Commerce, Mining, & Finance

Evening Star, Issue 22366, 16 June 1936, Page 7

Commerce, Mining, & Finance

AUSTRALIAN STUCK EXCHANGES Pres* Association—By Telegraph—Copyright SYDNEY, June 15. Industrial shares to-day were firmly Quoted, particularly brewery scrip. Government Bonds made an improved (showing on the eve of the closing of the new Commonwealth Joan.

PROPERTY SALE Messrs Alex. Harris Ltd. report having offered at auction yesterday, on account of the Perpetual Trustees Company Ltd., as trustees in the estate of Miriam Thompson, a freehold property, being allotment 3. block 11.. Musselburgh. area 24.24 poles, together with five-roomed villa residence, No. 5 High » street; Musselburgh. After competition the property was knocked down to Mr Aitchison at a satisfactory price. The furniture and effects were offered immediately after the sale of the property, and everything was cleared at satisfactory prices. SYDNEY WOOL SALcC VALUES GENERALLY LOWER Press Association —By Telegraph—Copyright SYDNEY,. June IS. I The wool sales were resumed to-day. Of. the 7,130 bales offered 5,130 were soM, and 3,584 changed hands privately. , There was good competition fo>* all well-gro - ~n, sound descriptions, but values were 5 per cent, below the May closing.rates. Average wools were 7\ to 10 per cent, lowe-, while dusty and inferior lines were also low. Skirtings were 10 per cent., and at times 12J per cent., lo.ver. Crutchings and locks sold remarkably well,- and showed little change. Competition was mainly from tha Continenal and Yorkshire sections and local manufacturers. The Japanese did not bid. The present is only a clearing-up series of sales. Japanese 'i'.-cs were present, and followed the* market as keenly as though they were buying. They would have taken a larye proportion of to-day's offerings which suited theii requirements, but haring already bought heavily this season, they are expected to refrain from buying for the present. More importance is attached to the Japanese attitude at the Brisbane sales next week, when the new season’s wools are offering. PRODUCTION OF METALS (British Official Wireless.) 'Press Association—By Telegraph—Copyright RUGBY, June 15. The production of pig iron in the United States in May amounted to 661.000 tons, compared with 629.800 tons in April and 558,900 tons a year ago. The production of steel in May was 963,000 tons against 984.200 tons the previous month and 853.300 tons in May, 1935. THE PRICE OF GOLD Press Association —By Telegraph—Copyright. LONDON, June 15. (Received June 16, at noon.) Fine gold is quoted at £6 18s 9d an ounce. LONDON WHEAT MARKET Press Association—By Telegraph—Copyright LONDON, June 15. (Received June 16, at 11 a.m.) Wheat cargoes are fairly steady. Parcels are steadier. Futures; London —yluly 2os 7id, November 26s 7{d. Liverpool—July 5s 81 d, October 5s Bj}d. Chicago quotations: July 87J cents per bushel, September 89, December 91.

