COMMERCE AND FINANCE

Otago Daily Times, Issue 22326, 28 July 1934, Page 9

COMMERCE AND FINANCE

COMMERCE AND FINANCE MINING WORKSOP EXTENDED REPORT The dredgemaster i of the Worksop Extended Gold Dredging, Company, Ltd., reported on Monday last that; the dredge had commenced dredging, and the bottom of a corner of the paddock that was being taken out had'been reached at II feet. The plant wa« running .well,, and the adjustment* expected at the commencing of operations proved to be of .amall account. It was expected to have the paddock opened out and dredging-in full swing within'a few days, BELL-KILGOUR RETURN The secretary, of the Bell-Kilgdur Gold Mining Company, Ltd., advises that the wash-up for the week ended. yesterday amounted to 540 z 9dwt lOgr. iv-V. SKIPPERS. LTD. Thf following report ha* been received from. the. Skipper* mine manager :-p-" The fine weather continues, and tne .heaviest frbst, for some day* ha* been only eight degree*. Paddock work i*. progressing, and - f iace the dreg scoop been put to work it hes .gone ,»head much more quickly, end we *re now about five feet from the bottom.” NEW ZEALAND GOLD OPTIONS .Jdr E. G. Banks' (state* a Melbourne report) hie accepted a teat on the board o! director* of New Zealand Gold Options. NX. Option* .over reef, dredging, and •Inicing arcs*. in New Zealand have been made available to the company. Mr T. J;/; Shephard, mining engineer, of Melbourne, will leave Sydney for New _ Zealand on July 20 with Mr John’ R.’Victor, mining engineer; of Melbourne, to check bore ‘ the Upper Nevie dredging area ■ecured by the company, and to ; inspect and report on other’ properties under offer. • • ; //■' ADDISON’S . FLAT DIVIDEND (P» UkmD Pwtea Asoocutioh.) WESTPORT, July .27. ’ At, a meeting} of the directors of the Addison’s Flat'Gold, Mining Company this, evening a .further interim dividend, of 8 pot cent, waa declared, payable on August 10. An additional £IOO was also placed to.: reserves. The total dividends since operations were commenced amount to 33 p*r cent, - i J ’ wi^-s(».6iyipN lead .- (Pa United Press associaticd.) V., , INVERCARGILL, July 27. . The King Solomon return for the past week was 750 z 6dwt. MOUNT lyell . .(United. Press Aasoeiallon.l ; ;. (By Electric T*l*ir«ph—-Copyright;) ’ LONDON, July 26. ' Mount Lyell aharea are quoted at 16a M. • ; ;■ ; j new • guinea gold shares (Onltto Pmw Association j (By Bleetrio Telegraph—Copyright.) .' I . , . LONDON, July 28. « New Guinea Gold share* are quoted at 5s 3d. ;; ■' ■ ■■■'. . PRICE OF FINE GOLD - (By Electric Telegraph—Copyright.) ; ' LONDON, July 23.. /Fine gold ia quoted at £6 18s per ounce.’ /. ’' , SAI£ OF STO& ; (Faou Odl Own COBBMPORDBST.) ' ■ BALCLUTHA, July; 27.. The- National Mortgage'_and/.Agency Company held .a - sale of dairy cows and horses at the Corporation Yards, Bslclutha, to-day,' before a good attendance. • Thirtytwo cows, comprising the herds of .Messrs D. /and T. Tilson, of Kaka Point, were eold<at price* ranging from 30s for-heifer* to £5 10* for cow* close to profit. Two cows reached the latter figure, and, the average for the two herds was oyer £4. The horses numbered 45: A black gelding made £SO -and a bay . gelding brought a similar figure. Good working draught* were sold ’ at £4l to £49; .a six-year-old gelding realised £47, and other* £4l and £35, A pair of unbroken two-year-olds were; sbid at £9 ;*nd, £lO. SYDNEY STOCK EXCHANGE/ .-■■■ (United Pro* Assijtelation.) ; " (By Electric; Tcle*raphe-Copyrlght.| ■ • ■ i' .SYDNEY, July 27. .. (Received July 27,. at 3.5 p.m.) The early, sales on the Sydney otock Exchange* were ss follows:—Bond*—3£ per cent., .1942, £lO4 15s; SI per cent., 1947,’;£108 10s; 4 per cent., 1047, £lO7 13* 9d; 1955, £111; 1957, £lll, 17 s 6d; 1959, •£lll 12s 6d; 1961, ,£ll2, ss;/Anthony Hordern (pref.), 24s 3d; Associated News,. 21a 7)d; James Stedman, 16s; Wunderlich, 21s. ADDITIONAL SALES. v , (United Pres* Association.) ■ . (By Electric Telegraph—Copyright.) .'.-’v .SYDNEY, July 27... (Received July 27, at 9 p.m.) The Stock ■ Exchange was quiet, with a minimum of price movements. Additional sales were:— ./■ Bank of New South Wales, , £3O 15s; Colonial Sugar (London delivery), £B4 17s 6d: Associated News,. 21s 3d; Australian Gas A, £8 Is; Carlton Brewery, 435; Henry Jones, 31b; Standard Cement,. 18s lid; David Jones. 39s 3d; Dairymaid Sugar, 365; Winchcombe, Carson, 30s; Mount Morgan, 25s 3d; Placer Development, £25 ss. Commonwealth Bonds l —4 per cent., 1938, £lO5 13a 9d; 1941, £lO7 10s; 1944, £IOB 10s; 1947, £lO9 17s 6d; 1953, £llO 13s 9d; 1955, £lll Is 3d; 1957. £ll 17a Id; 1959. £lll 12s 6d; 1961, £ll2 6S * MELBOURNE, July-27. Commercial Bank of Australia, 15s 6d; Goldsbrough, Mort, 29b 6d; Electrolytic Zinc, 265; Herald and Weekly - Times, 50sNestles (pref.), 36s 9d; Mount Lyell, 225; Dunlop Pcrdriau, 18s 6d. SALE AT BARNEGO Messrs Stronach. Morris; and Co., Ltd., report having conducted a clearing sale on account of ’Mr Peter Murray, of Barnegd’. The stock, especially the, horses, was presented’ for sa!e_ in good condition, and found keen competition. Some of the prices realised were: Seven-year-old marc, £6O; eight-year-old mare, £6l; four-year-old.gelding, £56; six-year-old. gelding, £54 10s; four-year-old gelding, £54; two-year-old filly. £37; filly foal, £3l; spring cart mare, £29. Dairy cows, spring calvers mixed ages, made to £4 15s, and a full range of farm implements sold at satisfactory prices. , . . TREASURY BILL FINANCE . ‘ ' I ■ ■ To-day (says the Sydney Morning Herald) there are approximately £50.000,000 of Treasury bills on issue in Australia, but of these only £30,000,000 are in the hands of the trading banks, the balance being held by the Commonwealth Bank. Instead of 6 per cent, being charged to the Governments as was the case in 1930 and’ 1931, the rate has been gradually reduced, with the return of confidence in Governments and their policies, to the present level of 2} per cent. Treasury bill finance has. served a purpose, and served it Well.

