COMMERCE AND FINANCE

Otago Daily Times, Issue 22518, 12 March 1935, Page 6

COMMERCE AND FINANCE

MINING NEWS' BELL-KILGOUR COMPANY An extraordinary* general meeting of the Bell-Kilgour Gold Mining Company,-. Ltd., will be held on April 2 to consider the position of the company, and, if thought fit, pass the following as a, special resolution: — "That the company be wound up voluntarily, and that T. H. Thompson and Sons, public accountants, be and they are hereby appointed liquidators for the purposes of such winding up." In a report to shareholders the directors state: — "As shareholders are aw.are operations on the Bell-Kilgour section of the claim ceased in November last after results had proved that the gold-bearing areas were exhausted. Since" November the manager has concentrated on the Murray section of the claim, which now appears to have been worked out by old miners. The directors have come to the conclusion ' that the claim cannot be economically worked, and now submit to shareholders the future of the company. It is. with extreme regret that the directors have to propose liquidation after the results have' been so disappointing. It is estimated that on realisation a return of approximately one halfpenny per share will be made." GLENROY REPORT The first annual report and balance sheet of Glenroy'Golfl. Ltd., for the year ended January 31 has been issued, and the annual meeting of shareholders will be held on March 18. The report states that the programme of works as outlined in the prospectus has, with slight modifications, and with the exception of the tunnel tail-race into the Glenroy River, been completed to the satisfaction of the company's supervising engineer. _ Sluicing has been in progress for a period of six months, and in that time it has - been the policy of the directors to work the claim in the manner recommended by the company's consulting engineer, and it is regretted that the results have not been sufficient to cover expenses, nor reach prospectus estimates. The company's water right has proved valuable, and the directors are considering other methods of operating with a view to increasing the retwrns. Messrs J. W. Stewart and G. H. Wood, retire from the board of directors by rotation, and, being eligible, offer themselves for" re-election. The profit and loss account for the six months gives the mining account loss at £930, directors' fees £137, travelling expenses £l2B, salaries £IOO, and general expenses £54, making a total of £1350. From this is deducted transfer fees £ls and interest £4, leaving a net loss of £1331. OKARITO RETURN Messrs W. A. Mitson and Co., secretaries of the Okarito Five Mile Beach Gold Dredging Company, Limited, report that the wash-up for the week ended Saturday, March 9, was 340 z 16dwt for 126 hours' dredging. GILLESPIE'S BEACH RETURN The secretary of the Gillespie's Beach Gold Dredging Company, Ltd. (Mr P. R. Thompson) has advised that the wash-up for the week ended March 9 amounted to 720 z for 123 hours. GOLDEN SANDS RETURN The Golden Sands return is 50oz 6dwt for 45 shifts of eight hours each.. The plant is now' being shifted, which will take eight to ten weeks. WAITAHU MINING COMPANY Reporting on the activities of the Waitahu Gold Mining Company for the period ended February 28, the secretaries (Messrs W. A. Mitson and Co.) state that elevating operations in No. 2 paddock wa9 completed on February 28, and the final wash-up was 290 z 6dwt for 10 days' sluicing, during which the elevatin'g time was 60 hours, the remaining working time being stripping operations on No. 3 paddock. No. 2 paddock measured 2400 square yards—approximately, half an acre —and. the total gold won since elevating operations commenced on this paddock (October 16j 1934) was 1650 z Bdwt. This, with the gold won previously from the stripping of the top material of this paddock (20oz lOdwt) made, the total from the half acre 185 oz 18dwt. During the period October 16, 1934, to February 28, the total possible number of shifts of eight hours each (19 J weeks) was Jjls. The number of shifts in which elevating operations were carried out was 9l£ and the number in which water was available for stripping No. 3 paddock was 2235. The depth of ground elevated was 40ft and the average rate of treatment' by the elevator 431 cubic yards per hour, which returned the company 34s per hour. No. 3 paddock, which had been stripped to an average level of 40ft, comprised an area of at least two acres. This top material, carried very little gold, 4oz 19dwt having been washed up so far, but the bottom wash exposed showed good prospects. The water supply fluctuated considerably during the period, and for 108 shifts of the 223 J shifts that stripping operatipns were in progress, the sluicing was carried on by the manager alone, the staff having been put off on account of water shortage. The staff are now erecting the elevator at No. 3 paddock. MATAKI RETURN (Pee United Press Association) AUCKLAND, March 1.1. The Mataki return for the week ended March 10 was 230 z for 105 hours' work.

