COMMERCE, MINING, AND FINANCE

Evening Star, Issue 22362, 11 June 1936, Page 8

COMMERCE, MINING, AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANCE Business continued brisk-on the Dunedin Stock Exchange this morning, when a large volume of sales, covering a wide variety of stocks, was recorded. . . \ transfer of E.S. and A Bank shares ' was made at £6 4s, and the market closed with little change in this price. National Bank of New Zealands, which have been on offer for some time with no apparent buyers, were wanted this morning at /is, and sellers eased, to 73s 6d. Union Banks also cams in for inquiry at £9 14s 6d, Mith sellers only Is away. r , • National Insurances had a siuptiy unproved inquiry, and a better buyer for Standards had the effect of considerably closing the gap in the quotations for these Sh A e sharp rise was experienced by P. and O. deferred shares, a sale after the call at 25s 6d representing a rise of Is 9d on the price received for an odd parcel jesshares continued to appreciate in value, and only 2d. separated the quotations for, the contributing issue. Australian issues maintained strong support from investors.-Buyers offered up to 92s 6d fo~ Australian Glass, without findin* a seller, while Broken Hill Proprietary remained firm with busines in the •'ontributings at £2. Hume Pipes experienced a firmer market, buyers advancing 3d and sellers 6d on yesterday s quotations. Kauri Timbers moved up 4d buy era a t 23s 6d cum div„ and sellers failed to quote. Amongst unlisted stocks Woolworths ordinary shares continued to exSee an ernftio market. After easing yesterday to sellers at £5 11s, with no buying offer, buyers this mornmg oftcred up to* £5 9s and sellers requued £5 12a. Shillings Ltd. provided a fair amount of business, a reported sale ate C alf ; n „ followed by three sales after tne can »t g lls sd, a price definitely in favour of bU Ei e e?trolytio Zincs attracted considerable attention and both issues experienced fairly close markets. Mount Lyells were fractionally firmer, and Mount Morgans had a better buyer by 5d without revealing * Little interest was displayed in I«al gold minium and no business was recorded. . Government Loans continued to receive strong* support and only two sellers put m an appearance. SALES REPORTED. Moseiel Woollen, £9 15s (late yesterday). ShXgs Ltd.. ils.6d (late yesterdayj. Broken Hill £2. 4 per cent. Stock (1946-49), £lO4 10-■. ! SALES ON ’CHANGE. E. 3. and A. Bank, £6 4s. , Dunlop Rubber, 17s 6d. SALES AFTER CALL. T> and O. Deferred; £1 5s 6d. Shillings Ltd., Us 5d (three). Quotations as under:—

THE METAL MARKET >• Press Association—By Telegraph—Copyright. LONDON, June 9. The following are the official metal quotations;— Copper: Spot, £36 5s 7id per ton; forward, £36 11s 10Jd. Electrolytic: Spot, £4O 10s; forward, £4O 12s 6d. Wire bars: £4O 12s 6d. Lead: Spot, £ls 10s; forward, £ls 10s. Spelter: Spot, £l4 2s 6d; forward, £l4 7s 6d. Tin: Spot, £lB4 15s; forward, £lB2 10s. Silver; Standard, 19Jd per oz; fine, 21 7-16 d. AUSTRALIAN STOCK EXCHANGE Free* Association —By Telegraph—Copyright SYDNEY, June 10. On the Stock Exchange leading industrial shares were firm to higher. Australian Glass continues to advance, while interest in retail shares is unabated. £ s. d.

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) Buying. Selling. London —

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.) SELLINGT T (dol) 4.02 4.03 O.D. (dol) 4.02* 4.03* BUYINGO.D. (dol) 4.07 4.03 DOLLAR AND FRANC Press Association— By Telegraph—Copyright LONDON. June 10. (Received June 11, at noon.) The dollar is quoted at 5.011 and the franc at 76 3-16.

