Commerce, Mining, & Finance

Evening Star, Issue 21746, 14 June 1934, Page 7

Commerce, Mining, & Finance

METAL MARKET frtn Awociation—By Telegraph—Copyright; LONDON; June 13. The following are the official metal quotations;— Copper: Standard, £32 18s fid per ton.; forward, £33 6s 3d. 'Electrolytic: Spot, £36; forward, £36 OS. ■■ ■ Wire bars, £36 os. ' Lead: Spot, £ll Is 3d; forward, £ll 7s 6d. - , ~ , 'Spelter: Spot, £l4 15s; forward, £l4 18s 9d. , Tin: Spot, £227 Is.3d; forward, £226 6s 3d. „ Silver: Standard, 19|d per or.; fine, 21 3-16 d. AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright, SYDNEY. June 13. A‘revised Stock .Ex-change routine, under which there arc two calls instead of three, came into operation to-day. the object being to enable members better to. cope with the rush of gold mining sh: . : business. The morning call, starting at 10.30, lasted until nearly 12.30, and' the second-call, commencing at 3 pan., lasted until after 5 o'clock. The major proportion of to-day’s business was. again in gold shares, embracing mostly lower-priced and unproved venr tures of a speculative character. What business was ■ transacted in the investment market was definitely weaker, but gilt-edged securities maintain a firm footing, though they arc quiet. Later Sales.—Colonial Sugar, £66 10s; Bank, of New South Wales, £3O 12s 6d; National- Bank (£5 paid), £6 ss; Union-Bank, £lO 2s; United Insurance, £lO ss; Adelaide Steam. 25s 3d; British (Tobacco, 37s 9d; -British Tobacco <pref.), 30s 3d; Australian iGlass. 50s 6d; Dunlop Perdriau.; 18s; Goldsbrough, '3os lOd; Winchcombe, Carson, 29s 9d; Morris. Hedstrom, 16s 6d: Henry Jones, 335; Wilcox, Mofflin, 11s 9d; - Mount Morgan, 25s lOJth Kuala Kampar. 17s; Kawang. Ss lid: Amt.-14s 9d ; Kuratha Cold, 13s 10d; Eura'tha Gold (delivery iii.;six weeks), 14s. • ' ' MELBOURNE, June 13. Sales.—-Commercial Bank (pref-V ~8 15s ; : ‘ Herald and Times,’ 51s. 3d. V ADDINGTON STOCK SALE Entries'- were smaller at yesterday's (Addington' market. Store sheep and fat wethers maintained prices. Fat ewes; and fat lambs were a little easier, arid, fat cattle.-were also cheaper. Sheep’.-—There was a mixed yarding. With a few lines of forward wethers. Decent rates were maintained. Ordinary four and six-tooth half-bred ewes made to 22s 6(1; good sound-mouth half-bred,-to 19s 4cl; sound and failingmonths, 13s 4d to 15s; forward halfbred wethers, 20s 6d to 2.1 s 9d; ordinary half-bred, 15s to 17s 3d; medium three-quarter-href! ewe lambs, to 19s 9d; .'ordinary ewe lambs, t0,16s 9cl ;• ordinary store lambs, 13s 5d ,to 15s-sd. j.Fat Lambs.-r-There were 1;800 penned. Values were down by 6d to-Is a, head on the last sale, which, however, was a very keen one. Exporters operated freely. Best cwo lambs brought to 25s 10d; prime mediumweights; 21s 6cl to 24s Id; light, 16s to 21s' Fat ; Sheep.—There were •4,400 penned, a good deal of light stuff being included in an uneven sale,. hut there w»s ; a weaker tendency except for heavy half-bred wethers. , Extra prime heavy wethers made to 31s 7d ; prime heavy. 25s 6d to 27s 6d ; prime medium-weight; 22a fkl to 255: ordinai-y quality. 18s to 225; light wethers, los to 17s 6cl ; extra prime' -heavy ewes, to 23s 10c!; prime hoavv 22s to 235; prime mediumweight ewes. 19s to' 21s 9d; ordinary quality, 16s to 18s 6d: light, 12s to 15s 6d. -Fat Cattle.’— I There were ,440 penned, being fifty-five less than last week. A small showing of really good beef sold freely,'but the market was easier for other sorts, with passings more frequent. Best. beef made to 22s 6d per 1001 b; prime, IDs to 21s; heavy, 16s to 18s; and rough to secondary quality, 11s to 14s 6d. Extra prime heavy steers, to £ll 2s 6d; prime heavy, £7 to |£B 15s; medium-weight prime, £6 to £7 ss; ordinary quality, £4 to £5 5s ; light steers, to £3 15s; extra prime heifers, to £9 12s 6d; prime, £4 10s to £7; medium,'£2 10s ,to £4: light, -to £2 ss; extra prime cows, to £7 17s (id ; prime, £3 10s to £5 : medium, £2 os to £3 ss; aged and inferior, to £2 2s Gd. /Store Cattle.