COMMERCE AND FINANCE

Otago Daily Times, Issue 22053, 8 September 1933, Page 7

COMMERCE AND FINANCE

THE DOLLAR (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 6. ' Exchange on New York is 4.56 dollars to the £l. PRICE OF FINE GOLD (United Press Association.) (By Blectrlo Telegraph—Copyright.) LONDON, September 6., The latest quotation for fine gold is £6 10a 7d per oz. AUSTRALIAN MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, September 7. (Received Sept. 7, at 10 p.m.) The wheat market is dull, silo lota being quoted at 3s 2|d, and 3s 4d and 3s 4Jd for bagged, while in the* country on sidings bagged and silo were offered at 2g od and 2s 4d respectively, equal to about 3s ex trucks, Sydney. Farmers, however, are not selling. Flour, £lO ss. Brand and pollard, £5 10s. Potatoes: Tasmanian, £5 to £6; Victorian, to £5. ' . , Onions: Victorian Brown Spanish, to £4 10s. Oaten hay, £7. Maize: Yellow and white, 4s. ADELAIDE, September 7. Wheat: Growers' lots, 2s IOJd. Flour: Bakers' lots, £8 10s 'Bran and pollard, £5 2s 6d. Oats: Algerian, 2s Id. AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright) SYDNEY, September 7. (Received Sept. 7, at 10 p.m.) On the Stock Exchange industrial trading issues were fairly steady and there was plenty of activity in Commonwealth Bonds, which were inclined to move upThe following sales were made: —Bank of New South Wales, f 32 ss; Commercial Bank of Australia (New Zealand delivery), 16s 3d; National Bank (£lO pd.), £l3 7s 6d; Colonial Sugar, £59 15s; Australian Provincial Assurance, 12s; United Insurance, £9 7s 6d; Mercantile Mutual Insurance, 18s 9d; Associated News, 9s; Associated News (pref.), 19s; Adelaide Steam, 245; Australian Gas (A), £7 8s 6d; Goldsbrough, Mort, 29s 7id; Newcastle Gas (C), lis lid; Anthony Hordern, lis; Australian Iron and Steel .(pref.) 15e; Automatic Totalisator, 12s 6d; Farmers', 14s; David Jqnes, 295; Henry Jones, 37s 9d; Fairmead Sugar, 295; Morris, Hedstrom, 19s 6d; Wilcox, Mofflin, 9s 9d; Goodlet and Smith, 17s 9d; Mount Lyell, 225; Broken Hill Proprietary, 37s 10£d; South Broken Hill, 61s 6d; Bulolo Gold, 93s 9d; Bulolo Deposits, Is 6d; Mount Morgan, 45s 3d; Mount Morgan (New Zealand delivery), 44s 9d; Mount Colon, 12s 10d; Kuala Kempar, 7s llfd. MELBOURNE, September 7. Commercial Bank of Australia, 16s sd; Mount Lyell, 225; Dunlop Perdriau, 18s 2d; Metropolitan Gas, £l2 14s. LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 8. (Becelred Bejrt. 7, *t 10 p.m.)

DAIRY PRODUCE Messrs Dalgety and Co. Ltd., have received the following cablegram from London dated September 6:— The butter market is firm. The cheese market i 9 firm. Quotations:— Danish butter, 108 s to 110 s; New Zealand finest butter, 96s to 98s; Australian finest unsalted butter, 96s to 98a; Australian finest salted, butter, 95s to 975; Australian G.A.Q. butter, 92 9 to 945. Australian cheese, white, not quoted; Australian cheese, coloured, not quoted; New Zealand cheese, white. 49s t 0.505; New Zealand cheese, coloured, 51s to 525; Canadian cheese, white, 50s to 51s; Canadian cheese, coloured, 51s to 545; Canadian cheese. C.1.F., 51s to 525. The New Zealand Loan and Mercantile Agency Company, Ltd.. has received the following cabled advice from its London house dated September 6:— \ Butter, 975. Market firm. * Cheese.—White, 495, 50s; coloured, 51a. 525.

