Commerce, Mining, & Finance

Evening Star, Issue 22515, 7 December 1936, Page 7

Commerce, Mining, & Finance

THE SEARCH FOR GOLD WtRKS.OP DREDGE RETURN The Worksop Extended return for the week ended December 3 was 620 z for 136 hours from 12,000yds of material. BIG RIVER MINES The report for the week ended November 30 states; No 4 Level.—South stope.: Fillingin. completed and new, stope started. Centre stope; The hanging wall section of r©ef was stoped for a length of when stone cut out. Rising for a new stone in main section now in progress. No 5 Level. —Cross-cut advanced 20ft. making the total distance of 331tt from the shaft. Commenced driving south on reef track Ift wide, carrying a few small boulders of quartz. Main cross-cut went through Soft of disturbed , reef track carrying irregular s ams or stone. Last 7ft were in country rock with traces of stone running on north side of cross-cut. Through faulting the reef appears to have been .thrown on north side of the cross-cut well to the east, while on the south side the seams of stone appear to be converging to a common point which may lead on to the ton. o? .1... were delivered to the surface bins. SYDNEY STOCK EXCHANGE Press Association-By Telegraph-Copyright SYDNEY, December 5. £ s. d.

NATIONAL TOBACCO COMPANY 7 STEEP DECLIME IN MET PROFIT The directors of the National Tobacco Company Ltd in their thirteenth annual report state ine the year ended October 31 tnm-e was a steep decline in profits Jrom £34 - 000 to £19,000, a decline of more than 4 °“ P The result of this year’s trading ; may seem disappointing, compared with. thS of previous years yet we have earned enough to make the usual writings off tor depreciation and pay shareholders a substantial dividend. But beyond this there is nothmg left for the reserve fund. For 14 years in succession, with no exception, we have beeri able to set aside a substantial amount for reserve, and this is the fi™t year we have missed. It seems almost a pity to spoil such an unbroken Record, yet it might have been W °The" balance sheet shows that stocks nf raw leaf, manufactured tobacco, and are higher by £2OhOOO .compared with last year’s, and cash in lank lower by £13,000. Gross profits are down by £13,000, and net profits by £19,000, • After all charges, writing off £4,752 for depreciation, on buildings and plant, and allowing the sum of £IB,OOO for income tax have been deducted, Sere is a balance left of £19,206 13s 4d, which represents the net profit for the year. The balance of £3,496 11s brought forward from last year makes a total of £22,703 4s 4d available for distribution. • , Out of this directors recommend the distribution of a dividend of 12 per cent, on the ordinary shares, and » per cent, on the preference shares, absorbing £16,351 15s 7d, and leaving a balance of £6,351 8s 9d. BRITISH ALUMINIUM (AUSTRALIA) British Aluminium (Australia) Pty. Ltd., which was registered last week, has been formed by the Electrolytic Zinz Company of Australasia Ltd., in association with the British Aluminium Company Ltd., for _ the purpose of manufacturing aluminium in Australia. The authorised capital of the company is £300,000, in 300,000 shares of £1 each of which the Electrolytic Zinc Company will take up_ 180,000 shares and the British Aluminium Company 120,000 shares. Importations of aluminium in various forms to Australia have increased considerably during the past few years, and have now reached ' a figure of about 1,500 tons per annum. With the establishment of the motor car and aircraft manufacturing industries in Australia and the increasing demand for aluminium in many other directions, a rapid_ expansion in the consumption of this metal is anticiS' 1. Investigations will be taken in immediately to determine the most suitable location for the establishment of the works, having regard to power supply, raw materials, and related matters. Production of aluminium in Australia will at the outset involve the importation of purified alumina from overseas. It is hoped, however, that as a result of investigations to be undertaken it will be possible later on to obtain the necessary raw materials from local sources.

FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates for purchase and sales of foreign exchanges (all rates subject to alteration without notice): — Buying. Selling.

DOLLAR RATES. • The Associated Banks (other than the Banks 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—

