COMMERCE AND FINANCE

Otago Daily Times, Issue 22352, 28 August 1934, Page 5

COMMERCE AND FINANCE

MINING NEWS MATAKI RETURN (Fn UNnicn i'kesh Association.) AUCKLAND, August 27. Tile Mataki return for the week ended August 26 was 440 z for 135 hours’ work. GILLESPIE’S BEACH GOLD DREDGING COMPANY The secretary of Gillespie’s Beach Gold Dredging Company, Ltd. (Mr F. R. Thompson) reports that the wash-up ou Friday last amounted to 28oz 12dwt for 163 hours. As the dredge is now turning for the cut alongside beach, the yardage i put through is considerably smaller than usual. The dredgemaster expects to turn the dredge north on Wednesday, when normal running should commence. , WORKSOP EXTENDED RETURN The return from the Worksop Extended dredge last week was 13o* lldwt for 130 hour*. THE BELL-HOOPER RETURN The return from the Bell-Hooper mine for the week ended August 24 was 17oz 17dwt 16gr. OKARITO REPORT The secretaries of the Okarito Five Mile Beach Gold Dredging Company, Ltd., report .that the wash-up for the week ended on Saturday last was 370 z sdwt for 120 hours’ dredging. Advice has been received from the dredgemaster to the effect that the dredge was stopped on Saturday, A start is being made on the alterations to the dredge, which comprise the installation of shaking tables and new gold-saving tables, and a new centrifugal pump. The dredge ladder is also being lowered to give it a greater effective digging depth. It is expected that the alterations will take at least a fortnight to complete. DUBBO RETURN The Dunedin Stock Exchange has received advice from Talisman Dubbo, Ltd., that 56 wet tons, equal to 47 dry tons, were treated for an actual realisation, on an 85 per cent; extraction, of £299. MAHAKIPAWA REPORT ■ The Mahakipawa Goldfield* report for the week ended August 22 is:—The leading face has been advanced to a distance of 70ft from the turn-off. There is 3ft of hard bottom now showing in the face, with the right-hand side lower and softer than the left. This is the opposite to what it was last week. This face is still carrying gold. The blocking strip on the right-hand- side of the leading face was beaten out for another. 10ft until it was level with the crosscut previously driven on this side. The last few feet of this strip was in very good wash. Prospecting drive 25ft behind the leading face on the left-hand side has been advanced 12ft following • a| crevice which has yielded good gold for the whole length. This may have been a crack across the gutter, in which case it should extend only as far as the wall, which has not yet been located definitely on- this side. There is 3ft of hard bottom in the face. Prospecting drive off No. 11 east crosscut has been advanced a further Bft with the bottom still flat and no sign of a wall. The wash is small and sandy and is poor. No. 2 shaft has been sunk another 10ft, total 38ft, and has been timbered down to 28ft. We have been delayed for one day owing to a burned-out bearing on the pump motor, but this is now being repaired, and we should be sinking again by Friday. General: Considerable loss of time has been caused by ;sickness. With a change for the better in the weather we' will again be full-handed. PRICE OF GOLD SHARP RISE IN LONDON. (British Official Wireless.)' (United Press Association.) • (By Electric Telegraph—Copyright.) * RUGBY, August 24. The price of gold in London rose sharply by 6Jd to £6 19s 3d per fine ounce, and is now only 9d below the record high price touched on February 5 following President Roosevelt’s an- • .nouncement of his dollar devaluation plan. , To-day’s price included a premium calculated at 2s 3d over the dollar and 7d over the French franc. This rise in price stimulated interest in South African mining shares on the stock market, and prices strengthened. SHARE VALUES RECENT PRICE MOVEMENTS.. The following table shows the price movements of the listed shares and the index number. The basis of the index is July, 1930, equala 100: —

BANK OF AUSTRALASIA INTERIM DIVIDEND DECLARED. The Dunedin Stock Exchange has received advice that the directors of tlie Bank of Australasia have declared an interim dividend of 3s Cd per share, less British income tax at 4s 6d in the £, at the rate of 7 per cent, per annum. The dividend will be payable on September 28 to proprietors registered on September 3. The New Zealand list of shareholders will be closed on September 3 for the purpose of the dividend.

