Investment Market To-day

Evening Star, Issue 23146, 21 December 1938, Page 16

Investment Market To-day

INTEREST MAINTAINED

BUT VALUES PRACTICALLY UNCHANGED MOUNT LYELLS PRICED AT £1 8/6 Despite the proximity of the summer vacation interest in the investment market was well sustained this morning. While values displayed litle movement, the inquiry persisted for most popular issues, especially transtasman leaders. Business was poor, Australian banking issues received good attention, while industrials experienced a firm demand. Broken Hills had buyers on at £2 17s 3d, a Is below vendors’ limits, while Dunlcps, Sydney Woolworthe, Mort’s Docks, Australian Glass, and Associated News were all accorded steady support. Commonwealth mining shares showed practically no change. Norths, if anything, were easier, but the movement was so small as to be discounted. For other Barriers, Lyells and Morgans unsupplied buyers maintained late rates, although Lyells sold down to £1 8s 6d on reported business. New Zealand scrip was inactive. Drugs remained on offer at £3 ss, but the best offer was 2s away. Macduffa Ltd. (ord.) had holders at 3s 6d, but they failed to attract a response. Crystal Ices were firmer. SALES REPORTED. —Late Yesterday.— 4 per cent. Stock, 1949-52, £97. Bank of New Zealand, £1 19s 9d. —This Morning. Mount Lyell, £1 8s 6d.

DIVIDEND AND CALL LIST. DIVIDENDS DUB. Sulphide Corporation Pref., Is (sterling) a share Dec. 22 R. and E Tingey Ltd.—lnterim half-year, 3 per cent Dec. 31 British Tobacco —Final, ovd. at 10 per cent, per annum, and interim 2 per cent. ... Dec. 31 Morris, Hedstroin, Fiji—lnterim, 3 per cent Dec. 31 National Bank of New Zealand Ltd.—lnterim, 2£ per cent., less U.K. income tax Jan, 4 Woolworths Properties Ltd.—lnterim half-yearly, at 6 per cent, per annum Jan. 15

LOWER TIN PRODUCTION

THIS YEAR'S FIGURES CONSUMPTION ALSO DOWN The October issue of the ‘ Statistical Bulletin,’ just published by The Hague office of the International Tin Research and Development Council, gives the following information (figures in parentheses refer to the corresponding period of the previous year): — World tin production in August, 1938, amounted to 10,800 tons, making a total of 105,000 (128,000) tons for the first eight months of this year. Production in September, 1938, is estimated at 10,100 (19,400) tons, of which the signatory countries produced 7,700 (16,900) tons. World apparent tin consumption in August, 1938, amounted to 11,500 tons, against 10,100 tons in the preceding month and 16,500 tons in August, 1937. Consumption in the first eight months of this year, at 102,300 (129,300) tons was 21 per cent, below the figure for the first eight months of 1937. In the U.S.A. there was a decrease of 41 per cent, to 33,998 tons, and in the United Kingdom of 35 per cent, to 11,790 tons In the U.S.S.R. and Canada consumption decreased by 10 per cent. In Germany there was an increase of 13 per cent, to 8,878 tons, in Italy of 54 per cent, to 3,294 tons, and in Poland of 56 per cent, to 1,287 tons. World tinplate production in August, 1938, amounted to 206,000 tons, against 358,000 tons in August, 1937. Tinplate production in the first eight months of 1938 was 1,846,099 (2,986, 000) tons, showing a decrease of 38 per cent. The share, of the U.S.A.. in the total world production fell from 59 per cent, in January-August, 1937, to 48 per cent, in January-August, 1933. WOOL CLIP LIQUIDATION AUSTRALIAN METHOD PRAISED Press Association—By Telegraph—Copyright LONDON, December 20. (Received December 21, at 8 a.m.) The ‘ Yorkshire Post ’ congratulates Australia on her method of liquidating the wool clip and feeding the markets to capacity of absorption, resulting in wool to-day being as well placed as any primary product for immediately benefiting from the improvement in wool trade. While prices are by no means completely satisfactory from the producers’ viewpoint, wool is kept moving. Russia and Germany have been able to make larger purchases. THE FRANC Press Association—By Telegraph—Copyright LONDON, December 20. (Received December 21, at 11 a.m.) The franc is quoted at 172 2-16*