—No grown steers were entered, the entry comprising for the most part inferior cows. A good-yard-ing of steers sold at £2 2s. Eat Pigs.—There was a moderate entry and a good demand. Choppers brought £2 to: £4 11s; baconers, £3 os 6d to £3 12s 6d: average prices per lb, 4Jdi,to 3d; porkers, -22 sto 37s 6d; average .price,per lb, 4id to old. .Store Pigs.—There was- a moderate dags entry and a good sale, particularly for forward . stores. ' . WAR DEBT ANNUITIES ’Commenting on the recent British Note- to the United. States regarding war-debts, the ‘ Svduey Morning Herald states that the present value of the annuities payable by Great Britain to the United States at the time of funding'was 82 3 per cent; of the total debts as funded! In the case, of France the.present value payable to the United States was'49.o per cent,-, in the case of Italy 25.9 per cent., and in the case of Belgium' 53-9 per cent. It almost seemed as if the United States desired to do her utmost to cripple Britain. Under the various debt settlements, if they were all carried out. the total of the amounts payable by her debtors to the United States would be 22,162,996,000 dollars, of which 11.105,965,000 would be payable by Great Britain. . The total annuities payable to Great Britain by her debtors at the par of exchange would be 5,779,936.000 dollars.

THE SEARCH FOR GOLD BEK LEDI SLUICING The statutory meeting of the Ben Ledi Sluicing Company was held in Christchurch on Thursday last. The company’s claim is in the Ben Ledi district, on the eastern side of Dansey’s Pass. Mr H. A. Martin.presided over a good attendance of shareholders. The Chairman, in supplementing the report of. the directors, said that the supervisor of the water race construction had reported that a spell of favourable weather, had enabled good progress to be made with the race. A team of twenty men was now employed, and provided. the weather held there would be very little constructional work to do in another two months. The chairman stated that the race would be less than five miles in length, and was on the sheltered’ side of the hill, at a level which enabled it to receive the flow of a number of subsidiary streams and reduce seepage to a minimum. Provision of £2,750 bad been made in the capital for a dam to store water, but all the evidence pointed to a dam being unnecessary, as there had been much more water available than the projected operations would require. Mr H, M'Quade (the Onmaru director) said that when he was at the head of the race recently twenty-five heads of, water were running into it.. Mr A. R. .Blank said that he had traversed the route of the water race some time ago in the dry season, and was’agreeably surprised at the amount of water, particularly from the subsidiary streams. The saving of the cost of a dam should allow the company to get into production on a small capitalisation! The following directors were appointed:—Messrs A. R. Blank. F. Is, ,Ivemey, If. A. Martin, Harold H. Cook, and H. M : Quacl© (Oamaru). Mr 1. J. Wilson was appointed secretary, and Mr H. Bicknell auditor. At ; a subsequent meeting of directors Mr Blank a*as appointed chairman. CONSOLIDATED GOLDFIELDS The gaze fled statement’ of affairs of the Consolidated Goldfields states:— Registration of office in New Zealand, January 22, 1896; capital subscribed, £30,000; capital actually paid up in cash in New Zealand, nil; price paid to vendors of mines—in fully paid-up shares, £17,378; in partly paid-up shares credited as’ £1 paid up, nil; in cash, £43,416 13s 4d; number of.ahares into which capital, is divided, 1,500,000; number of shares on New Zealand register, 19,720; amount paid up per share (New Zealand register), 4s; number of shareholders. New Zealand register, 141; number of men employed in New Zealand, six; quantity and value of'gold and silver produced since last statement, 131 oz sdwt; £797 8s 4d; total.quantity and value produced since registration ’of offices ■ of company in [ New Zealand, 178,3150 z sdwt; £765,479 0s 7d; amount expended in connection with operations in New Zealand since last statement, £lß,llß 7s; total expenditure since registration of office in New Zealand, ' £973,536 Ss 3d; total amount paid-in dividends in New Zealand, £17,362 8s 3d. BELL-HOOPER REPORT The following is the Bell-Hooper Company’s report for the week ended Juno 8: Block U.