ON ’CHANGE.

Star (Christchurch), Volume LXVI, Issue 20455, 7 November 1934, Page 11

ON ’CHANGE.

Worksop Extended Weaker. ACTIVE MARKETS. AUSTRALIAN GLASS IN FIRM DEMAND. A substantial list of sales was cecorded this morning, 25 parcels of shares selling on ’Change and in re-' ported business. Values generally were steady, though Mount Lyell lost ground, and sellers of Worksop Extended (cumdividend) came down to 3s 3d. at which price 200 shares were sold, later buyers offering only 3s. This is doubtless the result of last week’s return, which was considerably smaller than those of the previous periods. The dividend payment due on Monday has failed to hold the market up. The Government section was comparatively neglected. Banking scrip looked fractionally firmer in most instances and fewer sellers than buyers came on the lists. Reserve had no sellers and buyers were as firm as ever. New Zealand held their late rate of 48s 9d, and in reported business were up to 495, though final quotations on ’Change saw holders ask ing 48s lid. New South Wales sellers lowered their limits to £32 without business The only insurance issue to be quoted was National, for which a buying offer came in at 21s 8d without response. Miscellaneous quotations underwent little change, and two issues to firm were Australian Glass and DunlopPerdriau. The market for the former lay between 56s and 58s, and for the latter between 19s 9d and 19s lid. Colonial Sugar sales were recorded at the lower level of £75. but holders were firmer at the close of business. Kaiapoi Woollen scrip was still in good demand, and no sellers appeared in reply to buyers for the 17s paid and the contributing issues at los and os respectively. The preference issue, on the other hand, was easier, with a lone seller offering at Moderate turnover was recorded in the mining section, the most noticeable feature being the decreased interest taken by buyers in Worksop Extended. Other quotations in the main were firm, but while Argo Gold Dredging, in the unlisted section, showed a small gain. Maori Gully lost ground fractionally. The next call on the local Exchange will be to-morrow morning, this being the last for the present week. SALES COMPLETED. The figures in the final column indicate, compared with last Christchurch sales: t a rise. a fall, n.c. no change. THIS MORNING'S CALL. Salas on ’Change—--200 Com. B. Aust., 15/11. 16/-j -Id 100 Bank of N.Z.. 4S/-9 1 \ n.c. 100 X.Z. Refrig. (10/- pd.), 9/10 : n.c. 100 Beath & Co. (1/- pd.>, 10/3 | +sd 7 Colonial Sugar, £75 i -50/100 Consol. Brick, 10/9 —2d 200 Quill M. (in liq.), 3/1 (2) n.c. 500 Big River. 1/81, 1/9 -Id 500 Goldfields Dredge, Hid .. n.c. 1050 Mossy Creek. 2/2, 2/3 . . t2d 100 Mt. Lyell, 19/2 -5d 200 Worksop (cum div.), 3/3 j -9d Sales Reported—--500 Big River, 1/9 -Id 350 B. of N.Z., 49/-, 48/10 49/-j f3d Unlisted Stocks on ’Change—--2800 Argo Cold (6d pd.), 1/- (4) J f»d 300 Maori Guily (1/- pd.), 1/5 j -lid OTHER EXCHANGES. Per Press Association. DUNEDIN, This Day. N.Z. Breweries, 50s. Bell Hooper, 3d (2). Reported: Nokomai, 3s 9d. Bell Hooper, 3d. AUCKLAND, This Day. Renown Collieries (pref. >, 2s. X.Z. Guarantee Corporation, sfi sd. British Tobacco, 41s 7d. Bank of X'ew Zealand, 495. X.Z. Insurance, 695. -Bycrofts, 535. Auckland Trotting Club. 6J p.c., £lO5. WELLINGTON, This Day. Reserve Bank, £6 12s. X.Z. Guarantee Corporation, 5s 6d. Colonial Sugar (ex div.), £76. Big River, Is Sid. Mossy Creek. 2ld. Alexander (c-ontr.). 15s ljd. Roioiti Timber. 3s 3d, 3s 4ld. TO-DAY IN AUCKLAND. (Special to the Star.”) AUCKLAXD, This Day. The Exchange has been rather quiet since the last report and less business than usual has been put through. At this morning's call late quotations were generally maintained, but buyers seemed disinclined to adjust limits to meet •sellers* ideas of value. Banks and insurances showed virtually no change, and Government 34 per rent storks were again off the list of quotations. Recent firmness in British Tobaero continued, and after a sale at 41s 7d. the market stood between 4ls 3d and 425. Colonial Sugary were quoted ex. div. from £74 70s to £76. In the minine: section.W rksops were ; fj demand at 3s. n/> sellers. 'Mossy Creeks were asked for at Is 9d. SYDNEY SALES TO-DAY. United Press Assn.—By Electric Telegraph— <"~opyrigh t. (Received November 7. 2.4 r» p.m.) SYDNEY, This Day. Commonwealth 1 per cent Bonds—--1944. £lO7 13s 9d. Others:— Tooheys, 295. Anthony Hordern. 1«s l**d. Associated Xews, 25s 9d. Associated Xews < pref.), 25s 3d. Australian Glass. 565. British Tobacco. 41s fid. Goldsbrough Mort. 31s 9d Winchcombe Carson. 29s Gel. LONDON STOCK EXCHANGE. United Press Assn. —Rv Electric

