Commerce, Mining, & Finance

Evening Star, Issue 22084, 18 July 1935, Page 7

Commerce, Mining, & Finance

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Business this mornnig was limited.to four reported sales, market conditions generally being very firm. In the banking section New Zealands were for sale at last Tuesday’s sale price, and the best buyer was at 51s 3d. Commercials were also inclined to be a shade easier. New Zealand Insurances were for sale at 68s' 9d, and the other quotations in this section remained unaltered. Buyers improved their_ offer for fully-paid shares in the Refrigerating company by 6d without revealing a seller, and one penny continued to be the difference in the market for the contributing issue. In the woollen section buyers operated for Kaiapoi ordinary and preference shares at an improved rate, but there was no inquiry for other woollen shares. Dunlop Rubbers found a buyer this morning at 16s, and sellers hardened 3d to 16s 6d. National Electrics, which have had persistent inquiries in recent weeks, were offered for sale at ,12s, but buyers failed to advance on yesterday’s offer. Improved offers were made for several Australian mining issues, but sellers remained firm. Interest in gold mining shares remained flat, and there was no slackening off in the demand for Government loans. SALES. Reported.—N.Z. Refrigerating (paid), £1 Os 9d; Westport Coal, £1 2s (two); N.Z. Farmers’ Fertilisers, £1 Os 6d; N.Z. Breweries, £2 14s 9d, cum dlv. Quotations as under:— -

NAVY’S CORNED BEEF WESTFIELD SECURES WHOLE CONTRACT [Baa UhiTSm Press Association.) AUCKLAND, July 17. For the first time the Westfield Freezing Company Ltd. has secured the whole of the annual contract for the supply of corned beef to the British Navy. Previously the supplies were drawn from several countries, but this year the total quantity required by the Navy, amounting to over 1,000,0001 b weight, will be supplied from the Westfield works. During the past few weeks the company has been busy filling the contract, which means extra employment at the works and in the tin and box-making industries. The beef is packed in lib, 21b, 41b, and 61b tins, and the bulk of the total quantity is now ready for shipment. The meat is snipped to the naval victualling depot at Deptford, England, from which point it is distributed to various naval stations throughout the world. Corned beef is not used as liberally in the Navy as in former years, owing to the facilities for carrying fresh meat. The contract this year, however, is larger, due possibly to the extension of the naval services. FOREIGN EXCHANGE ON NEW ZEALAND CURRENCY BASIC The Bank of New South Wales, Dmujdin, quoted the following rates for purchase and sales of foreign exchange (all rates subject to alteration without notice): —

DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) quoted the foh lowing dollar rates to-day on a New Zealand currency basis. They are subject to alteration without notice;--U.S.A. CANADA. (Per £1 N.Z.) (PerfilN.Z.) SELLING— T.T. (dol.) ... ... 3.97 S 3.982 O.D. (dol.) 3.98 a 3.98| BUYING— O.D. (dol.) 4.02 S 4.03* DUTGH BANK RATE Press Association—By Telegraph—Copyright AMSTERDAM, Jhily 17. (Received July 18, at 10 a.m.) The bank rate has been reduced to 3 per cent.

