COMMERCE AND FINANCE

Otago Daily Times, Issue 22504, 23 February 1935, Page 9

COMMERCE AND FINANCE

MINING NEWS \\ KING SOLOMON DEEP LEAD (Per United Press Association) INVERCARGILL, February 22. The return from the King Solomon mine this week was 650 z 4dwt. The out,put was. restricted owing to the shortage of water. \. ■ ADDISON’S FLAT COMPANY (Per United Press ' Association) WESTPORT, February 22. At a meeting of the Addison’s Flat . .Gold Mining Company this evening the balance sheet showed a profit of over £6OO since the resumption of activities after the holidays, notwithstanding the loss of time through the dry spell with 'no water. No dividend was declared, but £SOO was placed to reserve and the balance carried forward. 15 GLENROY RETURN 1 The secretary of Glenroy Gold, Limited, received advice on February 19 that the wash-up for three weeks resulted in a return of 17 ounces. | THE GOLDFIELDS DREDGE ; ’ The secretary of the Goldfields Dredging Company, .Ltd., reports, that ...the .re-, turn ‘ for the week ended February 22 was Boz 13dwt for 128 hours’ dredging. MACETOWN DEVELOPMENTS The following is the report for the week ended February 16 of Macetow.n Develop-, ments/ Ltd;:-7-tlieV : track to, the Homeward Bound new find No. 1 ore shoot was completed .and the men have been shifted to vthe section, where the tjrji’ck requires/some v Repairs. Further ihvestigatidnjs 1 of- ;No/. T ore T shoot have been made, >ai)d /the',.evidence obtained indicates that on its pitch line of one foot vertical’to four feet horizontal that it extends to/a? horizon .of a not lesser altitude,than' did the did; Premier shoot. This shoot was worked for a distance of 3400 feet on its. downward ,pitch, equivalent to a vertical height -of 850 feet; therefore . a large volume of ore. awaits developmeat in the Homeward Boundmine. . No. 2, or,e, shoot Was sampled over/ a distance of SOO/feet/ This requires., further‘testing With.'a" few short ctdssf' cuts and winzes, as there is a large volume of ore aygilable for mining- tits; a low grade proposition.;,; Trenching and 'the, Maryborough of'thej'old workings. In some of the trenches clean quartz for a width from six feet to, nine feet is show/ ing.. In due course' the saraples :will be assayed. The/GaribaldiTo3e/iA, being investigated anti Henched iudng its strike to enable the junction with-the Maryborough lode to' be located; . The Sunrise low level is being; reopened - , and; when Tnveetigations qre\pbmplet£fapiples will Ifee taken'‘and assayed'. \ V!i v-X !; % *«£v:--u- i • ' KILDARE CONSOLIDATED • The follohrihgVds- la report from .the manager of • the Kildare Consolidated Gold Mining (jiSraHAyir- , ‘The'WateT has?’ now been numped oiit of the lower end’ of the paddock ,at Surface Hill, and rail that remains is a small pool in the western end.’ A ■ considerable ’amount-TS, silHdeposifed oh- the’ bottom of - the paddock will now ’have to be sluiced away,: but before doing this it was considered:

LOCAL AND OVERSEAS MARKETS.

