COMMERCE AND FINANCE

Otago Daily Times, Issue 22137, 15 December 1933, Page 6

COMMERCE AND FINANCE

SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright) ‘■■■'v - SYDNEY, December 14. (Received. Dec. 14, at 11.30 p.m.) ! lAt the- wool sales 12,304 bale* were offered, and 12,033 sold, while 2148 were disposed of privately. Competition was well sustained, and the advance of 5 per cent, recently reported waa fully main' tained, with a further upward tendency noticeable. On all merino ekirtings, comebacks, and crossbreds the improvement was most pronounced. Greasy merino made S4Jd for four bales from Yass. The_ average price of greasy wool in Sydney for the first three days this week was <2O 15a 3d a bale, J or 16.5 d per lb. There will be no further ealy this year. MELBOURNE WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) MELBOURNE, December 11. At the wool sales there was a good clearance of the 9000 bales submitted. .The market was practically unchanged, with a hardening tendency again notice- •; able for all super merinos and comebacks. / AUSTRALIAN MARKETS (United Frees Association.) (By Electric Telegraph—Copyright.) SYDNEY, December 14. (Received Dec. 14, at 9.30 p.m.) Wheat: Bagged, on sidings, 2s OJd; bulk Is Hid, being equal to about 2s 7id, ex trucks, Sydney. ■\ Flour, £ll 15s, including £4 5« per ;ton Federal tax. Bran, £4 ss. , J Pollard, £4 15s. ••. Potatoes. —Tasmanian, to £7; Vic--1 torian, to £3 10s; local new, £4 10s. Onions:, Victorian Brown Spanish, £4 :,10s. Oaten hay, £7,105. %. Maize;!3s Bd. T', gf. ADELAIDE, December 14. ■'% Wheat. Growers’ ,lots, 2s 4d. . Flour. Bakers’ lots, £7 2s 6d. / Bran and pollard, £4 17s 6d.. Oats. Algerian, about Is l.Od.

THE DOLLAR I ' (United Press Assor'atlon.) ‘ (By Electric Telegraph—Copyright.) A;, ' LONDON, December 13. /? Exchange on New York i« quoted at : 5.00 dollarg to the £l.. ' ' k NEW GUINEA GOLD SHARES (United Press Association.), (By Electric Telegraph—Copyright.) LONDON, December 13. • New Guinea Gold shares are quoted at 4a Bid. / TRADE OF THE DOMINION ! IMPORT AND EXPORT RETURNS. I (Pen United PressAssociatxon.) WELLINGTON, December 14. The overseas trade figures of the Dominion for the month of November compare as follows: with those for .November of the previous yOar:—; •/ Nov., 1933. Exports ~..£2,607.217, £2,968.901 -/ Imports .. •■■2,045,296'- (1,926,906 ’ For the 11 months of the present year the figures are as follows, compared with those for the corresponding period of V 1932: 11 months, 11 months, . 1932. 1933. i Exports .. £33,695,047 £37,186,549 Imports .. 20,958,527 19,505,393 /V. The balance for the 11, months of 1933 in terms of New- Zealand currency (excluding specie)/ifras £13,520,715 compared with £9,929,888 for the corresponding / period of. last yearX-'‘ ; DOMINION RYEGRASS i MARKET IN IRELAND. The, London produce circular of the Bank of New Zealand, dated October 20, states that a feature of New Zealand /(business in seeds during the past month : has been an active demand for New Zealand ryegrasses. Although it is difficult ■ to ascertain the exact quantity sold, it is believed that at least 1000 tons have • been disposed of for shipment to the United Kingdom, the greater ' part of which has been for delivery in Ireland. The demand, was brought about by a shortage in the Irish yields, while in /France all the seed crops have also yielded badly. , • ••.-'

PROPERTY SALE The late Dr Riley’s property, " Opeke,” at Michie’s Crossing, Wsitati, containing 29 acre* and 27 poles, with dwelling and ■ outbuildings, wap sold, after good competition, at auction yesterday by Messrs Park, Reynolds, Ltd. This property was originally owned by Mr James Marshall, who, between 50 and 60 years ago, planted the belt of pines which surrounds the paddocks, and, by a strange coincidence, the man who did the planting was present and testified, to this fact.