DUNEDIN STOCK EXCHANGE

THIS MORNING’S CALL LATEST QUOTATIONS

AUSTRALIAH STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, December 20. Business on the Stock Exchange continues along quiet lines, due mainly to the approach of the Christmas vacation. A firm tone is likely to prevail in the meantime.

MELBOURNE, December 20. Industrials are quiet, but there is continued inquiry for Mount Morgans, while Commonwealth loans are active.

COMPANY NEWS

IMPERIAL CHEMICALS DIVIDENDS ON SHARES 10/- PAID POSITION EXPLAINED BY COMPANY , Replying to inquiries from New_ Zealand shareholders about the dividend payable on shares allotted as 10s paid and which have since allotment been paid up in full, Imperial Chemical Industries of Australia and New Zealand Ltd. has drawn attention to its memorandum to shareholders of July 21, 1938. setting out the terms of payment for the issue of 1,000,000 5 per cent, cumulative preference shares of £1 each. The shares, the memorandum said, were payable as follows:—ss a share on application, 5s a share on allotment, 5s a snare on January 31, 1939, and 5s a share on July 31, 1939. “ But,” .the memorandum went on, “ shares may be paid up in full on application or allotment or at any time after that before July 31, 1939, subject to adjustment of any accrued dividend, so that shares so paid up may rank equally in all respects with those issued as fully paid up on allotment. “ Concerning the adjustment of any accrued dividend, this means that where shares are paid up in full after allotment the holder of such shares must pay to the company, in addition to the balance owing on the shares, an amount equivalent to any additional dividend which would have accrued on the shares if they had been paid np in full on allotment; or where shares are paid up in full subsequent to the date of the first dividend payment, would have accrued since that date._ “ The object of this adjustment is to ensure that all shares in the issue which have been fully paid up will rank equally for dividend, and so avoid any diffichity in dealing with the shares on the .Stock Exchange. _ “ Preference shareholders desiring to pay up their shares in full after allotment and before July 31, 1939, when the final instalment becomes due, may ascertain on application to the company the additional amount by way of adjustment which will require to be paid.” NEW REGISTRATIONS The * Mercantile Gazette ’ notifies the registration of the following companies : Newbold’s Bookshop Ltd. Registered as a private company November 29. Office: 289 George street, Dunedin. Capital: £3,500 into 3,500 shares of £1 each. Subscribers: Dunedin, E. Newbold 3,490, R. White 10. Objects: To take over the business of bookseller and stationer now carried on by E. Newbold at Dunedin, to do business as wholesale or retail first or second-hand booksellers, stationers, printers, and incidental. Crystal Foodstuffs Ltd. Registered November 13. Office: 202 Vogel street, Dunedin. Capital: £5,000 into 6,000 shares of £1 each (2,000 preference and 3,000 ordinary). Subscribers: Dunedin —O. J. Lane, H. L. Sprosen, A. E. Ansel 1, K. A. Lane, R. W. Kirkby, E, J. Mee, I. B. Munro 1 share each. Objects; To carry on the business nf manufacturers- and vendors of pure malt vinegar, pickles, sauces, soups, marmalade, jelly crystals, cordials, and all kinds of groceries. LONDON STOCK EXCHANGE Press Association—By Telegraph—Copyright LONDON, December 20. (Received December 21, at 11 a.m.) Dalgety 4 per cent, debentures, £96 15s; British Tobacco, 36s 6d; Goldsbrough, Mort, 21s 6d (nominal); Dalgety’s, 106 s3d (nominal); P. and O. Deferred, 21s 6dj

