BUSINESS and FINANCE

Star (Christchurch), Volume LXVI, Issue 20363, 21 July 1934, Page 9

BUSINESS and FINANCE

REVIEW OF COMMERCIAL AFFAIRS

ON ’CHANGE. Bright Tone at Morning Call To-day. DUNLOP RUBBERS ADVANCE. For a Saturday call there -was a good volume of business put through on 'Change this morning. Government stocks were as strong as ever, and the general tendency of the whole market showed upward movement. In the banks, Commercials stayed at their low price of 15s 3d, but New South Wales and Unions were firmer, buyers raising offers for the former to £3O 12s 6d, sellers retreating to £3l 10s. A seller of Unions answered a £9 17s buyer with £lO 2s 6d. Goldsbrough Morts eased to sales at 29s 6d and 29s 9d, and buyers offered 29s 2d at the close. New Zealand Breweries stayed at yesterday’s levels, but there were no buyers at the close, sellers asking 42s 9d. A reported sale of Dunlop Rubbers brought an advance well above last quotations at 18s lid, and the market closed with buyers 3d lower. Kauri Timbers were on the sales list, and continued the rise which was evident during the week. Buyers offered 18s yesterda}", and to-day’s price was 4d higher. Closing quotations were 18s 3d, 18s 4d. Mining business was active. Nokomais held a higher price at 3s 3d, and Skippers, Charleston and Big River also had dealings. Woolworths, Sydney (ord.), quoted this morning cum-riehts instead of yesterday’s ex-rights, were on offer at £8 buyers at £7 10s. SALES COMPLETED. The figures in the final column indicate, as compared with last Christchurch sales: ta rise, -a fall nc no change. ’ ' ' THREE O’CLOCK CALL YESTERDAY. Sales on ’Change—

TO-DAY’S quotations. Following are to-day’s quotations:

All transactions in stocks quoted in this section are subject to a different rate of brokerage from listed stocks, and are not quoted on the official list: Buyers. Sellers. £ s. d. £ s. cl.

OTHER EXCHANGES. WELLINGTON, July 21. Sale.—Waihi, 325. YESTERDAY’S SALES. Auckland.—Sales on 'Change: South British Insurance, £4 Is; Stockton Coni (pref.), 4s 3d; Farmers’ Trading, 6s 3d; King Solomon, 3s lid. Unlisted: Woolworths (Sydney), £7 16s, £7 1 Ss. Wellington—Sales on 'Change: New Zealand Inscribed, 4 per cent, 3 946. £107; Comm, Bank of Aust., 35s 3d: British Tobacco, £3 375; Mount Lyell. £1 Is 9d; Skippers, Sd. Unlisted: Woolworths (Sydney), «>rd., £7 15s (2). (July ID); Woolworths (Sydney), £7 15s, £7 16s. Dunedin—Sale on 'Change: Comm. Bank of Aust., 15s Id (2). Sale reported: King Solomon, 3s lid. SYDNEY STOCK EXCHANGE. SYDNEY, July 20. On the Stock Exchange to-day, although the recent upward movement in Commonwealth Bond values showed signs of steadying, the gilt-edged group remained very strong. Responding to the new issue announcement, Placer Development shares and those of the subsidiary, Bulolo, rose materially and touched new high levels. Later dealings were:— Bank of New South Wales. £3O 10s; Associated News, 21s 7?.d; British Tobacco (Melbourne register), 37s 3d; London delivery 375; Tooths, 44s Gd; Australian Glass, 48s 6d; Dunlop Perdriau Rubber. 3 8s 3 07.i1; Goldsbrough Mort. 29s 9d; Greater J. P. Williams, 6s lid; Farmers, IDs Od; Anthony Hordern (pref.), 24s 3d; Mount Morgan. 255; Broken Hill Proprietary, 44s 3d; Bulolo Gold. £S #s; Bulolo Deposits, 3 0d; Kuala Kampar, 36s 107,d: Rawang'Tin, Ds 2d: Placer Development, £25 12s; General Industries (pref.). 22s 10Jd. Melbourne Sales. MELBOURNE. July 20. Associated News, 21s 6cl; Broken Hill Proprietary. 44s 6d; Dunlop Perdriau, IDs, pref. 355: Electrolytic Zinc, 2Gs; Mount Lyell, 21s 9d. INTEREST RATES. The return to the investor on his outlay, based upon the latest- dividends, works out as follows on the latest sales. Where Government stocks are’ included the calculation provides for accrued interest. In the case of local body issues allowance is also made for 20 per cent interest reduction. PER CENT PER ANNUM.

CALL AND DIVIDEND LIST.

