COMMERCE AND FINANCE

Otago Daily Times, Issue 23985, 7 December 1939, Page 6

COMMERCE AND FINANCE

THE SHARE MARKET j DUNEDIN STOCK EXCHANGE GENERALLY STEADY TONE . i Practically no business was recorded on. Ih» Dunedin Stock Exchange yesterday, but the'inquiry lor the majority of sound; investments remained steady. Government loans remained unchanged,, but sellers did not respond to inquiries.;' Bank o:E New Zealands continued to show: a slight improvement, the closing buying ofi'er being £1 19s 6d, but sellers remained firm at £2 Os 3d. E.S. and A. Banks also advanced, fractionally, buyers being prepared to go to £4 13s, but without re-, sponse. ' National Insurances were in-, quired for at the slightly improved priceof 18s 3d. i Buyers of Kaltangata Coals offered the; firmer price of £1 9s 6d without sellers; showing any interest, but ordinary Bruce; Woollens eased a fraction, buyers’ best; offer being 15s 9d, while sellers would not: accept less than 17s. Australian Consolidated Industrials met with an inquiry at £2 Is, .and G. J. Cole's shares advanced ls : to £4 2s, but in, neither case was there any response from sellers. In Australian mining shares ordinary Electrolytic Zincs were on offer at £3 4s without an ■ answer from buyers, but Mount Lyells were offer ed for sale at the. slightly lower price of £1 11s 6d. Sellers of Mount Morgans were prepared to quit at 10s* 2d, buyers remaining unchanged at 10s, YESTERDAY’S SALES DUNEDIM Sale Reported £ s. d. Farmers Trading Company .. 016 9 AUCKLAND

LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) LONDON, Dec. 5. Bank of Australasia, 113 s 9d; E.S. and A. Bank, 67s 6d; Union Bank of Australia, 115 s (nominal); Bank of New South Wales, £l9 15s (nominal); National Bank of New Zealand. 29s 9d (offered); Bank of New Zealand, 26s 6d (nominal); British Tobacco, 35s (nominal): Goldsbrough, Mort, 19s 4Jd (nominal): Dalgety, 90s (nominal): P. and O. Deferred, 21s 9d; New Zealand Loan and Mercantile, 4 per cents., £6B 10s (nominal); ordinary, £l6 (nominal). CHICAGO WHEAT PRICES HIGHEST FOR TWO YEARS (United Press Association) (By Electric Telegraph—Copyright) CHICAGO, Dec. 5. The highest wheat prices for two years, 95 cents a bushel for the December delivery, were established when surveys were* published indicating that the recent drought gave winter wheat the poorest start on record, below 60 per cent, of the normal. It is feared that the crop is the smallest since 1933, estimated at from 375,000,000 to 404,000,000 bushels from 41,300,000 to 43,900,000 acres. NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Dec. 5. New Guinea gold shares are quoted at la Bid. ; ' BULOLO SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Dec. 5. Bulolo shares are quoted at 08s 9d,

LOCAL AND OVERSEAS MARKETS

LATEST QUOTATIONS BANK OF NEW ZEALANDS STRONGER The following are yesterday afternoon’s buying and selling quotations on the Dunedin Stock Exchange, which are subject to the usual brokerage:— Government Loans ;

