THE SHARE MARKET

Evening Star, Issue 22212, 14 December 1935, Page 13

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE Steady Renditions have prevailed on tho local share market during the week, when a considerable amount of business was recorded. The continued good prices ruling for wool at the recent sales have, to a certain extent, restored confidence, while that factor combined with the dearth of sound investments has created a demand for the betterclass of stocks. In banking shares, a rise of a few shillings has taken place in Unions, while tho quotations for other issues remain practically unaltered frem last week. The market for insurance shares has also shown little change. In tho meat preserving section, New Zealand Kefrigeratings have experienced a fair amount of business. Southland issues, however, have been inclined to ease slightly. With the exception of Westports, little activity has been apparent in coal shares. Westports had a reported sale at 21s fid, the market closing with a buyer at 21s 3d and , a seller at 225. Mortgage Corporation shares have dropped in value during the week, and this inoniilig the best buyer was at 5s Id, with a seller only 3d away. A slight firming tendency has been evident in New Zealand Paper Mills, a sale being recorded at 28s fid.* Broken Hill Proprietarys have remained firm round about 58s and the 5s paid issue at 28s. Woolworths (Sydney) ordinaries have had an improved market during the week. Sales being rtia.de up' to £5 18s 3d. The market closed with a buyer at that figure and no declared seller. Most Australian mjning issues maintained tho keen support of investors. This morning, Broken Hill Souths had reported business at £5 10s, and Electrolytic Zinc ordinaries bad a sale after the call at 355, after sales during the week ranging from 34s 9d to 35s 3d. . New Zeland Breweries recovered early in the Week from their drop to B2s fid, and are now in demand at about 545. Tooth’s have also firmed, buyers offering up to 555, with the best seller this morning at 565. In the mining section, shares in the Emperor Mine (Fiji) had a buyer for the first time on the local market at 16s 9d without attracting a seller. . Molyneux Rivers had a reported Sale this morning at 2s 4d. This is the London company which owns the whole of the Molyneux River from Alexandra to Cromwell. The dredge is expected to commence operations in a few months’ time. Waipapas have shown an inclination to harden, and this morning sellers required 3d more than the buying offer Of Is fid. Waitahus and Nokomaia have also had more .support than has been the case for Some time. ’ Though there has been a good inquiry for Government Stocks, prices have been considerably below those ruling prior to the election, . SALES. Reported:N.Z. Paper Mills, £1 8s fid; Broken Hill South, £5 10s; Molyneux River, 2s 4d. Unlisted Stock.—Woolworth’s (Ssduey), £5 18s 3d. , , After Call.—Electrolytic Zinc (ord.), £1 15s.

DIVIDENDS DUE .

AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph-Copyright SYDNEY, December 13.' On the Stock Exchange general strength characterised to-day’s investment market, the gilt-edged" section being particularly firm.

AFFORESTATION LTD. BALANCE SHEET CHARGES The 12th. annual report of- the directors of Afforestation Ltd., Auckland, states that during the year ended July 31 the plantations again made satisfactory progress. The directors state they have the question of realisation before them, and when, plans for the disposal of the timber are 'developed shareholders will be consulted. Interest and dividends received amounted to £346, and expenses to £1,668, leaving £1,322 to be transferred to the development account. The balance sheet is presented in a different form. In the past it has been the practice to credit the premium on shares to development account. So that the development account may show the actual amount expended in developing plantations, it has been decided to transfer the premium, which has been written off development account, to a general reserve account. This, together with the premium for the year ended July 31, amounting to £1,359, makes a total of £6.570 in the general reserve account. The development account, which amounts to £34,474, now represents the amount actually spent in developing the company’s asset. In previous years the profit made the sale of an investment shown under reserve account. This, profit is now shown in a new account, investment fluctuation reserve account. The principal balance sheet ’ figures are as follow, last year’s amounts being given in parentheses:—Liabilities: Paid capital, £41,646 (£40,865); creditors, £373 (£514); investment fluctuation reserve, £475 (£475); general reserve. £6,570 ( —);' forfeited shares reserve, £2,321 (£2,040). Assets; Land, £7.772 (£7,772); development account, £34,474 (£27,941); maintenance reserve, in Government stock and on deposit, £5,478 (£3,903); mortgage, £l.OOl (£1,001); New Zealand Perpetual Forests Ltd. shares, £950 (£9501: cash, £1,084 (£1,655). '