THE SEARCH FOR GOLD NOKOMAI OPERATIONS COMPANY’S ANNUAL REPORT. The fourth annual report of the Nokomai Gold Mining Company Ltd. for the period ended March 31, to be presented by the directors at the annual meeting of shareholders on June 24, states : Hydraulic elevating was continued throughout the year. The first two paddocks worked proved to be high bottom, so it was decided to move the elevator to deeper ground, resulting in much better returns. A considerable amount of time was lost though the exceptionally dry period experienced from December to March. The actual gold won during the year amounted to 710 oz lldwt, valued at £5,007 8s lid. This shows a slight loss for the period under review. A further return, being the finish of the final paddock for the year, came to hand a few days after the books were closed. This resulted in an additional 550 z lldwt being recovered, and had this come to hand earlier it would have converted the loss to a profit. During the year the Nokomai Gold Dredging Company (London), failed to float the new company, and all negotiations were cancelled. A satisfactory basis for final settlement of the matters in dispute with Industries Ltd. and the Vulcan Company was arranged. Afterwards an optioi was granted to Burma Malay Company to bore the property in conjunction with an option which they had obtained over Cameron’s and other areas. This option was abandoned after one month’s boring, and the company received a payment of £IOO. , • , In view of the above, the directors therefore suggest that the company should immediately consider the previous proposal of installing gravel pumps. This method of working has been thoroughly investigated by the board and previously discussed by the shareholders. The directors recommend the installation of two 12in gravel pumps ivorking in series and the necessary accessories at an estimated cost of approximately £B,OOO. The directors consider it advisable to raise, by way of a debenture issue, the sum of not less than £12,000. The sum of £12,000 is suggested, out of which £4,000 is payable to Industries Limited on June 30 in terms of the agreement entered into with that company. The directors recommend that the balance be applied in purchasing and installing the two gravel pumps. If this course is approved the directors propose to arrange for the issue of a series of debentures of £SO each, totalling t(ie sum of £12,000, all ranking pari passu as a first charge ou the company’s property and assets. The term 5s three years, but the comapny will have the right to pay off at any time all or any of the said debentures. Interest is payable at the rate of 71 per cent, per annum. Judging from the views expressed by a number of local shareholders with whom the proposals have already been discussed, tW directors believe that the shareholders will respond to an application for subscriptions to the issue if it is approved of at the meeting. The retiring director is Mr Fred. Goodwin, who offers himself for reelection. MATAKI DREDGE RETURN AUCKLAND. June 15. The Mataki return for the week ended June 14 was 560 z for 136 hours’ work from 10,400yds. BIG RIVER MINES The following is the report for the week ended on June 10 of Big River , Gold Mines Ltd. ; In the repairs being carried out, to the shaft the main sets Lave been replaced up to a point 35ft above No. 1 intermediate level. The centres have been replaced in position for Oft above the cap of the intermediate level chamber. Repairs to the dam have been completed, and the men’s services dispensed with. -. WAIPAPA BEACH DIVIDEND The secretaries of Waipapa Beach Gold Dredging Company Ltd. report that at a meeting of directors held yesterday it was decided to pay a dividend of Id a share to those shareholders on the register at June 29. It is proposed to close the share register from June 25 to June 29 for the purpose of dividend payment. DIVIDENDS DUE Gisborne Gas—3d per sharp. ... June 17 Gordon and Gotch—Half-yearly ord., at 12 per cent, per annum; pref, at 8 per cent, per annum June 18 Hume Steel—Half-yearly pref., at 7j per cent per annum June 20 Claude Neon Lights—Half-yearly, 8 per cent, p.a., 9 3-5 d a share June 21 Mount Lyell Half-yearly, 5 percent.. fid a share Juno 22 Blackwater Mines —Final, 2s a share June 23 Consolidated Goldfields—lnterim, Is a share June 25 Wilson’s Cement—Final, 9d a share, and jubilee bonus, 5s a share June 21 Gear Meat—lnterim, 3d per share June 25 Robinson Ice—6 per cent June 25 Farmers’ Trading Co., Auckland —Final, ord., 5 per cent. ... June 25 Waipapa Beach Dredging—ld a share June 25 Goldsbrough, Mort—Final 5 per cent., making 7 per cent, per annum Juno 26 North Broken Hill—2s 6d per share and bonus of Is per share June 26 Australian Glass—Filial, per cent, pref., 10 per cent. ord. ... June 27 Morris, Hedstrom Final 2j per cent., making 5 per cent, per annum June 30 British Tobacco —Quarterly, If per cent June 30 Woohvorths (N.Z.) —Interim ord., 5 per cent July 1 Goodyear Tyre—Half-yearly pref., at 8 per cent, per annum ... ... July 1 Nestle and Anglo-Swiss Milk (Australasia) Ltd.—Ord., quarterly, at 7 per cent, per annum July 1 Ziue Corporation—2s 6d on pref. and ord., making 4s 6d for the year, and first half fixed cum. dividend of 2s on pref., all dividends English currency, less income tax July 1 National Mortgage—s p.c. p.a. ... July 1 Bulolo —Int., 1 dollar 40 cents ... July 2 Placer—lnt.. 50 cents July 2 Guinea Gold—9jd per share (subject to exchange variation! ... July 10 National Bank N.Z.—Final. 2 p.c., in sterling, free of tax ... July 11