LOCAL' AND OVERSEAS MARKETS.

The following art yesterday afternoon s buying end selling quotations, which are subject to the usual brokerage:—

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Two parcels of BelFHoopers were reported to have been sold on the Dunedin Stock Exchange yesterday at HJd. A buying offer of 10Jd in the afternoon was not attractive to sellers, who were still asking Hid. A sale was reported of Westports at 13s 9d, and they were wanted later at 14s, with no buyer forward. Two parcels of Nevis Diesels were also reported to have changed hands at Is Oid, the price at which they were on offer when the market closed, but there were then no buyers forward. There was a firm demand for all classes of Government Bonds. SALES REPORTED,

The following ,is. a Hat of- share*: on which dividends will shortly be payable: — - kr ■ Broken Hill South, Is .. .. .. Dec. 15 Blackwater, Is, interim i. Dec. 16 Consolidated, 6d '■ .. .. .i■ v. Dec. 15 Bulolo. approx., 2g lid .. .. Dec. 16 Gear Meat, Is 6d, final .. .. Dec. 16 Mount Lyell, 6d, final .. .. Dec. 18 Paddy’s Point, 3d, second .. Dec. 18 Mount Morgan, 2s, interim .. Dec. 27 British Tobacco, 3 3-sd, final .. Dec. 30 National Bank of New Zealand, ■ Is, interim ... Jan. 6 A.P.A., lid, final Jan. 31

NORTHERN EXCHANGES fpn United Peebs Association.) • , The following .bhsihess was transacted on ’Changes yesterday:Auckland.' —Sales: Stock, 1939-52, 34 per cent., £101; Stock. 1940, 4 per cent., £lO2 2s 6d; Stock, 1946, 4 per cent., £lOl 15s; Stock, 1949, 4 per cent. £101; Stock, 1955, 4 per cent., £102; Mount Albert Borough, 1963, 5| per cent., £97 Is; Amalgamated Brick (Auckland), 1944, 74 per cent., £9O; Bank of New South Wales, £32; Bank of New Zealand, 475, 47s 2d; A.P. Assurance, 10s 3d; Auckland Gas, 245; Northern Steam (7s paid), Is 9d; Kaiapoi Woollen (pref.), 10s 3d; New Zealand Breweries, 375; Bycroft, 41s; Farmers’ Trading, 3 0 8d; Farmers hertiliser, 18s 6d; Woolworths (Sydney, second pref.), 24e 8d; New Cornish Point, 10Jd; Dkarito, 9s; Waihi, 27a 2d; Kampang Lanjut Tin. 23* ,9d.- —Unofficial list: Investment Executive Trust B, £O9; Loyal (pref.), 18s; New Zealand Perpetual Forests, 48s. Wellington.—Sales: Inscribed Stock, 34, per cent., 1939-43, £lOl 2s 0d; Inscribed Stock, 1938-52, £lOl 10s; Rural Advances Bonds, £96; Bank of Australasia, £l2 3s 6d; Bank of New South Wales, £32 6s: Westport Coal,- 13s 0d (three parcels); Sharland (prefj, 24s 9d. Christchurch;—Sales: New Zealand Government 4 per cent. Inscribed, £101; Commercial Bank of Australia. 17s Bd, 17s 7d (two Parcels); E.S. and A. Bank, £5 10s 6d; Rank of frew South Wales, Westport Coal, 13s lOd: Addison a Flat (le paid). 2s 6d; Bell-Hooper (Is paid), Is; Bell-Hooper (9d paid), lid; Charleston Slilicing, Is 9d; New Cornish Point ■ (Is paid), lid; Waitahu, 5s 5d (two parcels); Nokomai, 2s Id; Maerewhenua (Is paid). 10s (two parcels); Okanto, 8s 74d 'Bs 6d.- Sales reported: WestportStockton Coal, 64 per cent, 1933, £7B.