NEW ZEALAND BREWERIES OUTPUT STILL BELOW NORMAL — V FUTILITY OF PROHIBITION POLLS [Per United Press Association.] WELLINGTON, June 10. A considerable decline in output in recent years as a result of adverse economic conditions and the burden of direct and indirect taxation were mentioned by the chairman (Mr D. W. Madden) in his address to the annual meeting of New Zealand Breweries today. “ Although the improved conditions and a reduction in the excise duty assisted in regaining portion of this loss, the position at the end of the year was that the company’s output is still below normal,” said the Chairman. In recent years there had been an increase in the public demand for bottled beers, and this feature had been noted in .other countries also. To meet this demand and ensure provision of the highest grade article the company had undertaken or had in train extensive additions to the buildings and plant at its several bottling establishments. The Chairman confirmed the purchase by the company of the old-estab-lished Timaru Brewery Company Limited. The purchase was completed a few days ago, he said, and the directors intended to continue to operate this plant and develop the business as opportunity offered. The national licensing poll taken in November resulted in an anti-Prohibi-tion majority of 33,575 votes, Mr Madden continued. Following a succession of Prohibition defeats in New Zealand and the general world-wide abandonment of Prohibition wherever it has been tried, this should be a clear indication to the legislature that the public mindl is definitely settled against Prohibition, and that it is futile and unreasonable to persevere with the triennial licensing polls. Mr E. R. Davis. M.L.C. (Auckland). Mr E. T. Chi'isp (Gisborne), and Mr A. S. Duncan (Christchurch) were re-elected directors. THE SEARCH FOR GOLD ALEXANDER MINES The following is the report of Alexander Mines Ltd. for the month of May:— In the battery department 370 tons of ore were crashed for 1720 z 19dwt of melted gold, and in the cyanide department 220 tons of sands were treated for 440 z 18dwt of bullion. In the concentrates roaster the zinc box was cleaned np for 440 z Bdwt of bullion. The total estimated value of the gold won is £1,684. In addition, 10.2 tons of concentrates were saved, valued at £3OO. In estimating the values gold has been taken at £7 per fine ounce, i NEVIS SLUICING CLAIMS The following is the claim manager's report:— The result of the wash-up in the No. 2 tail race was 16Joz. The wash seams which were shallow at the commencement of the work on this paddock have now opened out, and they are petting into deeper ground. The claim is well opened up for a favourable season. COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea sale of •Line 9;— The market for common kinds advanced, and at close of sale prices were slightly dearer; medium and fine teas wore irregular, and declined about 1 per cent. Smaller sales are anticipated, next week’s quantity being 2,000,0001 b.

IMPORTERS AND SHIPPERS MONTHLY MEETING The monthly meeting of the executive of tlie Otago Importers and Shippers’ Association was held on Tuesday evening, the chairman (Mr J. L. Gardiner) presiding. A lengthy discussion took place on the present position of consignees desiring to land cargo direct into railway trucks ox a vessel discharging at Victoria wharf. It was advised that under certain circumstances the position was still somewhat obscure, and the secretary was instructed to interview the Railways Department on the matter. In regard to membership, the secretary mentioned that since the last meeting another firm had decided to affiliate with the association, and he had hopes of others also joining as from July 1. In regard to claims, the Secretary reported a very satisfactory position, three outstanding claims having been settled during the month, leaving only one still the subject of negotiation. % CEVCNPORT STEAM FERRY COMPANY [Per United Press Association.] AUCKLAND, Juno 10. Net profits £1,931 higher at £19,648 are shown in the accounts of the Devon- i port Steam Ferry Company Ltd. for the year ended April 30. The dividend for the year is unchanged at 5 per cent. ADDINGTON STOCK SALE [Per United Press Association.] CHRISTCHURCH, June 10. Prices were well maintained in most classes of stock at the Addington market to-day. Store Sheep.—There were a smaller yarding and improved values for forward wethers and ewes. The former sold to 24s 7d, and sound-mouthed ewes to 24s 6d; f.m., to 19s; ewe lambs, to 25s 9d. Fat Lambs.—There was a keen sale, with prices up to Id above schedule rates. Fat Sheep.—A big entry of 5,000 bead was forward. Big wethers were slightly easier, but export ewes were firm with other sorts unchanged. Best wethers sold from 27s to 355; good, 24s 9d to 27s 6d; medium. 22s to 23s 6d; best ewes, 22s fid to 275; good, 20s to 225; export, 14s to 16s fid. Fat Cattle.—There were 450 penned. Little change'took place in the market. Best steers sold at from £lO to £l3; good medium-weight, £8 10s to £9 15s; ordinary, £6 to £7 10s; best heifers, £7 to £9 ss; good, £5 10s to £6 15s; best cow, £6 10s to £9; good, £5 to £6 ss. Fat Pigs.—-There was no change in values. Prices for baconers were 48s fid to £4, the average price per lb 5d to sjd; porkers, 28s to £2 Is fid, average price per lb 5d to skl; choppers, 30s to £4.