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE No sales were recorded on the Dunedin Stock Exchange yesterday. Bank of New Zealands were inquired for at £2 7s 4d, but sellers would not take less than £2 7s 9d. Two sales at £2 7s 6d were reported. There was a slight easing in the demand for Reserve Banks, buyers’ best offer being £6 9s. Sellers, however, remained firm at £6 10s 3d. Buyers of Goldebrough, Morts were prepared to give £1 10s, but sellers did not come forward. A sale of the same shares at 11 10s 3d was reported. New Zealand Breweries met with a slightly easier inquiry, buyers’ closing offer being £2 7s 6d, which wa* sixpence below sellers’ requirements. Bendigo Goldlights were offered for sale at lid, but buyers would not give more +han 94d. For Gillespie’s Beaches buyers’ beet offer was Is 9d, sellers requiring 2s. King Solomons met with an improved inquiry, the closing buying offer being 4s. Sellers, however, would not accept less than 4s Cd. SALES REPORTED. £ «. d. Bank of N.Z. (two) .... 2 7 6 Goldsbrough, Mort 1 10 3 Woolvrorth (Sydfaey), two 3 8 6 Dominion Fertiliser 1 0 0 Okarito .. 0 8 0 Golden Sand* .. .. 0 2 8J ’ SALES REPORTED AFTER LAST CALL. Goldfields Dredging (two) .. 0 11$ The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— BANKING.

DIVIDENDS PAYABLE. . The following is a list of the stocks on which dividends will shortly be payable: — Bank of New South Wales, interim, 5s (Australian currency) Aug. 29 Carlton Brewery, final, le 7 l-5d .. Sept. 1 Standard Insurance, final, Is 3d Sept. 3 Electrolytic Zinc (pref.), final, 9 3-5 d Sept. 7 Electrolytic Zinc (ord.), final, 9 3-5 d Sept. 7 Broken Hill South, —, la 6d Sept. 15 Bank of Australasia, interim, •3s'6d Sept. 23

