Investment Market To-day

Evening Star, Issue 23270, 19 May 1939, Page 6

Investment Market To-day

N.Z. SCRIP FIRMER IMPROVED SUPPORT FOR SELECTED ISSUES BANK OF NEW ZEALANDS SOUGHT AT £2 Firmer markets for selected New Zealand issues ruled this morning, several healthy, if restricted, advances being marked. Transtasman scrip was quiet, but the demand was maintained at late rates. Business was better. Bank of New Zealands showed out at buyers £2, but even at that valuation (which equals the recent sales price) vendors were not to be drawn. Taranaki Oils bad a better inquiry, but the margin remained wide. AVestportStockton prefs. had reported business and buyers at the slightly higher level of 7s 6d, while Mosgiel Woollens sold in,the room at £9 7s 6d, final purchasers offering Is 6d away. NAw Zealand Breweries were marked up another 3d by buyers. In the miscellaneous section New Zealand Drugs, Milburn Limes, and Dominion Fertilisers were all accorded firm support, the two first mentioned stocks displaying a 3d gain. Broken Hill Proprietaries, after business at £3 6s, had unsupplied buyers at that price, but Coles and other branstasmans were slack. Metals closed steady, Morgans being the only line to show out with buyers at 10s 7d. SALES REPORTED. —Late Yesterday.— .Mount Morgan, 10s Bd. —This Morning.— Bank of New South Wales, £3l ss, £3l 7s 6d (late yesterday). Broken Hill Proprietary, £3 6s. Westport-Stockton (pref.), 7s .6d SALE AFTER CALL. —This Morning.— Mosgiel AVoollen, £9 7s 6d. ,

jWATAJVtVyWWMVA DIVIDEND AND CALL LIST. DIVIDENDS DUE. New Zealand Paper Mills—Final. 4-per cent. t ••• May , New Zealand Paper Mills—Pinal, ♦ per cent., making 7 per cent, per annum May 20 Mosgiel Woollen—lnterim, 4 per .cent May 23 Bank of New South WalesInterim, quarterly, 6s a share May 25 P. and 0. Deferred—lnterim 2 per cent, sterling (less British income tax) May 24 North Wairarapa Permanent Building Society—s per cent. per annum May 25 Taubman’s, Sydney—lnterim halfyearly, 74 per cent May 25 Westport Coal share Ua ? 28 E.S. and A. Bank—lnterim 34 per cent, (less British income t ax ) ;. May 30 Emperor Gold (Fiji)—3rd of 6d share - May 31 Dunedin Brewery and Wilson Malt Extract Co—Final, 34 per cent a y Broken Hill Pty.—lnterim, 1* 3d a share May 31 National Bank of Australasia, 6 per cent May 51 Heliry Jones Co-op.—lnterim. 6d a share ... Inn. I Taringamutu Totara SawmillsInterim, 3 per cent Jun 1 Imperial Chemical Industries— Final, ord., 5 per cent., or 8 per cent, per annum ... ... Jun I Dominion Fertiliser—6 per cent. per annum Jim. 7 Swan Brewery, Perth—pref., at 6 per cent, per annum; ord., 6d per share plus bonus of 3d ... Jun. I Loloma (Fiji) Mines—ls a share Jun. 8 National Reliance Invest.. Melbourne—44 per cent Jun. 9 Bulolo Gold —Interim (No. 12), l.SOdol (Canadian), payable in Australian currency in Sydney Jun. 10 Placer Development—lnterim (No. 12), 60 cents (Canadian), in Australian currency in Sydney Jun. 10 Broken Hill South—quarterly 6d a share ... ••• Jun. 15 Bank of New Zealand Final, Is a share Ju° 16 Trustees, Executors, and Agency Co.—Half-yearly, 5 pef cent. Jun. 16 Mm-nt T/vell —Interim fid a share Jun. 19 Wilsons Cement—final, 4Jd a share Jun. 22 CAULS DDE. ' Bricks and Mortar—ls, making 4s paid ... May 51 Elder, Smith—£3, making £6 paid Jun. 1 Steamships Trading—ss, making £1 paid Jun. 15 Tooheys Ltd.—Bs making 12s paid Jun. 21 Broken Hill Ptv -ss, making £1 paid Inly 31 1.C.1 (5 pen cent., cum pref.)ss, making £1 paid July 31 Dunedin Brewery -ss, making £1 paid Sep. I INTEREST RATES TENDENCY TO RISE IN AUSTRALIA Press Association—By Telegraph—Copyright SYDNEY, May 18. The possibility of rising interest rates was mentioned by the State Treasurer, Mr A Mair, in the Legislative Assembly. He expressed the fear that if the Federal Government increased the rate of iuterst on its forthcoming loan it would have a serious reaction on industrial activity, besides affecting mortgage rates and overdrafts. At Canberra, questioned on the subject of the rising tendency in interest rates, the Prime Minister, Mr R. G. Menzies, said he agreed with Mr Mair that it was desirable that these should be kept down. Interest rates on Government securities in London had been firming for some time, and that tendency was now presenting difficul tK Mr Meuzics added that he iiad already discussed the problem with the o-overnor of the Commonwealth Bank, hut it was impossible at this stpge to disclose the outcome of the talks.

