Commerce, Mining, & Finance

Evening Star, Issue 22378, 30 June 1936, Page 7

Commerce, Mining, & Finance

THE SHARE MARKET DUNEDIN STOCK EXCHANGE DROP IN BANK OF NEW ZEALANDS Bank of New Zealand shares experienced a further set back this morning, when a sale was reported at 40s 6d, and the market closed with sellers at 41s and no buying quotation. Investors are apparently of the opinion that the Government’s control of the Reserve Bank will seriously affect the future trading of other banking concerns, '•with a consequent reduction in dividends. On the other hand, some investors maintain that the Bank of New Zealand could afford to suffer a considerable decrease in its . earnings before effecting any reduction on ; its last dividend rate of 10 per cent. It is " pointed out that the bank has huge reserves ■ and many. valuable assets. .The market for other banking issues re- !' mained dull, though Commercials moved up ‘ id to buyers at T9s 2d without attracting a, seller. Unions were inquired for at the much reduced price of £9 7s 6d, with sellers firm at yesterday’s rate of £9 12s 6d. Amongst insurance shares, which were almost neglected. Nationals looked stronger, with buyers at 18s 6d and no seller. G. J*. Coles continued to appreciate rapidly, buyers moving up another Is 6d to 84s 6d, with sellers firm at 85s 6d. Cement shares were in good demand, 41s being offered for both Milburns and Wilsons, the former providing a seller at 425. National Electrics gained further ground, and there ' was also a good inquiry for shares in local trading concerns, such as Brown, Ewing, and Co. and the D.I.C. Only 9d separated the quotations for New Zealand Drugs and Donaghy’s Kope- continued to have good inquiry without sellers. Amongst- unlisted stocks Woolworths (Sydney) had a better buyer by Is at £5 19s, but sellers were unchanged at £6 Is. Shillings Ltd. (10s paid shares) were a little easier, buyers dropping back 2d and sellers 3d on yesterday’s quotations. Quartz Mountain (Papua) Ltd. had improved inquiry at 4s 9d without sellers. The market for mining shares was .extremely dull, and little change was noticeable in the quotations. Government loans continued to attract a strong contingent of buyers, with sellers of only two issues. SALES REPORTED. Bank of New Zealand, £2 Os 6d. Dunedin Brewery, £1 10s. ■ Quotations as under; — Buyers. Sellers. '£ s. d. £s. d.

DIVIDENDS DUE

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.

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 j basis. They are subject to alteration withjput notice: — f XJ.S.A. Canada. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. dol.) 4.03 4.0 t O.D. (dol.) 4.03£ 4.04£ BUYING— O.D. (dol.) 4.08 4.09 THE PRICE OF GOLD Press Association—By Telegraph—^lopyright. LONDON, June 29. (Received June 30, at noon.) Fine gold is quoted at £6 18s Sid an ounce. DOLLAR AND FRANC Press Association—By Telegraph—Copyright LONDON, June 29. (Received June 30, at noon.) The dollar is quoted at 5.02§ and the franc at 75 13-16.

