COMMERCE AND FINANCE

Otago Daily Times, Issue 21920, 4 April 1933, Page 4

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Up to .£2- 4s 6d was offered for Bank of N ew- Zealands on the Dunedin Stock Exchange' yesterday without attracting a seller Kaitangatas were on offer at fl Os 6d, the best buying quotation being 19s. The : best offer for contributing New Zealand Refrigeratings was 3s 9d, tellers demanding 3d more. There was an unsuphlied buyer of New Zealand Paper Mills at £1 3s 4d. There was a slight improvement in the offer for New Zealand Breweries, which were wanted at fl 7s 3d;/no seller responding. Okaritos improved, and business •■was done at 9s 4d. The market closed with the quotations Id bn either side of that figure. Two sales of Freshfordg were reported at Is 7d, further offers of Is 64d failing to attract a seller. ; SALE ON ’CHANGE.

The following is a list of stock on which dividends will shortly be payable: New Zealand Drugs, Is 7 l-6d Apl. 6 Electrolytic Zinc (pref.), 9 3-sd, interim Apl. 29 NORTHERN EXCHANGES (Peb United Press Association.) The following business was done on ’Changes yesterday:— Auckland. Sales: Auckland City Y 1957), Bi per cent. £9B 10s; Auckland Hospital Board (1935), 6§ per cent. £96 12a 6d; Bank of New Zealand, 44s 6d (two sales); South British Insurance, 63s 6d, 63s 9d; Auckland Gas, 21s Id (two sales); Huddart, Parker (pref.), 23s 6d; Whittome, Stevenson, 14s; Golconda (6d paid), 3d; Waihi Junction, 3s 9d. Wellington.—Sales: Bank of New Zealand (late sale Saturday), 44s 6d (two Bales); Waihi, 225; Waitahu, 4s 6d. Christchurch.—Sales: 5J per cent. Inscribed (February, 1937), £99; Commei' cial Bank of Australia, 14s Id; Bank of New Zealand, 44s 6d; New Zealand Refrigerating (IDs paid), 3s 9d (five sales); Beath and Go. (Is paid), 2e 9d; Henry Jongs;Co-op., 37s 2d; Golden Point, 2d; Nokomai, 5a 8d; Freshford, Is 7id (two sales), Is 7d (two sales). Is 6id (two sales). Sales’ reported: Bank of New Zealand, 44s 9d (two sales), 44s 9d; New Zealand Refrigerating (10s paid), 3s 9£d (two sales). SOUTH AFRICAN POUND (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, April 1. The South African pound is quoted at £99 17s 6d to £IOO 17s 6d per £IOO.

LOCAL AND OVERSEAS MARKETS.