DIVIDENDS AND CALLS

The following is a list of shares on which dividends will shortly be payable:— E.S. and A. Bank—final. 31 p.c. Dec. 7 Oamaru Wool—yearly, 6 p.c. .. Dec. 7 N.Z. Breweries —Int., 4 p.c. .. Dec. 8 Loloma—Seventh, Is per share. plus bonus, 6d Dec. 8 ‘Bank of New Zealand—lnterim ord.. Is per share, long “ D,” 3J p.c. .. Dec. 0 •Woolworths (N.Z.)—final, 11 p.c. Dec. 15 Kanieri—First, Is a share .. Dec. 15 •Broken. Hill South—final, 6d a share .. .. Dec. lo Golden Sands—lnt., 2d a share Dec. 15 Dominion Breweries—lnt., 51 pc •• •• •• •• •• • • • • Dec. iv •Mount Lyeli— final, Is a share .. Dec. 18 Regent Theatre, 21 p.c. .. .. Dec. 18 •Tui Brewery—final, 9d a share Dec. 22 Morris Hedstrom—lnt., ord., 3 p.c • • • Dec - 31 j Calls G J. Coles—new, 10s a share Jan. 31 ‘ Woolworths Properties—new, ! final, 10s a share .. .. .. Feb. 3J A.C.I. —new, 5s a share .. .. Mar. 3X i» Quoted ex dividend on Stock Exchange FOREIGN EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Dec. 5. New York, dollar to £1 •• *- 03 Paris, franc to £l. .. •• •• Montreal, dollar to £1 •< Amsterdam, florin to £1 .. 7.55 Switzerland, franc .to £1 ... - Stockholm, kroner to. £1 •• 16.80 Athens, drachmae to £1 .. 540 Lisbon, escudo to £1 16.80 ■Kobe, pence to yen .. •• Hongkong, pence to dollar.. 30. is Shanghai, pence to dollar .. 4 9-ie Brussels, belgas to £1 i Rome, lire to £1 f; -1 ' 3 Tokio, pence to yen .. .. « ■ Copenhagen, kroner to £l.. Milan, lire to £1 Fraser and Co., selling agents for the Otago and Oamaru Egg Circles, report as Ul^ggs!— Poultry farm eggs, Is 6d to Is 7d per dozen; second grade, to Is 3d per f°Dairy butter: Pats, lid to 1« bulk Is Id. Good bacon weights, 6Jd to to per lb; overweights, 3d to 4d per lb, porkers, 7d to 7Jd per lb. ch T a^„ ] £ ®ta! tn £6 ner ton, sacks extra. Local pota toes 3d per lb. Whole fowl wheat, to tVSJSTi. WVM 8 ® 10 poultry: B White Leghorn hens 4s to 2 s to 3s; ducks, 3s to 6s; du okUngs, sf> to 6s. all per pair: turkeys U v e wetebL gobblers lOd to Ud per lb. live weigni, hens 7d to 8d per lb. South We stock Palmer’s chick food, bourn Otago meatmeal. Leg tings. Is P er do (special quotes for quantities). We are Otago agents for Champion egg crates, Isco cod liver oil for poult y, prices on application. , Consignors, please note that all pigs poultry must arrive not later than nesday morning of each week. We hav a stock of poultry crates on hand tor use for our clients.

