Commerce, Mining, & Finance

Evening Star, Issue 22720, 6 August 1937, Page 6

Commerce, Mining, & Finance

MINERAL PRODUCTION A GENERAL INGREASE SMALL MOP IN GOLD OUTPUT [Per United Press Association.] WELLINGTON, August 6Mineral production in New Zealand last year was valued at £3,768,181, compared with £3,741,978 for 1930, an increase of £26,203 according to returns released for publication by the Minister of Mines, the Hon. Jr. C. Webb. „ . There was a drop of 7020 z in the production of gold, last_ year’s output amounting to 164,5750 z, valued at £1,233,178, compared with 160,27/oz, valued at £1.243,552, in 1935. Goal production last year amounted to 2,140,217 tons, compared with 2,115,184 tons for the previous year, an increase of 25,033 tons. AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, August 5. The Stock Exchange is active, with strong buying support for good class industrials. Banks are . irregular, pastorals are strong, and tin ventures are well supported.

MELBOURNE, August 5. A firmer tone prevails in leading investments. Barriers rose sharply on a better tone from London.

RANITSKIN SALE SLIGHTLY LOWER UMTS The Dunedin Stock Agents and Wool Brokers’ Association reports that tho offering at yesterday’s rabbitskin sale was slightly lighter than that disposed of on July 2, and, though the bidding was Spirited throughout, buyers were operating on limits slightly lower than at the previous sales. Some good parcels of : winter grades were offered, realising up to 157 d for prime bucks, but there was a noticeable increase in the proportion of late, outgoing, and spring grades! top prices for which varied around 108 d for bucks and 80d for does. The market may be quoted par to 6d lower for winter bucks and does, lates and outgoings par to 3d lower, and other grades, including inferior quality skins, firm at last sale’s rates. The following is the official range ot prices Summer broken, 29d to 32d; autumn broken, 40d to 4ljd; second winter broken, 46d to 55d; first winter broken, 66Jd to 78d; runners, 27d to 29]d; summers, 30d to 33d; small, 23Jd to 23|d; light racks, 43d to 46d; prime racks, 45id to 50d; dawny autumn, 46d to 48d; early autumns, 55 Jd to 66d; late autumn, 77Jd to 9ld; second incoming, 84d to 91d: incoming winter, to 98]d; early winter bucks—firsts 134 d to 136 d, seconds 120 d to 123 d; early winter does —firsts 95d to 96]d, seconds 82d to 85d; first spotted winters—bucks 122 d to 125 d, does 80d to 82d; second winter bucks, 139 dto 140 d; second winter does, 90d to 97d; first winter bucks, 150 d to 154 d; first winter does, lOld to 102 d; prime bucks, 154 d to 157 d; prime does, 102 d to lC6d; outgoing bucks, 107 dto llOd; outgoing does, 67d to-SlJd; spring bucks, 8-ld to S6d; spring does, 47d to 52d; milky, 39d to 461 d; fawn, 70d to 74d; winter fawn, 90d to 98d; summer black, 24d to 25d; autumn black; 50d to 54d; first winter black, IOOd to 105 d; second winter black, 80d to 84d; hareskins, 50d to 52}d; horsehair, 20d to 24 Jd; furrier does, 90d to-,93Jd. IMPORTED ORANGES STRINGENT RESTRICTIONS URGED [Per United'Press Association.] AUCKLAND, August 5. If the importation of Australian oranges is allowed without stringent restrictions the effect on the local market will be disastrous, and large quantities of New Zealand apples and pears will bo unsaleable and will have to be destroyed,” was the text of a resolution moved by Mr W. W. A. Tate (Wairarapa) and carried at the annual conference to-day of the Now Zealand Fruitgrowers’ Federation Tho conference decided to ask ’ the Director of Internal Marketing to draw the Government’s attention to the matter.

