STOCKS AND SHARES

Taranaki Daily News, 24 January 1934, Page 12

STOCKS AND SHARES

TARANAKI EXCHANGE THE LATEST QUOTATIONS. Following are the latest quotations on the Taranaki Stock Exchange:— New Zealand Government Loans.

SALES IN OTHER CENTRES. Sales on exchanges throughout the Dominion yesterday reported by the Press Association were:— Wellington: Mount Lyell, 255. Dunedin: Reported sales: E. S. and A. Bank, £5 17s. Auckland: Stock, 1946, 4 per cent., £103; Bank of New South Wales, £34 17s 6d (2); National Insurance, 18s 7d; New Zealand Insurance, 57s 9d, 58s; Farmers’ Auc. (A pref.), 20s 6d; Taupiri Coal, 15s; Huddart Parker. 33s 6d (2); Kauri Timber, 16s; New Zealand Newspapers, 30s 6d (2); New Zealand Refrigerating (con.), 9s 3d; New Zealand Breweries, 39s 9d; Wilson’s Cement, 27s 8d; Wool worths (N.Z.) (pref.), 36s 3d; New Zealand Crown Mines, Is lOd; Talisman Dubbo, 5s 6d; Mount Lyell, 25s Id; Kuala Kampar, 15s 4d. Unofficial: Goldfields Dredging (Is paid), 9d. Christchurch: New Zealand Refrigerating (10s paid, cum div.), 9s 4d, 9s sd; Anthony Hordern, 16s 2d; Dunlop Rubber, 22s 2d (2); Electro. Zinc (ord.), 27s 3d; Henry Jones, 345; Gillespie’s Beach, 2s (2); King Solomon, 3s 7d; Waihi, 30s 3d. Unlisted stocks: Investment Executive Trust B debentures (2nd issue), £92. Sales reported: E., S. and A. Bank, £5 17s; Dunlop Rubber, 22s 4d. EASIER TENDENCY AT SYDNEY. By Telegraph—Press Assn. —Copyright. Rec. 8.55 p.m. Sydney, Jan. 23. The stock exchange had a slightly easier tendency in all sections although there was no diminution in the turnover. Sales: Bank of New South Wales, £34 10s; Commercial Bank of Sydney, £lB 12s; Bank of Australasia, £l2 10s; National Bank (£5 paid), £6 17s; Queensland National Bank, £5 19s; Australian General Insurance, 14s; Associated News, 21s 9d; ditto (pref.), 22s 6d; Howard Smith, 16s 7-ld; ■ Bums Philp, 545; Australian Gas A, £7 17s 6d; British Tobacco, 37s 9d; Tooth’s 45s 3d; Toohey’s, 28s 4Jd; Carlton Brewery, 45s 9d; Australian Glass, 545; Dunlop Perdriau, 21s 74d; Goldsbrough. 36s lid; Morris Hedstrom, 18s 6d; Henry Jones, 34s lid; Electrolytic Zinc, 27s 6d; Broken Hill Pty.. 44s 3d; South Broken Hill, 67s 3d; Mt. Morgan, 71s 6d; Kuala Kapipar, 15s 6d; Commonwealth Bonds, 4 p.c., 1938, £lO4 7s 8d; ditto, 1941, £lO5 15s; ditto, 1944, £lO6 7s 6d; ditto, 1947, £lO6 12s 6d; ditto, 1950, £107; ditto, 1953, £lO6 ss; ditto, 1955, £lO6 7s 6d; ditto, 1957, £lO7 6s 3d; ditto, 1959, £lO7 Ils 3d. Melbourne sales were: Comiflercial Bank of Australia, 18s 8d; Bank of New South Wales, £34 7s 6d; Huddart Parker, 33s 6d; Electrolytic Zinc, 27s 6d; Herald Times, 51s; Howard Smith, 16s 6d; Gordon and Gotch, 435; Taranaki Oil, Is lid. MINING INFORMATION. Latest information received by the Taranaki Stock Exchange in regard to mining activity is:— Blackwater (Reefton): The report for December, with November figures in parentheses, is: Crushed, 3000 tons of ore (4185 tons), yielding 1369 (1859) fine ounces of gold, valued at £8214 (£11,151 at £6 an ounce). Working costs £5479 (£5777), working profit £2735 (£5374). Development expenditure, £635 (£788),' capital expenditure £l5ll (£3090). Wiluna Gold Mines, Limited, Western Australia: Net profit £268,835 (Australian currency) for year ended March 31, 1933. On November 9, 1933, the company paid an interim dividend of- 4s a share (Australian Currency), equivalent to £191,235 sterling, and this accrued to Wiluna Gold Corporation. Bell-Hooper-Cromwell Gold, Ltd.: Return for week ended January 19 270 z 13 dwt 10 grains. Okarito Five Mile Beach Gold Dredging Co., Ltd.: A wash-up of 48oz 15dwt for 117 hours’ dredging. , Talisman Dubbo Gold Mines Ltd.: 38 tons treated for return of £358 actual realisation. Mahakipawa: Wash-up for the week ended January 22 produced 67 ounces of alluvial gold. The price fixed by the Commonwealth Bank for gold, including jewellery, lodged at the Melbourne Mint, for the week ended January 12, is at the rate of approximately £7 4s 5d per standard ounce (22 carats), equal to a premium of 85.49 per cent. Payment is made according to the assay value of the gold. The price is Is Id higher on the week. The price per ounce fine is £7 17s 7d, a rise of Is 3d on the week. Bell Hooper (Cromwell): 270 z 13dwt for week ended January 19. Bell Kilgour (Cromwell): soz sdwt from development work during the week ended January 19. Brian Boru (near Greymouth): 590? 6dwt for 122 hours’ working. Talisman Dubbo (Karangahake): 38 tons of ore treated at the Golden Dawn battery for a return of £358 actual realisation. Mahakipawa (Marlborough): Last week, 670 z alluvial gold. Okarito (South Westland): 48oz 15dwt for 117 hours. Golcondo (Thames): During the week timbering has been in progress in the tunnel level on the new reef, and a few

