Commerce, Mining, & Finance

Evening Star, Issue 22379, 1 July 1936, Page 7

Commerce, Mining, & Finance

THE SHARE MARKET DUNEDIN STOCK EXCHAME _ ( * V—- ■ Business continued to be dull on the local share ' market' this 'morning, although four sales were reported, three of them being late yesterday. , ' Quotations generally showed . little change. Banking issues were again neglected, Com--1 mercials: providing the only buying quotation. New Zealand* were for sale at yesterday’* late of 4ls, but no buyer was attracted.' ; - ■ National Insurances’ moved up Id to buyers at 19s 7d i with sellers only 2d away.' Inquiry was revived for -Howard Smiths at -18 s 10d, but sellers remained firm _at 19s 6d P. and O. Deferred and Union ' Steamship preference shares were wanted at 26s without response. . , . • " - Little interest* was manifested in meat shares, and 9s was the best offer for Refrirerating contributing?. Amongst loan anS- ltiency shares, Goldsbrough Marts -were wanted*at 29s 9d, with sellers Is away. _ I* the miscellanequs group a good inquiry w' maintained for Australian securities, while shares in New Zealand trading concerns were also in good demand. G. J. Coles - experienced Another sharp rise, buyers moving ,up’, Is 6d and sellers Is 3d on yeeterday’s'’ quotations. Since last waoa these shares have advanced from £4 to buyers *t £4i6s, with no seller under £4 to 9d.‘: National Electrics also gained further . ground, with buyers at 12s. and no seller a late sale at 51s 6d. Now Zealand . Breweries firmed to no seller under 52* Sd, with buyer* at 51s 3d. Other brewery imuet were neglected. _ . , ... - Aaiongst- unlisted ' stocks. Woo jj ro^Jl ! /Sydney)' had reported business at 80, ana the'.market closed, with further buyers at £5 19s and sellers firm at £6 Is. Shillings Ltd. had an unchanged market, and Selfridges were for sale at 27s 9d without a buying offer. . . „ , ’There was an improyed inquiry for Australian mining issues, but prices showed little change. Sellers dominated the market fat local gold , mining issues. ' SALES REPORTED LATE YESTERDAY. 'Westport' Coal, £1 Is lOd. _ ■ New Zealand Breweries, £2 11s 6d., Dunedin Brewery, £1 10s. . REPORTED THIS MORNING, . Woolworths (Sydney), £6. 1 Quotations as under: —

/'. DIVIDENDS WE

THE SEARCH FM GOLD GBNSBLIBATEB GBLBFIELBB The report; of the Consolidated Goldfields for 1935, issued in London early this month, shows a net profit of £12,516, which compares with £20,289, including tax recovered, >for 1934. Dividend totalling 25 per cent., tax free (against 31i per cent., tax free), leaves £21,536 forward, against £21,520. A dividend of 25 per cent, net on account of 1936 has been declared. WAIPAPA BEACH RETURN Messrs W. A. Mitson and Co., secretaries of the Waipapa' Beach Gold Dredging Company Ltd., report that telegraphic .advice has. been received from .the dredgemaster ! stating that 290 z 16dwt have been won for 133 hours’ dredging. WAiiUMU SLUICING The Waimumu Sluicing Company’s return for the period ended on June 27 was 570 z 3dwt. During the period a .considerable time was spent in shifting the plant to the new paddock and in sluicing old tailings. MAHAKIPAWA CBMPAHY

At. an ...extraordinary .meeting of shareholders of Mahakipawa Goldfields Ltd., in ' Christchurch, on Monday night, presided over by Mr J. R; Tempiin, chairman, of the company, it was decided to go into, voluntary liquida- ■,■ -•- A* circular, which had previously been issued to shareholders, stated that up to the present nothing tangible has come from the directors’ efforts to interest, various mining groups in the company’s claim, and in the circumstances, and in view of the financial position of the company, the directors had decided to recommend to shareholders _ that the . company go into liquidation. The resolution was- carried without dissent, and Mr Frank Nicholls, of Christchurch, was appointed liquidator. 1 , A further resolution was carried on the motion of Messrs A. L, Gray and T. Rose, expressing thanks to the directors, for their excellent services ' to the company since it was reconstructed five; years ago. NEW BVLILI IMHE Details- of the new issue of 60,000 shares: of Sdol (Canadian) each in Bulolo Gold Dredging Ltd,, at a premium of ISdol, show, that the amount of 20dol per share is payable in ; two instalments of- lOdbl each, based upon, 20dol equalling £4:l9s 4id. The issue is in the proportion of one new' share for every 16 shares held;at June 10. The directors ; will sell shares representing fractions at or about, the market pnce, and the surplus oyer 20dol per share realised will be distributed among shareholders entitled- pro rata to holdings. ■ / I - lEHLEI- CN.Z r > LTD. Resolutions enabling the issue of bonus shares of two for every five ordinary shares held were passed at an extraordinary general meeting of shareholders of Berlei (N'.Z.) Ltd., Auckland, an Friday. The proposal was to capitalise at an estimated value of £14,000, the company’s patent rights,trade marks, designs, and trade names and to eater the sum.in a goodwill reserve account. The- sum will be distributed among shareholders in the ratio mentioned, the bonus issue being £1 shares. The company’s employees will also benefit by a substantial bonus, both the bonus shares and the allowance to employees to be made available immediately. The share distribution is to be treated as an increase in the nominal capital of the company held by each shareholder, and not as income. LONDON WOOL SALES Messrs Dalgety and Co. Ltd. advise having received the following cable from their head office, London, dated June 30, 1936:—W00l sales; The opening dates for the 1937 wool sales are as follow:—.January 12, March 2. April 26, July 6. September 14, November 16. Owing to the Coronation on May 12 the third series will open on Monday, April 26.

