COMMERCE, MINING, AND FINANCE

Evening Star, Issue 22382, 4 July 1936, Page 13

COMMERCE, MINING, AND FINANCE

THE SHARE MARKET DUNEDIN STUCK EXCHANGE MARKED DECREASE IN ACTIVITY . Compared with the lively slate of the market during the period immediately pre- - ceding' this week, business was extremely Tt : quiet pu the local share market during the past week. Prices, however, were practioally unchanged, only a few issues pro- :• viding notable exceptions. Investors are >: evidently wailing to see the full text of the Government’s legislation. Banking issues continued to expeiience .»■> a dull market, interest bein» centred in New Zealands and Commercials. New Zeav,' lands dropped to 40s 6d in the early part K, of the week, but gradually improved to 1 ■ buyers this morning at 41s 3d, < with no V. seller under 42s 3d. Commercials were steady at about 19s 2d. National of New ■ Zealands weakened to sellers at 70s without finding a buyer, and there was some inquiry for Unions, and sales were recorded • at £9 Bs, the market closing this morning ; with sellers at £9 12s. . National Insurances .provided . a fair amount of business at improved prices, and South British shares were stronger with a '■V: sale at £4 13s Amongst shipping shares, Howard Smiths • s . were firm 'at round about 19s 3d, while • P; and O. Deferred shares were inclined to he a little easier towards the end of i the week, this being duo, no doubt, to the drop on the London market. Meat shares experienced a dull market, the • only business recorded being a sale after this morning’s call in South Otagos at £7 15s. Refrigerating paids were m good demand’,' but the contributings were inclined to be a little easier. _ With the exception of Goldsbrough .Morts, loan and agency shares provided little activity.’ Goldsbroughs had sales at slightly better prices, while Guarantee Corporations changed hands at 5s 6d. New Zealand Loan and Mercantile (ord.) improved slightly, buyers offering £3l this morning, as' against £3O for some weeks. In the coal section, Westports gamed ground with a sale at 21s lOd, and buyers this morning at .225, and no seller under 235. ,

Woollen companies’ _ shares were neglected, and in the miscellaneous group a lively inte&st was maintained in Australian securities, while there was laso a good demand for shares in New Zealand trading concerns, and in some of the better class industrial establishments. G.J. Coles experienced an erratic market, prices fluctuating sharply between 80s and 86s, the market closing this morning with a buyer after the call at 85s. National Electrics also showed rapid appreciation, there being buyers this morning. at 12s, with no seller under- 13s after business last .week at 11s

New Zealand Breweries showed considerable, improvement, sales at 51s 3d and 51s 6d being followed by buyers this morning at 52s pd and no seller. Dominions (had business'at! 25s lid, and'Duhedins at 305.- , Amongst unlisted 1 stocks, : Woolworth’s (Svdney)'-had several sales at £6/ but were, inclined to Be 'a little easier’ at the close of the week. Shillings Ltd. had sales at 15s 9d, and Quartz Mountain shares firmed to buyers at 4s 9d, with no seller. The market for Australian raining shares remained steady, with a,'good inquiry for practically all issues. Local gold mining shares were badly neglected, and some issues—such as Nokoznais,. Okaritos, and King Solomons, revealed a pronounced tendency to weaken. Government Loans maintained strong support throughout the week, and during the last few : days-there been a com-, plete absence of sellers. , ■ ■ , . , v REPORTED. , Bank of "Sew Zeiland, £2 Is 7£d (late yesterday). New Zealand Guarantee Corporation, 5s 6d. _ (

DIVIDENDS DUE Worksop Extended —10 p.c. July 6 Howard Smith—Quarterly, pref., at 6,p.c. p.a. ... ... ••• July 7 Guinea Gold—9id per share (subject to exchange variation) ... July 10 Maori Gully—Third, Id ... July 11 National Bank N.Z.—Final, 2 ■ p.c., in sterling, free of tax ... July, 11 Fairymead Sugar—Half-yearly, 5 p.e ... July 13 Woolworth^(Syd.)—lnterim, ord., 2 p.c July 15 G. f. Coles and Co.—Half-yearly ■preference at 8 per cent, per annum Consolidated Brick—2 per cent. July 16 Myer Emporium Ltd.—Half-yearly Ist preference, 4 i per cent. ... July 18 Mount Morgan—Quarterly, 4sd per share ••• Farmers’ Fertiliser —Si per cent. Aug. 15

