Commerce, Mining, & Finance

Evening Star, Issue 22275, 28 February 1936, Page 7

Commerce, Mining, & Finance

AUSTRALIAN STOCK EXCHANGES Press Association —By Telegraph—Copyright SYDNEY, February 27. On the Stock Exchange a further recession occurred in Government loans, thbugh there was some support for earlier dated 4 per cents. Bank snares were still strong and industrial issues mostly firm.

LONDON METAL MARKET Presa Association—By Telegraph—Copyright LONDON. February 26. ■ The • following are the official metal quotations: — Copper.—Spot, £35 16s 3d per ion; forward, £36 3s IJ. Electrolytic.—Spot, £4O; forward, £4O 10s. Wire bars, £4O 10s. Lead.—Spot, £l6 ss; forward, £l6 7s 6d. , Spelter.—Spot; £ls 15s; forward, £l6. . Tin.—Spot, £209 17s 6d; forward, £2Ol 12s 6d. , Pig Iron.—Homo trade, £3 10s; foreign, £3 10s. Antimony. British, £<2 10s; foreign. £49 10s. 3lolvhdenite. £1 14s 6d per unit. Wolfram, £1 15s. Silver.—Standard, 19Jd per oz ; fine, 21>16d. . SYDNEY WOOL SALES Ftw Asaoeiation —By Telegraph—Copyright SYDNEY. February 27. At the wool sales 10,852 bales were offered and 9,605 sold, while 682 were privately disposed of. There was strong general competition and the market closed fully firm. Greasy merino sold to 24Jd. COMPANY HEWS VICTORIA INSURANCE • For the six months ended Decembber 31 ■ the Victoria Insurance Company Limited, of Melbourne, records a profit of £23,530 (23.5 per cent, per annum on capital), compared with £25,610 in the corresponding months of 1934. The interim dividend remains at 2s a share, or 10 per cent, per annum. RAWANG TIN DIVIDEND A dividend of 3d sterling a share and a bonus of the samo amount, payable on March 12 has been declared by Rawang Tin Fields Limited (New Guinea). * Similar dividends, but no bonuses, were paid in August and February, 1935. INDUSTRY IN PALESTINE Industry in Palestine has hitherto offered only limited opportunity for expansion, particularly if great undertakings promoted by external or semipublic interests be excluded (says the ‘ Midland Bank Monthly Review ’). A number of small industrial enterprises have. been established by Jewish immigrants possessing both the requisite business experience and the necessary capital, but their size is at present limited, though expanding with the growth of population and the rise in the general standard of living. The basis of Jewish settlement in Palestine is agricultural; indeed, the tendency among recent immigrants to remain in the towns by reason of the high wages paid there is deprecated by the Jewish authorities, and steps are being taken to counteract it. The total capital hitherto invested in industry in Palestine is estimated at only £P6| millions, of which nearly one-quar-ter was provided in 1934. The total manufacturing output during the year was valued at no more than £P6] millions, and designed almost wholly for home consumption, while industrial enterprises employed only 20,000 workers.

THE RESERVE BANK THE WEEKLY SUMMARY [Ps* Ukitbd Chess Association.] WELLINGTON, February 27. The ‘ Gazette’ issued to-night contains the following statement, of the liabilities and assets of the Reserve Rank of New Zealand as at the close of business on Monday, February 24. The figures at the close of last week are given for the purposes of comparison, shillings and pence being omitted ; LIABILITIES.

