COMMERCE AND FINANCE

Otago Daily Times, Issue 20833, 27 September 1929, Page 6

COMMERCE AND FINANCE

THE SHARE MARKET. • —— DUNEDIN STOCK EXCHANGE. • Business was fairly brisk on the Dunedin Stock Exchange yesterday. There sa^es of Big Beach shares in the afternoon, the figure realised in each case being 5s 3d. •At the close of the market buyers were offering ss, with sellers at 5s Bd. Business was reported in New Zealand Drugs at 73s 9d. When buyers later offered 735, sellers were asking 74s 6d. There was also a sale of Kildarcs at 3s _2d and business was reported in Christchurch Gas shares at 20s 6d. The same figure was offered later without attracting a seller. There was a reported sale of the contributing issue of New Zealand Refrigerating shares at 6s 6tl. Buyers later offered the same price, but seller? would riot do business at less than 6s 7d. Sales; Big Beach. 5s 3d (four). Sales reported: New Zealand Drugs, 73s Dd; Kildare, 3s 2d; Christchurch Gas, 26s 6d; New Zealand Refrigerating (cent.). 6s 6d. The following are yesterday afternoon’s buying and selling quotations, which are - subject to the usual brokerage:— BANKING. Australian Bank of Commerce—Sel 35s Od. Bank of N.S. Wales—Sel £52. , ra Bank of New Zealand —Sel 62s 9d. Bank of New Zealand (long “ D”) Buy 28« 9d. Commercial Rank—Buy 29s 9d, sel 30s. •E.S. and A. Bank—Sel £8 8s 6d. National Bank of N.Z.—Sel £6 17s 6d. National Bank of Aust. (cont.)— Sel 19 12S. Union Bank—Sel £ls. . INSURANCE. National Insurance-Co.—Sel 16s lid. South British Insurance Co.—Sel 66a 6d. Standard Insurance Co. —Buy 04s 6d. SHIPPING. Huddart, Parker (ord.) —Sel 455. Huddart, Parker (pref.)—-Buy 21s. P. and O. Deferred Stock—Sel 61a. U.S.S. Co.'(pref.)—Buy 21s. COAL. Westport Coal Co.—Buy 33s 9d, sel 34s fid. LOAN AND AGENCY. Goldsbrongh, Mort —Buy 43s 6d, sel 44s Sd. N.Z. Guarantee Corp.—Buy 9s 7d. Perpetual Trustees—Buy 68s, Trustees, Ex. and Agency—Buy 60s. Wright, Stephenson (ord.)—Buy 25s 6d. Wright, Stephenson (pref.)—Buy 18s fid. , MEAT PRESERVING. Gear Meat Co.—Buy 43s 9d. NJZ. Refrigerating (pd.)—Sel 14s 3d. N.Z. Refrigerating (cont.) —Buy 6a 6d, ■el 6s 7d. MISCELLANEOUS. British Tobacco—Buy 48s fid, sel 49s fid. Brown, Ewing (ord.) —Buy 31s. Brown, Ewing (pref.)—Buy 20s 6d. 1 D.I.C. ford.) —Buy 12s 3d prem. , ; D.I.C. (pref.)—Buy 21s 6d.‘ , Dominion Rubber —Buy 20s 3d, sel Sis. Donaghy’s Rope and Twine—Buy 365. Dunedin-Kaikorai Trams-—Buy 345. Moegiel Woollen Co. —Buy £7 15s. MTieod Bros.-—Buy £3O. National Electric—Sel XOs fid. N.Z. Drug Co. —Buy 735, sel 74s 6d. N.Z. Farmers’ Fertiliser—Sel 235. N.Z. Paper Mills (ord.)— Buy 20s 3d, ■el 20a 9d. Regent Theatre—Buy 25s 9d. sol 275. Smith and Smith (pref.)—Buy 19s, Auckland Gas—Buy 24s 6d. Christchurch Gas—Buy 20s 6d. Wilsons (N.Z.) Cement—Sel 445. BREWERIES. N.Z. Breweries, Ltd.—Buy 89s, sel 90s. N.Z. Breweries Debent.—Sel 31s, Ward and Co.—Buy 29s 6d. Dunedin Brewery—Buy 345, sel 37s 6d. Timaru Brewery—Buy 16s 6d. MINING. Nokomai Sluicing—Buy 15s. Waihi—Buy- 13s cum div. Electrolytic Zinc (pref.)