SUBSTANTIAL INCREASES CUSTOMS RETURNS ENCOURAGING MONTHLY ANfl QUARTERLY TOTALS Substantial increases in the value of imports into Dunedin for June and for the first quarter of the year are revealed in the Customs returns compared with the amounts collected for the corresponding periods last year. A total of £57,110 14s 3d was realised by the Customs duty for the past month, the amount collected during June, 1935 being £42,837 9s 9d. There was also an increase in the collections for the quarter ended yesterday over the amount paid in during the first three months of last financial year, the figures being £16,336 4s 4d ’and £153,910 12s 6d respectively. For the month beer duty also showed an increase when compared with the returns for 1935, the amount collected being £21,981105, while for June, 1935, it was £14,468 12s 3d. The returns for the quarter were well up, and disclosed an increase of £6,784 over those for the first quarter of last financial year.

A significant feature of both the monthly aricf quarterly returns of sales tax is the_ considerable increase shown in either instance. During the month ended yesterday the tax brought in revenue amounting to £22,918, a gain of £2,652 over the amount collected in June of last year, while for the threemonthly period just ended the figures were £69,806, compared with £60,503 tor the corresponding quarter of last year. During the past month collections of petrol tax totalled £12,220, an increase of £1,290 over the returns for June, 1935, but the figures for the quarter reveal a drop of £2,189 from the returns for April-June_ of 1935, the amounts collected during the respective quarters being £38,932 and £41,121. . The month’s tyre taxes amounted to £960, which is £469 above the figure for the corresponding month of last year, but the quarterly returns show a decrease of £327 when a comparison is made with the amount collected during the first three months of last financial year. Gold duty for last month showed a gain of £955 over the returns for June, 1935, and a comparison of the amounts collected during^the quarterly periods also discloses an increase, the respective figures for this year and 1935 being £6,280 and £5,229. FIGURES FOR JUNE. The following are the figures for June, shillings and pence omitted, together with the comparative figures for the same month in 1935 ;

WELLINGTON The net Customs revenue collected at Wellington for June totalled £259,261, compared with £188,697 in June 1935, an increase of £70,564. For the six months of the current year the net revenue totalled £1,537,948, compared with £1,267,782 for the corresponding period last year, an increase of £270,166. The duty on motor spirit in June totalled £59,942, compared with £38,025 for June, 1935, an increase of £21,917. For the six months the figures are £425,407 and £337,931 respectively, an increase of £S7,5Cti. ’ The collections oil tyre lax in June totalled £3.126, compared with £1.326 in June, _ 1935, an increase of £BOO. For the six months there is a decrease of £877, the figures being £10,716 and £11,593 respectively. The collections of sales tax in June totalled £92,216, compared with £75,085 in June, 1935, an increase of £17,131. The total for the six months, £500,957, shows an increase of £92,992 over last year’s total of £407,905. The beer excise collections, for June totalled £4,775, compared with £3,658 in June, 1935, an increase of £1,117. For the six months there is an increase of £2,903, the figures being £29,604 and £26,641 respectively.