THE SEARCH FOR GOLD SKIPPERS LTD. SECOND ANNUAL REPORT. The second annual report of Skippers Ltd. states: — The Diesel plant has been dispensed with for some time past, and gob# production has therefore had to rely exclusively upon the water from the available races. While the condition of the river as far as floods are concerned was in the average favourable, the water supply was very inadequate. The lack of finance delayed the iprogress of the hydro-electric scheme, and as good gold was showing in the paddock, it was deemed advisable to increase the water supply pending the completion of the hydro scheme, by incorporating another water race in the supply system. This proved to be very successful. The Maori Gully water race was put in working order at comparatively small cost, and an old dam near the camp was reconditioned, with the result that the total water supply was substantially augmented and enabled the company to complete the wash-ups that have taken place during the period under review, and the three months subsequent. The total gold produced during the financial year amounted to 307 ounces, representing 740 square yards of bottom. Although the balance sheet reveals a net loss of £1,036, since the closing of the accounts a further three partial wash-ups have taken place, which eliminated this loss and show a substantial, net profit for the ensuing financial year. It is noteworthy to observe that the last four wash-ups have all been produced from one and the same paddock, making a total of 3830 z for 193 sluicing hours, and 602 square yards of bottom. The latest reports from the mine disclose the fact that the deep crevices appearing in the paddock have not yet been explored, and these will be attackd as soon as the frosts subside. ... , . The preference capital issued has been subscribed to an amount to this date of £2,524. The response was inadequate to complete the hydro-elec-tric scheme, but fortunately the good results of the latest wash-ups have provided the necessary funds, so that the directors hope to be able to complete the development work with the available resources. The company received from the Government a subsidy of £4,000. The liydro-clectric plant is now well advanced, and as soon as the severe frosts subside' it is hoped that in two or three months the scheme will be completed. All the necessary material is available on the site, and a substantial portion of the construction work has been completed. Dr E. C. Hayes, who retires from the board of directors by rotation, offers himself for re-election. During the financial year the directors, on the recommendation of the North Island shareholders, have co-opted to the hoard Mr D. Robertson to represent the North Island shareholders. In accordance with the articles of association. Mr Robertson now retires from the board, but is eligible for re-election at the meeting. Mr G. T. Rullick, the company’s auditor, also retires, and will stand for re-clection at the meeting. BENDIGO RISE AND SHINE A return of 40oz of retorted gold was obtained by the Bendigo Rise and Shine Gold Mining Company from 33 tons of ore crushed for the four-weekly period to June 24. The reef is about 4ft in width, and the face is looking well, with gold showing. The frosty weather is affecting the water supply, but it is likely that will he possible to carry on work right through the winter. NEW DREDGING PROPOSAL It is understood that a company with •a capital of £200,000 is in course of flotation for the purpose of dredging a large area known as Goat Terrace, on the Moonlight road, near Blackball. The proposed dredge will he one of the largest and most modern dredges in the world, and will he required to dredge for a depth of .something over 100 ft in parts of the area. Of the proposed capital, £IOO,OOO is being subscribed by an Australian investor, who is at present visiting the West Coast. MATAKI RETURN [Per United Press Association.] AUCKLAND, June 29. The Mataki return for the week ended on Sunday was 48nz for 135 hours’ work. A total of 8,200 yards was treated.

FRUIT INDUSTRY GUARANTEE OF EXPORT PRICES URGED [Pm United Pit ess Association.! CHRISTCHURCH, June 29. “ A month ago i thought the fruit industry would not touch this guaranteed prices scheme, but with the costs of production going up and with lower receipts from our export trade I think we must now run for any shelter we can,” said Mr T. C. Brash (president of the Mew Zealand Fruitgrowers’ Federation) at the Canterbury provincial conference of fruitgrowers to-day. The Government. Mr Brash said, would not introduce the guaranteed prices scheme unless there was a demand from the industry for it. It was for the growers to decide whether they wanted it. Under the scheme the Government would l take over the marketing of fruit in its en tirety. Statements made by the Minister were to the effect that the Government would adjust the farmers’ liabilities in accordance with the guaranteed prices. Mr Brash said he agreed that the control of local market prices would be difficult, as an oversupply of fruit unfit for export would produce a glut and would depress prices, but if guaranteed prices were obtained for export fruit there must be some measure of local market control. The Government, ho thought, was bound to shy clear of guaranteeing prices on the local market. The following resolution was carried:—“That the Government be asked to investigate the fruit industry with a view to guaranteeing the producer and those who are essential to the industry a just and equitable return for their labour in accordance with the value of their services to the community, and this conference is of the opinion that the guaranteeing of export prices is essential and should be the first step taken to place the industry on a satisfactory footing.” FOREIGN EXCHANGES (British Official Wireless.) Press Association—By Telegraph—Copyright. RUGBY, June 27. The following are the mean closing rates: — • Paris, franc to £1 New York, dollar to £1 5.02 3-16 Montreal, dollar to £1 ... 5.03| Brussels, belgas to £1 29.73 Geneva, francs to £1 15.351 Amsterdam, florin to £1 ... ... 7.371 Berlin, reichraarken to £1 12.441 Milan !(nomiiial), lire to £1 ... 63-13-16 Stockholm, kroner to £1 19.391 Copenhagen, kroner to £1 22 Oslo, kroner to £1 19.90 Vienna, schilling to £1 26£ Prague, kroner to £1 120 g Helsingfors, marks to £1 227 Madrid, pesetas to £1 36 9-16 Lisbon, escudo to,£l 110 •Athens, drachmae' to £1 532 •Bucharest, lei to fi l 676 Belgrade, dinars to £1 221 Warsaw, zlotys to £1 26.86 •Rio de Janeiro, pence to milreas 4f Buenos Aires, pence to dollar ... 36" •Montevideo, pence to dollar ... 39 1-16 Bombay, pence to rupee 181 Shanghai, pence to dollar 14J Hongkong, pence to dollar 136 Yokohama, pence to yen 14 5-64 Batavia, florin to £1 7.35 •Sellers.