—Buy 365, sel 87s. Electrolytic Zinc (ord.) —Buy 30s, sel S7s. .Mount Lyell—Buy 435, sel 445. Big Beach—Buy ss, sel Ss 9d. Ohinemuri—Sel 10s fid. • Kildare —Buy 3s, sel 3s 6d. Okarito—Buy Is, sel Is 7d prem. Winding Creek—Buy Is prem.. sel Is fid prem. Winding Creek (pd.)—Buy Is 9d. sel 2s. WAR BONDS. 4i per cent. Bonds, 1938—Buy £IOO. 4i per cent. Bonds. 1939—8uy £IOO. 4} per cent. Bonds, 1941—Buy £IOO. 5} per cent. Soldiers’ Bonds, 1933—8uy *lOl. 44 per cent. Inscribed, 1938—Buy £IOO. 44 per cent. Inscribed, 1939—8uy £IOO. 5-J per cent. Soldiers’ Inscribed, 1933 Buy £lOl, sel £lOl 10s. 5i per cent. Inscribed Bonds, 1941—Buy £99 10s. 5i per cent. Bonds, 1930—Buy £99 10s. 5i per cent. Bonds. 1036—Buy £lOl ss. 51 per cent. Inscribed, 1936—8uy £lOl fis. 5} per cent. Bonds, 1933—8uy £99 10s. 5J per cent. Inscribed, 1933—8uy £99 10s. NORTHERN EXCHANGES. (Pee United Press Association.) The following business was done on ’Changes yesterday:— Auckland. —Sales: National Bank of New Zealand, £26 10s 3d; Bank of New South Wales, £sl 7s 6d; Grey Valley Goal, 29s 4d; Westport Coal, 34s 3d; Devonport Steam, 22s 3d; Electro Zinc, 36s lid, preference 36s 9d; New Zealand Paper Mills, 20s 4Jd; Wilsons Cement, 43s 3d; Ohinemuri Gold and Silver, 9s 6d. Wellington.—Sales reported: Christchurch Gas- Company, £1 6a 6d (on Change); Westport Coal Co., £1 lls 4dElectro Zinc (pref.), £1 17s IOJd. Christchurch.—Spies: Goldsbrongh Mort 43s lOd (two parcels), 44s (two parcels): United Buihimg' Society (cun div.), 15s TOd (odd parcel); New Zealand Refrigerating (10s paid), 6s 6d; Carlton Brewery feum div,), 465; Staples Brewery, 545: Beath and Co. (Is paid). 9s 9d (three parcels); New Zealand Farmers’ Co-op 64 per cent, stock (1039). £95 10s; Mahaki'pawa Goldfields, 3d; Winding Creek (6d paid). Is 9d. Sales reported: New Zealand Government 44 per cent. Inscribed (1930), £O9 7s 6d; x National Bank of Now Zealand (late sale yesterday), £6 17sDevonport Ferry, 225; New Zealand Refrigerating (£1 paid), 6s 7d. CITY PROPERTY SALE. , Alex. Harris, Ltd., instructed by the Dunedin Fire Board, offered at auction yesterday all that parcel of land, being part of sections 45 and 46, block XVI, Dunedin, area 2 roods 03.74 poles, with a frontage to Cumberland street of < 154 feet, with substantial buildings thereon, at present need as the Central Fire Station, The property was sold to Messrs R. Hudson and Co. for £15,000. LONDON WOOL SALES. The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram from its London houae, under date September 25:—As compared with last sale’s closing rates prices dre lower bv about 15 per cent, for greasy merino and fine greasy crossbred; lower by about 10 per cent, to 15 per cent, for fine scoured crossbred and fine crossbred slipe; lower by about 74 per cent, to 10 per* cent, for medium crossbred, and lower by about 74 per cent, for coatee crossbred and scoured merino wool. • The market is steadier than it has been Messrs Murray, Roberts, and Co., Ltd., have received - the following cablegram from their London agents, dated September 25; Merino competition is weak and irregular. Crossbred competition is good -for all descriptions. The market shows a weaker tendency.

