Commerce, Mining, & Finance

Evening Star, Issue 22798, 5 November 1937, Page 6

Commerce, Mining, & Finance

THE SEARCH FOR GOLD ALEXANDER MINES 9 PRODUCTION REPORT. The following are the' gold returns for the month; of October of the Alexander Mines Ltd.: — '■ Battery department: 190 oz 6dwt melted gold from 287 tons ore crushed. Cyanide department:' 48oz lldwt bullion from 202 tons sands treated. Total estimated value, £1,595. In addition, eight tons concentrates were _ saved, value'! at £2BO. (In estimating the above values, gold has been taken at 140 s per fine ounce.) MOSSY CREEK DREDGE The Mossy Creek Gold Dredging Company reports a return of 620 z 7dwt for 132 hours’ dredging and a total yardage of 8,800. BIG RIVER RETURN The Big River Gold Mine return for the month of October is 210 oz 17dwt from 326 tons. NEW WELCOME COMPANY MONTHLY REPORT. - The New Welcome Gold Mining Company Ltd. reports that the construction of a tfack (33 chains) from the Speciman Hill road to the mouth of the low level tunnel the company proposes to drive has been authorised by the Inangahua County Council. The cost is being borne equally by the Mines Department and the County Council. Tenders are being called for the work immediately. The Speciman Hill road has already been placed in order. This company is installing a Tangye Diesel engine to drive an air compressor to supply compressed air to work a rock drilling machine so as to speed up the driving of the proposed tunnel. This plant nas been purchased, and will be placed in position directly the above track is completed. MOUHT LYELL SHARES Press Association—By Telegraph—Copyright LONDON, November 4. (Received November 5, at 1 p.m.) Mount Lyell shares are quoted at 29s 74d, : . HEW GUINEA GOLD SHARES Press Association—By Telegraph—Copyright LONDON, November 4. (Received November 5, at 1.46 p.m.) New Guinea Gold shares are quoted at Is 7jd. PRICE OF GOLD Press Association—By Telegraph—Copyright LONDON, November 4. (Received November 5, at 11 a.m.) Fine gold is quoted at £7 0s per ounce. \ DOLLAR AHD FRAHG Press Association—By Telegraph—Copyright LONDON, November 4. (Received November 5, at 11 a.m.) The dollar is quoted at 4.97 7-16. The franc is quoted at 147 3-32. TIN CONSUMPTION ’According to figures published in I 1 The Hague Statistical Bulletin ’ of the International Tin Research and Development Council, world production of tin tell from 17,100 tons in June to 15,900 tons in July of tho current year, while world consumption decreased from 14,990 tons to 14,700 tons. In the 12 months ended July, 1937, world consumption increased by _ nearly 12 per cent, over the consumption for the preceding 12 months. World production of tin plate in the year ended July, 1937, reached a record figure of 4,066,000 tons (against 3.353.000 tons.in preceding year). Of this total, the United States produced 2.315.000 tons, or 57 per cent. The output of the world motor industry has increased from 5,604,000 vehicles in the yfint ended July. 1936. to 6,232.000 vehicles in the year ended July, 1937, closely approaching'the 1929 record of 6.283.000 vehicles. World visible stocks of tin increased by 122 tons in August, 1937, to 25,164 tons, ecpjivnlent to 14.1 per cent, of the cunint annual rate of qonsump- ■- tom-' -~T

Brighter Wool Markets Metal Shares Back Further The stronger tone recently seen in the wool market indicates two favourable influences —consumers are now satisfied that a safe working return has'been reached and that numbers of xnillmen now find it necessary to buy raw material in order to cover contracts for the supply of manufacturers, says Winchcombe Carson Ltd. in its latest report. A warning is issued, however. Welcome though prices on a very high basis would be for those who obtained them, it is judicious to recognise that wool is not in the almost unassailable position in regard to apparel which it occupied some years ago. Following the downward tendency of the base-metal market, Australian metal stocks slipped further this morning to low levels. Losses were on a par with previous declines this week, ranging to-day between 3d and 9d. How much further the shares can fall is a question worrying investors, for the section has been left in a very weak state. Other sections. generally held late rates, with a brighter undertone in most sections. Commonwealth industrials were uncertain, but in the main held late rates. . .

