COMMERCE AND FINANCE

Otago Daily Times, Issue 21829, 16 December 1932, Page 6

COMMERCE AND FINANCE

t THE SHARE MARKET i DUNEDIN STOCK EXCHANGE A sale of Bank of New Zealands took place on the Dunedin Stock Exchange yesterday at £2 Os 9d, and business was reported at the same figure. The closing quotations were £2 Os 6d (buyer) and £2 Os 9d (seller). Kawaraus were dealt in at 6d, and a sale was reported at 6d, the final offer of 4d finding sellers firm at 7d. A parcel of Alexander Mines changed hands at £l, and these were later on offer at fl Is, with no'buyer forward. Two parcels of were turned over, the figure in each case being 3d premium. The closing quotations wore Ad on either side of the purchase price. Business was reported in New Zealand Insurances at £2 Is, ho further inquiries being forward. Okaritos were reported sold at Bs, and after last call another tansaetion at the same figure was reported. The market had closed with a buyer at 7s lid and a seller at 8a Id. A parcel of 4J per cent. Stock (1938) changed hands at £93 7s fid. and business was reported later at £93 Cs. SALES ON ’CHANGE.

NORTHERN EXCHANGES (Peb United Peess association.) The following business was done on . 'Changes • yesterday:— Auckland. —Sales: Auckland Harbour Board, 1939, per cent., £9B 10s; Bank of New Zealand, 40s 9d; Auckland Gas, 21s; New Zealand Farmers’ Fertiliser, 14s; King Solomon, 2s 4d (two). Wellington.—Sales reported: Palmerston North, 6 per cent., 1945, £99; Union Steam (preference), 20s 9d; Tooths, 29s (first two late Wednesday). Christchurch.—Sales: Bank of New Zealand, 40s 9d; New Zealand Refrigerating (10s paid), 3s Id; Mount Lyell (cum. div.), 18s Cd; Okarito, 7s lid. Sales reported: Goldsbrough Mort, 20s 9d; New Zealand Refrigerating (10s paid), 3s. AUSTRALIAN STOCK EXCHANGES {United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, December 15. (Received Dec. 15, at 10.30 p.m.) On the Stock Exchange the turnover expanded slightly, but prices showed little change. The following sales were made; —Bank of New South Wales, £3O; Colonial Sugar, £sl ss; Burns, Phi Ip, 475; Tooths, 34s 14d; Goldsbrough, Mort, 245; Gordon and Gotch, 31s 6d; British Tobacco, 32s 6d; Dunlop Pcrdriau, IBs Od; Broken Hill Proprietary, 25s 6d; South Broken Hill, 45s 9d; Commonwealth Bonds (4 per cents.)—l93B £lOl 8s 9d, 1941 £lOl 10s. 1044 £lOl 17s Od, 1947 £lO2 2 S 6d, 1050 £lO2 ss, 1953 £lO2 12g Od. 1955 (ex interest) £IOO 17s 6d, 1957 £lOl 7s fid, 1959 £lOl 7s Gd. 1961 £lO2. MELBOURNE, December 15. Commercial Bank of Australia, 15s 9d; Herald-Times, 56s 6d; Huddart, Parker (pref.j, 23s 9d; Mount Lyell, 21s 3d; North Broken Hill, 69s Od. PRICE OF FINE GOLD {Unlled Press Association.) (By Electric Telegraph—Copyright.) ' / LONDON, December 14. Fine gold is quoted at £0 5s Cd per oz.

LOCAL 1 AND OVERSEAS MARKETS.

SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, December 15. (Received Dec. 15, at 10 p.m.) At the wool sales 10,732 bales were offered, of which 10,128 were sold, while 1327 were disposed of privately at the final sales to-day. The market closed firm, with prices at the best point of the series. Competition was strong from the Japanese, the Continent, and Yorkshire, while America bid well for suitable lines. Greasy merino made 13Jd. LONDON TALLOW SALES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 14. At the tallow sales 818 casks were offered and 247 were sold at fid decline. Quotations: —Mutton; Fine, 2Gs 9d; medium, 22s fid. Beef: Fine, 27s fid, medium, 22s fid. The Bank of New Zealand has received the following advice from its London office under date December 14: — Tallow. —There is a fair demand. Good mutton, 26s fid per cwt; good beef, 23s fid to 24s per cwt; good mixed, 23s fid per cwt. Gut, 19s to 21s per cwt. P. AND 0. SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 14. P. and 0. Shares, 14s IJd. ZINC CORPORATION (United’Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 14. Zinc Corporation (pref.), 65s lOd. FOREIGN EXCHANGES (British Official Wireless.! (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY, December 14. The foreign exchanges ruling in London this morning were; —New . York, 3.28 L against 3.27 J overnight; Paris, 84J, against 83 1 overnight. ARDGOWAN ESTATE The Land Board submitted section 86, Ardgowan estate, a freehold property consisting of 9a 3r 31p, to auction yesterday. The upset price was £l2O, and the property was secured by Neil H. Colquhoun, of Oamaru, at this figure. There was only one bid.

FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY. December 14. Far. Dec. 13. Dec. 14.

MINING MOUNT DAVID SLUICING COMPANY, LTD. The secretary of the Mount David Sluicing Company, Ltd. (Mr F. R. Thompson) reports that there was some exceptionally rough weather on the coast last week-end and this is responsible for a telegram from the manager (Mr A. C. Buckland) that there will be no wash-up this week owing to a slip in the race. KING SOLOMON DEEP LEAD. (Per United Press Association.) WELLINGTON, December 15. King Solomon Deep Lead, Ltd., advised the Stock Exchange Association that the share register will be closed from January 4 to January 9 inclusive. AMALGAMATED ZINC COMPANY. An increase in net profits of £1639 is shown in the accounts of Amalgamated Zinc (De Bavay’s), Ltd., for the halfyear ended Juno 30. The increase is due to receipt of dividends of £2404 from shares held in other companies, compared with £590 in the previous half-year and £375 in the corresponding half of 1931. This made up for a decrease in interest received from other investments from £5033 to £4495, because of reduction of interest under financial emergency legislation. To pay the usual dividend at the rate of 5 per cent, per annum the company draws on equalisation reserve for only £516. The directors- report that since the close of the half-year Minerals Separation and De Bavay’s Processes Australia Pty., Ltd., has reduced its capital and returned to the company £5512, being Is a share on 83,250 shares paid to £l, now paid to 19s, and 9d a share on 3(5,000 shares paid to 15s, now paid to 14s 3d. AUSTRALIAN PRICE OF GOLD.

The price fixed by the Commonwealth Bank for gold, including jewellery, lodged at the Melbourne Mint, for the week ended December 2, is at the rate approximately £7 6s 5d per standard ounce (22 carats), equal to a premium of 88.05 per cent. Payment is made according to the assay value of the gold. The price is 8d higher on the week. The price per ounce fine is £7 19s 9d, a rise of 9d on the week. The Commonwealth Bank’s price for sovereigns, at head office, Sydney, last week was 35s fid. This is subject to alteration without notice.