SOUTHLAND MARKETS

QUIET PERIOD EXPERIENCED GOOD PROSPECTS FOR RYEGRASS (Special to Daily Times) INVERCARGILL, Dec. 6. _ There Is no business in oats. Merchants stocks are practically exhausted and there are no offerings from farmers. Generally, at this time of the year, merchants show no keenness as they are busy with wool and require the space In th eir stores. Values nominally range from 2s 2d to 2s 6d a bushel for grade oats. The whole of the production of last season's milling wheat has been marketed. There is, however, a fair quantity of fowl wheat available, but it has been dull of sale. Value to growers for good fowl wheat is 4s 9d a bushel on trucks country sidings. „ , , , The chaff market is confined to supplying local requirements which at present are limited. There is a good deal of chaff offering, but merchants are buying only for their immediate requirements. The quotation for good bright quality is £3 10s a ton on trucks, country sidings. Southland crops of ryegrass are making good progress, and if there is a period of fine, dry weather they should soon be In flower. It seems likely that the yield will be below normal. This applies particularly to the pseudo type of Southland seed, as many farmers have turned to certified seed which offers a better market. Although no values can be Indicated, prospects appear to be good, provided that germination Is satisfactory. The seed will come on to a bare market with the exception of some of the past season’s seed, which is of low germination. The brown top market has eased cause of a lack of overseas inquiry. The value to growers for machine-dressed seed has dropped to Is Id for certified seed and to Is for uncertified seed. There has been some activity In clover and cow grass. Continental prices have been steadily advancing and they have provided an overseas outlet. White clover of good quality and germination has met with an export demand, and cowgrass also has been sought after. It is early yet to be able to give an indication about the crop prospects for, Chewings fescue, and also of the probable value. As most of this seed is exported, prices will depend largely upon overseas inquiry. A lack of supplies of old potatoes has caused business in this market to be temporarily suspended. MINING NEWS MARTHA MINE RETURN The following Information has been cabled to the London office of the Martha Gold Mining Company (Walhi), Ltd., for the period ended November 19: Crushed 14,611 tons for a result of 34660 z fine gold and 31,9620 z fine silver. The crushing time was 19 days. MOONLIGHT GOLDFIELDS DIVIDEND OF 3 PER CENT. (Special to Daily Times) CHRISTCHURCH, Dec. 8. Moonlight Goldfields, Ltd., has declared a dividend of 5 per cent. WAITAHU REPORT Messrs W, A. Mltson and Co., the secretaries of the Waitahu Gold Mining Com-' pany, Ltd., report that a break has occurred in the water race on account of a slip caused by heavy rainfall in the country through which the race traverses. This break has necessitated the stoppage of sluicing operations. It is estimated that it will take about three weeks to carry out the work necessary to adjust this, as a short tunnel may be necessary. GREY RIVER RETURN The Grey River dredging return for the period ended Tuesday is as follows: In 134 J hours 103,567 cubic yards of material was covered, yielding 388 oz of gold. The total for November from 431,456 cubic yards of material was 16350 z. NATIONAL ELECTRIC COMPANY DIVIDEND RECOMMENDED The National Electric Company has advised the Stock Exchange Association of a dividend recommended for the year of 6 per cent., payable on December 15. WOOLWORTHS PROPERTIES HALF-YEARLY DIVIDEND Woolworths Properties announce a dividend for the half-year ending December 31 of 6 per cent, per anrium on the preferred and ordinary share capital, payable on January 15 next. GORDON AND GOTCH, LTD. NET EARNING DECLINE Gordon and Gotch (Australasia). Ltd.. Melbourne, earned a profit of £46,245 for the six months ended September 30, making a total profit for the 12 months of £90,089. For the previous 12 months the profit amounted to £98,717, and in 1936-37 to £97,480. The latest six-monthly profit of £46,245 compares with £50,883 shown in the corresponding period of the previous financial year. AUSTRALIAN STOCK EXCHANGES GOOD GAINS IN INDUSTRIALS