—The first panel on the north side has been 'completed for fair gold (fine)." Panels from Nos. 1 and 2 drives have been started to take out the balance of the northern half of this block. A continuation of the same values is anticipated. Block C2 was opened out by a-full width panel, but the northern half proved low grade and was dropped. The other part was advanced a further Sft, finishing- in low values. Block H: A panel to take in the balance of this section of this block u;as driven ,12ift west. Values are nowin the face, and the area of-gold has evidently been passed through. No. 3 main drive (north) has been repaired .to northern face and the line relaid. Ten feet’was driven in the face. The bottom is now below the bottom of the’drive. The drive will be advanced to the north boundary, maintaining the present grade. No. 2 tunnel: The west cross-drive was advanced 20ft, making a total of 234 ft from the tunnel. Over 60ft has still to be driven to hole -to- the No. 1 area workings. The lace has been in drifty ground for the period, and “ faceboards ” have had to be used. Some fair samples -gold have been obtained from the scrapings from the bottom, but the balaucc of the face showed no gold. General .- Work on No. 2. washing plant has been proceeded with during the period. The pump and pipe line is now completed, and the sluice, boxes will "be finished next week. The plant will then 'be ready for operation I . MAHAKIPAWA LITIGATION Mahakipawa Goldfields Limited was successful in its application to-the Warden s 'Court at Blenheim lor abandonment’ of eighteen' chains of the load claim held by the Waitangi Company, adjoining-the company’s claim at Mahakipawa. • Che company’s application for a special claiin over tin's area was subsequently recommended by the warden for the consent of the" 'Minister iof Mines. The company reports :—During last week No. 1 blocking strip off No. I cross-cut west advanced to 38ft south of No. 1 cross-cut; The. wash 'has been improving liere. becoming less sandy and more like the blue wash which cais ries the gold. The west side of the face is now carrying good gold on top of a soft bottom 3ft above the floor of the drive.-,■ The east side has a harder bottom and has not been carrying the gold. No. 1 blocking-strip parallel to No. 13 cross-cut was taken out to a distance of 46ft in good blue wash extending 12in to 18in below the floor. Tiie men from No. 5 blocking were transferred to a prospecting drive off No. 13 cross-cnt to prove a block of ground that has never been tested, but .which is alongside where the good gold was first struck. It is probable that the lead has continued across the drive, so we are driving to intercept the wall which we will follow if warranted. . MATAKI The Mataki report states: —During last week the dredge worked for 132 hours 25 minutes on a face of 530 ft. At the beginning of the week the river was quite good, with the ground dipping slightly, but the bottom again became shallow, apparently having been worked by the old dredge. IVe are now