EXCHANGE RATES

London Quotations. British Official Wireless. (Receiced November 7. 1 p.m.) RUGBY, November 6. London on the cities mentioned:—

N.Z. Currency Basis. The Bank of Xew South Wales, Christchurch, quotes the following rates for sales and purchases for foreign exchange:— Buying. Selling.

Local Dollar Values. Current dollar exchanges as quoted by the Xew Zealand banks are as under: Buying Selling. United States 5.07 4.87 Canada 4.97 4.77 Dollar and Franc. United Press Assn.-—By Electric Telegraph—Copyright. (Received November 7, 11 a.m.) LONDON, November 6. The American dollar is quoted at j-J> Si to £1 sterling, and the franc at

YESTERDAY’S SALES.

Auckland—Sales on 'Change: South British, £4 10s; Australian Glass, £2 16 s 3d; Colonial Sugar, £76 ss; X.Z. Newspapers, Cl 13s 3d; Golden Point, 13d; Goldfields Dredging. 114 d. Dunedin—Sales reported: Bank of Xew Zealand, £2 9s (3). Wellington—Sales reported: Inscribed, 4 per cent, 1940 (late Monday), £lO4 17s 6d; Inscribed, 4 per cent, 1946 (late Monday). £IOB 17s 6d; Inscribed, 4 per cent, 1949 (late Monday), £IOB 17s 6d; Inscribed, 4 per cent, 1955 (late Monday), £ll3 7s fid; Bank of X.Z. (D pref.), £1 14s: X.Z. Guarantee, 5s 54d, 5s 6d; Monteiths Brewery, 12s fid; British Tobacco, £2 Is 8d; Australian Glass (late Monday), £2 16s 3d; Maliakipawa, 94d. Sydney Stock Exchange. United Press Assn.—By Electric Telegraph—Copyright. SYDNEY, November 6. There was a firm tone on the Stock Exchange to-day. The prices of frontrank industrials were without much variation. Bank shares were in better demand. Commonwealth bonds were quiet, owing to the near approach of the new internal loan. Afternoon sales—Bank of Xew South Wales, £33; Commercial Bank of Sydney, £l7 12s; National Bank (£lO paid), £l2 13s; Colonial Sugar. £76 10s: Associated Xews, 25s fid, (pref.), 25s 4id; Howard Smith, 16s 3d; Australian Glass, 56s Cd; Dalgotys, £9 7s fid: Winchcombe Carson. 29s 6d; Electrolytic Zinc, 25s 41d: Farmers, 275: Anthony Hordern, 16s 9d; Lustre Hosierv, 25s 3d; Standard Cement, 19s; Hume Pipe, 14s; Tooths, 51s 6d: Broken Hill Proprietary, 50s= 3d; Bulolo Gold, £8 ss; Placer Development, £24 ss. Commonwealth Bonds. 4 per cent—--1938, £lO6 13s 9d: 1941. £lO7 ISs fid; 194 4, £lO7 15s; 194 7, £lO9 15s; 1953. £lll 12s 6d; 1955, £ll2 ss; 1957, £ll2 Ss fid; 1959, £lll 3s fid: 1961, £lll ss. Melbourne Exchange. United- Press Assn.—By Electric Telegraph—Copyright. MELBOURNE, November 6. The exchange was closed owing to the holiday. CALL AND DIVIDEND LIST.