THE PRICE OF GOLD Press Association —By Telegraph—Copyright LONDON, June 10. (Received June 11, at noon.) Fine gold is quoted at £6 18s 8d an ounce. SELFRIDGE'S LIMITED SHARES OVERSUBSCRIBED The new issue of 41,131 ordinary shares offered by Selfridgo's (Australia! Limited has been over-sub-scribed and the issue dosed. The issue has been made to expansion of the chain store organisation.

CUNARD COMPANY BETTER ATLANTIC TRADE COST OF QUEEN MARY. A loss of £61,769 is shown in the accounts of Cunard-White Star Limited for 1935, the first to cover a full year s working. ’The Atlantic liners of the Cunard Steam Ship Company were transferred to the former company in 1934. Of chief interest in the balance sheet is the cost of financing the huge new liner Queen Mary. The year’s result represents a substantial improvement on the outcome of the previous working,'in respect of which a loss of £408,090 was incurred for a period of slightly over six months. Compared with a year ago, the balance sheet indicates an increase in the debenture debt of £1,151,000, _ representing expenditure incurred in the construction of the Queen Mary. In spite of the year’s capital outlay on the liner the net book value of the company’s fleet is £363,000 smaller than a vear ago, as the sum of £1,417,000, representing net loss on sales of ships, was written off. Accounts of the holding company, the Cunard Steam Ship Company, show that the earnings of last year _ were again sufficient to cover depreciation on the relatively small directly-owned fleet and to meet debenture interest. The surplus, after such payment, is £25,535, and the fact that last year it was £64,000 more is due entirely to the bringing into the 1934 accounts of a special credit under the heading of income tax. In the reports of both companies it is remarked that a definite improvement occurred last year in the passenger movement across the Atlantic, together with a corresponding advance in the volume of cargo.

CANTERBURY MEAT PREFERENCE DISTRIBUTION SUPREME COURT ORDER. The Canterbury Frozen Meat and Dairy Produce Export Company Ltd. has decided to pay to preference shareholders an extra 1 per cen **„° n I H9' ference shares for the years 1933, 1934, and 1935. In a circular issued to preference shareholders, the directors state that following inquiries made into the question of legality of paying the _ full 6 per cent, preference dividend instead of the 5 per cent., as prescribed by the National Expenditure Adjustment Act, 1932, the facts were placed before the Supreme Court. . • An order was later received stating that the company should pay to preference shareholders sums which mil restore the company’s preference dividends for 1933. 1934, and 1935 to 6 per cent. The order also stated that the preference dividend should be maintained as long as the ordinary dividend was not below 5 per cent.

Buyers d. Sellers. | £ s. £ s. BANKING— 12 33 Australasia ... . New South k Wales ... 32 5 0 0 0 6 . New Zealand — — 5 6 E.S. and A. Bank . National of N.Z. — 3 11 0 3 13 6 Union of Austra.'-a > 9 14 6 9 15 6 INSURANCE — National Standard ••• 0 18 3 2 1 3 3 6 SHIPPING— p and 0. Deferred 1 6 0 Stock ... ••• - U.S.S. Co. (pref.) ...’ 1 5 9 MEAT PRESERVING— N.Z. Refrigerating (paid) ••• ; N.Z. Refrigerating 0 19 6 7 o 9 9 (cont.) Southland Frozen 3 17 6 (paid) Southland Frozen A 17 6 (pref.) — LOAN AND AGENCY(loldshrough, Mort — X XZ N.Z Loan and M.’tcan tile (ord.) N Z. Guarantee ICorp. 50 0 0 5 0 5 34 0 0 Wright, Stephenson , (ord.' 0 17 0 - Wright, Stephenson 1 0 0 (prei.) COAL— Kaitangata 1 4 2 6 0 1 Westport Westport-Stockton 0 (ord.) 1 Westport-Stockton (pref.) 0 2 0 0 2 i WOOLLEN COMPANIES— Bruce (ord.) Bruce (pref.) ,1 2 0 U X4 9 16 6 0 Mosgiel ... MISCELLANEOUS— Anthony Hordern .0 18 3 — Associated News X z 0 — Australian Glass 4 12 6 — British Tobacco 2 0 6 — Broken Hill Prop. 3 11 6 3 X3 0 Broken Hill Bro^. (cont.) Brown, Ewing (ord.) 0 15 0 z xu 0 Brown, Ewing (pref.) X z 0 42 0 Colonial Sugar Co. ... — D.I.C. (pref.) 1 3 4 Dominion Jj'ertihser 1 4 6 — Dominion Fertiliser Debs 105 10 0 Dunedin Stock Ex0 change Prop 2 0 Dunlop Perdriau Rubcer 0 17 3 — G. J. Coles — 4 0 3 Hume Pipe 0 19 8 1 0 3 Kauri Timber (cum div.) ••• 1 3 6 — Milburn Lime and Cement — 2 2 6 National Electric — u xz 6. N.Z. Drug Co — 4 U 6 N.Z. Newspapers — 2 3 9 0 0 N.Z. Paper Mills ... — * Otago Daih Times ’ — Z 10 0 Regent Theatre — X X 0 BREWERIESNew Zealand (ex div.) 2 13 0 2 13 6 UNLISTED STOCKS— MTntosh, Caley, Phoenix 0 9 0 0 11 0 Woolworths (Sydney, ord.) Otago Farmers’ Co-op. 5 8 6 5 12 0 0 2 6 0 3 0 United Provisions ... — U X4 8 Shillings Ltd 0 11 4 0 11 6 Golden Point 0 0 1 U 3 AUSTRALIAN MINING - Electro. Zinc (pref., 0 0 0 £1) , 1 19 2 Electro. Zinc, (ord.. £1) 1 17 6 1 18 0 Mount Lyell (£1) 1 4 3 1 4 6 Mount Morgan (2s 6d) 0 14 8 Emperor Mines, Fiji 0 (10s) 0 13

