THE SHARE MARKET

Evening Star, Issue 22414, 11 August 1936, Page 7

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE Inactive trading continued to prevail on the local share market tihs morning, when sales were reported of Union Banks at £9 8s and', of Waipapa Beach shares at 9jd. Both prices show a drop on recent rates. Banking issues showed a further tendency to weaken. New Zealands were for sale 3d cheaper at 40s, with buyers offering Id less at 39s Bd. Commercials were again on offer at the weakened price of 13s 2d, with buyers at 17s Bd. In the miscellaneous group Broken Hill Proprietaries moved up bd to buyers at 72s 9d, i with sellers firm at 745. Persistent buyers of Dominion Fertilisers at 25s were rewarded with a selling offer at 25s 9d, and Milburn Cements continued to harden, buyers offering 6d more at 43s 3d without response. Another Australian company, Wilcox, Mofflin, was quoted for the first time-from 12s 4d to 13s fid. This company is interested in. pastoral affairs, particularly the wool and skin business, 'and has a capital of £220,000 of fully-paid shares of■lie each. Amongst unlisted stocks, Woolwortbs (Sydney) gained further ground, with buyers 2s in excess of yesterday’s offer, with sellers 8s fid easier. Shillings Ltd. were for sale at 16s 3d, without attracting buyers. ■ In the Australian mining section, Broken Hill Souths had a closer market with buyers at £5 14s and sellers at £5 16s, and Mount Lyells were firm at yesterday’s rates. SALES REPORTED. Union Bank, £9 Bs. Waipapa Beach, 9jd. Quotations as under; — Buyers. Sellers.

4 p.c. Bonds, 1946-49 105 0 0 4 p.c. Stock, 1946-49 105 0 0 4 p.c. Bonds, 1952-55 104 15 0 4 p.c. Stock, 1952-55 104 15 0 DIVIDENDS DUE Morts Dock—3 p.c. ... Aug. 12 Farmers’ Fertiliser —5£ p.c Aug. 15 North Kalgurli (1912) Ltd. —Final 6d (in sterling (less British income tax) Aug. 18 Pitt, Son, and Bedgery Final at 10 p.c Aug. 19 Bank N.S.W. quarterly, 5s share, Aus. cur. Aug. 28 Kuala Lumpur Tin—ls a share Aug. 28 Christchurch Gas—lnterim, 3 p.c. August Associated Newspaper Lit., prof, and ord., 2 p.c Aug. 29 Elder Smith—Final, 3 p.c Sept, i Electrolytic Zinc —Ord and pref., 6 p.c., making 10 p.c. for year Sept. 10 Broken Hill South—Quarterly, 2s 6d a share Sept. 18 IMPORTED WHEAT THE STATE’S POLICY MINISTER ANNOUNCES SHIPMENT When imported flour was found to be necessary for the use of the bakers of New Zealand, it was the policy of the Government to import wheat and not flour, so as to give more employment to the workers in New Zealand flour mills, and to provide more bran and pollard for poultry keepers and pig breeders. In making the above statement to a representative of ‘ The Press ’ _ yesterday, the Minister for Industries, and Commerce (the Hon. D. G. Sullivan) announced that the first portion of a purchase of 4,000, tons of Canadian wheat had arrived in Auckland by the Aorangi. This wheat would be gristed into- “ straight ” Canadian flour, for sale as such to the bakers for mixing purposes. It would be gristed in certain selected and properly - equipped mills in the following proportions:— North Island, 2,800 tons; Christchurch, 600 tons; Dunedin, 600 tons. The mills gristing this wheat were allowed, said the Minister, a conversion cost equal to what they would earn on New Zealand wheat, and individually they would obtain no benefit whatever through gristing Canadian, wheat for the Wheat Committee. Their allocation of New Zealand flour was reduced by the quantity of Canadian wheat they gristed into flour. Thus the extra trade occasioned by the milling of this wheat in New Zealand automatically increased the trade to all New Zealand mills in proportion to their allocated output. THE SEARCH FDR GOLD NEVIS SLUICING CLAIMS The second annual report of, the directors of the Nevis Sluicing Claims Ltd. states: At the .commencement of the season, work was carried on with the new plant, on the lower face, whilst the old plant was, utilised on the top face. ’After approximately four months’ work under this arrangement, the directors and manager conferred, and it was decided that it would be in the best interests of the company to concentrate the whole of the plant on the top face. As a result of this, no- less than 109 oz of gold were won during the latter half of the season as against 590 zin the first half. This method of working will be continued next season. An electric light plant has now been installed at the claim, and it was used during the last six weeks of sluicing. This made it possible to carry on the work for 24 hours, a day during that period. The directors visited the claim on February 28 and 29, and after a thorough inspection, were very pleased with the manner in which the claim was being opened up. About 30ft- to 40ft of wash is now showing, and gives every promise of continuing along the face of the hill. The directors were pleased to, note that the race was in good order, and that there had been no breaks during the season. The water supply is still more tljan adequate for the company’s requirements. The gold won for the season was 168 oz (claim weight), as compared with 112 oz for the previous year. In conclusion, the directors point out the excellent prospects for the coming season, in that the claim is now well opened up, and it will be possible to carry on sluicing from the very start for 24 hours per day. In addition,, whereas approximately £2OO was disbursed during the year for improvements, such as electric light, plant, house for manager, general development. etc., it is not anticipated that it will be necessary to incur further expenditure in this direction next year. PADDY'S POINT RETURN The Paddy’s Point wash-up for 15 day’s work was 31oz Bdwt. MATAKI RETURN The Mataki return for the week ended August 9 was 340 z for 136 hours’ work and B,BBoyds. WELLINGTON WOOLLEN COMPANY DIVIDEND AND BONUS The fifty-third annual report of the directors of the Wellington Woollen Manufacturing Company Ltd., states that shareholders should be pleased'at the results of the 12 months’ working. The directors recommended that a further dividend of 3i per cent, be paid on the ordinary shares, making, with the interim dividend, 6 per cent, for the year, and that a further dividend of 2J per cent., with a bonus of 1 per cent., be paid on the preference shares, making 6 per cent, also on that issue, the residue £9,311 18s 6d, to be carried forward. Extension of the mill buildings and new machinery have added to those accounts £11,761 13s 9d, and the sum of £6,000 bas_ been written off for annual depreciation. Gross profit amounted to £46,053, compared with £42,426 for 1935; net profit to £20,081, compared with £16,498. The dividend and bonus on ordinary shares amount to G per cent, per annum, compared with dividend of 5 per cent. last year; and the dividend and bonus on preference shares make 6 per cent, per annum.