MINING NEWS STAFFORD DREDGING DIRECTORS RECOMMEND WINDING-UP The directors of Stafford Gold Dredging, N.L., in their annual report, recommend that the company be wound up. and that available assets be distributed among shareholders. After the capsize of the dredge at the property in New Zealand, a claim was made under the company’s policy with Lloyd’s, of London, and a settlement of £10.500 New Zealand currency has been completed. The dredge, together with all its fixtures, has been sold by the underwriters as salvage. There are two alternatives to winding up, the directors state. A new dredge, could be procured, but this would entail raising additional funds, and a close boring campaign to ensure that the undredged area warranted such expenditure; or the company’s areas and plant could be disposed of and funds conserved, with a view to obtaining other areas suitable either for dredging or reef mining. NEW GUINEA GOLDFIELDS NET PROFIT DOWN £38,000 New Guinea Goldfields Ltd. reports a net profit of £50,486 for the year ended September 30, compared with £88,742 in the previous year. Although income from alluvial operations was normal, the Golden Ridges mill, because of reconstruction, was inoperative for the greater part of the year. Edie Creek earnings were less than normal, as ore of a grade lower than normal was treated for several months. The board expresses the opinion that the acquisition for £21,500 of the assets of Bulolo Gold Deposits Ltd. was the best means of bringing into production the deep alluvials adjoining those of Koranga Gold Sluicing Ltd. REPORTS AND RETURNS WAITAHU The Waitahu Gold Mining Company Ltd. reports that a further partial wash-up in No. 17 paddock took place last Saturday, resulting in a return 6f 320 z 13dwt for 19 shifts of eight hours each. This makes a total of 560 z 16dwt so far won from this paddock. DUNEDIN STUCK EXCHANGE MR HARMAN REEVES RE-ELECTED CHAIRMAN The annual meeting of the Dunedin Stock Exchange was held y&terday afternoon. The chairman (Mr. Harman Reeves) presided. The adoption of the annual report and balance sheet was moved by the chairman. Mr D. J. Calder seconded the motion, which was carried. ELECTION OF OFFICERS, The chairman, Mr Harman Reeves, was re-elected unopposed. The election of the Executive Committee resulted;—Messrs E. R. Smith, H. K. Poppelwell, C. Penman, W. S. Dawson (all re-elected), and J. R Laidlaw. Trustees re-elected were Messrs Harman Reeves, E. R. Smith, and W. J. Watson. Mr J. W. Smeaton was re-elected auditor. Votes of thanks were passed to the readers (Messrs Poppelwell and Dawson), the secretary (Mr E. J. G. Johnston), and the chairman and retiring executives

FOREIGN EXCHANGES ; ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates for purchase and sales of foreign exchange (all rata* subject to alteration without notice)

DOLLAR RATES. The Associated Batiks (other than th* Bank of New South Wales) quoted the fol» lowing dollar rates to-day on a New Zea» land currency basis. They are subject tQ alteration without notice:— U.S.A. CANADA. (Per £1 N.Z.). (Per £1 N.Z.J?SELLING— T.T. (dol) ... 3.70 7-8 3.74 7-l« O.D. (dol) ... 3.71 1-8 3.74 11-lt BUYING— O.D. (dol) ... 3.76 1-4 3.30 !-!•

SHARE QUOTATIONS Press Association —By Telegraph—Copynghfi . LONDON, December 20. ; (Received December 21, at 1 p.m.)'' ■ Share quotations: Clutha River—* buyers Is 3d, sellers Is 6d; MolynetDT —buyers-6d, *eliers 84» -