MINING OKARITO RETURN. Messrs W. A. Mitson and Co., secretaries of the Okarito Five-mile Beach Gold Dredging Company, Ltd., report that the wash-up for the week ended April 1 was 141 oz 7dwt for 118 hours’ dredging. FRESHFORD DREDGING COMPANY. The Freshford Gold Dredging Company washed up on March 25, and the return of 6oz for the preliminary surface work was surprisingly good in view of the small amount of actual wash treated. From March 27 three shifts were worked on a two and a-half chain face. Five days’ work (101 hours actual running) returned 28oz 3dwt 20gr of gold. A good marine bottom was reached at from 14 U 17 feet on Wednesday and Thursday. The wash at the bottom is tight, and picks are being fitted to the tumblers to cope with this. The gold on the bottom is much heavier than any obtained in the boring operations. The official opening of the dredge is to be held on the claim on Saturday, April 8. LATEST WAIHI RETURN. The following information has been cabled to the London office of the Waihi Gold Mining Company, Ltd.:— For the four-weekly period ended March 18 18,797 tons of ore were crushed for a result of 5972 fine ounces of gold and 30,992 fine ounces of silver. This includes 2156 tons mined from the Grand Junction area, which yielded. 923 fine ounces of gold and 5940 fine ounces of silver. No. 3 Level.—North branch of Martha lode: Driving_ west the reef is split up and investigation is being made. Driving east the next 16 feet assays 8s 6d a ton over a mixture of quartz and country. No, 11 Level, 80 Feet Sub-level. —Royal lode: At 105 feet west the full width of the' lode is 12 feet, and the assay value 7s a ton. No.'ll Level.—Commencing at 76 feet east of Power crosscut we have driven to the west in ore of very good grade and the reef is wider than the drive. MATAKI GOLD DREDGING. The annual meeting of Mataki Gold Dredging, Ltd., which is shortly to commence operations in Murchison, was held in Auckland last week. In reply to a question regarding flood risk, Mr Speed, the dredgemasTer, said the Mataki River was classed as a swiftlyflowing river liable to sudden rises up to 10ft to 12ft. The question of a safe harbourage for the dredge was a very important one. The company had secured the freehold of the land on which the dredge was being erected and had the Option over all the alluvial flats down the eastern bank, so that all the time the dredge would be working in perfect safety, building its own protective banks as it went. As to the length of time the dredge would be working there, Mr Speed stated that there was sufficient material for 20, years. It was hoped, that a commencement would be made within five weeks; The estimated capacity of the dredge is 120 yards of dirt an hour, and the plant is calculated to retain 95 per cent, of the gold. GOLDEN DAWN GOLD MINES. The mine report by Golden Dawn Gold Mines, Ltd., for two weeks ended March 25 is as follows;—No. 3 level: Drive north on No. 3 reef. No work has been done here, the drive being stopped for the present so as to carry along a leading stope over the level a length of 110 feet from the north end of north stopes. This work will be completed by the end of next .week, .when driving, on the reef will again be started. No, 2 level: Drive north on No. 3 reef from crosscut east has been driven six feet, total 39 feet. The reef here is still split up into small leaders and the country hard. No. 3 level: Sloping has been carried on with machines working three shifts in two blocks on No. I reef ._ The reef here averages two feet six inches wide and the ore broken of very fair value. Sloping has also been carried on in three blocks on No. 3 reef with machines working three shifts. The reef here averages two feet wide and ore broken of very good value. The leading stope on No. 3 reef from end of north stope has been carried along 90 feet; another 20 feet will complete this stope. That will give another 110 feet of a block for stoping. The. reef here averages two feet six inches wide and the ore of good value. No. 2 level: Stoping has been carried on in one block on No. 1 reef. The reef averages two feet wide and the ore of fair value. WILUNA GOLD PRODUCTION. Wiluna Gold Corporation, Ltd., Western Australia, reports production for February, with the previous month’s figures in parentheses, as follows:—Ore treated, tons 30,285 (31,116); gold, fine ounces 8029 (8600); value, sterling, at £6 a fine ounce, £48,174 (£51,600); value, Australian, £59,856 (£64,113); working surplus, £28,753 (£31,733). • NEW GUINEA GOLDFIELDS. - New Guinea Goldfields, Ltd., reports that the estimated net profit for January from alluvial work was £6319. The production for February was 2314 ounces bullion. The estimated net profit from the mill for January was £6OOO. The output for Febrnuary was 960 ounces fine gold. KING SOLOMON MINE. The mine manager of the King Solomon Deep Lead, Ltd., has submitted the following report:— Since the last report developing of the wash to the east has been persevered with np to certain points where the bed rock underlying the' wash has dipped away from the advancing drives. To drain off the water a drive from a lower elevation is now being driven. The wash opened up in this section carries fair gold values. A drainage drive with a course east of north has been extended a distance of 300 feet on payable wash. At a point 220 feet along this drive from its starting point it inclined slightly to the dip, and a pump was installed to deal with the water. The lowest point of the dip was reached and the drive was continued on its course, which is now on the up grade. The drive is now under Murphy’s Hill, in payable wash, and there is a large area ahead of the face to be developed. At the lowest point in this drive two drives have been started at right angles to the main course, and are being produced in opposite directions.. Both drives are showing good wash, and it is expected that the extension of these drives will give drainage to other section now lying idle. Scott Bros., produce merchants and commission agents, agents for the Dunedin Egg Suppliers’ Association, report;—Eggs: Storekeepers Is 6d per dozen, poultry farmers Is Bd. Butter: Dairy pats to to 8d per lb. Honey: Bulk to 3id per lb, 101 b tins 3s to 3s 6d, 51b tins 2s 6d each. Fat; Nominally 8s to 9s per cwt. Poultry: Hens Is to Is 4d each, young roosters 2g to 3s each, ducks Is 3d to Is 6d each, geese 3s to 4s 6d each, turkeys—hens 8d per lb, gobblers 9d per lb. Pigs; Prime baconers 4Jd per lb, porkers to 4Jd per lb. Potatoes: Nominally £2 15s to £3 per ton. Chaff: Prime oaten sheaf £4 to £4 5s per ton, bags extra, ex store, Canterbury onions: 5s 6d per ewt. Partridge peas, 4s 6d per bushel, sacks extra. Whole fowl wheat 3s 9d to 4s, sacks extra. Barley dust 8s per 1501 b. Lucerne hay, £5 10s to £6 per ton, ex store. Oats: Gartons Is 9d, Sparrowbills 2s per bushel, sacks extra, ex store. Pressed wheaten straw £3 ss, oaten £3 10s, ex store. Feed barley 2s 6d to 2s 9d per bushel. Farro food £6 per ton. Please Note. —Pigs and poultry must arrive not later than Thursday of each week. We also stock the following lines:—Meat meal, grit mills, charcoal, leg rings, oyster grit, chicken food, egg crates. Quotations on application. April 3. 1933.