THE MEAT MARKET [Per United Press Association.] WELLINGTON, December 6. The New Zealand Meat Producers’ Board advises that the following are the approximate average prices for the week, based on actual transactions in wholesale quantities of the description of the meat mentioned, and are for representative _ parcels of the goods offering during the week, being for business done on the basis of delivered to Smithfield market and/or ex London stoies: —• New Zealand Sheep.—Canterbury and North Island selected cross-bred wqthers and maiden ewes: Under 481 b, s|d per lb; 48-5611), sd; 57-641 b. ; 65-721 b, 4Jd. North Island: 48-561 b, sd; 57-641 b, 4|d: 65-721 b, 4)d. Ewes: Under 481 b, 4]d; 48-641 b, 4d; 65-721b‘, 33d. New Zealand Lambs.—Canterbury; 361 b and under, 7|d; 37-421 b, 7d; 43501 b, 6id. Other South Island; 361 b and under, 7fd; 37-421 b, 7d; 43-501 b, 6id. Australian Lambs.—Victorian; First qualitv, 361 b and under, 7)d; 37-421 b, 7d. " . Argentine Lambs. First quality (new season’s), 361 b and under, 63d; 37-4211), 6jd. New. Zealand Frozen Beef. —Ox hinds, 145-2101 b, 3|d. Ox fores, 145-2101 b, 23d. New Zealand Chilled. —Ox hinds. 1452101 b, 4|d. Ox fores, 145-2101 b, 3Jd. Argentine Chilled. —Ox hinds, 140-2101 b, 2101 b, s£d. Ox fores, 145-2101 b, 3ld. __ Uruguayan Chilled. —Ox hinds, 1452101 b. sgd. Ox fores, 140-210 lb, 33d. _ Australian Frozen. —Ox hinds, 1452101 b, 3Jd. Ox crops (weights corresponding), 23d. Australian Chilled —Ox hinds, 14u2101b. 4Jd. Ox crops (weights corresponding), 3Jd. _ Southern Rhodesia Chilled. Ox hinds, 145-2101 b, 43d. Ox fores, 1452101 b, 2|d , „ , New Zealand Porker Pigs. First quality: 60-801 b, 6Jd; 81-1001 b, 63d; 101-1201 b, 6|d. Prime baconers: 1211601 b, 63d. , , ' Lamb Market. Steady and unchanged. Stocks of New Zealand now very small. Mutton Market.—Wethers meeting with good trade at slightly higher prices. Ewes: Market-steady and unchanged. . Beef Market.—Frozen beef qmet. Chilled beef slightly easier this week, owing to heavier supplies. _ New Zealand Porker Pigs.—Market firm, with values higher. New Zealand Baeoner Pigs.—Nominal.

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE G. J. COLES CONTINUE TO RISE There was a slackening off in trading on the local share market this morning, when values generally showed practically little change. G. J. Coles, however, continued to rise, and a sale at 87s was Is 6d more than that offered on Saturday. The market closed firm with further buyers at 86s and no apparent seller. Bank shares were again in good demand, prices generally revealing a tendency to rise. There was a fractional weakening in Refrigeratings, and amongst loans Goldsbrough, Morts were on offer at 36s 6d, with no buyer over 355. In the miscellaneous group Australian Glass shares were again marked down in price, while Broken Hills made a partial recovery of their recent loss. Hume Pipes looked a shade easier with sales at 20s lOd. Buyers offered £6 6s for Wool worth ordinnaries without response, Saturday’s market being wide —£6 to £6 18s._ The Sydney issue was inclined to he easier. Shillings Ltd. continued to improve, buyers offering Is 3d more at 19s 3d to attract a seller at par. Mining shares failed to excite much interest, prices generally being on a par with the closing rates last week. Mount Morgans, however, were inclined to firm. There was a long list of buying orders for Government loans, but the prices offered were unattractive to present holders. 195255 stock showed a sharp drop on recent values. SALE ON ’CHANGE. G. J. Coles, £4 7s. SALES AFTER CALL. Hume Pipe, £1 Os lOd (two). Gillespie’s Beach, Is s^d.

DIVIDENDS DUE

COTTON, RUBBER, ETC. Press Association—By Telegraph—Copyright LONDON, December 5. Friday’s closing prices are as follow: Cotton. —Spot, 6.81 d per lb; January delivery, 6.58 d. Rubber, Is; plantation smoked, 9 1-16 d. Jute. —December-January shipment, £lB 17s 6d. Copra. December-January shipment, South Sea, £l9 7s Gd; smoked, £l9 7s 6d; plantation Rabaul, £2O 7s 6d. Linseed oil, £2B 5s per ton. Turpentine, 41s 9d per cwt.

Commonwealth Bonds 3i per cent., 1948 ... 35 per cent., 1949 ... 4 per cent., 1938 ... 4 per cent., 1941 ... 4 per cent., 1950 ••• 4 per cent., 19o3 ... 4 per cent., 1955 ... — : 4 per cent., 1957 ... Associated News ... ••• Australian Glass ... British Tobacco Broken Hill Proprietary New •••,•. Dunlop Perdnau ... ... General Industries ... Howard Smith' ■ James Stedman [Winchcombe, Carson .r 94 12 G 97 17 6 102 10 0 100 7 6 101 3 9 101 11 3 101 17 6 100 7 6 13 6 4 6 6 2 6 0 4 0 0 3 8 3 0 17 9 0 18 10* 1 1 7* 0 17 ' 3 1 15 6