nice dabs of gold were seen. We have started a crosscut south of the east crosscut to try and pick this reef up further back toward the shift. At the intermediate level we continued stoping on the branch reef south, but not much quartz has been broken, the reef being small, and requires to be timbered. The •ore broken shows nice colours of gold. In the 70ft level, on the i..ain reef east, we have been timbering the leading stope. We have started a leading stope on the hanging-wall reef south-west of the shaft. The reef is very compact, and should make values at any time. Dawn of Hope 'Thames): Driving hillward off the rise on the fiat the leader was continued. The leader continues to show a little gold in the stone broken, and is maintaining its size, about 12in. The country encasing the leaders is of good class. INCREASED AFRICAN DIVIDENDS. Substantial increases in dividends on South African gold shares were announced in London prior to Christmas. The richest member of the Union Corporation group, Modderfontein Deep Levels, is paying 60 per cent., which compares with a similar rate in June and 55 per cent, a ycal- ago. For the whole year shareholders will receive 120 per cent., against 110 per cent. Upon Geduld Proprietary the current dividend is 30 per cent., which follows 261 per cent., declared in June, md 20 per cent. 12 months ago. The rate for the present year is 56.{ per cent., compared with 37J per cent. The third dividend paying member of the group—East Geduld Mines—is distributing 18J per cent., against 16{- pdr cent, in June, and 8* per cent, on account of the fest six months of 1932. Shareholders will thus receive 35 per cent, for 1933, against 13| per cent, for the previous year. INTEREST IN NELSON FIELDS. There is a revival of interest in the gold fields of tile Parapara district, Nelson. The Mining Research Company, Limited, Christchurch, has had experts investigating the Parapara field for the fest six months. The success of the field depends largely on a substantial water supply, and close investigation of this aspect has been undertaken by engineers. SHIPPING DIVIDENDS. BRITISH COMPANIES DEFER. ' The directors of the Cunard Shipping Company, Limited, resolved to defer payment of the dividends on the 5 per cent, cumulative preference stock and 6 per cent, second cumulative preference stock, which were due earlier this month. The Cunard Company, which has a capital of £8,070,261, controls the Cojnmonwealth and Dominion Line, Limited, which is engaged in the New Zealand and Australian Services. The directors of Furness, Withy and Company, Limited, another British shipping company with New Zealand and Australian interests, have decided not to pay an interim dividend on the ordinary shares, but to defer consideration of a dividend until the accounts for the year ending April 30, 1934, are available. An interim dividend of 2 per cent, was paid in the previous year. Early in 1933 Furness, Withy and Company, with an issued capital of £7,500,000, and its associated company, the British Maritime Trust, with a capital of £1,000,000, acquired an interest of about one-third of the Shaw, Savill and Albion’s total of £300,000 in B ordinary £5 shares. LAMB EXPORT VALUE HIGHER. Changes have been .rtiade in the export meat schedule for lambs and pigs, which is as follows:— Lambs: 361 b and under, 7d per lb; 371 b to 421 b, 6£d; over 421 b, 6Jd; seconds, 6d. Pigs: Up to 801 b, s|d per lb; 811 b to 1001 b, 4£d; 1011 b to 1201 b, 4d. Prices for lambs are id per lb higher than at the beginning of fest week, due to the increased value for skins, which have in turn been influenced by the rising wool prices. The schedule for pigs is Jd per lb lower all rdund. LOW CANTERBURY APPLE YIELD. Owing to damage caused by frost and hail th? export total of apples from the Canterbury district is not expected to be more than 15,000 dases. Indications were so promising at the beginning of the season that a record export of about 100,000 cases was forecast. Last season 60,000 cases were exported. AUCKLAND GAS DIVIDEND. The directors of the Auckland Gas Company, Limited, have decided to recommend a final dividend of 2t per cent, for the half-year ended December 31, making, with the interim dividend of 2| per cent., paid in August, 1933, 5| per cent, for the year on both the fully-paid and the contributing shares. The dividend is payable on February 6. The dividend is at the same rate as the previous year. In 1931-32 t per cent, was paid, compared with 8 per cent, in previous year. J. NATHAN AND CO’S PROFIT. The preliminary announcement of the accounts of Joseph Nathan and Company, Limited, for the year ended September 30, made in London last month, Stated they will show a profit, subject to audit, of £39,437, compared with £21,825 in the previous year. Warrants for the half-yearly dividend on the 7 per cent, preference shares were posted on December 30. FLAX INDUSTRY QUIET. MANILA AND SISAL AFFECTED. The Manawatu flax industry is reported to be very quiet, a few millers only being engaged on contracts, with only a bare return on cost of production, notwithstanding the Government assistance of £4 a ton. The demand of the export trade is very weak, and generally uncertain. Buyers show no disposition to make commitments except for comparatively trifling quantities. The devaluation of the United States dollar has had the effect of cheapening Manila fibre for the United Kingdom and most of the Continental markets. Sisal fibre is also adversely affected by lower values for Manila. Uncertainty in the fibre market in general is having a restraining influence oh business. The following table shows the decline in export values for New Zealand highfair grade hemp during recent years:—

