COMMERCE AND FINANCE

Otago Daily Times, Issue 24326, 17 June 1940, Page 2

COMMERCE AND FINANCE

MERCHANDISE MARKET TRADING DIFFICULTIES The outlook for trade in the Otago province shows no change. It is still impossible to secure many imported lines, and in other cases supplies of such goods are severely restricted. Most lines of locallv-manufaqtured goods are, on the other hand, in full supply. In a number of cases prices have been advanced following on an increase in the raw materials. With the entry of Italy into the war the position regarding importations of overseas commodities must be further affected. Cream of Tartar Amongst the cargo landed here from Australia last week was a parcel of cream of tartar and a considerable quantity of Queensland canned fruit salad. Sugar Supplies The Waipiata landed a cargo of sugar last week. The Waimarino will bring a further supply this week. Walnut Meat New season’s Chinese walnut meat will not be available for shipment from the East until November-December, and it will not therefore be in time for the fourth period licences. The position will be relieved somewhat by the fact that Indian walnut meat is now being quoted for September-October shipment. Tobacco and Cigarettes ' A number of imported lines of tobacco and cigarettes are now difficult to secure. Sicily Almonds ■ Now that Italy has entered the war the position regarding supplies of Sicily almonds is obscure. One shipment by an Italian vessel was due to arrive here in about a fortnight's time. Preserved Ginger Stocks of New Zealand preserved ginger are now diminishing, following on a shortage of' the raw material from China. Stocks in local merchandise houses are also in short compass. Some merchants are, in fact, completely sold out. Prices Advanced A North Island manufacturer of varnish stains, enamels, etc., has increased his prices by 5 per cent. Barilla soap has been advanced by Is per dozen. Oatina, 41b bags, has been increased in price by Is 6d per dozen. HOME MARKETS (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 14. Italy's entry into the war gave a fresh filip to the rising prices trend in the markets for the uncontrolled commodities. Tin and rubber quotations reached wartime records. The restrictions on transactions in cotton futures have been relaxed, and prices are expected to soar higher. Stock Exchange investors, however, continue to ignore repeated recommendations of commodity shares. The Stock Exchange generally presents a firm front. Giltedged securities maintained their strength, but the foreign bond market has suffered, Italians slumping heavily. DIVIDENDS AND CALLS The following is a list of shares on which dividends will shortly be payable:— "Mount Lyell—9d To-day 'Wilsons Cement—Final, 4Jd per share June 19 "N.Z. Breweries—Final, 4 h p.c. June 19 "J. R. McKenzie—Final, 4J p.c. June 20 Hume Steel (pref.)— Half-year, 71 p.c. .. June 20 "Bank of New Zealand—Final, Is per share June 21 Mossy Creek. Id a share .. .. June 25 Australian Consolidated Industries Half-yearly, A pref. shares at 4J p.c., making 9 p.c. per annum; B ord., 3i p.c., making 7 p.c.; C.cont. 3J p.c. June 26 North Broken Hill—Quarterly, 6d per share ... June 27 Farmers’ Trading, ord., 7 p.c, .. June 27 Imperial Chemical Industries— Final'. 5 p.c.. making 8 p.c. per annum .... July 1 Felt and Textiles (2nd pref.)— Half-yearly, 6 p.c July 1 National Mortgage—lnterim, 5 p.c, p.a •• July 1 Woolworths Properties (preferred ord.)—Half-yearly. 6 p.c. per annum July 15 Woolworths (N.Z.)— Interim 5 p.c July 15 ♦ Quoted ex dividend on Stock Exchange. FRUIT AND PRODUCE WORLD Reilly’s report selling:— Per Dozen.—Eggs: Guaranteed. 2s 8d; pullets’. 2s 3d. Carrots, Is. Parsnips, Is. Lettuce, Is to 2s. Section honey, 12s 6d. Passion fruit. Is 6d to 2s. Violets, 4s to 4s 6d. Freesias, 18s. Chrysanthemums, 6d to 2s. Mutton birds. 15s. Each.—Champion egg crates, 24-dozen, Per Half-case—Pears; Winter Cole and Winter Nelis, 4s 6d; cooking, 3s 6d. Apples; Jonathans, 3s; Delicious, 3s; Cleopatras. 3s to 3s 6d. Passion fruit. 10s to 15s. Per Case.—Lemons: Australians, 27s 6d to 43s 6d. Island oranges, 19s to 25s 9d; poorman oranges. 16s 6d. Fiji mandarines, 22s 6d to 295. Bananas: Ripes, 22s 6d. Pears: Winter Cole and Winter Nelis, 9s. Pears: Cooking, Bs. Apples: Extra fancy and fancy. Jonathans 3s 6d to 5s 6d; Delicious, 4s to 6s; Cleopatras, 5s to 7s; Stunners, 5s 6d to 7s 6d; cooking apples, 6s. Per Pound.