MOUNT LYELL COMPANY. The progress report of the Mount Lyell Mining Company for the fortnight ended November 30 is as follows: North Mount Lyell Mine.—Tons extracted, 7744; 1100 ft level. No. 3 transfer pass rise to 41 feet through hard, grey schist; 1200 feet level, No. 1 winze, commencing from No. 59 slope, sunk five feet through low-grade quartzitic ore; 1300 feet level, No. 2 rise to 85 feet through low-grade quartizitic ore, and discontinued. Crown Lyell Mine.—Tons extracted 2503. At the surface, Mullock Pass tunnel to 300 feet through pyritised schist; 200 feet level, Mullock Pass rise to 124 feet through schisty ore, and completed; 400 feet level. Mullock Pass rise, commencing from No. 4 stope, lifted to 'l6 feet through schisty ore; 600 feet level, No. 1 crosscut to 84 feet through lowgrade schisty ore. Deep-hole drilling; a distance of 27 feet bored to south of No. 4 stope. Royal Tharsia Mine.—Tons extracted 1258. No. 2 level, Tharsis shaft to 621 feet above 1100 feet level through pyriLyell Comstock Mine.—Tons extracted 5091. No. 5 level, shaft sunk to 131 feet below level through mineralised grey schist; 630 feet level, plat drive to 20 feet through grey schist; north drive, commencing from north side of plat, advanced to four feet through mineralised grey schist carrying some chalcopyrite; deep-hole drilling, a distance of 156 feet bored to west of No. 16 stope and at No; 7 stope. ' Reduction Works,—Furnace in blast for full period, and 1552 tons of refinery anodes produced for the current year-. Concentrator. —Mill operated 336 hours and treated 14,899 tons ore, producing 1563 tons concentrates. Copper Refinery.—Tank house in operation throughout fortnight, 421 tons of cat? hode copper being produced for the period; total for the current year, 1851 tons. AUSTRALIAN GOLDFIELDS EXPLORATION COMPANY REGISTERED. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 14. The New Goldfields of Australia Exploration Company has been registered with a capital of £35,000. It will operate in Central Australia.

MOUNT LYELL SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 14. Mount Lyell, 10s 3d. NESTLES CONDENSED MILK. The directors of Nestle and AngloSwiss Condensed Milk Company (Australasia) , Ltd., have declared an interim dividend on preference shares for the. quarter ending December 31 at the rate of 8 per cent, per annum, payable on that date. LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 14. (Received Dec. 35, at 11 p.m.) The following are the official* Quotations;— Ton.

NEW ZEALAND REFRIGERATING .COMPANY EXTRAOLDINARY GENERAL MEETING.

I.l,’ku United Fimas Association.) CHRISTCHURCH. December 15. An extraordinary general meeting of shareholders of the New Zealand frigerating Company was held to-day. The vice-chairman (Sir Francis Boys) presided over a very large attendance. The meeting was not open to the press, and the official statement of the proceedings was delayed till to-morrow. The meeting was held to consider the report of the shareholders’ committee and the directors’ comments thereon, and to give effect to the decision of the last meeting, that the directorate be increased from five members to seven. the two directors elected were Mr W. 11. E. Flint (who retired last year from the managership of the New Zealand interests of Thomas 15orthwick and Rons, Ltd.) and Mr J. R. Cunningham, a legal practitioner in Christchurch. Mr B. E. IT. Tripp tendered his resignation from the directorate. It was decided that the vacancy thus created should be left open until the next annual meeting. A legal opinion obtained by the shareholders’ committee covering certain matters raised by the report of the shareholders’ commit tee was read to the meeting. The report was a long one, and occupied considerable time in its reading. The meeting began at 2 p.m. and was adjourned at fi p.m. until February 1. In the meantime the directors, shareholders’ committee, and counsel will confer on the Investigating Committee’s report and legal opinions thereon, and will report to the meeting on February I.

