COMMERCIAL

Greymouth Evening Star, 8 June 1937, Page 8

COMMERCIAL

o o <t>

SYDNEY WOOL SALES

[BY CABLE —PRESS ASSN. —COPYRIGHT.]

SYDNEY, June 7. At the wool sales to-day, values for good length fleece and best broken were down 5 per cent., medium length 71 to 10 'per cent., earthy- and short wools 10 per cent., and crutchings 10 to 15 per cent. Competition was good and came chiefly from Germany and Japan. Greasy merino made to 22? d. Offerings totalled 12,213 bales, of which 10,101 were sold at auction. A further 4041 bales were sold privately. '

AUSTRALIAN LOAN

(Recd. June 8, Noon) LONDON, June 7

The Australian conversion loan is being underwritten on June 8. The, New South Wales portion will be £12,360,959 at 31 per cent., at £96 10/-, maturing in 1950/52, which replaces the 31 per cent, stock issued at £97/10/-, maturing in five years. It enables an annual saving in interest of £36,344, equivalent to £46,000 in Australian currency. The total savings in Australian currency by the conversion will be £4,025,000. The loan is being issued on June 9. The new stock offers a. flat yield of 72/7 per cent. The total yield, allowing for redemption at the latest date will be 76/2. STOCKS AND SHARES. AUCKLAND, June 8. Sales: Bank of New Zealand 46/-, Auckland Gas 22/-, Dominion Breweries 45/3, (4), New Zealand Brewery Rights 22/5, 22/6, Farmers’ Trading (new) 21/-; New Zealand Newspapers 35/-, Woolworths (Syd.) (Ist pf.) 42/-, Gillespies 1/6, Martha 15/-, Grand Junction 3/-, Mt. Lyell 43/9, Mt. Morgan 13/6, Stock 43/46 £lO4. Sales, noon call: Loan and Mercantile £47, Broken Hill Propty. 80/6, Colonial Sugar £46/15/-, Electro. Zinc pref. 57/-, New Zealand Drug 74/-, Taranaki Oil 4/11, Woolworth’s (N.Z.) £B, Grand Junction 3/1, Broken Hill South 51/-, Mt. Lyell 43/11, New Zealand Crown Mines 2/1. Unlisted: Radio 1926 22/3.

DUNEDIN, June 8

Sales: N.Z. Loan and Mercantile (ord.) £47, N.Z. Guarantee Corpn. 5/-, Austral N.Z. Mining 11/3 (2), Rawang Tin 11/5, N.Z. Breweries (rights) £1 2/6 (2), Sandhills Id (3), Bank of N.Z. £2/9/1. WELLINGTON, June 8. Sales: Gear Meat 16/-; Westport Coal 23/3; Kelburn Tram, ord., 22/-; N.Z. Brewery Rights 22/6, 22/7; Broken Hill 80/3. CHRISTCHURCH, June 8. Sales: Comercial Bank of Australia 18/10, Bank of New South Wales £36 5/- (2), Bank of New Zealand (cum. div.) 46/- (2), New Zealand Breweries (rights) 22/8, 22/7 (17), 22/6, Dunlop Rubber 22/7, Electro Zinc (pref.) 57/-, Taranaki Oilfields 4/-, Broken Hill South (cum. div.) 50/-, Mount Lyell (cum. div.) 43/9 (7), 43/8, 43/9 (4), Mount Morgan (cum. div.) 13/3 (3), 13/21 (7), Rawang Tin 11/5. Reported 1 : Morts Dock (late sale yesterday) 13/3, Auckland Gas 22/-, Dunlop Rubber 22/7. Unlisted: Grey River (3/9 paid) 4/5 (2)., 4/6; Wolworth’s (Sydney, ordinary) £6/18/6.

MINING RETURNS. RIMU DREDGE. HOKITIKA, June 8. Rimu dredge return to June 7: — For 108 hours, 44,423 yards excavated, 246.95 crude ounces recovered. MATAKI. AUCKLAND, June 7. The Mataki return for the week ending June 6 was 260 z for 132 hours’ work and 7600 yards.

CLUTHA DREDGE

DUNEDIN, June 8. Clutha Dredge, third return, G4oz for 130 hours.

ALEXANDER MINES Gold returns for May: Battery Department: Crushed 360 tons of ore for 163 ounces melted gold. Cyanide Department: 250 tons of sands were treated for 38 ounces bullion and 25 ounces were recovered from slags etc., making a total of 63 ounces. Total estimated value, £1541. In addition, 8 tons of concentrates were saved valued at £232. Note. —In estimating the above values gold has been taken at 145/per fine ounce.

BLACKWATER MINES

Return for May: Crushed 3590 tons yielding 13(17 line ounces of gold from all sources, the value of which, taking gold at 140/6 per line ounce was £9599. Working expenses were £7521, leaving a working profit of £ 2075. Development expenditure was £661 and capital £634. Review of development work carried out during the month: —No. 13 Level South Drive advanced 491. feet, on reef averaging 42 inches.in width and 20dwts. in value. No 13 Level rise at 2950 advanced 75 feet on reef averaging 24in. in width and lfildwts. in value. No. 13 Level rise at 2480 advanced 24 feel, of which 12 feet exposed reef averaging 24 inches in width and lldwts. in value. No. 13 Level rise al 1560 advanced 21 feet on reef averaging 4Sins. in width and 15Adwts. in value. No. 12 Level winze at 2950 was sunk 15 feet on reef averaging 30in. in width and 15Jdwts. in value. No. 12 Level winze at 1560 was sunk 30 feet on reef averaging 20in. in width and 12Mlwts. in value.

COLES AND WOOLWORTIIS. Discussions between representatives of G. .1. Coles and Co., Ltd., and Woolworths Ltd. regarding the proposed amalgamation of the two big chain stores organisation;; have been continued in Sydney. According to the “Age." Melbourne, it is understood that, the suggestions for an amalgamation of the two organisations, with a parent holding company, may be modified, particularly as both companies have preference shares carrying different dividend rates, and as Coles have no subsidiaries, while Wool worths have several, the scrip being held over a widely scattered area.

li is also understood that (he present negotiations between the two concerns are now being directed not toward a merger but toward arriving at an amicable working agreement designed to cut down manufacturing costs, overhead expenses and unnecessary opposition in future expansion and establishment of new stores. It is felt tho savings in administrative expenses would be considerable. A complete fusion of the two companies

into one organisation is believed to be almost impossible in present circumstances. Under the articles of association c; G. J. Coles, a transfer of the company’s assets could not be effected without the consent of two-thirds in number and value of the shareholders present at a meeting called specially for the purpose.