 12.416 11.951 Holland— Florins to £1 N.Z,- ... T.T. 5.921 5.671 O.D. 5,971 . 5.675 Java — • Florins to £1 N.Z ... T.T. 5.875 5.650 O.D. 5.825 5.654 Japan— N.Z pence to 1 17 13-16 yen , T.T. — Shanghai— N.Z. pence to 1 dollar ... T.T. 24 23-32 26 1-52 O.D. 24 19-32 25 31-32 India and CeylcnN.Z. pence to 1 22 23-32 rupee . T.T. 22* O.D. 22* 22 21-32 Hongkong— N.Z, pence to 1 dollar . T.T. 36 25-32 37 27-32 O.D. 36 21-32 37 25-32 Singapore— N.Z. pence to 1 34 5-16 35* dollar ... .. . T.T. O.D.34 3-16 35 3-16 Sweden— Kroner to £1 15.787 N.Z ... T.T. 15.457 O.D. 15.827 15.467 Norway— Kroner to £1 N.Z ... T.T. 16.198 15,868 O.D. 16.238 15.878 Denmark— Kroner to £1 N.Z ... T.T. 18.208 17.878 O.D. 18,248 17.888 Au StriaSchillings to £1 20.43 N.Z ... T.T. — O.D. — 20.45 Czechoslovakia— Crowns to £1 N.Z. ... ... , ... T.T. — 93.65 O.D. — 95.70

Waihi—Final for 1934, Is; interim for 1935, 6tl ... Dalgety and Co. —Interim, per May 17 cent, or 5 per cent. p.a. Mav 17 Dental and Medical— per cent. Donaghy Hope and Twine —Final, May 17 Is 3d per share N.Z. Paper Mills—Final, 4 per May 20 cent. North Wairarapa ' Permanent Building and Investment SoMay 20 ciety—Annual, 5 per cent. ... Westport Coal—Interim, 6d a May 23 snare Bank of New South Wales—Interim, quarterly, 5s a share, May 25 Australian currency Farmers’ Trading (Auckland) — Final on A and B preference, May 29 7 per cent, p.a May 31 Stafford Dredging—6d per share ... Smith and Smith Ltd. (pref.)— May 31 Annual, 5 per cent Henry Jones Co-op. —Interim, Cd Juno 1 a share Dominion Fertiliser—4 per cent. June 1 per annum June 4 Reserve Bank—5 per cent Juno 7 Bank of N.Z.—Final, 5 per cent. Juno la Broken Hill South—Is 6d a share National Bank of Australasia— June 15