WORKING RAILWAYS

AUSTRALIAN MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, December 15. (Received Dec. 15, at 10 p.m.) Silo wheat is selling at 2s Bld, while bagged wheat is quoted at 2s BJd. Country rates are: Bagged 2s Id and silo 2s, on sidings, equivalent to 2s 8d ex trucks, Sydney. Flour £9 10s. Bran £5. Pollard £5 10s. Potatoes: Tasmanian £5 10s, Victorian £4. Onions: Victorian Globes to £B, QucensiJand £B, Oaten hay £7. Maize: Yellow os 6d to 5a 9d, white to 5s sd. ADELAIDE, December 15. Wheat: Growers’ lots 2s Bd. Flour: Bakers’ lots £7 12s Gd. Bran £5 7s Cd. Pollard £5 17s 6d. Oats Is 5d and Is Gd. NEW ZEALAND TOBACCO EXCISE DUTIES REDUCED. ( Per United I’ui'.ns Association.) WELLINGTON, December 15. Reduced excise duties on tobacco were gazetted to-night. The reductions give clfcct to the clause in the Customs Amend, ment Act which empowered alterations to be made by Order-in-Council which would place New Zealand tobacco in the same relative position to the imported commodity as it occupied prior to the removal of the surtax on the latter. The new duties are as follows:—On tobacco (cut), 3s 4Jd a pound; on tobacco, fine cut, suitable for the manufacture of cirgarettes, 9s 2d a pound; on other tobacco, 3e 2id a pound; on cigarettes not exceeding in weight two and a-half pounds the thousand, 23s 4d per thousand; in cigarettes exceeding in weight two and a-half pounds the thousand, 9s 4d per pound. I Amended Customs regulations dealing with the Empire content of tobacco and cigarettes are also gazetted. OVERSEAS TRADE IMPORT AND EXPORT RETURNS. (Per United Press Association.) WELLINGTON, December 15. The export and import trade of New Zealand during November compared as follows with that for the corresponding month of last year:— Nov., 1932. Nov., 1931. Exports .. £2,607,217 £2,810,270 Imports .. .. 2,045,296 2,059,040 The figures for the 11 months of each year compare as follows: 11 mos., 1932. llmos., 1931. Exports .. £33,695,047 £31,814,844 Imports .. 20,958,527 23,019,300 The values shown for exports are the declared f.o.b. values in terms of New Zealand currency, while the imports are valued on the basis of values in exporting countries, plus 10 per cent.

LATEST FOUR-WEEKLY RETURN. (Pee United Press Association.) WELLINGTON, December 15. The following is the railway working account for tho four-weekly period ended November 12, 1932: Section. Her. Expend. Net. Her. £ £ £ Kalhu 279 354 ‘75 Gisborne 1.106 1,209 *73 North Island main lino and branches 223,300 212.857 11.039 South Island main line and branches 132.308 145,459 ‘13,151 Westport 4,313 4,176 137 Nelson ■■ 700 1,576 *B7O Plcton 1,519 3,722 *2,203 'J'oial railway operation ~ 303,717 308.913 *5,100 Miscellaneous services .. 49.003 25,400 24.118 Total £413,325 £394,403 £18,022 • Denotes decrease. The total revenue from April 1 to November 12 was £3,444,957. The total expenditure was £3,185,098, and the net revenue was £259,859. The totals for the corresponding period of last _ year were—Revenue, £3,728,062; expenditure* £3,534,281; net revenue, £194,381. KAURI TIMBER COMPANY Accounts of the Kauri Timber Company, Ltd., which ha s its head office in Melbourne, for the year ended August 31, show a net loss of £26,022. Gross profits at £22,538 were £18,158 lower than in the previous year. Stock-in-trade shows ■a reduction to £129,925 from £192,753. No dividend is recommended. For the past -two years the company has paid no dividends, the net loss in 1931 being £10,408. In 1930 a profit of £18,643 was earned. Following its reconstruction the company paid 8 per cent, annually until 1927 when the dividend was reduced to 6 per cent. In the next two years 3 per cent, was paid, and the dividend in 1930 was further reduced to 24 per cent. , . HAYWARDS PICTURES The eighteenth annual report of Haywards Pictures, Ltd,, states that the concern is now a holding company, its only investment being a block of shares in the Fuller-Hayward Theatre Corporation, Ltd. The accounts show a loss for the year ended April 10 last of £5 8s 9d, leaving a credit in the profit and loss account of £503. Considering the present financial situation the position of the company could be regarded as satisfactory. The business was now well organised and the position of the firm was improving daily. The company has an authorised capital of £IIO,OOO in £1 shares, of which 103,375 shares are paid up. There is a reserve account of £15,000. The amount owing to sundry creditors is £l3O. Contingent liabilities are made up as follows; —Guarantor of principal and interest in respect of debenture issues of associated companies, £91,853; mortgages, £75,000; bank overdrafts, £7OOO. Assets comprise £119,000 in shares in tho Fuller-Hayward Theatre Corporation, Ltd., and sundry debtors. £O.