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE There was a sale of the ordinary issue of Electrolytic Zincs at £1 Is lOd on the Dunedin Stock Exchange yesterday, and at the close of the day's business buyers were offering Id below this price with sellers quoting £1 2s. Two parcels of 4 per cent. Stock, 1949, changed hands at £lO9. the market closing with buyers offering £IOB 15s. Sellers, however, would not come below £lO9 ss. Business was also transacted in the paid-up issue of New Zealand Refrigeratings, a parcel being sold at 19s 3d. At the close of the market these shares were on offer at 19s sd, the best buying quotations being 3d less. SALES ON 'CHANGE.

NORTHERN EXCHANGES AUCKLAND Sales on 'Change

WELLINGTON Sales on 'Change

AUSTRALIAN STOCK EXCHANGES (United Press Association.? (By Electric Telegraph—Copyright.) SYDNEY, March 11. (Received March 11, at 10 p.m.) On the Stock Exchange business in the investment market to-day was restricted, and buyers were inclined to hold off. Values, therefore, were easier. THE MORNING SALES. The following were the early sales on

MILNE AND CHOYCE, LTD. THE YEAR'S ACCOUNTS. (Pek United Press Association) AUCKLAND, March 11. The directors of Milne and Choycc, Ltd., have decided to adopt again the procedure instituted three years ago of passing an interim dividend on the company's ordinary shares and debenture stock and preference and B preference shares. The question of dividends will be considered when the year's accounts close on July 31. SALE OF GRAZING RUN Messrs Dalgety and Co., Ltd., report having sold, at a satisfactory figure, a small grazing run at Dunback, offered at auction at Palmerston on Friday upon instructions from the Public Trustee as administrator of the estate of the late Mr Thomas Gifl'ord.

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

Those rates are subject to alteration without notice. DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar-sterling rates yesterday, which' are subject to alteration without

ECONOMIC RELATIONS Those who would upset the existing social order because things appear to be out of joint would do well to read the last monthly circular to hand of the National City Bank of New York, in which some fundamental principles are dealt with. ' The bank says that the only solution of the economic problem lies in an understanding of the simple truth that every group in the economic system has move to gain by co-operating to promote the efficiency of the system ag a whole than it possibly can gain by efforts to advance its group interests at the expense of the whole. All business is interdependent for the simple reason that in the large sense it consists of exchanging services. Thus it is based upon reciprocity, and the volume can rise indefinitely so long as the reciprocal relations are maintained, but declines inevitably when no longer reciprocal. No group in the system can get more for itself by strife or the exercise of power than it will receive under a state of harmonious relations, 'for if it shall be successful in raising its nominal compensation above the reciprocal relation with other groups, it will lessen their power to buy of itself and lose more by the shrinking volume of business (and unemployment) than it gains by the imagined advantage. It is a fundamental principle of social science that the individual shall seek to advance hi a own interests only as they are in harmony with the interests of the social body, and this is the basis of all legitimate business. The farmer as a member of the economic system produces a crop mainly for the purchasing power which it will give him and his family in the markets, while the goods they purchase have been produced for a similar purpose, and thus the system functions in compliance with the principle stated. The great variety of offerings in the markets affords an incentive to every member of the system to produce something that will have selling value (and purchasing power) in the markets, and the success of such individual efforts is dependent upon their response to the wants made known in the markets.