Buyers. Sellers. £ s. (1. £ S. < d. N.Z. GOVERNMENT LOANS4 p.c. Stock, Nov., 6 1949-52 97 2 34 p.c. Stock, March, 0 1939-43 — 97 10 34 p.c. Stock, Sept., 0 1939-43 — 97 10 4 p.c. Stock, 1943-46 97 15 0 98 12 6 4 p.c. Stock, 1946-49 . 98 0 0 4 p.c. Bonds, 1952-55 97 10 0 — Rural Bonds 98 15 0 BANKING— New South Wales 0 (£20) 30 0 0 32 0 New Zealand (£1) ... —. 2 0 0 Commercial (10s) ... 0 16 4 — 0 B.S. and A. (£3) ... — 5 11 National of New Zealand (£2 10s)... — 2 11 0 Union of Australia Ltd. (£5) 8 11 0 — INSURANCE— National (7s) .., — 0 15 6 New Zealand (£1) ... South British (£1) ... — 2 11 6 — 2 1 9 Standard (£1) 2 10 0 — SHIPPING— P .and 0. Deferred Stock (£1) — 1 11 6 U.S.S. Co. (pref., 6 £1) — 1 0 MEAT PRESERVING— N.Z. Refrigerating (cont., 10 a) — 0 8 0 Southland Frozen (paid, £1) — 1 10 0 LOAN AND AGENCY— Goldsbrough, Mort 0 (£1) — 1 10 Otago Farmers Co-op. (3s 4d) — 0 5 3 Trustees, Executors, and Agency (£3) ... 4 ( ) 1 0 Wright, Stephenson 1 9 (ord., £1) ... ... 2 COAL— Westport (10s) — 1 2 0 W est port-Stockton (pref,, 10s) ... ... 0 5 0 WOOLLEN COMPANIES— Bruce (ord., £1) ... Oaraaru (£1) 0 6 0 — 0 10 0 — MISCELLANEOUS— Associated News (£1) 1 i 6 — Associated News (pref., 0 £1) - 1 3 — Australian Glass (£1) 5 5 0 f— Australian Iron and Steel (pref., £1) ... 1 8 0 — Broken Hill Proprietary (£1) .., 2 17 3 2 18 3 Brown, Ewing (ord., £1) — 0 18 6 Brown, Ewing (pref., £1) Crystal Ice Co. (£1) — 1 1 6 1 16 0 — D.I.C. (ord., 10s) ... 0 13 6 — D.I.C. (pref., £1) ... —- 1 3 3 Dunedin Stock Exchange Prop. (£1) — 2 3 0 Dunlop Perdnau Rubber (£1) 1 0 10 — Macduffs Ltd. (ord., £1) — 0 3 6 Milburn Lime and Cement (£1) — 1 14 0 Mort’s Dock (£1) ... 0 13 6 — N.Z. Drug Co. (£2) 3 3 0 3 5 0 N.Z. Farmers’ Fertiliser (£1) — 0 16 0 N.Z. Paper Mills (£1) — 1 i 9 4 Otago Daily Times ’ 6 (£1) ... — 2 2 Smith and Smith 0 (pref.. £1) — 1 2 Woolworths (Sydney, ord., 5s) 1 1 7 — BREWERIES— New Zealand (£1) ... 1 18 0 — OVERSEAS MININGBroken Hill South (5s) 1 8 0 — Electrolytic Zinc 9 (ord., £1) Mount Lyoll (£1) ... 2 5 — 1 8 3 1 9 3 Mount Morgan (2s 0 6d) 9 10 — North Broken Hill (5s) — 2 9 9 GOLD MINING— Austral N.Z. (£1) ... 1 2 0 — Big River (Is) 0 0 11 — Clutha River (2s) ... — 0 2 6 Gillespie’s (Is) — 0 0 3 Sandhills (Is) — 0 0 2J Waitahu (5s) 0 0 7 0 1 0

£ s. d. Bank of New South Wales 30 0 0 Colonial Sugar 46 2 6 Huddart, Parker ... ... 2 10 6 Berlei (pref.) 1 11 0 Berlei (cont.) British Tobacco 0 19 0 2 7 9 Tooths 2 14 0 Australian Glass ... ... 5 4 6 Dunlop Perdriau 1 0 6 David Jones 1 14 3 Anthony Hordern 0 15 1 Bradford Cotton (prof.) ... Pitt, Son, and iBadgery 1 3 3 (New Zealand delivery) Cash Orders Amalgamated 2 1 0 (New Zealand delivery) 0 16 U Warburtou Pranki 1 0 6 United Provisions 0 6 8 Wool worths 1 1 0 Wilcox Mofflin 0 6 1 Henry Jones 2 8 0 Broken Hill Pty 2 16 0 Broken Hill South 1 8 0