AUCKLAND General increases are shown in the Customs and other taxation figures for Auckland for the first ’six months of the present year, as compared with the corresponding period last year, and also for .Tune, as compared with June, 1935. The figures for June are as follow ;

DUTIES ON RADIO SETS NO IMMEDIATE ALTERATION [Per United Press Association.] WELLINGTON, June 30. Replying to representations made to him regarding a possible alteration of the duties at present payable on radio sets and the parts thereof, the Minister of Customs, the Hon. \V. Nash; said it is not the intention of the Government to make any immediate alterations ?» the duties payable on such goods. The question as to the alterations, if any, which should be made in such duties will receive consideration when the general questions as to the amendment of the tariff schedules is under review. In the meantime any representations respecting the retention'of the existing duties will receive tlic careful consideration of ihe Government.

FRUIT INDUSTRY GUARANTEED PRICE FAVOURED [Per United Press Association.] NAPIER, June 30.' A guaranteed price to cover the fruit growing industry is favoured by Hawke’s Bay growers, who were approached yesterday for their opinions regarding the decision arrived at by the Canterbury orchardists on Monday. It was said that the industry had to have some form of guaranteed prices before growers could meet the higher wages and shorter hours. “ By adequate control of domestic marketing, which is of paramount importance to the grower,” said Mr A. Lowe, “I can see gaeat possibilities for the greater consumption of fruit in the Dominion. As an instance of this, if the whole of our population Were to eat half a pound of apples a week there would not. be an apple available for export.”

LORNEVILLE STOCK SALE [Per United Press Association.] INVERCARGILL, June 30. Full yardings of fat sheep and fat cattle, at Lonieville to-day sold well, but at slightly lower rates than those ruling at the double market a fortnight' ago. The fat sheep section included some very good ewes, but the market was easier by about 2s 6d a head throughout the section. There was some very attractive stock in the fat cattle pens, too, but here, also, values dropped a little. Fat Sheep. Extra prime heavy wethers realised up to 38s 6d; good quality, 28s to 30s; light, 26s 6d to 27s 6d; lighter weights, to 265. Prime heavy ewes made from 19s 6d to 225.; good quality, 17s to 18s 6d ; lighter, 15s to 16s 6d. . ■ Fat Cattle.—The yarding was a fairly full one, and included some firstclass quality cattle. Although the sale was solid throughout, values were a

THE METAV MARKET Press Association—By Telegraph—Copyright LONDON, June 29. The following are the- official metal quotations :—: ; , ... -

AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, June 30. Renewed confidence was displayed by investors on the Stock Exchange to-day. There, was actjve dealing' in G, J. Coles. Government .securities tended to strengthen, but bank and! pastoral shares' were quiet.

little easier. Prominent in a yarding of splendid bullocks was a truck load entered by Mr J. Ryan, of Bayswater, which brought the top price of the sale, £l3 12s 6d. Extra prime heavy bullocks brought from £l2 to £l3 12s 6d ;. prime quality, from £lO 10s. to £ll 10s; medium-weights, from £9 to £9 15s; and lighter weights, from £7 10s to £8 10s. 'Extra, prime heavy cows made up to £9 12s 6d; : primo quality, from £7 10s to £8 10s; good quality, from £6 5s to £6 15s; medium, from £5 5s to £5 15s; and poorer quality, from £3 to £3 15s. Extra prime heifers brought up to £9 ; prime quality, from £7 'los to £8 55,; handyweights, from £6 to £6 15s; and lighter weights, from £4 15s to £5 10s.