RECORD SAVINGS Another record has been'reached in the deposits in Australian savings banks. On September 30 the total amount at credit in the savings banks of Australia was £232,845,000, an in-: crease of £816,000 compared with the amount on August 31. In the corro-; spending month of last year trie in-; crease in the amount -of deposits was only £196,000. The large increase this year is attributed to a marked increase in general incomes, with wider general employment. 1 COMPANY NEWS FELT AHD TEXTILES LTD. NET PROFIT OF £54,893. An aggregate net profit of £54,893 was earned by Felt aiid Textiles of Australia Limited, Melbourne, and its subsidiaries, for the vear ended June 30. The net profit of the parent company, including dividends from the subsidiaries, was £44,521. A preference dividend of 6 per cent, per annum for the half-year ended March 31 required £1,200, and an ordinary dividend of 10 per cent, per annum for tfip six months ended June 30 re-, quired £13,518. The company’s public issue was made during March. Underwriting commission and other expenses in connection with the issue, amounting to £6,799, have been written off, and £20,000 has been transferred to reserve. From the balance of £37,659 brought into the accounts, the preference dividends covering the six months ended September 30, and further dividends on shares prior to the rearrangement of capital, were paid, together amounting to £9,092. This left £31,570 to be carried forward. PENINSULA TIN DIVIDENDS PAID. An increase of £41,096 on the profit of the preceding year is shown in the accounts of Peninsula Tin, N.L., for the 12 months ended April 30. The net income for the year was £50,977. From a dredged area of 32.51 acres 1,529,000 cubic yards were treated, for a recovery of 430 tons, which assayed 72.01 per cent, metallic tin. The recovery of tin ore was equivalent to 0.631 b a cubic yard, the average treatment coat being 3.68 d. Four dividends, totalling 2s 6d a share, were paid, absorbing £33,231. Since the close of the financial year two dividends each of Is a share have been paid. At the close of accounts current assets_ amounted to £33,997 against outside liabilities of £7,735. Sales of ore for the year, at an average price of £ls 7a ton, realised £67,505, and £23,445 was expended on mine working account. In addition, -the company’s tributor produced 237 tons of tin ore. for .which the comjany received a tribute of. £13,100. The amount of £20,000 was written off the power station plant and equipment. This sum came from the reserve for depreciation and obsolescence, which, with the £IO,OOO transferred to it from the year’s profit stood at £23,000 at the balancing date. PROCERA BREAD PROCESS (N.Z.) In a circular to shareholders Procera Bread Process (N.Z.) Ltd. states that advice has been received from I.P.P. Ltd. (The International Procera Products Company), London, that it has sold to a substantial and well-known South African company of merchant bakers, at a satisfactory cash figure, the Procera rights for the South African Union and Rhodesia. The purchasing company has also been given a 12 months’ option to acquire the rights for the Transvaal for a similar price. MORRIS HEDSTRDM INTERIM DISTRIBUTION. [Peb United Press Association.] WELLINGTON, November 5. The Stock Exchange Association has received advice that Morris Hedstrom has declared an interim dividend of 3 per cent., payable on ordinary shares on December 31. KAURI TIMBER INTERIM DIVIDEND OF 7 PER „ CENT. The Dunedin Stock Exchange has been advised that the directors of the Kauri Timber Company Ltd. have announced that, subject to audit, they have resolved to recommend that a dividend at the rate of 7 per cent, per annum be paid for the ialf-year ended Aifgust 31, making 6 per cent, for the year. The transfer books close at noon oa November 18.

AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, November 4. The main feature of the share market to-day was a sustained inquiry for Government Bonds. Industrials showed a tendency to strengthen. £ s. d.

MELBOURNE, November 4. Banks are a little easier, but movements generally are very narrow, with the market quiet and the turnover limited.