LOCAL AND OVERSEAS MARKETS.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE The amount of business recorded on the Dunedin Stock Exchange yesterday was again large. Bell-Hoopers changed hands at Is OJd and later at Is, the latter price being equal to Wednesday's closing rate. King Solomons (cum dividend) also found buyers on 'Change at 3s Id, and, though business was reported at 3s 2d, further lots were available at 3s Id, buyers declining to advance beyond 3s. Sales of Gillespie's at 2s 2Jd were recorded, and that price was also offered on 'Change. Sellers, however, desired an additional sd. Bank of New Zealands again attracted attention, but buyerß at £2 8s lOd were unsatisfied. SALES ON 'CHANGE. £ i. d.

ft Cum dividend. DIVIDENDS PAYABLE. The following is a list of shares on which dividends will shortly be payable: —

NORTHERN EXCHANGES (Per United Press Association.) The following business was done on 'Changes yesterday:— Auckland.—Sales: Auckland Harbour Board. 1937, 5i per cent. £101; Commercial Bank Australia, 16s Id (four

parcels); National Bank of New Zealand, £4 2s 6d; National Bank Australasia (paid). £l3 3s; Bank of New Zealand, 48s 9d; New Zealand Insurance, 53 8 3d; Grey Valley Coal. 14s; Auckland Gas. 23s 3d; Colonial Sugar, £SB ss: BellKilcour, Is 9d; King Solomon, 3s 3d (two parcels), 3s 2d: Mataki, 2s 6d, 2s sd. 2« 4Jd; Waihi. 28s 4d; Waihi Junction. 4s 6d; Kuala Kampar. 7s. Unofficial: New Zealand Perpetual Forests, 495. Wellington.—Sales: Government Bonds, 4 per cent., 1940. £lOl 2 S 6d; Inscribed Stock, 3J per cent., 1939-43, £lOl 17s 6(1: Inscribed Stock 4 per ceut., 1949. £lOl 2s 6d; National Bank of New Zealand, 83s; Bank of New Zealand (late yesterday), 48s 8d; New Zealand Guarantee Corporation, 7s; Gear Meat, 32s 9d; New Zealand Breweries. 38s Cd; King Solomon (late yesterday), 3s Id. Christchurch Sales: New Zealand Government 4 per cent.. Inscribed, 1940, £lOl 7s 6d; Bank of New Zealand, 48 fl 10d (two parcels) ; Dalgety and Co., £lO 10s; Goldsbrough, Mort. 29s 4d (two parcels), 29s 5d 29s 6d; New Zealand Refrigerating (£1 paid), 18s 9d; New Zealanl Refrigerating (10s paid), 8s 9d (seven parcels); Staples Brewery, 28s 9d; liniaru Brewery (7 9 6 d paid), 6s 9d; Colonial Sugar, £SB 10s; Dunlop Rubber (cum div), 18s Id; Gillespie's Beach (Is paid), 2s 24d (two parcels); King Solomon (cum div.), 3s Id; Nokomai, 3s (five parcels); Waitahu (5s paid). 7s 3Jd. Sales reported: National Bank of New Zealand, £4 3s; Kaiapoi Woollen (17s paid), 7s lOd. FOREIGN EXCHANGES (British Official WlreleßS.) (United Press Association.) (By Electric Telegraph—Copyright.)

THE DOMINION RUBBER COMPANY The secretary of the Dominion Rubber Company has received cabled advice from the estate that the crop of rubber harvested for August was 58,00Q1b. OVERSEAS TRADE POSITION "The overseas trade position this month requires little comment, the established trends of recent months being mainly continued," states the Government Statistician in his review for August. "Exports declined by 8.8 per cent, from the previous month, but still maintained the relative improvement over last year, the total value thereof being 66.1 per cent, ahead of that recorded for July, 1932. Wool is still the principal factor in establishing this position, unusual quantities for this period of the year having been sent abroad, amounting to an increase of over 200 per cent, in quantity, and nearly 300 per cent, in value over the corresponding month of last year. Fairly substantial increases in the quantities and values of frozen mutton, butter, and cheese exported during July have also contributed towards the favourable export position attained for the month. " For the seven months of 1933 exports have reached a total value of 13.6 per cent, in excess of that recorded for a similar portion of last year. The improved tone in the wool market, and latterly in the dairy and frozen meat trade, has brought about this position, exports of wool for the period having increased by 25.8 per cent, in quantity, and by 26.8 per cent in value. " Imports continue on the downward trend, decreasing by 16.9 per cent, for July as compared with June,, and by 23.4 per cent, in comparison with July, 1932. The total for the seven months' cumulative period is down by 9.4 per cent, from the corresponding portion of last year.