DUNEDIN STOCK EXCHANGE THIS MORNING S CALL LATEST QUOTATIONS Buyers. Sellers, £ s. d. £ s. d.

PRICE OF COLO LONDON, May 18. (Received May 19, at 11 a.m.) ferine gold is quoted at £7 8s 6d an

During the European crisis at the end of September, 1938, the price reached £7 7s (September 28). On January 4, 1939, a record price of £7 10s 5d was made. During February the price varied from £7 8s 7Jd (February 1) to £7 8s 2d (February 27). Highest price in 1939, January 4, £7 10s 5d (record) Highest price in 1938, November 26, £7 10s; lowest price in 1938. January 3. £6 19s sd. Highest price in 1937 March 6. £7 2s 7Jd ; average price in !9‘V) £4 5s an ounce

MINES AND METALS SPOT COPPER RISES LEAD AND SPELTER HESITANT MOST FORWARD LINES EASIER Press Association—By Telegraph—Copyright LONDON. May 18. (Received May 19, at 1 p.m.) Following ere the latest official (middle; quotations on the London metal market, as reported by the Australian Mines; and Metal Association, compared with those of May 17:— May 17. May 18. fi s. d. £ s. d.

WELLINGTON ALLUViALS YEAR'S OUTPUT, 12,284 OUNCES In the 12 months ended April 30 the dredge of Wellington Alluvials Ltd., Wellington, N.S.W., operated 5,883 hours, treating 2,710,000 cubic yards of material for an estimated recovery or 12.284 fine ounces of gold, equivalent to 2.2 grains a cubic yard. . , From January 1 to April 30 in the previous financial year the dredge turned over 454,000 cubic yards of material, including 211,000 cubic yards of barren overburden, for a recovery of 1,4400 zof fine gold. Bedrock was first reached by the dredge in March of that year.

LOLOMA DIVIDEND FIFTH DISTRIBUTION OF 1/A 'dividend, the fifth, of la a share has been declared by, Loloma (Fiji) Gold Mines N.L., Fiji, payable June 8. Transfer books will close on May 25 and reopen on May 27. Dividend cheques will be posted direct to shareholders The distribution will require £41.250 and raise the dividend record to ,£206,250. ■ Dividends ot Emperor Mines Ltd amount to £190,000, and declarations by the two companies since May 27, 1928, amount to £396,250. The gold mining industry in Fiji is now yieing in importance with the* sugar industry The Government' receives Is ip the pound.ias , iflcdmeytax,;jass«snie,ht,l apd . the cdmpames'-'pay ,royalties of 6. per cent, on gold and 2 per dent, on silver In addition there is the Customs duty payable to the Government on the importation of certain stores and plant CIUTHA AND MDLYNEUX SHARES Press Association—By Telegraph—Copyright LONDON, May 18. (Received May 19, at 1.30 p.m.) Share quotations: Clutha River Company—buyers Is, sellers Is 6d; Molyneus River Company buyers 3d, sellers 4sd. REPORTS AND RETURNS Mossy Creek. The Mossy Creek dredge obtained 360 z from 6,969yds of material, working 134 hours. CITY OF SYDNEY LOAN Press Association—By Telegraph—Copyright LONDON, May 18 (Received May 19, at 8 a.m.) . Dealings in the City of Sydney loan are expected to begin on May 24.

