COMMERCIAL

Greymouth Evening Star, 18 November 1939, Page 12

COMMERCIAL

GRAIN AND PRODUCE. [PER PBESS ASSOCIATION.] CHRISTCHURCH, November 17. The following quotations to farmers on trucks at country sidings, unless otherwise indicated, are supplied by the president of the North Canterbury Grain, Seed and Produce Merchants Association: — r ,n. Wheat —Milling, f.0.b., Tuscan 5/11; Hunters 6/1; Pearl 6/3. (Final payment of 3d a bushel on all wheat, at the end of year). Oats—A Gartons 2/9 to 3/-, B Gartons 2/6, Algerians 3/- to 3/9, Duns 3/6 to 4/6. . . Ryegrass (good germination) F el " ennial up to 5/6 (nominal). Italian up to 4/- to 4/6 (nominal). Cocksfoot —6d to 7d (nominal). White Clover—l/- to 1/3 per lb. Red Clover—Old season’s 4d to 6d per lb; new season’s 7d. Chaff—£4/2/6 to £4/5/- a ton. Barley—Malting 4/7£, feed’ 3/- tc 3/6 a bushel, according to quality. Bran—Large £4/15/-, small £5 Pollard—Large £6/5/- a ton, small £6/15/-. AUSTRALIAN CHEESE PRICES • CANBERRA, November 18. Senator McLeay announced that the contract price for the sale of Australian cheese to the United Kingdom has been increased. The adjusted prices, in Australian currency, will be: Choicest 76/5, second grade 74/-, third grade 71/7 per cwt.

BRITISH WHOLESALE PRICES. RUGBY, November 16. The Board of Trade index of wholesale prices in Octobei’ was 5 per cent, higher than a month before, and 11.5 pei" cent, higher than a year ago. COLONIAL SUGAR. SYDNEY, November 17. The Colonial Sugar Refining Company has decided to pay on November 29 ah interim dividend of 17/- a share. This represents an increase of 2/- a share compared with the last interim dividend, and is at the rate of 81 per cent, per annum. The dividend in the past two years has been 7£ per cent. The Board has issued- a statement that the company’s operations in the last few years warrant the foregoing increase, also in view of reasonable anticipations from the pineapple industry in Fiji and 1 from the working of the building materials factory. Colonial Sugar’s higher dividend carried their shares to £49/5/- on the Stock Exchange to-day. DOMINION BREWERIES. AUCKLAND, November 17. The directors of Dominion Breweries, Ltd., have announced a new issue of capital to shareholders. It is proposed to issue 50,000 ordinary shares of £1 each at a premium of 2/6 a share to shareholders, both preferential and ordinary, in the proportion of one new share for every six existing shares. The issue will apply to shareholders on the register at November 28, and will be reserved 1 for 14 days.

The company has also announced an interim dividend of 5% per cent. It is unchanged, on that of last year, when the full year’s distribution worked out at 12 per cent. The present capital operation will increase the issued capital to £350,000, comprising 40,000 £1 participating preference shares and 310,000 £ 1 ordinary shares. MINING NEW RIVER There will be no wash-up for New River this week as the dredge is still working in tailings. WHITE’S ELECTRIC The White’s Electric return for the week ended November 16 was 46 oz. from 7450 yards in 117 hours. GOLDEN SANDS The directors of Golden Sands Ltd., have declared an interim dividend of 2d a share, representing 16 2-3 per cent, on the amount paid up on the shares. The dividend will be payable in Christchurch on December 15, 19-39 and the company’s share registers will be closed for transfers from December 7 to 15, both days inclusive. WAITAHU RETURN The Waitahu Company reports that a further partial wash-up in No. 20 paddock resulted in a return of 45 ozs. for fifteen shifts of eight hours each. This makes a total of 197 ozs. 12 dwts. so far won from this paddock. ARGO. The Argo, dredge return for this week is 44 ounces from 14,000 yards, treated in 127 hours. MAORI GULLY DIRECTORS’ REPORT The Directors of the Maori Gully (Kokiri) Dredging Company, in the annual report to be presented at the annual meeting of shareholders on December 11, state that gold returns shown in the accounts were obtained in five months prior to August, 1938, when dredging ceased, and have been charged with a full year’s overhead expenses and the nett profit of £2,738 12/4 may therefore be regarded as very satisfactory. The profit and loss appropriation account has been debited with the remaining book value of the Maori Gully mining rights. Plant, tools and power lines have been written down to reasonable levels and the book value of the dredge has been written down by £2,000. These adjustments leave a balance in profit and loss appropriation account of .£2lB/6/to be carried forward.

The dredge at Maori Gully now stands on the books at £9,000. Its present value is, however, a good deal less than that amount. It is expected that the Callaghan’s dredge, when completed, will have a value considerably in excess of what it has cost the company and in the accounts which will be prepared for the nine< months ending December 31 next, the dredges will be shown at what the diricetors consider their fair value to the company at that date and any necessary adjustments will be made in the profit and loss account for that period. In accordance with decisions at the last annual meeting of shareholders, mining areas of approximately 190 acres at Callaghans were acquired and at March 31 last, the ex-i

penditure on these areas, including boring and other outgoings amounted to £3,774/6/3. The Nevis Diesel dredge was also acquired. The cost of this dredge, delivered on the site at Callaghans, did not exceed the directors’ estimate of £4,000. The indications are that the new dredge will be ready for a trial run in about five or six weeks’ time, but this is dependent to some extent on the arrival of certain essential gear now on the- wway from England. There has been difficulty in getting certain classes of material and the cost has been considerably higher than was anticipated, due largely to the import restrictions. Certain classes of labour essential in connection with the finishing work of dredge construction have been difficult to secure and the above-mentioned factors have necessarily tended to deday the completion of the werk. However, by the date of the annual meeting the directors hope to be able to announce the date when the trial run will take place and unless anything unforeseen occurs it is confidently expected that dredging operations will commence immediately after the Christmas and New Year holidays. An extraordinary general meeting of shareholders is to be held immediately prior to the annual meeting on December 11, for the purpose of considering a proposal to change the name of the company. The present locality name is no longer appropriate and the proposed new name has the advantage of being much shorter and more suited to a company which may later on be operating two dredges. The company’s option over the Waipuna area has still some months to run. The company’s old dredge is being retained with a caretaker in charge and by about March next the directors hope to be in a position to give serious consideration to the establishment of this dredge on the Waipuna area. It has been decided that in- future accounts will be prepared to December 31 in each year. There are a number of advantages in favour of this proposal, all of which will be explained at the annual meeting. The retiring directors are Messrs J. M. Bunt and C. Richardson, who offer themselves for re-election.