CLAUDE NEON (NX), LTD. NO DIVIDEND RECOMMENDED (Special to Daily Times) AUCKLAND, Deo. 6. A net profit of £SOOB is reported by Claude Neon Lights of New Zealand, Ltd., for the year ended September 30. The result is struck after provision for all charges, Including depreciation and taxation, and compares with £5864 a year ago. The value of contracts current is stated at £218,276, which is £30,409 in excess of last year. With £5210 brought In, there is a balance of undistributed profit of £10,218, which the directors propose to carry forward. The report mentions, as Indicated in the chairman’s speech last year, that the directors consider it advisable not to recommend a dividend. In view of heavy payments for Income and social security taxes amounting to £6004 due early n<?xt year it is considered advisable to conserve the funds. Taxation, it is stated, now represents 10s lid in the £. as against 7s 6d.ln the £ lagt year and 5s lOd five years ago. It is anticipated that, unless there are unforeseen circumstances, dividends will be resumed next year, WILTON COLLIERIES DIVIDEND UNCHANGED (Special to Daily Times) AUCKLAND, Dec. 0. The profit of Wilton Collieries (1934), Ltd,, for the year ended October 31 was £4471, against £3843 in the previous year. A final dividend of 3 per cent, is recommended, making 6 per cent, for the year. This is the same as last year. MOUNT LYELL SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, Dec. 5. Mount Lyell shares are quoted at 20s 3d. MOUNT LYELL MINES NEW ORE RESERVES Development work carried out by the Mount Lyell Mining and Railway Company, Ltd., In the mine at Queenstown, Tasmania, In the year ended September 30 opened up additional ore reserves of 408,000 tons. In the year 1,094,611 tons of ore were extracted from the mine, the directors state in their annual report. Total reserves, therefore, were reduced by 688,111 tons. At September 30 the reserves were estimated at 10,458,000 tons. Copper content of the ore extracted in the year was 1.40 per cent., a decrease of .08 per cent., compared with the previous year. Average assay values of ore in the mine at present are copper 1.52 per cent., silver .lloz, and gold .015 oz a ton. Of the 1,094,611 tons mined, 1,085,933 tons were treated by the concentration plant. This Is an Increase of 53,805 tons on the previous year. Copper output rose from 12,676 tons In 1937-38 to 13,298 tons. Ore reserves in the company's mines at September 30 were as follows: North Lyell, 111,000 tons; Lyell Comstock, 473,000; Crown Lyell, 136,000; Royal Tharsls, 2,250,000; West Lyell, main section, 4,225,000; Prince section, 3,063.000; Lyell Tharsls, 200,000; total, 10,458,000. Profit for the year was £161,189, and the dividend rate Is 6d a share. Depreciation Is shown at £65,009, prospecting and development £28,177, taxation £37,601; reserves, £1,298,448; and surplus liquid assets, £435,637. N.S. WALES WHEAT CROP FINAL OFFICIAL FORECAST The final official forecast of the current season’s wheat yield In New South Wales is 66,000,000 bushels. These figures were made available by the Director of Marketing, and cover all grain, regardless of quality and irrespective - of whether it Is to be marketed or retained for use on farms. At the time of issue of the first official forecast the outlook for a high aggregate yield was very encouraging. There had been a dry spell in the north-west and excessive rains in the south, but. these factors notwithstanding, the preliminary official forecast, based upon conditions in the whole of the growing areas as at October 5, was for a harvest of 64,500,000 bushels. . ~ . , New South Wales Is the leading wheatproducing State of the Commonwealth, with an average yield for the five seasons ended 1938-39 of 53,480.000 bushels, compared with which, and with last season’s recorded yield of 59.124.000 bushels, the preliminary forecast for the current season. 1939-40, pointed to an exceptional crop. The merit of the current season, as Indicated by the preliminary forecast, was further emphasised by the fact that the total area estimated by the State Government Statistician to have been sown to wheat for grain was less than last year's acreage by 142,600. E.S. AND A. BANK INCREASE IN GROSS PROFIT Net profit of £245,294, compared with £280,593 in the previous year and £276,127 In 1937, is shown In the accounts of the English, Scottish and Australian Bank, Ltd., for the year ended June 30. The dividend rate Is unchanged at 7 per cent., although the net return to New Zealand shareholders is slightly lower at about £6 14s 9d per cent., after allowing for English income tax. A cabled summary of the accounts from London shows that, although gross profit rose by £27,205 to £1,295,817, expenses, Including taxes, increased by £62,504 to £1,050,523. The directors propose to transfer £SOOO to officers’ providend fund, £30,000 to contfngency reserve, £15,000 to general reserve, and £35,000 to the reduction of bank premises account, leaving £304,366 to be carried forward, as against £307,697 brought in. COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of December s:—All grades were In good demand, common kinds advancing about Id, and medium and fine teas were Jd to 2d dearer than last week. A total of 1.500,0001 b has been catalogued for auction next week.