Commercial Bank of Aus- £ B. d. tralia 0 15 7 E.S, and A. Bank ... ... 5 0 6 National Bank (£5 paid) ... 0 9 •o National Bank (£10 paid) Australian Paper Mfrs. 13 7 0 (pref.) I 5 0 Howard Smith 0 18 3 British Tobacco 2 8 0 Cox Bros Australian Iron and , Steel 0 11 9 (prof.) ... ... 1 7 6 Dunlop Perdriau ‘ Herald ’ and ‘ Times ’ ... 1 0 9 2 17 6 Hume Pipe ... 0 18 9 Imperial Chemicals (pref.) Yarra Falls 1 2 11 1 17 0 Mount Morgan 0 10 0 Mount Lyell 1 7 10 Broken Hill Pty. 2 15 6 Broken Hill Pty. (new) ... 2 3 1 Emperor 0 10 1 Loloma ,.j ■» uj I Q 10

London— £100 stg. T.T. N.Z. ... O.D. Buying. £124 10/ £124 1/3 Selling, £125 £124 19/9 Australia— £A to £100 N.Z O.D, £10010/. £100 ' Fiji— £F to £100 . N.Z. O.D. £90 £8812/8 New York— Dollar to £1 N.Z. ... ... T.T. O.D. 3.7620 3.7670 s.Tiiq 3.714# Montreal — Dollar to £1 N.Z T.T. O.D. 3.8030 3.8117 3.742?' 5.7431 Belgium— Belgas ■ to £1 N.Z. T.T. O.D. 22.424 ,22.499 21.88* 21.83$' Czechoslovakia — Korunas to £1 N.Z T.T. O.D. - 107.07 107.05 Denmark— Kroner to £1 N.Z T.T. O.D. 18.218 ■ 18.278 17-688 17.681 Finland — Marks to £1 N.Z. .., ... T.T. O.D. 186.15 186.53 176.00 176.10 France— Francs to £1 N.Z T.T. O.D. 145.41 140:41 140.43 Germany— Reichsmarks to T.T. £1 N.Z. ... O.D. - 9.147 9.148 Greece — Drachmae to £1 N.Z. ... T.T. O.D. - 418.63 418:83 Holland— Florins to £1 N.Z T.T. O.D. 7.018 7.056 6.761 6.763 Italy— Lire to £1 N.Z T.T. O.D. - 70.4Q 70.41 Java — Florins to £1 N.Z. ... ... T.T. O.D. 6.930 7.030 6.730 6.731 Norway— Kroner to £1 N.Z. ... ... T.T. O.D. 16.201 16.261 15.70* 15.701 Noumea — Francs ■ to £1 N.Z T.T. O.D. 150.41 156:91 156.93 Papeete— Francs to £1 N.Z T.T. O.D. 149.21 137:21 137:21 Sweden— Kroner to £1 N.Z T.T, O.D. ■ 15.833 15.893 15.331 15.334 Switzerland — Francs to £1 N.Z T.T. O.D. 16.778 16.881 16.311 16.5U Hongkong— N.Z. pence to 1 dollar ... T.T. O.D. 18 7-16 18 13-32 19 wa 19 3-33 India and Ceylon— N.Z. pence to T.T. 1 rupee ... O.D. 22 9-64 22 7-64 22 41-61 22 41-64 Japan— N.Z. pence to 1 yen T.T. O.D. 17 23-|| Singapore— N.Z. pence to 1 dollar ... T.T. O.D. 34 29-64 34 25-64 35 19-6* 35 19-6$