FOREIGN EXCHANGE SN NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates (to-day) for purchase and sales of foreign exchanges fall rates subject to alteration without notice :

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.) SELLING— T.T. (dol) 4.021 4.02| O.D. (dol) 4.03* 4.03 i BUYING O.D. (dol) 4.071 4.07|

£ s. a. £ s. d. BANKING— New South Wales — 33 0 0 New Zealand ... .. 1 19 8 2 0 0 Commercial 0 17 8 0 18 2 National of New Zealand ... . ... .. 3 2 0 3 6 0 Union of Australia Ltd. — 9 10 0 INSURANCE— National 0 18 6 Standard ... — 3 3 0 SHIPPING— . Howard Smith ... 0 19 3 Huddart,. Parker (pref.) ... 1 7 9 P. and O.- Deferred Stock 1 7 9 — U.8.S. Co. (pref. .. 1 6 0 MEAT PRESERVING— N.Z. Refrigerating (paid) ... ... ... N.Z: Refrigerating - J 0 4 ,(cont.)_ ... ... ... 0 9 7 South Otago Freezing ' 7 13 0 Waitaki Farmers’ / : Freezing ... 4 0 0 LOAN AND AGENCYGoldshrough, Mort ... 1 11 0 9 National Mortgage 2 11 N.Z. Guarantee Corporation 0 5 6 Perpetual Trustees . — 3 4 0 Wright, Stephenson 9 (pref.) 0 18 0 0 loa COAL— • Kaitangata . 1 0 9 i 2 6 Westport 1 3 0 — WOOLLEN COMPANIES— Kaiapoi (cont.) ■ ■ U. — — f o: .6 3 MISCELLANEOUS— . Anthony. Hordern ... — 0 19 0 Australian Glass ... — 4 13 0 Broken Hill' Proprietary 3 12 9 ,3 14 0 Broken Hill Proprietary (cont.) — 2 14 0 ' Brown, Ewing (ord.) 0 16 3 — Brown, Ewing 1 (pref.) ... 2 3 — ; D.I.C. (pref.) 1 3 9 — 9 ■ Dominion Fertiliser 1 5 0. 1 5 Dominion Rubber ... 1 3 0 — Dunedin Stock Ex- ■ change Proprietary 2 2 6 — Dunlop Perdriau Rubber 0 18 7 G. J. Coles ... ... — 4 1 0 • Hume Pipe — 1 1 0 Milburn Lime and Cement ... 2 3 3 — 1 National Electric 0 12 0 — ; N.Z. Drug Co. 3 15 0 — ; N.Z. Farmers’ 6 Fertiliser a — 1 2 Wilcox, Mofflin 0 12 4 0 13 6 * Otago Daily Times ’ — 2 a 0 Regent Theatre — 1 i 3 Wilson’s (N.Z.) Cement — 2 0 0 BREWERIES— New Zealand 2 13 0 UNLISTED STOCKS— Woolworths (Sydney, (ord.) ... ... ■ ... 5 16 0 5 17 6 . Woolworths (West Australia) — 5 17 6 Shillings Ltd. ... ... — 0 16 3 AUSTRALIAN MINING— Broken Hill South C (£1) , 5 14 0 5 16 Electro. Zinc ord., 0 - £1) 2 i 0 2 z Mount Lyell (£1) 1 9 9 1 10 u Mount Morgan (2s 6d) 0 13 9 0 14 2 QOLD MINING— Argo Dredging (Is) Big River (Is) 0 0 1 2 8 0 0 2 2 ■ Central Shotover (le) 0 0 3 0 0 5 Clutha River (2s) .. 0 2 0 — Gillespie’s (Is) 0 1 3^ 0 1 4 King Solomon (Is) ... — 6 0 1 2 Molyneux River (2s) 0 1 0 — 0 Mount David (5s) ... — 1 Nokomai (5«) ... .. 0 1 10 0 2 3 Okarito (5s) 0 z 6 — Paddy’s Point (5s) . Skippers' (ls)» 0 0 3 0 3 4 Waihi Gd. Junction (2a) Waipapa Beach (Is) 0 J 8 — 0 0 9 0 0 10i N.Z. GOVERNMENT LOANS— (Bonds quoted are £100 Bonds.) p.e. Stock, Nor,, 1938-52 ... 102 15 0 — 31 p.c. Stock, March, 1939-43 102 15 0 — 31 p.c. Stock, Sept., 1939-43 102 15 0 — 31 p.c. Stock, May, 1939-52 102 15 0 — 31 p.c. Stock, Mar., 1941-43 102 15 0 — 31 p.c. Stock, Sept., 1941-43 102 15 0 — 31 p.c. Stock, May, 1941-52 102 15 0 . 31 p.c. Stock, Nor., 1941-52 102 15 0 — .4 p.c. Bonds, 1937-40 101 0 0 — 4 p.c. Stock, 1937-40 101 0 0 — 4 p.c. Bonds, 194346 105 0 0 — 4 p.c. Stock, 1943-46 105 0 0