THE SEARCH FOR GOLD

NEW DREDGING COMPANY A company of £IB,OOO in Is shares has been floated, and the capital subscribed by Wellington, Christchurch, and West Coast investors to dredge an area of 119 .acres in Cockeye Creek about half a mile from Marsden and nine miles from Greymouth. Part or the area has been tested by Mr William Wood pver the last two years, and W bores and four shafts have been sunk, showing an average depth of 18ft and an average value (it is stated) ox i d a cubic yard, with gold at £4 an ounce. An electrically-driven dredge, estimated to cost £12,500, is to be built to work the ground. The vendor, Mr W. G. M'Kay, will receive £2,000 m fully-paid-up shares. The summary of the 53 acres, which have been fully tested, gives an estimated gold content ot 11.500 ounces, valued, with gold. at £o an ounce, at £69,000. This will still leave 66 acres to be worked if tests are satisfactory, and there are additdonal fireas totalling 66 acres adf i a cent to the tested area, which may be worth testing at a later date. COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of July 16:— The market for common tea advanced id, medium kinds remained firm, while fine grades showed a further- advance of id to Id. The quality showed a marked improvement, and a very useful selection of teas was offered. Next week only 1,710,0001 b are catalogued for auction. PRICE OF GOLD Press Association—By Telegraph—Copyright LONDON, July 17. (Received July 18, at noon.) The price of gold is quoted at £7 0s lsd per ounce. DOLLAR AND FRANC Press Association—By Telegraph—Copyright LONDON, July 17. (Received July 18, at noon.) The dollar is quoted at 4.96 and the franc at 74 J. ADDINGTON MARKET fPs& Uhitsd Prism Association. 1 CHRISTCHURCH, July 17. Entries were of average size at today’s Addington market and there was an all-round increase in values, all sections participating. The spell of fine weather suggestive of the turn of winter possibly was the main cause. Store Sheep.—There was an average entry for winter, and an advance was recorded for ewes and hoggets of Is 6d a head and for, wethers of 2s. Ewe hoggets made to 24s 6d and f.m. ewes to 20s Bd, and two-tooth wethers to 22s 9d. Fat Sheep.—A slightly larger entry of 3,800 head was forward and a keen sale resulted, with good ewes and wethers higher by 2s and lighter sorts by Is 6d. Extra prime heavy wethers made to 32s 4d; prime heavy, 27s 6d to 29s 6d; prime medium-weight. 24s to 26s 6d; ordinary, 20s 6d to 23s 6d; light, to 20s. Extra prime heavy ewes made to 29s Id; prime heavy, 22s to 245; prime, 17s 6d to 21s; ordinary, 14s 6d to 17s; light, 14s, Fat Cattle.—ln this section 410 head were penned, 35 more than last week. An improved sale resulted by a full 10s a head for good cattle. Best beef made from 24s to 26s 1001 b; in cases, to 28s; heavy, 21s to 23s 6d; and ordinary, 15s to 20s. Extra prime heavy steers made to £l3 2s 6d; prime heavy, £8 15s to £lO 15s; prime mediumweight, to £9 -6s; others. £4 10s to £7 6s; best heifers, £6 to £9 7s 6d: medium, £4 5s to £5 15s: best cows, to £9 2s 6d: medium, £3 ss‘ to £4 ss. Fat Pigs.—There was a shortage of finished porkers and a keen sale resulted, prices advancing by a full Id a lb. Light porkers made from' 24s to 30s; medium 30s to 40s; heavy, to £2 11s 6d (average price per lb. 5-id and 6d). The entry of baconora was moderately sized with a keen demand. The prices realised were fully up to the best of last week’s rates. Light baconers made from 37s Od to £2 ss; medium, £2 5s 6d to £3; extra heavy, to £4; choppers, £2 18s 6d to £5 10s 6d (average price per lb, sid and s£d). NEW GUINEA GOLD SHARES PreM Association—By Telegraph—Copyright LONDON, July 17. (Received July 18, at 10 u.m.) New Guinea gol'd shares are quoted at 4s 2d,

LIVE STOCK EMBARGO

FARMERS OVERWHELMINGLY AGAINST LIFTING rPait Unitsu Press Association.] WELLINGTON, July 17. Arguments both for and against the lifting of the embargo on the imporla tion of live stock, none of which broke any new ground, were used at the annual Dominion conference of the New Zealand Farmers’ Union to-day. With the exception of the criticism by one delegate of the action of Lord Bledisloe in advocating the lifting of the embargo on his arrival in England, the tenor of the debate was identical with that which took place on the question at the meeting of the Dominion Executive of the union in May. Hawke’s Bay, South Taranaki, Mid-Canterbury, Auckland, Nelson, Westport, North Taranaki, and the combined conference recently held at Palmerston North, representing the Wellington, Wail'arapa, Wanganui, and Manawatu districts all submitted a remit that the union protests against the lifting of the embargo on the direct importation of Hive stock from any country known to be infected by foot and mouth disease. The remit was carried, ■ only_ a few audible dissentient voices being heard. AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, July 17. The Stock Exchange was less active, but the market was firm. AFTERNOON SALES.

NEW ZEALAND BREWERIES LTD. PAST YEAR'S OPERATION'S FPer United Press Association.] WELLINGTON, July 17, At the annual meeting of the New Zealand Breweries Ltd. to-day the re* port showed a net profit for the year of £77,835 18s lOd, or £1,105 2s 4d above last year. If recommended the payment of a further dividend of 3J per cent., making the total dividend for the year 7 per cent. This dividend will absorb £38,229 18s sd, and there will then remain in the Appropriation Account the sum of £14,512 1b 9d, which it is proposed to rarry forward to the new year’s accounts. The report was adopted*