NOKOMAI GOLD MINING PROBABILITY OF DEBT CLEARANCE TWENTY YEARS’ LIFE IN CLAIM BALLOT TAKEN FOR DIRECTORATE VACANCY That the company would be entirely free of debt, except for the debenture issue, if the next wash-up came up to expectations, was the very satisfactory position reported by the chairman (Mr H. L. .Gill) at the seventh annual meeting of the Nokomai Gold Mining Company Ltd. last night. The company had experienced a very satisfactory year, while bore tests on the present paddock had indicated quite as good, if not a better, yield as was obtained from the previous paddock worked. The chairman estimated that the claim possessed a life of approximately 20 years, of which two years’ work lay in the gorge. The richest ground, as indicated by boring, was at the lower end of the claim, which had never been \ operated. There was an attendance of about 80 shareholders. CHAIRMAN’S REVIEW. “ The past year has been the most successful we have had for many years,’’ said the Chairman, moving the adoption of the annual report and balance sheet. The company had made a net profit of £1,700 on the year’s work, and in addition had purchased 1 new; stocks of pipes and replacement parts for the gravel pumps to the value of approximately £1,300. The major part of this expenditure would not be recurring for some time. ' Industries and • 1 Vulcan Steel Company accounts had also been paid, and if the next wash-up came up to expectations the company would be entirely free of debt (except, of course, for the debenture issue). All being well, there should be a washup by the end of next month. Continuous work had been carried on during the year, , except for the usual stoppages for adjustments and the dry spell during the autumn. The gravel , pumps had been actively working for two years, and had proved their capability of working the claim. An area of approximately li acres, measuring" 151,500 cubic yards, was worked during the year. Gold won totalled - I, valued at £12,052, as against 1,1360 z (£7,968). for the previous year. Races had been maintained in their usual state of efficiency, and shon'd serve the company for many years to come. The paddock now being worked was as large as, or larger than, the previous one, which yielded 9610 z. According to the bores, this one should give quite as good, if not a better, return. _ “ Given seasonable weatber,the directors look with confidence to the future prosperity of the company The motion was seconded by Mr T,. Scurr, and the report and balance sheet were adopted without comment. In response to g question, the Chairman stated that gold . tax payments made during the year totalled £1,023, The company had not yet paid a dividend. - LONG RECORD BROKEN. For the first time in the 45 years of a Nokomai company’s existence, a ballot was necessary to elect, a director. Proxies totalling 32,263 shares Were laid on the table. Mr R, G. Hudson was elected, polling 87,492 against tha 15,785 . for Mr H. M ‘Dowell Smith, the retiring director. The directors’remuneration was fixed at the unchanged amount of £3OO, The retiring auditors, Messrs W. A. Mitson and Co. Ltd., were re-elected at an unchanged remuneration.

CONSOLS AND STOCKS PreM Aatociatiqn—By Telegraph—Copyrighf LONDON, May 18. (Received May 19, at 1 p.m.)'

N.Z. GOVERNMENT LOANS3i p.c. Stock, March, 1941-43 93 0 0 — p.c. Stock, Sept.. 0 1941-43 98 0 —- 4 p.c. Bonds, 1943-46 98 10 0 — 4 p.c. Stock. 1943-46 98 10 0 — 4 p.c. Bonds, 1946-49 98 5 0 — 4 p.c. Stock. 1946-49 98 5 0 — 4 p.c. Bonds, 1952-55 98 10 0 — 4 p.c. Stock, 1952-55 98 10 0 — BANKING— New Zealand (£1) ... 2 0 0 — New Zealand, Long “ D ” (£11 1 6 6 — Commercial (10s) ... — 0 16 9 National of N.Z. (£2 10s) 2 4 0 2 5 0 INSURANCE— National (7s) 0 15 7 — Standard (£1) 2 10 6 — SHIPPING— P. and 0. Deferred Stock (£1) 1 5 0 — 1 U.S.5. Co. (pref., £1) I 5 6 MEAT PRESERVING— N.Z. Refrigerating (paid. £1) 0 15 0 N.Z. Refrigerating (cont., lus) ... ... 0 6 11 — Southland Frozen (paid, £1) 1 7 0 — Waitaki Farmers’ Freezing (£5) 4 0 0 — LOAN AND AGENCYGoldsbrough. Mcrl (£1) — I 10 0 National Mortgage (“ B ” Issue, £1) ... Otago Farmers’ Co-op. 0 18 0 (3s 4d) — 0 2 a Wright, Stephenson 6 (pref.. £1) ... ... — 0 19 COALKaitangata (16s) 1 7 6 — Westport (10s) ... ... 1 0 0 1 i 0 Westport-Slockton (ord., 10s) Westporl-Stockton — 0 4 0 (pref., 10s) 0 7 6 — OIL— Taranaki (£1 4s 7d) * 0 S 3 0. 6 9 GAS— Auckland (£1) — 0 I? 3 WOOLLEN COMPANIESBond’s Hosiery (£1) — 1 1 0 Bruce (ord., £1) 0 10 0 0 10 6 Kaiapoi (ord.. 17s) 0 12 6 — 0 Kaiapoi (pref., 17s) ... Mosgtel (£4) 9 6 0 0 15 Oamaru (£1) — 0 15 9 MISCELLANEOUS— Associated News (pref., £1) 1 2 6 -r British Tobacco (£1) 2 11 0 T Broken Hill Proprietary (£1) 3 6 0 — D.I.C. (pref., £1) ... 1 1 0 — Dominion Fertiliser (£1) Dominion Rubber (£T I 3 9 1 4 6 — I 0 0 Donaghy’s Rope and 2 Twine (£1) ... ... 7 0 — Dunedin-Kaikorai 9 0 Trams (£1) 1 — G. J. Coles (£1) ... 3 12 0 — G. J. Coles (rights) 2 10 6 — Hume Pipe (£1) 0 19 0 1 — 6 Kauri Timber (£1 5s) — 4 Milburn Lime and Cement (£1) 1 13 6 — National Electric (£1) — 0 14 3 N.Z. Drug Co. (£2) 3 5 9 — N.Z. Paper Mills (£1) - — 1 5 6 — • Otago Daily Times (£1) 2 0 6 Smith and Smith (pref., £1) — 1 0 6 Woolworths (Sydney, I ord., 5s) — 4 0 BREWERIES— New Zealand (£1) ... 1 18 $ — Dunedin (£1) — 1 4 0 OVERSEAS MINING— Broken Hill South 9 6 (5s) ... — I Electro Zmc. (ord., £1) 2 9 6 2 10 3 Emperor Mines, Fiji (10s) 0 10 0 6 Mount Lyell (£1) ... Mount Morgan (2s 6d — 1 8 0 10 7 — Mount Morgan (pref., £1) 1 2 9 — Wellington Alhivials 0 4 6 — N.Z MININGAustral N.Z. (£1) ... 1 3 9 1 4 9 Clutlia River (2s) — n 0 2 3 Gillespie’s (Is) 0 0 0 0 10 Goldfields Dredging 0 (Is) ...' — 0 2 Grey River (10s) 0 17 3 0 18 3 Maori Chilly (Is) ... — 8 0 0 7 Nokomai (5s) 0 1 0 2 0 Okarito (5s) 0 2 6 0 3 0 Paddy’s Point (5s) — 0 1 3 Sandhills (Is) — 6 0 o m Waitahu (5s) 0 0 0 0 9