London — £100 ste. . 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— - Dollars to £1 N.Z. ... T.T. 3.96i 3.921 O.D. 3.97i 3.931 Montreal — N.Z. ... T.T. 3.961 3.928 O.D. 3.97| 3.931 Austria — Schillings to £1 N.Z T.T. . 20.60 0;D. — 20.62 Belgium— Belgas to £1 N.Z. ... T.T. —. ' 23.125 O.D. — 23.135 Czechoslovakia — Crowns to £1 , N.Z. ... T.T, — 110.43 O.D. — ■ 110.48 Denmark— , N.Z. ... T.T. 18.203 17.893 O.D. 18.263 17.903 France — Francs to £1 N.Z. ... T.T. — 84.26 O.D. — 84.30 Germany— Beichmarks to N.Z. £1 ... T.T. 9.705 O.D. — 9.710 Holland— Florins to £1 N.Z. ... T.T. . - 7.189 O.D. —- 7.193 Italy— N.Z. ... T.T. 74.59 O.D. 74.64 Java— Florins to £1 N.Z. ... T.T. 7.153 O.D. — 7.157 Norway— Kroner to £1 N.Z. ... T.T. 16.181 15.891 O.D. 16.241 15.901 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. — 17.037 O.D. ■ 17.042 Noumea Francs to £1 N.Z. ... T.T. — 82.89 O.D. — 82.95 Papeete— Francs to £1 N.Z! ... T.T. ■—. 83.04 O.D. — 83.10 Hongkong— N.Z. pence to dollar 1 ... T.T. 18 23-64 18 55-64 O.D. 18 21-64 18 27-32 India and Ceylon— N.Z. pence to 1 rupee T.T. 22i 22 21-32 r O.D. 22 11-32 22 41-64 Japan— N.Z. pence to yen 1 1 ... T.T. m O.D. . . . . -17 23-64 Shanghai— N.Z. pence to 1 ‘ dollar ... T.T. 17 51-64 18 19-64 O.D. 17 49-64 19 9-32 Singapore— "N.Z. pence to '■dollar ... 1 ... T.T. 34 23-32 35 13-64 - X O.D. 34 35 3-16 Chefoo— N.Z.- pence to 1 17 25-32 dollar ... T.T. 18 13-32 O.D. 17 47-64 18 25-64

T.T. (dol) ... .... 3.92g 3.92 4 O.D. (dol) ... ... 3.954 3.93 BUYING— T.T. (dol) ... .... 3.964 3.95| O.D. (dol) ... ... 3.97| 3.974

Quotations as under:— Buyers. Sellers. £ 5. d. £ s. d. BANKING— New Zealand 2 1 6 Commercial 0'19 0 0 19 7 E.S. and A — 6 0 0 National of New Zealand 3 3 0 Union of Australia Ltd 10 3 0 — INSURANCE— National 0 18 7 Standard — 3 1 0 SHIPPING— .Howard Smith 1’1 6 Huddart, Parker (ord.) 1 18 0 U.S.S Co. (pref.) ... 1 6 3 — MEAT PRESERVING— N.Z. Refrigerating (paid) 1 0 0 N.Z. Refrigerating (cont.) 0 9 6 0 9 9 Southland Frozen (paid) ... ... ... 3 16 0 Southland Frozen (cont.) _ 1 18 0 Southland Frozen (pref.) 3 16 0 Waitaki Fanners’ Freezing 4 2 0 — LOAN AND AGENCY— Goldsbfough, Mort ... 1 15 0 1 16 6 Mortgage Corporation 3J- per cent. Stock 98 10 0 National Mortgage ... 2 10 0 — N.Z. Guarantee Corporation . ... ... 0 5 0 Perpetual Trustees ... — 3 T 0 Trustees, Executors, and Agency 3 12 0 Wright, Stephenson (ord.) 0 18 3 — COAL— Kaitangata 1 2 0 Westport 1 1 6 1 2 9 WOOLLEN COMPANIES— Bruce (ord.) — 0 13 6 Bruce (pref.) — 1 3 0 Kaiapoi (cont.) 0 5 0 0, 5 9 Kaiapoi (pref.) — 0 18 0 Mosgiel 9 10 0 — MISCELLANEOUS— Anthony Hordern ... 0 19 1 . Associated News — 1 4 0 Australian Glass 4 6 0 4 8 6 British Tobacco — 2 6 0 Broken Hill Proprietary 3 19 0 4 0 0 Broken Hill Proprietary (cont.) 3 7 0 3 10 0 Brown, Ewing (ord.) Brown, Ewing (pref.) 0 17 9 — 1 2 3 — Consolidated Brick ... 0 10 9 0 11 0 Crystal Ice Co — 2 8 0 D.i.C. (pref.) 1 3 6 Dominion Fertiliser ... — 1 4 6 Dominion Fertiliser Debs 105 0 0 Dominion Rubber ... 1 8 6 _ Donaghy’s Rope and Twine 2 10 0 _ Dunedin-Kaikorai Trams _ 1 17 0 Dunlop Perdriau Rubber 0 17 5 0 17 9 General Industries ... 0 18 0 — G. J. Coles 4 6 0 Hume Pipe 1 0 9 1 0 11 Kauri Timber — 1 4 9 Mori’s Dock 0 13 0 National Electric 0 15 0 N.Z. .Farmers’ Fertiliser 1 0 0 N.Z. Paper Mills ... — 1 7 0 ‘ Otago Daily Times ’ 2 5 0 — Regent Theatre 1 1 3 Wilson’s (N.Z.) Cement 1 16 0 Woolworths (ord.) ... 6 6 0 — Shillings Lid 0 19 3 1 0 0 BREWERIES— New Zealand 2 13 3 2 14 0 Dunedin — 1 9 3 UNLISTED STOCKS— National Tobacco t (ord.) 3 1 0 Woolworths (Sydney, ord.) 7 5 0 7 10 0 AUSTRALIAN MINING Electrolytic Zinc, (pref., £1) 2 8 9 2 9 6 Electrolytic Zinc (ord.,' £1) 2 6 3 2 7 6 Mount Lyell (£1) ... 1 16 6 1 16 8, Mount Morgan (2s 6d) 0 14 9 Rawang Tin (10s) ... — 0 11 2 GOLD MINING— Argo Dredging (Is) 0 1 9 0 2 0 Big River (Is) 0 1 11 0 2 1 Clutha River (2s) ... 0 2 5 — Consolidated Goldfields (4s) Gillespie’s (Is) 0 15 0 _ 0 1 5 0 161 Golden Point (Is) ... 0 0 Ot — Molyneux River (2s) 0 2 0 — Mossy Creek (Is) ... 0 1 3 — Nokomai (5s) — 0 2 8