SYDNEY STOCK EXCHANGE THE MORNING SALES. (United Press Assgolatlon.) (By Electric Telegraph—Copyright.) c : SYDNEY, December 14. , ,• (Received Dec. 14, at 5.6 p.m.) . On the Stock Exchange the morning sales were: Bonds (4 per cent.), 1941, £lO4 2s 6d; 1944, £lO4 16s 3d; 1957, £lO5 7s 6d; Associated News, 21s 6d; Henry Jones, 34s 3d; Meggitts, 21s 4Jd; Wilcox, Mofflin, 11s 7d. . .‘ THE AFTERNOON SALES. (United Press Association.) (By Electric Telegraph—Copyright.) pi ’ SYDNEY, December 14. (Received Dec. 14, at II p.m.) | On. the Stock Exchange there was a general -slackening of business with the approach, of the holidays, neither buyers nor sellers displaying any inclination to press business. The market lost nothing in strength, and all high-class securities were firmly quoted. The following sales were made:— Bank of New South Wales, £3l 7s 6d; Commercial Bank of Sydney, £l7 ss; Commerial Bank of Australia, 18s; National Bank (£lO paid), £l3 10s; Queensland National Bank,-£5 14s; Australian General Insurance, 11s lOd; Associated News (pref.), 20s 9d; Australian 6«b_A, £7 14s; British- Tobacco, 37a 6d; 'Dunlop Perdriau (pref.), 35s 9d; Goldsbrpugh. Mort, 33s 6d:v. Anthony Hordern, 13s 4d (pref., 22a 3d) J Electrolytic Zinc,. 20s 6d; Wilcox Mofflin, lls 8d; Winchcombe Carson 29s 9d; Tooths, 42s 8d; To.oheys, 23s lOJd; Bulolo Gold, £5 4s 6d; Bulolo Deposits, 2e Id; Broken Hill Proprietary, 41s 9d. / MELBOURNE, December 14. Commercial Bank of Sydney, £l7 ss; Electrolytic Zinc, 26s 6d; Dunlop Perdriau, 30s.

MINING MAEREWHENUA GOLDFIELDS. The consulting- engineer to the Maerewhenua Goldfielos Development Company, Ltd. (Mr W, Morgan Gimson) reports that excellent progress is now being made with the tail race tunnel, which has been driven 404 feet. Three shifts are being worked, and it is estimated that between 35 to 40 feet will be driven each week. The core of the upper dam has been built to a height of 22 feet, and sluicing operations for filling at the lower dam are giving very satisfactory results. At the head of the Mosquito race preparations are being made for installing steel fluming and for placing a new syphon across the main river. At the time of the engineer’s 'visit 10 heads of water were entering the race,' and a similar amount was passing the intake, as the old syphon is only- capable of carrying 10 heads. Seven pulsator machines have beep delivered, and these will be installed shortly. An ample supply of water was available on the field during the past month, and this was used. for the removal of tailings. An inspection of mats at the sluice boxes showed that gold was now commencing to travel down with the tailings.

