COMMERCE AND FINANCE

Otago Daily Times, Issue 22204, 6 March 1934, Page 7

COMMERCE AND FINANCE

MINING C * BRIAN BORU RETURN (Pa Unitid PkcMs Association.) L « OREYMOUTH, March 5. I* Brian Bora dredge return, waa 640« ,f«r 122. hour*. ■; GILLESPIE'S BEACH RETURN {Pan United Pane Aaaocunon.) WELLINGTON. March 5. Oilleepiee Beach wash-up for the iC.jweek ended March 3 waa 68oa Hdwt for «?...• llf| hour*’ work. £ ALEXANDER RETURN following report baa been received p secretary of the Alexander clen-upfor February, 843 tone ■ &W ore were crashed for lOOoz 7dwt of X malted gold. The cyanide plant treated ’ll® pane Of aande for 540 t 3dwt of bullion. rvJ.ll*eetimted value ia £1439. and.concenfiy- mteaf-valaed at £2lB were eaved. In tltbliHln value*, gold baa been taken at -if per &e ounce. . - TALISMAN PUBBO YIELD '2 Th* secretary of the Taliaman Dubbo Company advisee that '274. tone were <#*widMk a Tetbrn of £SB2. GOLDEN OAWN RETURN | The aacretanr of the Golden Dawn Com jr pin.wpoiti that for the 13 working day* ended'February 18, 284 tona of ore were ‘ treated for a return of £OBO, exclusive of wid exchange. In addition, 53 v, .• toga .of outside ore were treated. OKARITO DREDGE < :' v * Messrs W. A. ; Mitaon and eeereUrth d 'the Okarjto' Five Mile Beach Gold Dragging Company. Ltd., report that MMpB lor the week ended Saturday y fn» 4A wuweo for 117 hours’ dredging, f 5- *FODB-WBIKLY REPORT. | The following report. relatew to the “c-nlW'nNßi- from January. 28, to February *4>—Tbtal gold won, 8370 s 18dwt; total 1 r«owo; total: pen-work-l,. 188 henra; total war daae treated, Si-: SVJNB. an .avenge of 57 cubic yards Bkwi fjteraga.valua of ground (on 14 per ounce), Bfd AHAURA DREDGING .11 IwMMuneed that the Upper Ahanra Ltd, will go to KST WAIHI RETURN Company, < XM : |^vSairop.s,tna, p pmdod ended February 17, aompeteiaa 83 crashing daya, 18,938 tons fe w»a enuhad fpr a result of 8332 of gold and. 36,430 due ounces C’•Thih includes 2048 tons mined Xv'fgilß the Grand 'Junction area- which ytiidad 330 anneaa of gold sad 1349 ounces pi LeveL—North branch of Martha If;- da: Driving aast tha next 18ft assay* m Kfllpor Tha width of the lode I I 8 B 'lode, north i af^aa^asifrj MHi Martha lode: Driving! weat -the in«!n?saa»- te s:s» l»to. BUCDWEL COMPANY , ; p waafta eepaider the granting of an option teinvesHgstioas, Ltd., of Dunedin, over r T £S^H£C , BT& option, Informed shareholders that a aplendij Jab had boon made of the dredge X 'work wite ane dredge, end that on‘this -: i aaaa—l rshfrehelders should consider the Ss: ; ;Av#iMttty v of selling out to a larger eon-

El Bagpamaa, .reprcaantjnt IniKevhTValley «u a very rich ■IiHBHHB IW i/-raJfrf~.’ nnderatooU that there ■>■.' .HOP - u q.. <6—l yrabls opposition to tbe a«Jiu company bad formally' Withdraw the offer. He conm. of shareholder* vCjakopld beappointed to. consider the qneo. *■. tfam iupd report to the company. u to the nd personnel of the committee. $ it .mm fluffy decided that the nutter be

! SYOm WOOL SALES (Volted Proas AssoeUtira.) ■ «r Kleetrle Tatacraph—CoprHitat.) f l SYDNEY. March 5. 7 . (Keoebed Ifercb 5. at 11 p.m.) " jM tt* wool salt* 14.636 bale* were - effeni ltd 11,137 were aold,. while 1639 r IlgW.dleweid of privately. There wm ; JtP9U end aery qeaerel .competition, with c from Yorkshire,, and were felly equal to last week for all rfcf fftairlptieoe. Qreaay. merino brought 26Jd for eight belea from Yaaa. The average ftriee ef . wool in Sydneylast week was IV td a bale, or 17.4 d per lb.

