COMMERCIAL

Greymouth Evening Star, 1 May 1936, Page 8

COMMERCIAL

N.Z. LOAN [per press association.] WELLINGTON, April 30. On inquiry from the Minister of Finance (Mr. Nash) it was ascertained that the issue of stock referred to in a London cablegram to-day, is m relation to the. loan of six millions sterling which is to be repaid on August 1. A portion of it will be re Pa* tl out of New Zealand funds and the balance raised in London.

LONDON, April 30. It is understood that the New Zea-, land issue will be four millions,l9s2-■ 55, at £9BJ, cash applications being invited early next week. Con^ e applicants are expected to be offered equal nominal amounts of new _ s , with cash adjustment. „ OQlnnrl Cash application for New Zealand three per cents will open and close on May 4. The conversion loan will open forthwith and close on May 11. Converters will receive a cash payment of 30/- per cent. ADDINGTON MARKET. Sales at this week’s Addington market, on behalf of West Coast clients, included: A. S. and H. ■ Cunningham (Jacksons), 65 ™ lambs at 17/7 to 22/10, and 10 fat lambs at 21/4; L. M. Bassett (Hohonu), S fat lambs at -0/4: e Kinga Land and Timber Compani. 1steers at £9 to £l4/2/6. STOCKS AND SHARES.

DUNEDIN, May 1. Sales reported: Southland Frozen Meat ord. £3/16/6, Bruce Woollen pref. £l/3/-, Broken Hill South, cum. div., £5/14/-. After call: Bank ot New’ Zealand £2/5/10. CHRISTCHURCH, May L Comm. Bank of Australia 20/1, National Insurance (cum. div.) 19/-, Colonial sugar £4l 12/6, Greater Crystal Palace 9/6. Upper Watut 7/-. Reported: Bank of New Zealand 75/-. . AUCKLAND, May 1. Sales, morning call: Northern Steam 6/10, Brick 9/11, Macky Logan 25/-, Kauri 23/3. Breweries 52/-, Whitcombe and Tombs 70/-, Coles 73/3, E.S.A., Bank £6/6/-. City 3i per cent. £94, Harbour 1941 £lO4/10/-. Sales, noon call: Golden Crown 8/o. Dominion Breweries 22/3, Bank of New South Wales £33/7/6; Sugar £4l/17/6. Stock 52/55 £lO4. City 44/63. £lO5/5/-. Harbour 1955, £io». BUNDI DREDGE RETURN. The dredgemaster, Mr R. S. Poole, reports as follows: For the period ending Wednesday, April 23, the dredge operated for 307 hours, treating 65,000 cubic yards of mateual, to a '‘recovery of 141ozs, 2dwts, 7grs ot gold. GOLDEN SANDS LTD. An improvement of 37 per cent, in the average number of ounces of gold gained per shift w’as pointed out to shareholders in Golden Sands, Ltd., by the chairman of directors, Mr. R. T% Tosswill, at the annual meeting of the company, held in Christchurch, yesterday morning. The gold recovered totalled 824 ounces, as against 460 ounces in 1935 and 894 ounces in 1934. •

During the year, there had been a substantial improvement in charges, and the company was now converting gold at. 14/- per oz.. as against 14/11 last year and 15/1 in 1934. Of these charges. 12/6 per ounce, the gold export duty, was constant. The average purity assay showed a slight improvement over previous years, being 9530. as against 9514 in 1935 and 9519 in 1934.

“As to the financial aspect of the company, I think we can consider that the finances are quite satisfactory.” said Mr. Tosswill. “The only liabilities are for current wages and supplies, amounting to a little over £2OO, against which we have over £llOO in cash and unrealised gold. It is now proposed to write a further £BO3 8/G off the plant extension account, representing 50 per cent, of this item, and 10 per cent, or £307 16/5, off the plant and machinery construction and development account. This, with the amount already written off, makes a total of £3287 10/7, or approximately one-third of the total expenditure of the company, including mining rights and privileges. The directors have set aside a deposit account of £5OO, which they propose to increase to £lOOO before declaring any further dividends. This item it is intended to use as an emergency fund to provide against any contingency which may arise.”

Referring to the export tax, Mr. Tosswill said that many deputations had waited on the present and past Governments and Ministers with a view (o getting the tax removed, but, whereas the Minister of Mines (the Hon. P. C. Webb) had expressed himself as being entirely sympathetic with the deputations’ desires, it was unlikely that any definite intimation would be given until the Government proceeded with its legislation dealing with Hie mining industry. A final dividend of 15 per cent., making a tolyl of 25 per cent, for the year, was approved, and Mr. James Murphy, who retired from the directorate by rotation, was re-elected. The meeting ended with a vote of thanks to the board.