Scott Bros., produce merchants and commission agents, agents for " The Dunedin Egg Suppliers' Association," report: —Eggs: Poultry farmers', Is 6d; .storekeepers', Is 4d per dozen. Butter, 7d to 8d per lb. Honey: Bulk, to 4-Jd per lb. Poultry: Hens, light Is to Is 3d each, medium Is 4d to Is 6d each, heavy to 2s 6d, roosters Is 6d to 2s. Ducks, Is 9d to 2s each. Geese, to 3s each. Turkeys: Hens, 8d per lb; gobblers, 9d per lb. Pigs: Prime baconers, to 6d per lb; porkers, to_6d per lb. Fat, 14s to 16s per cwt. New potatoes: Nominally 5s 6d to 6s per cwt. Chaff: Prime oaten sheaf, £5 to £5 10s per ton, bags extra, ex store. Onions: Canterbury's, lis per cwt. Partridge peas, 5s Cd per bushel, sacks extra. Feed barley, 3s 6d per bushel, sacks extra. "Whole fowl wheat, 4s 9d to 5s per bushel, sacks extra. Whole maize, 5.s 9d per bushel. Oats: Cartons, 2s 4d to 2s Od per bushel, sacks extra. Lucerne meal, 10s. Oyster grit, 5g Cd. We hold stockes of poultry requisites. Free use of fowl crates on application. .March 11, 1935.

SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, March 11. (Received March 11, at 11 p.m.) At the wool sales 11,236 bales were offered and 0720 sold, while 1903 were disposed of privately. Prices were firm at the closing rates of the last Sydney series for all good wools, but were 5 per cent, lower and irregular for inferior sorts. Competition was strong and general, with Yorkshire and Japan predominating. Greasy merino made lu.?d. THE EXCHANGE RATE AUSTRALIAN POLICY. Some uncertainty is still apparent among overseas traders (says the Melbourne Argus) regarding the possibility of an alteration of exchange rates on London. There does not appear to be any ground for this fear. In the last few years, when Australia had a favourable trade balance, the Commonwealth Bank would have been justified in lowering the rate, but the bank followed a long range policy in maintaining the rates a* fixed in December, 1931. These are based on £125 (buying) and £125 10s (selling). In the intervening period excess of exports has built up London funds, and the present position is that, although the high ratio of exports to imports has not been maintained. London funds are ample to meet any adverse trade balance. As the policy of the Commonwealth Bank was t'rani'cd to meet such a contingency, it is not likely that at the first indication of a less favourable trade position the exchange rate will be increased. When the fiscal year closes in June the position will doubtless be reviewed. Meantime the Wnks are meeting all the requirements of their customers without difficulty, and the outside exchange market is operating steadily in conformity with schedule rates NEW ZEALAND LAMB PRICES With reference to the published pricey realised for New Zealand lamb delivered to Smithfield Market, the New Zealand Meat Producers' Board supplies the following table, giving the equivalent New Zealand parity, after deducting all costs, including selling commission. The costing is based on to-day's- estimated skin values and includes exchange at current rates, and the calculation is on the basis of a prime woolly lamb weighing, say 341 b, delivered at freezing works:— New Zealand ■ " overall " parity If price delivered delivered at works to Smithfield is approximately (d.per lb), (d. per lb). 65 6.90 63 6.75 6| 6.60 In the above estimate the cost of killing, freezing, and placing on board steamer is based on a charge of .575 d per lb. SILVER, LEAD, AND SPELTER During 1934 it was feared that _ the American silver price policy would stimulate the output of lead and spelter, of which silver is a by-product. The American Bureau of Metal Statists, however, reports a fresh reduction in lead output during November, 1934, and the world production during that month amounted to 123,300 short tons, compared with 130,700 short tons during the preceding month. American production declined during November from 31,200 short tons to 29,800 short tons. Moreover, the spelter output also showed no important upward movement during November, for Motallgesellschaft gives the world production at 105,759 metric tons, compared with 105,641 metric tons in October; in America, November production was 31,754 tons, compared with 31,335 tons in October.