Values in January, 1933, were particularly low, subsequently the higher exchange rate being of some benefit. A.M.P. NEW BUSINESS. The Australian Mutual Provident Society new business for 1933 totalled £15,616,089, £2,000,000 more than in 1932.

EXPORT OF BUTTER NEW ZEA-LAND AND AUSTRALIA. EFFORTS AT CO-ORDINATION. Efforts to arrange for co-ordination between New Zealand and Australia in the shipment of butter, meat and fruit to Great Britain will be made by Mr.,F. H. Stewart, Australian Minister of Commerce, during his coming visit to the Dominion, which is primarily in connection with the Waitangi celebrations. Mr. Stewart will also discuss the competition of American subsidised shipping with British vessels. The Melbourne Argus states it is-hoped that an arrangement will be made which will help to eliminate heavy exports by both countries at the same time. The need for closer co-operation between Australia end New Zealand exporting interests has been brought into prominence recently, as heavy supplies of all produce have oi-en placed on the British market. It is claimed if co-ordin-ation can be achieved the market will be more regularly supplied and higher and more steady prices are possible. The danger of unregulated supply has been shown in the case of the butter market. To the end of December, Australia shipped her full gradings of butter, and these heavy supplies are largely responsible for the present weakness in the market. Some regulation has now been achieved on the lines followed for several seasons by New Zealand. The New Zealand Dairy Produce Board is advised by the Australian Board that it has fixed the minimum prices at which Australian butter may be sold for forward shipment to the United Kingdom during the coming week at 7Jd and 71d, this being the same as for the previous week. These prices are New Zealand f.o.b. equivalent of the Australian c.i.f.e. minimum prices fixed. EMBARGO ON FRUIT LIFTED. The New Zealand Trade Commissioner at Toronto has advised the Department of Industries and Commerce that Barbados has lifted the embargo against New Zealand fruit. The embargo was originally imposed on account of the risks of introduction of the Mediterranean fruit fly. ________ HUME STEEL, LIMITED. ■ NO NEW ZEALAND PROFITS. Hume, Steel, Limited, Melbourne, showed a net profit £5253 higher at £7787 for the year ended September 30. The directors’ report states that business in Australia improved, but the company’s operations, in New Zealand were unprofitable. Business prospects in Australia this year were promising, and the outlook in New Zealand was brighter. An agreement was entered into with Hume Pipe (Far East) Limited, whereby the whole of the steel pipe-making plant at Singapore was sold- to that company. The agreement took effect from September 30. consideration to be paid to Hume Steel, Limited, for the trading rights in the Straits Settlements, Federated Malay States and China, was half the net profits after providing Hume Pipe (Far East), Limited, a return of 8 per cent per annum on the capital invested by that company in the steel pipe business. If profits were insufficient to provide such a return in any one year, the deficiency would be a charge against profits of future years. The agreement for the sale of the Japanese rights of Steel Pipe and Lining Company (Humes), Limited, had not yet been completed. TEA ADVANCES AT AUCTION DOMINION BLENDERS CONCERNED. CHANCES OF FANCY PRICES. Further increases in the auction price of tea were recorded at the Colombo and Calcutta sales fest week. The extent to which the market is advancing is causing muck concern to blenders in New Zealand owing to the high prices at which good teas must retail to show any margin cf profit. The retail price already has been advanced 4d per lb during the past year, and the best grade packet teas are now selling at around 3s per lb and loose teas up to 2s per lb. But in spite of these high prices blenders fear that under present costs a further increase will shortly be inevitable. In the first three auctions held this year prices of Indian teas have advanced 3d per lb and of Ceylon 24d. Merchants in the trade point out that the high retail prices are revealing the full effects of the Government’s policy of a high exchange rate and a duty on tea. These imposts were placed upon tea when the market was at its most depressed point. By the adoption of a scheme of restricted export the tea-pro-ducing countries are quickly bringing prices back to former levels, and, with the stock position abroad closely approaching normal, a continuance of higher auction prices is confidently expected. With the’ burden of exchange and duty and the market at these levels merchants believe that New' Zealand consumers will have to pay fancy prices for their tea. Since the beginning of restriction in April, 1933, auction prices of good Ceylon tea have risen from 34 cents to about 82 to 84 cents, about 14Jd to 15d sterling, per lb. Cheapest Ceylon teas are now realising 66 cents per lb, approximately Is sterling. The conversion of the sterling prices into New Zealand currency, with the addition of 3d per lb duty and plus 5 per cent sales tax, brings the cost to New Zealand blendors, before payment of any charges, such as brokerage, freight, insurance, to approximately 2s and Is 7d per lb respectively. At these rates very little is left for profit and the further rises which are expected in the auction prices must inevitably be passed oh to the consumer. Although cheap teas are popular for obvious reasons, the demand has lately swung back to better quality, since, as in most other commodities, the public has discovered -that the cheapest does not always go the furthest. AUSTRALIAN WHEAT CROP POSSIBLE ITALIAN MARKET. EUROPEAN SHORTAGE EXPECTED. Advice has been received by the Commonwealth Statistician from the Italian Minister of Agriculture that the area under wheat in Italy for the 1934 season shows a decrease of 10 per cent, compared with that of fest year. The condition of the crop, the advice states, has been affected everywhere by excessive rain, and consequently it is probable that the 1934 crop will be insufficient to meet local requirements. A resumption of importations of Australian wheat into Italy appears to be likely later this year. Formerly Italy depended largely upon- importations; but under the Mussolini regime a prohibitive duty, which reached approximately 4s 6d a bushel in June, 1931, was imposed on imports to encourage, home production. Imports into Italy decreased from 99,000,000 bushels in 1928 to 51,000,000 bushels in 1931. The country consumes each year about 296,000,000 bushels.