BELL-HOOPER REPORT. The report on the mine for the week ended December. 9.. is .as follows: — : No mine development drives or work was done during the .' week, all the men being engaged on preparatory sloping for blocking out or on blocking out work. A centre block slope through block N from the main No. 1 drive, and also another centre slope through block L from the main No. 1 drive, are in progress. One prospecting slope was driven into block M 32 feet and one prospecting drive into block G 55 feet, both drives giving poor results. Blocking out work ie in progress in' blocks ■K, D,;.ahd,B f :the three blocks giving good results. Mr M. Maye, mine manager, visited and inspected- the mine on December 7. (Three men are engaged on cleaning up the foundation and track laying in No. 2 tunnel preparatory to the contractor starting. The gold washed up for the week was 440 z 19dwt. . TALISMAN DUBBO RETURN.The Secretary of ( the Dunedin Stock Exchange hM received advisq- from the TalismanisDubno/mitu; that 42} tons of ore were .( treated for return of; £203, actual realisation. MOONLIGHT-NELSON CREEK ‘ -REPORT; Mr T. Learmont, civil and mining engineer, who ia superintending the construction of Moonlight water race,' reports as for the week ended December 5: Some in the ditch have slowed up work a little. been drilled and shot, and work; &»£rtgreseing satisfactorily. In the tunnelling the going ha« been fairly hard, therefore footage per week has been a little low. Better ground is being encountered now, and more speed will result. The fluming is now taking, shape, and a good showing has been made. Legs and caps have been placed in position up to the lower end of the tunnel,, stringers have been laid for over three chains, and bottoms and sides for two. * Difficulty is being experienced in keeping up to the flume contractor’s capacity. Arrangements are in hand to effect improvements in reference to this. * . Mr A, J. Tippett reports for period ended December 9 oh the progress of the Two nozzles are now erected, complete with levers and balance boxes, and everything is now in readiness for water, ine new council track has been built, replacing the present portion, which will be sluiced away. A start has been made in erecting the bridle for the aerial and also squaring timber for anchors.

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

BLUE STAR LINE ACCOUNTS. It will be seen from the report and accounts of the Blue Star Line, Ltd., for the year ending December 31 last that there was a profit, after providing for debenture interest and transferring £500,000 to depreciation reserve, of £39,204. The net result of the year's operations was to increase the carry forward from £107,815 to £147,109. In the previous year, after providing for debenture, interest and £750,000 for depreciation, the balance brought forward from the: preceding year was reduced from £420,528 to £107,815, so that £283,515 of the £750,000 was taken from earlier years’ profits. No dividend is paid, but, taking all the circumstances into account, the results of the year’s working must be regarded as satisfactory, although the auditors seem to suggest that, in their opinion, sufficient has not been set aside for depreciation. With regard to the balance sheet, the capital, at £500,000, all of which is held by the Union Cold Storage Company, Ltd., remains the same as at the end of 1931; debentures, which are guaranteed by the British Government and the Union Gold Storage Company, have been reduced from £2,446,800 to £2,413,100; and on March 16 last were further reduced to £2,289,900; bills payable amount to £l6lß, against £27,603; loans and advances have decreased from £2,188,861 to £1,034,667; sundry creditors amount to £254,543, against £363,511; and depreciation reserve now, amounts to £1,250,000, against £750,000. On the other side of the account, the value of the fleet is given as £5,150,300, against £5,960,324, the sum of £119,660 having been . spent during the year under review, and- £929,684 realised by disposal of ships. Sundry, debtors, etc., total £320,179, against £388,888; stores and supplies stand at £14,580, against £15,733; “investment in subsidiary company” is a new item at £7527; cash with bankers and in hand shows very little alteration at £19,549, against £18,452; but cash in hands of the trustees for debenture holders for redemption stock has increased from £33,365 to £123,267. According to Lloyd’s Register, the Blue Star Line owns 15 steamers, aggregating 152,034 tons gross, about 146,914 tons deadweight, averaging about 14 years of age, and standing jn the books, after deducting the depreciation fund, of £1,250,000, at £25 13s per ton gross, while loans and debentures, which have been reduced by £1,200,000 in the.past year, now represent £22 13s 6d per ton gross. It may be added that the company is inviting tenders for the construction of two vessels which will cost about £500,000 each.