NORTHERN EXCHANGES (Peb United Press Association) The following business was done on ’Changes yesterday:— Auckland. —Sales: Stock—l 939-43, 34 per cent., £109; ditto, 1941, 3| per cent.. £lO5 2s 6d; ditto, 1940, 4 per cent., £IOB 2s 6d; ditto, 1949, 4 per cent., £IOO 15s; Dissented, 1937, 54 per cent., £102; City of Auckland, 1940, 54 per cent., £103; New Zealand Farmers’ Co-op. Secured Deposit, 1939, 44 per cent., £B3; Commercial Bank of Australia, 15s Od (two); Reserve Bank, £6 10s; New Zealand Insurance, 625; South British, S2e 9d (two); Dominion Investment Banking, 16s 10d; Farmers’ Co-op. Auct. (B pref.), 20s 6d (two); Renown Coal, Ss 6d; West-port-Stockton (pref.), ss; Auckland Gas, 25s sd; Australian Glass, 50s 3d; Electrolytic Zinc (pref.), 35s 3d; Wilsons Cement, 30s; Goldfields Dredging, Is 3d; Waihi Junction, 4s 3(1; Talisman Dubbo, 12s 6d. Unofficial list: Waikato Carbonisation, £45. Wellington.—Sales: New Zealand Guarantee Corporation, 4e 6d; Sun Newspapers, 4s; Kaiapoi Woollen (pref.), 20s 8d; New Zealand Breweries, 4Ss. Unofficial list; Woolwovths (Sydney), 68s 6d (last three late Saturday). Christchurch. —Sales: New Zealand Government 4 per cent. Bonds, 1940, £IOB 2s 6cl; Commercial Bank of Australia, 15s 9d; New Zealand Insurance, 61s Gd; Goldsbrough, Mort, 30s; United Building Society, 21s 6d; New Zealand Refrigerating (£1 paid), 18s 5d (two), 18s 6d; Kaiapoi Woollens (7a paid), 4s sd; Westport-Stockton (pref.), ss: New Zealand Breweries, 47s lid (two); Anthony Hordern. 14a 3d; Broken Hill Proprietary, 49a 3d (seven), 49e 2d, 49s 3d (two); Dunlop Perdmu Rubber, 19s Sd; Alexander Mines, 18s 6d; Brian Boru, Is 34d (two): Goldfields Dredging, Is 2d (three); Skippers. 7d; Glenroy, Is 13AdSales reported: New Zealand Government 4 per cent.; Inscribed, 1940, £108; Goldsbrough, Mort, 30s 3d; Broken Hill Proprietary, 49s 3d (three); Dunlop Perdriau Rubber (late sales Saturday), 19s 10d (two); Dunlop Perdriau Rubber, 19s 9d; Goldfields Dredging, Is 2Ad; Waihi, 32s 9d. Unofficial list: Ben Ledi (Is paid). Is Ojd. Sales reported; Woolworths (Sydney), ord., 68s 9d. DOMINION PRODUCE HIGH COMMISSIONER’S REPORT, The Department of Agriculture has received the following cablegram, dated August 18. from the High Commissioner for New Zealand, London: — Tallow. —Auctions will be held on August 22. Little better spot demand, with prices showing a hardening tendency. Hemp.—Manila; Market remains quiet but steady, with values about unchanged. Output, January 1 to August 1, 800,000 bales, against 620,000 for the same period last year. Stocks in the United Kingdom on August 1, 28,204 bales, against 11,764 at the same time last year. Stocks in Manila on August 1, 148,000 bales, against 118,000 at the same time last j'ear. Sisal: Market steady. -Sellers quote August-October shipment at £l4 ss. New Zealand: Market dull with no first-hand sales reported. Stocks in London on August 1, 8 tons against 111 tons for the previous year. * Apples.—Stocks practically cleared. Current prices are:—Doherty, 10s to 13s; Stunner, 8s 6d to 10s 6d. Season just closed. Have experienced usual middleseason glut, which has adversely affected season’s average.