Buyers. Sellers. £ s. d £ s. d. BANKING— : Australasia ... ( 12 0 0 ■N(s% : *’South. Wales '... 33 0 C , New Zealand ... 2 1 0 Commercial... •— ••• 0 19 .1 National of New . ' Zealand .•• — 3 10 0 INSTANCE—.' ' National a . .... 0 18 r7 0 18 9 0 Standard — .... ... 3 4 SHIWINff-: Howard Smith ... ... 0 18 10 0 19 B P; and 0; Deferred .6 Stock ... .» 1 0 ' TJJ9JA Co., (pnf.) — I 6 0 MBAT PRESERVING— N.K. Refrigerating 9 (cent.) ... ... ' 0 0 —• ■ South Otago Freezing 7 18 0 *" Waitaki 'Farmers’ - . 19 ■,. Freezing .... ... 5 0 LOAN AND AOBNCT6 9 Dalgety ... ..... — Goldabrough, 1 Mort ... 1 9 9 9 2 1 10 National Mortgage ... N.Z. Loan and Hercan. ~T* 2f,12. 0 30 0 tile (ord.) 0 —■ Wright, Stephenson (pref.) ... ... “ 1 ; 0 0 COAL— l i Kaitangata.... 6 Westport. ... ... ... 1 1. 9 GAS— 6 ''Christchurch w W : T’115' WOOLLEN COMPANIES — .0 14 6 Brace (ord.) ... ... — Mosgiel “ 9 IV 0 MISCELLANEOUS— ■Anthony Hordern ... 0 18 6 — .’Associated, News1 z 3 —■ 'Broken Hill Pcy. . — 3 12 0 3 13 3 t Broken Hill Ply. ,-(cont.) a.-,... - ■Brown, Ewing (ord.) 0 15 3 2 15 0 ; Brown, Ewing (pref.) 1 z 3 — ’’Crystal Ice Co.;.... iD.l.C. (pref.) —■ 2 10 0 1 3 t i "s _ Fertiliser ... Donaghy’a Rope and — 3 0 ; twine ... ... ... 2 12 — ' Duhedin-Kaikorai 6 > Trams ... — 2 2 4 Dunedin Stock Exchange !■ Proprietary ... ... 2 2 0 •— .Dunlop Perdriau 0 17 1 Buhner . ... ... ... — 9 ■'G. J. Coles ... ...... 4 6 0 4 6 9 Milb.urn Lime and . 6 t Cement .... — 0 2 2 National Electric 0 1Z 0 13 0 N.Z. Drug Co. ... ... General Industries ... 3 19 0 19 0 8 4 1 0 iHegent Theatre 1 1 0 BREWERIES— New Zealand 2 11 3 2 12 3 UNLISTED STOCKS— M'lntosb, Caley 0 0 11 VjPheeiiix- ' 9 0 0 National Tobacco 6 >: (ord.) - 3 5 — Wool worths (Sydney, 19 0 0 :;■ <ord.) ; ■ 4.. 5 6 1 Were’* Trust, _ 0 5 10 0 6 3 O.aArta Mountain 0 4 -** 0 Rhifflinfcr.v ;. 0 3 5 6 0 ‘lo Selfridges ,: ••• , ■ 1 7 AUSTP-VIIAN UI^IKGEleetrelytie Zinc s . (pref., £1) _ 2 0 0 *■’"* Electrolytic Zinc . (ord., £1) 1 18 6 2 0 0 Irowat (2s 6d) 1 4 0 1 4 6 Mount Lyell (£1) ••• O' 15 1 0 15 3 GOLD MINING— Big River (Is) ... ... 0 2 0 0 2 3 Central Shotdver '(Is) 0 0 2 ■—• Gillespie’s (Is) 0 1 0 0 1 2 Lawson’s Flat (Is) ... 0 0 5 Martha (Ss) —• 1 0 0 Mount David (5s) ... —• 0 1 0 ; Ndkomai (5s) — 0 2. 2 ..Okarito (5s) — 0 3 6 Paddy’s Point (Ss) ... — 0 3 6 Skippers (Is) _ 0 0 3k 0 0 3J Waimumu Sluicing (Is) 0 0 7 0 0 9J, Waipapa Beach (Is) — 0 1 2

Peninsula Tin—6d a share .Tuly 2 Bulolo—Int., 1 dollar 40 cent* ... July 2 Placer—Int., '50 cents Dominion Brewery—Ord. and July 2 pref., 65 p.c. per annum July 4 Worksop Extended—10 p.c Howard Smith—Quarterly, pref., July 6 at 6 p.c. p.a Guinea Gold —9jd per share (subJuly 7 ject'to exchange variation) July 10 Maori Gully—Third, Id ... July 11 National Bank N.Z.— Final, 2 p.c., in sterling, free of tax ... Fairymead Sugar—Half-yearly, 5 July 11 ■pc. Woolworth (Sy i.) —Interim, ord.. July 13 2 p.c. ...' ... July 15

June, June, 1936. 1935. £ £ Customs duty ... 67,111 42,837 Beer duty 21,982 14,469 Sales tax 22,918 20,266 Petrol tax ... 12,220 10,930 Tyre tax 960 491 Gold duty 2,417 1,462 QUARTERLY PMIOD. The returns for the first quarter of tho current financial year, shillings and pence omitted, together with .the compartitive - figures * for ' 1 the-^corresponding-period of last year, ate as AprilApril- , June, June, 1936. 1935. £ £ Customs duty . ... 163,336 153,910 Beer duty . ... 58,036 51.252 Sales tax 69,806 60,503 Petrol tax 38.932 41.121 Tyre tax 1,866 2,193 Gold duty 6,280 5,229 CHRISTCHURCH The Customs revenue for ,he June quarter shows a considerable increase over the same quarter of last year. The figures are as follow June June quarter. quarter, 1936. 1935. Customs ... £242,046 £208,295 Beer duty ... ... 21,101 21,147 Sales tax ... 91,387 78,257 Petrol tax ... 57.713 55,548 Tyre duty ... ... • 2,460 3,153 For the month of June the figures were:— 1936. 1935. Customs ... £81,006 £57,777 Boer duty 7,980 6,255 Sales tax .... ... ■ 32,283 25,714 Petrol duty ... 19,389 16,546 Tyre duty' ... ;587' 894

