COMMERCE AND FINANCE

Otago Daily Times, Issue 23591, 30 August 1938, Page 16

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE ■ .7* '• . I/.; SCANT DISPLAY OF INTEREST

, The week-end developments in Europe were reflected in a noticeable slackening of interest on the Dunedin Stock Exchange yesterday. Trading conditions were lifeless, and bidding at the call-overs was desultory. Bank of New Zealands came back markedly to finish with a final market between £2 2s and £2 3s, but there was no real buying pressure for any scrip in the section. Insurances were neglected, and only casual quotations were registered for shipping and meat preserving scrip. Broken Hill Proprietaries lost 6d to finish with unanswered buyers at £2 18s 3d. and Dunlop Rubbers also lost ground. Sydney Wool worths were only fractionally easier. After their sudden spurt towards the end of last week. Taranaki Oilfields dropped back sharplv. final buyers at 13s being Is away from vendors’ limits With the exception of Mount Morgans, which held recent levels all other Australian mining shares reflected the easier trend of the market. YESTERDAY’S TRANSACTIONS

The Hollowing are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage:— ROVCHNMEM LOANS

share, making 15s paid Sepi 30 Burns. Philp—New 5s e share. making 15s paid Oct t Woolworths Properties Ltd.— 10s a share, making £1 paid Oct. 31 Broken Hill Pty,—Con. 5s a share, making 13s 4d paid Nov 30 ' AIR TRAVEL (N.Z.), LTD. Air Travel (N.Z.), Ltd., operating on the West Coast, earned a net profit of £984 in the year ended June 30, 1938, compared with £917 in the previous period. Receipts from passenger fares, freights, and mail contracts rose from £6233 to £8762. Dividend recommendation this year is 6 per cent., against 5 per cent, a year ago. The company proposes to increase nominal capital from £ 10,000 to £20,000. The directors’ report states that from the balance of £1192 in the appropriation account, they have paid £2 balance of 1937 income tax, transferred £9l to income tax reserve for 1938, written £IOO off preliminary expenses, and added £SOO to insurance reserve. After payment of the dividend. a balance of £199 will be carried forward. The expansion of the company's activities since the first year of operation in 1935 is shown in the following table:— Increase

Scott Bros., produce merchants and commission agents, agents for the Dunedin Egg Suppliers’ Association, report: Eggs.—-The associated agents quote poultry farmers eggs at Is 5d per dozen; seconds. Is 2d per dozen Separator butter: Wanted. 9d to lOd oer lb Honey: Bulk, 6d to 6Jd per lb. Beeswax. Is to Is 4d per lb. Poultry Hens to 2s each; heavy breeds. 2s 3d to 2s 6d each: roosters Is to Is 3d eachcockerels. 2s to 3s 6d each Ducks. 2s to 2s 6d each Ducklings, up to 3s each Geese. 3s to 3s 6d each. Goslings. 3s 6d to 4s each. Turkeys: Gobblers 10 to IOJd per lb; hens, Dd to 10 per lb Pigs Prime baconers. 7d to 7Jd per lb; porkers. 6sd to 7d per lb Fat, nominally 10 per cwt. Potatoes: Whites £4 to £4 ss; King Edwards. £5 to 5 10s per ton. Onions: Victorians 13s per 1001 b Partridge peas. 5s 6d to 7s per bushel sacks extra. Whole fowl wheat 6s 6d to 7s per bushel sacks extra; softer grades to 6s oer bushel, sacks extra. Whole maize, 7s per bushel Oats: Cartons, 3s 3d to 3s 9d per bushel, sacks extra. Chaff: Prime oaten sheaf to £6 15s per ton, bags extra ex store. Oyster grit, 6s 6d per 1001 b. Straw: Oaten. 3s 6d per bale: wheaten, 2s 9d per bale, ex store. Free use of fowl crates on application. Green food cutters, Doran brooders. Prices on application. August 29.