QUOTATION LIST.

Buyers and Sellers This Morning.

ney) ord 314 11 315 6 London Quotation. United Press Assn.—By Electric Telegraph—Copy light. (Received November 7. 12.45 p.m.) LONDON. November 6. Bulolo. £6 17s 6d. SILVER QUOTATIONS. British Official Wireless. (Received November 7. 11.45 a.m.) RUGBY. November 6. Silver is quoted at 23 7-lfid (spot) and 23 9-16 d (forward). PRICE OF GOLD. (Received November 7. 11 a.m.) LONDON. November 6. Gold is quoted at 13fis 5Jd a fine ounce.

ELECTROLYTIC ZINC.

Payment of Ordinary Share Dividend Prospects.

Shareholders of the Electrolytic Zinc Com pan v of Australasia. Ltd., were told by the chairman (Mr Colin Fraser) at the annual meeting in Melbourne last week that unless the price of zinc improved in the next two months it might not be possible for the company to pay an interim dividend on the ordinary shares. He explained that the price now quoted for zinc, £l2 16s 3d sterling a ton, was about £2 los a ton below the average price for 1933-34. and £1 10s a ton below the average for June. 1934. Almost the whole of the decline of £1 10s a ton fell on the company as a treater of zinc concentrates, because a minimum price clause in the contract for the purchase of zinc concentrates had been in operation for several months. Mr Fraser said that during the current year an addition to the shareholdings would be made, arising out of an agreement to participate to the extent of £25.000 sterling in Improved Metallurgy, Ltd., a company formed in England under the aeg : s of Imperial Smelting Corporation, Ltd., to acquire the United Kingdom rights to operate the vertical retort zinc smelting process. This process enabled zinc of much higher grade than that obtainable from the ordinary retort process to be produced. Profits had benefited materially from the depreciation cf Australian currency, and also from the premium earned on the company’s high-grade zinc. Had these factors not operated, the profit and loss account would have presented a very different picture. Throughout the year the company’s highly refined metal commanded an average premium of about £2 10s a ton over the price of G. 0.8. spelter, and had thus contributed some £IOO,OOO to the net profit. Unfortunately, however, there were signs that an increase in the output of high-grade metal, both in the United Kingdom and on the Continent, was imminent, and might shortly, in the absence of a marked improvement in world trade, bring about a reduction in the amount of this premium. In regard to the marketing of the company's product in European countries, Mr Fraser continued, if anything, the position due to increasing trading restrictions was becoming more difficult. Fortunately, increased local sales and a steady development of business association in Japan and India had minimised the adverse effect. Since the close of the year .sales in Australia, which for the period under review represented 42 per cent of the output, had increased, and were now absorbing half the output. The outlook regarding operation of the company’s mines on the west coast of Tasmania was even more uncertain than a year ago. Metal prices were much lower and overseas markets more restricted. SYDNEY WOOL SALES. Unjted Press Assn.—By Electric Telegraph—Copyright. SYDNEY, November 6. At the wool sales. 11,173 bales were offered and 10,852 sold, including 516 privately. The outstanding feature was the demand from Yorkshire for spinners’ wools, for which the prices showed a hardening tendency. The market otherwise was firm at the previous day’s levels. Greasy merino made ISid.