advisable to wash out the boxes, which resulted in a return of 420 z 3dwt clean gold,-with sand for amalgam estimated at 2oz. The water supply continues to be maintained, and it is not anticipated that there will be any anxiety regarding a shortage.” Kildare Consolidated return, 420 z 3dwt. Period not stated. AUSTRALIAN PRICE OF GOLD The price by the Commonwealth Bank for gold, including jewellery, lodged at the Melbourne Mint for the week ended February 8, is at the rate of approximately £8 Is per standard ounce (22 earats),' equal to a premium of 106.75 per cent. Payment is made .according to the assay value of the gold. The price was 3d, higher on the week. The price per ounce line was £8 15e Bd, a rise of 3d on the week. MOUNT BENGER SALE The Dunedin, Stock Agents report having held a sale at Mount Benger on Monday. A yarding of about 4000 sheep-came ■forward, the bulk of the entry comprising lambs, with some fair to good two • and four-tooth wethers and a small-num-ber of aged and failing-month ewes. Notwithstanding the dry season, the bulk of the lambs and wethers offered were in very fair order. Buyers were present from the surrounding districts and Canterbury was also represented, but the bulk of the offering went to Otago purchasers. Although a few pens were passed, the sale, considering - the shortage of feed, was quite up to expectations, comparing favourably, with similar sales in • other centres’ The ” following are the prices realised: —Forward lambs, to 14s 8d .(average 11s to 12s 6d); small, 5s 6d to Bs:.’two-tooth wethers, extra good, to 16s 10d;. two-tooth wethers, 13s to 14s 6d; four-tooth wethers, 13s 6d. to 14s lOd; failing-mouth’ ewes, to 14a„9cj.’ ELECTROLYTIC ZINC The Electrolytic Zinc Company of Aus-tralasia,,-Ltd., advises that the hew unit of the zinc plant at Risdon ,will be put into commission early in March, thus increasing /production of zinc from 54.000 tons'- to 70,000 tons per annum. This will, continue in operation for approximately' 12 months, using accumustocks of raw material. Its operation aft^'<ih?t;, .period will depend on and more parthe prices of zinc, lead, and high to permit of .Opening the -cdtvipany’a 'mines on the west Coast of • Tasmania ,foH-production.

Messrs J. Lindsay; >pd Co., farm produce salesmen and Commission agents, Vogel street, Dunedin, agents for the North Otago Poultry, Farmers’ Association. report as under:—-Eggs: Poultry "farmers’, Is 2d to Is 3d,; others, Is. Poultry; Hens, Is to Is Od; roosters, Is 6d_to 2s; turkeys, Bd^perl-lb'-' l 'gobblers, 9d, live weight. v '/New to 7s p’er cwt. djhaff, £4 ,10s do.i5-pet .ton. sacks extra, ex store-.- Glover and .ryegrass hay, £4 10s to £5 per- ton, ex itore. Wheaten ..’gtraw,,:’.' £2. log .to £3"; per ton. Fowl wheat, '4s to- 4s : 6d-- per bushel, sacks extra, eit StO,t,p/L:‘JOats:' Good feed, 2s 6d per .bushel;, sacks extra;,- Bran, £5 "ids.- Pollard, ton. Barley meal for pigs, 10s 6d per bag of 1501 b. Oat pollard, 10s. per-bag of 1201 b. We 'stock meatmeal, egg. crates, grit, chicken food, etc., and have poultry /.crates on hand for the free use of our clients. We are wine and spirit merchants, and can quote for all brands of ale, stout, 'wines and, spirits. ■ij'ebruai'y-23. H. - i '

AUSTRALIAN EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright. 1 SYDNEY, February 22. (Received Feb. 22, at 10 p.m.) On the Stock Exchange the tone ot the market displayed a further improvement. Values did not harden with the rapidity recorded yesterday, but many of the principal industrials registered gains. MORNING SALES.

BALCLUTHA STOCK SALE (From urn Own Corrksi’onuent.i BALCLUTHA. February 22. At the weekly sale to-day the yarding of fat sheen numbered about 2000 and 4000. Last week’s prices were well maintained. Best fat lambs- sold at 21s to 235,' medium lambs 18g 9d to 19s, butchers’ ewes to 17s 9d, freezing ewes 11s to 14s 6d; fat wethers, 23s 6d to 2os. Store sheep were in keen demand. Best lambs realised 17s sd; rape lambs, 13s to 15s; small lambs, 7b; full and failingmouth ewes, 11s lOd to 12s sd; aged and cull ewes, 4s 6d to Bs, - . Cattle.—A small yarding, including some good cattle, which met with a fair demand. Fat bullocks (small), £5 7s od to £6: forward bullocks, £4 12s 6d to £5 2s '6d; three-year-old steers, £4; fat heifers, £3-7s 6d; one bull, 15s. A boys ponv realised £B. , ■ Pigs.—A very small penning, which sold at from 7s to 8s for small suckers, 14s 6d for larger, and to 18s for slips. • ;i - : ——, J . PRICE OF FINE GOLD (United Pres* Association.) . (By Electric Telegraph—Copyright.) LONDON,’ February 20. . Gold (a fine ounce) is quoted:— ,

LONDON’S MEAT SUPPLY The New Zealand Meat Producers’ Board has received the London Central Markets official figures of supplies of meat for the 12 months ended December, 1934, with comparisons for the same period of 1933 as follows: DESRIPTION AND COUNTRY OF ORIGIN.