BRITISH INDUSTRY COMPANY PROFITS INCREASE The turn of the tide in industrial Britain is indicated by the following;:— Trading profits of Rolls-Royce Limited amounted to £194,265 in 1933, compared with £129,769 in 1932, and the net profit to £216,726 as against £150,979. The British Ford Motor Company reports that the trading profit for the year ended December 31. 1933, was £94-3,069, and profits, on exchange £443,649--a total of £1,386,719, as against a trading loss of £160,249 in 1932. Net profits of Sternol Limited for 1933 amounted to £4,636, against a loss of £10,433 for 1932. Profits within a few thousands the same as those of last year, arc shown in the accounts of, Bryant and May Ltd. for the year ended March 31. 1934. The net balance was £561,722.' compared with £566,706 in 1932-33. A remarkable recovery is shown in the accounts-of Cross and Blackwell Ltd., just issued. The net profit for 1933 was £67,195. For 1932 a. loss of £259,978 was shown. AUSTRALIAN WHISKY SEEKING OTHER MARKETS “ Highland dew,’’ as is now wellknown in the licensed trade, is distilled extensively in Australia. Mr T. R; Campbell, managing director of .the United Distilleries Limited, Melbourne, in evidence before the Australian Tariff Board, said that Australian distillers of whisky hoped to build up a substantial export trade with the United States, New Zealand,, and the Pacific Islands, and. it was of vital importance that all whisky sold should be adequately matured. Considering the lack of sympathy shown by the police in. New. Zealand to the Southland whisky industry, it is interesting to quote Mr Charles Lloyd Brind, a director of Federal Distilleries Proprietary Limited, who informed the Tariff’Board that'bis ambition was ,to see only A ustralian whisky consumed in Australia. , The sale of immature spirit in the early days was' the main cause of the bad repute in which Australian whisky had been held, he added. Opposing the extension of the maturation period, Mr William Lillie, representative of Milne and Co., wine and spirit mei-chants, of Adelaide, said that Australian whisky did not improve with age, hut that “ it develops a flavour with age which it would be hotter without. It is tie same with brandy. It’ develops an undesirable wine flavour.’’' Air Lillie said that there were 2,800.OOOgal of Australian whisky in stock in Australia, and that would’ last for about fifteen years. , 73RD ANNIVERSARY BANK OF NEW SOUTH WALES FIRST DOMINION BRANCH. The Bank of New South Wales opened . its first permanent -branch in New Zealand in Auckland seventythree years ago last Monday (says the Herald ’). For some years before that it bad operated on.the Otago goldfield. At the annual meeting in Sydney in April, 1861, action was’ taken to allow the bank to extend its activities beyond Australia. . The Auckland branch- was originally in Shortland street, where it took over the premises of the Oriental Bank Corporation. the legal liabilities for which the Bank of New South Wales became responsible. The first manager was Mr D. L. Murdoch, who was also the bank’s inspector for New Zealand. Later the original premises occupied by the bank were occupied by the legal firm "of Messrs Jackson and Russell. When the bank first started business in thedriminion its capital was £750,000 and its reserve fund £212,500. ■ Its authorised capital is now £8,780,000. and its total assets exceed £111,000,000. From small beginnings it has reached the stage when it; has 630 branches arid agencies throughout Australia and New Zealand, as wdl as in the outlying islands of the Commonwealth, arid correspondents all over the world. In recent years it- has acquired the Western Australian Bank and thp Australian Bank of Commerce Limited. The history of the Bank’ of New South -Wales dates back to its commencing business at Mrs Mary Reilhy’s house in Macqriarie’ place, Sydney, on April 8, 1817. The first ledger, still in existence, shows that operations started with a paid-up capital of £3,625, expressed in ’dollars, as the British soverckai had not at that time come to be the lawful currency of Australia. Through its long history it has successfully weathered the financial storms in Australia, and during the crisis of 1893 it was one of four banks that did not close its doors. NEW GUINEA SHARES Press Association—By Telegraph—Copyright. LONDON. June 13. (Received June 14. at 11 a.m.) New Guinea shares are quoted at 6s. DOLLAR AND FRANC Press Association—By Telegraph—Copyright. LONDON. June 13. (Received June 14, at 11 a.m.) The dollar is quoted at 5,04 and the franc at 76 3-8.

