Commerce, Mining, & Finance

Evening Star, Issue 22688, 30 June 1937, Page 8

Commerce, Mining, & Finance

THE SEARCH FOR GOLD WAITANU REPORT The Waitahu Gold Mining Company Ltd. reports that elevating operations commenced on June 14 in No. 13 paddock. A partial wash-up on Saturday, June 26, resulted in a yield of 20oz 14dwt of gold for 25 shifts of eight hours each. GREAT BOULDER PTY. HIGHER PROFITS, STEADY DIVIDENDS. Profits of Great Boulder Proprietary Gold Mines Ltd. for the year ended December 31 were £75,105, compared with £63,924 for 1935. Two dividends, each of 12$ per cent., absorbed £62,500, leaving £58,401 to be carried forward, against £45,796 brought forward. In 1935 25 per cent, was paid, and an in- ■ terim dividend of 12$ per cent, for 1937 was declared last week. GOLD PRODUCTION AND EXPORTS During the 10 months ended April 30 Australian production of gold in all forms represented £7,338,126, compared with £6,017,666 for the corresponding period of 1935-36. Imports of gold bullion, specie, and matter were valued at £1,710,768, and exports at £9,253,616. Net exports thus exceeded production by £204,722. AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, June 29. There was a slight increase in the volume of business on the Bto ok Exchange to-day. The_ tone of the market was firm, but investors continue ' to operate with caution. MORNING SALES.

MELBOURNE, June 29. Bonds were a shade better, but other sections were quiet. Barriers and gold shares were a little weaker on, light trading. Sales: —

SOUTH OTAGO FREEZING COMPANY KILLING SEASON CLOSED Killing operations for the season teased at the South Otago Freezing • .Company’s works on Saturday. The total number of sheep and lambs put through the works was 251,774, a decrease of 30,033, compared with last year. The cattle, killed numbered 3,729, a decrease of 123, compared with last season, and 737, a decrease of 219. These figures represented the killings for export only. BACON PIGS NATIONAL CHAMPIONSHIP fPz* United Press Association.] WHANGAE.EI, June 29. The judging of the national bacon pig championship of New Zealand at the VVhangarei winter exhibition was completed to-day. The co-judges were Messrs H. Kneebone (supervisor and grader at the. Auckland Farmers’ Freezing Company) and M. J. Scott (supervisor of the pig industry in New Zealond). The following are the awards: —G. Child (Maungakaramea), Tamworth, 90, 1; G, Child, large white, 89, 2: S. Irwin Crookes (Maungatapere), Tamworth, 88, 3; W. Massey and Sons (Mangero), Tamworth-Berk-shire cross, 86, 4; J. Middleton (Otaika), Tamworth, 81, and Kaikohe Piggery, 81 (equal) 5. -The winning exhibit was awarded second in the “on the hoof ” championship held at the summer show. The exhibition comprised the largest show of bacon pigs ever staged in the Southern Hemisphere.

FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS ThC-Baak of New South Wales, Dunedin, quoted thojollowing rates for purchase and sales of foreign^exchanges (all 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) ... 3.95 5-16 3.96 3-8 , O.D. (dol) ... 3.95 11-16 3.96 13-16 BUYING— O.D. (dol) ... 3.99 7-8 4.01 1-16 HILL AND PLUMMER LTD. The accounts of Hill and Plummer Ltd., Auckland, show a profit of £5,441 for the year ended April 30. This compares with £3,598 a year ago. Paid capital remains at £56,786. The bank is owed £2,124 more at £3,495, and creditors have risen £2,016 to £4,650. There is a reduction of £2,259 in deposits at call, while income tax reserve has grown from £7OO to £3,625. Fixed assets are slightly lower at £29,019. while floating assets have increased by £6,381 to £50,926, principally as a result of a rise in debtors to £20,900. Stocks, at £27,295, are also slightly higher; Investments total £4,797, against £4,651 a year ago, and the total of assets is £6,199 greater at £84,742. Last year 6 per cent, was distributed. CONSOLIDATED BRICK LARGER TURNOVER EXPECTED Regret that the directors of Consolidated Brick and Pi.po Investments Limited had been unable to recommend a dividend for the past trading year was expressed by the chairman of directors, Mr R. J. Murphy, at the annual meeting of shareholders at Auckland. After referring to the effect upon sales of the commencement of the Government housing scheme and the higher costs imposed under the new legislation, Mr Murphy said the directors had thought it wiser to increase stocks and strengthen the cash position rather than pay a dividend. During the depression stocks had fallen to a very low level, and prospects of increased tournover made an increase imperative. The company had on hand a large quantity of bricks to be used in Government housing, also pipes for certain contracts. Turnover should increase, said Mr Murphy, ns brick building was undoubtedly becoming more popular, by far the greater proportion of the Government houses being in brick. In addition, more local bodies were now contemplating sewerage, and the Public Works Department was purchasing largo quantities of pipes for road works.

In seconding tho motion to adopt the report and balance sheet, Mr T. E. Clark commented upon the progress being made toward having tho industry licensed. It was hoped that in tho near future this object would be achieved. Tho policy of the directors was to increase sales rather than to raise prices. The .accounts were adopted.