LONDON WOOL SALES

PRICES MAINTAINED Prew Association—By Telegraph—Copyright LONDON, July 17. (Received July 18, at 10.5 a.m.) At tho wool sales 0,771 bales were offered, including 1,947 from New Zealand, About 5,882 'bales of Australian and New Zealand wool were sold. There was strong Home and Continental# competition, and prices were fully maintained. New Zealand greasy cross-bred “ Mandarata,” 10fd, B|d; half-bred, “C. 8.,” 133 d. METAL MARKET Press Association—By Telegraph—Copyright LONDON. July 16. The following are the official metal quotations :■ —- • Copper Spot, £32 3s 9d per ton; forward, £32 11s 10id. Electrolytic.—Spot, £35 10s; forward, £36 ss. Wire bars, £36 ss. Lead.—Spot, £l4 2s 6d; forward, £l4 ss. „ , Spelter.—Spot, £l3 17s 6d; forward, £l4. Tin.—Spot, £232 12s 6d; forward, £224 7s 6d. , • „ „ Pig Iron. —Home trade, £3 7s 6d; export, £3 2s 6d. Antimony.—British, £74 10s; foreign, £46. Molybdenite, £1 14s fld per Unit. Wolfram, £i 11s. Silver.—Standard, 30 3-16 d per oz; fine. 32 9-16 d, ' DAIRY FAGTORY LICENSES fpBA UnitSd Pkbsb Association.! WELLINGTON, July 17. Regulations providing for the licensing of dairy factories were issued in a special ‘Gazette ’ to-day. Applications for licenses are to be made to the director of the Dairy Division of the Department of Agriculture, and are to be accompanied by details of existing or proposed buildings or of proposed alterations. The director of tho Dairy Division is empowered to refer the applications for licenses to a committee of three. persons appointed by the Minister of Agriculture. This com-

mittee will advise the director on the matter of the advisability and justification for the dairy- factory in the locality concerned, its prospect of success, and 1 the probable or possible effect of competition from the premises sought to be licensed.

ARGENTINE WOOL

EXPORTS REDUCED / Gibson Hermanos, Buenos Aires, reporting April 30, state that from October 1 to date, exports of wool from Argentina were 222,842 bales, compared with 249,732 bales for the corresponding period of last season. BIG USERS OF WOOL DEPARTMENTS OF STATE The Government’s policy of specifying New Zealand woollen material where it can be utilised makes the State departments some of the best customers of New Zealand woollen mills. The Post Office alone . requires 12,200 yards of cloth for uniforms, and another 300yds for caps each year, Waterproof clothing has to bo made from cotton which must be imported, but the material is made up for the Post Office in New Zealand, and even the cork helmets used by postmen are of local manufacture. As the purchasing agent for other State departments, the Post Office annually buys New Zealand cloth as follows Defence, 10,000ydseducation, 1, 350yds; legislative and internal affairs, 650yds; mental hospitals, 8,900 yards; police, 4,oooyds; and prisons, l,o6oyds. These purchases, in addition to those of the 12,500yds bought bythe Post Office, make a total of 38.460 yards. Another big customer for New, Zealand woollen cloth for manufacture into staff clothing is the Railway Department. which requires about 10.000 yards a year, • DAIRY INDUSTRY BAY OF ISLANDS' INCREASED OUTPUT. An increase of 6.8 per cent, to 1,278 tons in the butter production of the Bay of Islands Co-operative Dairy Company Limited for the year ended May 31. is shown in the thirty-fourth annual report. Advances for finest grade were: June and July, lOd; August, 9d; September and November, 7d; October and December, 6id; January, February, and May, Bjd; March and April, 7sd. After making provision for all charges, £16,991 remains for distribution. The directors recommend a further payment over the nine months September to May, bringing the total for these months to Did, of, with cream cartage added, to 9.8 d at farm gate. < During the year a court order cancelling the A'shares had been obtained, and the first repayment of 25 per cent, had been made. . “ The winter and spring of 1934 were not favourable for production, and the preceding season’s record was not equalled until November,” states the report. “ From then onward the season was one of unusually heavy rains and floods, producing great quantities of feed, but, unfortunately, disorganising farm operations and cream collection resulting in a serious falling off in duality. After making full allowance for weather, it is apparent that the average quality of cream received has been lower than in former years, indicating the necessity for ihore attention on the part of suppliers generally and the urgent need for farm dairy instruction, preferably on the block sys* tern. Experience during the past season shows that more attention could have been given to the scalding and sterilising of cream cans on the farm, before use. The excessive and increasing supplies of butter to the world s markets must of necessity bring about a raising of grading standards.

