COMMERCIAL

Greymouth Evening Star, 26 November 1927, Page 8

COMMERCIAL

AUCKLAND WOOL SALES (Special to "Star.")

AUCKLAND, Nov. 25.

The official range of wool prices is

Merino, average 23-j to 25d. fine half-bred super 23} to 26Sd; average 21 to 23d; med halfbred super 29A to 22d, average 19d to coarse halfbred super 19 to 21|d; average 18 to 19d; inferior 16J to 18d, fine crossbred super 17 to 183 d, average 15 to 17id, inferior 13 to 14Jd, medium crossbred super 16 to 17|, average 14 to 16d, inferior 12 1 to 14d coarse crossbred 14 to 153 d, average 12J to 14d, inferior 10£ to 12d, low crossbred super 13J to 14£d, average 11:7 to 133 d, inferior and seedy 9J to Hid, hoggets super 18 to 21d, fine 17.1 to 191 d, medium 163 to 183 d, coarse 14 to 16jtd, lambs fine 151 to 173<1, medium, 141 to 15Jd, seedy and inferior 9 to 13 d, fellies pieces half bred super 161 to 193 d, crossbred good and super 13J to 16d, low to medium 101 to 113 d, crutchings medium to good lOd to lid, inferior to seed 6£d to Sid, lock cross bred 6d to BJd.

WESTPORT COAL CO.

DUNEDIN, November 24.

The annual meeting of shareholders of the Westport Coal Co., Ltd., was held on {Wednesday afternoon. In moving the adoption of the report and balance-sheet, Mr G. L. Denniston, the chairman, dealt fully with the business of the company during the past year. After stating that the year had passed without encountering any industrial troubles of a serious nature, he proceeded: “I have to report a falling off in our output, though not a serious one. We produced 418,152 tons of coal against last year’s 442,828 —a. difference of 24,676 tons. “You will not have forgotten our efforts, continued for some years past, to persuade the Railway Department to use New Zealand coal for their locomotives and discard the foreign article,” proceeded the chairman. “As you know, our efforts were successful, and aided by sympathetic Ministers and sympathetic Departmental officials we, in common with most other coal companies, received considerably incieased orders from the State. Difficulties have unfortunately occurred in regard to the quality of the coal we could supply, and our business with the Department —the chief user in the Dominion —has .been disappointing. We can only set ourselves to increase our efforts to prepare our coal in the form desired by the officials appointed by the Government to supervise the business, and to comply with ther standards.

“I have already alluded to the fapt that we have to deal with diminished profits for the year. We recommenced with a carry-over in the profit and loss account, after the payment of a dividend and to the employers’ fund, of £13,406 5s Id. Add the net profit for the present yeqr, £34,093 10s Id, making £47,499 15s 2d, and deduct the dividend of Is per share paid in May, £22,500, leaving a balance of £24,999 15s 2d. Out of this we propose tc pay a dividend of 6d per share, absorbing £11,250; which leaves a balance to be carried, forward of £13,749 15s 2d. The Is 6d dividend, therefore, payable from the profit and loss account, £33,750, is just equivalent to the profit earned, as shown above (£34,093 10s Id). “We propose, in addition, to pay 6d per share out of the insurance account, and the payments from both funds make £45,000, equal to 10 peil cent on our capita]. We can well afford the contribution from the insurance account, we have had our usual good fortune in avoiding losses, and the account is in credit £138,579 8s 2d. A dividend of 5 per cent., making with the interim dividend, 10 percent for the year, as recommended by the directors, was carried. Mr G. L. Denniston and Mr Crosby Morris, the retiring directors, were reelected.

GREY VALLEY COLLIERIES.

ANNUAL MEETING

(Special to "Star.")

CHRISTCHURCH, Nov. 25.