STOCK AND SHAREBROKERS.

Commonwealth Bonds— £ s. d. 31 p.c., 1949 100 10 0 4 p.c., 1938 101 8 9 4 p.c., 1944 ... 103 11 3 4 p.c., 1950 103 17 6 4 p.c., 1953 104 2 6 4 p.c., 1955 102 12 6 4 p.c., 1961 ... ... 103 12 6 'Associated News 1 3 0 Anthony Hordern Electrolytic Zinc 0 19 2 16 "7* 9 Electrolytic Zinc (pref.) 2 18 0 General Industries ... • 1 0 AFTERNOON SALES. Bank of,N.S.W. 35 12 6 Com. Banking of Sydney 22 4 0 Queensland National Bank 5 10 0 Colonial Sugar 47 10 0 United Insurance 10 10 0 Bums, Philp (South Sea' 1 12 0 ■ British Tobacco ... ... 2 10' 3 Tooths 2 15 9 Tooheys 1 13 n Coles ... 5 3 6 Dunlop Perdriau 1 2 9 Electrolytic Zinc 2 16 0 Ecltr"an<lTeK,tlles 1 15 7i Kandbs 1 5 0 Mark Foy 1 5 3 Hume Pipe ... 0 19 6, Victoria Nyanza 0 18 3 W, .R, Carpenter ... 2 4 0 David Jones Anthony Hordern 2 2 4 0 19 9 Mount Morgan 0 12 6 Mount Lyell 2 2 6 Rawang ../ 0 12 3 Larut 0 19 6 Emperor s... 0 15 3

Com. Bank of Australia ... 0 18 8 National Bank (£10 paid) 14 13 0 Adelaide Steam 1 12 0 British Tobacco 2 10 3 Coles 5 3 0 Drug Houses Australian Iron and Steel 1 6 9 (pref.) 1 6 n Australian Glass 4 12 6 Dunlop Perdriau 1 2 9 Dunlop Perdriau (pref.) Felt and Textiles 1 16 9 1 15 6 Goldsbrough, Mort 1 16 0 Electrolytic Zinc 2 16 6 Electrolytic Zinc (pref.) ... 2 17 3 Mount Morgan 0 12 6 Mount Lyell 2 2 3 Broken Hill Proprietary ... 4 1 3 North Broken Hill 3 12 9 South Broken Hill 2 9 0 Emperor 0 15 2 Loloma 0 19 3 New Broken Hill 0 17 0

London — £100 Btg. • Buying. Selling. N.Z Australia— T.T. £124 O.D. £123 10/ £124 10/ £124 8/9 £A to £100 N.Z Fiji— £F to £100 T.T. £101 £100 10/ N.Z New York— Dollars to £1 T.T. £90 7/6 £89 N.Z. Montreal— Dollars to £1 T.T. 3.9890 O.D. 3.9990 3.9521 3.9561 N.Z. , ... T.T. 3.9967 3.9618 Austria — O.D. 4.0092 3.9658 Schillings to £1 N.Z Belgium— , . T.T. — O.D. - 20.88 20.89 Belgas to £1 N.Z. Czechoslovakia — Crowns to £1 • . T.T. — O.D. — 23,343 23.354 N.Z. Denmark— Kroner to £1 . T.T. — O.D. — 112.91 112.96 N.Z. • ... Germany— T.T. 18.203 O.D. 18.263 17.893 17.899 Reichmarks to £1 9.805 9.810 N.Z. Holland— Florins to £1 . T.T. — O.D. - N.Z. Italy— Lire to £1 T.T. 7.319 O.D. 7.359 7.169 .7.173 N.Z, Java — Florins to £1 . T.T. — O.D. — 75.13 75.18 N.Z. Norway— Kroner to £1 T.T. 7.287 O.D. 7.327 7.157 7.141 - T.T. 16.183 15.893 O.D. 16.243 15.899 Sweden — Kroner to £1 ' 15.490 15.496 N.Z. Switzerland — Francs to £1 T.T. 15.785 O.D. 15.845 N.Z. Hongkong— N.Z. pence to 1 T.T. 17.488 O.D. 17.593 17.218 17.223 ! dollar T.T. 18 1-16 18 1-2 O.D. 18 1-32 18 1-2 India and CeylonN.Z. pence to 1 22 21-32 rupee T.T. 22 3-8 Japan— O.D. 22 11-32 22 21-32 N.Z. pence to 1 17 15-32 yen ■ ... T.T; — Shanghai— N.Z. pence to 1 O.D. - 17 15-32 dollar i... •• T.T, 17 45-64 O.D. ■ 17 43-64 18 9-64 18 9-84 Singapore— 1 N.Z. pence to 1 T.T. 34 23-32 O.D. 34 5-8 dollar Chefoo — N.Z. pence to 1 35 13-64 35.13-64 dollar Manila — N.Z. pence to 1 T.T. 17 43-64 O.D. 17 5-8 18 19-64 18 9-32 peso T.T. 29 59-64 O.D. 29 53-64 30 27-64 30 27-64