COMMERCIAL

Southland Times, Issue 21660, 23 March 1932, Page 2

COMMERCIAL

CITY STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. Late sales on Monday reported to yesterday tnorning’s call-over of the City Stock Exchange were of King Solomons at 1/1. The following prices were quoted:— Banks. Australasia: s £9 2/-. Commercial: b 13/9, s 14/-. E.S. and A.: s 83/-. National of New Zealand: s 70/-. New South Wales: s £25 5/-. New Zealand: b 42/6. Union of Australasia: s £6 16/-. Breweries. New Zealand Breweries (shares) : b 23/-, s 2-1/-. Coal. West port: s 21/-. Kaitangata: b 2/6 dis. Insurance. National: s 12/6. Loan and Agency. Wright, Stephenson and Company (pref.): s 15/-. Meat Companies. New Zealand Refrigerating (20/- paid): b 10/4; (10/- paid): b 3/9. Southland Frozen Meat (£1 ord.): b 37/-; (10/- ord.): b 18/6; (£1 pref.): b 37/-. South Otago Freezing Company: b 40/-.' Mining. Electrolytic Zinc (ord.) : b 13/-, s 13/9. Kildare: s 1/10. King Solomon: b 1/1. Okarito: b 9/-, s 9/3. Waihi Gold Mining: s 16/6. Gillespies Beach (pari: s4d prem. Golden Terrace: s 5/9. Woollen Mills. Kaiapoi (ord.): b 5/-, s 7/-. Miscellaneous. D.I.C. (pref.): b 20/3. Milburn Lime and Cement: s 27/6. New Zealand Drug: b 46/-. New Zealand Farmers’ Fertilizers: b 12/-. New Zealand Paper Mills: s 19/-. Debentures. Government Inscribed Stock, 41 per cent., 1938: b £92. Government War Bonds, 41 per cent., 1938: b £92. Government Inscribed Stock, 44 per cent. 1939: b £92. Government War Bonds, 44 per cent., 1939: b £92. Government. Bonds, 54 per cent., 1937: b £96 10/-. NORTHERN EXCHANGES. Auckland, March 22. Sales on ’Change: Bonds (19411 44 per cent. £9l 10/-; Bonds (1938) 41 per cent. £92 10/-; Bonds (1937) 54 per cent., February, £96 16/6; Inscribed Stock (1937), 51 per cent. September, £96; Bank of New Zealand 42/9; New Zealand Guarantee Corporation 4/3; Taupiri Coal 14/-; Auckland Gas 21/9; Wilson’s Cement. 26/6; Waihi Grand Junction 3/6. Wellington, March 22. Sales reported: Alexander Mines (cont.) 9/9 (2 sales); New Zealand Government 41 per cent. Stock (1939) £92 7/6. Christchurch, March 22. Sales on ’Change: New Zealand Government 41 per cent. Inscribed (1938) £92 10/- (3) ; Commercial Bank 13/10; Bank of New South Wales £24 17/6; United Building (gum. div.) 14/-; King Solomon 1/3, 1/4 (2); (Okarito 9/01; Blackwater 6/8. Sales reported: Commercial Bank of Australia 13/10; Bank of New South Wales £24 17/6; Mt. Lyell (late sale.2lst.) 19/3; New Zealand Breweries 23/5; ’44 per cent. Inscribed (1935) £92 2/6, £92, £92 5/-. Dunedin, March 22. Sales reported: Bank of New South Wales £24 17/6; Commercial Bank 13/10. ‘ i WOOL AND SKIM SALE. OFFERING AT WINTON. PRICES WELL MAINTAINED. (From Our Correspondent.) At the periodical wool and skin sale at Winton, on Monday, there was a large entry and a full attendance of buyers with the result that practically a total clearance was made. The fleece wool on offer was mostly of an inferior description and prices for this class were at least equal to the second Invercargill wool sale. Some good lines of bellies, pieces and crutchings met with keen competition and realized market prices. Well kept lines of sheepskins were also keenly competed for, but damaged or dead skins were only saleable at low figures. LORNEVILLE STOCK SALE. DOUBLE MARKET YESTERDAY. FAT CATTLE PRICES RECEDE. In view of the Easter holidays this week yesterday’s sale at the Lorneville yards was a double one, being held in fine weather before a good attendance. There was a large yarding in the fat cattle section, but the quality was only fair and prices showed a reduction on those for the previous week. The large entry forward in the sheep section was due no doubt to the anticipated result of a double market, but owing to the congestion of space at the local works and also the closing of the works for Easter, freezing sheep were in limited demand. Heavy butchers’ sheep were also difficult to dispose of owing to the absence of speculators, due no doubt to the curtailment of their limits from the north. A comparison of the entries in the individual sections for the last two sales is as follows: —