FOREIGN EXCHANGE r 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, Tho Associated Banks (other than the Bank of New Soutli 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. (PerfilN.Z.) (PerfilN.Z.) SELLING— T.T. (dol.) 4.02 4 4.03$ O.D. (dol.) 4.03 4.03$ BUYING— O.D, (dol.) >.< 4.074 4.08 LONDON MEAT MARKET The Bunk of New Zealand has received tho following advice from its London office under date .Inly .'i; —r Frozen Meat.—For wethers demand and prices are stcady ? while for ewes trade is slow. There is a fair demand for lambs, and prices arc expected to bo maintained. Wethers—light, 4|d to 5d per lb; heavy, 3£d to'4Jd; ewes, 3Jd to 44d; lambs—twos, 7d to 7sd; eights, 6|d to 6|d; fours, 6Jd to 6|d; seconds, 6jd to 7d, i

CANTERBURY MARKETS [Pee U.vitbd Peess Association.] CHRISTCHURCH, July 3. The potato market, mainly owing to heavy, shipments that have been made to Auckland recently, is considerably weaker and prices have fallen substantially in the last few days. The demand from outside is restricted, and buyers have firm views about the price. The position seems to be that the Auckland market is well, supplied at present, fairly heavy weights having gone forward on consignment and further consignments having arrived in fulfilment of forward contracts. Rotatoes in limited quantities are also still available from Rukekohe. The Waipiata, which took about 7,000 sacks to Auckland last week, was delayed in unloading for two days and did not complete discharge till to-day. Beside this, the Wingntui left Timaru yesterday with 3,400 sacks and the Karepo was expected to take about 4,000 from Lyttelton. With the quantities already available in Auckland this combined amount will probably further weaken the market. The quotation today is about £5 per ton, f.0.b., for Dakotas, and 2s 6d less for whites. The demand for feed wheat is weak. There is very little interest indeed in good whole fowl grade, and though there is steady trade in undergrade, offerings are considerably heavier than can be comfortably absorbed. Oats and chaff are steady, an odd inquiry for shipment to the North island having kept the market alive. Chaff is in rather better demand than oats, but. the price for both remains firm. . , „ The rest of the markets are dull.

SEARCH FOR GOLD MACETOWN DEVELOPMENTS CAPITAL INCREASE PROPOSED. Macetown Developments Ltd. will hold a special general meeting of shareholders on July 23 to consider the following resolutions:— (a) That the name of the company be altered to “ Chain of Mines Ltd.” (b) That the capital of the company be increased from £25,000 to £37,000 by tho creation of 240,000 additional shares of Is each, to be. issued as ordinary shares ranking pari passu with the ordinary shares of the existing capital as to dividend and as to return, of capital,on winding-up. Or, alternatively: That the capital be increased from £25,000 to £37,000 by the creation of 240,000 additional shares of Is each, and that such shares bo .issued' as preferential shares, conferring on the holders thereof the right to a fixed cumulative preferential dividend at the rafo of 10 per cent, on the capital for the time being paid up on such shares, and ranking both as to capital and dividend in priority to the shares in the existing capital. Or, alternatively: That the company issue 1,200 debentures . of £lO each, such debentures to be issued and constituted in such manner and upon and subject to such terms and conditions as the directors shall .determine, and to be Secured in such manner as the directors shall determine. The directors’ report for the period ended January- 21, 1936, ' states that a considerable,,.amount ,of prospecting and developmental work - has been done on the company’s property. This it is said, has proved tho mines to be valuable, and the directors have granted an- option for £35,000 over the properties. • , . The proposed alterations as contained in tho resolutions to he submitted to ,tho special meeting are necessary, state, tho directors, in view of the proposal that the company should take up and develop further Suitable mining propositions. The company has been offered a quartz mine in the North Island, and shpuld the directors bo successul in raising additional capital tho mine should prove a profitable undertaking.