TARANAKI OLDFIELDS METHODS OF PRODUCTION INSPECTION BY MINISTER. [Pn Uhitbd Pans* Association.] NEW PLYMOUTH, Februaiy 27. An inspection of the Taranaki oilfields was made to-day by the Minister of Mines (Mr P. C. Webb), who displayed keen interest in the methods of production and refining. “There must he oil here in quantity,” he said, “ otherwise you would not have been getting it over so long a period.” The Government was prepared to assist in the development of the field provided the promoters had available a practicable scheme to submit. DOMINION BUILDING SOCIETY The tenth annual meeting of the Dominion Building Society was held last night. Mr J. H. F. Hamel (chairman) presiding. The annual report and balance sheet were adopted. Messrs J. H. F. Hamel and T. J. Hussey, the retiring directors, were reelected and Mr G. H. G. Smith (Broderick and Chalmer) was re-elected auditor. A vote of thanks was accorded to Mr Hamel for his able services as chairman. At a subsequent meeting of directors Mr G. B. Macdonald was elected chairman and Mr J. T. Love vice-chairman for the ensuing year. A concise review of the society’s operations for the 10 years shows the following figures:—Ballot loans completed, £136,325; first mortgage loans on redemption, £46,245; interest on subscriptions credited for the K) years aggregates £4,514 6s 4d, averaging approximately 6 per cent, per annum. After credited interest the net profit for the 10 years totals £7,221 0s 6d; bonuses have been distributed amounting to £1,696 11s Bd. leaving a reserve of £5,524 8s 10d. From this reserve there has been written off on properties realised £322 16s 4d. The amount placed to depreciation reserve is £4,585, leaving a general reserve of £616 12s 6d. This depreciation reserve, equal to 18.2 per cent, on loans, provides a fairly adequate cover against any probable losses on realisation of securities, thus obviating the necessity of a charge against members for any losses. Two ballots were allocated during the year, and the directors have in view eliminating the ballots and making provision for members obtaining loans ns they may be required. BULOLD SHARES Press Association —By Telegraph—Copyright LONDON, February 27. (Received February 28, at 1 p.m.) Biilolo shares are quoted at £6 12s 6d. . MOUNT LYELL SHARES Press-Association—By Telegraph—Copyright LONDON, February 27. (Received February 28, at noon.) Mount Lyell shares, 19s 6d.

FOREIGN EXCHANGE ON NEW ZEALAND CURRENCY BASIS

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 3.991 O.D. (dol) ... ... 4.00| 4.00$ BUYING— O.D 4.05 4.04 J CANADA'S RECOVERY Canada’s steady emergence from the slough of degression is confirmed by a review of manufacturing during 1935, in the Royal Hank of Canada’s monthly review for December. This shows that in recent months the volume of manufacturing has been above the monthly average for 192(i, which is generally accepted as the base year for statistical comparisons. The index figure for the first nine months of the current year was 96.7, as against 38.7, the low point in the depression in February, 1933. Degrees of improvement have naturally varied, but gains have been widely general. On the basis of employment in 1926, there was; on October 1, 1935, a substantial increase—as high as 42 per cent, in non-metallic mineral products—in all hut four classes of manufactures; lumber, with a decline of 21 per cent., being the worst.

SALES. £ s. d. Commonwealth Bonds — 4 p.c., 1938 , 101 18 9 4 p.c., 1941 102 13 9 4 p.c., 1947 104 7 6 4 p.c., 1950 102 5 0 4 p.c., 1953 102 17 6 4 p.c., 1955 102 17 6 '4 p.c., 1957 ... 103 10 0 4 p.c., 1959 ... ... ... 103 10 0 4 p.c. 1961 ... 104 0 0 Colonial Sugar ... ... ... 43 17 6 Bank of .New South Wales 35 3 6 Commercial. - Bank of Sydney ... ... 21 14 0 Commercial Bank of A ustralia • • • ■ ■ • 1 0 3 Associated News 1 2 9 Associated News (pref.) ... 1 4 4i Howard Smith 0 18 6 Bnrns v Philp ... 3 11 0 British Tobacco ... 2 3 0 Tboheys 1 13 6 Winchcombe. Carson 1 13 0 Morris, Hedstrom 1 5 6' Henry Jones 2 1 9 Millaquin Sugar ... 1 17 0 Farmers 1 9 3 Anthony Hordern 1 1 0 Anthony Hordern (pref.) 1 o 9 Lustre ••• 1 6 9 Standard Cement 1 3 0 General Industries ... ... , 1 1 3 Broken Hill Proprietary ... 3 3 Broken Hill Proprietary (first instalment paid) ... .. 1 12 Zinc Corporation 3 14 6 Bulolo Deposits ... . 0 1 .0% Placer Development 5 1 .0 Tavua Development ... ... 0 3 0 Mineral Development 0 1 6 Emperor ... 0 13 1 Mount Kasi • 0 12 3 MELBOURNE, February 27. Electrolytic Zinc ‘ 1 19 0 Electrolytic Zinc (pref.) ... 2 1 6 Broken Hill South 5 18 0 Mount Lyell 1 5 6 Loloma ... ... 1 3 6

