COMMERCIAL

Southland Times, Issue 22295, 10 April 1934, Page 2

COMMERCIAL

INVERCARGILL STOCK EXCHANGE YESTERDAY'S QUOTATIONS. At yesterday’s call-over on the Invercargill Stock Exchange the following prices were quoted.— Banks. Commercial: s 17/-. E.S. and A. Bank: s 115/-. National of New Zealand: s £4 5/-. New South Wales: b £33 10/-. New Zealand: b 48/-. New Zealand Long “D” issue: b 33/-. Union of Australia: s £lO 7/-. Breweries. Dunedin Brewery: s 27/6. New Zealand Breweries (Shares): b 39/9, s 40/6. Coal Westport Coal: b 14/9, s 15/-. Westport Stockton (ord.): b 1/6. Westport (8 per cent, non-cum. pref.): b 3/3. Insurance. National: b 18/10. New Zealand: b 58/-. Standard: b 60/-, s 60/9. Loan and Agency. Dalgety and Co.: b £lO 6/-. Goldsbrough, Mort and Co.: b 33/-, s 34/National Mortgage “B” issue: b 30/-. Wright, Stephenson and Co. (ord.): b 19/-; (pref.): s 19/-. Meat Companies. N.Z. Refrigerating (20/- paid): b 17/6; (10/- paid): s 8/2. Southland Frozen Meat (£1 ord.): b 63/-; (£1 pref.): b 63/-. Mining. Big River: s lid. Gillespie’s Beach: s 2/3. Mount David: s 1/2 Waitahu: s 5/1. Kildare: b 1/3, s 1/8. King Solomon: b 3/9. Mount Lyell: b 24/-, s 25/-. Mahakipawa: b 2Jd, s 31d. Okarito: s 9/6. Waihi Gold Mining: b 34/-, s 35/6.

Waihi Grand Junction: s 4/11. Bell Kilgour: b 7d, s BJd. Bell Hooper: b lOd, s Hid. Bendigo Goldlight: s Bjd. Nevis Diesel: b 9d, s 101 d. Moonlight Nelson: b 1/1. Maerewhenua: b 9d. Skippers (9d paid): b 9-',d, s (1/- paid): b 1/01, s 1/2. Upper Shotover: s 2/2 Nokomai: s 2/-. Woollen Mills. Kaiapoi (pref.): b 17/4. Mosgiel: b £9 15/-. Miscellaneous. D.I.C. (pref.): b 22/9. Dominion Fertilizer: s 18/3. Dunlop Rubber (Aust.): b 19/-. Milburn Lime and Cement: b 31/6, s 32/6. NZ. Guarantee Corporation: b 3/10. New Zealand Paper Mills: b 30/-. Wilson’s (N.Z.) Portland Cement: b 25/-, s 26/-. Debentures. Government Stock, 3/ per cent., 193843: b £lOl 5/-. Government Stock, 31 per cent., 193943: b £lOl 5/-. Government Stock, 4 per cent., 1940: b £lO2 10/-. Government Bonds, 4 per cent., 1940: b £lO2 10/-. Government Stock, 4 per cent., 1949; b £lO3 5/Government Bonds, 4 per cent., 1949: b £1(13 5/-. Governir/at Stock, 4 per cent., 1955: b £<o2. Government Bonds, 4 per cent., 1955: b £lO2. NORTHERN EXCHANGES. (Per United Press Association.) Auckland, April 9. Sales on ’Change:—Auckland Harbour Board 1941 6 per cent. £lO5 10/-; Union Bank of Australia £lO 2/-; South British 76/6; Colonial Sugar £65; Dunlop Perdriau 19/7; Waihi 34/9; Gillespie’s Beach 2/11; King Solomon 3/111; Maerewhenua 1/-; Okarito 9/3; Mahakipawa 3d, 31d. Wellington, April 9. Sales on ’Change: Inscribed Stock 4 per cent. 1949 £lO3 5/- (2); Bank of Australasia £l3 12/6; Timaru Brewery (con.) 5/-; Dunlop Perdriau 19/8; Woolworths (N.Z.) (ord.) £5 12/6 (2); Skippers (1/- paid) 1/3. Christchurch, April 9. Sales on ’Change: Union Bank of Australia £lO 5/- (3); N.Z. Loan and Mercantile (ord. stock) £6O (3); Westport Coal 14/9; New Zealand Breweries 40/- (3); Timaru Brewery (7/6 paid) 4/11. 5/-; Australian Iron and Steel (pref.) 21/-; Dominion Builders’ Supplies 4/3; Dominion Fertilizer 18/- (2); Dunlop Rubber 19/8, 19/7 (2); Mount Lyell 24/- (3); Brian Boru 41/- (3); Charleston 1/7; Mahakipawa (ord.) 3d, 3J, 4d (3), 4Jd (2), 51d (9); Mahakipara (pref.) BAd (2); Rawang Tin (cum. div.) 9/2, 9/11 (4), 9/-; Waihi 35/-; Skippers (1/- paid) 1/3, 1/21 (2), 1/3. , , Sales reported: Bank of New Zealand 48/6; Dominion Fertilizer 18/- (3); Moonlight Nelson Creek 1/-, lid; Skippers, Limited (1/- paid) 1/4; Skippers, Limited (9d paid) lOld, lid (2). Dunedin, April 9. Sales on ’Change: Mt. Lyell 24/3; Mahakipawa 31d (2); Skippers (9d pd.) lid (2). Sales reported: Skippers (9d pd.) lOto (2), lid.

