COMMERCIAL

Southland Times, Issue 22070, 18 July 1933, Page 2

COMMERCIAL

STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. At yesterday’s call-over on the Invercargill Stock Exchange the following prices were quoted:— Banks. Commercial: s 16/7. , New South Wales: b £32. New Zealand: b 48/9. New Zealand Long “D” issue: b 30/6. Union of Australia: b £9. Breweries. New Zealand Breweries (shares): b 34/-. Coal. Westport Coal: b 13/-, s 13/6. Kaitangata: b 21/-. Insurance. National: s 16/11. Standard: b 53/-, s 54/-. Loan and Agency. Goldsbrough, Mort and Co.: b 27/6. National Mortgage: b 46/-, s 47/-. Perpetual Trustees (Dunedin): b 50/-. Wright, Stephenson and Co. (ord.): b 11/-; (pref.): b 14/-, s 14/6. Meat Companies. New Zealand Refrigerating (20/paid): b 15/6; (10/- paid): b 6/5, s 6/6. Southland Frozen Meat (£1 ord.): b 47/6; (10/- ord.): b 23/9; (£1 pref.): b 47/6. South Otago Freezing Co.: b 90/-; s 100/-. Mining. Electrolytic Zinc (ord.): b 22/6; (pref.): b 31/3. Gillespie’s Beach: b 1/6J, s Waitahu: s 6/10. Kildare: b 2/2, s 2/6. King Solomon: s 2/-. Mount Lyell: b 22/1, s 22/9. Okarito: b 10/10, s 11/-. Paddy’s Point: s 5/6. Waihi Gold Mining: b 22/-, s 22/6. Waihi Grand Junction: b 3/4. Freshford: s 10d. Nokomai: b 3/9, s 4/2. Bell, Kilgour; b 1/34, s 1/4. Big River: b 1/4, s l/4£. Shipping. Union Steam Ship Co. (pref.): b 22/6. Woollen Mills. Bruce (pref.): s 20/-. Mosgiel: b £8 3/-. Miscellaneous. Australian Glass: s 49/-. D.I.C. (ord.): b 12/-. Dominion Rubber Co.: s 16/-. Donaghy’s Rope and Twine: b 39/-. Milburn Lime and Cement: b 31/-. New Zealand Drug: b 65/-, s 66/-. New Zealand Farmers’ Fertilizers: s 17/-. Nev/ Zealand Guarantee Corporation: b 6/-. New Zealand Paper Mills: b 26/9, s 27/3. Otago Daily Times: b 40/-. Wilson’s (N.Z.) Portland Cement: b 33/3, s 33/9. Debentures. Government Stock, 31 per cent., 1938: b £99 15/-. Government Stock, 31 per cent., 1939: b £99 15/-. Government Stock, 4 per cent., 1940: b £99 15/-. Government Bonds, 4 per cent., 1940: b £99 15/-. Government Stock, 4 per cent., 1949: b £lOO 10/-. Government Bonds, 4 per cent., 1949: b £lOO 10/-. Sales Saturday. New Zealand Paper Mills: 27/-. Wilson’s Cements: 33/6. Bank of New Zealand Long term “D” issue: 30/9. NORTHERN EXCHANGES. (Per United Press Association.) Auckland, July 17. Sales on ’Change: Stock (1938-43) 3J per cent. £100; Auckland Transport Board (1949) 5] per cent. £97 10/-; Commercial Bank of Australia 16/4; National Insurance 16/8; South British Insurance £6 8/-; By croft, Ltd., 37/-; Colonial Sugar £57; Alexander 20/3; Bell Kilgour 1/4; King Solomon 1/11; Waihi 22/6, 22/9 (2); Waihi Junction 3/6; Gillespie’s Beach 1/7; Mt. Lyell 22/3. Wellington, July 17. Sales on ’Change: Commercial Bank of Australia 16/5; Union Bank £9 0/6 (2); Wilson’s Cement 33/6, all late Saturday; Union Bank £9 1/3; N.Z. Refrigerating, contributing 6/51, 6/5; Colonial Sugar £57 5/-; Wilson’s Cement 33/6; Alexander Mines cont. 20/2. Christchurch, July 17. Sales on ’Change: Bank of Australasia £ll 5/-; Commercial Bank of Australia 16/3 (2); Bank of New South Wales £32 (2); Bank o£ New Zealand “D” mort shares 30/5, 30/6; Dalgety and Co. £9 10/-; Goldsbrough Mort 28/5, 28/4, 28/3 (4); N.Z. Refrigerating (£1 paid) 15/8, 15/9; N.Z. Refrigerating (10/- paid) 6/4 (3); N.Z. Breweries (cum div) 34/2 (6); British Tobacco 33/9 (2); Colonial Sugar £57; N.Z. Newspapers 26/- (2); Woolworths (Victoria) pref. 24/3; Big River 1/6 (7), 1/6J; Golconda (6d paid) 1/-; King Solomon 2/-, 2/111. Sales reported: Christchurch Drainage 51 per cent. (1965) £lOl 15/-; Commercial Bank of Australia (cum div.) 16/3; Bank of New South Wales £32 5/-; Bank of New Zealand 49/- (4); N.Z. Refrigerating (10/- paid) 6/4; N.Z. Breweries 34/3 (4); British Tobacco 34/- (2); Mt. Lyell 22/6, 22/7;. N.Z. Newspapers 26/-; Woolworths (N.Z.) pref. 37/6 (3); National Insurance 16/7.