FOREIGN EXCHANGES (British Ofllcial Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.)

SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph--Copyright.) SYDNEY, April 3. (Received April 3, at 10 p.m.) The wool sales were resumed, and 10,294 bales were offered, 9596 being sold, while 1002 were disposed of privately. There was brisk competition in all sections, with particularly strong demand from the Continent and Yorkshire. The market was very firm, with prices unchanged from the previous Sydney levels. Greasy merino sold to 14s. , The average price of wool sold by auction in Sydney to date is £ll 5s lOd per bale, or B.Bd per lb. AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, April 3. (Received April 3, at 10 p.m.) On the Stock Exchange there was a strong, active market, and values were mostly in holders’ favour. _ Scrip in all popular trading and industrial issues was difficult to obtain. Commonwealth Bonds were firm. The following sales were made:— Bank of New South Wales, £3O 2s 6d; Bank of New Zealand, 43s 9d; Colonial Sugar, £66; Associated News, 8s; Associated News (pref.), 17s 9d; Adelaide Steam, 22s 3d; _ Berlei, 25s 6d; British Tobacco (ex div.), 34s 3d; Tooths, 35a lOJd; Tooheye, 20s 74d; Carlton Brewery, 35s 10Jd: Dunlop Perdriau, 17s; Australian Glass, 46s 6d; Wichcombe Carson, 23a 3d; Broken Hill Proprietary, 29s 6d; South Broken Hill, 43s 6d; North Broken Hill, 63s 9d. Commonwealth Bonds (4 per cent.), 1938, £lO2 18s 9d; 1941, £lO3 2a 6d; 1944, £lO3 12s 6d; 1947, £lO2 ss; 1953, £lO2 10s; 1955, £lO2 15s; 1957, £103; 1959, £lO3 12s Gel; 1961, £lO2 Is 3d. MELBOURNE. April 3. Commercial Bank of Australia, 14s 4d; Carlton Brewery, 35s 9d; Dunlop Perdriau, 17s, pref., 32s 3d. JAPAN’S WOOL BUYING During the eight months ended February 28, New South Wales wool exports to Japan were greater than to any other country, totalling 236,990 bales. United Kingdom shipments occupied second position, being 223,263 bales. They, however, included a proportion of supplies sent to London for sale, part of which would be re-exported. The Japanese total for New South Wales for the similar period of last season was 234,547 bales, and for the full selling year ending June 30, 310,437 bales. CLOSE OF BAWRA A fitting end to the wonderful achievement accomplished by the Central _ Wool Committee and Bawra under the guidance of Sir John Higgins was made by the liquidators of Bawra (Sir John Higgins and Mr C. K. Murphy), in handing to Mr George L. Aitken, as chairman of directors of the Australian Pastoral Research Trust, Ltd., toward the capital fund a cheque for £8196 9s Id. This was in compliance with the resolution passed by the contributories on November 17 last. In handing over this amount to the trust the liquidators said that they felt that they were serving the best interests of the wool growers as a whole, as 92 per cent, were original members of Bawra, holding 83 per cent, of the shares, and all were directly concerned in sheep farming, wool growing, mutton and lamb raising. and all would benefit by the advantages accruing from the trust’s activities. The Australian Pastoral Research Trust, Ltd., Melbourne, had a capital fund of £46,360, the income from which was being expended on pastoral research, and, with the addition of the £8196 9s Id mentioned, would amount to £54,556, thus increasing the income available. _ The income of the trust was being subsidised £ for £ up to £3OOO per annum for five years by the Empire Marketing Board, and investigations were being carried out through the Council of Scientific and Industrial Research and the directors of the trust. It was very necessary that woolgrowers should support their trust in order that the capital fund might be built up to the £200,000 originally aimed at. It was hoped that the growers throughout the Commonwealth would bo inspired by this closing act of the Bawra liquidators to support their trust wholeheartedly, since it must be apparent to all that science could assist the woolgrower very materially in lowering the cost of production.