COMPANY NEWS WINGHCOMBE. CARSON LTD. Winchcombe, Carson Ltd., woolbrokers, Sydney, announces a final half-yearly dividend of 4 per cent., making 8 per cent, per annum as last year. INCREASED PROFIT WELLINGTON INVESTMENT COMPANY. The directors of the Wellington Investment, Trustee, and Agency Company Ltd., in their fifty-first annual report, state that the net profit for the year ended June 30, after providing for income tax, amounted to £3,396 14s Id. An interim dividend of 2] per cent, for the half-year was paid in December last, and there is a balance available (including £2,350 8s 3d brought forward from last year) of £4,197 2s 4d, which the directors recommend should be dealt with as follows ;—Payment of a further dividend of 2J per cent., making 6 per cent, for the year, £1,550; to carry forward, £2,647 2s 4d. , The retiring directors, Messrs Will Appleton and R. H. Rowland, offer themselves for re-election. For the previous year an interim dividend of 2 per cent, and a final dividend of 3 per cent, made the distribution 5 per cent., as against 4] per cent, in 1935. Net profit of £3,397 this year compares with £3,176 last year and £2,932 in 1935. CASCADE BREWERY The directors of Cascade Brewery Company Ltd., of Hobart, have declared a final dividend of 5i per cent., together with a bonus of 3d a share (l| per cent.), making a total of 11£ per cent, for the. year ended June 30. The dividend is payable on August 20, and transfer books close on August 6. In 1935-36 the company paid 10 per cent, (interim 4 per cent., final 6 per cent.), and in the previous year 8 per cent. HIGHER BANK PROFITS COMMERCIAL OF AUSTRALIA. The seventy-first report and balance sheet of the Commercial Bank of Australia Ltd, shows a net profit of £247,435 for the year ended Juno 30. This compares with £234,480 earned in the previous year and £228,458 in 1935. With £98,930 brought into the accounts, there is £346,365 available for distribution. The dividend on ordinary shares for the year has been raised to 6 2-3 per cent., against 5 5-6 per cent, in tho previous two years. This will absorb £133,332. An unchanged dividend of 4 per cent, on preference shares requires £84,694. , In previous years the bank has made fairly substantial appropriations in reduction of bank premises. The amount last year was £25,000, but no details of the appropriation this year are available. APEX INVESTMENT TRUST The directors of Apex Investment Trust of New Zealand Ltd, report a satisfactory result for the half-year ended June 30. Although the capital of tho company lias been increased during the period from September, 1935, to January, 1937, from £4,000 to. £15,000, the directors have been able to use the funds to such advantage as to enable them to declare an interim dividend at the same rate as for the corresponding half-year ended June, 1936. The interim dividend, which is at the rate of 4 per cent, per annum, will be payable on September 16. During the current year no fewer than 22 companies whose shares are held as investments have increased their dividends of given bonus issues or new issues on satisfactory terms to this company. ANGLO-IRANIAN OIL COMPANY BIG INCREASE IN PROFITS. The report of the Anglo-Iranian Oil Company (in which the British Government is a large shareholder) is unique among the 1936 oil results, for it shows the extraordinary rise of 57 per cent, in net trading (profits. The royalty payable to the Iranian Government out of the net profits of £9.624,434 amount to £2,580,206, against '£2,191,921. After allowing for depreciation and preference dividends, the net amount available for the ordinary shares shows an increase of 122* per cent, at £4,537,259. The final dividend is increased by a cash bonus to 20 per cent., making 25 per cent, for the year, £1,200,000 being added to the general reserve. The balance sheet shows an increase in surplus liquid assets from £3,714,000 to £5,269,000, cash alone having risen by £1,400,000. The directors consider that the time is appropriate to bring the issued capital of the company into closer relationship with the capital employed in the business. They therefore propose to capitalise £6,712,500 from reserves, represented by £2,327,500 debenture stock redemption reserve and £4,385,000 from the general reserve of £5,033,000, one new bonus share being offered to shareholders for every two held. The directors’ report gives no indication of their views of the outlook, but they make the significant remark that not until the latter part of 1936 did the advances in selling prices become general. This year, of course, the company is enjoying the benefit of a IJd rise in the price of petrol, which, it is thought, will bring additional revenue of approximately 12 per cent, in a full year. SYDNEY MARKETS Press Association—Bj Telegraph—Copyright SYDNEY, August 5. The wheat market is lower as the result of the weaker tone overseas. Silo grain is selling at 5s 3d. Bagged wheat, nominally 5s 5d and the country price 4s Bd. taour, £l3. Bran and pollard, £7 10s. Potatoes: Tasmanian £5 10s, others £4 10s. Onions: Brown £l3. Maize os 6d.