In 1933 there was a record harvest of 272,000,000 bushels. Australia has supplied portion of the Italian imports, but between 1927 and 1932 the amount supplied decreased from 12,000,000 to 3,000,000 bushels. The Italian crop is not harvested .until June. Australia should, therefore, be able to supply Italian needs from the current season’s crop, the harvesting of which will be completed this month. GOOD COMPETITION FOR WOOL. INFERIOR CHEAPER IN LONDON. By Telegraph—Press Assn.—Copyright. London, Jan. 22. At the wool sales 10,071 bales were offered, including 5298 New Zealand. There was good home . and European competition. Prices were maintained for all better grades, but inferior and medium crossbreds were weaker and are now 10 to 15 per cent, below the opening prices. New Zealand prices are: Greasy crossbred, Otairi, top 19d, average 11 l-Bd. At Bradford Merino tops are steady on the basis of about 41d for 64’s. The firmer tendency of crossbreds was checked by reports of easier prices in New Zealand. VARIATION IN YIELDS. CANTERBURY WHEAT PROSPECTS. , Returns from the first threshings of wheat in the Waipara district, in Canterbury, indicate yields from 10 to 15 bushels to the acre lower than on the same farms fest season. A few samples of new season’s wheat have been marketed. The quality is somewhat better than was expected, and the samples already offered are plump, clean, bright and show good weight, being from 621 b to 641fi to the bushel. The samples are mostly from the Waipara district, in which threshing is usually done earlier than elsewhere in Canterbury. The yields are very disappointing, varying from 20 to 30 bushels to the acre, and representing a decline in yield on individual farms of from 10 to 15 bushels. Indications are, however, that the general yield for Canterbury will be fairly good. The recent rains appear to have compensated for the damage don? by frost and hail. It is probable that the fall in the yield per acre through dry weather will be confined more or less to districts north of Rangiora. Crops at Methven are described as looking better than ever, and farmers in other districts where wheat has been cut remark upon the heaviness of the sheaves when being stocked. The South Canterbury yield is expected to be good.