4 p.c. Stock, 1954 97 0 0 Auckland Harbour Board, 1933 (41 p.c;: late sale) 102 0 0 Amalgamated Brick (Welling98 ton, 1944 (6) 0 '0 Gisborne Sheepfarmers, 1941 99 0 (6J) 0 Commercial Bank of Aust. .. 0 16 4J Bank of N.Z. (D mort.; odd lot) 1 6 4i N.Z. Insurance 3 0 0 South British (2) 2 7 8 Auckland Gas (cont.) 0 12 0 Westport-Stockton (ord.) .. .. 0 3 7 Devonport Ferry (2) 1 1 6 Eiomlni.on Breweries .. .. 1 11 0 (rights; late sale) 0 5 7 0 5 9 0 6 6 0 6 B Tooth's Breweries (late sale) .. 2 17 6 8 3 9 0 Broken Hill Pty. (late sale) .. 4 4 4 5 6 Consolidated Brick (2) .. .. Farmers’ Trading - 0 8 8 0 16 9 I 9 3 0 2 1 Wilsons .Cement (late sale) 0 18 0 ■i 0 17 10 Woolworths (N.Z.) 0 15 11 . : v ; •• •: 1 ■ ■" 0 10 0 Woolworths (Sydney; late sale) 1 1 4 d 9 g 0 13 3 WELLINGTON 0 13 3 4 p.c. Stock. 1943 (late Tues.) .. 99 7 6 Auckland Drainage Board, 4J 0 p.c., 1948-53 (late Tues.) 100 10 Woolworths, Ltd. (2; late Tues.) 1 4 9 Commercial Bank 0 18 6 1 19 9 1 5 Mi 4 5 3 (2) 4 fi 0 4 6 0 (odd lot) 4 5 0 Consolidated Brick 0 8 9 Electrolytic Zinc (ord.) .. .. 3 3 6 0 5 4 0 18 0 Woolworths, Ltd, (2) .... Woolworths (N.Z.; 2) .. .. .. 0 17 10 1. 4 9 0 16 0 CHRISTCHURCH 4 p.c.'N.Z. Govt. Stock, 1955 .. 99 0 0 1 5 9 0 5 3 0 10 0 1 6 9 , Sales Reported Union Bank of Aust. (late Tues.) 8 8 1 0 t 0 5 9 4 5 3 3 3 6 Woolworths (N.Z.) 0 16 0

Buyer. Seller. £ s. d. £ s. d. 3j p.c. Stock. 1953-57.. 93 5 0 — 4 p.c. Stock, 1940-43 .. 99 5. 0 — 4 p.c. Bonds, 1943-46 .. 99 5 0 ‘ 4 p.c. Stock, 1843-46 .. 99 5, 0 — 4 p.c. Bonds, 1946-49 4 p.c. Stock, 1946-49 .. 98 10 0 • — 93 10 0 — 4 p.c. Stock, 1949-52 '.. 97 5; 0 — 4 p.c. Stock, 1954-58 .. 96 15 0 . — Rural Bonds .. ■. • 97 0 0 v ■ Mining ■ Addisons ... .. .. 0 0 11 > • Big River (Is) ;. .. 1 0 0 1 0 8 Clutha River (2s) .. 0 0 1 Gillespie’s Beach (Is) T8 0 0 1U Molyheux River (2s) 0 0 —* Maori Gully (13) 0 0 7| , New River (Is) — 9 0 1 0 Nokomai (5s) .. .. 0 1 0 2 0 Okarlto (5s) .. .. •*- 0 2 9 Sandhills (Is) .. .. — 0 0 Banking N.Z, (£1) 1 19 6 2 0 3 Commercial (10s) 0 16 0 ■ — E.S. and A. (£3) 4 13 0 — Natl, of N.Z. (£2 10s) 2 5 6 Insurance National (7s) .. .. 0 18 3 — Standard (£1) •• •. 2 16 8 Shipping Howard Smith (£1) •• 1 4 0 — P. and 0. Def. Stk. 1 10 (£1) .. .. •• - 6 0 U.S.S. Co. (pref.; £1) 1 5 Meat Preserving N.Z. Refrlg. (pd. £1) 0 18 10 — N.Z. Refrlg. (cont.; 0 9 3 10s) . ■ • •■ • • 0 8 11 Waitakl Farmers (£5) 4 9 0 —- Loan and Agency Dalgety and Co. (£5) 6 10 0 ■ — Goldsbrough, Mort £1) — 1 12 0 Natl. Mortgage (£2) .. 1 10 0 — Natl. Mortgage (B issue; £1) •• 1 0 0 Perpetual Trustees 6 2 0 Trustees, Executors (£3) 4 0 0 *— Gas Auckland (£1) •• 0 18 10 — Christchurch (£1) .. 1 S 3 Coal and Oil Kaitangata (16s) 1 9 6 — Westpo'rt (10s) ... .. 1 3 9 Westport - Stockton 8 (ord.; 10s) ■. . • —- 0 3 Westport - Stockton 8 (pref.; 10s) .. .. 0 0 Woollen Companies Bond’s Hosiery (£1) .. .. •• 1 0 8 • — Bruce (ord. £1) 0 15 9 0 17 0 Kaiapol (ord.; 17s) .. — 6 0 13 6 Kalapol (pref.; 17s) .. 0 IS 0 17 6 Mosgiel (£4) .. .. 9 6 0 — 9 Oamaru (£1) •• •• 6 0 17 0 6 Miscellaneous Australian Consolidated Indus. (£1) .. 2 1 0 — British Tobacco (£1) — 2 14 0 Broken Hill Pty. (£1) 4 4 3 — Brown, Ewing (pref.; 3 £1) — 1 0 D.I.C. (pref.; £1) .. 1 1 3 — Dominion Fertiliser (£1) •• 1 S 3 — Donaghy’s Rope (£1) 2 8 0 — G. J. Coles (£1) 4 2 0 —* Milburii Lime (£1) .. 1 18 6 Mort’s Dock (£1) 0 18 6 McKenzies Dep. Strs. 0 0 (£1) McLeod Bros. (£10) _ 6 27 10 Natl, Electric (£1) ■■ 0 16 — N.Z. Drug Co. (£2) 3 12 0 — Malay Rubber (pref; £1) N.Z, Paper Mills (£1) 1 1 0 6 0 , 0 - Otago Dally Times (£1) ...... •• 2 0 0 Smith and Smith (pref.; £1) .. .. 0 10 0 — Woolworths (Syd.; 8 ord.; 5s) 1 4 1 5 Woolworth’s Properties, Ltd. (6 p.c. pref. ord.; ,£1) 1 4 6 —. Woolworths Proper0 13 6 ties, Ltd. (10s paid) Breweries N.Z. Breweries (£1) .. — 1 16 3 Dominion (£1) — 9 1 11 6 Dominion (rights) .. 0 ft Australian Mining Broken Hill South (5s) 1 9 0 — Electro. Zinc (ord.; £1) .. .. .. Mount I.yell (£1) •• 3 4 1 11 0 6 Mount Morgan 2s 6d) 0 10 0 0 10 2 Placer Developments — 4 7 6 Unlisted Stocks All stocks in this section are not quoted on the official list, and transactions are subject to a different rate of brokerage:— £ S. d. £ s. d. Mackintosh Caley - Phoenix 0 4 0 0 5 0