Included in yesterday’s yardings were 10 vealers, 17 dairy cows and three bulks. FAT CATTLE: This yarding was good as regards numbers but the quality could be classed only as fair. The number yarded seemed to be in excess of butchers’ requirements with the result that they receded probably to the extent of from 20/- to 25/- on the previous sale. As a matter of fact any qualities ranging from medium to poor were very difficult to dispose of. Prime heavy bullocks realized up to £8 15/-; medium weights from £6 10/- to £7; lighter sorts down to £4; prime heavy cows up to £5; good medium quality cows from £3 5/- to £4, inferiors down to £2; good quality medium weight heifers from £3 10/- to £4 5/-. The yarding of vealers, although good, was in excess of requirements with the result that prices showed a considerable reduction on those for the previous week. Best sorts realized up to 25/-, good mediums down to 17/6 and younger and lighter sorts were almost unsaleable at 10/-. STORE CATTLE: Two and 2J-year-old steers realized £2 7/-, empty two-year-old heifers £2 9/-, good conditioned empty cows up to £3, dairy cows £2 15/-, yearling steers and heifers £1 5/-, and 18-months-old heifers £1 15/-. STORE SHEEP: This w'as a good market with keen inquiries for two-tooths and sound-mouth sheep. Best two-tooth made up to 17/9, fair average sound-mouthed up to 10/6; best quality rape lambs 10/7, and good stere lambs from 7/- to 8/6. FAT SHEEP AND LAMBS: There was a large yarding, the majority of which consisted of ewes. Owing to the congestion of space at the works, freezing operators were not so keen as they have been for the last few sales, and speculators in the heavy ewe market were not present, with the result that this class of sheep declined prob-