NORTHERN EXCHANGES AUCKLAND

N.Z. Govt. 4 p.c. Bonds, 1955 101 17 6 FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS The Bank ol New South Wales, Dunedin, quoted the following rates for purchases and sales of foreign exchange on Saturday London— Buylnc delimit £ N.Z, to £IOO

DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis. They are subject to alteration without notice O.S.A Canada (Per £1 (Per £1 N.Z.) NZ.) Selling: Dols Dols T.T 3.902 3.916 O.D 3.902 3.912 Buving: O.D. . . 3.94| 3.95 11-16

MINING NEWS CLUTHA RIVER RETURN For the week ended on Friday last the dredge of Clutha River. Ltd., operating at Alexandra, worked 141 hours and recovered 1250 z of gold. WORKSOP EXTENDED RETURN The Worksop Extended Company’s dredge treated 9500yds in 126 hours for a recovery of 340 z of gold during the week ended on Thursday last. NEW RIVER RETURN The return from the New River Company’s dredge during the week ended on Thursday last was 440 z of gold from 9000yds treated in 114 hours. WHITE’S ELECTRIC RETURN During the week ended on Thursday last the White’s Electric Dredge treated 8170yds in 130 hours for a recovery of 370 z of gold. BIG RIVER MINES WEEKLY REPORT The manager of the Big River Gold Mines, Ltd., reports as follows on the work carried out for the period ended on Thursday last: — No. 5 Level.—North stope: Stoping has been commenced, the stone being 4ft wide Centre stope: The stone is 4ft wide. North drive: This was advanced 6ft, the total being 77ft. No. 4 Level. —South stope; The stone is sft wide and 7ft long. No. 6 Level. —Forty-five feet have been completed in the south drive. Battery.—A total of 20 tons of stone was sent to the battery. OKARITO RETURN The secretaries of the Okarito Five Mile Beach Gold Dredging Co., Ltd., report a return for the week ended on Friday last of 17oz 7dwt for 98 hours’ dredging. Of the total hours worked 61 were spent dredging through a paddock previously worked by sluicing, while during the remaining 37 hours the dredge was working on the lagoon section of the claim. MURCHISON-MATAKI RETURN (Per United Press Association* WELLINGTON, Aug. 29 The Murchison-Mataki Junction return for the week ended August 25 was 89oz of smelted gold for 133 hours. 23,000yds being treated. GOLDFIELDS DREDGE RETURN (Per United Press Association) TIMARU, August 28. The Goldfields Dredging Company advises a return of Boz 2dwt for 120 hours’ dredging. MATAKI RETURN (Per United Press Association) AUCKLAND, Aug. 29. The Mataki return for the week ended August 28 was 290 z for 133 hours’ work and 8600 yards. AUSTRALIAN STOCK EXCHANGES SYDNEY. Aug. 29. (Received Aug. 29, at 10.30 p.m .) The Stock Exchange was quiet, with little variation in prices. The recent weakness in Commercial Banking ox Sydney was checked, while oil search shares moved to a higher level. Investors are awaiting the trend oi the opening wool sales in Sydney to-day. THE MORNING SALES

HUDDART PARKER, LTD. INTERIM DIVIDEND DECLARED Messrs Huddart Parker, Ltd., Melbourne, advise that the directors have declared an interim dividend for the half-year ended June 30 of 3 per cent, on the preference shares, and 6 per cent on the ordinary shares The transfer books will be closed from September 6 to September 15 inclusive, and the dividend will be payable on the latter dale. Cheques for New Zealand shareholders. drawn on the Commercial Bank of Australia. Ltd. Wellington, will be posted as usual.

Sale Reported After Last Call £ s. 0 North Broken HU! 2 5 6 Unlisted Stock Woolworths Properties (10s pd.) 0 14 0 LATEST QUOTATIONS