THE RESERVE BANK ASSETS AND LIABILITIES [Peb United Press Association.] WELLINGTON, November 4. The ‘ Gazette ‘ issued to-night contains the following statement of liabilities and assets of the Reserve Bank of New Zealand as at the close of business on November 1. The figures at the close of the previous week are given for purposes of comparison, shillings and pence being omitted;— LIABILITIES. Last week. This week. £ £ 1. General Reserve Fund 1,500,1)00 1,500,000 2. Bank notes 13,273.691 13,263,633 3. Demand liabilities—(a) State 4,860,763 4,631,169 (b) L'anks 7,389,123 7,921,957 (c) Other 310,760 405,364 4. Time deposit5. Liabilities in currencies other than New Zea-I'-md curency 6. Other liabilities , 261,014 146,485 Total £27,625,353 £27,868.609 ASSETS. 7. Reserve—(a/ Gold ... 2,801,791 2,801,791 (b) Sterling exchange ... 37,595,334 17,148,967 (c) Gold exchange 8. Subsidiary coin ... ... 86,337 86,054 0. Discounts—(a) Commercial and agricultural bills ... • (b/ Treasury and local body bills 10. Advances—(al To State or State undertakings—. (II Dairy industry account 3,766,385 4,400,703 (2i For other pur* poses 500,000 700,000 (bl To other public authorities ... (c| Other .. ... ... 11. Investments ... ... 2,658.325 2,658,325 (2. Bank buildings ... _ 13. Other assets ... ... 217,180 72,768 Total j 627.625.353 j£27,868,609 Proportion ot res-ive (No 7 less No. 5) to notes and otner demand liabilities 78.861% 76.083% SYDNEY MARKETS Press Association—BytTelegraph—Copyright SYDNEY, November 4, The Wheat market is lifeless, reacting to the further drop overseas. Wheat is quoted at 4s 9Jd, and Old Silo grain is on offer at 4s Bd, less storage charges. Flour, £l2 ss. Bran and pollard, £7. Potatoes; Tasmanian, £6; others, £4. Onions: Brown, £l6. Maize: Yellow, 5s 9d. WQOLWORTHS LTD. QUDTATMN OF ORDINARY SHARES Press Association—By Telegraph—CopyrightSYDNEY, November 4. Official quotation has been granted on the Sydney Stock Exchange to 3,713,328 fully-paid ordinary shares of 5s each in Woolworths Ltd. Quotation previously was confined to this company’s preference shares. E.B. AND A. BANK DIVIDEND FOR THE YEAR Press Association—Bv Telegraph—Copyright LONDON, November 3. The English, Scottish, and Australian Bank Ltd., declared a final dividend of 3f per cent., making 7 per cent, for the year.

Bank of New South Wales 33 15 0 Comm. Bank of Sydney ... 21 9 0 Comm Bank of Australia 0 17 9 Colonial Sugar ... 47 7 6 Associated News 1 4 0 (pref.) 1 3 9 Adelaide Steam 1 12 7i Huddart, Parker (New Zea3 land delivery) ... ... ... 2 9 Australian Gas (A) 7 10 0 (new) 7 1 6 Tooths ••• 2 15 0 Tooheye ... 1 11 7i G. J. Coles ... ... 4 14 6 Drug Houses ... ... ... 1 5 6 Australian Glass 4 13 9 Dunlop Perdriau 1 3 44 Horderns 0 19 0 J. .Fielding ... ... Felt and : Textiles 4 12 1 16 0 3 Sargents ... Newbold Bricks 1 10 14 3 1 15 Mark Foy 1 3 3 Fajrymead. Sugar, ... ... . 1, 13 0 Kuala Kampar 1 0 0 Emperor 0 13 0

E.S. and A. Bank £ s. 5 13 d. 0 Bank of Australasia 11 8 0 Howard Smith 1 1 9 British Tobacco 2 8 9 G. J. Coles ... ... ... ... 4 15 0 Drug : Houses 1 5 9 Australian Iron and Steel (pref.) 1 7 6 Australian Glass 4 13 6 Dunlop Perdriau 1 3 4 Goldsbrough, Mort 1 15 0 Capel Court Investment Trust ... 0 5 3 Cos Bros 0 17 0 Felt and Textiles (rights) 0 14 0 Electrolytic Zinc ... 2 11 0 (pref.) 2 14 0 Mount Morgan Mount Lyell ... ... ... 0 11 1 . 1 18 3 North Broken Hill 2 13 6 South Broken Hill 1 19 6 Emperor ... 0 13 1 Loloma 0 17 3