LOCAL/ AND OVERSEAS. MARKETS.

LONDON METAL MARKET (United Prei* Association.) (By Electric Telegraph—Copyright.) LONDON, July IS. (JteeelTed July I", it .1# p.m.) lit following tre thi offlclil meUl QUotitloni: —

'I- . unit. . /. Molybdenite ;. .. .. ’■ 118 - 6 No chiioge Wolfrim „ „ ~ S I 0 No ehepgo 02. ' ■';■/:/ 'SUrtr, gtmdgrd ~ .. 10lid , No change Blirer.;Ba» : ■ 21T»d No thing* V CANTERBURY MARKETS (Pei United Pbesb AssocuriojT.) CHRISTCHURCH,’ July 27; Th« grain and produce market remains very quiet. Quotation* are unaltered, though, values in alLclasses of small ’seede, fowl wheat, and partridge pea* ’remain firm. Very little interest ,i* being *howti in-the bate or chaff market. The Waimariho difted ilightly more than 6000 sack* of potatoes at Lyttelton yesterday in addition to 1400 from Timarh. This shipment i* large enough to delay any volume bf ,inquiry from the north. Prices , remain at'l3 12s 8d f.0.b., *.i.’, for prompt, and £3 15* for Ailgust-September. Values on trucks are - 20s less. Fowl feed remaifls firm at from 3s sid and 3s 6d, f.0.b., s.c. Partridge peas continue firm at 4s on trucks. : A fair amount s bf business has been done for export. . ; Chaff .is .quoted, at £4; a ton, f.0.b., s.i. ’ ,An inquiry has, set .in from Auckland for onions, the market for which has been lifeless for . some time..../ CITRUS FRUITS ;FRGM JAMAICA ‘ ’ (Pa United Pbesb Assocutiok.)y:-' Wellington,. July 27. Negotiations for trade with the West . Indies have been in- progress' for' some time, Mr J. W. Collins, New Zealand Trade, Commissioner 5 in Canada, was sent down; to the West Indier some months ago to make inquiries as to the. possibility; of reciprocal trade with New Zealand, and. this action,; combihfed with the individual efforts of- certain, firm's in the Dominion, ha* brought about; the pros’pects of a new avenue of trade in citrus fruits. The Shaw, Savill, and Albion Company’s liner. lonic; which-left Wellington on Wednesday for London, will, on her- return trip, call at Kingston and load ’a> consignment’.of citrus fruit; _ She is due here in November ■ and will, it. is hoped, be followed by the liner. Akaroa with »" shipment of fruit from the same quarter for the: Christmas trade. The vessels of other lines, too, are; likely, to participate in this new trade, particularly a»‘ there i» always tourist ’traffic between England and the West’lndies. TRADE TOH AMiERICA MARKED INCREASE OF EXPORTS. Some interesting - changes are now shotring. ip. items ;of; import, and export between thb United Stitea and New Zealand.’The Government Statistician show* that for the five months ended May .30 last, exports;,of- New Zealand' produce, amounted in value to £499,700, and all. exports to £520,116;. while imports from the United Statea were of the value of £1,159,431, showing an excess over exports of £828,000. The position, for, the first five month* of •• 1933 was export* to • the ■ United States £286,734, wherea* these have ; increased thi* year by £233,382, or by 81.4. per cent. It has always to be remembered that some New -Zealand "produce exports finds its' way into the United States a* re-export* from Canada.and the United Kipgdom;!but the trade now in review is : direct, a* between America and New Zealand./ \. Diiring the ; first five , month* of the ,1933, period gold valued at £69,278 wa* «p6rtcd to the United Statea, btit bone for the 1934 period. Eliminating . this ; item- (*ay» the Evening Post) last years exports of merchandise - were valued ,»» £227,456, and the increase thip year amount* to' £292,660, or 128.7 per cent. . The value of