London— Buying. Selling. £100 stg. N.Z T.T. £124 £124 10/ O.D. £12310/ £124 8/9 Australia— £A to £100 N.Z T.T. £101 £100 10/ Fijt— £F to £100 N.Z , T.T. £90 7/6 £89 New York — Dollar to £1 4.023 N.Z ... T.T. 4.06J O.D. 4.07| 4.03i Montreal— Dollar to £1 N.Z , ... T.T. 4.061 4.02J —* ' • -O.D, 4.07i 4.03J Austria— Schilling to £1 20.93 N.Z ,. T.T. — O.D. — 20.95 Belgium— Belgas to £1 N.Z T.T. — 23.808 O.D. — 23.819 Czechoslovakia — Crowns to £1 N.Z . T.T. — 96.67 O.D. — 96.72 Denmark — N.Z T.T. 18.203 17.893 O.D. 18.263 17.905 France— Francs to £1 61.02 N.Z T.T. — O.D. — 61.06 Germany— Reichsmarks to £1 N.Z . .. T.T. — 9.958 O.D. — 9.963 Holland— 5.892 N.Z .. T.T. — O.D. — 5.896 Java— Florins to £1 5.858 N.Z ,. T.T. — O.D. — 5.862 Norway— N.Z T.T. 16.181 15,891 O.D. 16.241 15.901 Sweden— N.Z . T.T. 15.785 15.490 O.D. 15,845 15,500 Switzerland — 12.284 N.Z .. T.T. — O.D. — 12.289 Noumea — Francs to £1 59.65 ‘ N.Z .. T.T. — O.D. — 59.71 Papeete— Francs to £1 59.80 N.Z .. T.T. — O.D. _ — 59.86 Hongkong— N.Z. pence to 1 T.T. 17-63 64 18-63-64 dollar O.D. 17 57-64 18 61-64 India and Ceylon— N.Z. pence to 1 rupee ... T.T. 22 9-64 22 57-64 O.D. 22 3-64 22 i Japan— N.Z. pence to 1 yen ... T.T. — O.D. — 17| 17 39-64 Shanghai — N.Z. pence to 1 dollar T.T. 17 7 16 •18 7-16 O.D. 17 i 18 27-64 Singapore— N.Z pence to 1 , T.T. 34 27-64 35 31-64 dollar O.D. 3415-64 35 15-32