THE SEARCH FOR GOLD GOLDEN DAWK MINES Shareholders in Golden Dawn Gold Mines Ltd. have received the,following circular from the directors of the company;— “ Recently a shareholder in the Auckland province wrote to the company stating that a person was going around the shareholders of this company in his district endeavouring, to buy up shares, painting a rather dismal tale of the future of the company, but-offering 2s each for the paid-up shares. This is below the buying quotation on the Stock Exchange. Another intimation to a similar effect has since been received from Christchurch, and, as it would appear that such action is deliberate and extensive the directors are constrained to circularise shareholders advising them 1 generally of the company’s progress since the last annual report for the year ended December 31, 1934. - - ' ■ “During the current year extensive developments have been undertaken and the results have been very encouraging. The superintendent reported on December 4 that reserves of 1 assured ’ ore were then 9,077 tons, and of ‘ probable ’ ore 4,660 tons, and more ore is being opened up as the works proceed. “ Another important work is the extension of the . main level northwards towards the main range. This has been extended 851 ft from the present workings, and cross-cutting is now proceeding in good solid country beyond a break that was traversed for over 650 ft. This work was undertaken _in the belief that the lodes now being worked will be found beyond this break, and, if of payable value, will increase substantially the value of the property. “ Financially the position of the company is very sound, the whole of the development works having been paid for out of bullion proceeds. s In addition, profits are being made and certain negotiations are proceeding of considerable importance to shareholders, but as they are not completed cannot at the moment be divulged. As soon as they are the members will be advised. “ This circular is meantime to warn shareholders against any representation made' by unauthorised persons of the company’s position or future prospects.” SANDHILLS COMPANY The annual meeting of shareholders of the Sandhills Gold Mining Company Ltd. was held oh Thursday evening, Mr Robert G. Hudson presiding over a small attendance of shareholders. The directors’ report (published on December 11) was adopted, shareholders approving of the reduction iii the number of directors. GENERAL. Several questions regarding the working of the claim were explained to shareholders by Mr Robert Lee, consulting engineer to the company, with the aid of several photographs and a diagram of the claim. The secretary (Mr W. E. C. Reid) submitted a stateihent of the cost of working the claim and the gold won for the 10 weeks from the date of the balance, September 30 to December 11. This statement showed that wages and other expenses (including a proportion of yearly charges, such as rates and license fees) amounted to approximately £3OO for the period, while gold won was estimated in value at £SOO. leaving a net profit of £2OO for the 10 weeks' working. Shareholders expressed Satisfaction at this state of affairs.' Messrs James Brown and Co., the retiring auditors, were re-elected. MANAGER’S REPORT. The latest report from the claim manager, dated December 11, reads in part as follows;—“We have completed the No. 4 paddock and washed yp for 15oz 15dwt. It is not very much for the amount of ground treated, but is more than we expected. The length of this paddock was 90ft.. We are starting on the No. 5 paddock to-day and will make every endeavour pa finish it before

JONES NEVIS SLUICING The claim manager of the Jones Nevis Sluicing Company Ltd. reports that sluicing operations at the claim are proceeding satisfactorily. The wash uncovered' shows excellent prospects, ' and the first wash-up is scheduled for the last week in January next. Despite the . adverse weather conditions prevailing, during October and November, the contractor - has made good progress with the water race from Deep Creek. It is expected that the race-will be completed to the' first creek by the second week in January, ' , WORKSOP EXTENDED ANNUAL MEETING. The second annual meeting of the shareholders in the Worksop Extended Gold Dredging Company was held in Reefton on Wednesday last. Fortyone shareholders were represented personally and by prosy, holding 179,550 shares. Mr D. A. M'Vicar (chairman, of directors) , presided. The directors’ report and balance sheet and statement of profit and loss for the year. ended on September 30, 1935, were adopted. Mr D. A. M'Vicar-, of Reefton, and Mr A. M. Moore, of Christchurch, were re-elected directors for the ensuing . year, and Mr, H. Bicknell,, of Christchurch, was re-elected auditor. General satisfaction was expressed by, the shareholders with the result of the year’s operations. , . DIVIDEND DECLARED. At the Worksop ’ Extended Gold Dredging Coifipany’s monthly meeting .of which was hold on Wednesday, a dividend (the fifth) of 10 per cent, on the capital of the company—namely, £l6,ooo—was declared, and the dividend will be payable at the company’s registered office, Bridge street, Reefton, on and after December 18. This dividend will absorb £1,600, free of income tax. The transfer books of the company will be closed from December 14 to December 18, both days inclusive. Also, £l6O was added to the special reserve fund, which now stands at £BOQ. With the above dividend included, 50 per cent,of the capital invested has been paid to the shareholders, since dredging operations commenced’in August, 1934. TALISMAN DUBBO MINE Talisman Dubbo reports that 65 tom of ore were treated at the Golden Dawn battery for an approximate realisation \ of £513. , ‘ ' BENDIGO GOLDLIGHT COMPANY VOLUNTARY WINDING-UP PRO* ‘POSED. An extraordinary general meeting of the Bendigo Goldlight Dredging Com- ■ pany Ltd. is to be held on January 30 to consider the adoption of thef following resolutions;— (1) That the company,, cannot, by reason of its liabilities, continue its business, and that it is advis- •' able to wind up, and that the company he wound up voluntarily: (2) that Messrs W. A. Mitson and Co., publio accountants, be appointed liquidators of the company for the purpose of such winding up. ■. GOLDFIELDS DREDGE RETURN Advice has been received from th*, dredgemaster stating that 250 z 7dwt of gold were won for the week’s dredg- $ ing. DOLLAR AND FRANC Press Association—By Tciecrapit—Copyright LONDON, December 13. (Received December 14, at noon.) The dollar js quoted at 4.92 .7-8 an<J frauci at 9-18.