Buyers. Sellers, £ s. d. £ s. d. BANKING— New Zealand 2 11 3 2 12 0 Commercial 0 16 8 0 16 10 National of New Zea'land ... — 3 9 0 Reserve 6 9 0 6 10 0 Union of Australia Ltd 9 0 0 — INSURANCE— National — 1 1 2 New Zealand — 3 8 9 South British 4 18 0 — A.P.A. 1 1 9 ' — SHIPPING— P. and 0. Deferred Stock ... ... ... 1 1 0 TJ.S.S. Co. (pref.) ... 1 7 0 1 7 9 MEAT PRESERVING— Canterbury (ordj ... 9 11 0 — N.Z. Refrigerating N.<?. Refrigerating 1 o 6 (cont.) ... 0 10 0 0 IQ 1 South Otago Freezing Waitaki Farmers’ 6 15 0 — Freezing ... 3 13 6 — LOAN AND AGENCYDalgety . ...' ... ... — 8 6 0 National Mortgage ... 2 11 6 — National Mortgage (“ B ” issue) 112 0 — Perpetual Trustees ... 3 4 0 — Wright, Stephenson 0 18 (ord.) 0 — Wright. Stephenson 0 19 (pref.) ... 6 — COAL— Kaitangata — J . 1 0 Westport ;• ... 1 1 10 1 2 2 Westport-Stockton (pref.) — 0 4 3 WOOLLEN COMPANIES— '■ ’■Bruise, (pref.) ... . ' 13 6 Kaiapoi (ord.) 0 15 9 — ■ Kaiapoi'*(pref.) ... ... ,0 18 9 — MISCELLANEOUS — Associated News ... 1 3 9 — Broken Hill Pro* ■prietary ..; 2 19 0 2 19 9 Consolidated Brick ... — 0 10 9 Crystal Ice Co. ... ' ... 2 3 0 2 8 0 D.I.C. (pref.) ... ... 1 4 6 — Dominion Fertiliser ... 1 3 0 Dominion Fertiliser (debs.) 108 0 0 — Dominion Rubber ... — 1 9 0 Donaghy’s Rope and Twine ... ... ... 2 12 0 Dunlop Perdriau Rubber, ... ... 0 16 0 0 16 6 National Electric ... 0 10 9 0 12 0 N.Z. ’ Farmers' Pertiliser ... 1 0 3 N.Z. Newspapers ... 1 18 3 1 19 0 N.Z. Paper Mills ... 1 14 3 * Otago Daily Times ’ 2 9 6 Wool worths (ord.) ... 12 0 0 — Woolworths (Sydney) 4 11 6 4 13 0 BREWERIESNew Zealand 2 13 3ex 2 14 3 Timahi 0 8 10 — Tooth’s 2 14 6 — AUSTRALIAN MINING — Electrolytic Zinc (pref.) 1 14 6 — Electrolytic Zinc (ord.) . ... ... ... 1 7 3 — : Mount Lyell 0 19 7 1 0 0 Mount Morgan 116 9 1 17 3 |North Broken Hill ... — 6 16 0 •OLD MINING— Bendigo Goldlight ... 0 0 9; 0 0 104 ' Big River Gillespie’s — 0 2 0 1 4 0 154 Golden Progress 0 0 3 — Goldfields Dredging 0 0 3 — Kildare ... ... ... — 0 3 2 King Solomon — 0 3 11 Moonlight-Nelson . Creek ' — 0 0 1 Mount David o r 4 — Maori Gully 0 1 4 — Nokomai 0 2 0 Okarito ... 0 5 6 0 6 0 OxenbHdge 0 0 5 0 0 7 Waipapa Beach 0 1 3 0 1 5 Waitahu 0 2 9 0 3 0 N.Z. GOVERNMENT LOANS(Bonds quoted are £100 bonds.) 3i p.c Stock. March, 1936-43 105 0 0 — 34 p.c. Stock, May, 1936-52 ... ... ... 107 5 0 M. 3$ p.c. Stock, November, 1938-52 107 5 0 — 34 p.c. Stock, March, 1939-43 105 0 0 ' — 34 p.c. Stock, Septein- . ber, 1939-43 105 0 0 34 p.c. Stock, May, 1939-52 107 5 0 34 p.c. Stock, March, 1941-43 T05 5 0 34. p.c. Stock, September, 1941-43 105 5 0 34 p.c. Stock, May, 1941-52 107 5 0 34 p.c. Stock, November, 1941-52 107 5 0 — ’ 4 p.c. Bonds, 1937-40 102 0 0 . — 4 p.c. Stock, 1937-40 102 15 0 4 p.c. Bonds, 1943-46 108 0 0 — 4 p.c. Stock, 1943-46 108 0 0 — 4 p.c. Bonds, 1946-49 108 10 0 — 4 p.c. Stock, 1946-49 108 10 0 — 4 p.c. Bonds, 1952-55 111 5 0 -- ♦ p.c. Stock, 1952-55 111 5 0 DIVIDENDS DUE Union Bank—Interim, 2s 6d a share . July 25 Golconda Holdings Ltd .—5 per cent ... July 27 Commercial Bank — Half-yearly. ord. 6 2-3 p.c., pref. 4 p.c., . Aust. our Aug 9 New Zealand Farmers’ Fertiliser —54 per cent Aug. 15 New Zealand Insurance—Final, Is a share Aug. — Electrolytic Zino—half-yearly, ord. 8 p.c., prof, 8 p.c, ... Sept. 10

