COMMERCE AND FINANCE

Otago Daily Times, Issue 23955, 2 November 1939, Page 5

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE TURN-OVER MORE GENERAL Though interest continued to be directed mainly at Australian investments, there was more general activity on the Dunedin Stock Exchange yesterday, the nature of the trading being by the turn-over which was of a more varied nature than usual. Business was reported in ordinary Huddart, Parkers at £3 2s 3d and £3 2$ 6d. the shares being on offer later at £3 3s. Offers of £1 19s 9d for Bank of New Zealands found sellers firm at £2 Os 6d. and the bid for Commercials was increased to 15s 9d, only 3d separating buyer and seller. All insurances were keenly sought, Nationals moving up to 17s 3d, only to see sellers firm at 18s. Up to £2 15s was offered for New Zealands without attracting any response. New Zealand Refrigerating continued to have a strong inquiry, the paid-up issue being wanted at the increased bid of 18s, while the contributing shares rose to 8s 8d (buyer), and 08 (seller). Westport Coals were wanted at £1 Is 6d with a seller forward at £1 2s 2d. A sale of British Tobaccos was reported at £2 12s and business was done in Crystal Ice at £2. An odd lot of McKenzies Stores realised £2 Is 6d, at which figure further supplies were sought A parcel of New Zealand Woolworths made 17s lOd and there was business in ordinary Elec- ; trolytic Zincs at £3 2s. . Broken Hill Proprietaries, Australian Consolidated Industries and G. J. Coles continued firmly in demand, but sellers valued the shares above buyers’ quotations. YESTERDAY'S TRANSACTIONS Sale's Reported

LATEST QUOTATIONS The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— N.Z. GOVERNMENT LOANS

LOCAL AND OVERSEAS MARKETS

N.Z. MINING

DIVIDENDS AND CALLS EARLY DISTRIBUTIONS The following is a list of shares on which dividends will shortly be payable: — •Martha —Interim, 6d stg, a share (free of British income tax To-day •Dominion Pictures —pref., 1J years, at 6 p.c. p.a Nov. 8 •D.LC.—Final, pref., 2J p.c.; o:rd., 6 p.c Nov. 11 New Zealand Paper Mills —int, 3 p.c Nov. 15 •Burns Philp—lnterim, 5 p.c. Nov. 15 A.C.l.—lnt., 3J p.c Nov. 16 •Bycroft—lnt, 4 p.c Nov. 16 •Waihi Investments —Yearly 3 p.c. stg. (less British income tax) Nov. 17 •Dunedin Brewery—lnterim 3 p.c. Nov. 27 •Broken Hill Proprietary—lnterim, Is 3d a share .. .. Nov. 29 National Bank of Australasia Interim, 3 p.c. Nov. 29 Emperor—Fifth, 6d a share .. Nov. 30 1.C.1. (London)—Ord. stock, 3 p.c. stg Dec. 1 Loloma —Seventh Is per share plus bonus 6d Dec. 8 Bank of New Zealand—lnterim, ord. Is per share; long “D,” 33 p.c Dec. 9 CALLS DUE G. J. Coles—New, 10s a share Jan. 31 A.C.l.—New, 5s a share .. ~ Mar, 31 •Quoted ex dividend on Stock Exchange. NORTHERN EXCHANGES AUCKLAND Sales on 'Change

WELLINGTON Sales on 'Change Broken Hill Proprietary

CHRISTCHURCH Sales on ’Change New Zealand Government

CLUTHA AND MOLYNEUX SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Oct. 31. Share quotations: Clutha River—buyers 7||d, sellers 10id; Molyneux buyers Id, sellers 3d. WESTPORT COAL COMPANY DIVIDEND RECOMMENDED The directors of the Westport Coal Company, Ltd., in their annual report and balance sheet will recommend the payment to all shareholders on the register on November 1 of a final dividend for the year of 6d per share payable on November 20, making a total distribution of Is per share for the year.