GOVERNMENT LOANS (Bonds quoted are £100 Bonds.) : 31 p.c. Stock. Not., ;• 1938-52 ... : 102 5 0 -- 31 p.c,-Stock, March, ‘1939-43 102 5 0 — .34 p.c. Stock, Sept., ■ 1939-43 102 5 0 —- ,31 p.c. Stock, May, '• 1939-52 102 5 0 — ;3l p.c. Stock, March, 194143 ... : 102 5 0 — ’31 p.c. Stock, Sept., 194143 102 5 0 — . 34 p.c. Stock, May, ; 1941-52 ,... 102 5 0 •— 34 p.c. Stock, Not., v 1941-52 102 5 0 — 4 p.c. Bonds, 193740 102 10 0 — 4 p.c. Stock, 1937-40 102 10 0 — 4 p.c. Bonds, 194346 104 0 0 — 4 p.c Stock, 194346 104 0 0 — 4 p.c. Bonds, 1946-49 104 0 0 — 4 p.c Stock. 1946-49 104 0 0 4 p.c. Stock, 1952-55 *104 10 0

.Tune, June, 1936. 1935. £ £ Customs ... 238.626 180,647 Petrol and tyres ... 56,215 36,728 Excise on beer ... 13,957 8,493 Sales tax ... 72,443 57,249 The figures for the six months, as compared with the same period last year, are:— 1936. 1935. £ £ Customs Motor spirit and . 1,505,149 1,248,563 tyres . 397,314 204,675 Excise on beer .. 77.674 64,9.1.0 Sales tax . 394,605 324,977

Copper.—Spot, £36 10s 7Jd per ton j forward £36 16s Vi’d. Electrolytic.—Spot, £40‘ 10b j forward, £41. Wire, bars, .£41. Lead.—Spot, £15 Is 3d: ' forward, £15; • : Spelter.—Spot, £13 13s 9d; ■forward, £13 17s 6d'. ' » Tin.—Spot, £177 6d; forward, £173 17s 6d. Silver.—Standard, 19-id per oa; fine. 21 l-16d.

£■ s. d. Bank of New South Wales S3 10 0 Colonial Sugar ... ... ... 42 15 0 Howard Smith ... ... ... 0 19 4 Huddart, Parker ' 1 17 6 Tooths ... ... ... ... ... 2 14 0 G. J. Coles , ... ... ... 4 7 0 Queensland Brewery T 8 6 Australian Glass . 4-10 0 Dunlop Perdriau, . ... ... 0 17 9 Greater J. D. Williams ... 0. 8 . 5 Anthony Hordern , ... ... 0 19 0 Anthony. Hordern - (pref.) . 1 *3 0 General Industries ... ... 1 0 0 Australian Gypsum ' ...’ ... 0 19 n Glaude Neon ■ ■ , ... . .2 10 .0 Cash Orders ... ... ... 1'8 9 Siedman - ... ... ... : ... 0 19 0 Hume Pipe ... ... ... ... t T o 6 W. R. Carpenter ... ... 2 3 0 Sargents ... ... , ' 1,7: 3 Australian Hotel ... ■ 17' -9 Mount Morgan _ ... 0 15 li Broken Hill Proprietary .;. Broken Hill Proprietary 3 13 9 (new issue) ... 2 16 3 South Broken Hill ...- ... 5 11 6 North Broken Hill ... ... 8-12 6 Kino Corporation 4 0 3 Bawang ... ... ... ... 0 8 10 Placer Development ... ■■ 5 14 0 Koroerc ... ... ... ... 0 4 6 Woolworths (ord.) — Buyer ... .... , ... ... 5 19 6 Seller ... " ... 6 0 0 MELBOURNE, June 30. Bonds were steady and leading industrials were in demand. The • better tone in mining was maintained. Commercial Bank of Aus- ■ tralia 1 ... . ... 0 19 5 National Bank (£10 paid) 14 8 0 Howard Smith ... ... ... 0 19 5 G. J. Coles ... ....... 4 6 9 Australian Glass (ex div.) 4 10 6 Dunlop Perdriau: 0 17 10 Electrolytic . Zinc (pref.) 2 1 6 Mount -i ... 0 15 2 Broken Ei l . -prietary ... 3 13 6 South Broken Hill ... ... ' 5 14 0 North Broken Hill 8 13 6 Emperor ...' ... 0 13 2 Loloma ... 0 19 4