COMMERCE AND FINANCE

Otago Daily Times, Issue 21643, 13 May 1932, Page 5

COMMERCE AND FINANCE

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE There was a sale of Okaritos on the Dunedin Stock Exchange yesterday at 9s 7d (cum dividend) and a late sale on Wednesday of Westport Coals was reported at 19s 3d (cum dividend, cum refund). There was a buyer of Westports on ’Change at 19s, but sellers were asking 19s 6d. The offer for Okaritos was 9s 6d, with a seller in the market at 9s 9d. The demand for Mahakipawas improved to 4Jd, sellers remaining firm at 6d. Up to 7s 6d was offered for Blackwaters, for which 8s 3d was being asked* A parcel of 5J per cent. Bonds (February, 1937) was turned over at £99. These were on offer later at £99 6s without attracting a buyer. Sales; Okarito, 9s 7d (cum div.); 5J per cent. Bonds (February, 1937), £99. Sales reported: Westport Coal (late sale Wednesday), 19s 3d (cum div., cum refund); New Zealand Breweries (after last call), 24n 6d. The following are yesterday afternoons buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of New South Wales —Buy £24 Bank of New Zealand —Sel 455. Bank of New Zealand (long "D J Buy 25s 9d. Commercial Bank —Sel 13s. " Commercial Bank (pref.)—Buy £6 2s. JS.S. and A. Bank—Sel 81s, National Bank of New Zealand —Sel 67s* National Bank of Australasia —Sel £lO. Union Bank —Sel £6 10s 6d. • Odd parcel. INSURANCE. , National Insurance Company—Buy 11s Id. South British Insurance Company—Buy 465. Standard Insurance Company—Buy 36s 3d, sel 38s 6d. SHIPPING. Huddart, Parker (ord.) —Buy 20s. U.S.S. Co. (pref.)—Sel 10s 9d. COAL. Westport Coal Co. —Buy 19s, sel 19s 6d. LOAN AND AGENCY. Goldsbrough, Mort.—Buy 21s 7d. New Zealand Loan and M. (ord.) —Sel £4O. • New’ Zealand Guarantee Corp.—Sel 4b 6d. Perpetual Trustees —Sel 60s. Wright, Stephenson (pref.)—Sel 15s. ; MEAT PRESERVING. Gear Meat Company—Buy 26s 6d. New Zealand Refrigerating (pd.)— Buy 10s 3d. New Zealand Refrigerating (cont.) — Buy 3s IQd, sel 4s. MISCELLANEOUS. Australian Glass —Buy 31s 6d. British Tobacco—Buy 26s 3d, sel 275. Crystal Ice Company—Buy 22s 6d. D.I.C. (ord.)—Sel 12s. Dominion Rubber —Buy Is 6d, sel ss. Kaiapoi Woollen (ord.)r— Sel 6s 3d. Milburn Lime and Cement —Sel 25s 9d. M'Leod Bros.—Buy £22. National Electric —Sel Bs. New Zealand Drug Company—Buy 46s 3d. New Zealand Express (pref.)—Sel 15s 3d. / New Zealand Farmers 1 Fertiliser —Buy 12s, sel 12s 6d. . New Zealand Paper Mills (ord.) —Buy 18s, sel 18s 9d, Wilsons (N.Z.) Cement—Buy 265. Woolworths (pref.)—Buy 22s 9d. BREWERIES. New Zealand Breweries, Ltd—Buy 24s 6d, sel 24s lid. Duhedin Brewery—Sel 19s 6d. MINING. Wailn—Buy 15s, sel 15s lid. Waihi Grand Junction —Buy 3s 3d. Electrolytic Zinc (pref.)—Buy 19s 3d, sel 20s 3d. • Mount Lyell—Buy 17s 9d, sel 18s 6d. North Broken Hill —Buy 51s. Broken Hill South —Buy 33s 6d, sel 375. Mahakipawa—Buy 4Jd, sel 6d. Kildare —Sel Is Bd. Okarito —Buy 9s 6d, sel 9s 9d. Paddy’s Point—Buy 3s 6d, sel 4s. Cornish Point (pd.)—Sel 2sd. Golden Progress—Buy Is 9d, sel 2s sd. King Solomon —Buy Is, sel Is 2d. Golden Point —Buy 6Jd, sel 7Jd. i Golden Terrace —Sel 4s. Blackwater —Buy 7s 6d, sel 8s 3d. Gillespies—Buy par. Consol Goldfields —Buy 3s. Waitahu—Sel 3d prem. OIL. Moturoa Oil —Buy 2s 3d. GOVERNMENT LOANS. 4J per cent. Bonds, 1938 —Sel £95 10s. 4J per cent. Bonds, 1939 — Sel £93 sb. per cent. Inscribed, 1938 —Sel £95 10s. 44 per cent. Inscribed, 1939 —Sel £93 ss. 54 per cent. Soldiers’ Bonds, 1933 —Buy £99' los - „ „ . „„ Si per cent. Bonds, 1937 —Sel £97. 54 per cent. Bonds, 1936 —Buy £99. 5} per cent. Bonds, 1933 —Buy £9B 10s. 5J per cent. Inscribed, 1933 —Sel £9B 15s. 54 per cent. Bonds (February, 1937) Sel £99 ss. 5} per cent. Inscribed (February, 1937) —Buy £9B 10s. 54 per cent. Bonds (September, 1937) — Sel £99 ss. t . 54 per cent. Inscribed (September, 1937) —Buy £9B 10s, sel £99 ss.