i : s, . d. Okarito 0 9 4 SALES REPORTED, Freshford (two) .. .. C i i 7 BALES . REPORTED AFTEB : LAST CALL. c i i 4 f i 9 4 The following are yesterday afternoon’s buying and selling quotations, which are subject to' the usual brokerage: BANKING. ' ", Buyer. Seller d. f s. d. f s. Australasia .. .. 10 0 0 — N.S.W. 28 12 6 — N.Z. .. . 2 4 6 — National of N.Z. 3 6 6 — , INSURANCE. National*" . r 0 16 0 — New Zealand .... 2 7 3 — Standard .... 2 10 0 — SHIPPING, Huddart, Parker (pref.) 1 1 U.S.S. Col (pref.) 1 0 s 6 COAL. Kaitangata .. .. 0 19 0 1 0 6 Westport 0 12 3 — Westport-Stockton lord'.- 0 0 5 0 i 0 LOAN AND AGENCY. Goldabrough, Mort. — National Mortgage 1 9 1 2 9 0 1 15 0 National Mortgage (B issue) .. .. 0 18 0 — NJZ. Guarantee Corp. — 0 6 3 Perpetual Trustees — 2 12 6 MEAT PRESERVING. N.Z. Refrigerating (paid) 0 10 3 0 10 9 N.2T. Refrigerating (cont.) 0 3 9 0 4 0 MISCELLANEOUS. Australian Glass 2 4 6 2 7 0 British .'. 1 IS 0 1 14 0 Bruce Woollen (ord.) or 0 0 10 0 Bruce ’.Woollen (pref.)- .... — 1 0 0 D.I.C. (ord.) ., — 0 11 0 D.I.C,: :(pr«t.) .. 0 17 9 — Dominion Fertiliser (debs.) .. .. 98 0 0 — Donaghy’a Rope .. 1 12 6 Kaiapoi Woollen (ord.) 0 3 11 Milburn 'Lime .. 14 4 M'Leod Bros 25 0 0 — Farmers’ Fertiliser 0 15 6 — N.Z. Paper Mills 1 3 4 — Regent' Theatre .. — 0 17 0 Wilsons Cement 1 11 0 — ;;BREWERIES N.Z. Breweries .. 17 3 — ' ::, OIL. Moturoa . iv 0 5 0 MINING. Kawarau .... 00 6 0 0 8 9 1 2 4 Waihi Grand Jctn. 0 3 6 0 4 0 Broken Hill Propy 1 8 0 — Kildare' -■— 0 1 11 Okarito 0 9 3 0 9 5 MINING. Paddy’s Point .. — 0 5 6 King Solomon .. ■ 0 r 1 Blackwater ... : 1 : 2' 10 .0 2 2 0: :i 2 9 Consol. Goldfields 0 9 0 0 10 3 Gillespie’s Beach 0 1 34 0 1 44 Waitahu 0 4 2 0 4 9 Big River .... 0 1 2 0 1 5 Nokomai ....... 0 5 6 0 5 11 Freshford 0 1 64 — GOVERNMENT LOANS. 3J p.c. Bonds, 1938 96 0 0 — 3j p.c. Bonds, 1939 96 0 0 — 34 p.c. Ins., 1938 96 0 0 — 3| p.c. Ins., 1939, 96 0 0 —’ 4 p.c. Bonds, 1940 98 10 0 — 4 p.c. Bonds, 1946 98 10 0 •—■ 4 p.c. Bonds, 1949 98 10 0 — 4 p.c. Bonds, 1955 98 0 0 —- 4 pic. Ins., 1940 98 10 0 — DIVIDENDS PAYABLE.

Paris — Par. RUGBY. Mar. 30. April 1. Apl. 1. Francs to £ 1 .. 124.21 87 5-16 87% Brussels— Belgas to £ 1 .. 35 24.593 24.543 Oslo— Kroner to £1 .. 18.189 193 193 Stockholm— Kroner to £1 ., 18.150 18.90 18.90 Copenhagen— Kroner to £1 18.150 22 7-16 22 7-16 Berlin — Marks to £1 .. 20.43 14.383 14 13-32 Montreal— Dollars to £1 .. 4.86 2-3 4.123 4.121 New York— Dollars to £1 .. 4.86 2-3 3.43 8.421 Yokohama— Pence to yen .. -24.582 16 15 1-32 Hongkong— Ponce to dollars 24.58 16 151 Bombay— Pence to rupee 18 1-16 18 5-64 Batavia— Florins to £ 1 12.10 8.53 8.53 Milan — Lire to £1 .. 82.46 60 13-16 66 25-32 Amsterdam— Guilder to £1 12.107 8.51 8.48 Prague— Kroner to £1 .. 104J 1153 115% Geneva — Kroner to £1 .. 25.223 17.793 17.731 Vienna— Schillings to £1 84.683 31 313 Helsingfors— Marks to £ 1 .. 193.23 2263 2263 Madrid— Pesetas to £ 1 25.233 40 9-16 403 Belgrade— Dinars to £1 .. 25.223 255 255 Athens — Drachma to £ 1 375 615 602J Lisbon— Escudos to £ 1 110 110 110 Bucharest— Lei to £ 1 931.6 575 575 Rio de Janeiro— Pence to mllrels 5.890 5% 5% Buenos Aires— Pence to pesos 47.28 41 41% Shanghai— Pence to tael .. __ 20 9-16 20 13-32 Montevideo— Pence to pesos 83 S3 Warsaw— Zlotys to £1 .. - - -