—Grapes: Gros Colmars, 2s 2d to 2s 6d; local hothouse tomatoes. Is 3d to is 4d; tree tomatoes, lOd. Chinese gooseberries, lOd. Niue kumeras, 4d. Rhubarb, 2d. Pickling onions, l.Jd, Garlic, 4d. Butter: Storekeepers’, Is Is to Is 2d. Bacon: Prime, Is 3d. Pigs: Baconers Bd, porkers BJd, overweights 4d to sd. Clover honey, 8d to BJd. Beeswax, Is 6d. Walnuts, 8d to lOd. Per Bag.—Cauliflowers,. 5s 6d. Cabbages, 3s. Coconuts, 21s. •Per Cwt.—Marrows, to 14s. Pumpkins, 8s to 10s. Pie melon, 14s. Onions: Canterbury, 12s. Potatoes: King Edwards. 6s to 7s; Whites, 5s to 6s. Lime sulphur, 3s 9d gallon. Restar; Jgallons. 4s 6d. Semesan; 11b 8s 6d. Red Rose nicotine sulphate; 101 b 435, 21b 13s 6d, lib 7s 6d, Jib 4s 6d. D.P. Dorris for white butterfly control: 11b tins 2s 3d, 101 b tins 15s. Woodwool, 30s. Fruit wrapping paper, 2s 9d per ream. Fowl wheat, 6s 9d; second-grade, 6s. Maize, 7s 6d. Oats: Cartons, 4s 6d per bushel. Crushed oats, 12s 6d. Cross Keys meatmeal, 15s per bag. Oyster grit, 6s 6d per bag. Bran, £5 10s. Pollard, £6 15s. Chaff: 8.0.5., £7 to £7 10s. Oaten straw, £4. Hay; Clover, £5 15s per ton. Palmer’s chick food, 21s 6d per 1001 b. Per Pair—Poultry; 120 cockerels at 2s lOd to 12s, 222 hens at 3s to Bs. 32 ducks at 4s to 9s, and 21 pullets at 4s to 8s 6d per pair. REILLY’S CENTRAL PRODUCE MART, LTD., Moray place, Dunedin, C.l.

SUPPLIES FOR BRITAIN CANADIAN FINANCING PLANS (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 15. The Canadian Defence Minister (Colonel Ralston) announced at Ottawa that 74,900,000 dollars of Canadian 1940-60 registered stock was being redeemed, involving the repatriation of British-held securities and releasing dollars for the purchase of Canadian primary and manufactured products the United Kingdom needs. A British official wireless message from Rugby states that two orders relating to Canada 4 per cent, stock (1940-60) had been made by the Treasury. The first uquires holders resident in Britain to make a return of the holding not later than June 29, and under the second order the holdings are vested in the Treasury at a price which will be paid on July I—£loo 12s 6d per £IOO of stock. Dealings in holdings are restricted. MARTHA GOLD MINING INCREASED VALUE OF METAL HIGHER RETURN YIELDED (From Our Own Correspondent) LONDON, May 14. An increase of £20,000 in the sale of gold, difficulty in getting licences to export stores from Britain, the sale of gold in America by which the British Government gets dollars and the New Zealand Government sterling, and the early results of the exhaustion of the mine were points of interest made by Mr G. R. Mitchison. chairman of the Martha Gold Mining Company (Waihi), Ltd., at the annual meeting. “ The proceeds of the sale of gold and silver during the year amounted to £421,989, or some £20,000 more than the corresponding figure in 1938,” said Mr Mitchison “ The actual tonnage crushed was some 8000 less, and a corresponding reduction in the amount of gold obtained was only partly offset by an increase in the silver produced.” Increased realisations were due partly to improvement in the grade of ore treated, and partly to the rise in the price of gold. due to the war and on the devaluation of sterling. The rise only operated during the last three months of the year, so that the average price obtained per fine ounce was about £7 14s 7d, as against £7 2s 7d in the previous Of the increase due to the rise in the price, 75 per cent, was payable to the New Zealand Government as a special war duty, and was additional to the export duty and the special export duty. Mining costs were higher than In 1938. The profit and loss account showed a balance of about £137,000, being £SOOO more than in 1938. Out of that £70,217 was paid for taxes, about £12,400 more than in 1938 While the total dividend of Is 3d per share free of tax cost under £62,000, the company paid or provided in taxes and duties on gold a total of over £IOB.OOO to the British and New Zealand Governments. No Fresh Discovery Regarding mining operations, no fresh discovery of importance was made. At the end of the year reserves were depleted by 17,157 tons in general account 'and 8187 tons in suspense account. They were small reductions in comparison with the year’s output of 196,745 