MAORI CULLY RETURN The Maori Gully return was 50oz sdw.t for 131 hours. —Greymouth Press Association. GOLDEN SANDS RETURN The Golden Sands return was 220 z 18dwt for 28 shifts of eight hours.— Greymouth Press Association. AUSTRALIAN PRICE The price fixed by the Commonwealth Ban'k for gold, including jewellery, lodged at the Melbourne Mint tor ,tho week ended June ,19, was at the rate of approximately £7 18s per standard ounce (22 carats), equal to a premium of 102.92. Payment is made according to the assay value of gold. The price was up 4Jd on the week. The price per ounce fine was £8 12s 4Jd, which was 5d higher, on the week./ KING SOLOMON RETURN The, return at the . King Solomon mine this', week was 330 z Idwt. GILLESPIE’S BEACH DREDGE The secretaries of Gillespie’s Beach Gold Dredging Co. Ltd .(Messrs T. H. Thompson and Sons) report that advice has been received from the dredge master that repairs are almost completed, and that he expects to begin dredging next week. PROPERTY REPORT Messrs R. S'. M'Kenzie Ltd. report having sold the following properties this week:—Mr William Mitchell’s property, Burkes; Mr J. P. Galbraith’s bungalow, 63 Burns street: Mr J. lE. Thomas’s bungalow, Grandview Crescent; and Mr A. H. Davies’s property, Young street. DAIRY PRODUCE The" National Mortgage and Agency Company has received the following cable from London: —Rutter: Market linn. New Zealand finest. lU6s, 107 s; New Zealand first. 105 s, 100 s; Danish, 114 s; f.o I)., 955; Australian. 106 s. Cheese: Market firm. New Zealand white; and coloured,-58s, 58s 6d. The Dairy Board has fixed prices on the basis of butter 13d, cheese _6Jd; equivalent to 104 s 3d and 55s 4d c.i.f.e. —Wellington Press Association,

SALE AFTER CALL. South Otago Freezing, £7 15s'. ■ Quotations as under: — Buyers. Seller*. £ s d. £ s. d. BANKING— New Zealand M i ... '2- 1 3 2 2 3 Commercial 41 — 0 19 i National of New Zealand ... — 3 10 0 National of A us6 tralasia (cout.) ... — 7 2 Union of Australia Ltd. — 9 12 0 INSURANCENational 0 18 7 — Standard ... 3 2 6 — SHIPPING— Howard Smith .... ... — 0 19 e: P. and 0.' Deferred : 1 6 Stock ... ... ... i 4 6 6 U.S.S. Co. (pref.) ... 1 9. 0 — -■ MEAT PRESERVING— N.Z. Refrigerating... 0 19 N.i?. Refrigerating . •9 •1 0 & 6 (cont.) ... 0 9 O' 0 9 South Otago Freezing 7 14 6 7 15 6 LOAN AND AGENCYDalgety ... .... ... ... ' 9 2 6 Goldsbrourfi,"Mort ... i 10 0 — National Mortgage ... N.Z. Loan and Herein- — 2 11 3 tile (ord.) ... .... 31 0 0 , — N.Z. Guarantee ' 0 S Corporation- ... ...• ■43 — Perpetual Trustees t... . — 4 0 COAL— - Kaitangata .., ... . — 1 4 1 - Westport ... ... ■ 1: 2 0 1 3 0 GAS— • Christchurch ... ... 1 11 6 WOOLLEN COMPANIES^Bruce (ord.) ... ... — 0 14 6 MISCELLANEOUSAnthony Hordern 0 18 6 — Associated News : ... 1 3 0 — Broken Hill. Pty. .... 3 12 9 — Brown, Ewing (ord.) . 0 IS 0 — Brown, Ewing (prel.) 1 2 3 — Consolidated Brick ... 010 4 — Crystal Ice Co. ' ... . — 2 6 0 D.I.O. (ord.) ... ... — 0 17 3 D.I.O. (pref.) ... ... 1 3 4 — Dominion Fertiliser Donftffby’s Rope and — • 1 5 6 2 12 Twine 0 —• Dunedin-Kaikorai Trams ... ... ... 2 2 0 Dunlop Perdriau Rubber ... ... 0 17 .7 _ G. J. Coles 4 3 9 -1Kauri Timber 1- 3 9 — Milburn Lime and Cement ... ... 2 2 0 — National Electric -• -i. 0 13 0 N.Z. Drug Co. .;. ... 3 19 6 4 0 6 General Industries ... 0 19 9 — N.Z. Newspapers ... 2 2 0 Regent Theatre — 1 1 0 BREWERIES— New Zealand 2 12 6‘ -4UNLISTED STOCKS— MTntosh, Caley 0 9. Phoenix 0 — Self ridges — 1 7 6 Woolworthi (Sydney, 5 18 6 6 1 0 Were’s Trust 0 5 11 — Quartz Mountain ... 0 4 9 — Securities Finance 0 Co. (£li — 0 19 Shillings Ltd — 0 15 11 AUSTRALIAN MININGElectrolytic .Zinc 9 (pref., £1) 2 2 2 2 9 Electrolytic Zinc 1 19 (ord., £1) 0 — Mount Lyell (£1) ... 1 4 1 1 4 6 Mount Morgan (2s 6d). 0 lb 0 0 15 3 Upper JVafut .tSs). «a> 9 7 9

