Commerce, Mining, & Finance

Evening Star, Issue 22202, 3 December 1935, Page 7

Commerce, Mining, & Finance

AUSTRALIAN STOCK EXCHANGES Fnu Association—By Telegraph—Copyright SYDNEY, December 2. On the Stock Exchange the general trend of values was downward, the threat, of a shipping hold-up having had an adverse influence. . MORNING SALES. • £ s. d. Commonwealth Bonds—--4 p.c., 1950 ...103 0 0 4, p.c.J 1959 , ... ... ... 102 15 0 Commercial Bank of Sydney 18 2 0 Bank oil New; South Wales 33 0 0 Toobeys ... ... ... ... .1 10 6 Tooths ... ... ... ... ••• 215 0 Anthony Hordern ... ... 019 10} Associated News ■ ... 1 4 7} Associated News (pref.) ... 14 3 British Tobacco ... ... .... 119 9 ADDITIONAL SALES. Bank of New South Wales 32 17 6 Commercial Bank of Sydney 18 2 0 Colonial Sugar ... ... ... 42 12 6 Associated News ... ... 14 9 Associated News (pref;) .14 4} Automatic Totalisators ... 1 0 4} Howard Smith 1 ... ... ' ... Old 6 British Tobacco ... ■ 1 19 10} Tooths ... ... ... ... ... 214 9 Tooheys.... ... ... ... . ... 110 6 Drug Houses' ... ... ... 18 9 Australian Iron and Steel (pref.) ... ... ..- ... 1 5 3 Australian Glass ... 4 4 0 Dunlop Perdriau 0 16 3 jWinchcombe, Carson ... 110 6 Anthony Hordern ... 019 10} Standard Cement 110 New South Wales Mont de Piete ... ... 17 6 Stedman ... ... 0 17 9 Hume Pipe ... .... ... ... 015 3 Meggitts ... ... 14 3 Mark Foy ... ... ... ... 14 6 Newcastle Gas (C) ... ... 013 3 South Broken Hill -i :.. 6 0 0 North Broken Hill ... ... 9 0 0 Rawang 0 8 9 Emperor , ;.. ... 019 ■ 6 Tavua .... ... ... ... 0 310 New Occidental Gold ... ... 015 0 MELBOURNE, December 2. National Bank (£5 paid) ... 618 0 Australian Glass ... ... ... 4 5 0 Electrolytic Zinc ... ... 115 0 Gordon and ■ Gbtch- (pref.) • 1 14 9 Loloma' . . ... ' ... ... 118 7} Enterprise ... ... 315 0 AUCTION SALE Messrs N.' and. E. S,' Paterson Ltd. report having submitted for , sale- by auction evening the Otago Education Board’s sections at Maeandrew Bay. . There was a large attendance of buyers, and thefollowing lots were sold at satisfactory prices,:—Lot i, Mr J. H. Gilmore; lo,t 2, Mr C. Muir;'lot 3,! Miss £. ; F. Sanders'; lot 4, Mr N. W. Sanders;, lot B,‘ Messrs R. L. Landreth and A; Dow; lot 25, Mrs W. R. Budd; lot 26. Mrs W. R. Budd; lot 27, Mr, James lies, ' ’ • , Some of the’.remaining sections were passed;.in at bids which will be submitted to the Minister of Education for acceptance. CANTERBURY FROZEN MEAT AND DAIRY PRODUCE TIE YEAR'S OPERATIONS The annual report of the Canterbury Frozen Meat and Dairy Export Company Ltd. for the year ended November 30 has been circulated. The net profit 'for the year after provision for depreciation is £42,161 6s 9d, which, with ’ the amount bought forward, makes the; amount at the credit of the profit and loss account £50,063 19s 2d. But of this £IO,OOO has been added to the general reserve, and £20,000 to the renewals reserve fund, leaving the sum of £20,063 19s 2d, which the directors recommend should be dealt with as follows .'—Dividend 5 per cent; on preference shares, £5-,000; dividend 7 per cent, on ordinary shares, £7,875; carry forward, £7,188 19s 2d. ELECTROLYTIC ZINC PRODUCTION STATEMENT The following is the production statement for the Electrolytic Zinc Com-, pany of Australasia Ltd. for the four weeks elided on November 13, those for the four weeks up to October 16 being given in parentheses :—Zinc produced, 5,452 .tons ..(5,476); amount used at the works. 70 tons (70). Amount of silver and lead product for ship n >nt to Port Pirie for realisation:—Load, 175 : tons (170); silver, 17, jOOoz (16,500). PRICE OF GOLD Press Association —By Telegraph—Copyright • "LONDON, December 2. (Received December 3, at aoon.) The price of gold is quoted at £7 Is per ouhcc.