Buyers £ s. d. Sellers £ s. d. 4 p.c. Bonds, 1940 .... LOO 10 0 — 102 O 0 4 p.c. ditto, .1955 • • • • 101 0 0 —. 4 p.c. ditto, 1949 .... 101 5 0 — Banks 12 10 0 IS Com. of Aust, ord *0 IS a 0 8 Com. of Aust., prof. ... 9 0 0 9 4 0 Eng., Scot and Aust. .. 15 6 o 17 6 National of N.Z 1 6 0 National of Australasia, 6 10 0 New South Wales ’J 4 JO 0 35 0 0 . 1 8 9 2 9 9 1 16 6 1 13 6 1/ prci. ‘-'V I**•••••• *10 A 0 10 5 0 Union of Aust. ...... Financial. 10 7 6 10 12 0 and Co. ...... Goldsbrougfa Mort and 0 O 1 15 3 1. 16 0 Dominion Investment .. — 0 17 6 Abraham-Williams, pref. 3 fl 0 ■ 4 0 0 Gas. 1 9 0 Ditto .«■••• 0 14 0 Wellington, ord, •••••» 1 16 0 —. 10 1 o -—- 18 Ditto, contrib 0 17 3 0 9 Insurance. 0 11 2 0 11 3 National of N.Z. •••••• 9 IS 6 0 IS 8 *2 17 6 18 0 4 o. — 3 16 10 1«7 0 0 0 - Meat Gear Meat •••••••••• 1 4 0 3 1 0 nU4n AAtiirl'h 1 10 6 —• Transport p. and 0., defd. stock . 1 2 6 — Huddart-Parker 1 1'3 0 1 14 0 Ditto (pref.) ■ 1 5 0 — 0 3 0 7 0 " Ditto (con.) .. 0 6 0 3 6 Coal. 1 0 6 -1 — 1 0 1 fl — . 0 15 6 1 6 ——~ Westport-Stockton (pref.) 0 2 3 —' Timber. 0 15 6 0 16 0 1 0 0 1 1 0 ±jej ranu"*-* a* 1 A” 4 * ' • •••••. National 0 4 6 0 6 6 Parker-I/amb 0 3 0 —. Taupo Totara Timber .. —. 0 3 9 Breweries. N.Z. Breweries 1 1« 9 2 0 0 —. 2 s 3 Miscellaneous Anthony Hordern 0 15 9 —■ 12 0 «—• British Tobacco 1 117 0 1 17 6 Colonial . Sugar 64 10 0 — Consolidated Brick .... 0 6 3 — Dominion Fertiliser ... — 0 18 0 Dunlop-Perdriaiu .... 1 2 2 1 2 4 Elecbro. Zinc (ord.) .. 1 0 1 7 9 1 14 6 -1 ■- Farmers’ Trading Co. ,. 0 3 4 0 3 9 Ditto (A pref.) .... 0 16 6 Ditto (B pref.) 0 9 6 —• 1 4 0 — New Zealand Drug .... 3 14 0 — Milne and Choyce .... 0 18 0 —• Ditto (deb. stock) . 