MINING ' OPITONUI DEVELOPMENTS, LTD. The following is the report of the mine manager for Opitonui Developments, Ltd., for the week ended September 2: — Turner's leader was trenched to within 20 feet of R.T.S. reef, where it is intersected by a parallel formation. In order to prove this leader further, a short crosscut; off the wall of the R.T.S. reef is required, and approximately 20 feet of driving will be nceessary to intersect the formation and Turner's leader. Hilda Reef. —The repairing of No. 2 level is being pushed on, and we hope to be able to explore this level (luting the coming week. Trenching Hilda reef, between Hilda west level and Powers Creek air shaft, is in progress. No. 3 level is full of water near Lannigan's shaft, and to drain this is a fair sized job, so I propose to explore this level by laddering an air shaft which intersects it above water level. This will be determined when No, 2 level is cleared to a point under Powers Creek. Sampling and assaying the tailings dump is in progress. This work is slow owing to the work being possible only after three dry days. Cavitation of the bores has to be guarded against. New Reef.—This discovery was made by O. Evans whilst obtaining water for his camp. The reef is exposed practically on the bed of the stream, and, no doubt, was uncovered by the driving of logs which deepened and cut the banks to a steep angle. I propose to trench and pick this reef up opposite Carvill shaft in the higher country, and in line with the same channel of ground. I cannot stress the importance of this discovery too much as the reef is certainly auriferous, the assay showed 2.sdwt of gold to the ton, and this is higher than Carville or Maiden at the surface. It has a good appearance, the country encasing it is ideal, and this reef will certainly be found to contain high-grade ore. Work generally at the mine in progressing very satisfactorily. HATTERS' FLAT COMPANY. At a meeting of the provisional directors of the Hatters' Flat Mining Company, Ltd., the company went to allotment on the total capital subscription, application and alloment paid. Provisional directors of the company are Mr James A. Neilson and Mr A. P. Alloo, of Dunedin. The new company will acquire mining; privileges on the West Coast in the Waimea sub-division, five miles from the Awatuna railway station, the area being 50 acres, together with water rights covering 13 heads. The capital of the company is £6OOO divided into 120,000 contributing shares of Is each. WAITAHU GOLD MINING COMPANY. The first annual report of the directors of the Waitahu Gold Mining Company, to be presented at the annual meeting of shareholders on September 28, states: —lnterim progress reports have been issued periodically to Keep shareholders acquainted with the progress of the construction operations, the latest report being issued on July 18. Since that date steady progress has been made, and the last report received from the manager on September 1 stated that only 87 feet remained to be driven to complete the long tunnel (No. 2 contract). The manager considered it advisable to construct an additional tunnel at Golden Gully to circumvent a sideling which had already slipped badly, and which did not appear stable. This latter tunnel will mean a great improvement in the water race, and should be finished almost simultaneously with the completion of No. 2 contract. Nothing further has been done regarding prospecting operations on the quartz reef encountered in the tunnel on No. 2 contract, as this would delay the commencement of sluicing operations. The company has secured the prospecting rights of this area, and the directors will see that this is not neglected as this reef is very promising. The balance sheet at July 31 shows that the cash* at bank and calls yet to be received total £5039 13s 3d. The expenditure from then totals £2125, leaving £2914 available to complete the construction programme. This is very satisfactory, as the water race is now very nearly completed and the claim plant is installed ready for linking up with the water. BIG RIVER REPORT. The following is the report for the month of August of Big River Gold Mines, Ltd.: — No. 1 Adit Level. —Winze on Duggan's reef: Sunk and timbered 7ft 6in, total 31ft. The lode increased to an average width of 2ft 6in of clean quartz, but values remained poor. Contractors suspended work. No» 3 Level.—No. 1 south drive: Advanced 27ft, total 188 ft. Lode track well defined and carrying small bunches of broken quartz and small leaders. At 180 ft in a lense of stone running off into the hanging wall was met with. East crosscut off No. 1 south drive at ISOft: The make of stone met with in the hanging wall of the main drive was followed in this crosscut for a distance of 6ft, when it cut out on a fault. The stone averaged 18in in width and carried a little gold. Rise No. 2 above No. 1 south drive at 135 ft from entrance: Opened out on a small lense of stone showing at this point and advanced 19ffc. The' stone has gradually increased from 18in at foot of rise to over 4ft in width at 19ft up, and fair gold has been seen in breaking. A little water is coming from the stone, which is regarded as a favourable indication. Winze below No. 1 south drive at 70ft from entrance: Work resumed, and an advance of 7ft made; total 38ft. The lode track was considerably disturbed by faulting. The ground proved hard, and the contractors abandoned work. Stoping on Henderson's reef: Some stoping was done north and south off main rise above No. 1 south drive. The lode on north side of rise averaged about Ift in width, but pinched to a few inches at 20ft from rise. On the south side the stone has averaged about 2ft in width, and appears to be lengthening towards the south. Fair gold has been seen in both stopes. Stoping on Jones reef above intermediate level was considerably retarded owing to some caved ground being met with. It was necessary to secure and fill the cave before work could be continued. Stone averaging sft in width and showing a little gold is now being broken in two faces, and a rise is being put up on the lode to connect with No. 2 level and provide for ventilation and obtaining supplies of mullock for filling up the stopea. Main shaft: Retimbering is being proceeded with at 50ft below No. 3 level. An inspection was made of No. 4 chamber, which will not require a great deal of repairing, and it is hoped to have the shaft ready for work at this level about the middle of the coming month. Battery.—Since the clean-up on the 7th inst. it has been decided that no clean-up shall take place until the end of September. Ore supplies were restricted owing to delay in stoping on Jottee reef previously referred to, but conditions are again normal. . BLACKWATER MINES. The Blackwater Mines return for August is as follows: Crushed 4108 tons, yielding 1858 hue ounces. Value, at 120 s per ounce, £11,150. Working costs £556!), working profit £5581. Development expenditure £904, capital expenditure £1439. Development No. 10 Level.—North drive extended 35ft on fault line. ho. 11 level, 52ft, with last 10ft on reef, averaging 21dwt over 24in. No. 12 level, 120 ft on reef, averaging 18in, value on last 62ft, lOdwt. HIGH PRICE OF GOLD. The price fixed by the Commonwealth Bank for gold lodged at the Melbourne Mint from August 21 was at the rate of £7 18s 3id an ounce fine, compared with the previous price of £7 13s 7Jd an ounce. KING SOLOMON DIVIDEND. The directors of King Solomon mine have declared a dividend of 3d per shave, equivalent to 25 per cent,, payable on September 18.

SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, September 7. (Received Sept. 7, at 10 p.m.) At the wool sales 13,208 bales were offered and 12,287 sold, while 1226 were disposed of privately nt to-day's closing pales. Prices were firm at the best point, of the series, with all sections operating freely. Creasy merino made 23d. The average price of wool for the first three days this week was £l9 0s lOd per bale, or 14,3 d per lb.

The following are the officia 1 Quotation*: — Ton. Copper, root .. .. .. £35 X5 7% Fall £0 10 7% Copper, forward .. .. 35 18 9 Fall 0 11 3 Electrolytic, root .. ..' 89 0 0 Fall 0 5 0 Electrolytic forward .. 39 15 0 Fall 0 8 0 Wire ban .. .. .. 39 15 0 Fall 0 5 0 Lead, root .. .. .. u : 6 No change Lead, forward •• .. 12 8 9 Fall 0 1 s Spelter, root .. .. ..' 1« 18 9 Fall 0 8 3 Spelter, forward .. .. 17 8 9 Fall 0 B 0 Tin. root .. ••(••' .. 21T 8 9 Fall 1 17 s Tin. forward .. .. .. 217 11 3 Fall 1 11 6 Pig Iron, home trade ..3 2 6 No c hange Pig Iron, export .. Antimony. British Antimony, rorelga .. 2 12 6 No change .. 39 10 0 No change .. 23 5 0 No c hange Unit Molybdenite .. .. ..2 1 0 No c bange .. 0 17 S No change 02. Sifter, standard .. .. 18 l-16d Fall W Silver, fine .. .. .. 19%d Rise w