The Upper Ahaura Gold Dredging Company Limited proceeded to allotment on March 28. Copies of the prospectus have been filed with the Wellington Stock Exchange and sent, to all Stock Exchange members throughout New Zealand. Applications for listing will be made in due course.* KING SOLOMON DEEP LEAD, LTD. ANNUAL MEETING OF SHAREHOLDERS. The fourth annual meeting of shareholders of King Solomon Deep Lead, Ltd, was held at Gore on Saturday night and was attended by a small number of shareholders, Mr D. S. Mackenzie presiding. In moving the adoption of the shareholders’ report and balance-sheet the chairman said that the result of the year reflected the value of the past few years’ development work, which had been in a sound direction and' had led to the present very satisfactory year. The company had been very. fortunate in striking such payable ground, for which the development work was directly responsible. An item of interest was that the total gold won to date since the mine commenced to win gold was 10,570 ounces, valued at £65,000, or five times the capital of the company. In this connection, said Mr Mackenzie, he wished to draw the attention of shareholders to the shares of the company. It had been said that the shares were too high at 4/-, but when one considered the capital of the company and the cash on hand, the price was low indeed compared with other companies of a capital of up to £60,000 with their shares about par. During the year all the freehold property belonging to Mr T. Jeffrey had been acquired. Mr Mackenzie went on to explain the position of freehold property in relation to the Crown, and said he was quite certain that the purchase of this freehold land would rank among the many good purchases made by the company. Also of interest were the very valuable water rights made available to the company for quite a small sum. The speaker referred to the negotiations by the company with the Southland Electric Power Board regarding the price of power. If these negotiations were not satisfactory the company would be able to generate its own power from these water rights. The development of the mine had been very largely in a northwest direction to the Jeffrey freehold. The

I report gave the amount paid to the Government in taxation for the past six months as £2575. On previous figures it would be safe to say that for the 12 months this amount would be £5OOO. The question of road access to the mine had been before the directors for many years. At one time the company had prevailed on the Southland County Council for assistance with gravel. Negotiations had also been made with the Unemployment Board, the Government and the Mines Department, but they were very little further ahead. Six unemployed men had worked on the road cleaning water-tables, but had not touched the bad part. He was astonished that the company had not been given a good road. The mine was a national acquisition. "We are talked about as a wealthy company,” said the chairman. “That lies in the fact that we employ 70 men at good wages. The lowest paid men get 13/- a day and the highest £1 a day. We have a settlement there quite apart from the mine. The next requirement will be a school. The settlement is entitled to a road. I venture to say that if there were six farmers there they would have had a road. We have 70 miners and yet are refused a road.” The speaker said he considered it a very grave lack of appreciation on the part of the authorities of the importance of King Solomon Deep Lead as an industry. He could not speak too strongly on the refusal to provide reasonable -'oad access. “We were asked to give a contribution and the balancesheet shows our contribution,” he said. “Our men pay £3OO in unemployment tax and we want £BOO to complete the road.” He referred to the fact that money was being expended on tourist roads such as the Milford track. He did not wish to imply that these were not of value, but the mine was an industry and the company was entitled to priority in the matter of a road over tourist roads. Mr Mackenzie referred to the amount of money circulated by the company. For the six months over £7OOO had been paid in wages and over £6OOO in dividends. Since the balance-sheet had been issued another £3200 was due. The company also had £2OOO on fixed deposit. The directors’ policy was to build up cash reserves. In conclusion, Mr Mackenzie said it was a matter for congratulation that the company was in such a healthy position. The motion was seconded by Mr Henry Smith, who remarked that the splendid results reflected great credit on the mine manager, Mr Ruffin, who had seen the company through thick and thin. It was gratifying also to know that the field may be developed much further. The report was adopted. The retiring directors, Messrs Henry Smith and William Falconer, were reelected unopposed. Mr F. Young was reappointed auditor. On the motion of Mr Dolamore, seconded by Mr Shelton, the directors’ fees were increased to £250. A hearty vote of thanks to the mine manager, Mr R. C. Ruffin, the secretary, Mr R. S. Green, and the staff, was carried with acclamation, Messrs Ruffin and Green suitably returning thanks. MINING REPORTS. MAORI GULLY COMPANY. A contract has been entered into by the directors of the Maori Gully Gold Dredging Company for the construction of a dredge to work the company’s claim at Kokiri (West Coast). The dredge will be an entirely new machine, with ladder, tumblers, bucket line, etc., to be provided by Hadfield’s, the well-known English steel manufacturers. The bucket line will be of the close-linked type, and will comprise 71 buckets, made of manganese steel. The machine will dredge to a depth of 35 feet, and will have a capacity of 50,000 cubic yards a month. An immediate start will be made with the execution of the contract. Access to the claim is especially favourable, as the plant will be transferred by Stratford and Blair’s tramline from the railway at Stillwater to the dredge site, a distance of a mile and a-half. The contract also provides for the erection of a power transmission line to the dredge, which will be electrically operated. The claim was very closely bored, 38 holes being put down, revealing average values of 1/6 a yard over an average depth of 24 feet to 25 feet. A heavy proportion of the capital of the company is held on the Coast and in Christchurch. BRIAN BORU RETURN. (Per United Press Association.) Greymouth, April 9. The Brian Boru dredge return is 620 z sdwt. MAHAKIPAWA WASH-UP. (Per United Press Association.) Christchurch, April 9. The Mahakipawa wash-up for the week was 141 oz of alluvial gold. GILLESPIES’ BEACH RETURN. (Per United Press Association.) Dunedin, April 9. The Gillespie’s Beach return for the week ended on Saturday was 420 z 15 dwt. for 122 hours. (Continued on Next Page.)