SHARE MARKET

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

SHARE MARKET

DUNEDIN STOCK EXCHANGE AUSTRALIAN MIKING WEAKENS VALUES GENERALLY STEADY A slightly-improved undertone marked operations on the local investment market tliis morning, when, with the exception of Australian mining slocks, values tended to improve. Commonwealth industrials were uncertain, but generally hold late rates. Australian mining scrip followed the downward tendency of tho base metal market, and further losses of from 3d to 9d were experienced by most issues. Turnover was poor. Banks were quiet, with little change in values. Buyers of New South Wales rose 5s to £33, sellers responding £1 away. Meat preserving stocks continued steady, Waitaki Farmers’ Freezings remaining very firm at unanswered buyers £4 9s. Goldsbrough, Morts were in demand, the market rising to settle between £1 14s and £1 15s. Australian industrials were uncertain, with some declines. Broken Hill Proprietaries lost Is on a vendors’ market, while G. J. Coles tended to ease. Dunedin Stock Exchange Proprietary bad a very strong inquiry, and, following yesterday’s rise of 6d, buyers moved up another 9d to £2 2s 3d, holders not quoting. Woolworths (Sydney) were quoted in the miscellaneous section this morning, the shares now being officially listed. Australian mining stocks slipped again and finished on an irregular market. Losses were again confined to 1 between 3d and 9d, but tho continued succession of market slips has left these stocks in a weak condition.. Local gold mining and Government loails were quiet at late rates. SALES REPORTED. —Late Yesterday.— Huddart, Parker (ord.), £2 3s. Broken Hill Proprietary, £3 ss. Shillings Ltd., 19s 6d. Electrolytic Zinc (ord.), £2 11s 3d. —This Morning.— New Zealand Breweries, £2 9s (2). Shillings Ltd., 19s 3d. Broken Hill South, £1 19s. SALES ON ’CHANGE. —Late Yesterday.— New Zealand Breweries, £2 8s lOd. SALES AFTER CALL. —Late Yesterday.— Broken Hill South, £1 19s Id (2), Electrolytic Zinc (ord-.), £2 11s. Quotations as under:—

DIVIDENDS DUE. Bycroft Ltd., Auckland—lnterim, 4 per cent Nov. 10 Dominion Pictures Ltd., Auckland’ —Final, ord., per cent. ... Nov. 10 Sharland and Co.—Final, 2£ per cent., making 5 per cent, per annum ... Nov. 11 M'Kenzie’s Department Stores Ltd. —Interim, half-year, 9 per cent Nov. 11 United Insurance —Half-yearly, at 8 per cent, per annum ... ... Nov. 12 Waihi Investments—6, per cent. per annum (less tax) ... ... Nov. 12 National Insurance —Pinal, 5d per share, making 9d .'. Nov. 15 1 Woolworths Holdings Ltd., South Africa—lo per cent. ... Nov. 15 Burns, Philp yearly, at 10 per cent Nov. 15 N.Z. Paper ; Mills—lnterim, 3 per , cent ... Nov. 15 Broken Hill Proprietary Half ■ yearly, at Is 3d per share ... Nov. 17 Anthony Hordern Half-yearly pref., at 7£ per cent, per annum; ord., at 5 per cent, per annum ... : ... Nov, 17 Australian Glass—lnterim, ord., 6 per cent.; pref., 4£ per cent. Nov. 17 Younghusband and Co.—lnterim, half-yearly at 10 per cent, per annum Nov. 19 North Kalgurli—Second interim, 9d per share sterling (equal to per cent.), less 2s 9d in ■SI English income tax ... ... Nov. 19 National Bank of Australasia-Half-yearly, at 6 per cent, per annum Nov. 24 Henry Jones Co-op.—ls 6d per share Dec. 1 North Broken Hill—Quarterly,, Is 3d per share ... .- Dec. 8 Bank of New Zealand Halfyearly, Is per share ord., 31. . per cent. D long-term fnortgage issue ... Dec. 11 Broken Hill South—ls 3d per share Deo. 17 Victoria Nyanza Sugar—6 per cent. ... ... Jan. 26 CALLS DUE. Grey River Dredging—Fourth, Is 3d a share, making 7s 6d paid . Nov. 19 Associated Pulp and Paper Mills —Sixth, 2s 6d a share Nov. 19 “ UNJUSTLY PENALISED ” GOLD TAX AND INCREASED COSTS WAITAHU MINING COMPANY'S COMPLAINTS A strong case for the abolition of the gold export tax was made by Mr J. It. Fairbairn, chairman at the annual meeting last night of the Waitahu Gold Mining Company Ltd. The company was faced with rising costs which could not be passed on, claim wages for the last year showing a £4OO increase on the previous period, and although operating expenses almost con stituted a record for a sluicing claim operating under present-day conditions, the payment of the export tax on gold had prevented any dividend distribution. “ Had the company been exempted from payment of the tax, which has cost us nearly £1.600, the directors could have recommended a small dividend of 3d a share, a very modest return to shareholders for their patience during the past five years,” said Mr Fairbairn. “ The claim wages for the year ended July 3 were £4OO greater than for the previous year, and I am afraid that the_ outlook is for wages to increase still further. From the company’s point of view, this will be unfortunate as the gold industry is not able to pass on the increased production costs. Even at the present rate of wages to-day, the company is not doing much more than holding its own, and if operating costs increase still further, the company will have difficulty in carrying on. “It is not inappropriate to mention the matter of the gold export tax. The _ directors have felt this question of rising costs of operating to be unavoidable, and think that mining companies such as ours are being unjustly penalised by the operation of the export tax upon gold, especially in view of the fact that the rising costs are beyond the. control of the company, higher rates of wages being part of the present Government’s policy. We have pointed out to the Minister of Finance that the Waitahu Company has paid in gold export tax to July 31, 1937, £1.484 15s 2d, whereas shareholders have not yet received a dividend upon the investment made over five years ago. “ The case we have made before the Minister is undoubtedly a strong one and we have asked that immediate consideration bo given to companies such as ours for relief to enable ns to stand the strain of the increasing costs of production. I do not wish to enter into an argument regarding the merits or otherwise of an export duty upon gold, but I do maintain that if a concern can prove that it is efficiently ’-'un and economically administered and yet has difficulty in making ends meet at the present price of gold, 't siiaid net be penalised by the t ayment of an export tax upon its product. I have already stated that the company # has made out a strong case to the Minister of Finance who telegraphed_ that he was endeavouring to expedite a decision, which I trust will he in terests of companies such as ours.”