'Quotations as under;Buyers. , Sellers.' £ s. a. £ s; d. BANKING— New South Wales ... — 33 0 0 New Zealand — 2 8 6 Commercial 0 17 6 0 18 0 • National of New 8 Zealand — 3 12 Notional of Australasia (cont.) — 0 7 0 0 Reserve 5 11 5 17 0 Union of Australia Ltd. 9 12 0 — INSURANCE— _ National . ... — 0 19 9 Now Zealand —. \3 3 9 Standard .i —■* \3 10 0 SHIPPING— U.S.S. Co. (pref.) ... — 1 7 10 MEAT PRESERVING— N.Z. Refrigerating 1, 9 . (paid) 1 — • N.Z. Refrigerating 9 (cont.) 0 10 7 0.10 Southland Frozen (paid) 3 16 6 Southland Frozen (cent.) ... — 1 18 6 Southland Frozen (pref.) — 3 16 6 Wait&ki Farmers freezing 3 15 0 LOAN AND AGENCY— Mortgage Corporation 0 5 1 0 5 4 N.Z. Guarantee Corporation Wright, Stephenson 0 5 0 ““ (pref.) ... , 0 19 0 1 0 0 COAL— Kaitangata 1 1 6. — 0 . - Westport 1 1 3 1 2 WOOLLEN COMPANIES— Bruce (ord.) : — 0 14 0 Kaiapoi (pref.) « 0 18 3 Mosgiel — 10 5 0 MISCELLANEOUS— Broken Hill Proprietary — 2 18 0 Broken Hill Proprietary (new) — 1 8 6 Brown, Ewing (ord.) 0 14 0 -— D.I.C. (c«L) — 0 15 6 D.I.C. (pref.) 1 3 0 1 4 0 Dominion Fertiliser ... 1 3 6 1 4 0 Dunedin-Kaikorai Trams ...• 1 18 0 — Dunedin Stock Exchange Proprietary 1 18 0 2 0 0 Milburn Lime and Cement 2 2 9 2 3 9 National Electric ... 0 12 0 0 13 0 N.Z. Paper Mills ... 1 7 9 __ BREWERIES— New Zealand ... ... 2 14 3 Timaru ... 0 8 6 — Tooth’s 2 15 0 2 16 0 AUSTRALIAN MINING _ Broken Hill South (£1) . ... ... ... 5 5 0 —• Electro. Zinc (ord.) (£1) 1 14 6 1 15 6 Mount Lyell (£1) ... 1 0 3 Mount Morgan (5s) ... Emperor (Fiji) 10s ... 1 16 3 ' 0 16 9 — GOLD MINING— Alexandra (£1) ... 0 13 6 — Bendigo Goldlight (Is) — 0 0 34 Big River (Is) Gillespie’s (Is) 0 1 10 0 Tii Goldfields Dredging (Is) ■ 0 0 3 King Solomon (Is) .., 0 3 4 — Lawson’s Flat (Is) ... — 0 0 6 Molyneux River (Is) 0 2 0 0 2 6 Nokomai (5s) 0 1 10 0 2 6 Okarito (5s) — 0 6 0 Paddy’s Point (5s) — 0 2 9 Sandhills (Is) — 0 0 5 Skippers (is) 0 0 24 Waipapa Beach (Is) 0 1 6 0 1 9 • Waitahu (5s) 0 2 9 — N.Z. GOVERNMENT LOANS(Bonds quoted are £100 bonds.) 34 p.c. Stock, Nov., 1938-52 102 0 0 — 34 p.c. Stock, March, 1939-43 102 0 0 — 3i p.c. Stock, Sept., 1939-43 102 , 0 0 — 34 p.c. Stock, May, 1939-52 102 5 0 . 4 p.c. Bonds, 1937-40 102 5 0 — 4 p.c. Stock, 1937-40 102 5 0 — 4 p.c. Bonds, 1943-46 104 10 0 — 4 p.c. Stock, 1943-46 104 10 0 — 4 p.c. Bonds, 1946-49 104 15 0 4 p.c. Stock. 1946-49 104 15 0 105 5 0 UNLISTED STOCKS— ts