GOLD MINING— Big River (Is) ... — 0 2 1 Clutha River (2s) ... 0 1 1(J Gillespie’s (Is) 0 10 I) U4 Golden Dawn (5s) ... 0 3 3 "T King Solomon (Is) ... — Lawson's Flat (Is) ... 0 0 0 Martha (5s) 1 0 Molyneus River (2s) Mount David (5s) ... -- 0 1 u Nokomai (5s) u z o 0 2 Okarito (5s) ? 5 U 0 3 Paddy’s Point (5s) ... 0 3 U 0 3 Sandhills (Is) ~ , 0 0 0 I Skippers (Is) U U 0 Waipapa BeHch (Is) 3 N.Z. GOVERNMENT LOANS— (Bonds quoted are £100 Bonds.) d.c. Stock, Nov., 1938-52 102 0 0 — XV D.c. Stock. March, 193943 102 15 0 33 p.c. Stock, Sept., 193943 102 15 0 — 33 p.c. Stock, May, 1939-52 102 5 0 — XV d.c. Stock, March, 194143 102 15 0 — 33 p.c. Stock, Sopt., 194143 102 15 0 — 33 p.c. Stock, May, 1941-52 -. — 102 10 0 — 31- d.c. Stock, Nov., 1941-52 102 10 0 — 4 p.c. Bonds, 1937-40 102 10 0 — 4 p.c. Stock, 193740 102 5 0 — 4 p.c. Bonds, 194346 104 0 0 —■ 4 p.c. Stock, 194346 104 0 0 104 15 0 4 p.c. Bonds, 1 194649 104 0 0 — 4 p.c. Stock. 1946-49 104 0 0 106 15 0 4- p.c. Stock, 1952-55 — DIVIDENDS DUE Bank of N.Z.—Final, Is a share, or 10 p.c. p.a Waihi Junction — 4d a share June 12 June 12 Perpetual Trustees—Final, Is a share ••• June 12 Mossy Creek Gold—Pifth, Id a June 13 Broken Hill South—2s 6d a share June 13 British Tobacco— lj p.c. ... ... June 13 Oamaru Woollen Mills — Hallyearly, 2J per cent., 6d a share June 15 Mortgage Corporation 4i per cent, per annum National Timber—Final, 23 p.c. ... June 15 Gisborne Gas — 3d per share June 17 Hume Steel—Half-yearly pref., at 7 i per cent, per annum June 2U Claude Neon Lights—Half-yearly, 8 per cent, p.a., 9 3-5d a share June 21 Mount Lyell — Half-yearly, 5 per cent., fed a share June 22 Blackwater Mines — Pinal, 2s a share June 23 Consolidated Goldfields — Interim, Is a share June 23 Wilson’s Cement — Final, 9d a share, and jubilee bonus, 5s a share June 24 Robinson Ice — 6 per cent June 25 Farmers’ Trading Co., Auckland — Final, ord., 5 per cent. June 25 Australian Glass — Final, 43 per cent, pref., 10 per cent. ord. ... June 27 Morris, Hedstrom — Final 23 per cent., making 5 per cent, per annum June 30 Tooth’s Brewery — 10 per cent., Is a share — National Mortgage— 5 p.c. p.a. ... July 1 Zinc Corporation — 2s July 1 Bulolo — Int., 1 dollar 40 cents July 2 Placer — Int.. 50 cents July 2 National Bank N.Z. — Final, 2 p.c., in sterling, free of tax ... July