NORTHERN EXCHANGES (Per United Press Association.) The following business was done on 'Changes yesterday:— Auckland. —Sales; Bonds (1937), Bi per cent., £96; Inscribed Stock (1937), 5J per cent., £96 10s; Westport Coal, 19s 3d; Gear Meat, 27s 3d; Waihi Grand Junction, 3s 6d; Mahakipawa, 4Jd. Wellington.—Sales reported: New Zealand Government 4J per cent. Bonds (1939), £92 15s (late sale Wednesday); New Zealand Insurance Company, £1 15s; New Zealand Government 4i per cent. Stock (1939), £92 15s. Christchurch. —Sales: Commercial Bank of Aust., 13s 7d; National Bank of New Zealand, £3 4s 6d; Goldsbrough, Mort., 225; Mount Lyell, 18s Id (four sales); Golden Dawn, 5s 6d (three sales); Golden Point. 7d; Mahakipawa, 4Jd; Okarito. 9s 6d (three sales). Sales reported: New Zealand Government 4$ per cent. Bonds (1939), £93 2s 6d; Bank of New Zealand, 445, 43s 9d. NEW ZEALAND APPLES (United Press Association.l (By Electric Telegraph—Copyright.) LONDON. May 11. The Zealandic’s New Zealand apples realised: Jonathans and Delicious, 11s 6d and 12s 6d; Dunns, 11s and 12s. SILVER AND STERLING In the hands of the Indian Government to-day there is lying absolutely idle, sterilised and earning no interest, 400,000,0000 z of silver worth about £30,000,000 (says a correspondent in The Times). If this silver were converted into money at its natural level to sterling it would become about £90,000,000, and on that metallic foundation 10 or even 20 times that amount of credit could be created, and thus the world’s wealth increased by 000 to 1800 million pounds sterling. To this increase could he added the increase in value of the silver in China, Persia, Mexico, and other Central and South American countries, and also the silver in the hands of the people of India, which last-named is estimated by a writer in Blackwood’s Magazine for November. 1928, as over £4,500,00.0,000. These figures represent no inconsiderable amount to add to the world’s wealth as a first instalment towards a recovery in prices.

LOCAL AND OVERSEAS MARKETS.

MINING waitahu Company listed. The Waitahu Gold Mining Company, Ltd., has been “ listed ” on the Dunedin Stock Exchange. It has been promoted by the Gold Development Corporation, Ltd., of Dunedin, to acquire and work a large sluicing claim on the West Coast near Reefton. The capital is £40,000, divided into 160,000 shares of 5s each. One hundred and thirty-six thousand contributing shares were offered for subscription and these were very largely overapplied for in a few days. Twenty-four thousand fully paid ijp shares are to be allotted the vendors in part payment of the purchase consideration. The claim has been very favourably reported on by Mr R. T. Stewart, a well-known local mining engineer, who predicts a briaht future for the company. The working of sound, well prospected gold mining properties should go a long way to help the country out of its depression, GOLDEN DAWN GOLD MINES, LTD.