£ s. d. Electrolytic Zinc (ord.) 1 1 10 Government 4 per cent. Stock, (two sales) 109 0 0 N.Z. Refrigerating (paid) 0 19 3 SALES REPORTED Bank of New Zealar/d (late Saturday). . • 2 9 3 Broken Hill Proprietary 2 11 0 Kilclare .. . • 0 3 1 Mount Morgan .. . • 1 18 6 Union Bank (two sales) 8 13 0 Mount Lyell .. 1 t 0 17 9 Blackwater .. 1 12 3 Government 4 per cent. Stock, 1940 .. .. .■;• 1.02 10 0 The following &re yesterday-afternoon's buying and selling i auotations, which are subject to the usual brokerage: — BACKING. Buyer. 'Seller. f s. d. £ s. d. Australasia .. .. — 11 7 6 New South Wales 30 .10 0 New Zealand 2 9 0 2 9 6 Commercial __ 0 16 3 E.S. and A 4 17 0 5 16 National of N.Z. ■ 3 10 0 National of Australasia (cont.) _ 6 8 0 Reserve 6 10 0 — 8 15 0 INSURANCE. National .. .»- 1 0 6 119 New Zealand 3 7 8 South British 4 15 0 Standard — 3 12 6, SHIPPING. U.S.S. Co. (pref.) 1. 7 0 — MEAT PRESERVING. N.Z.Refrig. (paid) 0 19 2 0 19 5 N.Z.Refrig. (cont.) — 0 9 0 South. Froz. Meat (paid) ... .. 3 18 3 South. Proz. Meat (cont.) .. .. __ 1 19 0 South Otago Freez. ... 6 8 0 LOAN AND AGENCY. National Mortgage (B Issue) 1 10 6 N.Z. Loan and M. (ord.) .. .. 45 0 0 Perpetual Trustees 3 1 0 Wright. Stephenson (pref.) .. 0 19 3 10 0 COAL. Kaitangata 0 19 6 Westport 1 1 6 119 Westport-Stockton A (ord.) .. 0 1 0 9 Westport-Stockton (pref.) .. 0 3 7 — MISCELLANEOUS. Broken Hill Propy. 2 11 3 Brown, Ewing (pref.l 1 1 3 Bruce Woollen (ord.) .. .. — 0 14 6 Bruce Woollen .(pref.) .... 1 1 3 D.I.C. (ord.) .. 0 14 6 D.I.C. .(pref.) . .. Dominion Fertiliser 16 0 1 2 0 Dominion Fertiliser (Debs.) .. 105 0 0 ■ Dominion Rubber 1 11 6 1 15 0 Dun.-Kaik. Trams 1 18 6 Kaiapoi Woollen (ord.) .. .. .— 0 15 6 Milbutn Lime 2 2 0 **2 3 6 Mosgiel Woollen 10 15 0 ,— N.Z. Drug Co. .. Farmers' Fertiliser 3 18 0 18 6 6 4 0 0 N.Z. Paper Mills — 1 15 0 Regent Theatre .. — 0 19 6 Smith and Smith 0 19 0 Wilsons Cement ;. 1 13 3 1 14 3 Wool worth's (Sydney) — 4 12 3 BREWERIES. N.Z. Breweries .. 2 11 0 2 11 6 Dunedin ' — 19 6 GAS. Timaru — 12 6 OIL. Moturoa .. .. . - - 0 S 0 AUSTRALIAN MINING. Electro. Zinc (ord.) 1 1 9 12 0 Mount Lyell .— 0 17 10 Upper Watut 0 5 9 0 6 6 MINING. Bell-Hooper 0 0 3 Bell-Kilgour — 0 0 1 Bendigo Goldlight 0 0 10 Big River 0 2 n 0 2 4 Central Shotover .. 0 0 6 Charleston 0 0 7 Clutha River 0 1 9 Gillespie's Beach 0 1 8 0 1 10 Golden Progress .. 0 10 Goldfields Dredging 0 0 55 Grlenroy 0 0 2 0 0 4 Kildare .. 0 3 0 Lawson's Flat 0 0 4 jj Maerewhemia 0 0 3 Mahakipawa 0 0 9 0 0 11 Molyneux Riyer 0 1 9 Nokomai 0 2 3 0 2 9 Okarito 0 7 0 0 7 6 Oxenbridge 0 0 9 Paddy's Point .. 0 2 6 Skippers 0 0 5 0 0 6* Stafford ... .. 0 12" Upper Shotover .. 0 0 6 Waitahu 0 2 6 Maori Gully 0 16 GOVERNMENT LOANS. 35 p.c. Stock, 19381943 107 5 0 3$ p.c. Stock, 19391943 . ' 107 5 0 3J p.c. Stock, 19411943 .... . 107 5 0 3J p.c. Stock, 19381952 ' 107 0 0 35 p.c. Stock, 19391952 107 0 0 35 p.c. Stock, 19411952 107 0 0 4 p.c. Bonds, Jan. 15, 1940 .. .. 102 5 0 4 p.c. Stock, Jan. 15, 1940 .. .. 102 5 0 mm^ 4 p.c. Bonds, Feb. ■ 15, 1946 .. .. 105 10 0 _„ 4 p.c. Stock, Feb. 15, 1946 .. .. 105 10 0 _ 4 p.c. Bonds, Ap. 15, 1949 .. .. 108 15 0 4 p.c. Stock, Ap. 15. 1949 .. .. 108 15 0 109 5 0 4 p.c. Bonds, June 15, 1955 .. .. 110 0 0 4 p.c. Stock, June 15, 1955 .. .. 110 0 0 111 0 0 **Ex Dividend.