LOCAL and overseas markets.

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE The beat offer for Bank of New Zealands on the Dunedin Stock Exchange yesterday was £2 8b Bd, sellers demanding 6d more. Further offers of £1 4s were made for preferred Huddart, Parkers, and for the first time in a considerable period there was a seller in the market, the quotation being £1 Bs. Bell-Hoopers were in good demand, .and two parcels changed hands at Is. They are now available at that figure, the best buying quotation at the close of the market being lid. Moonlight Nelson’s Creeks continued to have a steady inquiry, and there was a transaction at Is lid. Further offers of this figure found sellers firm at la 2d.

• The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage:— BANKING.

NORTHERN EXCHANGES (Pa United Press Association.) The following business was done on ’Changes yesterday;— Auckland.—Sales: Stock (1040), 1101 10s; Bank of Australasia, £l3 3s; Commercial Bank of Australia, 17s Id; Commercial Bank of Australia (pref.), £9 5s 6d; Bank of New South Wales, £34; Bank of New Zealand. 48s IOJd, 48s lOd, 48s lOJd: National Insurance. 18s 6d; New Zealand Insurance, S6g 6d; Auckland Gas, 25s Id; Huddart, Parker (prefj, 20s; Kauri Timber, 17s 6d; New Ziealand Breweries, 39s fld; Northern Roller Mills, 325; Wilsons Cement, 26s 3d; Bell-Kil-(four, 8d; Gillespie’s Beach, 2s 2d: Waihi, 30s 6d; Waihi Junction. 4s 8d: Goldfields Dredging, 9Jd; Mount Morgan (5s paid), 225. Unofficial: Claude Neon, 475; Investment Trust B, £lOl 15s. Wellington.—Sales: Inscribed Stock, 4 per cent. (1955), £lOl 17s 6d (late Saturday), Bank of Australasia, £l3 ss; National Bank of Australasia (£5 paid), £6 10s; Union Bank, £lO 4s. The Christchurch Stock Exchange was closed yesterday. AUSTRALIAN PETROL TAX More than £5,000,000 is expected to be received by the Commonwealth Department of Trade and Customs this financial year from the import duty on petrol, the allocation of which is being discussed at the Premiers’ Conference. Receipt* for the seven month* ended January 31 totalled £3,314,000, and in addition £319,878 was received from the excise duty on petrol refined in Australia. Since excise on imported petrol refined in Australia was imposed in 1930, the receipts have' been:—l93o-31, £315,582; 1931-32, £328,074; 1932-33, £461,315. Import# of motor chassis in 1933 were almost double the imports of 1932, and it is calculated that petrol tax receipts will reflect that improvement this year.

BRITISH WAR LOAN (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY. March 3. War loan 3j per cent, is quoted at a now high record—£lo3 13s od. SYDNEY STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, March 5. Stock Exchange Sales.—Bonds (4 per cent.): 1941, £lO5 ss; 1944, £lO9 12« fld; 1947, £IOB 15s; 1950, £lO6 6s 3d; 1953, £lO6 ss. Bank of New South Wales, £34 7s 6d; Australian Gas (A), £7 14s; Tooth’s, 44s 9d; Associated News, 21s 7Jd; Broken Hill Proprietary, 46s fid; Burns, Philp, 55s 6d; Colonial Sugar, £65; Dunlop Perdriau, 19s 9d; Lustre Hosiery, 22s 9d. FOREIGN EXCHANGES (British Official Wireless.) " (Unl'ed Free* Association.) (By Electric Telegraph—Copyright, i