right across the river, the depth in the deepest portion of the cut being I9ft. The dredge worked well, with no mechanical defect.

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE No business wns transacted at the cabover ibis morning, but several sales were reported, and Dominion Fertilisers changed hands after the call at 18s Id. Banting shares continued to reveal a weakening tendency. Unions were wanted at £S 18s 6d, but sellers were tirm <U £lO. Loan and agency shares had betier inquire, and Dalgetv? were asked for ai £9 355. Meat preserving slocks continue to harden, with buyers showing a preference for the Southland issues. British Tobaccos had a olosei market, Bruce Woollens continued in good demand, D.I.C. prefs. were for sale at 25s 6d: bnl otherwise quotations in this section were steady, Bell-Hoopers were for sale at Id, Rmg Solomon? again went without a buyer; but the market was generally quiet. Government Loan? bad ihe usual preponderance of buyers. SALES. Reported.—N.Js. Malay Rubber <prof.), £3 2s 6d: N.Z. Refrigerating (paid). 19s; Dunedin Drainage Board Sj per cent. ,1954). £lO3. After Call.—Dominion Fertiliser, 13s Id. Quotations as under:— Buvers. Sellers.

BULOLO SHARES Press Association—By Telegraph—Copvi'ijrht. I,OX DON. June 13. (Received June 11. at 11 a.in.) Bulolo shares are cjiioled at £6 os ltd.

DIVIDENDS DUE. BmLen Hill South —ls 6d a share, payable in Melbourne Robinson Ice Cream, Auckland — 6 p.e. per annum Bank of N.K.—final. ,5 per cent., making 10 p.e, for the year ... Devon port Steam Ferry—final, 2i p.e., making 5 p.e. per annum Gear Meal—interim. 2i p.e. Australian Glass—ord. and pref.. 9 per cent Goldsbrough, Mort—6 p.e. p.a. ... North Broken Hill—ls fid per share payable Melbourne Morris, Hcdstrom. Fiji—final of 2 per cent., making 4 per cent. per annum British Tobacco —quarterly, ord., Is P-f -.- Queensland Insurance—interim, at rate of 10 p.e, per annum ... July National Mortgage—interim, 21 per cent ••• J u O “ N.Z. Breweries—Final, 3j p.e., half-year July PRICE OF GOLD LONDON. June 13. (Received June 14. at II a.m.) Fine gold is quoted at- i't> ISs IJcl per Juae 15 ,I line 15 June 15 June 21 June 21 •Tune 27 June 28 June 29 June 30

£ ?. « 3. £ s. d. BANKING— Bank of Australasia 11 15 0 — 6 Bank of New Zealand — 2 11 Commercial Bank ... 0 16 9 B.S. and A. Bank ... — b 0 0 National Bank of 0 New Zealand 4 1 Union Bank of Aus0 tralia Ltd. ... / .. 9 18 5 10 0 INSURANCKNational Insurance Co ... 1 0 4 Standard Insurance Co — 3 6 0 SHIPPINGHuddart,' Parker (prof.) 1 5 0 — U.S.S. Co. (pref.) ... 1 b 6 COAL— Westport Coal Co. ... 0 17 0 — Westport-Stock ton (ord.) 0 2 s W cstport-S 1 ook ton (pref.) ... 