Unlisted: Bell Hooper lOld (2); Brian Boru 13/-; Wetherstones Ltd. (3/paid) 2/9. Dunedin, July 17.

Sales on ’Change: Westport 13/-; N.Z. Breweries 34/2; Bell Kilgour (9d paid) 1/4; Big River 1/6, 1/6J-. Sales Reported: N.Z. Refrigerating cont. 6/6 (late Saturday); Bank of New Zealand 49/2; Wright, Stephenson (pref.) 14/-; N.Z. Newspapers 26/3; N.Z. Drug Co. 65/6; Cornish Point 5Jd; Big River 1/6; Nokomai 3/11; Central Shotover 1/1 (2).

DAIRY PRODUCE QUOTATIONS. The New Zealand Dairy Produce Board has received the following market report from its London office dated 14/7/33:— Butter. —New Zealand salted 76-77/-to 78/-; 76-77/- equals approx. Bjjd f.0.b.; unsalted, 80/- to 84/-; Ist whey, 72/-; 2nd whey, 70/-. Deliveries New Zealand, 1768 tons; in store New Zealand, 9925 tons; Australian salted, 76/to 78/-; unsalted, 80/- to 82/-. Deliveries Australian, 1000 tons; in store Australian, 4350 tons; Argentine unsalted, 74-76/- to 78/-; Irish Creamery salted, 78/-; unsalted, 81/-; Danish 75/- f.0.b., 95/- to 97/- spot; Dutch unsalted, 90/- to 94/-; Estonian salted, 72/- to 73/-; Latvian salted, 72/- to 73/-, ex. 74/-; Lithuanian salted, 72/to 73/-, ex. 74/-; Siberian, 70/-. Market slow. Retail prices unchanged. New Zealand lOd; Danish lid and 1/-. Cheese.—New Zealand' white 48/-, 48/6 to 49/-; equals approx. 5 l-8d f.0.b.; coloured, 50/-, 51/- (5 3-8 d

f.0.b.). Deliveries New Zealand, 18,687 crates; in store New Zealand, 141,689 crates, includes 7000 Port Hunter. Australian white, 47/-; coloured, 49/-; Canadian white, 64/- to 68/-; coloured, 68/-; new season’s white and coloured, 54/-. Deliveries Canadian, 3,650 boxes; in store Canadian, 60,000 boxes. Market quiet. N.Z. retail price unchanged 6d. RETAIL PRICES OF NEW ZEALAND MEAT IN LONDON. The New Zealand Meat Producers Board has been advised by its London manager, that the following retail prices were being quoted for New Zealand lamb and mutton retailed in London during June 1933. These prices represent a fair average of the prices quoted by the better class shops in London for the best quality of N.Z. lamb and mutton:— New Zealand Lamb.—Legs, lOd; shoulders, 9d; loins, 9d; necks, 4d; breasts, 3d; forequarters, 7jd; hindquarters, 91 d. New Zealand Mutton (Wethers).— Legs, 8d; shoulders, 7d; loins, 7d; necks, 3d; breasts, 2d. OKARITO RETURN. (Per United Press Association.) Dunedin, July 17. The Okarito return for the week ended Saturday . was 70oz 18dwt, for 120 hours’ dredging. CENTRAL SHOTOVER CLAIM. (Per United Prei- Association.) Dunedin, July 17. A trial wash-up at the Central Shotovcr claim yielded 21oz from the top material. GOLDEN SANDS RETURN. (Per United Press Association.) Christchurch, July 17. The Golden Sands report a return of 40oz 2dwt for 35 shifts. MAHAKIPAWA WASH-UP. (Per United Press Association.) Christchurch, July 17. The Mahakipawa wash-up for the week was 48ozs alluvial gold. SYDNEY STOCK EXCHANGE. COMPANY SHARES FIRMER. (United Press Assn.—Telegraph Copyright.) (Rec. 8 p.m.) Sydney, July 17. On the Stock Exchange to-day there was a large turnover. Pastoral shares continue to be strongly supported and front rank company shares were firmer. Other shares were steady with variations distinctly in holders’ favour. Sales:—