£ 8. d. Stock, 1038-52, 3i p.c 107 0 0 Bank of New South Wales .. 30 0 0 Bank of New Zealand .. .. 2 9 0 „ • , W 2 9 4 S 13 0 South British Insurance 4 13 6 0 4 6 (pref.) 0 12 6 New Zealand Breweries . .. 2 11 3 2 11 6 2 11 7 41 12 6 Electrolytic Zinc (pref.) .. 1 15 0 Farmers' Trading (3) .. .. 0 7 o New Zealand Newspapers .. 1 12 9 N.Z. Refrigerating (10s paid) 0 9 0 0 14 0 1 14 0 Brian Born .. .. , 0 0 2; 0 0 10 Skippers , ,, .. .. 0 0 51 2 1 o l

Rural Bonds, 5 p.c, 1947 .. 105 7 8 Commercial Bank of Sydney (2), late Saturday) .. .. 16 5 0 (late Saturday) 16 5 6 Bank of New South Wales .. 30 0 0 Bank of New Zealand .. 2 9 3 6 10 3 Westport Coal (late Satur1 1 3 Leyland O'Brien (late Satur116 N.Z. Breweries (late Satur2 10 10 (late Saturday) 2 10 11 2 11 3 1 11 9 New Zealand Newspapers .. 1 12 9. Big River (2, late Saturday) 0 2 2 (late Saturday) 0 2 3 0 2 2* Mount Morgan (late Satur1 18 3 CHRISTCHURCH Sales on 'Change Bank of New Zealand .. 2 9 1 N.Z. Refrigerating (10s paid) 0 8 11 New Zealand Breweries 2 11 6 0 7 6 0 8 5 British Tobacco (cum div.) 1 17 10 0 0 1 1 12 3 0 0 23 0 0 1h 0 2 2* 0 2 2h 0 0 6 0 3 6 0 0 10 0 0 11 0 010$ (2) 0 0 11 0 7 6 0 0 51 o ■;o\-5j Skippers. .. •• ...•■.'••. ••... Sales Reported 0 0 3 Auckland Gas (cont.) .. 10 6 Unlisted Stocks 0 1 4* Woolworths, Sydney (ord.) .. 4 16

the Stock Exchange:— £ s. d. Commonwealth Bond (1955), 107 15 0 Bank of New South Wales .. 30 5 0 Associated Newg (pref.) .... 13 6 AFTERNOON SALES. Bank of New South Wales .. % a. ii. 30 5 0 Commercial Bank of Sydney 16 10 0 Australian Provincial Assur0 10 5 41 15 0 1 2 7J Associated Newa (pref.) .. 13 6 Australian Gas (A) .. .. 7 17 6 1 15 9 1 18 0 2 8 9 0 13 6 0 18 3 Goldsbrough, Mort. .. .. Winchcombe, Carson • • •* . 18 0 15 9 1 15 6 1 15 0 1 4 10£ 1 19 0 0 14 11 Australian Iron and Steel 1 2 101 Broken Hill Proprietary .. 3 17 0 1 10 9 0 7 6 Placer Development 28 11 0 MELBOURNE, March 11. Bank of New South Wales 30 0 0 Herald and Weekly Times 2 19 0 18 3 3 0 3