ably to the extent of 2/-. Freezing ewes eased by about sixpence. There was only a very small proportion of wethers, the demand for which was similar to that prevailing at recent sales. Extra prime wethers sold up to 16/6, good medium wethers 13/-, to 14/-, and fighter down to 10/6. Prime heavy maiden ewes made up to 11/6, prime butchers’ ewes 8/6 to 10/6, and freezing ewes from 6/- to 6/6. There was only a small entry of lambs, the quality of which could only be classed as average. This was also a limited sale owing to the congestion of freezing space and prices were thus a. little easier. Best freezing lambs realized from 14/6 to 15/9 and medium sorts from 12/6 to 13/6. BURNSIDE STOCK SALE. CATTLE AND SHEEP. Dunedin, March 22. Fat cattle and sheep sold at slightly cheaper rates at the Burnside sales to-day, but lambs and pigs met with a linn market. The fat cattle entry totalled 151 head of medium and fair average quality. The yarding included a few pens o£ heavy bullocks and a good propoilion of light prime heifers and mixed quality cows. Heavy bullocks sold from £9 15/- to £lO 5/-, medium £7 15/- to £8 5/-, light £6 to £7, heavy heifers £6 15/- to £7 5/-, medium £5 10/to £6 5/-, light £4 10/- to £5, medium cows £5 to £5 17/6, light £3 5/- to £4 5/-. About 1600 sheep were offered. It was a mixed entry consisting mostly of ewes with a few pens of fair to prime wethers and some pennings of extra heavy animals. The sale opened at prices about on a par with last week’s rates, but heavy wethers and ewes later sold at a reduction of 1/a head. Extra heavy wethers sold from 19/6 to 21/9, heavy 16/3 to 17/6, medium 15/9, best ewes 11/6 to 12/9, prime 9/to 10/9, medium 7/3 to 8/6. Between 600 and 700 lambs were forward. The.entry of fair prime quality included some extra heavy lambs. The yarding met with good competition from export buyers and butchers, and the prices realized were well up to late rates. Extra heavy lambs sold from 19/- to 22/-, medium weights 16/- to 17/6, light primes 14/- to 15/-, unfinished sorts 10/6 to 12/3. Prime lamb was worth about 5d a lb. Included in the entry of 150 store cattle were 80 fat forward bullocks, and 30 mixed one and a-half-year-old steers. Competition was fairly brisk and a clearance was effected at satisfactory prices. The best of station bullocks sold from £7 2/6 to £8 17/6, while the balance realized from £4 17/- to £6 15/-. The pig entry consisted of 26 fats and 60 stores. The supply of fat pigs was much smaller than usual. Both baconers and porkers sold at an advance of 7/6 a head. Stores were a shade easier. Porkers were worth about 64d and baconers about 4[d lb. McNAB STOCK SALE. MEDIUM OFFERING. There was a medium entry at the fortnightly stock sale at McNab yesterday, the offering including several lines of good breeding ewes and forward lambs with an odd pen or two of fat sheep. The attendance was small. There has recently been a keen inquiry for good forward lambs and yesterday lines of well-grown forward mixed-sex lambs sold at up to 11/1. Good breeding ewes also met with a fair inquiry and big roomy sorts with fairly soundmouths realized up to 8/1, a line of soundmouth ewes bringing 8/11. Broken-mouth ewes of poor to medium quality realized from 2/8 to 5/6. Sales were: J. E. Watson and Co., Ltd.: 72 f.m. ewes at 2/8; 13 do. at 2/8. Southland Farmers’ Co-operative Association, Ltd.: 14 two-tooth ewes at 13/10; 76 f.m. ewes at 5/6; 10S f. and f.m. ewes passed at 8/3; fat bullocks at £6 5/-; £5 10/-; 2 at £4 5/-; 3 at £3 17/6. Wright, Stephenson and Co., Ltd.: 50 f.m. ewes at 3/6; 50 m.s. lambs at 11/1; 213 do. at If/-; 17 store lambs at 4/8. Dalgety and Co., Ltd.: 208 f. and f.m. ewes at 8/1; 8 fat wethers at 14/-; 10 fat ewes at 10/G; 110 s.m. ewes at 8/11. MOTORISTS PETROL CO., LTD. TENDERS FOR STORAGE TANKS. The directors of the Associated Motorists Petrol Company, Limited, have instructed the company’s engineers to finalize specification and conditions of tender for the installation of bulk petrol storage tanks at Auckland, Wellington, Lyttelton and Dunedin. As the company is a New Zealand-owned and controlled organization, tenders are being invited from New Zealand and British firms only, and it is anticipated that the work of erection will lie put in hand in the very near future. The plans, the company state, provide for an installation capable of handling several million gallons of petrol, and the construction work will provide employment for a substantial number of men. GOLD MINING. KING SOLOMON DEEP LEAD. DIRECTORS’ REPORT. The directors of King Solomon Deep Lead Limited issue the following report for six months’ work ended February 29:— In the last half-yearly statement., which was issued in September, 1931, reference was made to the development work being carried out in the direction of “Radford’s Garden,” and to the fact that operations had been recommenced in the “dip.” During the past six months work has progressed steadily in the Radford’s section of the mine, in an endeavour to locate the rich values reported in the bores sunk there some years ago. Unfortunately no plan of the bores is available, and the information at the disposal of the directors is conflicting. Two bore-holes, one of which was indicated by responsible persons to be very rich, have already been reached underground, and a third (located on the surface) has been approached and passed by the drive, but the gold values met with have been negligible. A large sum of money has been spent, as yet fruitlessly, in this section, creating a set-off against the returns secured in other parts. The position at this date is quite indefinite, and extremely disappointing. Work in the dip was much more successful, some good returns being secured, but later the wash ran out. Good progress was made in the north section also, where particularly rich wash was encountered. Early in December the record washup of 1520 z was secured, principally from the north drive, and the following week was almost as good. More recently the wash has been dipping in this section, and it has been impossible to handle the same amount of material, a fall in the returns resulting. It -will probably be advisable to start a fresh drive nearer the shaft and at a lower level, to tap the ground ahead of the present workings. The gold won during the half-year totalled 10990 z 2dwt. The directors adopted a policy of making forward sales of gold, and the recent fall in the market value of the metal has shown the wisdom of this step. Ninety-five per cent, of the above total has been sold.