BREWERY LOSSES. “CRIPPLING TAXATION.” Accounts of Dominion Breweries, Limited, Auckland, covering the third year’s operations of the company to March 31, disclose a loss of £14,002, after full provision for taxation, depreciation, bad debts, and creation of a contingency reserve of £2OOO. This compares with a profit of £1044 last year and £4392 in the first year of business. By the use of the reserve of £4OOO, and the amount brought in from last year, £1436, the debit balance is reduced io £8566, which is being carried forward. In emphasizing the fact that the unsatisfactory results were due mainly to “the policy of crippling taxation, for which the hotel industry seemed to have been specially singled out,” the directors state that shareholders would be astounded to learn that with an annual turnover of approximately £9O- - the company was called upon to pay over £40,000 by way of taxation. In other words, nearly 10/- in every pound of turnover had had to be handed to the Government. In addition to that heavy drain on the company’s resources the hotel business and brewing industry had suffered severely from the greatly reduced spending capacity of the public. The paid capital of the company shows a slight increase of £78,207 from £77,747 last year. A bank overdraft secured by debenture at £21,263 appears in place of creditors secured by debenture and mortgage at £BOOO in the previous year. Sundry creditors, bills payable, and unearned interest stand at £17,335, as against £26,099 last year, when reserves for specific charges were included. Assets total £116,804, a reduction of £477. Brewery, land and buildings, plant and machinery, shares in other companies and goodwill are practically unchanged at £45,304. Hotel leases, furniture, and fittings stand at £19,564, as against £3024, while stock is lower by £1599 at £18,259. Sundry debtors, bills receivable, and deferred charges, less reserve for bad debts stand at £24,598, as against £48,541. Cash shows little movement at £512. Gross profit from trading and other sources amounted to £18,661, compared with £20,137 last year. WETHERSTONE’S GOOD PROGRESS BEING MADE. An official visit to Lawrence was paid by the directors of the Wetherstones Gold-Mining Company last week. Exceptionally good progress has been made. The whole of the buildings are now completed. The No. 1 compressor is in running order and producing sufficient air for the drills in use in connection with the main drive. The No. 2 compressor has now been placed on its foundations, and as soon as the switch gear control is to hand the No. 2 compressor will be coupled up. The incline drive is now down to a depth of 225 ft. It is anticipated that in three week’s time the whole of the spoil from the main incline drive will be put through the washing towers. The gold boxes are almost completed, and will be available as soon as the water is connected up from the

race which is under re-construction. The latter will be completed in about three weeks. The vertical shaft which is being sunk by the company in conjunction with the'Mines Department is progressing at a satisfactory rate. The contract has been let to the Love Construction Co. for the concreting of the top of the shaft to a depth of 35ft. As soon as the concreting work has been completed the mine head frames will be erected, and a start will be made to sink through the conglomerate. It is anticipated that the time necessary to sink the shaft will be about twelve months.

The directors expressed their satisfaction at the manner in which the mine manager (Mr Gordon) was carrying out his work, and were convinced that the programme of works as set out by the company’s engineer (Mr G. W. Thompson) would be carried out to time.

£ s d Bank of New South Wales 31 17 6 Commercial Bank of Sydney 17 3 0 Colonial Sugar 57 17 6 Mercantile Mutual Insurance 19 6 Associated Newspapers 8 5 Associated Newspapers (pref.) 18 6 Australian Gas , 7 4 6 British Tobacco 1 14 44 Dunlop Perdriau 18 71 Goldsbrough Mort 1 9 0 Henry Jones 1 18 9 Millaquin Sugar 1 7 3 Morris Hedstrom 18 0 David Jones 1 6 0 Meggitta 19 1? Standard Cement 15 3 United Provisions 8 8 Winchcombe Carson 1 8 3 Tooth’s 1 19 3 Toohey’s 1 3 10J Mt. Lyell 1 2 104 Mt. Lyell (New Zealand delivery) 1 2 9 Broken Hill Pty. 1 17 41 North Broken Hill 4 9 0 South Broken Hill 3 0 6 Zinc Corporation 1 13 7i Melbourne Sales. Goldsbrough Mort 1 9 0 Dunlop Perdriau 18 8 Electrolytic Zinc 1 4 o Herald and Weekly Times 2 4 6 Gordon and Gotch 1 14 0 Gordon and Gotch (pref.) 1 12 14 Commercial Bank of Australia 16 4 Commercial Bank of Australia (pref.) 9 2 0 Myers 1 12 0 M-. Lyell 1 2 9 South Broken Hill 3 0 9 North Broken Hill 4 9 6