LOCAL AND OVERSEAS MARKETS.

MINING. ; NOKOMAI SLUICING COMPANY. ANNUAL MEETING. The third annual meeting of the Nokomai Sluicing Company, Ltd., Was held yesterday afternoon in the office of the secretary (Mr Kuin Poy). There was a fair attendance of shareholders, and the chairman of directors (Mr H. L. Gill) presided. The annual report stated that three paddocks were completed during the year, trom which was obtained a return of lOlOoz 6dwt of gold. The area ot bottom cleaned was less than five-eighths of an acre, and it was expected that the paddocks would now be completed more speedily, as the top material could now be stripped off into the old paddocks. Some time ago negotiations were entered into with Mr Finch, representing the Siamese Tin Syndicate, Ltd., of London, with a view to equipping the company’s claim with an efficient, up-to-date dredge, but so far the directors were not in a position to make any report owing to negotiations over which the company had no control, not being completed. In moving the adoption of the annual report and- balance sheet, the chairman said that since the last meeting of shareholders Mr H. K. Wilkinson, who had been on the board for 25 years and had been chaivman for the past three years, had retired. He went ou to say that the income during the year had not been sufficient to meet the company's expenditure, despite the fact that expenses had shown decrease on those of the previous year. It was expected, however, that a further 1 decrease would be seen this year. One of the largest items was race maintenance, ihe company had 65 miles of race, and hj could not see how expanses in this direction could be decreased without impairing the efficiency of the races. Three paddocks had been taken out during the ye -*L tiie results had proved to be better than had been anticipated. The company was still negotiating -with the Siamese Tin Syndicate. Both • the latter 6 engineers had been impressed with the Noko mai claim, and they would soon be boring in a previously unworked portion of the company's land. The motion was seconded by Mr S. Crow and carried with 'very little discussion. Messrs E. Y. Milnes and H; L. Gill were re-elected directors of the company, and Mr G, H, G. Smith was re-elected'to the position of auditor. BIG BEACH COMPANY. secretary of the Big Beach Gold Mining Company (Mr W. L. Milson) forwarded the following report to the secretary of the Dunedin Stock Exyesterday morning:— -it Y?., ged in bank to-day 940 zof gold.” ai ioo t o°o l Y ei)t ? n *? Htat « that on July oi, 1829, aljoz of gold were remitted to Dunedin, but since that dato the postal regulations had been such as to prohibit the _ postage of gold, and, they had been advised by the National Bank that 440 z iDdwt was already on account at the xiank of New Zealand, Queenstown This means that- 138 oz 16dwt had been won S i Dce n J^ y 13 - The value of this void should be approximately £SOO, and the wages expended during the 10 weeks aggregate £4OO, to which must be added office expenses,- repairs, and maintenance, and general overhead charges. OHINEMURI MINES. nw! f °rtnightly progress report of the Ohinemuri gold and silver mines states that m the Silverstream section the drive rts b i en , ext ended 15 feet in good ore. with T e rf opme °* "1 11 he accelerated now from the Plant to the nse of No. 3 level. This rise was m high gi-ade ore for its full length. The whole of the tramway connections with the mill have been completed. The mill, with a daily capacity of 100 tons, will be ln runmng order on October 1. months Continuously 1 ’ employed 6 85* to *95 Cotton™* «»1 -m conI NEW GOLD-DREDGING FIELD. jA J* 111 ‘l nown . fi Sur e in the days of‘the dredging boom in Otago about 30 years East anH t( B DUnedln r aft - er a tri P to the h,ast and Burma. In the course of an vesStv Dai,y Times reporter k Blue gave some interesting whffih a^r« fc tho ,¥ a| ay States and Burma, 7 T r J CS a , bout which tb e averl age New Zealander knows little. -tor the past 25 years, Mr Blue has been connected with tin dredging enterthat eS to ¥ al , ay ,. and Burma, and hi stated raarklVf' at tln \ 0 ’ tber , B Mva been remarkably few ventures which have proved SadTV Dd many - fortunea ba ve P bS whirii n. 6 % ave JDS tence of a syndicate ' b cb formed m Sydney some years float claims 3^ and noat tliem into public companies Thi« a u d paif l up shares which were worth altogether over £22,000-a nice profit tor an investment of £loo' P * r roStieTon «i7 d tin a incoma irom richest meS in ti* p a V mS u ? ome ¥ the who bad sold fbpir 1 a being Chinese, basis. their clalms °n a royalty ngm r a?d le whne \h Rall^ on a tew months approval to titp im i a oortificate of ™iL BU ove a r ass very rich• gold-bearing aTe ThK ter several dredge* 3 (OVCr 4000 acrcs) opinionlat^e UNITED STARR-BOWKETT SOCIETY. ’ aPKE-ss-s-; ysf&su ■lu a ballot of £3OO for the fiftu i. appropriation J„ No. 7 group ful number wa, 1 22 , hell by we inMnber Gfti h p; tT sa] ot £SOO b >' sole for the 43‘f24 "ETSS. Ko - 7 gro "'> A ballot of £SOO for the forty-third ancl?*tor* No” nn N i°' ? er T ,p was ihcn take “- momber >ng drawn ’ held by ihe sale of £SOO for the forty-fourth anpcXmdreV" N °' ° Brcup ’ realised £3! MELBOURNE HIDES MARKET. (United Press Association.) (By Electric Telegraph--Copyright.) MELBOURNE, September 26, (Received Sept. 26, at 10 p.m.) Ihe hides market is irregular, with vaffieMjemerally id to id lower, excepting