COMPANIES REGISTERED The Mercantile Gazette notifies the registration of the following companies:— Dunedin Investments, Ltd. Registered as a private company February 13. Office, Union Bank Chambers, Princes street, Dunedin. Capital: £3OOO, in 1000 ordinary shares of £1 each and 2000 5 per cent, preference shares of £1 each. Subscribers: Dunedin —W. A. Richardson 334 orordinarv. Christchurch —H. N. Ayusley 333 ordinary and 1000 preference. Objects: Company organisers, sharebrokers, underwriters, and incidental. Outram (H. W. R.), Ltd. Registered as a private company February?. Office: 130 King Edward street, Dunedin. Capital, £IOOO, in 1000 shares of £1 each. Subscribers: Dunedin —H. W. R. Outram 900, H. A. Outram 100. Objects: To. carry on the business of chemists, druggists, opticians, and spectacle makers, and photograhpic dealers. , Hunter’s D.O.T, Motors, Ltd, Registered as a private company February 7. Office: Thames street, Oamaru. Capital: £2OOO, in 2000 shares of £1 each. Subscribers: Oamaru —G. R. Hunter 1900, E. Hunter 100, Objects: To carry on the business of running motor omnibuses of all kinds and to transport passengers, newspapers, mails, and goods, and generally to carry on the business of common carriers.

Oamaru-Dunedin Freight Service, Ltd. Registered as a private company February 9. Office: 101 Thames street, Oamaru. Capital: £6OO, in 600 shares of £1 each. Subscribers: Oamaru—D. V, G. Smith 300, N. H. Gilman 150, H. S. Densem 150. Object: .To carry on the business- of cartage contractors and carriers by land, sea, river, or air.

CHRISTCHURCH STOCK EXCHANGE (Special to Dailt Times.) CHRISTCHURCH, February 22. During last week the share market continued fairly active, and there was an increased volume of business on metropolian exchanges. Prices moved irregularly, Australian stocks on the local market declining in sympathy with the movement in Australia, but firming at the close. On the local market a falling off in business done in Government debentures was more than offset by an increased turnover in the other sections of the market, especially banks and breweries. In the gold mining section Skippers and Maori Gully were most active. . , .. The following is a comparison of the daily recorded turnover on the local market for the last fortnight;— This Week. Last Week.

