COMMERCE AND FINANCE

Otago Daily Times, Issue 22069, 27 September 1933, Page 5

COMMERCE AND FINANCE

MINING UPPER NEVIS VALLEY. TEST BORING OPERATIONS. The Sydney Bulletin of September 13 ■ays: “Alluvials, Ltd., a London concern ■with interests in Malaya and New Guinea, proposed to spend £IO,OOO test boring 800 acres in the Upper Nevis Valley (M.L.). If results are right, there is talk of put* ting two or three big electric dredges, each capable of handling 3,000,000 c.y. p.a., on the property. Sydney and Melbourne interests are also said to have an eye upon an I, adjoining lease (1045 acres, which.run for four miles along the_ valley), held by, the recently-formed Nevis Diesel Electric / Dredging Company, which asked the public for' £39,000 in Is shares. Here half a dozen bores showed ground averaging 2s 44d per c.y. The wash is blue moraine, 30ft deep, with 20ft to 25ft of reddishyellow wash beneath that. No boulders were met with.” • . , -CENTRAL SHOTOVER RETURN, - The secretary of the Central Shotdver Gold Mining Company, Ltd., advises that from the temporary claim on the Sugar Loaf at Arthur's Point, a further, return of 51oz 2dwt has just been obtained as a result of a partial wash-iip. This makes a total of 114 oz Ifidwt won from the-pad-dock since sluicing operations were commenced, and the claim manager estimates that the paddock will be completed m about 1 five or six weeks’ time. ALEXANDER MINES. The latest official report from Alexander Mines. Ltd. (Reefton); regarding f the lode intersected on September 20 in New No. 4 (lowest) level, is that the reef is 3ft 6in wide and is being followed northwards —eight feet,so far having been driven north. The ore body is clean and solid; and is showing visible gold, but assay values are not--yet to hand. In the intermediate level, (40 feet vertically above new No.; 4 level) •/ the lode is being driven upon north from the Soint. where it was first intersected and as widened out to six feet in the present face; Fully 45 feet has been .driven north on this reef to date. Values are low at present but should improve, •QUEENSLAND GOLD YIELD. Queensland's gold yield continues, to ■how a big increase. For the first eight months this year production totalled 54,946 fine‘ounce*, valued at £233,394, compared with 78210 z, valued at r £33,221, Tor the same period last year. The return for August was 77500 z, valued ®t £32,919, compared with 1026 oz; valued. at £4358, for'August. 1932. The chief fields, contributing to the yield, in August were Mount Coolqn, .284702, compared, with ml last August, and Mount Morgan, 2808 oz, compared with nil last year. ; ■; •"4' : V : ■/ :■ 'y-rr-r-.v;-'.-,v IMAHAKIPAWA RETURN. (Pcs United Pbkss Association.) ; * CHRISTCHURCH, September 26. The' Mahakipawa Goldfields wash-up Tor last week realised a return of 400*.,. , • " AUSTRALIAN CONVERSION LOAN AMOUNT OF CASH APPLICATIONS. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 25. The Australian Press Association understands that the cash applications for the Commonwealth loan on September 12 were in the neighbourhood of £190,000,000. < * BULOLO; SHARES (United Press Association.) ; (By Electric Telegraph—Copyright.) LONDON, September 25. Bulolo Gold shares, 78s l|d. ;- T / r RABBIT SKIN SALE • The Dunedin Stock Agents’ and Wool-, brokers’.Association (Messrs Dalgety and Co., Ltd.; Donald Reid and Co., Ltd., and. Co.,[Ltd.,, New Zealand Loan and Mercantile Agency Com£any, Ltd.; Wright,, Stephenson and .-Co., td., Otago Farmers’ Co-operative Association, Ltd., and National Mortgage -and Agency Company, Ltd.) reports as follows: — Comparatively small catalogues were offered at the rabbit skin sale held yesterday. and -with the advancing season the quality is becoming poorer/ There was a quieter demand generally and all grades were than last sale’s rates. Winter bucks Jwere lower by 4d to 6d per lb, and good does showed a slightly nigger decline.- Outgoing and spotted does were 2d tO:,3d lower and all inferior grades such as " broken were 2d to 3d lower. The following is the range of prices:—Summer' broken, ' 5Jd 'to 6d; • autumn broken. 10d. to 12d;.second winter broken, Tsd to 16d; first winter broken, 18d to 19d; runners, 3d to sd; summers, 6|d to 7id; light racks, 7d to 8d; early autumns, 13d to 14}d; late autumn, 18d to 20d; second incoming, 18d to 20d; incoming winter,,. 30d to 36d; early winter bucks, 40d early winter does, 22dj first spotted 42d to 47d: second winter bucks, 54d to 60d; second winter does, 28d to ,29Jd; first winter bucks, 70d; first winter does. 36d to 36Jd; prime bucks, 74d; prime does, 42d; second spotted winters, 38d to 40d; outgoing does. 18d to 21d; springs, 14d to 14id;, milky. 9d to 14d; fawn, 16d; winter fawn, 36d:, summer black, 4d to sd; autumn black, lOd to 123; first winter ; black, 20d to 22d: second winter black, 14d to’ 16d; hareskins, 4d to 8d; horsehair, 12d. •