BUTTER PRICES AUSTRALIAN DEPRESSED. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 14. Dealers attribute the abnormal margin between Australian and Danish butter to heavy arrivals, especially of New Zealand which is quoted below Australian, depressing Australian prices. Traders emphasise that Denmark has a large Continental market, and her supplies to Britain are therefore restricted. One trader stated that it is an elementary question of supply and demand. While Australian and New Zealand shipments continue heavy and Danish normal there will necessarily be a wide difference in price. The South Island Dairy Association, Ltd., has received . the following report from London:— Butter. —Steady. Finest, 82s; firsts, 81s; Danish, 120 s. Cheese. —Slow. White, 545; coloured, 5Gs. The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cabled advice from its London house dated December 14: Butter, 82s. Market quiet. Cheese. —White, 52s to 545; coloured, 54s to 555. Market slow. Messrs Nimmo and Blair, Ltd., have received the following cablegram from Loudon dated December 14: — Cheese. —New Zealand white, market weak; 53s per cwt.

£ S. d. Bank of New Zealand 2 0 9 Kawarau 0 0 5' Alexander Mines .. . ttl •0 0 Gillespie’s (two) .. ■ to 0 3 SALES REPORTED, Bank of New Zealand 2 0 9 New Zealand Insurance .. , 2 1 0 Kawarau 0 0 6 Okarito (two) .. .. 0 8 0 p.c. Stock (1938) . 93 7 6 \ 93 5 0 The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:BANKING. * ' *V Buyer. Seller. £ 6. d. £ 8. d. New South Wales .. — 27 0 0 New Zealand .. ■ • 2 0 6 2 0 9 .Commercial ..... .. 0 13 3 0 13 10 E.S. and A. .. .. — 4 3 0 National of N.Z'.’ .. — 3 17 6 Union .. 6 5 0 7 1 0 ■ INSURANCE. .National . ~ 0 14 3 South British ... .. 2 13 0 — Standard 2 1 0 2 9 0 SHIPPING. Huddart, Parker (pref.) .. .. .. 0 18 6 — P. & 0. Def. Stock — 1 0 0 iU.S.S. Co. (pref.).. 1 0 6 — COAL. .Kaitangata par — -Westport — 0 12 8 Westport-Stockton (ord.) • 0 1 0 W estport-Stockton (pref.) .. ... .. — 0 1 6 LOAN AND AGENCY. Goldsbrough, Mort 1 0 0 1 1 3 .National Mortgage (B issue) 0 14 6 — .Trustees, Executors 2 7 0 — .Wright, Stephenson (ordj .... 0 11 0 — MEAT PRESERVING. Gear Meat — 1 0 6 ,-N.Z. Refrig, (paid) 0 9 3 0 10 0 N.Z. Refrig, (cont.) 0 3 0 0 3 4 : South. Eroz. Meat 1 (paid) — 2 0 0 -South Otago Frees. — 4 10 0 ' MISCELLANEOUS. 'Australian Glass .. 1 16 0 — 'British Tobacco .. 1 6 0 1 7 3 Bruce W’ll’n (ord.) — 0 10 0 D.I.C. (ord.) .. .. 0 9 3 — ‘D.I.C. (pref.) .. .. 0 17 6 0 18 9 ‘Donaghy’s Rope .. 1 10 0 — ‘Milburn Lime .. .. — 1 6 0 ! Mosgiel Woollen .. 0 14 0 — ‘MNeod Bros 22 10 0 — ■N.Z. Drug Co. — 2 17 0 •N.Z. Express (ord.) — 0 8 0 ‘N.Z. Paper Mills .. 1 0 0 — ’Smith and Smith 0 10 0 — ; v ' BREWERIES 'N.Z. Breweries 1 4 8 1 5 3 N.Z. Breweries 1 (debs.) 1 9 0 — iDunedin — 1 3 6 t OIL. Moturoa — 0 4 6 MINING. Kawarau .. w .. 0 0 4 0 0 7 Electro. Zinc (ord.) •— 0 14 9 -Mount Lyell .. ■ .. 0 18' 0 — Molyneux Electric — 0 5 0 Mahakipawa .. .. 0 0 2 — Kildare 0 1 9 0 1 11 Okarito 0 7 11 0 8 1 Paddy’s Point .. .. 0 5 0 — King Solomon .. .. 0 2 2 0 2 5 ’Golden Point .. .. 0 0 21 0 0 3? Blackwater .. .. 1 0 0 — Alexander • 1 1 0 Gillespie’s Beach .. to 0 21 f0 0 3? Waitahu — to 0 9 ' Golden Sands .. .. 0 1 9 0 2 3 Big River * — 0 1 2 Mount David .. .. — 0 3 9 Nokomai 0 6 0 0 0 3 .. GOVERNMENT LOANS. 41 p.c. Bonds, 1938 93 0 0 — 4J n’.c. Bonds, 1939 93 0 0 — 4| p.c. Ins., 1938 93 0 0 93 10 0 4J p’.o. Ins., 1939 93 0 0 — 61 p.c. S.S. Bonds, 1933 .00 0 0 — 61 p.c. S.S. Ins., 1933 .. .00 0 0 — 61 p.c. Bonds, 1930 98 0 0 — 51 p.c. Ins., 1930.. 98 0 0 — 6t p.c. Bonds, 1933 98 15 0 — p.c. Ins, 1933 .. 98 15 0 — 61 n.c. Bonds, Feb., 1937 98 10 0 — 6J p.c. Bonds, Sept.. 1937 98 10 0 — 61 p.c. Ins., Feb., 1937 98 10 0 — 61 p.c. Ins., Sept., 1937 ...... .. 98 10 0 — f Premium, ft Cum dividend.