EXCHANGE RATES. Dollar and Franc. United Press Assn.—By Electric Telegraph—Copyright. (Received July 21, 3 0.30 n.m.) LONDON, July 20. The American dollar is quoted at 5.04$ to the pound sterling, and the franc at 7Gi. Local Dollar Values. Current dollar exchanges, as quoto-i by the New Zealand banks, are as under: Buying. Selling. United States 5.13 4.93 Canada 5.0 S 4.SS £1 (New Zealand) is Worth:

THE PRICE OF GOLD. (Received July 21, 10.30 a.m.) LONDON, July 20. Gold is quoted at 137 s lC£d per ounce. O AMARU LOANS. Per Press Association OAMARU, July 23. The whole of the Oamaru Borough loans, totalling £282,000, have been successfully converted at the remarkably small cost of £l3B.

MINING. Reports and Returns. (Special to the " Star.’*) , WAIHI, July 20. rhe- following information has been cabled to London:— For the period ended July 7, comprising twenty-two crushing days, 18,021 tons of ore were crushed for a result of 4824 line ounces of silver. This includes 1622 tons mined from the Grand Junction area which yielded 443 fine ounces of gold and 1573 fine ounces of silver. Surface in the school drive: A further thirty feet has been driven west the assay value over this distance being 7s 3d per ton. The width of the lode at the face is about 2 feet. t- i. level, north branch of Martha Lode: Driving is suspended at 505 feet west. No. 5 level, north branch of Martha lode: North cross-cut at 420 feet west was driven a total of 50 feet, where work was suspended. At 35 feet in there is 3 feet of quartz dipping flatly north, of little or no value.

Martha lode: Driving west. The next 17 feet assays 5s per ton. No walls are No. 6 level—North branch of Martha lode: Driving west. The next 55 feet assays 3Ss Dd per ton. The width of lode varies from 3 to 3 feet. No. 7 level: Lode at 312 feet in. For the next 34 feet west the ore channel Is represented by a few stringers of quartz of little or no value. Maliakipawa Goldfields, Ltd. The Mahakipawa report for week ended July IS is as follows: Diagonal drive from No. 2 crosscut west has been advanced to 51 feet from start of crosscut. The vertical wall which we were following, has turned slightly to the west, and is not now visible in this drive. There is 2ft of bottom showing on the right-liand side of the face, which drops abruptly to eighteen inches below the, floor about the centre, and continues ’below the floor to the left-hand side. The wash now contains very large boulders, proving definitely that this drive is in the gutter. Blocking strip (No. 1) on right hand side of leading face has been driven a total distance of 32ft south of No. 3 cross-cut west. This has been carrying good gold until the last few feet, when the bottom rose until there is only nbout 2ft of wash left in the drive, and the values crossed over to the other side of the leading face. ’This is stopped at present. Blocking strip (No. 3) on left hand side of leading face has been -taken out for isft and has yielded very good course gold for the last few feet. This is apparently the continuation of the run of gold which was in No. 1 strip above. Alice Fell Shaft—This has now been re-timbered up to road level, and we are ready to place collar set in position. The power line has been completed, and a suitable pump and hoist are on their wav to the mine. The cubic yardage for the month was 4SS. Bell-Kilgour Company. ' DUNEDIN, July 20. The Bell-Kilgour return for the week ended to-day was 420 z 7dwt 12gr. King Solomon Mine. INVERCARGILL., July 20. The return at the King Solomon Mine this week was 790 z 3dwt. Kawarau Company. Per Press Assoriatlor. DUNEDIN, July 20. The directors of the Kawarau Gold Mining Company, Ltd., advise that the announcement made on Thursday, to the effect that, the Kawarau gates would be closed in three weeks’ time, is without. foundation. The affairs of the comnanv are now in the hands of the London principals, and no advice has been received from them with reference to the closing of the gates. Tt. was pointed out that a considerable amount of work had been involved in the flotation of the company in its new form, and that negotnitions with the London issuing house have but recently been completed. Paddy’s Point Company. Per Press Association. DUNEDIN, July 20. The Paddy’s Point Company reports that a paddock was completed two days ago. and produced 28oz ltdwt. The time taken -was 6J weeks, and was longer than usual on account of the severe weather conditions. Bulolo Gold Dredging, Ltd. Mr F. G. Dunn, attorney for Ulutha Development Ltd., advises of the receipt of the following Bulolo production rep6rt for June: For month of June total gross production lor Dredges Nos. 3,2 and 3 amounted to 14,106 ounces of bullion containing D 602 ounces of fine gold from 655.700 cubic yards. Estimated working profit 7127 ounces of fine gold. The above production is equivalent to £51,617 and working profit to £60,579 10s on the basis of £8 10s (Aust.) per fine ounce of gold. Beaconsfield Shaft. (Special to the ** Star.”) WESTPORT, July 20. A prospecting syndicate is being formed for the purpose of dewatering the old Beaconsfield shaft on the sides of the Waimangaroa River. An inspection has been made and the necessary equipment ordered for the carrying out of the work. The shaft is 200 feet deep and runs under the Waimangaroa River. Mount I-ye 11 Company. The Mount Lyell Mining and Railway Co., Ltd., reports that mine production was resumed on July 11 and that it was arranging to commence milling on July 13 and refining on July 16. BELL HOOPER CROMWELIi. The return of Bell Hooper Cromwell Gold, Ltd., for the week ending July 20, 1934, was lOoz 13dwt Bgr.