PRICES OF ORANGES OPPOSITION BY FRUITERERS GOVERNMENT SYSTEM UNWORKABLE (Per United Press Association) WELLINGTON, Nov. 1. A unanimous decision not to adhere to the prices for oranges fixed by the Government until representations have been made to the Minister of Marketing. was reached at a combined meeting of retail fruiterers of Wellington, the grounds stated afterward to be that, the sale of oranges would definitely be curtailed, and that the prices at which they were being sold in the majority of shops were lower than those fixed by the Government. The principle of fixing prices for such a perishable commodity, in the opinion of fruiterers, was completely unworkable, because so much depended on the quality and amount of handling and storage. The minimum supply for 14 days must be carried by the retailer, which meant in some cases considerable depreciation in the fruit because it was not delivered to the fruiterers on arrival in New Zealand, but in greater or lesser quantity, and is held in cool and other stores. MINING NEWS GREY RIVER RETURN (Per United Press Association) WELLINGTON, Nov. 1. The Grey River Dredging Company reports for the period ended October 31 that 105 hours were worked, 77,436 cubic yards of material being treated for 295J0z of gold. MOLYNEUX GOLD DREDGE For the period ended October 27, the Molyneux Gold Company’s dredge recovered 2170 z of gold. ARGO GOLD DREDGING CO. annuaiTreport The annual report of the Argo Gold Dredging Company, Ltd., for the year ended July 31, states:—The average weekly returns were 53.850 z, compared with 77.30 z for the previous year. The average value of the ground has fallen off slightly, and the average depth is 18 feet compared with 24 feet ior the previous year. The area of ground dredged for the year comprised 19 acres, which leaves 111 acres of dredgeable ground yet to be worked. The actual digging time during the past year shows a decrease on that for the previous year. Several factors account for this, the two most important being the installation of the new ladder and the complete overhaul of the dredge. A . „ nj The costs per cubic yard at 4.70 d have increased compared with 3.80 d for the previous year. Shorter dredging time and the extra expenditure incurred in effecting renewals and repairs were chiefly responsible for the extra cost, plus increased cost of spares and renewals. The total gold production for the year was £20,272 17s lOd, less export duty £1448 16s sd, and realisation expenses £2Bl 5s Id, leaving a net return of £18,542 6s 4d. The average net price received per crude ounce of gold was £8 0 I.Bd. The total amount of gold duty paid by this company on its total gold production won during four years’ operations, amounts to £7254 18s lOd, a most impressive figure. During the year four dividends of one penny per share each, aggregating £BOOO were distributed, and the reserve fund increased from £2600 to £4200. At last annual report shareholders were advised that the question of acquiring other dredging ground was under consideration, and an area had then been selected and scout boring operations were in progress. The results proved unpayable and therefore the area was abandoned. Since then no other suitable area has been located. WAITAHU GOLD MINING COMPANY ANNUAL REPORT The annual report of the Waitahu Gold Mining Company, Ltd., states:— The year’s work consisted of the sluicing of three paddocks and the commencement of a fourth paddock. The ground worked for the year comprised 10,600 square yards of bottom. Again shortage of water during the year materially interfered with gold production. The gold won during the six months ended January 31, 1939, totalled 2950 z Idwt, when only 716 hours’ work was lost through water shortage; during the next six months 2090 z 2dwt were won, the hours lost through water shortage being 2028 hours. The value of the ground had, however, improved during the latter period. The returns won from the next paddock are not included in the year’s accounts, although 248 hours’ stripping and elevating work had been carried out, and that expense included in the accounts for the year. For the ten weeks ended October 8, the gold won totals 1670 z lldwt. Despite the increasing costs of operating the claim, because of the higher rates of wages now payable, the cost of material treated has been kept within the company’s income on ground producing only 4d per cubic yard, and this is due entirely to the efficient working of the claim. The profit for the year. £684 15s 3d, has been transferred to Profit and Loss Appropriation Account, which account shows details of the dividend paid in September, and provides for income tax payable consequent on payment of such dividend.

Fraser and Co., selling agents for Otago and Oamaru egg circles, report as under: — Eggs: Poultry farm eggs, Is 4d to Is 5d per dozen; second grade, to Is Id per dozen. Dairy butter: Pats, Is; bulk, Is Oid. Pigs: Good bacon weights. 6Jd to 7d per lb; overweights, 3d to 4d per lb: porkers, 7d to 7Jd per lb. Chaff, £5 15s to £G per ton, sacks extra. Whole fowl wheat to 6s 6d per bushel. Honey, 7d to 8d per lb; 21b pottles. Is 6d; 51b tins, 3s 9d; 101 b tins, Bs. , Poultry: White Leghorn hens, 4s to 5s 6d; heavy breeds, 5s 6d to 7s; Cockerels: Light, 2s 3d to 4s; heavy 7s to 8s; roosters. 2s to 3s, Ducks, 3s to 6s; ducklings, 5s to 6s (all per pair). Turkeys: Required; gobblers. lOd to lid per lb, live weight; hens, 7d to 8d per lb. ~ , . , We stock "Palmers” chick food, “South Otago” meatmeal. Leg rings Is per dozen. (Special quotes for quantities.) „ „ We are Otago agents for: “Champion ” egg -crates, “ Isco ” cod liver oil for poultry—prices on application. Consignors, please note that all pigs and poultry must arrive not later than Wednesday morning of each week. We have a stock of poultry crates on hand for use of our clients.