Paris, fr to £1 ..124.21 83% 84% Brussels, belgas to £1 .. S5 23.04% 23.04% Oslo, kr to £1 .. 18.180 10.40% 19.40 Stockholm, hr to £1 .. 18.150 18.30% 18.32% Copenhagen, fcr to £1 .. 18.150 19.20% 19.30 Berlin, marks to £1 .. 20.43 13.74% 13.79% Montreal, dol to £1 .. 4.86 2-3 8,7914 3.79 Nan Tort dol to £1 .. 4. SO 23 3.27% 3.28 Yokohama, penes to yen 24.582 15 3-10 15% Hongkona. pence to dol 24.58 15% 15 5-8 Bombay, peace to rupee — 18 3-16 18 3-10 Bataria, florins to £1 .. 18 8.17 8.17 Milan, lire to £1 .. .. 82.46 64 1-16 64 S-16 Amsterdam, guilder to £1 12.107 8.15 8.17 Prague, ki to £1 .. ..101% 110% 110% Genera, kr to £1 .. .. 25,22% 17.02% 17.07 Vienna, schillings to £1 84.08% 27% 27% - Helsingfors, marks to £1193.23 228 228% Madrid, ocaetas to £1 .. 25.23% 40 3-16 40 5-16 Belgrade ..270.3 — 245 Athens, drachma to £1 ..375 592% COO Lisbon, escudos to £1 ..110 108 108% Bucharest, lei to £1 ..931.6 552% 5G0 Rio do Janeiro; pence milrels to 6% 6% Buenos Aires, pence pesos .. •. to __ — Shanghai, pence to tael — 2004 20 7-10 Montevideo, pence to peso Cl 30 SO Warsaw, zlotys to £1 .. — — —

Copper, spot .. .. 71i Fall £0 5 0 Copper, forward ,. .. 28 1 ID’S Fall 0 0 lOVi Electrolytic, spot .. ..33 0 0 Fall 0 12 li Electrolytic, forward .. 33 10 0 Fall 0 10 0 Wire bars .. .. 0 Fall 0 10 0 Lead. spot .. .. 9 Fall 0 1 s Lead, forward .. 11 7 G Fall 0 13 Spelter, spot .. .. 3 No chanso Spelter, forward .. .. 15 3 9 No change Tin. spot G Fall 1 G S Tin. forward .. .. ..140 7 G Fall 1 8 0 Oz. Silver, standard .. .. 17 %d Fall 3-lCd Silver, flno .. .. .. IS lid Fall 3-lGd