MARKET OPENS FIRM

Dominion, Volume 28, Issue 88, 8 January 1935, Page 12

MARKET OPENS FIRM

Sydney Stock Exchange APPRECIABLE RISES RECORDED By Telegraph.—Press Assn.—Copyright. (Received January 7, 5.30 p.m.) Sydney. January 7. Appreciable rises were recorded botli in the investments and mining sections of the Sydney Stock Exchange to-day upon the resumption of business for the New Year. Large parcels of Government loans were exchanged at irregular prices, which afforded no definite trend. Sales: Colonial Sugar, £42/17/6; Commercial Bank of Sydney, £l7/14/-; National Bank, £5 paid. £6/5/-; Associated News, ordinary, ex dividend, 25/-; ditto, pref., ex dividend, 25/-; Howard Smith, 16/-; Australian Gas, A, £B/1/-; British Tobacco, ex dividend, 40/6; Tooths, 50/Q_; Carlton Brewery, 53/3; Australian Glass, 60/6; Goldsbrough Mort, 30/3; Standard Cement, 19/6; Australian Iron and Steel, pref., 23/0; Drug Houses of Australia, 24/9. Broken Hill Proprietary. 54/6; Zinc Corporation, 32/74. Commonwealth Bonds, 4 per cent., 1938, £lO3/5/-; 1941, £lO5/7/6; 1944, £lO7/5/-; 1947, £lO9/5/-; 1950, £lll 3/9; 1953, £lll/6/3; 1955, £lO9/7/6; 1957, £llO/10/-; 1959. £llO/17/6; 1961, £llO/17/6. Morning sales included; Commonwealth Bonds. 4 per cent., 1938, £lO3 10/-; 1941, £lO5/10/-; 1944, £lO7/5/-; 1947, £lO9/7/6; 1950, £lll/2/6; 1953, £lll/5/-; 1955, £lO9/17/6; 1957, £llO 10/-; 1959, £llO/17/6; 1961, £111; National Bank, £5 paid, £6/5/-; Tobheys, 29/6; Tooths, 51/-; Anthony Hordern, 19/3. Melbourne, January 7. Sales on the Melbourne Stock Exchange to-day included: Australian Glass, 61/9j Herald and Weekly Times, 58/6; Taranaki Oil, lljd. PLACER DEVELOPMENT Subsidiary Ventures Mr. C. A. Banks,' managing director, who presided at the annual meeting of Placer Development, Ltd., in Vancouver last month, said that the company’s large share interest in Bulolo Gold Dredging, Ltd., remained its most important holding. Discussing other subsidiary ventures, he said that the construction of the flotation plant of the Rutherford Gold Dumps, Ltd., Victoria, which would have an anticipated capacity of 1000 tons per day, was proceeding satisfactorily, and it would probably be operating next May. held a 64 per cent, interest in this company. Of the Colombian interests, in all of which the company had as partner the Oroville Dredging Co., Ltd., of London, Mr. Banks said that Pato Consolidated Gold Dredging, Ltd., was continuing to make good profits from the dredging of tailings and virgin ground. The alterations to the Nechi dredge, involving the addition of pontoons, a new bucket line, and special gold-saving equipment, and costing in all about 100,000 dollars, were under way. The installation of the dredge and hydro-electric plant of the Asnazu Gold Dredging, Ltd., was proceeding rapidly, and dredging should begin about next July. ORIENT STEAM NAVIGATION Net Profit Again Higher A cabled summary of the results of the Orient Steam Navigation Co., Ltd., for the year ended June 30, showing a net profit of £190,343, against £142,506 the previous year, was published on November 27. The balance-sheet now to hand shows that the operating profit and income from investments together were £315,958, against £321,503 the previous year. Profit on the sale of investments, however, increased to £94,195 from £40,514. Depreciation on the fleet, a charge laid down in the articles, required £219,810, and £50,000 has been transferred to general reserve account, leaving, with £79,264 brought forward, £219,606 available at profit and loss. Dividends on the 6 per cent, and 61 per cent, preference shares, together required £82,260, and dividend of 5 per cent, (an unchanged rate) on the ordinary shares requires £52,044, leaving £85,302 to be carried forward. Capital of £2,325,140 includes £243,350 of 6 per cent, preference and £1,040,880 of 6J. per cent, preference. General reserve is £2,050,000, underwriting account £454,525, and. pensions reserve £lOO,OOO. Trade creditors and reserves for income tax and contingencies are shown together at £559,328, against £557,128 a year ago. Assets are valued at £5,697,524, against £5,622,228. Fleet, premises, and plant represent £2,953,003 (against £3,067,940) ; trade debtors and payments in advance £127,783 (against £194,825) ; Government and other securities, less investment reserve, £2,339,760 (against £2,101,552) ; cash items, £234,582 (against £215,484). Stores are £37,376. and loans to employees £5019. LONDON EXCHANGE Associated Banks’ Rates The associated banks trading in New Zealand have adopted the following rates of exchange on London as from August 1:—

Basis £lOO London. Consequent upon the above adjustment in London exchange rates, the following rates between New Zealand and Australia were adopted as from August 1:— NEW ZEALAND ON AUSTRALIA. Buying Rate. Selling Rate. £lOl £lOO 10 0 Basis £lOO New Zealand. Federal Reserve Bank Tlie Federal Reserve Bank of New York, the inoo-t important o£ the 12 Federal reserve banks of' the United States, celebrated its twentieth anniversary on November 16. The bank wad started on November 16. 1914. with seven officers and 85 employees, of workers lent by other banks of New York. It now has a personnel of 26251 including the Buffalo branch. It also Las its own building. Its total assets are 2,612,000.000 dollars (£522,400.000). This is one-third of the aggregate of all the Federal Reserve Banks. In the early months of the existence of the New York Reserve Bank its principal activities were only holding the legal reserve of the commercial banks. The largest part of Reserve Bank credit is now invested in 2.430.000.000 dollars (£480,000,000) of United Stales Government securities. In 20 years the New York Reserve Bank has only had two governors—Mr. Benjamin Strong and Mr. George L. Harrison, the present governor.

NEW ZEALAND ON LONDON. Buying. Selling. £ s. d. £ s. d. 124 0 0 T.T. 124 10 0 123 10 0 Demand 124 7 6 123 9 0 3 days • 123 0 30 days 124 5 0 123 0 0 60 days 124 2 6 122 15 0 90 days 124 0 0 122 10 0 120 days