GREY VALLEY COAL

Company’s Tenth Annual Meeting. The tenth annual meeting of share holders in Grey Valley Collieries. Ltd., was held at the office of the company. 192, Hereford Street, Christchurch, yesterday morning. The chairman of directors (Mr R. B. Bell) presided, and the directors present were Messrs F. R. Hogarth (Wellington). li. Moipeth (Auckland), Allan Smith (Greymouth) and FI. Stansfield (Christ-; church). The annual report and balance-sheet (already published) were adopted on the motion of the chairman and Mr Smith. In moving their adoption the chairman said: “I have to point out that the annual report and balance-sheet do not stress the difficulties met with, which have been even greater than those previously experienced. As stated in the report the mine at Dobson was closed for over two months in the beginning of the calendar year; and, with the diminished market, the output for the period was again reduced. Having regard to this restricted output, and the heavy loss incurred through the explosion in January, your directors take some pride in the fact that the yrar finished ‘ all square ’ financially, after the substantial sum of £SOOO had been allowed for depreciation and ade quate provision made for taxation, renewals and future development. The general trade conditions from which the company has suffered for some years past are unchanged, and unfortunately there does not appear to be any immediate prospect of improvement. The colliery is being maintained in a high state of efficiency, and development wqrk underground is being continued well in advance of coal pro duction. The coal being met with as the development work proceeds is oi the same high quality, and it is sale to say that the whole of the company's property has never been in a better condition -than it is at the present time. It gives me pleasure to refer again to the loyal support and assistance given to the directors by the company's officials. Their respective tasks are not easy ones, and the events oi the past twelve months have made th-m even more arduous than usual, so that they are fully entitled to your bzst thanks and appreciation.” The retiring directors, Messrs R. B Bell, FI. Morpeth and Allan Smith, were re-elected unopposed. Messrs Stewart, Beckett and Co. were re-appointed auditors. On the motion of Messrs T. FI Wil hams and P. H. Harris, a vote oi thanks was accorded the directors and staff for their work during the past ~‘^ a subsequent meeting of directors Mr K. B. Bell was re-elected chairman

“CHILLED” EGGS.

Objection Taken to Term. (Received November 7, 12.45 pm) LONDON, November 6. All the Dominions gave evidence at the Eggs and Poultry Reorganisation Commission, against the suggested marking of imported eggs as “ chilled,” expressing the opinion that the word unjustly implies inferiority and also disfigures the eggs which depreciate in price.

Telegraph—Copyright (■Received November 7, 12.45 p.m.) LONDON, November 6. £ d Bank of New South Wales Union Bank of Australia 25 2 G G 17 G National of New Zealand Loan and Merc., 4 p.c. debs Loan and Merc., ord. stock . . S'* 15 0 .,41 0 0

To the £ Par. Nov. 6 Nov. 5 New York (dol.) 4.80 --3 4.994 4.99 Montreal (dol.) 4.86 2-3 4.874 4 AS 7 i Paris (fr.) 124.21 75R Brussels » belga) 35 21.3S 21.35 15.35-4 Amsterdam (fl-) 12.10/ 7.3S4 7.38 Milan (lire) 92.46 58 7-16 58 11-32 Berlin (marks) 20.43 1 2.41 12.41 Stockholm (kr) 18.150 19.394 19.394 Copenhagen (kr.) 18.150 22.40 22.40 Oslo (kr.) 18.159 19.904 19.904 Vienna (sch.) 34.5SA 263 263 Prague (krone) 1644 1191 1193 Helsingfors (f. marks) 193.23 2264 2264 Madrid (pes.) 25.22i 39 19-32 36 9-16 Lisbon (esc.) 110 1 104 1104 Athens (drach) 375 520t 520t Bucharest (lei) 813.6 500 49S Belgrade (dinars) 276.32 219 219 Rio de Janeiro (d. to mils.) 5.S99 4 41 4 It Buenos Aires (d. to peso.) 47.62 36 41 36 41 Montevideo (d. to peso.) 51 39 4 r 39 Jt Batavia (florins) 12.11 7.36 7.36 Value in pence Par. d. d. Bombay (rupee) I8d IS 1-16 IS 1-16 Shanghai (dol.) * 15 15-16 Hong Kong (dol.) * 194 19g Yokohama (yen) 24.5Sd 14 1-32 14 * Pence per local unit. f Sellers.