AUSTRALIAN STOCK EXCHANGES ■. (United Frees 'Association.) . (By Electric Telegraph—Copyright.) SYDNEY, March 5. (Received March 5, at 10 p.m.) The Stock Exchange market waa generally steady with a normal turnover for a Monday. The following sales were made;—Bank of New South Wales, £34 10s; Commercial Bank of Sydney, £l7 13s; Bank of Australasia, £l3 10s; Colonial Sugar, £65; Australian Provincial Assurance, lls 3d; Mercantile Mutual Insurance, 215.3 d; Adelaide Steam, 25g fid; Howard Smith, 15s' lOJd; Burns, Philp, 55s 6d; Australian Gas (A), £7 lls: Associated News, 2le 6d; Associated News (pref.), 22s 4Jd; British Tobacco, 38s 8d; Dunlop Perdriau, 19s fld; Goldsbrough, Mort, 33a 3d; Winchcombe, Carson, 30s; Morris Hedstrom 17s; Electrolytic Zinc, 27e 3d; G. J. Coles, 435; Henry Jones, 33s 6d; Wilcox, Mofflin, 13s; Tooths,' 44s fid; Tooheys, 27s fid: General Industries, 12s 7d; Australian Iron and Steel (pref.), 21s 10id; Lustre Hosiery, 22s 9d; Mount Morgan, 22s IJd; Mount Lyell, 24s 7Jd; Broken Hill Proprietary, 46s fid, A MELBOURNE, March 6. Commercial Bank of Australia, 17s Id; Commercial Bank of Australia (pref.), £9 10»; National Bank (£5 paid), £6 lls; Herald and Weekly Times, 51s fid; Mount Lyell, 255.

FORWARD EXCHANGE OPERATIONS IN AUSTRALIA. A report from Australia states that all the trading: banks are now quoting forward rates tor purchasing bills drawn on countries overseas. This class of business has been growing in volume during the last 12 months, and has become an essential phase of exchange operations to facilitate export business. The necessity has arisen because exporters trom Australia are frequently called upon to make firm offers for certain commodities for delivery two or three months ahead, or even longer periods. To assist exporters forward exchange operations have, therefore* become part of tbe trading banks’ normal overseas exchange business. Even foreign currencies have to be handled to-day in such a manner as to permit forward contracts in such currencies. Practically, no forward business in exchange is done by the banks in New Zealand. Tbe banka operate on a day to day and even hour to hour basis for buying bills. An exception is made, however, in the case of exports to Canada and the United States. A firm rate for buying bills is quoted for 72 hours ahead. This allows the exporter time to cable a 2 notation and receive a reply prior to hipment. DOMINION RUBBER COMPANY The secretary of the Dominion Rubber Company reports that he has received a cablegram from the estate advising that the crop of rubber harvested for February was 51,0001b*

AMBERLEY EWE FAIR

MARKED ADVANCE IN PRICES. , (Pm United Press Association.) CHRISTCHURCH, March 5. The rapid apjpreciation in wool price* and the hardening market for all classes of sheep had prepared farmers for a substantial advance in prices at the Amberley Ewe Fair to-day, the first of the series of North Canterbury fairs of the season. The actual advance, however, was ahead of anticipations. The most reliable indication was in the rates '.'tiling at the Addington market, but the prices paid to-day showed an all round advance of 3s a head. The prices more than half-bridged the gap between the boom figures of five years ago and the low rates of last year. Farmers were present from all parts of Canterbury. For four-year ewes the average price ranged from 23s to 25s 6d a head, whereas last year the same class of sheep brought 11s to 13s, Only inferior four-year ewes failed to make 20s. Five-year-old sheep with good mouths were keenly sought and sold up to 21s fid, and many sales were made at 18s to 20s. The best price last year for five-year ewes was 5s 6d. Twotooths sold freely. The best price was 395, and the remainder of the lot brought 365. This breeder’s draft last year topped the market at 18s fid. The bulk of the two-tooths averaged 32s to 345, or about 126 per cent, above last year’s prices.

Scott Bros,, produce merchants and commission agents, agents for the Dunedin Egg Suppliers' Association, report:—Eggs: Poultry farmers, 1# 2d; storekeepers, Is to Is Id per dozen. Butter: Dairy pats, 6d to 7d per lb. Honey: Bulk, 3Jd to 4d per lb; 101 b tins, 3s 9d to 4s each; 51b tins, 2s 9d each. Poultry hens, Is 4d to Is 3d each. Roosters, Is to Is 3d each. Ducks, 2s to 2s 6d each, Geese, 3a to 4s 6d each. Turkeys: Hens, 8d per lb; gobblers, 9d per lb. Pigs: Prime baconers, to 6d per lb; porkers, 4d to 5Jd per lb. Potatoes, nominally £5 to IS 10s per ton. Chaff: Prime oaten sheaf, £4 6s to £4 10s per ton, bags extra, ex stcre. Table carrots. Is M per sugar bag, ex store. Canterbury onions, 4s 8d per cwt. Partridge peas, 3s per bushel, sacks extra. Whole fowl wheat, 4» to 4s 3d per bushel, sacks extra. Whole maize, 3s 3d per bushel, sacks extra. Feed barley, 2s 9d per bushel, sacks extra. Oats: Cartons. 2s 3d to 2s 6d per bushel; light feeding oats. Is 9d per bushel, sacks extra, ex store. Victory feeding meal, 9s per cwt. Belfast feeding meal, 10s per cwt. Acorn, buttermilk powder, 2sd per lb. Gristed wheat, 10s 6d per 1501 b. Farrofood, £6 ss, ex store. We hold stocks of poultry requisites. Free use of fowl crates on application. March 5, 1934, (