The annual general meeting of the Grey Valley Collieries Ltd., was held at the Company’s office, Hereford Street. The Chairman of Directors (Mr. Allan Smith) presided. Those present included Messrs R. Bell , J. Catchpole, C. C. Davis, F. R. Hogarth, J. M. A. Elliot, Sidney Kirkaldie (directors) and- several shareholders. The third annual report and balance sheet was adopted on the motion of the chairman.

Mr. Catchpole, in moving the adoption of the report and sheet, said: Mr. Chairman, I would like to make a few remarks particularly referring to the unfortunate disaster that overtook the company in December last year when an explosion occurred in the early hours of the morning. The cause will never be known, as unfortunately some of the men employed were killed outright, those who were brought to the surface died without regaining consciousness. Needless to say, the loss of these valuable lives is greatly to be deplored. I cannot give too much praise to those who, as soon as they heard the explosion, hastened to the scene to form a rescue party. Official workers from all the mines in close proximity, quickly congregated at the scene of the disaster, and in conjunction with our own staff,, who bravely entered the pit, which was in a burning condition, likely to explode again at any time, did all possble to make sure nothing further cotfld be done to save the lives. An endeavour to extinguish the fire in the mine was started, but this method was unsuccessful, and acting on the advice of the Inspector of Mines and the managers, flooding was resorted to, which ultimately put the fires out. The mine was filled to ?. point Jive chains from the top of he main, dip drive. Had the task of unwatering been easy, the mine would have been producing some months before it did. Only those (who are closely associated with unwatering know the difficulties of such an undertaking. Suitable plant to do the work is not procurable within the colonies, and at one period the directors thought the only thing to do was to procure plant in the Old Country which would have meant a long wait of many months before the unwatering could be commented. However, by persistent effort, a scratch plant .was procured in New Zealand arid as soon as it was treated, continuous pumping night and day was carried out, until the unwatering was completed, and the bodies of the unfortunate men recovered. I would like to mention the great

work don's by our manager, Mr. Hughes and the staff associated with him during this trying period. Their efforts to keep the pumping continuously going were unsparing. All stuck manfully at the job, right to the end. Mining operations were resumed in July this year, and production has gone along steadily ever since. The output has steadily increased, and we are now producing a much larger output than before the explosion. Speaking of the mine itself, it is now well equipped at the surface and underground. It is in clean methodical condition, enabling work to be carried out in an efficient economic manner. The Inspector of Mines on his visits, has expressed himself that the mine is conducted in safe manner. He has no fault to find. As shown by the balance sheet, the explosion has been a costly business and a great set back. This is very regrettable, especially so as just prior to the explosion, we were getting, as it were on our feet, reaching the dividend stage. To finance the cost of the disaster the directors issued £25,000 debentures. Practically all this amount was subscribed, thus enabling the directors again thoroughly to establish and equip the mine. Under careful management I consider the future prospects of the mine should be good. Very soon it will be possible to produce a much larger output of first class bituminous coal. Wherever our coal is sold, we receive good reports. If the sales' can be maintained for a large output we should soon place ourselves on a good financial footing. Every effort is being made to keep costs down as output increases, and good results in this respect are apparent. Whilst mentioning coal sales, I would like to see the New Zealand railways, who are the largest consumers of coal in New Zealand, stop importing the Australian article. These remarks also apply to other large importers. The competition of oil and electricity is having a decreasing effect on coal sales, and it is up to all who have the welfare of the Dominion at heart, to burn only the New Zealand produced article. Buying our own New Zealand coals, apart from keeping money in the country, would help the coal industry which employs a great number of men. This employment assists in the prosperity of the Dominion to a large extent. At the Coal Association’s Annual Conference lately, I noticed the chairman made reference to new companies forming, and warning of the danger of over-produc-tion. In my opinion, the Government should not grant further leases. I am satisfied that with the number of mines now producing, that more coal is being turned out than can be consumed. In this class of industry, to mine on a payable basis, the wheels of the industry must be continuously moving. Broken time is costly both to owners and public alike. In England, the mineowners, owing to decreasing demand, have co-operated together and closed a number of pits. In conclusion on behalf of the directors I wish to thank the Hon. Minister for Mines and his officers for their valuable assistance to the company through its trying time. Any assistance and advice they could give us was readily' given. I also wish to think our Manager and staff for the way they have co-operated to bring the mine back to its present productive position. Perhaps at this present meeting, it is not out of place to menton that your directors have had a strenuous time, and have put in a very large amount of valuable work in their endeavours to place the mine in its present favourable position.” The retiring directors Messrs C. C. Davis and F. R. Hogarth, were declared re-elected unopposed. Stewart Beckett & Co., were re-appointed auditord for the ensuing year. A cordial vote of thanks to the directors for their work during the past year was carried on the motion of Mr. Geo. Moss and Mr. Walter Leitch.