0 17 0 0 1« 0 ... — 0 19 0 18 N.Z. Farmers Fert < — 0 3 1 9 3 1 n 6 N.Z. Paper Mills 1 7 0 — N.Z. Refrigerating ;.... 0 19 7 1 0 2 6 0 9 0 0 9 Northern Roller Mill • • 1 9 6 —. Sharland (pref.) 1 4 0 — 1 6 0 —— 0 2 0 0 6 0 1 1* 4 1 8 0 Woolworth® ('N.Z.) (pref.) 1 15 9" 1 16 6 Ditto (Syd.) 2nd pref. 1 4 10 1 5 6 Oil. 0 2 G 0 3 6 Mining. Alexander (138 6d paid) 0 1'4 6 —. Beil-Hopper (®d paid) .. — 0 1 0 0 0 8 0 1 0 Big B-ivor 0 0 8 0 1 0 1 1'5 9 1 1'7 6 Consol. Goldfields ...... 0 17 7 0 18 1 Gillespie’s Beach 0 1 10 0 2 2 Goloonda (8d paid) .... 0 0 3 0 0 9 0 1 A 0 2 0 0 3 7 0 3 9 y.jpg Solomon •••••• 0 0 1 0 0 3 7 Mataki Gold Dredging . 0 1 3 0 1 fl 1 0 0 1 4 0 9 3 0 9 a n’o-ldcniiBTi DuTibn . * . • • e 0 4 9 0 5 9 xarioui'a'ii j-’umum •••••• Wai'W 1 9 10 1 10 3 Waflii Grand June. ... fl 4 7 0 4 10 Wa/btaihu. 0 6 0 0 7 0 • •••••■ 0 3 3 Broken Hill Pty 2 3 9 — Kuala Kampa-r •»•••• 0 15 3 0 15 6 4 6 1 9 i 0 * Cum Div. UNOFFICIAL LIST Auckland Farmers’ Freez. 0 16 0 < Auckland Meat Oo. .. Challenge Phosphate, 1 5 ,0. 1 r 6 1/2/42, 7% Taranaki Brewery and IPS 0 fl Cordials, 12s 6d paid .. 12 6 Taranaki Amusements ,..i —■ 1 12 6

Clauds Neou Lights .. 2 5 6 Invest. Trust (pref.) .. 1 9 0 — pfttn (R deb.) 100 0 0 —— John Fuller, 1949, 6 Vis .. 70 0 0 — Loyal (pref.) — *0 IT 6 N.Z. Perpetual Forests . •5 6 6 — Southern Cross Assur. .. 0 1 9 0 8 0 Southern Cross Invest. . *0 2 6 0 7 6 Sim Newspapers 0 4 I) — Timberlands (pref.) -... — 0 19 0 Woolwortlis (Syd., ord.) 4 11) 0 5 3 0 Goldfields Dredging .... — 0 0 9 Skippers (9d paid) . — 0 0 5 0 0 9 Snowy River 0 0 1 0 0 3% *Odd lots.

Per ton January £ s d 19J7 68 0 0 1922 27 10 0 ]93O 27 0 0 1931 22 10 0 1932 17 10 0 1933 11 10 0 1934 12 10 0