Bank of New South Wales Commercial Bank of Aus32 12 6 tralia 0 19 7 Bank of Australasia 12 0 0 Associated News 1 2 3 Associated News (pref.) ... 1 2 9 British Tobacco 2 1 0 Tooths '.. ... 2 12 3 Tooheys 1 11 0 G. J. Coles Australian Iron and Steel 4 0 g (pref.) 1 5 c Australian Glass 4 13 3 Dunlop Perdriau 0 17 9 Goldsbrough, Mort 1 12 G ' Henry Jones 2 1 0 David Jones 2 7 0 Anthony Hordern 0 18 9 Anthony Hordern (pref.) ... 1 3 3 General Industries 0 19 G General Industries (pref.) 1 4 0 Australasian Paper ... ... 1 15 0 Beard, Watson 0 18 0 Hume Pipe 1 0 3 Cash Orders 1 7 0 Sargents 1 6 3 0 Meggitts 1 7 Gordon and Goteli ... ... 2 10 6 Claude Neon .’ ... 2 10 9 Richardson and Wrench ... 1 10 0 W. R. Carpenter 2 3 0 Lustre 1 5 101 Mount Morgan 0 14 n Broken Hill Proprietary ... Broken Hill Proprietary 3 13 10 3 (new issue) ... ... ... o 9 South Broken Hill ... ... a 12 6 G North Broken Hill 8 4 Tlawang 0 8 9 Koroere 0 5 2 MELBOURNE, June 10. National Bank (£5 paid) 7 G 0 E.S. and A. Bank 0 5 0 Australian Glass 4 13 0 British Tobacco . > 1 3 Amalgamated Zinc 0 8 10 Howard Smith 0 19 3 0 Electrolytic Zinc 1 18 Mount Lyell 1 0 4 4J Emperor 13 18 3 3 Loloma 0

£100 stg. N.Z T.T. £124 O.D. £123 10/ £124 10/ £124 8/8 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 £l N.Z ... T.T. O.D. 4.05| 4,03/ 4.015 4.02/ Montreal — Dollar to £1 N.Z ... T.T. O.D. 4.06| 4.071 4.02/ 4.03/ Austria — Schillings to £1 N.Z. ... •• T.T. O.D. - 20.82 20.84 Belgium— Belgas to £1 N.Z T.T. O.D. - 23.711 23.722 Czechoslovakia — Crowns to £1 N.Z T.T. O.D. - 96.02 96.07 Denmark— Kroner to £1 N.Z . T.T. O.D. 18.203 18.263 17.893 17.903 France — Francs to £1 N.Z T.T. O.D. - > 60.93 60.97 Germany— Eeichmarks to £1 M SS: - 9.938 ■ 9.943 Holland— Florins to £1 N.Z . T.T. O.D. - 5.913 5.917 Java— Florins to £1 N.Z T.T. O.D. - 5.874 5.878 Norway— Kroner to £1 N.Z. . T.T. O.D. 16.181 16.241 15.891 15.901 Sweden— Kroner to £1 N.Z . T.T. O.D. 15.785 15.845 15.490 15.500 Switzerland— Francs to £1 , N.Z . T.T. O.D. - 12.359 12.364 Noumea — Francs to £1 N.Z . T.T. O.D. - 59.56 59.62 Papeete — Francs to £1 N.Z . T.T. O.D. - 59.71 59.77 Hongkong— N.Z. pence to 1 dollar T.T. O.D. 18 18 7-16 11-32 19 15-16 19 29-32 India and CoylonN.Z. pence to 1 rupee T.T. O.D. 22 22 9-64 3-64 22 57-64 221 Japan — N.Z. pence to 1 yen T.T. O.D. - 17 21-32 17 41-64 Shanghai— N.Z. pence to 1 dollar T.T. O.D. 17 16 5-32 31-32 18 17-32 18 3364 Singapore— N.Z. pence to 1 dollar T.T. O.D. 34 34 7-16 1-4 35 1-2 35 31-64