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

SYDNEY STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, August 27. This morning’s sales: —Bonds —4 per cent., 1947, £IOB 15a; 1950, £lO6 17s 6d; 1953, £lO7 ss; 1955, £lO7 15s; 1961, £IOB 15s; Bank of New South Wales, £3 10s; Commercial Bank of Sydney, £l7 6e; Bank of Australasia, £ll 10s: Anthony. Hordern, 14s 4d; pref., 23 s 4id; Associated News (pref.), 23s 6d; British Tobacco. 37s 6d; Dunlop Perdmu, 19s 10id; Goldsbrough, Mort, 30s 3d; G. J. Coles, 445; Lustre, 24s 4jd; Pitt, Son, and Badgery, 41s; Tooths, 455. ! ADDITIONAL SALES. SYDNEY, August 27. (Received August 27, at 10 p.m.) On the Stock Exchange the gilt-edged section was generally steady, while price trends among general industrial shares and miscellaneous issues were upwards. Additional sales were as follows: — Bank of New South Wales, £3l 15s; E.S. and A. Bank, £5 ss; Australian Provincial Assurance, 10s 4d; Associated News, 22s 9d (pref., 23s 6d); British Tobacco, 37s 6d; Tooths, 455; Australian Iron and Steel (pref.), 23s 4Jd; Australian Glass, 51s; Dunlop Perdriau. 19s Winchcombe Carson, 30s 9d; Wilcox Mofflin, 13s; Morris Hcdstrom, 16s 3d; Electrolytic Zinc, 27s 9d; Farmers, 20s Scl; Lustre Hosiery, 24s 3d; Hume Pipe, 335; Drug Houses of Australia, 20s 6d; Mount Morgan, 265; Broken Hill Proprietary, 49s 3d; Bulolo Gold, £9 Is; Placer Development, £2B 6s; Tongkah Harbour, 16s 7id; Kuala Kampar, 16s 10id. MELBOURNE, August 27. Commercial Bank of Australia, 16s; Goldsbrouggh, Mort, 30s 3d; Howard Smith, 15s 7d; Herald and Weekly Times, 535; Taranaki Oil, 2s. GRAIN AND PRODUCE REPORT Messrs Donald Reid and Co., Ltd., report as follows: Wheat. —Farmers who have held their wheat until prices improved are in some instances now offering it on the market. The millers have secured their allotments and will probably require no more until the new season opens. This means that the Wheat Board has to purchase all suitable lines. The proportion of rejections is much greater than it was earlier in the season. The boai’d will only accept wheat that conforms with the milling wheat standard. August rates are as follows:—Tuscan, 3s 10d; Hunters, 4s; Velvet, 4s 2d; sacks extra, f.0.b., main ports. Fowl wheat is always more or less in demand. Value, ex store, ranges according to quality from 3a 4d to 3s 9d per bushel, sacks extra. Oats. —This market is firm for good quality oafs. There does not appear to bfe a great many grade oatg left to sell in the country, and indications point to a rise in prices should a demand come to hand. To-day A grade Gartons are nominally worth Is lOd, B grade, Gartons Is 7d, sacks extra, o.t. country stations. Chaff. —There is ample chaff available for all demands; prices rarely alter to any extent. Prime oaten sheaf is worth £3 15s per ton, sacks extra, ex truck, for full truck quantities. Small lots, el store, realise up to £4 ss, sacks extra. Other grades sell from £2 15s to £3 10s per ton, ex store. Potatoes.—The market is still being inundated with northern consignments, and it is extremely difficult to sell any quantity to any one purchaser. Merchants simply buy as they require, and only the freshly picked lines command their attention. Best tables are worth from £2 15s to £3 ex truck, and £3 5s to £3 10s, cx store, sacks in. Scott Bros., produce merchants and commission agents, agents for the Dunedin Egg Suppliers’ Association, report: —Eggs; At market rates. Butter: Dairy pats, 7W to 8d per lb Honey: Bulk, 3Jd to per lb. Poultry: Hens 2s to 2a 6d, heavy 2s 6d to 3s; roosters Is 6d to 2s; ducks, Is 9d to 2s 6d each; geese, 2s Cd to 3s each; turkeys—hens Bcl per lb, gobblers, 9d per lb. Pigs: Prime baconcrs, 5Jd to 6d per lb; porkers, to 54d per lb. Potatoes, £3 os to £3 10s per ton. Chaff: Prime oaten sheaf, £4 to £4 5s per ton, bags extra, ex store. Table carrots, 2s 6d per sugar bag, ex store. Canterbury onions: Light skins, £9 per ton; Brown Spanish, £l2 per ton. Partridge peas, 4s 9d to 5s 3d per bushel, sacks extra. Feed barley, 2a lOd to 3s 3d per bushel, sacks extra. Whole fowl wheat, 3s lOd to 4a per bushel, sacks extra. Whole maize, 5s 3d per bushel, sacks extra. Oats: Gartons, 2s 3d to 2s 6d per bushel; light feeding oats, Is 9d per bushel, sacks extra. Victory feeding meal, 9s per cwt. Belfast feeding raeqj,, 10s perewt. “Acorn ’’ buttermilk powder. 24d per lb. Gristed wheat, lls per 1501 b. Farrofood, £6 ss, ex store. Barley pollard, S s per 1501 b. Oat dust. 3s 6d per 1201 b. Oat pollard, 7s 6d per 1201 b. We hold stocks of poultry requisites. Free use of fowl crates on application. August 27, 3934.