BANKING— New South Wales ... — 33 Q 0 New Zealand ... .. — 2 1 0 New Zealand Long “ D” ... ..i — 1 9 0 Commercial ... ... ... . 0 19 2 — National -of New Zealand 3 10 0 Union of Australia Ltd .. . 9 7 6 9 12 6 INSURANCE— National ... ..7 .. . 0 18 6 — Standard — 3 4 0 SHIPPING— Howard Smith ... ... 0 19 6 » P. and 0. Deferred k Stock ... 1 6 0 — •• U.S.S. Co. (pref.) ... . 1 6 0 — MEAT PRESERVING— . Southland Frozen . (cont.) f South Otago Freezing 1 18 7 16 9 0 'LOAN AND AGENCYDalgety — 9 2 6 S:Z, Loan and Mercantile (ord.) 30 0 0 — Perpetual Trustees ... 3 4 6 Wright, Stephenson > (ord.) ...' - . 0 17 0 — Wright, Stephenson (pref.) .., —*• 1 0 0 COAL— Kaitangata .. — 1 4 6 Westport ! i 1 6 WOOLLEN COMPANIES— Bruce (ord.) ... ... — 0 14 6 '• Kaiapoi (cont.) ! o 6 0 MISCELL ANEOU S— Anthony Hordern ... 0 18 6. — ■ Associated News 1 2 6 —. : Broken Hill Pty. — 3 13 0 Broken Hill Pty. , (cont.) — 2 10 0 Brown, Ewing (ord.) 0 15 0 — : ‘ Brown, Ewing (pref.) 1 2 3 — D.I.C. . (pref.) ... ... 1 3 6 — . . Dominion Fertiliser — 1 5 6 Donaghy’s Rope and Twine ... ... ... 2 12 0 — Dunedin-Kaikorai Trams — 2 2 6 Dunedin Stock Exchange Proprietary 2 2 0 — Dunlop Perdriau Rubber . 0 17 4 — G. J. Coles . '4 4 6 4 5 6 Hume Pipe . 1 0 3 — Milburn Lime and Cement ... . 2 1 0 2 2 0 National ■ Electric. ... . 0 11 6 — N.Z. Drug Go . 3 19 6 4 0 3 ‘ Otago Daily Times ’ — 2 10 0 • Wilson’s (N.Z.) Cement , 2 1 0 BREWERIES— New Zealand . 2 10 9 — Dunedin ... ... ... , 1 9 6 “ UNLISTED STOCKS— M'Intosb, Caley Phoenix ... ... ., . 0 9 0 I 0 11 0 : National Tobacco (ord.) — 3 7 0 Wootworths (Sydney, j ord.) . 5 19 0 6 1 0 Quartz, Mountain , ... . 0 4 .9 — Shillings Ltd. ... .. . 0 15 7 0 15 0 AUSTRALIAN MINING— Electro. Zinc (ord:. £1) ... . 1 18 6 2 0 ,0 Mount Lyell (£1) ... 1 4 0 — , Mount Morgan (Zs 6d) i 0 15 0 0 15 4 Upper Watut (5s) ... “ 0 7 3 GOLD MINING— Big River (Is) . 0 2 0 0 2 3 Brian Boru (Is) ... — 0 0 4i Clutha River (2s) ... 0 2 0 — Gillespie’s (Is) . 0 1 0i 0 1 2 King Solomon (Is) ... , 0 1 6 0 20 -Lawson’s Plat (Is) ... — 0 0 4 Martha (5s 1 — 1 0 0 .Molyneux River (2s) — 0 2 1 Mount David (5s) ... — 0 1 0 Paddy’s P#int (5s) ... — r >0 3 9 Nokomai (5s) .— 0 2 3 Okarito (5s) 0 3 6 Skippers (Is) 0 0 3i 0 0 4 Waitahu (5s) 0 2 0 — N.Z. GOVERNMENT LOANS(Bonds quoted are £100 Bonds.) J) p.c. Stock, Nov., 1938-52 102 5 ,0 3J p.c. Stock. March, 193943 ; ... 102 ; 5 0 103 0 0 3i p.c. Stock, Sept., 193945 ....... ... 102 5 0 3J p.c. Stock. May, 1939-52 ... 102 5 0 — 3J p.c. Stock, March, 194143 ... ... ... 102 5 0 — 3| p.c. Stock, Sept., ■ 194143 ... ... ... 102 5 0 3j p.c. Stock, May, 1941-52 ... 102 5 0 3i p.c. Stock, Nov., 1941-52 102 5 0 4 p.c. Bonds, 193740 102 10 0 4 p.c. Stock, 193740 102 10 0 4 p.c. Bonds, 194346 104 0 0 4 p.c Stock, 1943-46 104 0 0 4 p.c. Ronds, )946-49 104 0 0 4 p.c Stock, 1946-49 104 0 0 ♦ p.c. Stock, 1952-55 103 15 o : 104 10 0