Buyers. Seilers. £ St d. £ 6. d. BANKING- • New South Wales 0 (£20) 33 0 0 34 0 New Zealand (£1) ... — 2 4 3 New Zealand, Long “ D ” (£1) 1 8 9 — Commercial (10s) — 0 17 8 Commercial of Sydney 0 (£12 10s) — 21 10 National of New Zealand (£2 10s) — 2 19 0 Union of Australia Ltd. (£5) — 9 11 6 INSURANCE— National (7s) ... ... — 0 18 0 Standard (£1) 2 19 6 — SHIPPING— Huddart, Parker (ord., £1) ... 2 i 6 2 3 0 Huddart, Parker (pref., £1) ... ... 1 7 3 —* P. and 0. Deferred Stock (£1) 1 9 0 — U.S.S. Co. (pref., £1) 1 6 6 — MEAT PRESERVING— N.Z. Refrigerating (cont., 10s) 0 9 8 0 9 11 Southland Frozen (paid, £1) 1 7 0 1 8 0 South Otago Freezing (£5) 5 10 0 6 10 0 Waitaki Farmers’ Freezing (£5) 4 9 0 — LOAN AND AGENCYGoldsbrough, Mort 0 N.Z. and Mercan1 14 0 1 15 tile (ord., £100) ... — 36 0 0 N.Z. Guarantee Corpora' tion (3s) 0 4 6 0 4 11 Otago Farmers’ Co-op. (3s 4d) .., 0 3 9 0 4 6 Trustees Executors and Agency (£2) 3 15 0 — COAL —- Kaitangata (16s) ... 1 4 0 — 6 Westport (10s) — 1 5 Wcstport-Stoekton 6 (ord., 10s) 0 2 3 0 2 ■Westport-Stockton (pref., 10s) 0 4 10 0 5 3 WOOLLEN COMPANIESBruce (ord., £1) ... — ■ 0 11 6 Kaiapoi (cont., 7s) ... — 0 5 0 Kaiapoi (pref., 17s) ... — 0 17 6 Wellington (pref., £5) — 6 0 0 Timaru (£1) • 0 17 0 Manawatu Knitting 0 Mills 1 14 _ MISCELLANEOUS— Anthony Hordern (£1) Associated Nows (£1) — 6 0 18 10 1 3 — Australian Foundation Trust (5s rights) ... 0 0 5 — Australia Glass (£1) 4 11 9 — 0 British Tobacco (£1) 2 8 0 2 9 Broken Hill Proprietary (£1) ,. .... —■ 3 5 3 Broken Hill Proprietary (rights) 1 9 0 1 10 2 Brown, Ewing (pref., £1) — 1 2 0 Brown, Ewing (ord.. £1) — 1 2 0 Consolidated Brick (£1) 0 7 3 — Colonial Sugar Co. 47 0 (£20) —- 5 Dominion Fertiliser 0 (£1) 1 4 0 1 5 Dominion Fertiliser 0 0 Debs 102 — 0 Dominion Rubber (£1) — 1 10 Donaghy’s Rope and Twine (£1) 2 8 6 Dunedin Stock Exchange Prop (£1) 2 2 3 — Dunlop Perdriau Rubber (£1) —• 1 3 6 General Industries (12s 6d) 0 18 9 — O. J. Coles (£1) ... 4 13 6 4 14 3 Milburn Lime and 0 Cement (£1) — 2 2 Mort’s Dock (£1) ... — 0 11 6 Moturoa Oil (ord., 0 5s) — 4 0 Moturoa Oil (pref., 0 0 5s) — 5 National Electric (£1) — 0 13 6 N.Z. Drug Co. (£21 — 3 15 0 N.Z. Paper Mills (£1) • Otago Daily Times ’ 1 5 6 — 9 6 (£1) - Regent Theatre (£1) Shillings Ltd. (£1) ... 2 5 0 19 0 19 0 0 19 9 Smith and Smith (pret , £1) ... ... — 1 2 0 Wilson (N.Z.) Cement (10s) — 1 0 0 Woolworths (Sydney. 5s) 1 9 0 1 9 9 Woolworths (ord., 0 £1) ••• - — 5 4 Taranaki Oil (£1 4s 0 0 0 7d) 0 6 7 breweriesNew Zealand (£1) ... 2 8 6 — Carlton (£1) 3. 1 0 UNLISTED STOCKS— M'Intosh, Caley, Phcenix (£1) -— 0 7 0 Selfridgcs (£1, ex rights) y A. and T. Burts — 1 10 0 (prof., £1) 0 11 6 — Security Finance — 0 1Y 0