BUTTER AND CHEESE Copy of cablegram received by Dalgety & Co. Ltd., from their London Office, dated November 25: — Butter—Market slow. New Zealand finest salted 172/- to 176/- (176/- to 180/-) ; Finest Australian Unsalted 184/- to 186/- (182/- to 184/-); Finest Australian Salted 172/- to 176/- (172/fo 176/); Danish —Spot quotation nominal. High prices asked by owners, check business. Quotations f.o.b. 192/(206/- to 208/-).

Cheese—Market firmer. New Zealand White and Coloured 100/- to, 102/ (98/- to 100/-); Canadian Spot White and Coloured 98/- to 102/- (98/- to 102/-); Canadian c.i.f. 94/- to 98/(94/- to 98/-).

LONDON WOOL SALES Messrs Dalgety & Co. Ltd. report having received the following cablegram from their London House, under date of Nov. 22;—London Wool Sales opened with good general competition, good selection, and a large attendance of buyers. As compared with closing rates of last series, Merino par to 5 per cent, higher, Crossbred 71 per cent, to 10 per cent, higher. LOAN AND MERCANTILE. LONDON, November 24. After writing off £lO,OOO to premises account, the New Zealand Loan and Mercantile Agency Company’s divisible balance is £148,091. £lO.OOO was added to the staff benevolent fund, and £47,597 was carried forward. NEW WOOL PACK. LONDON, November 24. Twelve bales of Wingadee wool, in the new hemp-lined pack, invented by Mrs Mary Baird, of Sydney, were exhibited at the London Docks wool floor. Buyers did not show much interest. Some experts do not consider the pack likely to be a success. They prefer Ackroyd’s.

STOCKS AND SHARES. AUCKLAND, November 26. Sales, on ’Change, Occidental una 1/8; Bank New Zealand 59/9. (NOTES BY “INSIDER”) The share market sales have been mostly in Bank stock and these lines show an advance in prices over the previous week. .Bank of New Zealand’s have had sales at 59/7 compared with 59/- last week. Union Banks’ sales at £l4/10/- showing an advance of 5/- for the week. Bank of New South Wales sales are firm with buyers at £45/5/-, against £44/12/6. Commercial Bank of Australia are wanted at 29/-. N.Z. Insurance shares are, firm at 40/-. Sales have taken place at this price in Auckland. South British have buyers at 56/9, and Standard at 61/6. Brewery shares are quiet in conse-

quence of the impending legislation and the doubtful result. New Zealand’s have dropped back 4/6 per share. Staples have not suffered so much. The price sellers are asking being Gd less than last week. Dalgety’s are now ex dividend and are under offer’ at £l3.