France (francs to T.T. 61.59 (£1 N.Z.) O.D. 61.89 xoum ? 0 £ ; six ii.it 60.29 iiti Papeete (francs T.T. 62.54 to £1 X.Z.) O.D. 62.54 Bill BelE X IFiSW S:S; Germany (reichs- T.T. — marks to £1 N.Z.) O.D. — Italy (lire to £1 T.T. — N.Z.) O.D. — Switzerland (f’cs T.T. 12.550 to £1 N.Z.) O.D. 12.625 Holland (florins T.T. 6.066 to £1 N.Z.) O.D. 6.116 Java (florins to T.T. 6.015 16.857 11 m 12.160 III £1 N.Z.) O.D. 6.065 Japan (N.Z. *to T.T. - Shanghai (N.Z. d. T.T. IS 31-3: India and Ceylon T.'t.' 22 9-32 (N.Z. d. to ru > O.D. 22 5-32 Hon i K t°o n f S.f (Id: m Singapore )N.Z. T.T. 31 7-16 d. (o 1 dol.) O.D. 34 5-16 18 ?:ii Ij-ie T.T. represents telegraphic O.D. represents on denial d rJn tr f an r sThe above rates are subject tions without notice. to altera-

£1 (New Zealand) is In Yokohama (13.71 yen) . . Worth: £ s. d. - 1 7 7 In New York (3.97 dollars) Jn Montreal (2.S9 dollars) . 0 16 3 0 16 0 In Berlin (9.72 marks) .... In Paris (60.22 francs) .... In Brussels (17 belga) .... . 0 9 6 . 0 9 7 . 0 9 7

DIVIDENDS. . Du©. Deep Lead, 1/2 a, share Nov. 8 Sharland and Co., final, 2JS p.e. Nov. S N.Z. Paper Mills, interim. 3 p.c. Nov. 9 Worksop Extended, 10 per cent Nov. 12 Bycroft,, interim, 1 Id a shart Nov. lb Nat. Bank A'asia, int’m, 2 \ p.c. Nov. 28 Aust. Glass, interim, pref.. 4J p.c.; ord.. 5 p.c Dec. 1 Colonial Sugar, half-yearly. 20/- a share and bonus. 5/a shan© Nov. 7 Broken Hill South. 1/6 per share, payable Melbourne .. Dec. 15 Natl. Insurance, final, 5d a share, making f>d for year . . Nov. — Burns. Philp. interim. 1/- a Tattersfielrl. Auckland. 6 p.c. . Nov 15 Broken Hill Pty.. half-vearlv. 1 - a share Nov. 21 Dalg°ty and Oo>. final. 2J p c., making 5 p.c. for year .... Nov. 2S Broken Hill South. 1/6 a share Dec. 15 Calls. Equitable Building, final payment of 5/- a share Dec. 1 Golconda, Id a share Dec. 11