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

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.) SKT.T.INC.— T.T. (dol) 4.03 J 4.04) 0.1). (dol) 4.04 i 4.05' BUYING O.D. (dol) 4.0&J 4.094 NEW GUINEA GOLD SHARES Press Association—By Telegraph—Copyright LONDON, dune 15. (Received June l(i, at 2 p.m. ) New Guinea Gold shares arc quoted at 3s d. COLLAR AND FRANC Press Association—By Telegraph—Copyright LONDON, Juno 15. (Received June IG, at noon.) The dollar is quoted at 5.02 J and the franc at 76 9-16. LEAD MARKET Press Association—By Telegraph—Copyright LONDON, dime 15. (Received June 16, at 11 a.in.) Lead.—lmports, 22,430 tons (Australian 11,945).

THE SHARE MARKET DUNEDIN STOCK EXCHANGE AUSTRALIAN SUPPORT CONTINUED Investor-; continued to display strong support for Australian securities on the Exchange this morning, when Australian issues provided the bulk of the business recorded. Both issues of Broken Hill Proprietaries camo in for business at late rates, though the sale price of the ordinary issue was 3d in excess of the recent peak price of 735. The market dosed with sellers at the sale price and no buyer. The contributing had business at 50s 3d, 9d below the best sale price last week, and the market closed with further sellers at the sale price. Woolworths (Sydney) ordinaries also continued to provide business, the market fluctuating from £5 15s 6d down to £5 14s, following reported business yesterday at tbc improved prico of £5 14« 6d. Mount Morgans were steady at 15s Bd, and Commercial Banks showed little change at 19s 2d. The only business in New Zealand scrip was provided by National Insurances at Ibe slightly easier rate of 18s 4d, anil Dominion .fertilisers at the improved price of 25s 3dAfter showing some improvement last week, hanking Issues again experienced n dull market. New Zcalauds dropped back rather sharply from sellers at 44s 6d to pollers at 43s 6d, with 43s the best buying offer. National of New Zealands also suffered a further set-back, sellers casing Is, with 69s the best buyer. _ , Amongst shipping issues Howard smiths were inclined to be easier, while P. and O Deferred shares hardened. Both issues of Kefrigeratings had improved inquiry, though sellers of the contributing cased 3d, as against an advance of Id by buyers. . Electrolytic Zinc shares experienced a further <ram, buyers offering 3d more for the prefs. and Is'more for the ordinaries, with sellers’ of the latter Is away from buyers. Other sections revealed little change in quotations. SALES REPORTED. Commercial Bank, 19s 2d. National Insurance, 18s 4d (two). Broken Hill Proprietary, £3 13s 3d Broken Hill Proprietary (cont.), £2 10s 3d. Mount Morgan, 15s Bd. Woolworths (Sydney), £5 15s 6d. SALES AFTER CALL, Dominion Fertiliser, £1 5s 3d. Woolworths (Sydney), £5 14s,

£ s. d. Bank of N.S.W 33 0 0 Com. Bank of Sydney 20 0 0 Queensland National Bank 5 7 6 Australian General insurance 0 17 3 Mercantile Mutual Insurance 1 11 9 Colonial Sugar 42 2 6 Associated News 1 2 0 Automatic Totalisators 0 18 6 British Tobacco 2 1 6 Tooth’s ... 2 13 0 Carlton Brewery 2 17 0 Queensland Brewery i 9 9 Queensland Brewery (pref.) 1 4 3 ■Newcastle Gas (C) 0 13 0 Commonwealth Wool 0 18 0 Goldsbrough 1 11 10i Australian Glass ... ... 4 14 (j Dunlop Perdriau 0 18 0 Drug Houses ■ 1 11 0 Henry Jones ... ... 2 1 0 Electrolytic Zinc (pref.) ... 2 1 6 Amalgamated Textiles 0 10 4 Australian Gypsum ... ... 1 i) 0 Clifford Love 2 11 0 Hume Pipe ... 1 0 9 Sargents ... 1 6 4i Edwards Dunlop 2 3 6 Gordon and Gotch 2 10 0 Amalgamated Wireless (paid) 2 11 0 Wunderlich 1 0 6 Victoria Nyanza 0 8 0 .Woolworths (ord.) Buyer 5 13 6 Seller 5 15 0 Woolworths (first pref.) ... I 19 0 Mount Morgan 0 15 9 Broken Hill Proprietary ... 3 13 6 Broken Hill Proprietary (new issue) ... ... ... 2 11 0 Broken Hill Prop. (New Zealand delivery) 2 10 9 North Broken Hill ... ... 8 6 0 South Broken Hill (ex div.) 5 10 0 B,awang ... 0 8 10 Lady Shenton ... 0 4 2i MELBOURNE, June 15. Com. Bank of Australia ... 0 19 4 National Bank (£10 paid) u 18 ,0 Gordon and Gotch 2 10 0 Howard Smith ... ... ... 0 19 4 Sulphide Corporation 0 11 9