The local turnover was made up as follows:—Debentures, £2945; banks, £5175; pastoral. £1573; refrigerating, £1258; breweries. £3830; mining, £2837. The number of shares that changed hands tn each section was: —Banks 2338, insurance 300, loan and agency 1251, frozen meat 2850, coal 800. breweries 1800, miscellaneous 2595, gold mining 33,980. The following transactions were recorded in Government Loans:—3J per cent. Stock, 1941, £102; 4 per cent. Stock, 1040, £lO2 to £lO2 10s; 4 per cent. Stock, 1940, ‘ £lO4 17s «6d; 4 per cent. Stock, 1949, £lO7 12a 6d to £108; 4 per cent. Stock. 1955, £109.j12s 6d; Bonds, £lO9 12s Cd. Rural Bonds realised £lO5 ss, Christchurch Trams 4f per cent, debentures, due 1955, changed hands at £lO5, and the 1954 lit £lO5 10s and £lO5 12s 6d. Christchurch Drainage 41 per cent., 1955, realised £lO7, Malvern Electric 41 per cent 1949 £lO4, and Napier Borough 41 1958 £lO5 ss. In the banking section, Commercial of Australia were easier at prices ranging from 16s 5d to 16s 2d. The preference had business at £9 17s 6d. Commercial of Sydney weakened to £l6 12s 6d and £l6 7s 6d. National of New Zealand had dealings at 69s 3d and 70s. Bank of New South, Wales (cum dividend) declined to dealings at £3O to £3O 6s, New Zealand’s were easier pt 49s 2d to 49s 6d, the D Mortgage declined to 325, 31s 10d, and 31s 6d. Reserve Bank changed hands at £6 10s and £6 10s 6d, and Union Banks were weaker at £8 15s, In the insurance and loan and agency sections A.P.A. were Cd down at 10a 6d. New Zealands dropped from 67s 3d to 65s 9d. South British showed an easing of 2s at 955, Standards (cum dividend) remained unaltered at 72s Bd. Farmers’ Co-operative Auctioneering (B preference) advanced to 21s 9d. Goldsbrough, Morts were firmer at prices ranging from 28s Id to 28s 9d. New Zealand Guarantee Corporation were steady at 6s. Traders Finance (7s 6d paid) had business at 2s Bd, United Building Society moved. up to 22s 3d and closed with local buyers at 22s 6d. Wellington Investment and Trustee realised 10s, and Wright, Stephenson (preference) were firm at 20s. Huddart, Parkers were steady at 38s and Union Steam Ship preference at 27s 3d'and 27s 6d. . New Zealand Refrigerating (fully paid) remained unaltered at 19s 7d, and the 10s paid were easier at prices ranging from 9s 3d to 9s. Kaitangata Coals, had business at 19s 6d, Westports declined to 21s 6d, and 21s 9d, while Stockton preference were fractionally firmer at 3a 9d. >, Auckland Gas remained unaltered with business; in the fully paid at 27s 6d and in the 15 s paid at 20s 3d. Wellington were firmer at 43s 9d. Dominion Breweries advanced to 17s. New Zealand’s were easier at prices ranging from 50s 6d to 50s. Staples declined to 31s 6d and 31s. Timaru (7s 6d paid) showed little variation at 8s Bd. Tootns dropped to 47s 10d and 40s, but later recovered to 48s.