: RUGBY. March 9. ParisPar. Mar. 8. Mar. 9. Francs to £1 124.21 71 19-32 71} Brussels — Belgas to £1 30 20.23 20.22 OsloKroner to £1 18.180 19.90} 19.90} Stockholm — Kroner to £1 18.130 19.391 19.39} CopenhagenKroner to £1 18.150 22.39} 22.39} BerlinMarks to £1 20.31 11.73 11.73 Montreal— Dollars to £1 4.86 2-3 4.82 4.82 New York — Dollars to £1 4.86 2-3 4,77.1 4.77i YokohamaPence to yen .. 24.582 144 14} Hongkong— Pence to dollar 24.58 24 5-16 23 Bombay— Pence to rupee — 181 18} Batavla— Florins to £1 12.10 6.881 6.88} MilanLire to £1 .. 82.46 5CS 5flg Amsterdam— Guilder to £1 12.107 6.96! 6.06} PragueKroner to £1 104 } 1121 1121 Geneva— Francs to £ 1 25.22i 14.54 14.53} Vionna— Schillings to £1 84.861 '251 251 Helslngfors— Marks to £1 193.23 2261 226} MadridPesetas to £1 25.22J 34 9-16 34.17-32 Belgrade— Dinars to £1 25.22! 207 207 AthensDrachma to £1 375 495 497 ■ Lisbon— Escudos to £1 110 1101 1101 Bucharest — Lei to £1 .. 931.6 4671 467} Bio de Janeiro— Pence to mllrels 5,890 41 41 Buenos AiresPence to pesos 47.28 361 36} Shanghai— Pence to tael — 19 7-16 191 Montevideo — Pence to pesos — «l 411 Warsaw— Zlotys to £1 — 24.75 24.75 ON NEW ZEALAND CURRENCY - BASIS The Bank of New South Wales, Duncdin, quoted the following rates for purchasea and sales of foreign exchange yesterday:— Buying. Selling. London — £N.Z. to £100stg T.T. 124 124/10/O.D. 123/10/124/7/6 Australia— £A to £100 N.Z. T.T. 101 100/10/O.D. 101 100/10/Fiji— £F to £100 N.Z. T.T. 90/7/6 89 O.D. 90/7/6 89 New York— Dollars to £1 N.Z. T.T. 3.88? 3.818 O.D. 3.87B 3.82} Montreal — Dollars to £1 N.Z. T.T. 3.893 3.858 O.D. 3.901 3.85J France — Francs to £1 N.Z. T.T. 58.17 50.87 O.D. 58.47 56.92 Noumea— Francs to £1 N.Z. T.T. 59.12 56.12 O.D. 59.52 50.17 Papeete— Francs to £1 N.Z. T.T. 59.12 58.12 O.D. 59.52 56.17 Belgium— Belgas to £1 N.Z. T.T. 16.640 15.*940 O.D. 16.740 15.955 Germany— Beichsmarks to £1 .. T.T. — il.208 O.D. — 9.213 ItalyLire to £1 N.Z. T.T. — 44.82 O.D. — 44.86 SwitzerlandFrancs to £1 N.Z. T.T. 11.898 11.498 O.D. 11.973 11.508 HollandFlorins to £1 N.Z. T.T. 5.732 5.482 O.D. 5.782 5.486 JavaFlorins to £1 N.Z. T.T. 5.698 5.473 O.D. 5.748 5.477 Japan— N.Z. pence to yen .. •• .. T.T. O.D. zz 17 13-16 Shanghai— N.Z. pence to dollar .. T.T. 28 5-16 24g O.D. 23 3-16 24 9-16 India and CeylonN.Z. penes to rupee .. T.T. 22 11-3: I 22 11-16 O.D. 22 7-32 221 Hongkong— N.Z. pence to dollar •. • ,. T.T. 29 15-3 2 30 17-32 O.D. 29 11-3: I 30 15-32 Singapore— N.Z. pence to dollar .. .. T.T. 34 11-3 2 35 9-32 O.D. 34 7-32 35 7-32

notices — U.S.A. Canada. Dols. Dole. Conversion of.dollar bills received for collection and sale of dollar drafts and telegraphic trans4.79 Purcliase of dollar bills 4.79 4.83 On a New Zealand currency basis these rates are equivalent to: — U.S.A. Canada. Dole. Dols. Selling— 3.848 3.85 J Buying—• 3.91-i