{ ■ TALLOW SALES - (United Press Association.) \ (By Electric Telegraph—Copyright.) LONDON, December 13. At the tallow sales 927 casks were offered and 242 were sold. Common sorts realised full prices. Quotations: Mutton —fine, 24s 3d; medium, 20s. Beef ■ —fine, 23s fld; medium, -20 s. PRICE OF GOLD i (United Presai Association.) (By Electric Telegraph—Copyright.) LONDON, December 13. Gold is quoted at £6 0s Id per oz. ; BULOLO SHARES ■ (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 13. Bulolo shares are quoted at 85s. LONDON TALLOW MARKET The Bank of New Zealand has received the following advice from its London office under date December 13:— The demand is rather quiet. Good mutton, 23s to 23s 6d per cwt; good beef, 21s 6d; good mixed, 21g to 21s 6d; gut, 17s 6d to 19,s 9d. DAIRY PRODUCE The New Zealand Loan and Mercantile Agency Company, Ltd., Has received the following cabled advice from its London house dated December 13: — Butter, 71s. Market very quiet. Cheese— White, 495; coloured, 455, 465. Market is slow.

Bell-Hooper (two) . £ ■; d. . 0 0 llj Weetport . 0 13 9 Nevie Dieael (two) .. .010)

BANKING. Buyer. Seller. £ «. d. £ s. d. N.S.W. ...... — 32 10 0 New Zealand — 2 7 6 Commercial .. .. tf4 "ft 0 18 0 National of N.Z. 0 Union '-iv 9 14 0 — ' ' ...... INSURANCE, National .. .. .. — 0 19 2 New Zpalaid 2 16 9 t Standard .. .; v. 2 0 SHIPPING. Huddart, Parker (ord.) 1 11 6 — Huddart, Parker (pref.) .. .... 1 * 0 U.&S. Co. (pref.) 1 4 9 1 5 6 COAL. Kaitangata .. .. 1 2 3 1 2 6 Westport.. .. .. — 0 14 0 LOAN AND AGENCY. Goldsbrough, Mort. 1 12 6 1 13 6 National Mortgage 3 5 0 — N,Z. Loan and-M. 61 (ord.y vv. ft 0 Wright, Stephetisbn 19 (ord). .. .. .. ■ 0 0 MEAT PRESERVING. N.Z. Refrigerating (paid) .... .. — 1 0 3 N.Z. Refrigerating (cont.) V. .. .. 0 9 7 — South. Froz. Meat (paid) 3 0 0 3 1 0 South Otago Freez. 5 3 0 — MISCELLANEOUS. Australian,Glass ,2 6 6 . — Brown, Ewing • 6 16 ford ) 0 —— Crystal Ice ». . i Ml 6 — D.I.C: (ord.) .. 0 1*4 6 — D.I.C. (pref.) i .. 1 2 6 “ Dominion Fertiliser 0 15 9 0 18 0 Dbminion Fertiliser (debs.) .. .. .. 101 10 0 — 6 Dominion 'Kubber , 0 0 18 Donaghy’s Rope ., 26 — Electrolytic Zinc 1 .5. 3 Kaiapoi Woollen)?:’- 1 % 6 (ord.) . . V. ' —T ft 8 Kaiapoi Woollen ; (pref.) i :1. n o is 0 Milbufn'Lime , . o6 National Electric ~ 6 0 2 N.Z. Drug Co.' .. 3 12 Wilson Cement .. 1 5 9 i b 6 N.Z. Newspaper* , I' 7 6 BREWERIES N.Z. Breweries • -V,‘— 1 17 6 OIL. 4 0 Moturoa .... . • 0 • 2 0 0 Moturoa (pref.) .. 0 .5 0 MINING. Waihi .. .. .. 16 10 — ■ Waihi Grand Jctn. . 0, 4 0 0 4 6 Kildare .. 7. .. - • • ‘ i0 2 0 — 0 9 2 Paddy’s Point .. 0 4 , 6 Golden Progress — 0 1 6 King Solomon Golden Point ., — 0 3 3 :>» — 0 0 34 Blackwater .: .. T— ttl 11. .6 Gillespie’s Beach .. 0 1 11 0 X 11* Waitahu .. .. . . i.O 5 3 : 0. 5 T . Mount David : 0 0 Nokomai .. .. .. Lawson’s Flat .. .. 0. 2■0 0 3 0 0 0 4 ’ Central Shotover ‘ 01 0 1 0 . .Bell-Kilgour .. .. 0 1 0 1 1 Bell-Hooper .. i. 0 0 104 0 0 114 Nevis Diesel .. — 0 1 04 Bendigo GohUight — 6 0 0 6 Charleston .. .. 0 1 9 Addison’s ... ... ; 0 2 0 0 2 GOVERNMENT LOANS. 3J p.c. Ins., 1938a■ i. r*.:. 1943 .... .. 101 • ft 0 ; — 3) p.c. Ins., 19381952 100 15 0 — . , 3J p.c. Ins., 1939101 6 0 1943 — 3J p.c. Ins., 1939100 15 . 0 1952 — 31 p.c. Ins., 1941101 0 1943 0 —. 3J p.c. In*., 1941100 15 1952 0 •— 4 p.c. Bonds, Jan., 1940 102 2 6 •— 4 p.c. Ins., Jan., 6 1940 102 2 — 4 p.c. Bonds, Feb., 1946 101 15 0 — 4 p.c. Ins., Feb., 1946 .. .* .. 101,15 0 ! .f f - , 4 p.c. Bonds, April, 100 16 1949 .. 0 —-' 4 p.c. Ins., April, 1949 100 150 *■ » *—*. 4 p.c. BoiSds, June, 102 0 1955 .. .. 0 — 4 p.c. Ins., June, , 1955 102 0 0 — ■; ff Gum dividend. DIVIDENDS PAYABLE.