v LOCAL AND OVERSEAS MARKETS.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Three parcels of Paddy’s Points were disposed of at 5s 4d and one at 5? 3d on the Dunedin Stock Exchange yesterday The closing buying offer of 5s 4d was threapence below sellers’ requirements. Ordinary Electrolytic Zincs were sold at £1 6s fid. the closing buying offer of £1 4s fid attracting no response from sellers. Mount Lyells changed hands at £1 3s fid, the market closing with buyers offering £1 3s 4d, and sellers asking £1 3s Bd. Waihis were reported to have been the subject of business at £1 6s fid, cum dividend, a buyer at £1 6s 3d “being the only quotation received on ’Change. Sellers of Okaritos were prepared to accept 11s 4d; but buyers’ best offer was 10s lOd; The market for King Solomons continued to ease, buyers offering 3s Id in response to sellers’ request for 3s 3d.

NORTHERN EXCHANGES

DIVIDENDS PAYABLE. The following is a list of shares on which dividends will shortly be payable;— Dpnlop Perdriau Rubber (pref.), Is, final Sept. 30 King Solomon, 3d Sept. 30 Pukemiro Collieries, Is, final .. Oct. Bank of Australasia, 3s 6d interim .. .. .. .... .. Oct. 6 N.Z. Guarantee Corp, 3d, final Oct. 26 Waihi, Is, interim (approx.) Nov. 1 Electrolytic Zinc (pref.). Is 7 l-sd, final .. Nov. 2

(Pee United Press Association.) The following business was done on 'Changes yesterday: Auckland. —Sales: Stock (1940) 4 per cent., £101; Commercial Bank of Australia, 17s Id (three); B.S, and A. Bank, £6; Bank of New Zealand, 46s (three), 45s lOd; South-British Insurance, 74s 6d; Goldsbrough, Mort, 29s 6d; Loan and Mercantile, £65; Auckland Gas, 23s 7d; Auckland Gas (cont.), 17s 3d; Wellington Gas, 33s 3d; Kauri Timber, 12s 6d; Bycroft, 395; Dominion Fertiliser, 12s Bd, 12s 9d; Electrolytic Zinc (pref.), 345; Farmers’ Trading (B pref,), 8s 6d; Farmers’ Fertiliser, 14s 9d; Southland Meat, 535; Gillespie’s Beach, 2e 3Jd; King Solomon, 3s Id; Okarito, Us (two); Waihi Junction, 4s 4|d, 4s sd; Mount Lyell, 23s sd. Unofficial list: Mamaku Forests (20s paid), ss. Wellington.—Sales: New Zealand Insurance, 55s 3d; Bank of New Zealand, 45a

3d, 465; Shetland (ord.)» 21b 9d; Woolworth (New Zealand; pref.), 365. Christchurch. —Sales: Commercial Bank of Australia, 17s Id (three); Bank of New Zealand, 46s Id, 46s (three); New Zealand Insurance, 66s 3d, 555; Goldsbrough, Mort, 29s 9d (two), 29s Bd, 29s 7d, 29s 6d (two), 29s 4d; New Zealand Refrigerating (10s paid), 9s Od (three); Southland (fully paid; ord.), 52s lOd; Kaiapoi Woollens (17s paid), 17s 6d; (two); Kaiapoi Woollens (pref.), 17s 6d; New Zealand Breweries, 365; Beath and Co. (Is paid), 5s 6d (two); British Tobacco (cum div.), 375, 36s lid: Colonial Sugar, £59; Electrolytic Zinc (ord.), 26s 9d, 27s 6d; Electrolytic Zinc_ (pref.; cum div.), 34s 3d; Alexander Mines (13s 6d paid; cum div.), 18a, 17s 6d; Beel-Hooper (fid paid). Is (three); Freshford, 8d; Gillespie’s Beach, 2s 3Jd; Golden Sands, 3s 4Jd (three) Okarito, lls 3d (three); Waihi Grand Junction, 4s 4d, 4s 3Jd (four.) Sales reported: Commercial Bank of Australia, 17s Id; National Bank of Australasia (£6 paid), £6 17s; Goldsbrough, Mort, 29s 10Jd; Dunlop Rubber (cum div.), 19s 4d; New Zealand Breweries. 36s 6d. i

LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. September 25. (Beceired Sept. 20, at 9.50, p.m.) . The following are the official Quotations:— •