THE SEARCH FOR GOLD WEST COAST DREDGE RETURNS The Worksop dredge obtained a return. of 340 z. The Mossy Creek return was 220 z 12dwt for 130 hours from 7,822yd5. BIG RIVER MINES The report of . Big River Gold Mines Ltd. for July is as follows:—Battery department, 302 tons of ore crushed for 3070 z 18dwt melted gold; cyanide department, 40oz, lOdwt- bullion for 250 tons of sands treated—total estimated value, £2,290. In estimating the above values ‘gold has been taken at 140 s per fine ounce. GOLD PRODUCTION OF H.S.W. Gold production of New South Wales for the first half of 1937 was 33,8740 z fine, valued at £A298,214, compared with 26,7050 z fine, valued at £A231,681, for the first half of 1936. The increase is equal to almost 27 per cent. The return issued by the Mines Department shows that tho output for June was 8,4700 z fine, valued at £A74,277, compared with 6,4000 z fine, valued .at £A55,128, for June last year. MINING NGTES MOUNT KASI MINES IMPROVED FINANCIAL POSITION. Mr D. W. Robertson, chairman of Mount Kasi Mines Ltd., at the annual meeting, after outlining the difficulties experienced by the company during the past 12 months, said that a substantial profit had been made during the period from January 1 to July 15, 1937, and intimated that the major troubles at the mine had now been overcome under the management of Mr A. J. Peterson. ; The shortage of native labour, Mr Robertson said, had been a serious problem, aud had made it impossible for the company to carry out the developmental work desired. It appeared, however, that in addition to the proved tonnage a fairly largo area was still likely to provide millable ore with values of sdwt to 6dwt. He said that the company had much improved its financial position, and with the continuance of recent results it should not be long before shareholders received a dividend. MOUNT ISA PROSPECTS Mr J. Kruttschnitt, managing director of Mount Isa Mines Ltd., in a statement made recently in Brisbane, said that last eight months’ prospects at Mount Isa were more encouraging than at any time since operations commenced in 1931. The rise in metal prices contributed,, he said, to greater earnings at Mount Isa, which would be reflected in a better fir. .dal position of the company. Higher operating costs and transport charges absorbed a substantial part of the increase in gross earnings. AUSTRALIAN COMPANY PROCEDURE NON-OBSERVANCE OF THE LAW Section 92 of the Companies Act, 1936, provides that every company must hold an ordinary general meeting once at least in every calendar year, and not more than 15 months after the previous general meeting. Default may mean a fine of £SO. Section 82 provides that the register of members may be closed after giving at least 14 days’ notice by advertisement. Tho Sydney Stock Exchange has found that some companies, particularly mining companies, are not observing these sections. The old Companies Act provided for a general meeting at least - once in every year, which meant that almost two years could elapse between meetings. As for the closing of the books, most companies relied on their own articles, and the usual practice was to give only seven days’ notice. ANGLO-RUSSIAN TRADE ORDERS PLAGES IN UNITED KINGDOM The Trade Delegation of tho U.S.S.R. in Great Britain reports as follows : The value of tho orders placed in the United Kingdom in May of this year was £945,767, as compared with £903,530 in May of last year. In the first five months of this year the value of the total orders placed was £9,550,854, as compared with £3,991,288 in the corresponding period of 1936. This represents an increase of nearly 140 per cent. The increase this year in the puichase of machinery and equipment was particularly striking.. Important expansion has also taken place in the purchases of non-ferrous metals, which have almost doubled, of textile raw materials, rubber, and non-ferrous ores. The' orders for ferro-alloys aud steel, chemicals, and tea, on the other hand, have shown a decrease. Tho purchases of miscellaneous goods have increased this year by nearly £IOO,OOO.

ai V •• Vi4 - £ s. d. Commercial Bank of Sydney 21 12' -0 National Bank (£10 paid) 15 5 0 Union Bank ... ... 10 3 6 Colonial Sugar ... 48 0 0 Mercantile . Mutual Insurance (ex dir.) ... 1 12 3 Australian Gas A ... ... 7 6 0 Berlei ... ... ... 2 0 0 British Tobacco ... 2 11 6 Tooths 3 15 9 G. J, Coles 5 1 0 Dunlop Perdriau 1 4 0 Goldsbrough, Mort. 1 16 6 Kandos ... ..; ... ... ... 1 6 0 Mark Foy 1 6 3 Gordon and Gotch 2 11 G United Provisions 0 10 8 AVestinghouse 1 2 0 Victoria Nyanza 6 Electrolytic Zinc ... 3 19 9 (pref.) . 3 0 0 David Jones 2 3 0 Anthony Hordern 0 19 3 Mount Morgan ... 0 12 2 Mount Lyell ... ... 2 3 9 North 'Broken Hill 3 18 6 Kuala Karapar ... 1 3 7 Tonkah Harbour ... 1 3 0 Larut 0 18 6 Takuapa Tin 1 5 6 Placer Development ... 4 3 0

Commercial Bank of Aust. 0 18 6 National Bank (£10 paid) 15 4 0 British Tobacco ... 2 11 9 Australian Glass ... . 4 15 0 Dunlop Perdriau 1 4 1 (pref.) 1 17 6 Cos Bros. ... 1 1 G Belt and Textiles ... ... National Reliance Invest2 0 0 ment Trust 0 13 9 Electrolytic Zinc (pref.) ... 3 0 0 Victoria Nyanza 0 19 9 Mount Morgan 0 12 2 Broken Hill Proprietary ... 4 4 3 North Broken Hill ... ... 3 18 3 South Broken Hill ... ... 2 10 6 Zinc Corporation ... ... 7 16 0 Emperor ... ... 0 16 3 Loloma ... ... ... ... ... 1 3 6