The following transactions were recorded (Inst week’s figures being given m parentheses):—British Tobacco, 38s sd, 36s 10d to 37s 6d (38s 4d to 38s Id): Broken Hill Proprietary, 50 a and 50a 3d ; (53a to 52s 6d); Claude Neon (Sydney), 53s (50s); Dominion Fertiliser, 21s 7d (21s 6d); Dunlops, 13s 8d to 18s 8d (19a to 19s 4d); K. D, V. Box (rights), Is, 10d. 9d; Kauri Timber, 19s 4d (19 8 2d); Milburn Lime, 43s (43s 3d); National Timber, 15s (14s); New Zealand Drugs, 80s (70s 6d); N.Z. Farmers’ Co-op 4i per cent. Stock, 1940, £B2 10a; 1045, £B2 10s; New Zealand Farmers’ Fertiliser, 18s lOd, 18s 9d (19s); New Zealand Newspapers, 35s (355); New Zealand Paper -Mills, 34s 3d; Northern Roller Milling (pref.), 26s 6d (26s 6d)r Quill, Morris (in liquidation), 4s 6d, 4s 9d (4s 6d, 4s 104): Robinson Ice Cream, 24s (235, 245); Sanford, 3s; Rotoiti Timber, ss; Sun Newspapers, 4s Id (4s 3d to 4s); Woolworths (N.Z. pref.). £2 Is (ord.), £9 15s to £10; Wilson’s Cement, 34a to 34s 3d (33s 9d, 345). The local turnover of 33,000 gold mining shares was made up . as follows: Alexander Mines 100, Bell-Kilgour 800, Big River 3760, Brian Boru 1300, Golden Sands 2.00, Goldfields Dredging 3800, Mahakipawa 90, Mahakipawa (pref.) 300, Maori Gully 6500. Mossy Creek 200, Mount Lvell 420, Nevis Diesel 800, Nokomai 900. Rawang Tin 200, Skippers 12,500, Waihi 300. Worksop Extended 100. Alexander (fully paid) eased to 17s 6d, Bell-Kilgour Ao 2d and id, Golden Sands to 2s 3d, Goldfields Dredging to Bd, Brian Boras from 5d to 3id, and Mahakipawa from IOJd to 9Jd. Big Rivers were fairly steady at 2s 3Jd to 2s 3d, Gillespie’s Beach at Is 7d, King! Solomon at 4s and 3s lid, Mataki at 2s, Mossy Creek at 2s sd, Rawang Tin at 8s 3d to 7s 10jd, Skippers at 6d to 5Jd. Worksop at 2s 9d. Nevis Diesel were firmer at 2Jd to 2Jd, Waihis at 39a 6d to 40s. Mount Lyells . were steady at 17s 7d and 175,10 d, Talisman Dubbo at 9s 6d. Maori Gully showed an easing tendency with- dealings at Is 4d, Is 3-ld, and Is 3d. NEW ZEALAND AND RIVER PLATE ' HEAVY EXCHANGE LOSS. The effect of the heavy depreciation in the Argentine exchange is shown in the accounts of the New Zealand and River Plate Land Mortgage Company. Ltd., for the year ended October 31, 1934. Gross revenue is £5102 higher at £90,010, but after provision is made for exchange loss, £26,785, foreclosure expenses, £3234, and other charges, the net profit is £12,533 lower at £16,093. The directors state that in the early part of the year difficulty was experienced in remitting funds from Argentina, but since July greater facilities had been afforded by the Control Committee to transfer the bulk of the surplus funds. In. order, to provide for the fall in exchange the directors had deemed it advisable to transfer a further sum of £50,000 from reserve to River Plate exchange provision account and so reduce the total figure representing mortgagee and foreclosed properties at the River Plate. . , , . , The mortgage moratorium law, which came into force in Argentina in October, 1933, had been a great hindrance to mortgage business, and considerably curtailed the company’s earning power. JAPANESE TRADE COTTON AND WOOL EXPORTS. Japanese exports of wool manufactures from January to November 1934, were valued at 38,000.000 yen. double those of 1933. They included 650.0001 b of tops, 5,500,0001 b of yarn and 18,250,000 yards of textiles. England, India. Dutch East Indies, and Manchuria increased their purchases, and Germans were active buyers of Japanese tops, in place of Australian tops. Imports totalled 7.000. yen, compared with 10,000,000 yen in 1933. Japan’s exports of cotton cloth in 1934 led the world, consisting of 2.568.000. yards, an increase of 20 per cent, above 1933. The Kanegafuchi, the leading mill, made a net profit of 6,500,000 yen, and declared a dividend of 25 per cent. Seven wool firms of the Wool Importer’s Association —Mitsui, Mitsubishi, Kancmatsu, Okura, Nippon Cotton, Iwai. and Takashimaya—have formed a pool to buy this season 17,000 bales of the South African wool, using a compensation fund of 500,000 yen to cover the estimatedgreater cost above the cost of Australian wool. The scheme will be submitted to the wool industry associations for sanction. Owing to the unremunerative domestic

prices of woollen goods, Japan’s purchases of Australian wool have markedly decreased this season. The total is expected to be below 500,000 bales, compared with 570,000 last season and 650,000 the previous season. GERMAN METAL PRODUCTION Just before Christmas the German Government issued a new law, according to which the Minister of Finance will, in future, have the right to guarantee private loans for extending Germany s raw material production. “It is believed (says a London trade report), that, with the help of this law, efforts will be renewed. Germany is, however, rather poor in metal deposits, and State guarantees cannot increase the domestic production of nonferrous metals to any extent. There is, therefore, no reason for the international metal markets to fear the efforts of the new German decree. DOMINION PRODUCE HIGH COMMISSIONER’S' REPORT. The Department of Agriculture has received the following cablegram, dated February 16, from the High Commissioner for New Zealand, Loudon: — Tallow.—Market firm; no change in values. Hemp.—Manila: Market quiet, but steady at last quotations. Sisal: Market firm and demand is good. Afloat sold at fl 5 ss; February-April shipment at flo 2a 6d; and April-June shipment valued at £ls 7s 6d. New Zealand: Market nominal in absence of business. On the basis of fair grade £l4 15s. Apples.—Good supplies available; moderate demand continues. English Cox’s Orange, 9s to 13s half-boxes; British Columbia boxed apples prominent. Newtown Pippin. 12s to 12s fid; Washington and Newtown Pippin, 12s fid to los fid; coloured varieties easier, 9s 6d tp Us. , . Pears.- —Market firm and _ demand is good. Californian Winter Nclis, 15s to 16s; Anjou, 14s to 15s; South African Williams, three-quarter cases. 10s to 13s.