THE SEARCH FOR GOLD MAEREWHENUA FIELDS The annual meeting of Maerawhenua Goldfields Development Company Ltd. will be held on December 9. BROWN'S TERRACE The second annual report of Brown’s Terrace Consolidated Ltd. for the year ended October 31 states that testing work to ascertain the dredging possibilities have been carried out, but that disappointing results were found, due to several adverse causes. The directors hesitated to sanction further expenditure, especially as this would involve making a call on the unpaid portion of the company’s capital. A mining group approached the directors with a view to obtaining an option on the company’s properties, and as a result of the negotiations that followed, the terms of the option were finally agreed upon and the document is now m the course of preparation. Briefly, the principal terms comprised therein are that in the event' of the option being exercised, the company is to be, refunded certain moneys expended on the property, plus a share in. the net profit to be derived from the sale of the property and rights to the future operating company. Further, the company is to be relieved from any expenditure required to keep the titles in force (such as mining rents, etc.), as from three months after the execution of the deed of option. The directors considered the terras satisfactory to the company, and recommend that their action in agreeing to grant the option be endorsed by the shareholders. GOLDEN SANDS LTD. The secretary reports the following particulars of the return announced bn November 23: Approximate value of gold produced, 320 z 12dwt at £7, equal to £228 4s; approximate mining expenditure, £lO6. The figures are in connection with the foregoing parcel only, covering a period of a fortnight’s work. MATAKI RETURN The Mataki return for the week ended on Sunday was 61oz for 133 hours’ work. MOONLIGHT FIELDS A year of considerable financial and practical difficulty has been experienced by the Moonlight Goldfields Company ,-Jitd., states the directors’ report for the year ended October 21. The report states that the pipeline to German Gully "was completed and sluicing was commenced on J uly 1. Results for the time were moderately successful, but it was eventually found that the extent of payable wash available was insufficient to justify continuing work in this locality. Sluicing was commenced at a point on the claim known as “ Three Jacks ’’ on November 7. A new option over the dredging area was let to British Developments Ltd., who were actively engaged in boring operations. The retiring- director, Mr P. W. Fryer, offers himself for reelection. The production account shows gross profit of £l3O, net loss for the year be- ’ mg shown in the profit and loss account at £9ll. CHRISTCHURCH CUSTOMS The following are the Christchurch Customs returns for last month and for the period of eight months, with the comparative figures for 1934:

LONDON WHEAT MARKET Press Association—By Telegraph—Copyright LONDON, December 2. (Received December 3, at 10.45 a.m.) Wheat cargoes are dull. Manitobas a f e ?d 1° 6d lower. Australians are obtainable at 3d less. La Platas also are easier, hut buyers are deterred by the reported change in the constitution of the Canadian Grain Board. Parcels are in poor request at 3d to 6<’ decline. Manitobas and other descriptions are little changed. Futures: London—February 25s Id, April 25s 2d; Liverpool— December 6s lOjd, March 5s 9id, May 5s 9id. TiMARU HARBOUR BOARD £150,000 LOAN AT 3i PER CENT. The Timaru Harbour Board us succeeded in raising a loan of £l5O 000 at 3i per cent, to enable it to pay If the balance of the loan of £232,900 n .sed in 1916 at 5 per cent. The debentures mature on January 1 next. Those holding debentures in the 1916 loan dmfor repayment on January J will be paid in full at the beginning of not year. The loan is to he repaid by the board in annjual instalments, and it is anticipated that it will be extinguished by 1952.

FOREIGN EXCHANGE ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, 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 following dollar rates to-day on a New Zealand currency basis. They are subject to alteration 1, without notice:— U.S.A. CANADA. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. (dol) ... ... 3.94| 4.00 O.D. (dol) 3.954 4.004 BUYING— O.D. (dol) 3.99 J 4.04| DOLLAR AND FRANC Press Association—By Telegraph-Copyright LONDON, December 2. (Received December 3, at noon.) The dollar is quoted at 4.93 and the franc at 745.

THE SHARE MARKET DUNEDIN STUCK EXCHANGE .Four reported sales comprised the business recorded this morning on a market which continued to show a general improvement in the prices of investment shares. Late sales of E.S. and A. Bank shares up to £5 11s 6d showed an advance of 6s 6d on the best buying quote last week, and there were further buyers at £5 10s 6d this morning,’ with no selling quotation. Reserves moved up 4s to buyers at £5 19s, with no seller; and other bank issues were firm at unchanged rates. Refrigeratings were inclined to harden, and Mortgage Corporations also showed further improvement. There was little change in the market for coal and woollen shares, and in the miscellaneous section prices remained firm. New Zealand Breweries eased 6d to sellers at 555, with no apparent buyer; and Tooth’s shares were on offer at 555. Investors maintained their keen interest in Australian mining shares, though Electrolytic Zinc ordinaries and Mount Lyclls were again a little easier. SALES. Reported: E.S. and A. Bank, £5 11s 6d, £5 11s (late yesterday); New Zealand Insurance, £3 3s 6d; Oamaru Woollen, £1 2s.

