ACTIVE MARKET

Dominion, Volume 28, Issue 89, 9 January 1935, Page 12

ACTIVE MARKET

Sydney Stock Exchange

HEAVY TRADING By Telegraph.—Press Assn.—Copyright. (Received January 8, 9.15 p.m.) Sydney, January 8. On the Sydney Stock Exchange to-day there was a heavy turnover, chiefly in the mining section, while prices in the investment sections moved in holders' favour. Sales:—Bank of New South Wales, £32: National Bank of Australasia, £5 paid, £6/5/-; Adelaide Steam, 30/-; Burns, Philp. 63/-; Burns, Philp, South Sea, 23/9. British Tobacco, 40/6; Tooths, 51/6; Tooheys, 29/9; Mercantile Mutual Insurance, 25/-; Dalgetys, £B/10/-; Winchcombe, Carson, 29/-; Wilcox Mofflin. 9/10. Henry Jones, 36/-; Anthony Hordern, 19/7A; Drug Houses of Australia, 25/1 i; Hume Pipe, 17/3; General Industries, 13/11. Mt. Morgan, 37/6; Broken Hill Proprietary, 54/6; Rawang Tin, 8/-; Placer Development, £24; Euratha Gold, 8/2. Morning sales included :—Common-, wealth Bonds, 4 per cent. 1935. £lO3 6/3; 1944, £lO7/10/-; 1947, £lO9/6/3; 1950, £lll/3/9; 1955, £lO9/17/6; 1957. £llO/11/3: 1959, £llO/17/6; Tooheys, 29/9'; Tooths, 51/-; Anthony Hordern, 19/6; Associated News, 25/-; Broken Hill Proprietary, 54/6; Burns, Philp, 63/-; Dunlop Perdriau, 20/-. By Telegraph.—Press Assn.—Copyright. Melbourne, January 8. Sales on the Melbourne Stock Exchange to-day included .'—Commercial Bank of Australia, 16/6; National Bank of Australasia, £lO paid. £l2/18/-; Dunlop Perdriau, 19/10; Tonkah Harbour Tin, 22/-. BASE METALS MARKET Prices Generally Firm By Telegraph.—Press Assn. —Copyright. (Received January 8, 9.15 p.m.) London, January 8. The official London (middle) quotations for Monday, as reported by the Australian Mines and Metals Association, compare as under with those previously cabled: — Jan. 4. Jan. 7.

Standard, per oz. . 2111-16 d. 24 9-16(1. Fine £35 5-8(1. IXJJd. fAmerican, 50.215 cents a lb. BUTTER MARKET FIRM Sales at 80/- in London Joseph Nathan and Company, Ltd., have received from their principals, Trengrouse and Nathan. Ltd., London, the following cabled advice, dated January 7:—'New Zealand butter active at 77/to 79/-; closed, firm at 80/-. New Zealand cheese, white 46/- to 46/6-; coloured, 46/6 to 47/-. Steady. P. & 0. COMPANY A Strong Balance-sheet The accounts of the P. and 0. Steam Navigation Company for the year ended September 30 show that there was an improvement in the voyage receipts, but that a considerable increase in the earnings would be needed before, after providing fully for depreciation, dividends on the deferred stock could be resumed. Voyage receipts amounted to £1,202,079, against £1,182,909, but receipts from dividends, including those of subsidiary companies, were again lower. The results for the year were again insufficient to meet the annual charge for depreciation at 5 per cent. Yet depreciation on this basis has been provided at a cost of £1,387,918; and, in order to help meet this charge, £550,000 has been transferred from the reserve for the redemption of the 193040 debenture issue, which was redeemed in 1938. A year ago the contribution from •this reserve was £656,970, and the fund has now been reduced to £450,000. In addition to this provision for depreciation. £385,085 has been transferred from the profit (£418,300) realised on the sale of the company’s holding in Wm, Cory and Son, Limited, to write down two of the ships, which may shortly be surplus to requirements and stand in the books considerably in excess of break-up values. In terms of the issue of the company’s Four-and-a-half Debenture stock, 194372, £60,000 of this stock was bought in and cancelled during the year, leaving the stock outstanding £5,940,000. The position disclosed by the consolidated balance-sheet is one of imposing strength. Floating assets total £21,829,-. 531, or £6,400,000 more than a year ago, investments in gilt-edged securities having risen from £10,930,047 to £17,185,262, doubtless due in large measure to the sale during the year of shares in Wm. Cory and Son. Current liabilities are about £700.000 lower at £9,816.109. The fleets stand at £27,062.888, net. i.e.. after deducting a total of £55,667.073 written off to date. During the Inst 12 months, it is stated, the profits of the subsidiary companies wore, in the aggregate, insufficient. to cover depreciation of their fleets on the basis of 5 per cent, per annum on cost, but the generous nature of this depreciation allowance in the past is indicated by the fact that if depreciation at 5 per cent, per annum had been allowed throughout the amount written off would have been £47.932,433. The company's passenger traffic show, ed a tendency to increase. The fleet comprises 39 vessels, of 467.785 tuns gross, which, with 280 vessels of 1.546.349 tons belonging to allied companies. gives a total of 2.014,134 tons gross, Chapman’s Find Gold Mine Chapman’s Find Gold Mining Co.. Ltd., reports that during December work was carried on for three weeks only, opernttions being terminated on December 20 for the holidays. The low-level is advancing toward No. 2 leader, and is <ixpected to cut it at any time. Opening cut from this level on No. 1 leader has revealed satisfactory values, a small trial crushing yielding over loz. to the ton, with the ore improving as the drive progresses. •Seven tons 1J cwt. of ore from the surface cut on No. 2 leader was treated for a return of 120 z., and. 71b. specimen stone yielded 190 z.. making a total of 31oz. of melted gold for the three weeks’ work.

Since operations were started in June, 77} tons of ore has been crushed for a return of 150 oz. 14dwts., and 43}lb. of specimen stone treated for 4Soz. ISdwts., making the total production of gold to the end of the year lOOoz. 12dwts.

Per ton. Per ton. Copper— £ s. d. £ s. d. Standard 28 14 4J 28 15 li Standard, forward 29 3 li 29 4 4j ♦Electrolytic . 32 0 0 32 2 6 to 32 5 0 32 5 0 Wire bars .. Lead— 32 5 0 32 5 0 Spot 10 0 3 10 3 9 Forward 10 12 6 10 10 0 Spelter— Spot 121 1 3 12 0 O Forward 12 7 0 12 6 3 Tin— tSpot 228 13 0 228 17 0 Forward Silver— 223 8 9 _ 228 7 0