PRICE OF GOLD' (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 25. The latest quotation for gold is £6 12s per ounce. BARTHOLOMEW LAND AND TIMBER COMPANY i : (Special to Daily Times.) AUCKLAND, September 26. Although the accounts of the Bartholomew Land and Timber Company for the year ended July 31 show a loss after writing off £1657 for depreciation at £272, the deficit is considerably less than was the case a year ago, when the debit to profit and loss account stood at £1428. The debit balance brought forward from last year was £1229, and it now stands at £lsOl. The report states that the sales for the year were maintained at the 1932 figures, but for the major portion of the period the average selling price was low. Competition for orders is still very keen, but during the past two months the sales show a considerable improvement.

SALES ON ’CHANGE £ B. d. Paddy’s Point, three .. .. 0 6 6 Paddy’s Point .. • * it • • 0 5 3 Electrolytic Zinc, one .. • • 1 5 6 1 3 6 SALES REPORTED. Dominion Fertiliser (late 9 Satnrday) .. .. . 0 12 Waihi .. .. ■.. 6 6 % Commercial Bank ,\ SALES REPO 0 17 RTED AFTER LAST CALL. r 1 16 2 ' Bell-Hooper, two Gillespie’s Beach .. 0 1 oi 0 2 3 The following are yesterday afternoons buying and selling quotations, which are subject to the usual brokerage;BANKING. Buyer. Seller, £ 8. d. £ 8. d. A’asia 12 17 0 13 5 0 N.S.W. .. .. .. 33 10 0 — N.Z .. 2 6 0 0 17 6 Commercial .... 0 17 0 E. S. and A. .. 5 17 0 — National of N.Z. -■ 4 6 0 National of A’asia .. i *. (cont.) .. .. .. 10 7 6 10 15 0 INSURANCE National .. '... .. 0 18 0 0 18 6 New Zealand \2 14 9 2 16 0 Standard v . .. .*. 3 0 6 3 2 6 SHIPPING. U.S.S. Co. (pref.) 1 8 6 — COAL. Westport .. 0 12 10 0 IS 3 LOAN AND AGENCY • /■ Dalgety and Co. i ,• Goldsbrough, More 10 12 I 9 0 0 10 15 0 1 9 10 National Mortgage N.Z. Loan and M. 2 9 0' 2 ■ I 12 6 (ord.) '. 60. 0 0 — - N.Z. Loan and M. N.Z P Guarantee 70 0 0 Corp. .. .. .. 0 7 5 — ' ' Wright, Stephenson 0 13 (pref.) .. .. .. 0 — MEAT»PRESERVING. N.Z. Refrigerating 0 19 19 9 (paid) .. .. i. N.Z. Refrigerating 2 0 0 9 (cont.) .. .. .. 7 6 9 U South Frozen Meat (paid) .. .'. .. 2 13 0 2 14 0 South Frozen Meat A (cont.) .. .. .. 16 — South Frozen Meat i ; (pref.) ;.■• .... South Otago Freez2 12 0 5 “ ing .. . . .. •• 5 0 0 7 0 MISCELLANEOUS. i . -■ British tobacco .. 1 16 6 1 17 6 Broken Hill South . : — 3 10 0 ■Bruce Woollen 0 6 Colonial Sugar .. 58.15 0 i: Crystal Ice .. .. D.I.C. (ord.) .... 1 8 0 11 6 9 D.I.C. (pref.) .. 1 1 0 Dominion Fertiliser 0 12 6 — Dominion Fertiliser (Debs.) 99 0 0 —* Uonaghy’s Rope ., •2 1 0 — .Electrolytic Zinc . ttl H (pref.) .. .. .. 0 1 15 0 ■Electrolytic Zinc 6 (ord.) .. .. .. 1 4 —I Milburn Lime .. 1 10 0 — J Mosgiel Woollen, ■.. 8 15 0 9 10 0 M’Leod Bros. 26 0 0 3 8 Mount Lyell .. .. 1, 3 4 1 National Electric — 0 6 0 N.Z. Drug Co. . v **3 8 0 3 11 0 N.Z. Paper Mills Regent Theatre .. 1 7 6 1 0 0 N.Z. Newspapers 1 8 0 1 10 0 BREWERIES N.Z. Breweries .. 1 15 9 1 16 6 Dunedin 1 3 0 — ■" ■ : — 2 0 0 OIL. Moturoa (pref.) . — 0 4 0 MINING. Kawarau .. .. . — 6 0 7 Waihi .... .... 16 3 i— Waihi; Grand Jctn. 0 4 2 0 4 6 Kildare .V .. 0 2 .4 Okarito .... .. 0 10 10 0 11 4 Paddy’s Point .. 0. 5 4 0 5 ' 7 ■ New Cornish Point 1 0 0 64 King Solomon tto 3 1 0 3 3 Golden Point .. .. : — 0 0 3 Blackwater .. .. . — 1 17 0 Consol. Goldfields 0/14 6/ ' 34 Gillespie’s Beach O' 2 2i 0 3. Waitahu t . 0 7 9 Big River .. .. 0 1 9 Mount David 0 1 8 ' 0 2 6 Nokomai .... .. " 0 3 0 Freshford .. .. .. 0 0 10 Lawson’s Flat .. 0 0 4 Central Shotover ol 7 0 1 0 Bell-Kilgour .. . - 0 1 8 Bell-Hooper .. .. 0 1 0i 0 1 1 GOVERNMENT LOANS. Si p.c. Ins., 19381943 10Q 0 0 —*• 3i p.c. Ins., 19381952 100 10 0 — 3i p.c. Ins., 19391943 100 0 0 — 34 p.c. Ins., 1939100 10 1952 0 — 3J p.c. Ins., 19411943 100 0 0 3i p.c. Ins.. 19411952 .. .. .. 100 10 0 — 4 p.c. Bonds, Jan., 1940 ioi 6 0 ■ _ 4 p.c. Ins., Jan.,' 1940 100 15 0 • n— 4 p.c. Bonds, Feb., 1946 100 10 0 — 4 pc. Ins., Feb., 1946 100 10 0 — ; li 4 p.c. Bonds, April, 1949 101 5 0 — 4 p.c. Bonds, June, 1956 100 10 0 — ** Ex dividend. tfCum dividend.

FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY, September 25. Farts— Par. Sept. 23. Sept. 25. Francs to £1.. 124.21 78 31-32 79 13-32 Brussels — Belgss to fil .. 85 22.16} 22.Z7S Oslo — 18.189 19.00 19.90 Kroner to £1.. Stockholm — .... Kroner to fi 1 .. 18.150 19.38} 19.40 Copenhagen— Kronor to £ X .. 18.150 22.40 ZZ.40 Berlin — 18.02 Marks to £1 .. 20.43 12.95} Montreal— . _ Dollars to £1 .. 4.86 2-3 4.89 4.85 New York— 4.741 Dollars to £1 .. 4.86 2-3 4.78 Yokohama— Pence to yen 24.632 14 1-18 14 1-19 Hongkong— Pence to dollars 24.58 17 1-16 17 8-19 Bombay— — 18 3-64 IS 3-64 Pence to rupee Batavia— Florins to £ 1 12.10 7.65 7.65 Milan—r Lire to £1 .. 82.46 58 13-16 59% Amsterdam— 7.70 Guilder to £ X 12.107 7.87 Prague— 104} 104} 105 Kroner to £ 1 .. Geneva— ■ ■■ i 16.04 Francs to £ 1 .. 25.22} 16.05} Vienna — 29 Schillings to £1 84.86} 29 Helsingfors— Marks to £1 .. 103.23 226} 227 , Madrid — 87 8-32 Pesetas to £1 25.23} 37 ' Belgrade— 228 Dinars to £1 . . 25.22} 240 Athens — 550 Drachma to £1*575 6 60, Lisbon — Escudos to £ 1 110 102} 103 Bucharest — • > Lei to £1 .. 931.6 525 525 Bio de Janeiro — , Pence to mllrels 5.890 4% 4% Buenos Aires — Pence to pesos 47.28 45 45 Shanghai — Pence to tael- . . — 15% 15 T-16 Montevideo — Pence to pesos — -t ,37 87 Warsaw— Zlotys to £ 1 .. T" — ■

Ton. .Of Copper, spot .. .. 6 No change Copper, forward .. ,. 34 6 3 Fall £0 1 10H Electrolytic, spot .. .. ST 5 0 FaU 0 5 0 : Electrolytic, forward .. 38 0 0 No change Wire bars .. .. 0 No change Load, spot .. ., .. 11 18 9 Fall 0 1 8 Lead, forward .. .. 12 2 6 FaU 0 1 8 Spelter, spot .. „ 18 12 6 FaU 0 1 S Spelter, forward .. .. 16 13 8 FaU 0 1 8 Tin, spot .... .. 8 Rise 1 0 0 Tin, forward .. .. .. 215 8 9 Rise 0 12 -6 Pig Iron, home trade .. 8 2 « No change Pig Iron, export .. 2 12 6 No change Antimony. British .. SO 10 0 No change Antimony, foreign .'. 23 10 0 Rise 0 10 0 Unit. Molybdenite .. .. .. 2 1 0 No change Wolfram .. .. .. v. 1 0 02. 6 Rise 0 2 9 Silver, standard .. ..18 7-16d Rise 3-10d Sliver, fine .. .. .. I9»d FaU 3-16d