DIVIDENDS DUE

Customs Beer duty ... Sales tax ... Petrol duty ... Tyre duty ... Light dues ... Dairy levy ... Meat levy Miscellaneous oSg Sh ... £80,060 ... 6,745 ... 27,205 ... 18,358 820 189 171 23 172 u £79,218 6,437 30,170 17,204 1,086 388 213 39 48 Totals ... £132,743 V? tfl § 5? £134,803 •Slsg Customs ... £553,849 £590,512 Beer dutv ... ... 53,962 ... 192,398 56 ,'819 Sales tax 214,268 Petrol duty ... ... 135,391 125,811 lyre duty ... 7,360 7,797 Light dues ... 3,204 3,882 Dairy levy ... .773 451 Meat levy3,535 3,182 Miscellaneous 1,272 '416 Totals ... ... £951,744 £1,003,138

Buying. Selling. London— £100 stg. N.Z T.T. £124 £124 10/ O.D. £123 10/ £124 8/9 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. 3.98| 3.94* O.D. 3.99| 3.954 Montreal — Dollars to £1 N.Z .. T.T. 4.03|: 3.99J France— • Francs to £1 N.Z. O.D. 4.04* 4.004 „. T.T. 60.74 59.44 O.D. 61.04 59.49 Noumea — Francs to £1 N.Z. .. T.T. 61,69 58.69 O.D. 62.09 , 58.74 Papeete— Francs to £1 N.Z.,.... ... . .. T.T. 61.69 : 58.69 O.D. 62.09 58.74 Belgium— Belgas to £1 23.123 N.Z. ;.. ... . ,. T.T. ■ — O.D. — 23.138 Germauy— Eeichmarks to £1 N.Z .. T.T. — 9.638 O.D. — 9.643 Switzerland— Francs to £1 N.Z . .. T.T. 12.462 12.082 O.D. 12.537 12.072 Holland — Florins to £1 N.Z .'. T.T. 5.980 5.730 O.D. 6.030 5.734 Java — Florins to £1 N.Z. ... • ... . ., T.T. 5.935 5.710 O.D. 5.985 5.714 Japan— N.Z. pence to 1 yen .... TT. — 17| O.D. - 17 39-64 Shanghai— N.Z. pence to 1 dollar I . T.T. 174 18 13-16 O.D. 17g 18 51-64 India and CeylonN.Z. pence to 1 22 23-32 rupee , T.T. 22* O.D. ‘ 224 22 21-32 Hongkong— N.Z. pence to 1 dollar . T.T. 21 9-16 22 13-16 O.D. 21 7-16 22 25-52 Singapore— N.Z. pence to 1 35 5-16 dollar . T.T. 34| O.D. 344 354 Sweden— Kroner to £1 N.Z. ... ... ... T.T. 15.790 15,460 O.D. 15.830 15.470 Norway— Kroner to £1 N.Z. ... ... ... T.T. 16.200 15.870 O.D. 16.240 15.880 Denmark — Kroner to £1 N Z ... T.T. 18.208 17.878 O.D. 18.248 17.888 Austria — Schillings to £1 N.Z ... T.T. — 20.77 O.D. — 20.79 Czechoslovakia— Crowns to £1 N.Z ... T.T.. — 95.50 O.D. — 95.55