Buver seller £ • d e t. d 3j p.c. Stock, Nov. 1038-52 — 101 5 0 3| p.c. Stock May, 1941-82 101 0 0 mm 3J p.c. Stock Nov,. 1041-52 101 0 0 — 4 p.c. Bonds, 1943-43 . 100 0 0 —* 4 p;c. Bonds, 1949-49 .. 101 12 8 — 4 p.c. Stock, 1946-4 ) .. — 101 13 0 4 p.c. Stock, 1952-515 .. — 101 10 0 31 p.c. Stock, 1853-57 .. — 95 0 0 • i MINING Austral N.Z. Minim; ., —- 1 1 0 Big River (Is) .. ,. 0 X 2 0 1 4 Clutha River (2s) 0 2 2 0 2 7 Gillespie's Beach (Is) 0 1 0 0 1 2 Goldfields Dredging (is) 0 0 2 0 0 4 Molyneux River (2s) 0 0 6 0 1 3 Mossy Creek (Is) 0 0 11 — Nokomai (5s) .. .. 0 1 6 — Sandhills (Is) ., — 0 0 2 Waitahu (5s) .. ... 0 0 9 0 1 3 BANKING N.S.W. (£20) — 31 5 0 N.Z. (£1) 2 2 0 2 3 0 N.Z. (long D; £1) .. 1 9 3 1 10 0 Commercial (10s) — 0 10 9 Commercial of Sydney (£12 10s) .. — 20 15 0 E.S. and A. (£3) .. 5 0 0 — INSURANCE National (7s) ■ • •- 0 17 « I HIPPING Huddart, Parker 2 (ord;; £1) .. .. 6 9 — HUddart, Parker 1 9 (pref.; £1) .. .. — 3 P and 0. Del Stock (£1) 1 3 3 — U.S.S. Co. (pref.: £1) 1 6 0 — MEA'I PRESERVING Gear Meat (10s) .. 0 13 9 — N.Z. Ref rig, (paid; £1) — 0 13 6 N.Z Befrlg (cent.; 10s) ...... .. — 0 8 3 South Otago Freesdng (£5) .. .. ... .. — 5 7 0 woollen companies Bruce (ord.; £1) — 0 7 3 Bruce (pref.: £1) .. 1 0 0 MIAN AND AGBNCV Goldsbrough, Mort 8 9 (£1) — 1 N./s Guarantee Corp ' (3s) ... . .. 0 4 4 0 4 0 Wrisht, Stephenson 6 (pref.; £D .* •• — 1 0 COAL Westport (10s) .... .. — 1 s 3 Westport - Stockton 9 (ord,; 10s) .. .. — 0 4 Westport - Stockton (pref.: 10s) 0 6 6 0 7 6 MISCELLANEOUS Anthony Hordern ( £1) - 0 17 3 Associated News (£1) 1 s 0 — Australian c ’oundatlon Trust — 0 5 6 Australian Glass (£1) — 4 14, 0 Broken H1H Pty (£1) 2 18 3 — Broken HU) Pty (cont.; 10s) .. .. — 2 0 9 Consolidated Brick (£1) .. .. 0 7 3 — 9 D.I.C. (jtref.; £1) .. — 1 3 Dominion Fertiliser 6 (£1) 1 5 Dominion Fertiliser (Debs.) jl 0 0 — 0 Donaghy’s Rope (£1) — 2 4 Dunlop Perd Rubbei 0 9 (£1) 1 1 1 1

Felt and Textiles (£1) ' — 1 14 0 G. Ji Coles (£1) .. — 4 0 0 l.C.I. (pref.) .... 114 — Moturoa Oil (5s) — 0 5 b Moturoa Oil (pref.; 5s) — 0 5 6 Natnl. Electric (£1) 0 13 6 — N.Z. Drug Co, (£2) 3 10 0 — Otago Dally Times (£1) 2 4 0 — 1’aranaki Oil (£1 4s 7d) 0 13 0 0 14 0 Wilsons Cement (10s) — 0 17 9 Woolworths (ord,; 5s) — 1 0 3 Woolworths (Syd.; ord.; 5s) ...... 113 1 1 6 Woolworths (South Africa: 5s) ... 015 3 0 15 I BREWERIES N.Z. Breweries (£1) 2 16 — Dominion (rights) .. 0 4 0 — Dunedin (£1) .. .. 12 0 — AUSTRALIAN MINING Broken HU) South . (5s) .. .... 1 10 6 1 10 11 Electro Zinc (pref.; £1) - 2 6 6 Electro Zinc (ord.; £1) .. .. .... 2 2 3 2 2 1 Mount Lyel) (£1) .. 1 7 9 1 8 0 Mount Morgan (2s 6d) 0 10 10 Mount Morgan (pref.: £1) - 1 1 9 North, Broken HU) 9 (5s) 2 5 6 2 5 Placer Developments 3 15 0 UNLISTED STOCKS All stocks in this section are not quoted on the official list, and transactions (ire «ub)eci to a different rate of brokerage: • Buyer Seller £ s. d. £ s. d National Tobacco (ord.; £1) .... — 2 2 0 Woolworths Properties 0 14 2 (10s) 0 14 0 Self ridge's (Aust.) .. — 0 16 6 Baliin's Brewery (153) Baffin’s Brewery (15s) — 0 12 Q DIVIDENDS PAYABLE The following Is a list of shares on which dividends will shortly be nayable:— Associated Newspapers Ltd.— Interim ord and pref,. 2 ner cent To-day Loloma Gold Mine—Is .. . . Silverton Tramway — Final, Aug. 31 half-yearly, 10 oer cent., making 20 oer cent oer annum Aug. 31 Carlton Brewery—Half-yearly. 74 pet cent. .. . Aug. 31 Keystone Investments — Interiro at 4 per cent per annum Aug. 31 Edments. Ltd. Melbourne— Final. 5 per cent., making 10 per cent, per annum Aug. 31 Austin Distributors, Australia—Final, 74 pei cent.. making 15 per cent per annum Aug.'31 Meggitl Ltd.,—Final, halfyear, ord. 1st and 2nd prefs.. each 6 oer cent.. / making 10 oei cent per annum • • Aug. 31 Elder Smith, Adelaide—Final, 34 per cent., making 7 ner Sept cent per annum 1 Berlei, Ltd., Sydney—Final, half-yearly. ord. 5 per cent., pref. 4 per cent., making 10 per cent, and 8 per cent. Sept. 1 per annum, respectively . . Standard Insurance — Final. Is 3d ner share ... Sept. 5 Waitahu Gold Mining Coy.2d per share (3 1-3 pei cent.) , ,, Sept 9 Apex Investment, Master ton— Half-yearly at 5 per cent Sept 15 per annum Broken Hill South—Quarterly, 6d oer share ... Sept. 15 Huddart, Parker — Interim, pref. 3 oer cent., ord. 6 per cent, .. .. Sept. 15 Electrolytic Zmr - Halfyearly. 9 pei cent or 15 per cent pei annum on both Sept. 16 ord and pref. Australian Foundation Investment Trust. ‘Ltd.—6 per cent. on old shares: pro rata payment on new shares .. .. Sept. 19 N.Z. Drug—Interim, half-year. 34 per cent Sept. 20 North Broken v Hill—Quarterly. 6d per share . • • Sept. 28 Bank of Australasia — Interim 3s 6d sterling per share, at the rate of 7 per cent, per annum .. Sept. 30 CALLS PAYABLE The following is a list of shares on which calls will shortly be payable:— Dunedin Brewery and Wilson Malt Extract "Co.—Con. 5s a share, making 5s paid Sept 1 N.Z Paper Mills- Con., 5? a