notice): — Buying. 1 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 — Dollar to £1 N.Z T.T. 4.07| 4.03|O.D. 4,08| 4.044 Montreal— Dollar to £1 N.Z .. T.T. 4.08 4.04* O.D. 4.091 4.05 Austria — Schillings to £1 N’.Z T.T. — 20.93 O.D. — 20.95 Belgium— Bellas to £1 N.Z T.T. — 23.776 O.D. — 23.787 Czechoslovakia — / Crowns to £1 N.Z . T.T. 86.67 O.D. — 96.72 Denmark — Kroner to £1 N.Z . T.T. 18.203 17.893 O.D. 18.263 17.903 France— Francs to £1 N.Z T.T. — 61.16 O.D. — 61.20 Gormanv— Reichmarks to £1 N.Z T.T. — 9.966 O.D. 9.971 Holland— Florins to £1 N.Z T.T. 5.330 O.D. — 5.934 Java— Florins to £1 N.Z , T.T. 5.882 O.D. — 5.883 Norway— Kroner to £1 N.Z . T.T. 16.183 15.893 O.D. 16.243 15.903 Sweden— Kroner to £1 N.Z , T.T. 15.785 15.490 O.D. 15.845 15.500 Switzerland— Francs to £1 N.Z T.T. — 12.411 O.D. — 12.416 Noumea — Francs to £1 N.Z T.T. — 59.73 O.D, — 59.85 Papeete— Francs to £1 N.Z T.T. — 59.94 O.D. — 60.00 Hongkong— N.Z. pence to 1 dollar T.T. 18 25-64 19 57-64 O.D. 18 19-64 19 55-64 India and Gevlon — N.Z. ponce to 1 rupee ... ... T.T. 22 9-64 22 57-S4 O.D. 22 3-64 22 J Japan— N.Z, pence to 1 - yen T.T. — 17 21-32 O.D. — 17 41-64 Shanghai— N.Z. pence to 1 dollar T.T. 17 5-32 18 17-32 O.D. 16 31-32 18 33-64 Singapore— N.Z. pence to 1 dollar T.T. 34 7-16 35 1-2 O.D. 34 1-4 35 31-64

