Commerce, Mining, & Finance

Evening Star, Issue 22249, 29 January 1936, Page 9

Commerce, Mining, & Finance

THE METAL MARKET Press Association —By Telegraph—Copyright LONDON, January 27. The following are the official metal quotations:— Copper.—Spot, £34 19s 4Jd per ton; forward, £35 7s 6d. Electrolytic.—Spot, £39 5s per ton; forward, £39 10s. Wire bars, £39 10s per ton. Lead.—Spot, £l6 2s 6d per ton; forward, £l6 os. Spelter.—Spot, £ls Is 3d; forward, £ls 3s 9d. Tin.—Spot, £2Ol 7a 6d per ton; forward, £194 17s 6d. ' Pig Iron.—Home trade, £3 10s per ton; export, £3 Is 6d. ' Antimony.—British, £72 10s per ton; . foreign. £46 15s. Molybdenite, £1 14s 6d per unit. Wolfram, £1 15s 6d per unit. ■ Silver.—Standard, 20d per- oz; fine, 21 9-16 d. AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, January 28. The volume of business on the Stock Exchange to-day was the smallest this year, but there'was a firm undertone for better class stocks.

MELBOURNE, January 28. The Exchange was closed to-day. GAS PROFITS HIGHER AUCM.AM CCMPANYW YEAR Ji .s •; ■ I' INCREASE OF OVER £IO,OOO. Profits of the Auckland Gas Company Limited for the year ended December 31, 1935, were £78,640, an increase of over £IO,OOO, and the highest recorded since 1931. The dividend for the year on both the fully-paid and contributing shares .is unchaned at 5J per cent. The amounts available, including £2,203 brought forward, is £80,843. The dividend requires £61,873 and £IO,OOO is carried to a reserve for redemption of debentures. The floating balance is increased to £8,970. The accounts reveal an increase of over £7,000 in sales of gas, etc., a reflection of improved conditions. Manufacturing and management costs have increased, but there has been a large , saving in interest, due to the repaymen!; of debentures. NEW ZEALAND EGGS | PRAISE FROM LONDON I , Wew Zealand eggs enjoy the best reputation this season, in. London, according to a trade report dated December 11, received by Poultry Pro- ' ducers” Products, of Auckland. The report states that the quality has been very satisfactory, while the trade for 'Australian eggs has been spoilt. The cause of the Australian trouble is ‘ . washed eggs,” which may still be all right on arrival but when going into consumption the eggs may be already i bad. ‘ , [“ Washed, eggs ” are those which, l instead of being merely wiped with a , damp cloth after being gathered from i the nest, are soakea in water which penetrates the porous shell.

LOSS REDUCED MT. ISA, QUEENSLAND Mt. Isa (Queensland), Which has been producing only silver-lead bullion, has not yet been able to earn enough to give shareholders anything (states the ‘Bulletin’). Furthermore, it is difficult to say when it is likely to do so, notwithstanding the recent strengthening of metal prices and the board’s decision to produce zinc concentrates. Without making any allowance for depreciation or amortisation, the company recorded a loss'of £8,195 for the year to June 30 last as against a loss of £166,315 for the preceding 12 months, thus raising the profit and loss debit to £413,301. Metal sales, etc., were £202,380 better- at £1,000,081, owing mainly to larger output and better price for silver. Including interest (£229,662, up £15,207), expenses (£1,000,081) took £44,252 of the increase. When the books closed paid capital stood at £1,944,202: the debenture debt totalled £2,978,246 (up £466,508 net), and there was £760,270 (down £125,329) coming to sundry creditors. It is thus plain that the company’s friends have given it substantial assistance. The mine, plant, etc., figured at cost, £4,513,898 (up £110,334); stores, £17i),361 (up £16,619); products on hand, £443,439 (up £210,768); debtors, cash, etc., £132,718 (down £4,738). Ore production totalled 552,184 tons (up 61,301 tons), mostly a carbonate sulphide mixture from the Black Star. The quantity milled was 546,760 tons (up 55,790 tons), averaging 9.4 per cent, lead and 5.90 z silver as against 10.1 per cent. lead and 4.9bz silver for the previous term. Recoveries (78.4 per cent, lead and 70.5 per cent, silver, compared with 79.9 per cent, lead and 70.4 per cent, silver in 1934) were affected by the presence of soluble salts.

FOREIGN EXCHANGE ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates (to-day) for purchase and sales of foreign exchanges (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 without notice: — U.S.A. CANADA. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. (dol.) 4.00 i 3.99 J O.D. (dol.) 4.00 J 4.00 i BUYING— O.D. (dol.) ... ... 4.05 i 4.04 J THE SEARCH FOR GOLD WAIPAPA BEACH DREDGE Messrs W. A. Mitson and Co., secretaries of the Waipapa Beach Gold Dredging Co. Lid. report the receipt of telegraphic advice from the dredgemaster stating that the return for last week was 20oz for 107 hours’ dredging.