Quotations as under Buyers. Sellers. £ s. d. £ s. d. BANKING— New Zealand ' 2 8 9 2 10 0 New Zealand (Long “D”) ... • 1 12 0 Commercial — 0 17 4 E.S. and A 5 10 6 — National of New Zealand 3 12 0 Reserve 5 19 0 —■ Union of Australia Ltd. ... 9 8 0 9 15 0 INSURANCE— National 0 19 3 New Zealand 3 3 0 3 T 3 SHIPPING— P. and 0. Deferred Stock 1 1 6 U.S.S. Co. (pref.) ... 17 4 — MEAT PRESERVING— N.Z. Refrigerating (paid) 12 0 1 2 6 N.Z. Refrigerating (cont.) 0 10 7 0 10 10 Southland Frozen (paid) ... - 3 18 0 LOAN AND AGENCYGoldsbrough, Hort ... 1 11 0 Mortgage Corporation 0 5 3 0 5 6 National Mortgage — 2 14 6 National Mortgage (“ B ” issue) 1 12 0 _ N.Z. Guarantee Corp. 0 4 10 — Trustees, Executors, and Agency 3 3 0 Wright, Stephenson (pref.) - 1 0 0 COAL— Kaitangala 1 1 6 Westport 12 0 1 2 8 Westport-Stock ton (pref.).. 0 2 9 WOOLLEN COMPANIES— Bruce (ord.) — 0 14 6 ■ Bruce (pref.) _ 1 1 9 Kaiapoi (pref.) — 0 18 6 Oamaru ... —: 1 2 6 MISCELLANEOUS— 'Broken Hill Proprietary (new) 17 6 1 8 6 D.I.C; (pref) ... ... l-'3 0 '— Dominion Fertiliser ... 13 0 1 4 0 Dominion Fertiliser Debs. ... r ... ... ... 106 0 0 Dunedin Kaikorai Trams 1 18 0 Dunedin Stock Exchange Proprietary 1 18 0 2 0 0 Dunlop Perdriau Rubber 0 16 3 Milburn Lime and Cement 2 4 9 National Electric ... 0 12 9 0 13 6 N.Z. Drug Co 3 19 0 4 0 6 N.Z. Paper Mills 16 0 — BREWERIES— New Zealand 2 15 0 Tooth’s — 2 15 0 AUSTRALIAN MINING Broken Hill South (£1) — 6 5 0 Electrolytic Zinc (pref,) (£1) 1 18 6 1 19 0 Electro. Zinc (ord.) (£1) 1 15 0 Mount Lyell (£1) 10 9 1 1 4 Mount Morgan (5s) 1 15 0 1 17 0 GOLD MINING— Bendigo Goldlight (Is) 0 0 4 Big River (Is) 0 1 10 0 2 0 Gillespie’s (Is) 0 10 0 1 2 Kildare (2s) — 0 2 9 King Solomon (Is) 0 3 3 0 3 7 Nokomai (5s) 0 19 0 2 6 Okarito (5s) 0 5 6 — Sandhills (Is) — 0 0 6 Waipapa Beach (Is) 0 1 6 0 1 8 N.Z. GOVERNMENT LOANS— 3J p.c. Stock, Nov., 1938-52 102 0 0 3j p.c. Stock March, 193943 103 0 0 3j p.c. Stock, Sept., 193943 103 0 0 3£ p.e. Stock, May, 1939-52 102 0 0 _ 4- p.c. Bonds, 1937-40 4 p.c. Stock, 193740 101 0 0 — 101 0 0 — 4 p.c. Bonds, 194346 103 0 0 — 4 p.c. Stock, 194346 103 0 0 — 4 p.c. Bonds, 194649 105 10 0 —■ 4 p.c. Slock, 194649 103 10 0 — 4 p.c. Bonds, 1952-55 105 0 0 — 4 p.c. Stock, 1952-55 106 0 0 — UNLISTED STOCK— Woolworlh’s (Sydney) Otago Farmers’ Co-op. (3s 4d) Ware’s Trust 5 17 0 0 2 7 0 3 0 0 4 9 0 5 1 Quartz Mountain (5s) 0 9 0 0 10 0 John Fuller and Sons’ Debs. 81 0 0 Fuller, Hayward Debs. — 66 0 0

Kauri Timber —5 per cent. ... ... Dec. — Swan Brewery—ord., 2s and bonus 6d and pref. at 6 per cent, per annum Dec. 4 Bank of N.Z.—Interim, ord;, Is a share; D mortgage, 3i per share Dec. 7 Henry Jones Co-operative—Final, Is 3d a share North Broken Hill—2s 6d a share and bonus Is a share Dec. 12 Waitaki Farmers’ Freezing—5 per cent Dec. 13 N.Z. Breweries—Interim, 3£ per cent. Dec. 14 Mount Lyell—Final, 2!, per cent, p.a., 6d a share ■ Dec. 16 Okarito Gold Dredging—10 per cent., 6d a share Goldsbrough, Mort—Interim, 4 per cent, p.a Tooth’s Brewery—10 per cent, p.n. and bonus p.c Dec. 17 Dec. 18 _ Broken Hill South—Is 6d a share and bonus Is a share Dec. 19 Placer Development—Interim, 50 cents (Can.) a share Dec. 20 Bulolo Gold—Interim, Ido! 40 cents (Can.) a share Dec. 20 Morris, Hedstrom—Interim, ord., 2S: per cent Dec. 31 Claude Neon Ltd., Sydney—15 per cent., payable as to T!, per cent, (and payable as to 7| per cent., January 1) ... Jan. 1