Aug. 9. Aug. 16. In- £ 8. d. £ s. d. dex. Bank A’asla U 4 0 11 5 0 91.8 Commercial .. 0 16 0 0 15 9 75.0 Com. Sydney 16 12 6 16 17 6 84.3 B.S., and A. ,. 5 X 0 5 1 6 80.2 National A’asU 6 0 0 5 19 6 83.4 National N.Z. 3 15 0 3 14 0 61.7 Bank N.S.W. 30 5 0 30 10 0 84.1 Bank N.Z. 2 6 8 2 6 8 82.3 Unions .. .. 9 12 0 9 12 0 85.3 Dalgetys 9 0 0 9 0 0 85.7 Goldsbrougb* 1 9 0 1 9 9 108.1 Tooth’s ., .. 2 4 5 4 9 149.1 Tooheys .. .. 1 7 0 X 7 0 119.8 N.Z. Brewerlei 2 4 6 2 4 3 88. G Mount Lyells i 0,7 1 0 2 88.8 Zinc (ord.) .. i 6 0 1 6 8 133.3 Zinc (pref.) .. 1 u 1 1 14 9 149.2 British Tobacco 1 16 1 1 17 3 99.2 Colonial Sugar 64 15 0 84 15 0 161.9 Average 100.2 100.6

Buyer. Seller. 1 «. d. £ fi. d. A'asia .. .. .. — 11 9 0 N.S.W 31 0 0 N.Z 2 7 4 2 7 9 N.Z. (long D) 1 13 9 — Commercial .. .. 0 15 6 — E.S. and A 5 2 0 — Reserve . 0 ,9 0 8 10 3 Union — 9 12 0 INSURANCE. National ,. .. .. 0 19 8 0 19 11 New Zealand .. .. — 3 2 3 Standard 3 6 0 — SHIPPING. Huddart, Parker (pref.) 1 8 0 — U.S.S. Co. (pref.) 1 6 9 ' — COAL. Kaitangata .. .. 1 0 8 Westport .. .. — 0 19 2 LOAN AND AGENCY. Goldsbrough, Mort 1 10 0 National Mortgage — 3 1 0 National Mortgage (B issue) .. .. — 1 12 0 N.Z. Loan and M. (ord.) — 57 0 0 N.Z. Guarantee Corporation 0 4 5 — Wright, Stephenson (ord.) — 0 18 0 MEAT PRESERVING. Canterbury Meat (pref.) 5 10 0 N.Z. Refrigerating (paid) 0 18 3 — N.Z. Refrigerating (cont.) 0 8 7 — South. Frozen Meat (paid) 3 10 0 South Frozen Meat (cont.) 1 15 0 — South. Frozen Meat (pref.) 3 10 0 _ South Otago Freezing 6 0 0 — MISCELLANEOUS. Associated News ; — 1 3 0 British Tobacco .. i le 0 Broken Hill South — 4 0 0 Brown, Ewing (pref.) — t 1 2 6 Bruce Woollen (ord.) lO 11 9 — Bruce Woollen (pref.) 1 1 0 — Crystal Ice .. .. 1 15 0 — D.I.C. (ord.) .. .. 0 15 0 0 16 0 D.I.C. (pref.) 1 4 6 1 5 6 Dominion Fertiliser — 1 0 3 Dominion Fertiliser (Debs.) .. .. 102 10 0 — Dominion Rubber — 1 0 6 Stock Exchange Proprietary 3 0 0 — Electrolytic-Zinc (ord.) 1 7 0 — Kaiapoi Woollen (ord.) .. .. 0 13 0 — Kaiapoi Woollen (pref.) 0 19 6 ... Milburn Lime 1 14 0 — Mosgiel Woollen .. 10 10 0 — Mount Lyell .. .. 1 0 4 — NatnI. Electric .. — 0 e 0 N.Z. Drug Coj .. 8 17 6 — N.Z. Newspapers 1 11 0 — N.Z. Paper Mills 1 11 6 — North Broken Hill — 4 18 0 Regent Theatre .. — 0 19 6 Smith and Smith 0 17 0 — Wilsons Cement .. 1 9 6 — Wool worths (ord.) 7 10 0 —. Woolwortbs (Syd.) 3 8 3 3 9 3 Sun Newspapers .. — 0 4 2 BREWERIES. N.Z. Breweries .. 2 7 6 2 8 0 Timaru .. .... 0 9 0. — MINING. Aotearoa — 0 0 9 Bell-Hooper .. .. 0 0 5 0 0 6 Bell-Kilgour .. .. — 0 0 a Bendigo Goldlight 0 0 n 0 0 n Blackwater .. .. 1 12 0 — Brian Boru .. .. 0 1 3 — Central Shotover — 0 1 0 Gillespie’s Beach 0 1 9 0 2 0 Golconda Holdings 0 1 6 — Golden Point .. .. — 0 0 3i Goldfields Dredging .. .. 0 1 0 0 I 2 Glenroy .. .. .. — 0 1 3 King Solomon 0 4 0 0 4 6 Moonlight-Nelson Creek — 0 0 5* Nevis Diesel .. .. 0 0 4 0 0 44 New Cornish Point (7d paid) .. .. — 0 0 54 Nokomai 0 3 0 0 3 (i Okarito — 0 8 2 Sandhills 0 0 5 0 0 9 Skippers 0 0 7 0 0 8 Upper Shotover .. Waitahu .. .. 0 0 6 0 5 0 Wetherstoneg .. .% — 0 1 3 Worksop — 0 1 9 Stafford — 0 1 44

