COMMERCE AND FINANCE

Otago Daily Times, Issue 21377, 3 July 1931, Page 4

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Okaritos were again active on the Dunedin Stock Exchange yesterday, a parcel being turned over at 10s lid. This was immediately followed by three transactions at 11s and three further sales took place at 10s lid before the market closed, the final quotations being 10s lOd (buyers) and 10s lid (sellers). Business was reported in Otago Daily Times shares at 50s. Further offers of 49s 6d found sellers demanding la more. A sale of Wilsons Cements was reported at 35s 6d, no further quotations coming forward. A sale of Okaritos was reported at 10s Bd. King Solomons were dealt in at 3s Id, later offers of 2s lid finding sellers firm at the former figure. There was a fair demand in all sections, War Loans being a little easier. Sales: Okaritos, 10s lid, 11s (three), 10s lid (three). Sale after last call; Okarito, 11s. Sales reported; Wilsons Cement, 35s fid; King Solomon, 3s Id; Okarito, 10s 8d; Otago Daily Times, 50s. The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— , BANKING. Bank of Australasia—Buy £9 ss. Bank of N.S. Wales —Buy £24 10s. Bank of New Zealand—Buy 48s 3d, sel 50s. Bank ,of New' Zealand (long “D”)~ Buy 255. Commercial Bank—Sel 15s 3d. E.S. and A. Bank—Buy £4 ss. Union Bank—Buy £7 14s. INSURANCE. National Insurance Co. —Buy 12s lOd. Standard Insurance Co.—Buy 455, sel 47s 6d. SHIPPING. Huddart, Parker (jiref.)’—Sel 19s. U.S.S. Co. (pref.)—Buy 19s fid. COAL. Kaitangata—Sel Is 6d dis. Westport Coal Co.—Se! 245. Westport-Stockton (pref.)—Sel 3s. LOAN AND AGENCY. Dalgety and Co.—Buy £6 Bs. National Mortgage (“B” issue) —Sel • i9s ex div. Trustees, Ex. and Agency—Buy 58s. MEAT PRESERVING. Gear Meat Co. —Buy 265, sel 295. N.Z. Refrigerating (cont.)— Buy 3s fid, sel 3s 8 (. :!v.’ I ' ■ • - A ■ ■ . ' South Otago Freezing—Sel £4. MISCELLANEOUS. 1 British Tobacco—Buy 24s fid, sel 25s 3d. , Brown, Ewing (pref.)—Sel 20s. D.I.C. (pref.)rpßuy 19s fid.. Dominion Rubber—Sel 12s fid. Eclipse Petrol—Sel 10s. j Kaiapoi Woollen (ord.)—Buy 7s, sel 'h 9d. V . Milburn Lime and Cement—Sel 30s fid. Mosgiel Woollen Co. —Buy £6 Bs. M'Leod Bros. —Buy £l9 10s. N.Z. Drug Co.—Buy 50s. N.Z. Paper Mills (ord.) —Buy 17s fid. Otago Daily Times—Buy 49s fid, sel 10s fid. Regent Theatre—Sel 19s. Smith and Smith (pref.)—Sel 18s. Woolworths—Buy 21s- 3d. GAS. Christchurch —Buy 255. BREWERIES. N.Z. Breweries, Ltd—Buy 85s, N.Z. Breweries Debs. — Buy 21b. Dunedin Brewery—Buy 15s. Tooths Brewery—Sel 18s fid. MINING. Waihi—Buy 15s. Electrolytic Zinc (pref.)—Buy 12s, sel 16s. Mount Lyell—Sel 18s 9d. Mahakipawa—Buy 7d, sel 9Jd. Kildare —Buy 9d, sel Is. Okarito—Buy 10s lOd, sel 10s lid. Paddy’s Point —Buy 3s, sel 3s fid. Cornish Point (pd.)—Buy 7d, sel Bd. Golden Progress—Sel 28s. King Solomon—Buy 2s lid, sel 3s Id. Golden Point—Buy Is 7d. Moturoa Oil —Buy Is. WAR BONDS. 4J per cent. Bonds, 1938—Sel £9B 15s. 4J per cent. Bonds, 1941—Buy £9B. 4J per cent. Inscribed, 1938—Buy £97 15s, sel £9B 10s. 4i per cent. Inscribed, 1939—8uy £97 15s, sel £9B 10s. 5J per cent. Soldiers’ Bonds, 1933—8uy 198 15s. OTHER EXCHANGES (Per United Press Association.) The following business was done on 'Changes vesterday;— ' Aucldaud. —Sales: Inscribed' Stock (1938) 4i per cent., £97 17s fid; do (1939) 4J per cent., £97 17s fid; War Bonds (1938), 44 per cent., £9B; City of Auckland (1944), 54 per cent., £97 7s fid; Mount Eden Borough (1967), 5| per cent., £99; E. S. and A. Bank, £4 7s fid; Bank of New South Wales, £25 10s; Bank of New Zealand, 495; National Insurance, 13s; South British, 51s fid (3 parcels); Reliance Loan (pref.), 17s fid; Timaru Breweries (cont.), fis 3d; Colonial Sugar, £34 15s; King Solomon, 3s IJdj Waihi Junction, 3s, 2s lid. Wellington.—Sales reported: New Zealand Government 44 per cent. Bonds (1938), £9B; New Zealand Guarantee Corp. (ord.). ss; New Zealand Guarantee Corp. (pref.), £1 0s 3d; Colonial Sugar Co., £24 10s (2 sales); Waihi Gold Mining, 15s fid. Christchurch. Sales: Commercial Bank of Aust., 15s: British Tobacco, 25s Id, 255; Mount Lyell, 18s fid (3 parcels); King Solomon, 3s 2d; Mahakipawa, 7id; Golden Point (Is paid), Is lOd, Is lid (3 parcels); Okarito, 10s Bd, 11s Id, 11s 3d; Cornish Point, Bd. Sales reported: Bank of New South Wales (late sale July 1), £24 17s ,fid; Bajik of New South Wales, £25; Union Bank of Aust., £7 17s fid; Timaru {Brewery (5s paid), fis; Mount Lyell, 18s 7d (2 parcels). Invercargill.—Sales reported: Government Bonds, 5J per cent. ((1937), £99 ss; King Solomon, 3s (2 parcels), 3s OJd (3 parcels), 3s Id (4 parcels). NEW SOUTH WALES WHEAT EXPORTS FOR SIX MONTHS. (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, July 2. The wheat shipped during the past six months from Sydney was 756,000 tons, which is about two-thirds of the State’s exportable surplus. The average value of wheat for insurance purposes was almost 80s per ton, and the total value nearly £3,000,000. The average price to growcis was slightly more than 2s per bushel.