Bell-Hooper , . 0 1 01 Bell-Hooper (three) 0 1 0 King Solomon .. .. .. "tto 3 1 SALES REPORTED. Bank of N.Z. (late Wednesday) 2 8 10 Bank of N.Z. (late Wednesday) 2 9 0 National Bank of N.Z. .. 4 4 0 Guarantee Corporation' .. 0 7 0 King Solomon "tto 3 2 Lawson'a Flat .. • 0 0 8 Gillespie's (two) 0 2 21 Colonial Sugar .. 58 10 0 Mahakipawa 0 0 2 N.Z. Refrigerating (cont.) 0 8 9 N.Z. Paper Mills 1 8 0 SALE REPORTED AFTER LAST CALL. Waitahu .. .. 0 7 3 The following are yesterday afternoon's buying and selling quotations, < which are subject to the usual brokerage:- — BANKING. Buyi ar. Seller. £ s. d. f s. d. Australasia .. ., 12 12 0 — N.S.W. 32 5 0 32 7 6 N.Z 2 8 10 — N.Z. (long D) .. 1 13 0 — Commercial .. 0 15 11 0 16 3 E.S. and A 5 6 6 — National of N.Z. .. 4 2 0 — National of A'asia (eont.) .. 6 0 0 6 9 0 9 13 0 10 0 0 INSURANCE. National 0 17 6 — New Zealand 2 13 0 — South British 3 11 3 — Standard .. .2 18 0 — SHIPPING. Howard Smith .. 0 11*0 — Huddart, Parker (pref.) .. .. 1 4 e — P. and 0. Def. 1 3 3 1 4 3 U.S.S. Co. (pre!.) 1 3 3 — COAL. Kaitangata .. 1 1 0 1 2 3 Westport .. — 0 13 2 LOAN AND AGENCY Dalgety and Co. .. 10 2 6 — Goldsbrough, Mort 1 9 0 — National Mortgage (B issue) .. 1 6 6 — N.Z. Guarantee 0 6 9 — Wright, Stephenson (ord.) 0 11 6 — MEAT PRESERVING Gear Meat .. 1 12 6 — N.Z. Refrig. (paid) 0 18 6 — N.Z. Refrig. (cont.) 0 8 9 0 8 11 South. Frozen Meat (paid) .. 2 10 0 2 11 0 South. Frozen Meat (cont.) .. .. 1 5 9 — South. Frozen Meat (pref.) .. 2 11 0 ! South Otago Freez. 4 15 0 5 5 0 MISCELLANEOUS. British Tobacco ttl 14 9 Broken Hill South 3 3 0 Brown, Ewing (ord.) .. 0 11 0 — Brown, Ewing (pref.) .. — 1 11 0 Bruce Woollen (pref.) .. — 1 1 0 D.I.C. (ord.) 0 11 0 — D.I.C.. (pref.) .. 1 1 0 — Dominion Fertiliser 0 12 6 0 13 2 Electrolytic Zinc (pref.) .. 1 13 3 — Electrolytic Zinc (ord.) .. 1 3 0 3 6 Kaiapoi Woollen (ord.) .. Milburn Lime 0 7 1 10 0 0 0 8 1 11 0 3 M'Leod Bros. 26 0 0 — Mount Lyell .. 1 1 8 2 0 N.Z. Drug Co. tt3 7 6 — N.Z. Paper Mills .. 1 7 6 8 0 Otago Daily Times 2 3 0 6 0 Regent Theatre .. 0 18 9 0 0 Smith and Smith 0 13 3 — Wilsons Cement .. 1 14 6 ' 1 — BREWERIES N.Z. Breweries .. 1 18 6 — 1 8 0 — 1 2 6 — OIL. Moturoa (ord.) .. — 1 0 3 0 Moturoa (pref.) .. — 0 5 0 MINING. Kawarau .. 0 0 H 0 0 7 1 7 9 — Waihi Grand Jctn. 0 4 3 — Mahakipawa 0 0 u — 0 2 3 — 0 12 0 0 12 2 Paddy's Point 0 4 9 0 5 3 New Cornish Point — 0 0 7 Golden Progress .. — 0 1 6 King Solomon 0 3 0 0 3 1 Golden Point 0 0 li — Golden Dawn 0 2 7 —■ Blackwater .. 1 16 0 1 18 0 Consol. Goldfields 0 17 0 1 0 0 Gillespie's Beach .. 0 2 2i 0 2 3 Waitahu .. 0 7 2 0 7 4 Golden Sands 0 3 1 — Big River .. 0 1 6i 0 1 71 Mount David — 0 2 8 Nokomai .. 0 3 1 0 3 5 Freshford .. .. 0 0 n 0 0 9 Lawson's Flat 0 0 u 0 0 8A Central Shotover .. — 0 1 0 Bell-Kilgour .. .. — 0 1 9 Bell-Hooper \. .. 0 0 llj 0 1 0 Oxenbridge •>. • • • 0 0 8 0 0 10 Aotearoa 0 1 1 — GOVERNMENT LOANS. 31 p.c. Ins., 19381943 100 0 0 — S'J p.c. Ins., 19381952 100 0 0 — 3i p.c. Ins., 19391943 .... .. 100 0 0 — 3J p.c. Ins., 19391952 100 0 0 — 3J p.c. Ins., 19411943 100 0 0 — 3J p.c. Ins., 19411952 100 0 0 — 4 p.c. Bonds, Jan., 100 10 0 — 4 p.c. Ins., Jan., 1940 100 10 0 — 4 p.c. Bonds, Feb., 100 10 0 — 4 p.c. Ins., Feb., 1946 100 10 0 —