Mesars Laurenson and Lewis are in receipt of a telegram as follows:—" For 11 working days ended May 7, 304 tons were treated. Actual return £993. Mill stopped four days owing to broken shaft; now running full time on good ore.” The return is equal to 2480 z, which at current prices is worth approximately £I4OO. The last consignment of bullion’ realised £6 0s Id per ounce, net cash, Auckland.

GOLDEN PROGRESS QUARTZ MINING COMANY, LTD.

During the past month mining operations at the Golden Progress Quartz Mining Company’s works have been confined to developing and prospecting work. One hundred and fifty feet level'—Eastend workings: The crosscut has now reached a point as nearly as can be fixed under the old surface workings, and preparations are in hand to start rising to locate The trend of the reef. In the stope further back from this face, three men are taking out the ore for treatment.

West end workings: Driving this face is proceeding with two shifts along what appears to be the reef tract, but nothing definite is yet showing. Prospecting level west end face: Two men are driving this face along the reef tract. The country rock continues to be. disturbed, but occasional pieces of quartz obtained in the broken ground show gold strongly. Two men are kept stoping over this level on good ore. A berdan which was recently purchased, has been erected in the battery house, and a quantity of headings which were being stored up can now be treated. The battery .treated 80 tons of ore obtained principally from development work for a return of 106 oz of retorted gold.

MOUNT LYELL MINING AND RAILWAY COMPANY, LTD.

(Peb United Pkess Association.) WELLINGTON, May 12. A cablegram received by the Stock Exchange Association from the Mount Lyell Mining and Railway Company, Ltd., states: "The directors regret that owing to the continued low price of copper the profits during the first six months of the financial year do not justify the payment of an interim dividend.” PRICE OF FINE GOLD (United Press Association.) , (By Electric Telegraph—Copyright.) LONDON, May 11. Fine gold is quoted at £5 I2s lid per ounce. DAIRY PRODUCE The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following advice from its London house, dated May 11: Butter, 96s to 975._ The market is slow. Cheese: White, 58s to 595;; coloured, 59s to 60s. The market is quiet. FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.)

RUGBY, May 11. (Received May 12. at 8.5 p.m.) Par, May 10. May 11. Paris, fr to £1 ..124.21 03 3-10 93% Brussels, belgas to £1 .. 85 20.17% 20,15 Oslo, kr to £1 .. .. 10.05 19*4 Stockholm, kr to £1 .. 18.150 19.35 19.03 Copenhagen, kr to £1 ,. 18.150 18.30 18.30 Berlin, marks to £1 .. 24.43 10 14-32 15.40 Montreal, dol to £1 .. 4.86 23 4.12% 4.13% New York, dol to £1 .. 4.80 2-3 3.08 3.07% Yokohama, pence to yen 34.58 21 5-10 — Hongkong, pence to dol 25.15 15 31-32 2114 Bombay, pence to rupee 18 17 31-32 17 31-32 Batavia, florins to £1 .. 12.107 — — Milan, tire to £1 ., .. 02.45 71% 7114 Amsterdam, guilder to £1 12.107 9.07 0.07 Prague, kr to £1 .. .. 24.02 124 123% Geneva, kr to £1 .. .. 26.22% 18.80 18.77% Vienna, schillings to £1 24.25% 32 33% Helsingfors, marks to £1103.334 215 215 Madrid, pesetas to £1 .. 25.65% 45% 45% Athens, drachma to £1 .. 25.22% 630 535 Lisbon, escudos to £1 .. 8.5014 110 110 Bucharest. lei to £1 ..037 015 015 Rio de Janeiro, pence to milrels 404 4% Buenos Aires, pence to pesos 30% 30% Shanghai* pence to i tael 2394 IS 31-32 20 Montevideo, pence to peso 51 30 30 Warsaw, zlotys to £1 .. 43.38 _ —