Buying. Selling. London— £100 stg. N.Z. ... ... & T.T. £124 £124 10/ O.D, £123 10 1 £124 3/9 Australia— £A to £100 N.Z T.T. £101 £100 10/ Fiji— £F to £100 N.Z T.T. £90 7/6 £89 New York— Dollars to £1 N.Z. T.T. 4.014 3.974 O.D. 4.021 3.98 Montreal— Dollars to £1 N.Z T.T. 4.02 3.984 O.D, 4.03i 3.98J France— Francs to £1 N.Z ... ... T.T. 60.76 59.46 O.D. 61.06 59.51 Noumea— Francs to £1 N.Z T.T. 61.71 58.71 O.D. 62.11 58.76 Papeete— Francs to £1 N.Z f . r T.T. 61.71 58.71 O.D. 62.11 58.76 Belgium— Belgas to £1 23.272 23.287 N.Z T.T. O.D. Germany— Beichmarks to £1 N.Z T.T. — 9.654 O.D. — 9.659 Italy— Lire to £1 N.Z. ... ... it. T.T. — 47.54 O.D. — 47.58 Switzerland— Francs to £1 N.Z. ... ... T.T. 12.375 11.975 O.D. 12.450 11.985 HollandFlorins to £1 N.Z T.T. 5.976 5.726 O.D. 6.026 5.730 Java — Florins to- £1 N.Z T.T. 5.931 5.706 O.D. 5.981 5.710 Japan — N.Z. pence to 1 17 13-16 yen T.T. — Shanghai — N.Z. pence to 1 22 11-16 dollar T.T. 24 \ O.D. 22 9-16 23 15-16 India and Ceylon— N.Z. pence to 1 rupee ... ... T.T. m 22 23-32 O.D. 824 22 21-32 Hongkong— N.Z. pence to 1 dollar i.. T.T. 31 3-16 324 O.D. 31 1-16 32 3-16 Singapore— N.Z. pence to dollar ... 1 T.T, 34 7-32 35 5-32 O.D. 34 3-32 35 3-32 Sweden — Kroner to £1 N.Z f4 T.T. 15.791 15.461 O.D. 15.831 15.471 Norway— Kroner to £1 N.Z T.T. •16.202 15.872 O.D. 16.242 15.882 penmark— Kroner to £1 N.Z T.T. 18.208 17.878 O.D, 18.248 17:888 Austria — Schillings to £1 N.Z .1. T.T, 20.57 O.D, — 20.59 Czechoslovakia— Crowns to £1 N.Z T.T. O.D. T*” 94.77 94.82

£ 8. d. Bank of New South Wales Commercial Bank of Syd32 10 0 ney ... 18 8 0 National Bank (£5 paid) 6 10 6 Colonial Sugar 45 0 0 Associated News ... ... 1 3 9 Associated News (pref.) ... 1 4 4* Automatic Totes 1 0 3 Howard Smith 0 16 ■ 7i British Tobacco 1 19 6 Carlton Brewery 2 13 0 .1. Stedman Australian Iron and Steel 0 18 9 (pref.) ... 1 4 6 Dunlop Perdriau 0 16 6 Wilcox, Mofflin 0 12 0 Greater J. D. Williams ... 0 8 6 Henry Jones 1 17 6 Electrolytic Zinc 1 8 0 Farmers 1 7 9 David Jones 2 1 6 Anthony Hordern 1 0 1* Sargents Tooths 1 0 10* 2 15 9 Broken Hill Proprietary ... 3 0 0 South Broken Hill ... ... 4 11 6 North Broken Hill 6 16 0 Malim Nawar 0 18 3 0 Tonkah Harbour 1 2 Placer Development 31 10 0 MELBOURNE, July 17. ‘ Herald ’ and ‘ Times ’ ... 2 17 6 G. J. Coles , ... 3 2 9 Mount Lyell 0 19 11