gold mining— Big River (Is) ... ... — 0 2 5 Brian Boru (Is) — 0 0 44 Clutha River (2s) ... 0 2 0 — Gillespie’s (Is) 0 1 0 1 2 King Solomon (Is) ... 0 1 6 0 2 0 Molyneux River ,(2s) — 0 2 3 Mount David (5s) ... —, 0 1 0 Nokomai (5s) — . 0 2 0 Okarito (is) .\. ... —. 0 3 3 Oxcnbridge (Is) 0 0 0i — Paddy’s Point (5s) ... — 0 3 6 Skippers (Is) — 8 0 0 4 Wairaurau Sluicing (Is) 0 0 0 0 10 N.Z. GOVERNMENT LOANS(Bonds quoted are £100 Bonds.) 34 p.c. Stock. Nov., 1938-52 ; 102 10 0 _ 31 p.c. Stock, Marcli, '193943 ... 102 5 0 — 31 p.c. Stock, Sept., "193943 ■ ... 102 5 0 31 p.c. Stock, May, 1939-52 102 10 0 — 31 p.c. Stock, March, '194143 102 10 0 — 31 p.c. Stock, Sept., 0 194143 102 10 — 31 p.c. Stock, May, 0 1941-52 ... 102 10 — 31 p.c. Stock, Nov., 1941-52 102 10 0 — 4 n.c. Bonds, 1937-40 102 7 6 — 4 p.c.' Stock, 1937-40 102 7 6 4 p.c. Bonds,, 194346 104 0 0 — 4 p.c Stock, 1943-46 104 0 0 — 4 p.c. Bonds, 194649 104 0 0 . 4 p.c. Stock, 1946-49 104 0 0 — 4 p.c. Bonds, 1952-55 104 0 0 — 4 p.c. Stock, 1952-55 104 0 0 —

notice) Selling. — -Buying. London — £100 stir. N.Z. T.T. £124 £124 10/ o.d. Australia — £123 10/ £124 8/9 £A to £100 N.Z T.T. £101 £100 10 1 Fiji— £F to £100 N.Z T.T. New York — . Collar to ;£1 ■ £90 7/6 £89 N.Z ... ... T.T . 4.06A : 4.024 ; , . : O.D Montreal— ' ' •: ■ 4.07| - 4.03 Ddllar td £1 4.06| " 4.034'N.Z T.T O.D 4.08 4.03$ Austria— Schillings to £1 N.Z. T.T. ■ 20.88 O.D. — ' .20,90 Belgium—. , : Belgas to £1 N.Z.' ... T.T. ' — / 23.719 O.D. — 23.730 Czechoslovakia — Crowns to £1 N.Z. ... T.T. , . 96.02 : O.D. 0— 96.07 Denmark— > : , Kroner to £1 • , 17.893 N;z. T.T. 18.203 O.D. France — 18.263 17.903 francs to £1 > 60.57 N.Z T.T. .. O.D. Germany— — 60.61 Keichmarks to £1 N.Z T.T. ' 9.914 O.D. ' ( . 9.919 Holland — Florins to £1 N.Z ... T.T, .5,865 . O.D. * . .. 5.869 JTwra ' • Florins to £1 5,833 . N/Z. ... ... : _ ;t.t. . ■ o;d. ii ' 5.837 Norway — V Kroner to £1 . N.Z/ ... ... ... T.T. 16.183 15.893 _ ’ > O.D. 16.243 15.500 Sweden — • Kroner to £1 ' " \ N.Z. T.T. 15.785 15.490 O.D. Switzerland — Francs to £1 15.845 15.500 N.Z, ... — ... T-T. — 12.222 O.D. Noumea — '/ 12.227 Francs to. £1.. 59.20 N.Z ... T.T. -— , , O.D. Papeete — • . ■ Francs to £1 59.26 N.Z. ... ... T.T. — 59.35 O.D. Hongkong — N.Z. pence to 1 59.44 dollar ... ... T.T. 13 33-64 20 1-64 O.D. 18 27-64 19 63-64 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 Japan — N.Z. ponce to 1 17 41-64 yen ... , T.T. — ' O.D. Shanghai — 17| - N.Z. pence to 1 dollar ... ... T.T. 17 7-64 18 31-64 O.D. Singapore — 16 59-64 18 15-32 N.Z. i ence to 1 dollar. T.T. 34 27-64 35 31-64 O.D, 34 15-64 35 15-32