the principal, item* in the exports from New. Zealand to the United States'for the first five month* were: — Sausage casings £186,980, pelts £134,839, wool in grease, slipe, and; sheepskin*, £126,280; rabbit ekine, £6263; hides and calfskins, £21.348; kauri gum, £5815; graes seed, £5731; butter, £2962; fertilisers, £2471; miscellaneous, £25,804; in all, £520,116. V , TT / ’ The imports from the,- United States for the period in review show, reduction* in some items and increase* .itt-.qther*.' For instance, an increase in the duty on raisins and sultanas brought about a reduction on 1933 imports of 18,780 to £BBI2 for 1934; cigars and tobacco imports were reduced from £112,844 dn the 1933 period tq.£99.589;, flour .fell from £21,150 ,to £12,618: mator -spirit from £315.427 to £156,395; celluloid film increased from £49,552 to £53,851; 'notor vehicles and chassis increased from £BBI4 in January-May, ~1933, to £136,435 for the first five months of - this year;, and auto parts apd tyro* from £.10,411. to £23.977. Sulphur imports used mainly in the manufacture of. « u P e /P h °fP l \ a o fertilisers rose from £30,904 for the 1933 period to £37,960 for that of 1934. Miscellaneous.import* increased from £lob,B/i to £295,99’4. , w . With regard to export* from New land to the United States it is important to remember that eucli must be plainly marked “Produce of New Zealand, t or “Produce of the Dominion of New Zealand;” Failure thus to mark the goods involves -the ‘imposition of 10'per cent, ad valorem additional duty and other ex pense. The country of origin must be, plainly indicated. , / RECORD LOW YIELD ; RETURN ON STATE LOANS. The high price ruling for Government securities on the New Zealpd Stock Exchanges was strikingly illustrated m dealing at • Chrietchurrfi and Auckland ou Tuesday of this The 19|0 4 per cent, stock sold at £lO5 17a > 6d on the Christchurch Exchange and. at £loo os on the Auckland Exchange. Half-yearly interest on the stock was distributed on July 16.v50 that the issue is/carrying practically no accrued interest. Based on the sale at £lO5 17s 6d. the. yield, including redemption, to the investor is £2 18* Cd and on the sale at £lO5 5s it is. £3 0s 9d In the memory of sharebrokers (says the New Zealand Herald) this is a record low yielej for Government securities. Buyers have shown a preference for the 1940 issue, which is puzzling to brokers. On the other 4 per cent, issues the yield ranges from about £3 8s to, £3 10s per cent. The average yield on all 4 per cents, is about £3 7s. Consolidated loan* in Australia also have reached higher levels. During the week ended July 14 the average interest yield from the 4 per cent, issues was reduced to the record low level of £3 4s lOd per cent. ’ HOTEL METROPOLE, SYDNEY Hotel Metropole, Ltd. (Sydney), has declared a final dividend of 5 per cent., raising the dividend for the year to 74 per cent. This compares with 5 per cent, for the previous year, for which 1 the final distribution was 3 per cent.

Ton. Copper. ipot .. .. m s 0 Tom eo « .3 Copper, fonrtrd ., .. 29 * i’i Rite 8 1 10Va Electrolytic, spot .. .. 33 ■; 8 ■ 0 Rise 0 6 0 Electrolytic, fonrtrd .. ■3218 0 Rise 6 10 0 Wire beri .. .. .. . 88 15 9 R1m 010 .0 iced, ipot .. .. ., 11 0 0 Rise 0 8 0 Leid. fonrtrd .. 11 » e Rise ' 0 S 8 ‘ Bpeltcr. ipot .. ■ is ir < Rise 0 11 8 Spelter, fonrtrd „• IS 18 « Rigs 0 8 8 Tin. -ipot .. SSI 11 s FtU 1 17 < Tin. fonrtrd ,, ,231 10 8 Pell' I 18 9 PI* Iron. home tride .. i r 8 ... No chime Pi* Iron, expert 8 ‘2 e, Ho chime Antimony. Britlih ,. . 48.10 0 No chime .Antimony, foreign .. 2* 7 s No chime