COMMERCIAL

Grey River Argus, 6 August 1937, Page 4

COMMERCIAL

SHARE MARKET. [Per Press Association]. CHRISTCHURCH, August 5. Sales: Electro. Zinc (pref., cum. div.) 58s sd; Broken Hill South 49s 6d, 49s 7d; North Broken Hill 765. Reported: Dunlop Rubber 23s 9d; Woolworths (N.Z. rights) 84s (2). AUCKLAND, August 5. Sales: Bank of N.S. Wales £34 15s; Bank of New Zealand 44s 6d; Farmers’ Auction. (£5 paid) 91s 6d; Dunlop 23s 9d; W. and R. Carpenter 455; Woolworths holdings (S.A.) (2) 17s 9d; Mt. Morgan 12s 2d. Unlisted: Alloy' Steel (new issue) 20s. Sales, 12.15 call: National Bank 60s Gd; Bank of New Zealand 44s Gd; Union Bank £lO 2s; Dominion Breweries (rights) (3) 11s 6d; Broken Hill Pty. 83s 6d; Colonial Sugar £47 ss. 8d; Dunlop 23s lOd; New Auckland Laundry 20s Gd; Taranaki Oil 4s lOd; Devonport Ferry 19s 9d; Broken Hill South 49s 3d; Mt. Lyell 43s 2d. WELLINGTON, August 5.

i Sales, morning call: Taranaki Oil 4s lOd; Kandos Cement £1 6s Id; Victoria Laundry 14s 6d. Sales reported: Australian Glass £4 14s 9d; Broken Hill £4 3s 71d; Farmers’ Trade. £1 0s ,10d; Wilson’s Cement 20s; Felt Textiles 40s; Gordon and Gotch £2 Ils 9d; Broken Hill South £2 9s 6id. Sales, noon call: Broken Hill 83s Gd (2), 83s lOd; G. J. Coles £5. The annual report of the Wellington Woollen Company recommends t dividend of six per cent., leaving a balance to protit and loss account of £15,584. DUNEDIN, August 5. Sales: Bank of New Zealand £2 4s 6d (4); New Zealand Refrig, (cont.) 9s 6d; Broken Hill South £2 9s 6d, £2 9s 9d; Mt. Lyell £2 3s 4d; Wool worths (South Africa) 17s 9d. SYDNEY, August 5. Sales: Bank of New South Wales £.34 10s; Tooth’s 55s 9d; Anthony Hordern (pref.) 22s 9d; British Tobacco 51s 6d; Broken Hill Pty. 84s 9d; Dunlop Perdriau 24s 3d; Coles £5 2s) Lustre 21s 6d. LONDON, August 4. Gold 139 s 6id; dollar 4981; franc 132 27-32. AUCKLAND, August 2. The net revenue from fire, marine, and accident premiums of £1,185,636, compared with £1,096,570 in the previous year, is shown in the accounts of the New Zealand Insurance Company. Ltd., for its seventy-eighth year, ended May' 31. Against this expansion of £89,066 in premium revenue, there was an increase in losses of £74,147 to £705,955, and a rise of £5,489 in the expenses of management and taxation. The ratio of losses to premium income has maintained the rising tendency of the last few years, and the underwrting surplus is £12,069 lower at £83,278. A final dividend of Is a share is recommended by' the directors, making the year’s distribution unchanged at 2s a share, or 10 per cent. The directors state that the surplus on the year’s operations, after making full provision for all ascertained losses, taxation, and other appropriations, amounts to £83,278, to which is added the net income from interest and rents, £125,596, making a total of £208,874. With the amount brought forward, £165,667, there is £374,541 available for distribution. The interin dividend of Is a share paid in February absorbed £75,000, and £50,000 has been transferred to the reserve fund, leaving a balance of £249,541. The final dividend proposed will require £75,000, leaving a balance to be carried forward of £174,541. OTTAWA, August 4. ,

The Bureau of Statistics says that wheat in storage is 33,000,000 bushels, 87,000,000 less than last year. If belated rains fail to change the estimate of 160,000,000 bushels, the yield will be the smallest for ten years. RUGBY, August 3.

The London and North-Eastern Railway is undertaking improvements lo about 900 stations in the southern half of its system, including the three termini in London —King’s Cross, Liverpool Street and Marylebone Stations. The improvements include the modernisation of the lay-out, more comfortable waiting accommodation, and belter lighting. WELLINGTON; August 4.

The control of the fruit industry was discussed at the annual conference of the New Zealand Fruitgrowers’ Federation to-day. It was unanimously decided: — “That this conference favours the organisation of the marketing of fruit both export and local, on the basis of a minimum guarantee that will assure the producer a reasonable reward for his labour, control to be. ?n the hands of growers, in co-operation with the internal marketing authorities.” It was also decided that the Government be pressed to introduce standardisation of fruit for the' coming season. When the conference closed, the chairman (Mr H. E. Stephens), intimated that a second conference of the Fruit Export Control Board might be held towards the end of the year, because we don’t know where we are policy.” DOMINION WEALTH. It can easily be said, that New Zealand is one of the richest countries in the world for gold production. In the North Island the great Waihi mine has produced over £20,000,000 worth of gold. Thames area has produced eleven tons. Other mines are also giving good returns. In the South Island, the Blackwater Mines have produced over two and a-half millions worth of gold, and the Alexander Mine is also heading to produce similar returns. In addition we have other quartz mines developing, which promise great wealth over long periods. Dredges have won millions, while some of the alluvial mines have also produced five and seven tons. It is pitiful to observe that most of them, like the New Zealand forests have been run through, murdered, and covered up. Yet at close reach of the people are countless millions in gold, which still awaits, extraction from Mother Earth. All that is required to make this buried wealth available to the coffers of New Zealand is the use of proper methods, efficient machinery, knowledge of practical mining, and experience in the ways of earth structure, coupled with sound management. If we follow these lines there is no reason why every available man in New Zealand should not be employed. Not only would it absorb unemployed, but with expansion there is sufficient to pay the national debt. A gold mine is a wonder, and gives employment in many and far-reaching ways.