SYDNEY, Dec. 6. (Received Dec. 6, at 10 p.m.) the Good gains were made in most of leading Industrials to-day on the Stock Exchange. The announcement of the proposed increase of £10,000,000 in nominal capital brought keen buying inquiry for Broken Hill Proprietary. The directors intend to proceed with the issue of 64 bonus shares for every 100 shares held, increasing the paid capital to £11,410,666. The Morning Sales £ s. d. Tooheys 1 8 3 Tooths 2 12 9 Anthony Hordern 0 13 9 (pref.) 0 19 3 Australian Consolidated Indus0 14 tries (cont.) 3 Broken Hill Ptyj 3 17 6 Electrolytic Zinc 2 17 3 (pref.) 2 18 6 Farmers 1 8 0 Additional Sales United Insurance 10 1 0 Howard Smith 1 3 9 Tooth’s Tooth’s (N.Z. delivery) .. .. 2 13 0 2 13 0 G, J. Coles 3 12 3 Woolworths 1 1 9 Consolidated Industries .. .. 1 16 9 Consolidated Industries (con.) 0 14 b Kandos 1 8 6 Mark Foy 0 17 0 Newbold Brick 1 11 0 Winchcombe, Carson 1 8 0 Electrolytic Zinc 2 17 6 Broken Hill Pty 3 18 6 Broken Hill Pty. (N.Z. delivery) 3 18 6 Austral New Zealand Gold .. 1 5 0 Emperor '• 0 11 G Mount Morgan 0 9 0 Mount Lyell 1 8 6 MELBOURNE, Dec. 6. £ s. d. Bank of Australasia 8 1 0 Metropolitan Gas 14 0 0 British Tobacco 2 8 8 Bradford Cotton 2 9 6 United Provisions 0 8 6 Nestles (pref.) 1 15 6 Loloma 1 4 3 Emperor 0 11 Broken Hill Pty 3 19 0 South Broken Hill 1 7 7