f 6. d. Commonwealth Bonds — 3J p.c., 1942 103 13 9 4 p.c., 1938 104 11 3 4 p.c., 1941 105 13 9 4. p.c., 1953 107 10 0 4 p.c,, 1961 109 • 0 0 Commercial Bank of Sydney 10 5 0 Bank of New South Wales .. 30 2 6 Tooheys 1 8 0 Tooths 2 ■8 0 Associated Newg 1 2 3 (pref.) 1 2 9 Colonial Sugar 41 5 0 D un lops 0 18 Ih. Stedman ... 0 16 0 Lustre 1 7 9 (pref.) 1 8 6 AFTERNOON SALES. £ s. d. Colonial Sugar .. 41 0 0 Bank New South Wales 30 0 0 Commercial Bank of Sydney 16 5 0 South British lusurance .. 4 16 0 Associated News 1 2 44 (pref.) 1 3 0 Burns, Philp 3 2 0 British Tobacco 1 18 3 Tooths 2 7 0 Tooheys .. 1 8 4i Dunlop Perdriau • .. .. 0 18 9 David Jones 1 19 3 Anthony Hordern 0 17 9 (pref.) 1 5 3 Australian Iron .and Steel (prof. I 1 O 74 Drug Houses of Australia .. 1 4 3 Victoria Nyanza 0 7 2 Broken Hill Proprietary .. 2 11 3 South Broken Hill .. .. 3 16 0 Rawang (ex div.) 0’ ' 7 6 f mit 0 10 <) Placer Development 28 0 0 General Industries , 0 14 3 MELBOURNE, February 2: Dunlop Perdriau 0 18 9 Commercial Bank of Australia 0 16 9 Anthony Hordern 0 17 0 Australian Glass 2 19 0 Australian Iron and Steel (pref.) 1 1 6 British Tobacco 1 18 0 Broken Hill Proprietary .. 2 10 9 0 18 2

i s. d. February, 21 .. .. ... -7 2 11 February 20 .. .. . 7 2 »1 February 19 . .. .. 7 2 10 February 18 .. .. 2 7 , February 16 .. .. 2 81 ’ February.14 , ... ,., 7 2

Beef and Veal. England and Wales .... Scotland 1934. Tons. 20,717 14,932 1,652 20,370 10.834 4,147 216 2,205 ' 2,258 151,891 1933. Tons. 19,999 14,521 2,557 Australia New Zealand 11,607 3,525 2,945 Union of S. Afraica .. S. Rhodesia United States .. ••. .. 3,325 1,301 154,577 6,814 6,885 6,508 7,593 — Other countries .. .. — Totals—beef and veal 242,921 229,058 Mutton and Lamb. England and Wales .... Scotland Ireland Australia New Zealand Canada .. • • Union of S. Africa 11,379 19,400 708 22,883 66,868 13 35 13,447 18,366 2,331 19,281 72,234 19 6 36 Argentina Uruguay Brazil, etc .16,297 908 460 19,357 672 369 — — Other countries .. .. 250 320 Totals —mutton and lamb 139.201 146,438 Pork and Bacon. England and Wales 23,098 25 24,370 40 Ireland 6,763 2,962 6,135 495 1,544 1,925 7 167 0,471 2,596 4.200 Canada .. Union of S. Africa .. United States Argentina Uruguay 283 536 762 90 ‘Netherlands ‘Denmark ‘Other countries .. .. 845 524 2,388 844 872. 3,059 Totals—pork and bacon * Bacon. 46,878 44,123

£ £ Saturday .. . 919 5,897 Monday .. • 4,283 Tuesday .. . .. 3,263 , 948 Wednesday .. 5,441 2,798 Thursday .. . .. 2,781 3,743 Friday .. . .. 5,182 3.560 Totals .. .. £20,979 £20,227