Last week. This week. £ ■ 1. Paid-up capital COO,000 500,000 2. Genera! Reserve hund 1,000,000 1,000,000 0,854,586 3. Rank notes 0,851,037 4. Demand liabilities — (a) Stale . 5,202,141 5,676,065 (b) Hanks 10,443,022 10,671,337 (c) Othe 83,446 07,509 5. Time deposits • — — C- Liabilities* in currencies other tlvn New Zealand currency 7. Other liabilities 125,986 127,516 Total ... £27,295,634 £27,027,034 ASSETS. 8. Reserve— (a) Hold 2,801,733 2,801,733 fb) SterUng exchanges 22,404,403 23,113,211 tv) Gold exchange .. — — 9. Subsidiary co ; n 191,852 309,118 10. Discounts— (a) Commercial and agricultural bills — — <b> Treasury and local body bilb — — 11. Advances— (a 1 To Stale or Mate undertakings ... — — (b) To other public authorities .— (c? Other .. • — — 12. Investments 1,776,060 1,779,043 13. Rank buildings ... ... ■ — — 14. Other assets 31,585 33,028 Total ... ... ... £27,205,634 £27,027,034 Proporlion of reserve So. 8 less No. 6) to note and other demand liabilities 98.544% 98.537%

The Bank of New South Wales, ! Dunedin, quoted the following rales (to-day) tor inirchase and sales of foreign exchanges (all rates subject to alteration without notice) : — Buying. Selling. London — £100 stg. N.Z. ” , T.T. £124 £124 10/ \ O.D. £123 10/ £123 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 — Dollar to £1 N.Z. ... ... ... T.T. 4.03J 3.99$ O.D. 4.05 4!00i Montreal — Dollar to £1 N.Z ... T.T. 4.03$ 3.99| O.D. 4.04| 4.00$ France — Francs to £1 N.Z ... T.T. 60.59 59.76 O.D. 61.04 59.80 Noumea— Francs to £1 N.Z ... T.T. 62.39 58.33 O.D. 62.84 58.45 Papeete—• Francs to £1 , N.Z ... T.T. 62.39 58.54 O.D. 62.84 58.60 Belgium— Belgas to £1 N.Z ... T.T. — 23.406 O.D. — 25.417 Germany— Beichmarks to £1 N.Z ... T.T. . 9.797 O.D. — 9.802 Switzerland — Francs to £1 N.Z ... T.T. 12.309 12,039 O.D. 12.414 12.044 Holland— Florins to £1 N.Z. ... ... ... T.T. 5.939 5.789 O.D. 5.999 5.793 Java — Florins to £1 N.Z ... T.T. 5.915 5.753 O.D. 5.973 5.757 Japan— N.Z. pence to 1 ... T.T. — 17 31-64 O.D. — 17 15-32 Shanghai— ■ N.Z; pence to 1 dollar ... T.T. 17 21-64 18 45-64 O.D. 17 9-64 18 11-16 India and Ceylon— N.Z. pence to 1 rupee ... . ... T.T. 22 9-64 22 57-64 O.D. 22 3-64 22 7-8 Hongkong— N.Z. pence to 1 dollar ... T.T. 18 15-16 20 11-16 O.D. 18 27-32 20 21-32 Singapore— N.Z. pence to 1 dollar ... T.T. 34 25-64 35 29-64 O.D. 34 13-64 55 7-16 Sweden — Kroner to £1 N Z ... T.T, 15.783 15.488 O.D. 15.843 15.498 Norway— Kroner to £1 N.Z. ... ... ... T.T. 16.183 15.893 O.D. 16.243 15.903 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. — 20.73 O.D. — 20.75 Czechoslovakia— « Crowns to £1 N.Z ... T.T. 94.74 O.D. — 94.79 DOLLAR RATES.