UNDERWRITERS’ HEAVY LOSS

After 10 months’ legal argument, the Seine Commercial Court has adopted the majority report of the experts appointed to inquire into the case of the burning of the Cie. Sub-Atlantique liner L’Atlantique, and has adjudged the vessel to be. a total loss, unrepairable at .a cost of less than 100,000,000 francs. The result will be that underwriters will be called upon to pay 170,900,000 francs (£2,136,000 at the current rate of exchange). The British liability, through direct policies and reinsurance, is estimated at approximately £1,500,000. It is understood that under the terms of the policies, British underwriters agree to follow French practice. That is to say, if the French underwriters decide to accept this decision and pay, their British confreres will do likewise. The experts who examined the ship found that, in addition to the damage previously reported, the hull was warped noth vertically and horizontally. AMALGAMATED WIRELESS. LTD. The board of Amalgamated Wireless (A’asia), Ltd., has declared an interim dividend at the rate of 4 per cent, per annum on paid capital in respect of the six months ended December 31 last. The dividend is payable on March 23.

NATIONAL BUILDING SOCIETY A meeting of members of the National Building Society wag held in the Otago Motor Clubrooms last night for the purpose of disposing of £BOO by sale in group 2. and £I6OO in group 3, £BOO by sale and £BOO by ballot. No tender was received in No. 2 group, and the successful tenderer in No. 3 group offered £3l per £IOO. The £BOO by ballot in No. 3 group was drawn by cluster No. 246, held by one member.

SALES ON 'CHANGE. Bell-Hooper .. .. 0 8. 1 d. 0 Moonlight Nelson'* Creek .... 0 1 li SALE REPORTED. Bell-Hooper .. .. .... .. .. .. o 1 0

