COMMERCIAL

Poverty Bay Herald, Volume LXI, Issue 18586, 21 December 1934, Page 10

COMMERCIAL

MOUNT JjVELL PROSPECTS

SUBSTANTIAL ORE BODY OPENED Mr. Colin Templeton, chairman of the Mt. Lyell Mining and Railway Company, Limited , told shareholders at the annual meeting i» Melbourne. last Friday 'that the' year “had been one of anxiety arid difficulty. Prices for copper had been low, and insufficient rainfall had caused the interruption of operations’ at the mines. Despite these difficulties, there had beeri some reductions in working costs, and this gave hope that the company might be able to carry on without incurring the heavy loss made last year, assuming always that if had the aid of the present rate of exchange and that there was no further interruption of normal working conditions. An encouraging feature of the work for the past year, Mr. Templeton said, had been the opening up ol a. substantial body of ore in the West Lyell mine. This ore could be won by open cutting at much lower cost than was involved in mining. On the present basis of 13,000 tons a week, more than eight years’ supply of ore was in sight, without taking into- account the probable ore reserves below the No. 7 level in the Lyell Comstock, the 1100 ft. level in the Royal Tharsis, and the Russell tunnel in the West Lyell mine. The future of the company depended on its ability to reduce costs of on a recovery in the price of copper. Any increase in labor costs would jeopardise the continuance of operations at Mount Lyell, which involv--Bed payment of more than £220,000 a year in wages alone. The fertiliser companies in which Mount Lyell held shares were maintaining their position.

GORBSBRQUGH MQRT

INTERIM DIVIDEND PAID

SYDNEY, Dec. 19

Goldshrough, Mort ‘rind 'Company, Ltd., at its meeting to day declared an interim dividend of 2 per rent., notwithstanding the fall in file wool market,. The chairman said lie was not. optimistic of the company’s profits returning to pre-depression levels in the near future.

The distribution for last year was at the rate of 6 per cent, per annum.

KAURI TIMBER CO

BIG TRADE IMPROVEMENT

A remarkable recovery of trading conditions over the last two years was revealed at the annual meeting of shareholders of the Kauri Timber Company Limited, held at Melbourne last week.

Moving the adojitipri of the annual report and balance sheet, the chairman, Mr. John Bishop, said the only substantial change in the liabilities side was an increase of £5515 for sundry creditors, caused by increased business. Among the assets, depreciation in stock was £31,263, created by the revival of trade in New Zealand. •’

The directors 4 'were pleased to report greater activity in Ne.W Zealand, arid companies there with width the Kauri Timber Company was associated were ’again paying dividends. Further general improvement could po reasonably expected. The greater demarid for the West Australian produce had brought about the reopening there of the company’?; mill,’which’haij'been closed since 1930. The-Jog mill -it South Melbourne was finding a ready market for its’ products. After providing' £11,430 for depreciation,' £3OBO for bad debts and £224 for marine ’ insurance, the company showed a net profit of £21,36Q, compared with a profit of £10,821 for 1933 and an accumulated loss of £36,430 for the two previous years. By" transferring £ll4O from the dividend equalisation fund the company would pay a dividend of 3 per cent., absorbing £22,500.

DEMAND CONTINUES

SYDNEY SHARE MARKET

SYDNEY, Dec. 19. On the Sydney Stock Exchange a good demand continues for general industrial and trading issues at current rates, while in many instances gains are recorded.

Sales: Bank of New South Wales, 13s; National Bank of Sydney, £l7 13s; National Bank, £5 paid, £6l ss; United Insurance, £l2 ss; Colonial Sugar, £42 15s; Howard Smith, 16s; Iluddart Barker, 38s; Burns, Philp, 63s 6d; Australian Gas, A, £8 2s; Dunlop Pcrdriau, 19s 10£d. Uoldsbrough Mort, ex dividend, 30s 6d; Morris iledsti oni, 16s 9d; Australian Iron and Steel, prof., 22s 10£d; Tooths, 50s 6d; Bank of New Zealand, 495; Mount Morgan, 36s 6d; Broken Hill Proprietary, 52s 9d; Rawang Tin, Bs.

Morning sales included: Commonwealth Jlonds, 3J per cent., 1912, £lO3 10s; 4 per cent., 1958. £lO3 2s 6cl; 1941, £lO5 8s Sd; 1957, £llO 8s 9d; Bank of New South Wales, £3l 17s 6d; Australian Gas, A, £8 2s; Anthony Hordern, 18s IC^d; Associated News, 25s 9d; do., pref., 255; British Tobacco, 41s 3d; Broken Hill Proprietary, 52s 6d; Dunlop Perdriau, pref., 38s; Howard Smith, 16s; Wilcox Mofflin, 9s 7d. MELBOURNE, Dec. 19. Sales on the Melbourne Stock Exchange to-day included: Commercial Bank of Australia, 16s 7d; National Bank, £5 paid, £6 4s; Queensland National Bank, £5 ss; Herald and Weekly Times, 58s 3d; Goldsbrough Mart, 30s 3d; British Ttbacco, pref., 325.

WAIKATO STOCK MARKET?)

ITEM TONE MAINTAINED

In spite of its long duration the hot weather shows no sign of abating, and it is evident from the amount of stock being rushed to market that dairymen, at any rate, view the prospect with some concern. Ordinarily the closing sales are of little consequence, but this year there has been no cessation of supply and tjie Erahkton yards on Tuesday were stocked to their limits. Apart from this sale, when dairy-bred cows in forward condition wore in exclusive numbers and therefore easier, Values generally have held remarkably firm, and if is seldom that a year has hlosed under conditions so favorable to the selling section. ■ A retrospect of the year just closing, although marred by occasional periods of anxiety, can nevertheless be pleasantly undertaken. A general spirit of buoyancy lias prevailed and there is every indication that the resumption of business' in 't|io New Year will be attended with the same show of confidence. *