tons. " Looking back, I find the mining results perhaps a little better than we expected a year ago,” Mr Mitchison said. " There has been a fall in tonnage; but on the other hand there has been some improvement in the grade of ore treated. There will be further falls in tonnage in subsequent years, and they will necessarily involve increases in working costs. Stores are a troublesome matter. The rise in their cost is serious, and we .find difficulty in getting the necessary licences to export them from England. Consequently we have to buy in Australia some of what we used to buy in England. Sale of Gold " You will, be interested to know that our gold is sold in America. The resulting dollars go to the authorities in London in exchange for sterling, and that, in its turn, but for such amount as we a' - e allowed to use for London expenses and for dividends, goes to the New Zealand Government in exchange for New Zealand currency, which we spend in wages and in other New Zealand expenses. In the result the British Government gets dollars and the New Zealand Government sterling. “ I see no reason to qualify the statement I made last year, that the early results of the process of exhaustion in the mine are already visible. It is true that We benefit, on paper, by the higher price of gold, but against that apparent benefit are to be set Increases in working costs, already apparent, and such others as a general rise in costs and prices may entail. Not the least of those increases is the increase in taxation. ■” In New Zealand the war duty on gold automatically relieves us of 75 per cent, of the increase in price since the outbreak of war. The increase in income tax. in London and in New Zealand, bears heavily on us, as on others. There is also the national defence contribution. ” In my view, the increase in the price of gold must be regarded, not so much as a positive gain, but rather as an advantage which may mitigate the effect of increases in taxation and in costs, Whether or not there is a reduction in the dividends for 1940, it is inevitable that there will be some such reduction in the near future.” MINING NEWS WHITE’S ELECTRIC DREDGE Duriffg the week ended June 13 White’s Electric dredge won 270 z of gold from 8000 yards (120 hours’ dredging time). PUBLIC WORKS CONTRACTS TENDERS PASSED A list of tenders published in the New Zealand Gazette as having been passed by the Public Works Department includes the following:— Section 84, Hamilton-Lake Taupo control works: Downer and Co., Ltd., £49,846. South Island Main Trunk Railway, south end; Wahautara Stream bridge; Alan Moore, £10,333. Picton-Christchurch, Papanui-Wairnaka-riri; widening and sealing: British Pavements (Canterbury), Ltd., £3711. Dunedin-Gore State highway: Wairua overbridge: F. S. Hanger, £2683. National Park-Taupo State highway; Tauranga-Taupo bridge: Butler and Carroll, Ltd., £2681. P. and T., Tauranga;-garage and line store: J. B. Lawson, £2702. Hawera Technical School; heating services: Vale and Co., £2589, Dunedin-Gore: Waitohi, via Leith Valley main highway: Waitohi River bridge: F. S. Hanger £2338. National Park-Taupo Stale highway; Waimarino River bridge: Butler and Carroll. Ltd., £2120. LONDON QUOTATIONS (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 14. Silver, —Fine, 23 7-16 d an oz; standard, 25 5-16 d. Tin.—Spot, £290 5s to £290 10s; forward, £291 10s to £292. New Guinea Gold shares: Is. FOREIGN EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) LONDON, June 14. Paris (franc to £1), £1763: Amsterdam (florins), —; Montreal (dollar), 4.45; Switzerland (franc), 16.90: Stockholm (kroner), 540; Athens (drachmae), 75.55: Lisbon (escudo), 16.80: Kobo (pence to yen), 16 3-16; Hongkong (pence to dollar). 4j: Brussels (belgas to £1). 3 29-32; Shanghai (pence to dollar), 3 29-32; Rome (lire to £1), 24.175; Tokio (pence to yen), 24,37; Copenhagen (kroner to £1), —; Oslo (kroner), 4 1-16; Milan (lire), 72.50 (nominal): Argentina (pesos), —. PROPERTY SALES Messrs Haggitt, Duthle and Campbell report having completed the sale of the freehold property, No. 17 Oxford street, at a satisfactory price, the vendor being Mrs C. O. Hall, and the purchaser Mrs S. F. Hogan. Acting under instructions from Mr A. Pratt, the same firm has also sold the vacant freehold adjoining No. 160 Castle street, the purchaser being Mr J. Gardiner.