LOCAL AND OVERSEAS MARKETS.

MINING GOLDEN PROGRESS REPORT. The following report has been received by the secretary of the Dunedin Stock Exchange from the Golden Progress Gold Mining Company:— Work was recommenced with the battery on June 29 after a stoppage for alterations and adjustments. The hopper has been filled with stone and more has been broken out and is ready to be brought to the surface for treatment. The material now being worked appears to be as good as, if not better than, stone previously treated. RETURN FROM MAHAKIPAWA. The return for June from Mahakipawa Goldfields, Ltd., was 2160 z of alluvial gold. GOLDEN TERRACE RETURN. (Per United Press Association.) INVERCARGILL, July 2. The Golden Terrace Dredging Company reports a wash-up of 920 z for 10 days’ work. PROGRESS AT MOUNT LYELL. The Mount Lyell Mining and Railway Company’s progress report for the fortnight ended June 17 is as follows: —North Mount Lyell mine; Tons extracted, 7621; 850 ft level north drive deviation No. 4 to 102 ft through hard pyritised quartzite, carrying a small amount of chalcopyrite; 925 ft level, south-east drive to 61ft through grey quartzite, carrying a small amount of bornite; 1200 ft level, No. 5 rise, to 98ft through quartzitic ore, and completed by holing through to No. 58 stope. Crown Lyell mine: Tons extracted, 645. Royal Tharsis mine: Tons extracted, 216. Transport drive to 239 ft through silicious pyritised schist. Lyell Comstock mine: Tons extracted, 4019; No. 2 level. No. 1 rise to 113 ft through soft broken schist canning a fair amount of chalcopyrite, and discontinued; No. 1 drive to 120 ft through dark grey schist carrying a small amount of chalcopyrite. Reduction works: Furnace in blast six days and a-third during period; 6438 tons of refinery anodes made during the current year. Concentrator: Mill operated 336 hours, and treated 11,300 tons ore, producing 1732 tons of concentrates. Copper refinery: Tank house in operation throughout fortnight; 406 tons of cathode copper being produced for the period; total for current year, 7751 tons. Treatment plant extension, coarse crushing section: _ General construction programme making good progress. WESTPORT-STOCKTON OUTPUT. The output from the Westport-Stockton mines for the month of June was 11,037 tons, compared with 14,848 tons for the corresponding period last year, a decrease of 3811 tons. TALLOW SALES The Bank of New Zealand has received the following advice from its London office: under date July 1: — Tgllow.—There is a fair demand. Good mutton, 21s 6d to 22a per cwt; good beef, 20sTo' 21s; good mixed, 20s; gut, 15s 6d to 17b 6d. DAIRY PRODUCE The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram from its London house, under date July 1: —Butter; New Zealand choicest salted, 112 s. Cheese: White, 55s to 565; coloured, 57s to 58s. The market is steady. NEW ZEALAND FRUIT (United Press Association.) • (By Electric Telegraph—Copyright.) LONDON, July 1. The Somerset’s, Tongariro’e, Mahana’s, and Port Hobart’s New Zealand apples realised: Jonathans and Delicious, ,10s to 13s; Stunners, Lord to 11s; Doughertys, 12s 6d to 14s; Remes, 10s to 12s; Statesman, 12s to 13s; Scarlet Nonpareils, 10s to 12s; Cleopatras, 11s to 13s. The recent arrivals of New Zealand choice pears were badly bruised and box marked owing to the trays being too shallow, causing buyers to reject them.

PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) -f _ LONDON, July 1. Fine gold is quoted at £4 4s lid per ounce. LONDON TALLOW MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, July 1. At the tallow sales 471 casks were offered, and 216 were sold at Is to 2s advance. Mutton: Fine, 235; medium, 19s Gd. Beef; Fine, 245; medium, 19s. LONDON METAL MARKET. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 29. Following are the official quotations In the metal .market:—

AUSTRALIAN MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, July 2-. Wheat: Ex trucks, Sydney, 2s 4d; country stations, Is 9d. Flour, £lO 10s. Pollard, £3 10s. Bran, £3. Potatoes; Tasmanian, £5 10s to £6; Victorian, £5. Onions: Victorian, £6. Oats: White and Algerian, 2s Gd. Maize, 3s Cd. COLOMBO TEA SALES • Cable news from Colombo, tinder date June 10, advises that the tea auction finished on that day with a catalogue of nearly 2,500,0001 b. Better grades were neglected, and values declined slightly owing to buyers turning their attention to cheaper types, such as Pekoes and tannings, as well as the general line of tea known as commons. All these teas kept thei r previous values and the market closed firm, with indications that the following auction would see a repetition of the demand. INTEREST RATES The return to the investor on his outlay, based upon the latest dividends and in the case of loans and debentures upon redemption at maturity, works out as follows for the latest sales: — PER CENT PER ANNUM.

Ton. Copper, spot £40 8 9 Rise £18 9 Copper, forward .. 41 1 3 Rise 0 8 1% Electrolytic, spot .. 42 10 0 Rise 10 0 Electrolytic, forward 43 0 0 Rise 0 10 0 Wire bars .. .. 43 0 0 Rise 0 10 0 Lead, spot .. ,, 13 11 3 Rise 0 8 9 Lead, forward • • 13 17 6 Rise 0 T 6 Spelter, spot ,, — — Spelter, forward .. — — Tin, spot .. .. — — Tin. forward .. .. Oz. Silver, line ,, .. 13% Rise B-lCd Sliver, standard .. 14 13-18 Rise 8-10d

Com. Bank of Australia .. £ 8 s. 12 d. 5 National Bank of N.Z 5 11 1 Bank of New Zealand .. .. 6 2 C South British 5 4 1 Auckland Gas 6 19 2 Waihi 12 19 5 New Zealand Breweries .. 7 3 2 N.Z. Insurance 4 17 6 Dorn. Investment and Bank 7 15 7* Taupiri Coal 9 15 1 Colonial Sugar 7 4 11 Wilsons Cement 7 0 10 * Subject to New Zealand income tax.