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE The outstanding feature of the local share market this morning was a sharp rise in E.S. and A. Banks. A sale was reported at £6 3s, and there were subsequent buyers at £6 2s, and no seller under £6 3s 6d. Yesterday the best buying offer was £6. Other banking issues also revealed a firming tendency. Now Zealands had a buyet at 47s 4d following a late sale yesterday at 47s 7d, and there was strong inquiry for several other issues which yesterday had unsupported selling quotations. Insurance shares also had more inquiry on a market which appeared to be firming. In the shipping section, P. and O.’s continued to be in good demand, and Union Steam preference had a seller of an odd parcel at 26s 6d. Financial and pastoral shares were neglected, and the only change in the coal section was a rise of 3d in the buying quota for Kaitangatas. Quotations were unaltered in the miscellaneous section with tho exception of those for G. J. Coles, which appreciated 6d on both the buying and selling limits. Only Is separated the quotations for Electrolytic Zinc ordinaries, and Mount Lyell’s were firmer with improved buying inquiry. Tho market for local gold mining shares continued dull. Little interest was manifested in Government loans, and amongst unlisted stocks Quartz Mountains showed a further decline, a parcel being on offer at Bs, with no buying offer. SALES. Reported.—Bank of New Zealand, £2 7s 7d (late’ yesterday); E.S. and A. Bank, £6 3s.

DIVIDENDS DUE National Tobacco—Pref., 8 per cent., ord. 15 per cent Jan. 31 Smith and Smith Ltd. —Interim 2£ per cent, on preference Jan. 31 Christchurch Gas Co. —Interim, 4 per cent Feb. 5 Commercial Bank Half-yearly, pref. at 4 per cent, per annum, and ord. at 5 per cent. per annum Feb. 7 Kuala Kampar Tin—ls per share Feb. ?8 Broken Hilt South Jubilee bonus, 2s 6d a share Mar. •*

MORNING SALES. £ S. d. Toohey’s 1 10 6 .Tooth’s . 2 13 0 Anthony Hordern 1 1 3 Associated News 1 3 4* British Tobacco 2 1 6 Burns, Philp 3 8 0 Colonial Sugar 43 2 6 Dalgety and Co 8 10 0 Goldsbrough, Mort 1 13 0 Meggitts ... 1 4 6 AFTERNOON SALES. £ s. d. Bank of New South rWales 34 15 0 Comm. Bank of Sydney ... 20 1 0 Colonial Sugar 43 2 6 United Insurance 11 13 0 Huddarb, Parker ... ... 2 0 0 Australian Gas (A) ... ... 8 0 0 British Tobacco 2 1 6 Tooth’s ... 2 13 3 Toohey’s 1 10 6 . Drug Houses _ 1 10 6 Dunlop Perdriau (pref.) ... 1 15 0 Dalgety s ... 8 10 0 Goldsbrough, Mort 1 13 0 Henry Jones ... 1 19 9 Standard Cement ... ... 1 2 0 ,W. R. Carpenter 2 2 6' Claude Neon 2 18 3 Sargents ... ... ... "... 1 6 0 Meggitts ... ... 1 4 6 United Provisions ... ... 0 14 8 General Industries ... ... 1 1 0 Victoria Nyanza ... 0 8 6 Mount Morgan ... ... ... 0 18 14 Mount Lyell ... ... 1 2 104 Broken Hill Proprietary ... 3 0 6 Zinc Corporation ... ... 3 14 0 Placer Development ... 5 6 6 New Occidental ... ... ... 0 12 6 Emperor ... 0 13 6 Tavua ... ... ... ... 0 1 11 Loloma ... ... : ... 1 6 6

London— Buying. Selling. £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. E90 7/6 £89 New York— Dollar to £1 N.Z , .. T.T 4.04 4.00* O.D 4.05* 4.00| Montreal— Dollar to £1 N.Z T.T 4.03* 3.994 O.D. 4.04* 4.00* France— Francs to £1 N.Z T.T. 60.76 59.93 O.D. 61.21 59.97 Noumea— Francs to £1 N.Z T.T. 62.56 . 58.56 O.D. T.T. 63.01 58.62 Papeete— Francs to £1 N.Z. „ T.T. 62.56 58.71 O.D. 63.01 58.77 Belgium— Belgas to £1 N.Z. T.T. — 23.422 O.D. — 23.433 Germany— Reichmarks to £1 N.Z T.T. O.D. — 9.809 9.814 Switzerland— Francs to £1 N.Z .. T.T. 12.397 12.127 O.D. 12.502 12.132 Holland— Florins to £1 N.Z T.T. 5.955 5.805 O.D. ■6.015 5.809 Java — Florins to £1 N.Z T.T. 5.933 5.773 O.D. 5.993 5.777 Japan—• N.Z. pence to 1 T.T. yon ' — 17 * O.D. -— 17 39-64 Shanghai— N.Z. pence to 1 dollar ... ... T.T. 17 11-32 18 23-32 O.D. 17 5-32 18 45-64 India and Ceylon— • N.Z. pence to 1 rupee T.T. 22 5-32 22 29-32 O.D. 22 1-16 22 57-64 Hongkong— N.Z. pence to 1 dollar ... T.T. 18 31-32 20 23-32 O.D. m 20 11-16 Singapore— N.Z. pence to 1 dollar T.T. 34J 35 7-16 O.D. 34 3-16 35 27-64 Sweden— Kroner to £1 N.Z T.T 15.785 15.490 O.D. 15.845 15.500 Norway— Kroner to £1 N.Z. T.T. 16.184 15.894 O.D. 16.244 15.904 Denmark— Kroner to £1 N.Z T.T 18.203 17.893 O.D. 18.263 17.903 Austria— Schillings to £1 N.Z T.T. — 20.77 O.D. 20.79 Czechoslovakia— Crowns to £1 N.Z. ... T.T. 95.14 O.D. — 95.19