Okarito (5s) 0 3 6 0 4 3 Sandhills (Is) _ — 0 0 3 Waimumu Sluicing 0 (Is) Waipapa Beach (Is) 0 6 0 — 0 0 9 1 0 Worksop (Is) 0 1 5 N.Z. GOVERNMENT LOANS31 p.c. Stock, March, 102 5 0 1939-43 — 31 p.c. Stock, Sept., 1939-45 102 5 0 j).c. Stock, Hay, 101 0 0 — 3i per cent. Stock, March. 1941-43 101 10 0 — 31 p.c. Stock, Sept., 1941-43 101 10 0 — 31 p.c. Stock, May, 0 1941-52 101 10 — 31 p.c. Stock, Nov., 1941-52 101 10 0 — 4 n.c. Bonds, 1937-40 100 15 0 — 4 n.c. Stock, 1937-40 100 15 0 — 4 p.c. Bonds, 1943-46 101 .0 0 — 4 p.c. Stock, 1945-46 101 .0 0 — 4 n.c. Bonds, 1946-49 101 0 0 ■— 4 n.c. Stock, 1946-49 101 0 0 — 4 p.c. Stock, 1952-55 102 lo 0 103 10 0

North Broken Hill—4s a share ... Dec. 8 N.Z. Breweries —Interim, 4 per cent. Dec. 9 Placer Development—Interim, 50 ' cents (Canadian) Dec. 10 Golden Sands —Interim, 15 per cent Dec. 10 Bulolo Gold —Interim, 1 dol 40 cents (Canadian) Dec. 10 Broken Hill South—Quarterly, 2s 6d a share Dec. 11 Kauri Timber—5 per cent Dec. 12 Hank of New Zealand—Interim, at rate of 10 per cent, per annum ord. shares, and at 7 per cent, per annum long-term D mortgage shares Dec. 12 Mount Lyell—Final, Is 6d a share, making 10 per cent, for year Dec. 12 Woolworths (N.St.) Did. —Final pref., at 9 per cent, per annum ; final ord., at per cent, and bonus of 5 per cent. Dec. 15 Guinea Gold —9£d ... Dec. 16 Goldsbrough, Mort—Interim, at 4 per cent Dec. 16 Ronpibon Tin—Pref., Is per share; ord., 10jd per share Dec. 17 Bentong Tin—Is Dec. 18 Sulphide Corporation — Pref., 2s per share; ord., 9d per share Dec. 22 P. and 0. Deferred—4 per cent, per annum North Kalgurlie — Interim, 9d a share (sterling, less English income tax) Dec. 28 Morris, Hedstrom—Interim, 2£ per cent. Dec. 30 British Tobacco —Quarterly, 2 per cent. Dec. 31 Zinc Corporation—2nd half fixed cum pref., 2s; interim, 2s 6d on both pref. and ord Jan. 1