1935. 1938, p.C. Hours flying 70 138 97,143 Flights . 151 284 88.079 Passengers .. .. .. 145 393 171.034 Mails carried (lb) 891 5319 496.969 Freight carried (lb) .. 633 1421 124.486

Sales on ’Change £ s. d Stock, 1946-49, 4 p.c. .. 101 7 6 Bank of New Zealand 2 2 6 National Insurance 0 17 2 South British (3) 2 8 6 Auckland Gas . • • 1 0 9 Tooths Breweries 2 15 6 Australian Glass 4 13 3 Broken Hill Pty. (3) 2 18 6 Farmers’ Trading (2) 0 19 9 G, J. Coles 3 19 9 Taranaki Oil 0 13 4 0 13 0 Moturoa Oil 0 5 2

WELLINGTON Sales on ’Change Queensland Insurance (late Sat.) 2 16 6 South British Insurance (late Sat.) 2 6 6 Taranaki Oil (late Sat.: 2) 0 14 0 3J p.c. Stock. 1953-57 .. 94 10 0 4 p.c. Bonds, 1955 .. .. 101 15 0 Dunedin Drainage, 3J p.c., 1958 99 0 0 Broken Hill Pty 2 18 8 G. J. Coles 4 0 0 Taranaki Oil 0 13 4 Tooth and Co 2 15 9 CHRISTCHURCH Sales on ’Change Bank of New Zealand 2 2 8 Broken Hill Pty 2 18 6 2 18 4 Dunlop Rubber 1 1 10 1 1 9 1 1 8 (cum div.) 1 1 7 Electrolytic Zinc (ord.; cum div.) 2 2 6 G. J. Coles 3 19 3 Hume Pipe (Aust.) .. .. 1 0 0 Taranaki Oilfields .. .. 0 13 7 (2) 0 13 4 (2) 0 13 3 0 13 2 Sale Reported