Following are to--day's Buye: quotations:— rs. Sellers. £ s. d. £ d. N.Z. GOVT. STOCK3} p.e. inscr., 19394 p.e. Inscr., 1910 104 1 5 105 4 p.e. 1 user., 1949 108 15 4 p.e. Bonds, 1940 1 04 15 0 4 p.e. Bonds, 1946 109 Rural Bonds . . 103 0 0 OTHER DEBENTURES — Booth Macdonald, 6£ p.e., 1937 .. 72 0 BANKS — Australasia .... Comm, of Aust. Comm. of Aust. 11 7 0 0 16 0 10 Comm, of Sydney 1 7 6 6 E., S. and A. Natl. of A’asia ° 3 (£10 paid, c.d.) Natl. of A’asia 12 la 0 (£5 paid, c.d.) 6 New South Wales 31 New Zealand New Zealand " D ” 2 8 8 2 8 11 1 1 0 Union of Au.st. .. INSURANCE — 9 7 0 National (c. div.) 1 1 8 1.0 ATT AND AGENCY — L'ulgety and Co. (cum div.) 0 0 Goldsbrough Mort 1 10 9 1 11 Invincible Build4 15 0 N.Z. Guarantee . . N.Z. ‘ Loan and 0 5 4 0 5 5 Merc, (ord- stk.) 42 0 United Building . FROZEN MEAT 1 0 6 N.Z. Refrigerating (1 Os paid) ... 0 9 10 0 10 0 North Canterbury Freezing .... 0 16 8 1 0 0 WOOLLENS — Kaiapoi (17s paid) 0 15 0 Kaiapoi (7« paid) Kaiapoi (pref.) . . 0 5 0 , 0 0 COAL — 18 Stockton (ord.) . . GAS — 0 3 0 Christchurch . . Christchurch (10s 1 14 0 PH Id) 0 16 0 16 6 BREWERIES — New Zealand 2 10 0 2 16 Timaru (7s6dpd.) 11 0 11 8 MISCELLANEOUS — Amalg. Wireless 1 . Q Anthony Hordern (I 1 6 •1 0 16 Aust. Glass (c.d.) Beath and Co. Beath and Co. (Is 1 16 12 0 2 IS 0 10 1 10 Brit. Tobacco Burns, phflp (c.d.) 2 2 10 Colonial Sugar (e x div.) .

dlv.) 74 10 0 ( on.soli dated Brick Horn. Fertiliser . Dunlop Ferdriau Rubber R. Zinc (pref. ) . . 1 5 Hay's. Ltd. (15s pa id) 0 Kauri Timber . . 0 19 2\.Z. Farmers’ Coop. (1st pref.) 0 N.Z. F armers* Coop. ("A” pref.) 0 0 X.Z. Farmers' Cooo. (4 i p.c. Stk., 3940) S6 5 0 87 10 0 or*. C4J p.c. Stk.. 3939) X.Z. Farmers’ Coop. (4% p.c. Stk.. 19 4 5,) 0 X.Z. Newspapers . 1 13 Quill Morris (in liquidation) Sun Newspapers Whit com be and Tombs Wilsons Cement W-ool worths (X.Z.). Wool worths (N.Z.). ‘ BffliNrisro— - U 0 Alexander Alexander (14s Gd paid) 0 15 n Aotearoa Bell Hooper .... 0 Bell Kileour .... 2 Bendigo Goldlights 11 F.ig River 9 Brian Boru 1 0 0 1 Consolidated .... 1 s 9 Gillespie's Beach 0 91 Golconda Holding's 1 0 Cold fields Dredging0 10* 0 111 Kilrlare 0 4 King Solomon . . . 0 V 3 0 0 0 Mahaklpawa .... 0 0 •H 0 0 io Mahakipaxva (pf.), 1929 issue 1 31 Mining House Concessions 0 2i 0 4 Moonlight Nelson Creek H Mossy Creek .... 0 0 G Mount Lyell .... 0 19 1 19 3 Nevis Diesel Klee. 0 5 New Cornish Point (!*d paid) .... Nokomai 0 Oxenbridge Shotn 1 1 Rawang Tin .... 0 0 Skippers ........ 0 oi 61 1 16 6 J 1 17 8 Waihi Grand June4 Worksop Extended (cum div.) .... ** * ITnlistod stocks stocks quoted in different Tom listet stocks, the official list. Andersens, Ltd. (pf.) Argo Gold <6d pd.) 0 Ben Ledi (1s paid) 0 Barrytown (10s pd.) Col den Cully (Is pd.) Maori Gully (Is pd.) 0 National Tobacco . 3 X.Z. Mining Invest. 0 1 Proc-era Bread (10s pa id) y ; JJ 1 1 J? Snowy River .... 0 0 U Wool worths (Syd-

Other gold quotations this year have been:— Per oz. s. M. October 26 1 40 9 3 October 25 130 6 October 11 ( record) .... 143 3 October 1 141 6 September 1 141 5 August 1 136 1 •Tu 1 v 2 137 7 i .June 1 137 1 1 May 1 135 11’ April 3 135 2 March 1 . .... 137 1 February 5 140 0 February 1 135 6 January 2 127 0