LONDON WOOL SALES.

New Zealand Herald, Volume LXIX, Issue 21116, 25 February 1932, Page 7

LONDON WOOL SALES.

OFFERINGS FOR NEXT WEEK. DETAILS OF THE QUANTITIES. Dalgety and Company, Limited, has received the following cablegram fjrom its London house, dated February 23, regarding the next London wool sales, which will open on March 1: The quantity available is: Australian, 36,700 bales; New Zealand, 51,300 bales; Cape, 4000 bales; South America, 20,100 bales; carried forward, 61,200 bales. Brokers expect to offer 148,600 bales, including 52,700 Australian, 70,000 New Zealand, 3500 Cape, 20,100 South American, and 2300 sundries. Wo will sell on March 1, 3, 8, 11, ',16 and 18.. The sales will close on March 18. The following vessels in which we are interested have arrived in time for the sales: Port Huon, lonic, Raranga, Msftaroa, Cumberland and Benlawers. • DAIRY PRODUCE PRICES. WEAKER TREND DEVELOPS. BUTTER SLIGHTLY LOWER. The London market for New Zealand dairy produce is easier this week and latest quotations show a. weakening of 4s to 2s a cwt. for finest butter and up to 3s a cwt. for cheese since last week. _ Merchants have received the. following cablegrams from their London hotlSAs, dated February 23: _ _ . Dalgety and Company, Limited. — Butter: Prices are 2s a cwt. lower; New Zealand finest grade salted is now 108s to 110s a cwt. Cheese: Prices are 3s a cwt. lower; New Zealand white is now 60s to 61s a cwt.; coloured, 61s t0.625. New Zealand Producers' Co-operative Marketing Association, Limited. —Butter: New Zealand, 109s to Ills; Danish, 150s to 1525. The market is quiet. Cheese: White, 61s to 625: coloured, 62s to 635. The market is quiet. REDUCTION IN INTEREST. - BROKEN HILL DEBENTURES. [BY TELEGRAPH.—PBESS ASSOCIATION.] WELLINGTON. Wednesday. The New Zealand Stock Exchange. Association has received the following from the Broken Hill Proprietary Company, Limited: "Counsel having advised that the company's debentures are subject to the provisions of the Financial Emergency Act of Victoria, which came into force on October 1, 1931, interest coupons on the B series, due at the Commonwealth Bank on April 1, will be payable at £2 14s 3d, in lieu of £3 10s each. Coupons for each subsequent halfryear during the duration of the Act will_ ho payable at the amended rate." The Financial Emergency Act gave legislative authority to the Premiers' Plan drawn up by the Commonwealth and the States for the amelioration of Australia's - financial conditions. The opinion given by counsel brings the Broken Hill Company under part 111. of the Act, dealing jvith the reduction of interest on mortgages and other securities. From and including October, 1931, mortgagees were required to reduce interest rates by 4s 6d in'the pound. The Act limits to three years the term for which the reduction will apply and provides that the rate of interest payable under a mortgage shall not be reduced below 5 per cent. The last annual report of the Broken Hill Company showed B series debentures totalling £669.600, the sum of £72,900 having" been paid off during th# year. OKARITO DIVIDEND. PAYMENT ON SATURDAY. In response to a request from the Auckland Stock Ex-change the Okarito FiveMile Beach Gold Dredging Company, Limited, Dunedin, advised the Exchange yesterday that the share register was closed and that the dividend of 6a a share would be paid on Saturday. It was originally announced from Dunedin that -the dividend would become payable, on February 17, and since then the Auckland Exchange has quoted the scrip ex div., although shareholders had not received payment! As the result of the information now supplied by the company, cum div. quotations have been reinstated. TOBACCO DIVIDEND^ IMPERIAL COMPANY'S RESULTS. The Imperial Tobacco Company (of Great Britain and Ireland) has declared a final dividend for the year ended October, 1931, of 8 per cent, and a bonus, equal to a further 7£ per cent., making per cent., tax-free, for the y£ar, as against 23A per cent., tax-free, for the previous year. The sum of £500,000 has again been placed to reserve, and the carry-forward increased by about £BB,OOO to £1,278,000. MINING NEWS.- " GOLDEN PROGRESS CAPITAL. READJUSTMENT PROPOSAL. An amendment of the articles of association of the Golden Progress Mining Company, Limited, was adopted at the annual meeting of shareholders ah Oturefrua; Otago, last week. The alteration provides that the 14.755 shares, on each j- £1 is credited as paid, should be subdivided into 147,550 shares of 2s..each, i with 2s credited as paid on each share. I The amendment is subject to confirmation i at a meeting on March 5. A motion that the company should b# placed on the market at £2 5s a share, "naif the money in cash, the balance in fully-paid shares, was defeated. . The company's dividend of , 12£ per cent., absorbing £1844, will be paid on March 5. i NEW GUINEA COLDFIELDS; | PAST YEAR'S EXPENDITUBE. | The accounts of the New Guinea G'old- | fields, Limited, for the year ended "Sep- ; tember 30 show thai expenditure for the i period amounted to £74,435, increasing I the prospecting and development account | to £185,124. . ft is estimated that producI tion with a plant to treat 100 tons of ore I a day will start early. Net revenue to ! the companv for the eight months ended ! September from leases, let- to tributeis i for 12 months to comply with Govern- ! ment regulations, was £36,190, or 4? per ! cent, of the gross value of the bullion pio- : duced. _ , ! Paid-up capital is £4,09-,9~0, anci pxei miums on sharers of £31,170 have been ! received. Shares to be alloUert _for pur- | chase of leases are shown afc *-undrv creditors are owed £20,.20. Mine property is valued at £3 /U9 3,6 am j plant and equipment at £lO3, Liquid ! assets total £155,223. •