Woolwortlis (N.Z.) —Interim ord., 5 per cent July 1 Goodyear Tyre—Half-yearly pref., »t 8 per cent, per annum July 1 Nestle and Anglo-Svms Milk (Australasia) Ltd.—Ord., quarterly, at 7 per cent, per annum July 1 His Majesty's Arcade (Auckland) —Interim, 2 3-5 per cent, on pref. and 3j per cent, on ord. ... July 1 Zinc 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—5 p.c. p.a. ... July 1 Goodyear Tyre — Half-yearly, pref., 8 p.c. per annum July 1 Peninsula Tin—6d a share July 2 Bulolo—Int., 1 dollar 40 cents ... July 2 Placer—Int., 50 cents Dominion Brewery—Ord. and pref., 6£ p.c. per annum July 2 July 4 Worksop Kxtended—10 p.c July 6 Guinea Gold—Sjd per share (subject to exchange variation) July 10 National Bank JN.Z. —Tmal, 2 p.c., in sterling, free of tax ... July 11 Fairymead Sugar—Half-yearly, 5 P-c July 13

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— £P to £100 N.Z T.T. £90 7/6 £89 New York — Dollar to £1 N.Z ... T.T. 4.06| 4.03 O.D . 4.07^ 4.03i Montreal— Dollar to £1 N.Z ... T.T, . 4.07| 4.044O.D. 4.08| 4.041 Austria — Schillings to £1 N.Z. . ,. T.T. 20.97 O.D. — 20.99 Belgium— Belgas to £1 N.Z ... . T.T. 23.752 O.D. — 23.763 Czechoslovakia — Crowns to £1 N.Z ., .. T.T. 96.26 O.D. — 96.31 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. 60,61 O.D. — 60.65 Germany— Reichmarks. to i N.Z 31 . T.T. 9.926 O.D. — 9.931 Holland — Florins to £1 n.z; .. . T.T. 5.880 O.D, — 5.884 Java— Florins to £1 N.Z . T.T. 5.845 O.D. — 5.849 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. 12.234 O.D. — 12.239 Noumea— Francs to £1 N.Z . T.T. 59.24 O.D. — 59.30 Papeete— Francs to £1 N.Z , T.T. 59.39 O.D. — 59.45 Hongkong — N.Z. pence to 1 dollar T.T. 18 33-64 20 1-64 O.D. 18 27-64 ,19 63-64 India and CeylonN.Z. pence to 1 rupee . T.T. 22 9-64 22 57-64 O.D. 22 3-64 22 7-8 Japan— N.Z. pence to 1 yen . T.T. 17 41-64 O.D. — m Shanghai— N.Z. pence to 1 dollar . T.T. 17 7-64 18 31-64 O.D. 16 59-64 18 15-32 Singapore— N.Z. i ence to 1 dollar . T.T. 34 27-64 35 31-64 O.D. 34 15-64 35 15--32