8tg I.T 124 124/10/ O.D 123/11/8 124/9/6 Australia— £ A. to £100 N.Z T.T. 100/17/b 100/5/O.D 100/17/6 100/5/FIJI— £ F to £100 N.Z r.T 90/7/6 89 O.D. 90/7/6 Sk New Fork — S.6899 3.9056 Dollars to fi N.Z r.T O.D. 3.9449 3.0066 Montreal— 3.9151 Dollars to fi N.Z T.T. 8.9470 O.D 3.9563 3.9161 Belgium— 23.059 Belgas to £ N.Z r t 2.1.360 O.D 23.444 23.064 Czecnoslovakla— Korunas to fi N.Z 1.1 — 112.46 O.D — 112.48 Denmark— Kroner to £ N.Z. l,T. 18.203 17.893 O.D 18.203 17.895 Finland— Marks to £ N.z r.i 185.39 1 179.59 O.D 185.79 1 179.69 France— Francs to £ N.Z IT 144.78 142.28 OD — 142.30 tiermany— > Belchsmarks to £ NZ .. .. r r — 9.093 nn — 9.695 tirecce— Dniclimae to £ N.Z „ .. , r i O.D — t 129.54 — 429.69 Holland— Florins to fl N Z I.T T.267 7.117 OD 7.307 7.119 Italy— Lire to fi N Z r.T. _ 74.267 O.D — 74.292 Java— Florins to £ N.Z T.T 7.247 7.097 O D 7.287 7.099 Norway— Kroner to £ N.Z r.T 16.182 15.892 O.D 16.242 15 895 Noumea— Francs to £ N.Z 1.1 147.28 140.53 O.D — 110 57 t'upeele— Francs to £ N.z r.T 140.OS 110.68 O.D — 140.72 Sweden— Kroner to fi N.Z r.T 15:780 15.491 O.D 15.846 15.494 Switzerland— Francs to £ N.Z r.T 17.285 17.015 tihetoo— on 17.390 17.017 N.Z. pence to 1 dollar .. .. r.T — — O.D — — Hongkong— N.Z. pence to 1 dollar ,. .. r.T 18 13-32 18 25-32 on 183 18 25-82 India ana Ceylon— N.Z pence to 1 rupee .. .. 1 T 22 3-04 22 21-64 O.D 22 1-64 22 21-64 Japan - N.Z. pence to 1 yen .. .. r.T — 17 S3-B4 o n — 17 33-64 ManllaN.Z pence to I peso .. .. I.T 29 59-64 30 37-64 on 29 53-64 30 37-64 Shanghai— N.Z, pence to 1 dollar .. .. r.T O.D . — — sincaporeN.Z pence to I dollar .. .. r.T 34 3MM 84 31*82 0 D 84 2.V64 84 81-32 All rates subjen to alteration without notice

£ s. d. Commonwealth bonds— 4 p.c., 1944 .. 103 0 0 4 d.c., 1947 103 16 3 4 p.c., 1961 104 17 6 Commercial Bank of Sydney 20 8 0 Tooheys 1 13 3 Tooths •. • • 2 10 0 Broken Hill Proprietary .. 2 19 0 Cash Orders Amalgamated 0 16 0 Colonial Sugar 47 7 6 Henry Jones 2 10 0 ADDITIONAL SALES Bank of New South Wales 31 2 6 Commercial Banking of Sydney 20 9 0 Commercial Bank of Australia 0 16 6 National Bank (£10 paid) 13 14 0 E.S. and A. Bank 5 5 0 Colonial Sugar 47 / 6 Burns, Philp (cont.) .. .. 2 0 0 British Tobacco 2 9 0 Tooths ... 2 15 9 Anthony Hordern .. .. 0 17 0 General Industries .. .. 0 18 9 C. Neon 2 14 0 Australian Gypsum .. .. 1 1 10i Australian Guarantee Corporation 1 2 6 W Adams (old) 0 16 0 W. Adams (new paid) ) .. 0 15 0 Warburton Franki 1 2 6 Cash Orders 0 16 1 Mark Foy 0 19 9 United Provisions .. .. 0 8 2 Goldsbrough. Mort .. .. 1 8 U Wilcox Mofflin 0 6 6 Henry Jones 2 10 0 Electrolytic Zinc 2 3 0 Mount Morgan 0 11 2 Broken Hill Pty 2 18 9 Bulolo Gold 7 3 0 Larut 0 13 3 Loloma 1 3 10 Taranaki Oil 0 13 1 Oil Search 0 9 4 MELBOURNE, Aug 29. The Stock Exchange market opened very dull. Price movements were small and the turnover light. Bank shares were well taken but Barriers were flat. £ s. d. Commercial Bank of Australia 0 16 b National Bank (£5 paid) .. 6 15 0 Howard Smith 0 19 10 G. J. Coles 4 0 2 Dunlop Perdriau 1 1 8 Dunlop Perdriau (pref.) 1 18 6 Goldsbrough Mort .. .. 1 8 3 Cox Bros 0 17 6 Imperial Chemicals (pref.) 1 1 9 Imperial Chemicals (10s pd.) 0 11 6 Australian Paper Mfrs. (pref.) 1 5 6 Electrolytic Zinc (pref,) .. 2 6 9 Mount Morgan 0 ii 2 Mount Lyell 1 8 0 Broken Hill Pty 2 18 9 Emperor 0 13 0 Loloma 1 4 7i