Quotations as under : — Buyer Sellers. £ S. d. £ S. d. BANKING— New South Wales ... — 33 0 0 New Zealand 2 3 0 2 3 6 Commercial — 0 19 3 National of N.Z. ... 3 9 0 3 12 0 Union of Australia Ltd — 9 14 0 INSURANCE— National 0 18 3 0 18 6 Standard — i 6 y SHIPPING— Howard Smith 0 19 0 0 19 5 P. and O. Deferred Stock 1 6 n — U.S.S. Co. (pref.) ... 1 6 0 MEAT PRESERVING— N.Z. Refrigerating 19 9 (paid) 0 — N.Z. Refrigerating 0 (cont.) 0 9 8 9 9 Southland Frozen (paid) — 3 17 6 South Otago Freezing 7 14 6 — Waitaki Farmers’ Freezing — 4 2 6 LOAN AND AGENCY— National Mortgage — 2 12 0 N.Z Loan and Mercantile (ord.) 30 0 0 55 0 0 Wright, Stephenson 0 17 (ord.) 0 — Wright, Stephenson 0 (pref.) — 1 0 COAL— Kaitaugala — 1 \ 6 Westport ... 1 1 6 1 2 0 Wostport-Stockton 0 (pref.) 0 2 6 0 3 WOOLLEN COMPANIES Bruce (ord.) 0 13 0 0 14 6 Mosgiel 9 18 0 MISCELLANEOUS — Anthony Hordern ... 0 18 2 1 — 0 Associated News 1 2 0 3 Australian Glass ... — 4 13 0 Australian Iron and Steel (prof.) British Tobacco 1 5 6 — 2 0 3 — Broken Hill Ply. ... — 3 15 5 Broken Hill Pty. 3 (cont.) — 0 2 10 Brown, Ewing (ord.) 0 15 — Brown, Ewing (pref.) 1 2 3 — D.I.C. (ord.) 0 15 9 — D.I.C. (pref.) 1 5 3 — Dominion Fertiliser 1 4 9 — Dominion Fertiliser Debs ... 105 10 0 — Dominion Rubber • 1 8 6 Dunedin Slock Exchang e Proprietary 2 0 0 — Dunlop Perdriau Rubber 0 17 6 0 17 10 G. J. Coles ... ... — 4 0 u National Electric — 0 12 6 N.Z. Drug Co. — 4 0 6 N.Z. Farmers’ Fertiliser 1 1 0 X 2 3 N.Z. Newspapers ... — 2 , 2 6 N.Z. Paper Mills — 1 9 0 ■ Otago Daily Times ’ — 2 10 0 Regent Theatre — 1 1 0 BREWERIES— New Zealand — 2 13 0 Dominion 1 5 6 — UNLISTED STOCKS— MTntosh, Calev, Phoenix 0 9 0 0 11 0 Woolworlhs (Sydney, 0 ord.) 5 14 0 5 .16 Otago Farmers’ Go-op. 0 2 9 0 5 0 Selfridges mow) 1 5 3 — AUSTRALIAN MININGElectro. Zinc (pref., £1) 2 0 0 —- Electro. Zinc (ord., £1) 1 18 6 1 19 6 Mount Lycll (£1) 1 4 3 1 4 6 Mount Morgan (2s 6d) — 0 15 9 GOLD MINING — Big River (Is) 0 1 10 0 2 2 Clulha River (2s) ... 0 1 10 — Gillespie’s (Is) ... ; ... 0 1 0 — Goldfields Dredging (Is) 0 0 3i •— Lawson’s Flat (Is) ... — 0 0 5 Martha (5s) •— 1 0 0 Molyneux River (2s) — 0 2 3 Mount David (5s; ... — 0 1 0 Nokomai (5s) — 0 2 6 Okarito (5s) 0 3 0 0 3 9 Paddy’s Point (5s) ... — 0 3 9 Sandhills (Is) — 0 0 6 Skippers (Is) 0 0 3 0 0 4 Waimumu Sluicing (Is) 0 0 5i — Waipapa Beach (Is) 0 1 0 0 1 3 Waitahu (5s) 0 2 0 — N.Z. GOVERNMENT LOANS(Bonds quoted are £100 Bonds.) p.c. Stock, Nov., 1938-52 102 0 0 — 3t p.c. Stock, March, '1939-43 — 103 10 0 31, p.c. Stock, Sept., 1935-43 105 10 0 3) p.c. Stock. May, 1939-52 102 0 0 — 3j p.c. Stock, March, 1941-43 102 10 0 — 31 p.c. Stock, Sept., 1941-43 102 10 0 — 31 p.e. Stock. May, 1941-52 102 10 0 — 3 p.c. Slock, Nov., 1941-52 102 10 0 —* 4 p.c Bonds, 1937-40 102 5 0 — 4 p.c. Stock, 1937-40 102 5 0 103 0 0 4 p.c. Bonds, 1943-46 104 0 0 — 4 p.c. Stock., 1943-46 104 0 0 — 4 p.c. Bonds, 1946-49 104 0 0 — 4 p.c. Stock, 1946-49 — 104 15 0 4 p.c. Stock, 1952-55 — 104 10 0