RUGBY, December 13. Paris— Par. Dec. 12. Dec. 13, Francs to £1 124.21 83 19-32 83 31-32 Brussels— Belgas to £ 1 85 23.535 23.65} Oslo— Kroner to £ 1 1&1S0 19.90 19.00 Stockholm— Kroner to £ 1 18.150 19.39 19.39 Copenhagen— Kroner to £1 18.150 22.40 22.40 , Berlin— Marks to £ 1 .. 20.43 13.72 13.74' 1 Montreal— ' Dollars to £1 4.86 2■3 5.05J 5.02}’ New York— s Dollars to £1 4.85 2•3 5.071 5.034 , '.Yokohama — i;;;‘Pence to yen .. 24.582 14 13-32 14 15-32 Hongkong— Police r to dollars 24.58 17 3-16 , 17 1-10 ' Sombaj;—, Ponce to rupee 18 S-6.4 IS 3-64 Batavia— Florins to £ 1 12.10 8.06 8.06 Milan— Lire to £ 1 .. 82.46 62} 62 9-16 Amsterdam— Guilder to £ 1 12.107 8.135 8.17 Prague— Kroner to £ 1 104} 110 110} Geneva— •, Francs to £ 1 26.22} 16.92 16.08 Vienna— ; Schillings to £1 84.865 SO 30 , Helsingfors— ■ Marks to £ 1 .. 193.23 226} 226} Madrid— pesetas to £1 25.235 40 1-16 40 5-16 Belgrade— Dinars to £ 1 25.221 240 240 Athens— ’Drachma to £1 875 582} 682} . Lisbon — Escudos to £1 110 100% 109% Bucharest — Lei to £1 .. 931.6 530 550 Bio de Janeiro— Fence to milrels 5.890 4% 4% Buenos Aires — Pence to pesos 47.28 35% 35% Shanghai— Pence ' to tael 15% 15 9-16 f Pence to pesos 35} 35} Warsaw — Zlotys to £ 1 .. —