ounce. May 17 ... £7 8 5J May 16 ... 7 8 5 May 15 ... 7 8 55 5i May 12 ... ... 7 8 May 11 • •• ... 7 8 5 May 10 • •• ... 7 8 55 May 9 ... ... 7 8 65 May 8 ... ... 7 8 6 May 5 ... 7 8 6 May 4 ... 7 8 6 May 3 ... ... 7 8 65 May 2 ... 7 8 6 May 1 ... ... 7 8 6 April 28 ... ... 7 8 6 April 21 ... ... 7 8 65 April 14 ... ... 7 8 6 April 4 ... 7 8 55 March 31 ... 7 8 65 March 1 ... 7 8 5 February 28 ... 7 8 8 February 2 ... 7 8 75 January 31 ... 7 8 6 January 4 ... 7 10 5

Copper— _ . Standard, spot ... 41 0 74 40 18 y Forward 41 6 104 41 5 74 Electrolytic, spot 47 0 0 47 7 6 Forward 48 0 0 47 12 6 Wire Bars— Spot 48 0 0 47 12, 6, LeadSpot 14 8' li 14 6' XOJ Forward 14 13 li 14 10 74 Spelter— _ .. Spot ••• «•« 13 10 0 10 » Forward 13 15 7j 13 15 74 TinSpot 225 7 6 225 12 6 Forward 223 2 6 225 2 6 Silver— _ _ Standard, per oz 20 l-8d 20 1-lbd Fine, per oz 21 ll-16d 21 5-8d

Consols, 2i ... £67 10 0 Funding Loan, 4, 1960-90 ... ... 106 0 a War Loan,. 3£, 1952 92 10 0 Conversion Loan, 6j, 1961 94 0 0 Victory Bonds, 4 ... 105 10 0 Commonwealth, 5, 1945-48 ... ... 104 5 0 Commonwealth, 4, 194348 ... ... 99 15 0 Commonwealth, 3i, 1948-53 ... •Commonwealth, 3£, 1956-61 ... 92 15 82 17 0 6 Commonwealth, 3, 1955-58 82 5 0 New South Wales, 34. 1935-50 ... ■95 0 0 Victoria, 3. 192949 8810 0 Victoria. 4J, 1940-60 102 0 0 Victoria, 5, 1945-75 103 13 9 Queensland, 3, 192247 ' 90 15 0 Queensland, 5, 1940-60 ... ... ... 101 15 !) 0 South Australia, 3, 1916 (opt.) 72 0 South /Australia, 5, 1945-75 103 5 0 West Australia, 4, 1942-62 95 15, 0 Tasmania, 3J, 1920-40 101, 0 a Tasmania. 4, 1940-50 ‘... 98 0 a New Zealand, 4J, 1948-58 ... ... 94 17 s New Zealand, 3|, 1940 ... ... ... 100 5 0 New Zealand, 3, 1948 ... ... ... 89 10 0 *Es-interest.