INVERCARGILL MARKETS GRAIN AND PRODUCE GOOD CLEARANCE OF OATS (Special to Daily Times) INVERCARGILL. Nov. 1. The browntop market has been active during the past week, a number of overseas orders being available. Business in other produce lines has not been very animated. Oats. —A good clearance has been made from merchants’ stores, and this will relieve the storage space for wool which will be coming to hand from now on. There was a good demand for seed oats during the past season and this accounted for a good proportion of the stocks previously held. Shipping business during the past month or two has been steady. Practically no oats are offering from growers at the present time. Values nominally range from 2s 2d to 2s 6d for grade oats, and from 2s to 2s 2d for under-grade. Wheat.—Almost all the milling wheat available has now been purchased by millers. A quantity of fowl wheat is still on hand, and the value for good whole fowl wheat of good quality is 4s 9d a bushel, 0.t.c.5.. sacks extra. Lower grade lines are saleable only al reduced values according to merit. Browntop.—The valqe to growers for machine-dressed seed is Is 2£d for certified and Is Id to Is lid for uncertified. Chaff.—Very little demand exists for chaff and the supplies offering by growers exceed the requirements. The value to growers for good bright quality is £3 10s, 0.t.c.5., but merchants are disinclined to use their storage space for holding more than their requirements. Ryegrass.—Practically all seed which has shown satisfactory germination has been (jealt with by merchants. There is, however, still q considerable quantity of seed of lower germination in store, and this is being handled by merchants on growers’ account and is very difficult to clear. Potatoes. —Stocks are practically exhausted and there is nothing being offered from the country. It is also difficult to procure supplies from the north, and any growers holding stocks can command their own prices within reason. PROPERTY SALES Messrs Haggitt, Duthie and Campbell report considerable activity in real estate. Their sales during the last two weeks include Mr McDonald’s residence, 505 Main South road, to Mr Black: Mr Watson’s freehpld, 27 Dick street, to Mr Murray; the leasehold property of Mr Blackledge, 78 Anderson’s Bay road, to Mrs Bayly; the freehold of Mr Cameron, 22 Wills street, to Mr Blackledge: the brick bungalow of Mr Marriner, 37 Forfar street, to Mr Watson; and the wooden bungalow, No. 40 Argyle street, Mr Brookes to Mr Williams. COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of October 31:— At yesterday’s auction all grades were in keen demand, common and medium teas were firm to dearer, and fine quality teas were steady at last week’s rates. One million and a-quarter pounds will be offered at next week’s sale.

AUSTRALIAN STOCK EXCHANGES

BRIGHT TONE IN SYDNEY (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Nov. 1. (Received Nov. 1, at 10 p.m.) Share prices were mostly very steady on the Stock Exchange to-day. The declaration of Russian neutrality caused a brighter tone this afternoon, when trading became active. The Morning Sales

Huddart, Parker (ord.; late Tuesday) £ s. d. 3 2 3 3 2 6 British Tobacco 2 12 0 Crystal Ice .. ... •• •• 2 0 0 McKenzies Stores (odd lot) 2 16 Woolworths (New Zealand; ord.) • • 0 17 10 Electrolytic Zinc (ord.) .. 3 2 0 Nokomai .... .. •. 0 1 10 Sales Reported Alter Last ; Call New Zealand Breweries .. 1 16 3 Electrolytic Zinc (ord.) .. 3 2 0