200 Com. of Aust.. 15/3 (21 100 Wilson's Cement, 29/9 . .. 350 Goldfields, Dredere. 9id 200 Golden Sands. 2/10 . 500 Skippers, Sd Sales Reported— £200 N.Z.F.C. (4&. i.945). £S?. 1000 Skippers, 8d (2) THIS MORNING’S CALL. Sales on ’Change — 300 Com. of Aust., 15/3 (2) . . 100 Kauris, 18/4 .... 500 Big River, l/i 2000 Charleston. 1/3 (2~) t Id 200 Glenroy, 1/2 s>0 .Mount Lyell, 21/8 500 Nokomai. 3/- f. r >) 100 Skippers, 8d (2) . . Sales Reported— 2o0 Com. of Aust., 15/3 150 Goldsbroughe, 29/6 250 JC.Z. Brew., 42/10, 42/9 100 Dunlops, 18/11 £2100 R. Bonds, £104 2r» Bank of A’asia. £11 3 2/6 200 Goldsbroughs, 29/9 .... -3d

Buyers. £ d. £ N’.Z. GOVT. STOCK 32 p.c. Inscr., 1938106 p.c. Inscr., 193932 p.c. Inscr., 193952 106 17 6 4 p.c. Inscr., 194 0 a oft 4 p.c. Inscr., 1946 106 17 4 p.c. Inscr., 194 9 107 0 0 108 4 p.c. Inscr., 1955 107 4 p.c. Ronds, 1940 105 4 p.c. Ronds. 1946 4 p.c. Bonds, 1949 107 .5 0 OTHBE DEBENTURES Sluggish River 5’. P.c., 1 -7-44 .... Booth Macdonald, 6J p.c., 193 7 .. 72 Olaxo G6 p.c., 194 5 N.Z. Refrig. 61 102 0 Gisborne Sheepfarmers 62 p.c., 1941 94 0 BANKS— Adelaide Comm. of Aust. (cum div.) .... 0 Comm, of Sydney. 16 Comm. of Aust. (pref.. cum div.) 9 9 E., S. and A 4 IS Natl. of A’asia (£10 paid) .... 12 Natl. of A’asia (£;> paid) .... 5 National of N.Z. (ex div.) 3 New South Wales New Zealand .... Union of Aust. (cum div.) 9 17 0 10 INSURANCE— National .... Standard 3 United DOAN AND AGENCY— Ch’ch Building Society 12 Ralgety and Co. . Goldsbrough Mort 1 N.Z. Guarantee Corpn 0 4 Permanent Investment (cum div.) United Building Societv 1 1 SHIPPING—

Adelaide New Zealand 6 p.c. (cum pref FROZEN MEAT Canterbury (ord.) 9 0 0 1 5 6 Canterbury (pref) N.Z. Refrig. (£1 5 9 1 5 0 3 5 12 6 N.Z. Refrig. (10s 0 18 6 0 19 2 paid) North Canterbury 0 8 6 0 8 7 I' rpozing .... Southland WOOLLENS — 0 11 3 11 0 6 0 IS 0 Kaiapoi (17e pd.) Kaiapoi (7s paid) Kaiapoi (pref.) . . Mosgiel COAL 0 11 0 3 0 17 10 5 0 0 b 0 11 4 Westport ...... Stockton (ord.) .. Stockton (pref.) . GAS— Christchurch (cum 0 IS 0 3 0 4 li 0 3 0 19 div.) Christchurch (10s 1 12 0 1 12 10 Timaru . BREWERIES Dunedin Monteiths New Zealand .... 0 15 1 2 1 5 0 0 0 0 15 0 16 2 2 0 9 Timaru (7/6 pd.) 0 6 5 0 7 Tooths MISCELLANEOUS— 2 4 0 2 4 3 Associated News. Amalg. Wireless 1 1 0 1 1 8 (contr.) 1 6 0 1 8 0 Anthony Hordern Anthony Hordern (pref.) Australian Distil0 14 0 0 14 1 4 1 4 G 0 Australian Glass Aust. Iron and 2 7 9 9 ySteel (pref.) . . Beatli and Co. 1 12 6 1 14 0 0 10 0 1 16 Broken Hill Pty. Colonial Sugar .. 2 4 64 12 6 65 5 U