Huddart, Parker (ord,), 6d, iuSept. 14 Huddart, Parker (pref.), 7Jd, Sept. 14 Sept. 16 Broken Hil! South. Is .. •• Sept. 22 Kaiapoi Woollen, llfd, final .. Sept. 16 Sept. 18 N.Z. Farmers' Fertiliser, first, Sept. 20 Dunlop, Perdriau Rubber (pref.), Is. final Sept. 30 Bank of Australasia, 3s 6d, inOct. C Electrolytic Zinc (pref.), Is, Nov. 2

RUGBY, September 6. Paris— Par. Sept. 5. Sept, 6. Francs to £ 1 .. 124.21 81 1-32 80 13-16 Brussels — Belgas to £1 .. OsloKroner to £ 1 .. 88 22.76 22.65 18.189 19.90 19.90 Stockholm — Kroner to fl 1 .. 18.150 19.87} 19.37} Copenhagen— Kroner to £ 1 .. 18.150 22.40 22.40 Berlin— Marks to £1 .. 2C.43 13.29} 13.26} Montreal — Dollars to £ 1 .. 4.86 2-3 4.78 4.78 New York — Dollars to £ 1 .. 4.86 2-8 4.56 4.56} Yokohama — Pence to yen 24.582 14 1-1« 14% Hongkong— Pence to dollars 24.58 18% 16 15-16 Bombay— Pence to rupee 18 1-16 18 1-16 Batavia— Florins to £1 12.10 8.18 8.18 MilanLire to £1 .. 82.46 60 8-16 59 15-16 Amsterdam — Guilder to £1 12.107 7.87 7.84 Prague— Kroner to £ 1 .. 104} 107% 106} Geneva — Francs to £ 1 .. 25.22} 16.42 16.36} ViennaSchillings to £1 84.86J 29 29 Helsln riots— Marks to £1 .. 193.23 226} 226} MadridPesetas to £1 25.231 37 31-32 37 13-16 BelgradeDinars to £1 .. 25.22} 230 232} Athens — Drachma to £1 375 565 565 Lisbon — Escudos to £1 110 105 104} Bucharest — Lei to £1 931.6 530 535 Rio de JaneiroPence to mllrels 5.890 4% 4% Buenos Aires — Pence to pesos 47.28 44 44 Shanghai— Pence to tael .. — 15 5-16 15 3-16 Montevideo — Pence to pesos — 36 36 Warsaw— ZIotys to £ 1 — — —