Buyer. Seller. £ s. d. £ s. d 31 p.c. Stock, March, 97 10 0 1941-43 .. —• 3J p.c. Stock, Sept., 97 10 0 1941-43 •• —*■ 3| p.c. Stock, May, 97 10 mil-52 0 4 p.c. Stock, March, 1910-43 98 S 0 4 p.c Bonds, 1943-48 .. 98 10 0 — 4 p.c. Stock, 1943-48 .. 98 10 0 — 4 p.c. Bonds, 1946-49 .. 97 10 0 — 4 p.c. Stock, 1946-49 .. 97 10 0 — 4 p.c. Stock, Nov., 98 0 0 ->• 4 p.c. Bonds, 1952-55 ,. 97 5 0 — 4 o.c. Stock, 1952-53 ,. 97 5 0 98 — 4 p.c. Stock, 1954-58 .. 97 10 0 0 0 4 p.c. Stock, 1818 ., 100 7 6 BANKING New Zealand (£1) •• 1 19 9 2 0 6 Commercial (10s) 0 IS 9 0 10 0 KS. and A. (£3) .. 4 15 0 2 — Natl, of N.Z. (£2 10s) — 3 0 Union of Aust., Ltd. (#5) 7 3 6 INSURANCE National (7s) .. .. 0 17 3 0 18 0 New Zealand (£1) ■ • 2 15 0 South British (£1) .. 2 4 8 — Standard (£1) .. •• 2 15 3 SHIPPING Huddart, Parker (ord.; 3 £1) — 3 0 U.S.S. Co. (pref.; £1) 1 9 6 MEAT PRESERVING N.Z. Ref rig (paid; 0 18 £1) 0 N.Z. Ref rig. (cont.; 0 8 9 10s) 5 0 0 South. Frozen Meat (paid; £1) •• •• 1 7 9 LOAN AND . AGENCY Goldsbrough, Mort 1 11 1 10 (£1) Natnl. Mortgage (£2) Otago Farmers’ Co-op. 0 0 2 *0 0 (3s 4d) .. .. •• 0 1 9 — Trustees, Executors 4 9 0 COAL AND OIL Kaitangata (16s) .. .. 1 7 « — Westpor (10s) .. .. 1 1 8 1 2 2 Westport • Stockton (ord.; 10s) .. .. .. — 0 4 0 Taranaki OH (£1 4s S 6 7d) 0 4 0 5 GAS Auckland (£1) .. •• 0 15 0 — Wellington (£1) .. •• Christchurch (£1) .. 1 7 1 4 6 9 - WOOLLEN COMPANIES Bruce (ord.; £1) 0 11 0 — Bruce (pref.; £1) .. 0 18 0 — Kaiapoi (ord.; 17s) .. 0 11 0 — Kaiapol (pref.; 17s) .. 0 14 6 — Mosg’iel (£4) .. .. *9 1 0 10 Wellington (ord.; £5) — 5 0 MISCELLANEOUS Australian Founda9 0 3 Australian' Consold. 2 0 Indus. (£1) .. •• 0 — 6 British Tobacco (£1) 2 11 6 2 12 Broken Hill Pty. (£1) D.I.C. (pref.; £1) .. 3 18 1 1 0 0 4 0 0 Dominion Fertiliser 6 (£1) 1 4 G. J. Coles (ord.; £1) 3 18 0 4 X 0 Kauri Timber (£1 5s) 1 1 6 — Macduffs, Ltd. (ord.; 2 £1) 0 2 — Milburn Lime and 1 15 6 Cement (£1) .. .. McKenzies Dept Stores " N.k Drug Co. (£2) .. 2 1 3 8 8 6 * N.Z. Newspapers 10 9 (16s 8d) .. , 6 1 N.Z. Paper Mills (£1) 1 « — Otago Dally Times 2 8 (£1) — 0

Smith and Smith (pref.; £1) .. .. — 1 1 0 Woolworths (ord.; 5s) 0 17 9 — Woolworths (Syd.: ord.; 5s) — 1 5 6 Woolworths (South Africa) 0 14 8 — BREWERIES New Zealand (£1) .. 1 16 0 1 18 6 Dunedin (£1) .. .. — 1 5 0 OVERSEAS MINING Broken Hill South (5s) — 1 13 0 Electro. Zinc (pref.; £1) — 3 4 0 Electro Zinc (ord.; £1) 3 1 8 3 2 6 Emperor Mines, Fiji (10s) 0 11 3 — Mount Lyell (£1) — 1 12 9 Mount Morgan (2s 6d) 0 9 10 0 10 2 Mt Morgan (pref.: 12s i 1 u — Wellington Alluvials .. — 0 4 0

lustra' N.Z Mining (.Cl) .. .. . . 1 6 0 Big River (Is) . . — 0 1 0 Gillespie’s (Is) . . 0 0 10 Mossy Creek (Is) , . 0 0 11 New River , , 0 1 0 Nokomal (5s) ..019 0 2 0 Okiirito (5s) — 0 2 9 Waltahu (5s) — 0 i 0 • Ex dividend.