Quotations as under — Buyers. Sellers. BANKING— ’ Xj 5. a. X. s. a. Australasia ... ... 11 15 0 , New South Wales ... 33 10 0 35 0 0 New Zealand 2 7 4 2 7 9 Commercial 0 18 10 0 19 1 E.S. and A 6 2 0 6 3 6 National of New Zealand 3 11 0 3 12 0 National of Australasia (cont.) 7 5 6 INSURANCE— National 0 18 4 — New Zealand 3 2 0 Standard 3 6 0 SHIPPING— P. and O. Deferred Stock 1 4 3 U.S.S. Co. (pref.) ... — 1 6 6* MEAT PRESERVING— N.Z. Refrigerating (cont.) 0 10 9 0 10 11 South Otago Freezing 7 6 0 — LOAN AND AGENCYPerpotual Trustees ... 3 5 6 Trustees, Executors, and Agency 3 3 0 — COALKaitangata X 1 9 Westport ... 1 3 3 1 3 9 WOOLLEN COMPANIESBruce (ord.) 0 12 6 __ Bruce (pref.) 1 1 6 Kaiapoi (ord.) ... ... 0 15 0 Kaiapoi (pref.) ... 0 18 0 Mosgiel 10 2 6 — MISCELLANEOUS— Broken Hill Proprietary (Ss) 1 9 6 D.I.C. (pref.) 1 3 0 Dominion Fertiliser ... 1 3 6 Dominion Fertiliser Debs. 106 0 0 Dunedin-Kaikorai Trams 2 0 0 Dunedin Stock Exchange Proprietary 1 19 0 2 0 0 Milburn Lime and Cement 2 K 0 National Electric 0 13 0 N.Z. Drug Co 4 1 Taupo Timber 0 8 10 0 9 4 Taupo Timber (P re L) n ifi 0 N.Z. Newspapers 2 1 0 N.Z. Paper Mills ... 1 10 3 Regent Theatre 0 18 0 i X 0 G. J. Coles ... ... 3 11 6 3 12 6 BREWERIES— New Zealand 2 12 9 Dunedin 1 9 0 Timaru , 0 8 9 Tooth’s 2 15 6 AUSTRALIAN MINING Broken Hill South (£1) 5 5 0 Electrolytic Zinc (ord., £1) ns 6 1 16 6 Mount Lyel! (£1) ... i 2 6 1 3 3 Mount Morgan (2s 6d) — 0 18 3 GOLD MINING— Bendigo Goldlight ,(ls) 0 0 31 Big River (Is) ... ... 0 1 9 Brian Boru (Is) 0 0 4 Gillespie’s (Is) 0 0 10 0 1 1 Goldfields Dredging (Is) ..>. ... 0 0 3 Kildare (2s) — 0 2 7 King Solomon (Is) 0 3 4 Lawson’s Flat (Is) ... 0 0 6 Mount David (5s) ... 0 1 6 Oxonbridge (Is) — 0 0 4 Skippers (Is) 0 0 2 Waipapa Beach (Is ... 0 1 6 0 1 9 Waitalm (Ss) 0 3 0 Worksop (Is) 0 2 6 Martha (5s) 1 0 9 N.Z. GOVERNMENT LOANS(Bonds quoted are £100 Bonds.) 3£ p.c. Stock., Nov., 1938-52 ... ... ... 102 0 0 3j p.c. Stock, March, 1939-43 102 0 0 3j p.c. Stock, Sept., 1939-43 ... .. ... 102 0 0 3i p.c. Stock, May, 1939-52 102 0 0 4 p.c. Bonds, 1937-40 100 10 0 4 p.c. Stock, 1937-40 100 7 6 — UNLISTED STOCKSM'lntosh, Caley, Phcenix ... ’ 0 11 0 — Assoc. Motorists’ Petrol 1 5 0 Otago Farmers’ Co-op. 0 5 0 Quartz Mountain (5s) — 0 8 0 *Odd parcel.