D.I.C. (10s paid) 0 15 U.I.C. (pref.) 4 Domn. Builders’ • Supplies 0 Dunlop Rubber . . 0 IS electrolytic Zinc (pref., cum div.) 1 13 Henry Jones Coop Howard Smith Hume Pipe (Aust) 0 Mason Struthers 0 lo U lo 1 (£1 paid) .... Mason Struthers <10s paid) .... N.Z. Drug Co. 3 IS N.Z. Malay Rubber K.Z. Malay Rubber (pref.) 1 2 6 10 0 Evans Atlas Flour N.Z. Farmers’ Coop. (1st pref.) 1 14 0 E.Z. Farmers’ Coop. (“A” pref.) N.Z. Farmers' Coop. (4i p.c. Stk., 1 940) S3 3 5 N.Z. Newspapers . 1 9 3 1 10 N.Z. Paper Mills 1 Rural Bonds .... 103 10 0 104 10 0 1 Wool worths (N.Z.) (ord.) Woolworths (N.Z.) (pref.) 1 19 0 .Woolworths (Syd.) (1st pref.) .... 1 1 9 0 Woolworths. (Sydney) (1st pref.) 0 2 0 0 Willeox Mofflin .. 0 Sun Newspapers . 0 4 1 0 4 4 MINING— Bell Hill 0 1 0 Bell Hooper (Is paid) 0 0 5 J| 0 0 6 Bell Kilgour .... 0 0 0 0 Bendigo Goldlights (9d paid) .... 0 0 75 0 0 Big River 0 1 15 Brian Boru 0 1 0 Deep Lead 0 1 3 ' 0 S Central Shotover (Is paid) 0 0 11 Charleston 0 1 25 0 1 3 5 Gillespie’s Beach . 0 1 10 1 11 Glenroy '. 0 1 1 5 0 I 2 Golden Dawn 0 1 7 0 2 6 Golden Point .... 0 0 n 0 0 25 Goldfields Dredging 0 n 9 0 0 10 Golden Sands 0 S Hatter’s Flat .... 0 0 S Kildare 0 King Solomon 0 3 11 0 4 1 Kuala Kampar . . 0 16 0 0 16 9 Lawson’s Flat . . 0 0 35 0 0 Maerewhenua 0 ' 0 Mahakipawa . . . 0 0 10 • 0 0 101 Mahakipawa (pf.) 1929 issue 1 1 Mahakipawa (pf.) 1930 issue 1 05 3 Mataki 0 0 0 Mining House Con. 0 Mount Lyell .... 1 1 s 1 Mount Morgan . . 1 4 s Moonlight Nelson Creek 0 0 5i 0 0 Nevis Diesel Elec. 0 0 4 0 0 4 1 New Cornish Point (Is paid) .... 0 0 8 0 0 11 New Cornish Point (6d paid) 0 0 0 Nokomai 0 3 25 0 Okarito 0 S 2 0 s Oxenbridge Shotover (Is paid) . Rawang Tin .... 0 0 0 9 Upper Shotover (9d paid) 0 0 Waihi 1 12 0 Waihi Grand Junction 0 4 Wetherstones . . 0 0 6 Worksop 1 0 7 Skippers 75 Stafford Sluicing Mossy Creek .... 0 1 05 Unlisted Stocks

L,td. (pref.) (Vie.) , „ n Wool worths Woolworths (Sydcum

£ s. d. rommerdal of -Alist* «» •> 7 National of A’asia 4 4 0 Wilson’s Ccnicnt ............ 7 o Kauri Timber 2 14 . f. fJoldsbroug:h 4 1 4 Dunlop Rubber 4 4 (1 Bank of A asia .............. 3 4 G

Due. National Bank of New Zealand—annual. 4 per cent July 21 N Z. Farmers’ Fertiliser—annual, 5 p.c July 22 Smith and Smith, Dunedin— preference, 5 per cent . . July 31 Union Bank of Australia—final. (at rate in sterling) of 5 per cent’ per annum .... Aug. 1 Commercial Bank of Australia —final pref. at rate of 4 per cent per annum, ord. at rate of 5 per cent per annum Aug. 9 Electrolytic Zinc —pref., at rate of 8 p.c. per annum and (ord.) at rate of 4 p.c. per annum Sept. 7

£ s. d. In Sydney 1 0 U In New York (4 dollars) .. U 16 7 In Montreal (4 dollars) .... 0 16 6 In London 0 16 0 In Berlin (10.5 marks) 0 10 4 In Brussels (17.3 belpa) .... 0 9 10 Tn Paris (61.3 francs) 0 9 10