£ s. d. Stock, 1953-57, 3J per cent. 92 0 0 Stock, 1046-49, 4 per cent. Commercial Bank of Aus97 15 0 tralia 0 15 10 Bank of New South Wales 29 17 6 Bank of New Zealand New Zealand Insurance 2 0 0 (late Tuesday) .. .. 2 15 6 South British Farmers’, Auckland (B 2 5 6 pref.) 0 18 6 Pukemiro Coal .. .. .. 0 14 6 Auckland Gas .. .. .. 0 15 3 Huddart, Parker (late Tues.) 3 2 3 Broken Hill Proprietary (2) Bycroft (new 15s paid; late 3 19 4 Tuesday) .. .... .. 1 9 6 Colonial Sugar Consolidated Brick (late 51 12 6 Tuesday) 0 7 9 Donaghy’s Rope 2 7 6 Electrolytic Zinc .. Wilsons Cement (odd lot; 3 2 3 late Tuesday) 0 17 9 0 17 10 Woolworths (Sydney) 1 5 1 5 2 I Emperor (late Tuesday) .. 0 11 6 Mount Morgan 0 10 1 Rawang Tin 0 10 0 Grey River (late Tuesday) Woolworths Holdings (Sth. 0 16 10 Africa) Unlisted Stocks 0 15 1 Hellaby’s 5 per cent. pref. 1 0 0 SelEridges (Aust.) .. .. 0 9 9

(late Tuesday) 3 19 2 Big River (late Tuesday) .. 4 per cent. Stock, 1943 0 0 6 98 15 0 4 per cent. Stock. 1948 .. 100 17 6 4 pier cent. Stock, 1958 (2) 97 17 6 New Zealand Breweries (2) 1 16 3 Colonial Sugar 52 0 0 51 12 6 Consolidated Brick .. .. 0 7 10 Dunlop Rubber (2) .. .. 1 1 0 Electrolytic Zinc (ord.) .. 3 7 2 9 0 n Australian Consolidated Industries (cont.) .. .. 0 13 6 Broken Hill Proprietary (2) 3 19 6 G. J. Coles 3 19 0 Macduffs (ord.) 0 2 6 (pref.) 0 7 4 Taranaki Oil 0 5 6 Woolworths. Ltd. 1 5 0

, 4 per cent. Inscribed, 1955 97 17 6 New Zealand Refrigerating 8 9 (10s paid) .. .. •• •• 0 Westport - Stockton Coal 8 (pref.; 2) 0 7 Christchurch Gas .. .. 1 b 0 Taranaki Oilfields .. ■ ■ 0 5 6 Woolworths (Sydney: ord.) 1 1 5 5 3 2 Argo Gold 0 i 3 Grey River 0 17 0 Pla.cer Development .. .. 4 3 0 Sales Reported New Zealand Government 4 per cent. Inscribed, 97 12 6 1949 (late Tuesday) New Zealand Insurance .. 2 15 6 Goldsbrough, Mort .. .. 1 ii 9 New Zealand Brewries (5) 1 16 3 Tooths Brewery 2 17 0 6 Donaghy’s Rope 2 1 7 1 0 1 1 2 Electrolytic Zinc (pref.) .. 3 3 3 Woolworths (South Africa) 0 15 0 Broken Hill South (cum ciiv.) • • 1 12 3 Unlisted Stock Reece. Ltd. (pref.; 2) 0 2 10

£ s. d. Commercial Bank of Sydney 18 10 0 Bank of New South Wales 27 1 0 Australian Con. Industries 1 15 9 Australian Con. Industries (contr.) 0 12 1 Broken Hill Proprietary .. 3 9 6 G. J. Coles 3 8 3 Electrolytic Zinc .. .. 2 15 6 Kandos Cement 1 9 3 Additional Sales Bank of New South Wales 27 1 0 Comm. Banking of Sydney 18 12 0 Comm. Bank of Australia 0 14 6 Associated News 0 16 4 Associated News (pref.) .. 0 19 6 Howard Smith 1 2 4 Coles 3 8 3 Australian Con. Industries 1 15 10 Australian Con. Industries (contr.) 0 12 1 Cash Orders 0 15 9 Sargents 1 7 6 Electrolytic Zinc 2 10 0 Electrolytic Zinc (pref.) .. 2 17 0 Mount Morgan (N.Z. del.) .. 0 9 3 Broken Hill Proprietary .. 3 9 3 MELBOURNE, Nov. 1. £ s. d. Bank of Australasia .. .. 7 15 0 National Bank (£5 paid) 6 2 0 Dunlop Perdriau .. .. 0 17 8 Consolidated Industries .. 1 15 9 Consol. Industries (contr.) 0 11 9 Mount Morgan 0 9 2 Loloma 1 4 3