COMMERCIAL

Greymouth Evening Star, 21 June 1937, Page 8

COMMERCIAL

LONDON MARKETS REVIEW. [BY CABLE —PRESS ASSN. COPYRIGHT.] LONDON. .June 19. The. markets at last have begun to show signs of the long awaited improvement. The immediate outlook is viewed with decidedly more hopefulness. A considerably number of responsible city business, men have taken an even brighter view of the long term trend. They regard the present slump as irrational and due to groundless fears. The stock markets, are quiet but erratic, the most notable feature being the sharp turn upwards of rubber at the end of the week. Many dealers believe that it has touched, bottom. The United States consumption figures are regarded as good. The metal markets are dependent on United States developments, but tin has remained remarkably steady. , The butter market is quiet, but sellers are disinclined to take offers. The undertone of the market is firm, thoulgh an advance to higher levels is likely to be slow. The margin between Danish best and Empire is negligible. The multiple stores have advanced the retail prices, but consumption is always good at this time of the year. The trade in fresh fruit has continued good despite the heavy arrivals. The condition of the apples has been fairly good. The Imperial Conference has not affected markets. Though stabilisation, in which the city is most interested, was discussed, the conference gave no hope for a lead. The opinion on the desirability of stabilisation is believed to be as divided within as outside the conference. The “Financial Times” urges the necessity of no further delay in facing the Pacific shipping problem, in view of President Roosevelt’s request for an appropriation of £30,000,000 to build 95 ships in three years. The delay in implementing the Imperial Shipping Committee’s recommendation is due to the difficulty of assessing the proportionate interest of Britain and the Dominions concerned. SALE OF FARMING PROPERTY. A valuable farming property, consisting of over 93 acres freehold and 401 acres leasehold adjoining, will be offered for sale by Messrs McMahon and Lee on the premises in Snowy Creek Valley on Monday, June 28, under instructions from Mr M. Flynn. In addition, there is a five roomed dwelling, outbuildings etc. Forty-five head of mixed store cattle and 156 of store sheep will also be offered.

STOCKS AND SHARES.

CHRISTCHURCH, June 21

Sales: Comm. Bank of Aust. 18/3; N.Z. Breweries (rights) 22/7; Broken Hill Propty. 77/9 (2); Electro Zinc (ord.) 52/3, 52/4 (2); G. J. Coles ■£s/4/9 (2); Morts, Dock 14/3 (4); Big River 1/7 (2); Mount Lyell (ex div.) 40/3 (2), 40/2; Mount Morgan (cum div.) 12/6, 12/7 (2); N.Z. Farmers’ Fertiliser 20/-. DUNEDIN, June 21.

Sales: Bank of New Zealand' long D £l/6/3, New Zealand Breweries £2/7/6 (2), Mount Lyell £2/1/6 (2), Mount Morgan 12/1, 12/6; 33 per cent, bonds 1953-57 £99. AUCKLAND, June 21.

Sales: Bank New Zealand (D Mort) 26/4, Pukemiro 18/-, Dunlop 22/-, New Zealand Breweries Rights 22/6, 22/73, Farmers’ Trading 22/6, Mr. Eden B.C. 1/4/54-58 £1063, Mr. Eden B.C. 1/4/54-61 £1063. Amalgamated Brick 6 per cent. (Auckland) £lOO.

Sales, noon call: New Zealand Insurance 66/-, Broken Hill Proprietary 78/6, Consolidated Brick 7/6, Electrolytic Zinc 52/6. WELLINGTON, June 21.

Sales: New Zealand Breweries 47/6, 47/7, 47/8; Dominion Breweries 44/-, Wellington Gas 35/-, New Zealand Refrigerating (10/- paid) 8/10, Tooth and Co. 54/9, Consolidated Brick 1/51, Broken Hill £3/18/3, Broken Hill (con.) 72/2. Big River 1/61, 1/7; Mount Lyell 41/-, 40/5, 40/6; New Zealand Brewery (rights) 22/9. Unofficial list: Woolworth’s £6/19/9. New Zealand Perpetual Forests 43/-. SYDNEY, June 21. .

Sales: Bank of New South Wales £36 2/6, Associated News pref 23/9, Broken Hill Proprietary 79/-, Electrolytic Zinc 53/-. NEW RIVER DREDGE. The New River dredge has been refloated and repaired, and will resume dredging this afternoon. MATAKI JUNCTION, Mataki Junction return for the week ended June 17 was 41oz for 115 working hours and 16,500 yards dredged. OKARITO AND GOLDFIELDS.

DUNEDIN, June 21. Okarito Return: 290 z. 6dwt. for 128 hours. Goldfields: 350 z. 19dwt. ARGO GOLD DREDGING COY. A dividend (No. 9) of one penny per share (free of income tax) has been declared on all the shares in the above named Company, and will be payable on July 5. This dividend represents a distribution to the shareholders of £2,000, which makes a total of £17,200 paid in dividends since operations commenced. £2OO has been placed to the general reserve, which now totals £1,600. BIG RIVER COMPANY The directors of the Big River Gold Mines, Ltd., have issued the fifth annual report, covering the 12 months to December 31. 1936. During the year, it states, £5.997

7/3 was expended in repairs to main shaft, battery, dam, anil water race, and mine development, all of which will he non-recurring. Four hundred and fifty tons of ore was crushed and cyanided for a return of £2,556/8/4. Now that crushing operations have expanded, the company’s financial position is daily becoming stronger. A return from the battery is just to hand, valued at £1.065 for 137 ounces Idwt molt(‘d gold and 21 ounces cyanide bullion from 200 tons of ore. It is expected that gold returns will be produced steadily from henceforth at the end of each month. The whole of the directors retire, and being eligible, offer themselves for re-ideetion. The annual mooting will be hold on July 2. '['ho profit and loss account showed that in the mine account the expenditure was £5,331, tin 1 principal items being development £1.728. stoping £1,228. and shaft repairs £3.881. Battery account was £760. dam repairs at £235 being the principal item. General expenses —rents, rates, insur-

ance, etc—were £371. and management and office expenses £762. The total expenditure was £10,425. The returns from gold were £2,556, and other receipts £220, leaving a balance of £7,640. The capital of the company is £30,000, i