: Buyer. Seller. A’asia .. .. .. .. £ s. d. £ a. d. 13 7 6 New Zealand .. .. 3 8 6 2 9 h 0 NZ. (Long D) .. 1 12 6 Commercial .. .. 0 17 4 Natl, of NZ — 4 6 0 Natl, of A’asia (cont.) .. 6 9 0 •— Union .. .. .. .. 10 2 0 — INSURANCE. National 0 18 3 0 18 9 South British - '■I' 3 14 0 Standard .. * # 2 19 6 — SHIPPING. Huddart. Parker (pref.) .. .. .. 1 4 0 1 8 0 U.S.S. Co. (pref.).. 1 5 0 COAL. Kaitansata .. — 1 1 9 Westport .. .. ., — 0 15 2 Weatport-Stockton (ord.) ... .. 0 1 2 — V LOAN AND AGENCY. Ooldsbrough, Mort National Mortgage 1 12 6 8 ~4 0 Trustees, Executors 2 10 0 Wright, Stephenson .. .. .. 0 17 8 * / Wright, Stephenson (pref.) .. .. .. 0 17 6 0 18 3 MEAT PRESERVING. Canterbury Meat •SSL," :::: 1 5 0 10 2 0 NZ. Refrig, (cont.) 0 8 1 — South. Froz. Meat South. Froz. Meat — 3 4 6 ■; (oont.) 1 13 0 Waitaki Fanners.. — 8 10 0 MISCELLANEOUS. British Tobacco .. 1 18 6 Brown, Ewing (ord.) ., .. ., 0 19 6 Bruce Woollen : (pref.) .. .. .. 0 19 o Colonial'Sugar . . DJ.C. (pref;) 2 0 0 1 2 9 Dominion Fertiliser 0 16 7 Dominion Fertiliser (DehsJ .. . .. Dunlop Perd. Rub. 102 0 O' 19 0 9 — Milburii Lime .. .. I 11 3 NZ. Drug Co. .... 3 15 0 3 16 6 Farmers’ Fertiliser — 0 17 6 NZ.< Newspapers.. NZ.,Pap«ir Mills.. Regent Theatre .. 1 .9 6 1 11 0 1 0 19 0 1 0 6 BREWERIES NZ. Breweries .. 1 19 5 2 1 0 0 Dunedin .. ... 7 6 ■ /.'J i oil.": ? 0 0 3 o Moturoa (pref.) ., — 4 0 MINING. ‘ Waihi ! ., ., .. . . 1 10 b 1 10 7 Waihi Grand Jctn. 0 4 10 Mahakipawa 0 0 3 0 0 3 Kildare .. • 0 2 0 Okarito 0 10 3 9 6 Paddy’s Point . . . . • . _ . 0 New Cornish Point 0 1 1 Golden Progress .. — 0 1 6 King Solomon .. Blackwater .. .. .. 1 12 0 0 4 8 Alexander .. 0 14 0 Gillespie's Beach . . 0 2 2J 0 3 3 Waitahu 0 4 L0 0 5 0 Nokomai ... ..■.. 0 1 6 0 1 0 Fresh ford .. .. — 0 2 0 Upper Shotover .. — 0 3 6 Central Shotover. 1 0 1 0 0 1' 1 Bell-Kilgour .. .. 0 0 7 — Bell*Hooper . . . . 0 Oil 0 1 0 Oxenbridge .. .. Nevis Diesel .. .. 0 0 0 1 8 0 0 0 0 10 1 1 Goldfields 0 0 8 0 0 10 Bendigo Goldlight.. 0 0 7 0 0 8i Addisons 0 2 1 — Moonlight Nelson’s Brian Boru .. .. 0 1 14 0 1 2 ■ ■_! 1 10 0 GOVERNMENT LOANS. Ins., 1938101 15 0 3} p.c. Ins., 10381952 101 12 6 — 3| p.c. Ins., 19391943 .... .. .. 101 15 0 ass* 8§ p.c. 19391953 .. .. .. .* 101 12 6 mmm p.c. Ins., 194 L 1943 101 15 0 — 3} p.c. Ins., 19411952 .. .... .. 101 12 6 — 4 p.c. Bonds, Jan., 0 1940 101 10 MS 4 px. Ins., Jan., 1940 101 10 0 «■» 4 Feb., 101 5 0 — 4 p.c. Ins., Feb., 1946 i. .:. .. .. 101 5 0 mmm 4 p.c. Bonds, April, 102 10 1949 *. .. ..- .. 0 mmm - 4 p.c. Ins., April, 1949 102 10 0 V 4 p.c. Bonds, June, 1955 .. .. 101 17 6 - 4 p.c. Ins., June, 1955 101 17 6 — ••Ex dividend

KDOBT, March 3. Paris— Par. Mar. 2 Mar. 3 Franc* to £1 124.21 77% 77 5-82 Brussels— Belgas to £1 SO 81.T9 21.80 Oslo— Kroner to £1 18.180 10.00 19.00 Stockholm— Kroner to £1 18.180 19.30} 19.89} Copenhagen— 18.190 Kroner to £1 22.40 28.40 Berlin— * Hark* to £1 .. 80.48 12,00 12.80 Montreal Dollars to £1 4.80 8-8 5.001 8.10 New York— Dollars to £i 4.80 2.3 8.07} S.07| Yokohama— Pence to yon .. 84.582 14 T-10 14 8-10 Hongkong— 24.88 Pence to dollar 18% l«l Bombay— Pence to rupee — 18 8-32 18 3-32 Batavia— Florins to £1 18.10 7.52 7,52 Milan— Lire to £1 .. 88.40 58% SO 8-10 Amsterdam — 12.107 Guilder to £1 Prague— ' 7.54 7.54} Kroner to £1 1041 1221 122% Geneva— Franca to £1 88,221 18.70 15.72 Vienna— ' i 88} Schillings to £1 84.881 28| Helsingfors— 220} ' Marks to £ 1 .. 188.28 220| Madrid— Pesetas to £1 25.231 37 11-88 87 0-32 Belgrade— Dinara to £1 25.22} 225 225 Athens—, ■ Drachma to £1 STS 530 • 530 Lisbon— . ESCudos to fit 119 100% 109% Bucharest— Lei to £l ... 081.0 510 810 Bio de Janeiro— Pence to mllrels 8.800 4% 4% Buenos Aires— Peace to pesos 47.88 S0|*t 30| Shanghai— Pence to tael 18| 18} Montevideo— Fence to pesos — 38J*t 88| Warsaw— Elotys to £1 .. — ' * Sellers, . t Official.