GOVERNMENT LOANS. 3J p.c. Stock, 1943 .... 1938107 10 0 — 3i p.c. Stock, , 1943 .... 1039107 1.0 0 — 34 p.c. Stock, '1943 .... 1941107 10 0 — Si p.c. Stock, 19381952 107 10 0 — 3| p.c. Stock, 1952 .... 1939107 10 0 — 3i p.c. Stock, 1952 .... 1941107 10 0 — 4 p.c. Bonds, 15, 1940 .. Jan, 106 0 0 — 4 p.c. Stock, 15, 1940 .. Jan.' 106 0 0 — 4 p.c. Bonds, 15, 1946 .. Eeb. 106 15 0 . — 4 p.c. Stock, 15, 1946 .. Feb. 100 15 0 — 4 p.c. Bonds, 15, 1949 .. Ap. 107 10 0 —• 4 p.c. Stock, 15, 1949 .. Ap. 107 10 0 — 4 p.c. Bonds, 15, 1955 ,. June 110 0 0 — 4 p.c. Stock, 15, 1955 .. June 110 0 0 —

RUGBY, August 35. Paris— far. Aug. 24. Aug. 25. 75 25-32 Francs lo £1 124.21 75 23-33 Brussels— Beiges to £ 1 30 21.284 21.261 Oslo— Kroner to £1 18.180 19.901 19.901 Stockholm— Kroner to C J 18.130 ,19.391 19.391 Copenhagen— Kronor to £1 18.130 22.39J 22.394 Berlin— Marks to £ 1 20.43 12.7TJ 12.774 Montreal— Dollars to £ 1 4.86 2-3 4.98 4.92 New York— Dollars to £1 4.86 2-3 5.07 6.064 Yokohama — Fence to yen ,. 24.582 14J HJ Hongkong— 181 Pence to dollar 24.58 184 Bombay— 18 1-16 Ponce to rupee — 18 1-16 Batavia— Florins to £1 12.10 7.36 7.36 Milan— Lire to £1 .. 83.46 58 8-16 58 6-32 Amsterdam— Guilder to £1 12.107 7.37 7.361 Prague— 120% Kroner to £ 1 X04i 120% Geneva— 15.284 Francs to £1 25.224 15.S04 Vienna— Schillings to £ 1 84.864 27 265 Helsingfors— 2264 Marks to £ 1 193.23 B2G| Madrid— 30 17-32 Pesetas to £ 1 25.224 36 9-IC Belgrade— 220 220 Dinars to £1 33.22J Athens— 520 Drachma to £1 STS 520 Lisbon— 110% Escudos to £1 119 110% Bucharest— 498 Lol to £1 .. 931.6 500 Rio de Janeiro — 44 Pence to mllrels 5.890 41 Buenos Aires— 361 Pence to pesos 4T.28 361 Shanghai— 16 11-16 Pence to tael — 1$ 11-16 Montevideo — 39 Pence to pesos — 39 Warsaw— 26.62 Zlotys to £1 — 26.62