CHCH. STOCK EXCHANGE QUOTATIONS. Buyers. DEBENTURES<1. £ 8. d. p.c. InScr., 1938 41 p.c. Inner., 1933’ 96 5 0 96 10 0 41 p.c. Bands. 1939 96 5 0 96 10 0 5 p.c.. 1927 99 10 <1 101 0 0 5), p.c. Inscr., 1927-41 98 10 0 5J p.c. Inscr., 1928 101 0 0 101 5 0 5J p.c. Bonds. 1933 ... 101 5 1 101 10 0 5J. p.c.,Inscr., 1936 51 p.c. Bonds, 1933 101 5 0 101 10 0 101 5 0 101 10 0 52 p.c. Chch. Gas. 1934 100 10 0 62 p.c. Chch. Hospital 99 0 0 99 10 7J p.c. Gisborne Sheepfarmers 1931 85 0 0 8S 0 0 N.Z. Breweries 1 3 8 1 3 10 BANKSAdelaide 8 11 6 8 15 0 Adelaide rights Aus. Bank of Common e 1 12 1 12 10 Australasia Comm. of Australia ... 14 15 0 15 0 0 1 9 0 1 9 D do. (pref.) 7 0 6 y 1 6 Comm. of Sydney 24 5 0 24 10 0 E.S. and A. 7 10 0 7 12 6 National of Australasia 8 13 0 8 14 0 New South Wales 45 5 0 45 7 6 N. S. Wales (Rights) ... 25 6 25 10 0 New Zealand 2 19 6 2 19 9 Union of Australia 14 8 6 14 10 0 Western Australia ’2 19 3 3 0 0 B.N.Z.L.T. Mortgage ... 16 7 Bank N.Z. Mortgage ... 16 9 do. (fully paid) ... 1 6 0 1 6 National of N.Z. INSURANCE— 6 15 6 6 17 6 National of N.Z. 3 19 0 3 19 9 New Zealand 1 18 9 1 19 6 South British 2 16 9 Standard 2 19 3 3 0 3 Queensland LOAN AND AGENCY— 2 15 3 2 16 6 Dalgety and Co. 12.19 6 13 1 0 National Mortgage 3 12 3 3 18 0 Goldsborough Morts ... 2 6 9 Q 7 6 N.Z. Loan and M. Co. .. 94 0 98 0 0 SHIPPING— Howard Smith 1 9 6 1 10 0 JIuddart Parker 2 8 4 J 8 9 Union (51 p.c. Cum Pref.) 1 0 0 1 0 6 P. and 0. Stock FROZEN MEAT— 266 0 ■o 278 0 0 Canterbury 8 2 6 8 5 0 N.Z. Refriegrating 8 1 8 3 do. 20s paid 15 11 16 4 WOOLLENSKaiapoi (pref.) COAL— 8 6 10 ( Westport 1 15 0 1 17 0 Westport-Stockton GAS— 6 3 6 Christchurch 1 4 0 1 4 3 Timaru 1 2 6 1 3 6 Ashburton 5 10 0 5 17 Wellington 1 7 0 1 8 0 Auckland BREWERIES— 1 2 7 1 3 Crown 13 0 13 11 Manning 19 9 1 0 0 New Zealand 2 0 0 1 9 Ward 1 13 6 1 18 Staples Monteith 1 17 9 1 18 0 19 9 1 1 0 CEMENTSWilson’s 1 16 7 1 17 0 TIMBER— Kauri MISCELLANEOUS1 3 6 1 4 0 Heath and Co 1 12 4 1 12 9 British Tobacco 2 13 9 15 Burns, Philp Colonial Sugar 1 15 54 0 3 0 1 54 16 10 0 9 6 Dunlop Rubber 1 5 8 1 6 Elect. Zinc Pref. 1 11 8 1 w Holdens i 19 G 0 N.Z. Drug Co. N.Z. Farmers’ Co-op. ... 3 4 75 0 0 0 U N.Z. Sugar of Milk 1 2 6 1 10 Whitcombe and Tombs 3 9 0 3 10 Doin. Home Bldgs. 1 6 6 British Tobacco 2 1 D.I.C. (pref.) 1 ** 1 Q D.l.C. (ord.) 19 6 N Z. Guarantee Corp. .. 8 Quill Morris 1 1 1 Crystal Palace MINING— 1G ML. Lyell 1 8 2 1 1 8 2 6 0 Waihi 1 1 5 t 0 f Blackwater .,•» >0 Alexanders (fully paid) -