The working account for the half-year shows a profit of £BBI 11/7. Against this the total of preliminary expenses account, £558 8/1, has been written off, while the sum of £IOOO has been transferred to the debit of development account, leaving a net debit balance of £5017 15/7 in the working account. Development work has been carried on concurrently with revenue work, making it difficult to estimate accurately the cost of capital works. The board is of the opinion that tne amount of £IOOO transferred is more than justified. The financial position of the company at the date of the balance-sheet may be summarized as under: Capital, £13,000; mining privileges and development £3747 6/-;

plant and tools, £3376 16/6; working account balance, £5017 15/7—total, £12,132 18/1; amount of capital not represented by above items, £867 1/11. The cash position -is: Bank balance, gold on hand and imprest account, £l6BB 1/7; liabilities, £B2O 19/B—surplus, £867 1/11. A further item of capital expenditure has had to be faced recently, namely, the construction of a second shaft for ventilation purposes and as a safety exit. The work is being carried out by contract at a satisfactory price, and should be completed before the end of March. The retiring directors are Messrs Henry Smith and D. S. Mackenzie, while the vacancy caused by the resignation of Mr R. L. S. Tudehope will also require to be filled. The retiring auditor, Mr F. Voung, offers himself for re-appointment. GRAIN AND PRODUCE REPORT. Messrs Dalgety and Company, Limited, Dunedin, report as follows: — Oats: Harvesting of the oat crop is later this season than usual and so far not many samples have been seen. A few Central Otago samples have come to hand and judging from these the Central oats will be very.good. Merchants are at present bare of supplies and there is a very good demand for Gartons for prompt delivery, and a few sales have been made at about 2/9 on trucks for A’s and up to 3/- for exceptional quality. Discoloured lines are worth about 2/6 on trucks, according to railage. It is quite possible those values will not be maintained once the present urgent demand is satisfied. Wheat: Samples of milling quality are readily saleable to millers at the prices fixed by the Wheat Marketing Association, viz.:—4/84 f.0.b., for Tuscan; 4/104 f.o.b. for Hunters, 5/0 j f.o.b. for Velvet. The Central wheat is generally of good quality, but from Greenfield district it is disappointing, most of the wheat so far seen being shrivelled. Chaff: The market is beinfj kept well supplied with consignments from South and Central districts. There is only a' limited demand and sales of I ruck lots are difficult to effect. Prime quality is selling at £4 10/- per ton, ex truck, with £5 obtainable ex store in small quantities. Potatoes: Merchants re;x>rt a slow sale at present, no doubt due to many people still using their garden crops. The market is being kept well supplied as well with consignments from the Taieri, which are rather slow of sale at about £4 10/- per ton. - GRAIN REPORT. Messrs Donald Reid and Co., Ltd., Dunedin, report as under:— Wheat: Samples are arriving freely, and so far the bulk is being accepted by the miller. Otago Central wheat is especially in good condition, though the yield per acre is not up to expectations, the dry autumn experienced in that locality taking due toll on the grain crops. The milling wheat is being marketed at the fixed prices viz., 4/81, 4/104 and 5/01 f.0.b., for Tuscan, Hunters and Pearl Velvet respectively. Fowl wheat is not offering so freely, but merchants are not rushing to book supplies. Oats: Samples are now arriving and merchants are buying freely. Duns appear to be in more plentiful supply than is usual. Heavy A grade Gartons meet with good demand and sales are passing at prices ranging from 2/6 to 3/-, according to railage incurred. B grade are worth fully 3d per bushel less, sacks being extra in each case. Potatoes: There is ample arriving to fill all demands. At this time of the year there is rarely a demand as many people have a few' to dig in their own gardens. Best tables are worth up to £5 ex store, sacks in. Others from £4 to £4 10/-. Chaff: The local demand is poor and it is a rarity nowadays to sell a full truck to any one buyer. Value in Dunedin for prime quality is round about £5 per ton, sacks extra, ex store. £4 10/- is the equivalent price ex truck. Medium and inferior lines are unsaleable. If there is plenty hay about poor chaff is rarely inquired for.

March 22. March 15. Store Cattle 207 127 Fat Cattle 160 114 Store Sheep 2486 2728 Fat Sheep 2380 2162 Fat Lambs 621 901