OVERSEAS LIST— Woolworths (South Africa) .- 0 15 0 OVERSEAS MINING— Austral N.Z. Minins (15s) 0 14 0 Broken Hill South (5s) 1 18 6 1 19 0 Electrolytic Zinc (pref., £1) 2 14 0 Electrolytic Zinc (ord., £1) Mount Lyell (£1) ... 2 9 6 2 11 0 1 17 3 1 18 0 Mount Morgan (2s 6d) — 0 11 2 North Broken Hill (5s) ... _ 2 14 0 Placer Development — 3 13 0 Rawang Tin (10s) ... 0 10 4 — GOLD MINING— Big River (Is) ... ... 0 1 3 0 1 6 Clutlia River (2s) ... — 0 3 9 Consolidated Goldfields (4s) — 0 13 6 Gillespie’s (lad . —■ 0 1 4 Goldfields Dredging (Is) 0 0 1 0 0 21 Mossy Creek (Is) ... 0 0 10 — Nokomai (5s) 0 2 0 0 2 6 Okarito (5s) 0 2 9 0 3 3 Paddy’s Point (5s) — 0 1 6 Sandhills (Is) 0 0 1 0 0 2 Waipapa Beach (Is) — 0 0 3 ■ Waitahu (5s) __ 0 1 6 N.Z. GOVT, LOANS— 31 p.c. Stock, Nov., 1938-52 104 10 0 3fr p.c. Stock, March, 1939-43 101 10 0 3A p.c. Stock, Sept., 1939-43 _ 101 10 0 3i p.c. Stock, March, 1941-43 101 10 0 _ 3i p.c. Stock, Sept., ‘1941-43 101 10 0 _ 3i p.c. Stock, May, 1941-52 104 0 0 _ 31 p.c. Stock., Nov., 1941-52 104 0 0 4 p.c. Stock, 1943-46 — 103 0 0 4 p.c. Stock, 1946-49 102 10 0 — 4 p.c. Bonds, 1952-55 104 15 0 — 4 p.c. Stock, 1952-55 104 15 0 — 3| p.c. Stock, 1953-57 — 99 5 0