N.Z. Breweries —Interim, 34 per cent, ... Dec. 14 Mount Lycll—Final, 2J per cent. p.a., fid a share Canterbury Frozen Meat —prof., 5 p.c., ord., 7 p.c Dec. 16 Dee. 16 Gordon and, Gotch — half-year, pref., 8 p.c. p.a.; ord. 10 p:c. p.a Dec. 16 Okarito Gold Dredging—10 per cent., 6d a share Doc. 17 Lampson Paragon Ltd., Sydney—8 per cent ... Dec. 17 Devonport Ferry — int., 6d a share Dee. 17 Blackwater Mines — int.. Is a share Dec. 17 Consolidated Goldfields —final fid a share Dec. 17 Talisman Dubbo —int., fid a share Dec. 17 Gear Meat —final, fid per share ... Dec. 17 Goldsbrough, Mort—Interim, 4 per cent, p.a Dec. 18 Golden Sand —/int., 10 p.c. Dec. 18 Tooth’s Brewery—10 per cent, p.a. and bonus 24 p.c _ Broken Hill South—Is fid a sharo and bonus Is a share Dec. 19 Placer Development—Interim, 50 cents (Can.) a share ... Dec. 20 Bulolo Gold—Interim, - Idol 40 cents (Can.) a share ... Dec. 20 Hume Steel—Interim cum pref., Dec. 23 at 74 per cent, per annum Assoc. Newspapers—final, ord. and pref. 2 p.c Dec. 23 Mossy Creek—Id per sharo Dec. 28 British Tobacco—Interim 14 p.c. Dec. 31 Morris, Hedstrom—Interim, ord., 24 per cent Dec. 31 Zinc Corporation — final, pref. fixed cum., 2s a share; int., pref. and ord., 2s a share ... Jan. 1 Claude Neon Ltd., Sydney—15 per cent., payable as to 74 per cent, (and payable as to 74 per cent., January 1) ... Jan. 3 National Bank of N.Z. — interim 2 p c Sulphide Corporation Ltd., Lon- . don —2s per share pref., 44 ord. sterling, less income tax Jan. 4 Jan. 15 Broken Hill South — Jubilee ' bonus, 2s fid a share Mar. —

MORNING SALES. £ 6, a. Commonwealth Bone s,. 4 pie., 1957 103 12 6 Anthony Hordern 1 0 0 Associated News (pref.) ... 1 4 0 British Tobacco ... 2 0 6 Colonial Sugar ... ••• ... 42 15 0 Lustre Hosiery ... 1 7 ii AFTERNOON SALES. Bank of New South Wales 32 10 0 Commercial Bank of Australia 0 18 2 National Bank (£5 paid) ... 6 19 0 Australian Gas (A) 8 1 0 Australian Gas (B) 8 2 0 British Tobacco ... , 2 0 9 Tooths : 2 15 9 Australian Iron and Steel (pref.) ... ... .:. 1 5 3 Australian Glass ... .» 4 4 3 Dunlop-Perdriau ... 0 16 0 Goldsbrough, Morfc 1 12 0 Morris Hedstrom 1 5 0 Henry Jones 1 17 3 Electrolytic Zinc 1 15 3 David Jones ... ... 2 3 0 Standard Cement 1 1 9 General Industries 1 0 Mark Foy 1 4 9 R. Fowler 0 12 8 Sargents ... ... 1 4 0 Wunderlich ... ... 1 1 3 Goodyear (pref.) 1 12 3 United Provisions 0 12 6 Mount Morgan 1 16 4-i South Broken Hill 5 10 0 Zinc Corporation .. ... 3 14 6 Rawang ... 0 8 10 Woolworths (second pref.) 1 5 9 MELBOURNE, December 13. Herald and Times •• ... 3 3 3 Goldsbrough, Mort, .. ... 1 12 0 Mount Lyell 1 0 9 Emperor ... ... ... 0 17 8 Loloma ... 1 13 6 Enterprise ... ... ... ... 3 10 0