0 2 11 — LOAN AND AGENCYDalgety and Co. ... 9 15 0 Goldsbrough. Mort ... 1 11 3 National Mortgage ... — 3 2 0 National Mortgage (“ B ” issue) 1 11 0 -■ N.Z. Loan and Mercantilo (ord.) 57 0 0 60 0 0 Trustees, Executors, a ad Agency 3 5 0 — 1 - Wright. Stephenson 1 0 (pref.) ... 0 19 6 6 MEAT PRESERVING— N.Z Refrigerating (paid) 0 18 10 — N.Z. Refrigerating (cont.) 0 S 11 0 9 2 Southland Frozen Meat (paid) ... . ... 3 7 6 3 12 0 Southland Frozen Heat (cont.) ... 1 14 6 — Southland Frozen Meat (pref.) 3 9 0 ” Waitaki Farmers’ ’ Freezing ... 2 7 6 ~ MISCELLANEOUSBritish Tobacco 1 17 0 i 17 7 Broken Hill Pty. 5 12 0 — Brown, Ewing (pref.) 1 0 6 — Bruce Woollen Co. (ord.) 0 9 6 — Bruce Woollen Co. (pref.) 1 1 0 i Crystal Ice Co. 19 O.I.C. (pref.) 1 3 9 i 5 6 Dominion Fertiliser 0 18 0 0 13 b Dominion Fertiliser Debentures ... ... 104 0 0 Dominion Rubber ... 1 4 8 — Dnnedin-Kaik'orai Trams I 15 0 — Dunedin Stock Exchange Proprietary 1 19 0 2 5 0 Kaiapoi Woollen (ord.) .... ... ... 0 9 10 0 10 6 Kaiapoi Woollen (cont.) 0 0 6 — Kaiapoi Woollen (pref.) 0 13 0 0 19 6 Milburn Lime and Cement 1 12 3 — Mosgiel Woollen Co. 10 0 0 Mount Lyell N.Z. Drug Co. ... ... — 1 1 b 3 16 0 — N.Z. Malay Rubber (prof.) 1 2 0 — N.Z. Newspapers' ... 1 10 6 N.Z. Paper Mills ... I 9 7 1 10 6 ' Otago Daily. Times ’ 2 6 0 — Regent Theatre 1 0 6 Smith and Smith (pref.) 0 17 0 '■ BREWERIES- • N.Z. Breweries — 2 4 0 Dunedin Brewery 1 5 0 — OILMoturoa (ord.) 0 3 0 ..... GOLD MINING-Hell-Hooper 0 0 r>4 0 0 ,7 Bell-Kilgour n 0 3 Bendigo Goldlight ... 0 0 7i 0 0 9 Big Rivci 0 0 10 Centra) Sholover — 1) 0 11 Chaflosloif a 1 6 Gillespie'.-: n 1 9 0 1 n Golden Point 0 0 3 Golden Progress n 0 6 0 1 0 Golden Sands — 0 3 0 Goldfields Dredging , 0 0 10 — Glenrov ... 0 n 9t — Kildare ... 0 i to ... i King Solomon —- 0 4 Lawson’s Flat — 0 0 b Maerewheuua 0 0 9 Mabakipawa ... ... 0 0 10 0 0 114 Moonlight-Nelson 0 Creek ).. 0 0 5 0 7 Nevis Diesel ... .... — 0 0 4 New Cornish Point (paid) 0 0 104 Nbkom'ai ... ... ... 0 2 10 0 5 1 Okarito ... ... 0 8 i 0 8 4 O.Xenbridge ... ... 0 o 114 Skippers — 0 I u;, Upper Sholover — 0 0 Waibi ... 0 1 14 6 Waitahu 0 4 0 ■] N.Z. GOVERNMENT LOANS(Bonds quoted are £100 Bonds.) 5i p.c. Stock. 19381943 106 -0 0 ot p.c. Stock, 19391943 ... ' 106 0 0 3i p.c, Slock, .19411943 JOG 0 . 0 3a p.c. Stock, 1938"1952 106 0 0 3i p.c. Stock, 19391952 106 0 0 51 p.c. Stock, 19411952 106 0 0 —■ 4 p.c. Bonds, Jan. 15, 1940 105 0 0 — 4 p.c. Stock, Jau. 15, 1940 105 0 0 — 4 p.c. Bonds, Feb. -15, 0 1946 106 0 - 4 p.c. Stock, Feb. 15, 1946 ' 106 0 0 4 p.c. Bonds. April 15, 0 1949 106 b — 4 p.c Stock, April 15, 1949 106 5 0 — 4 p.c. Bonds, June 15, 1955 108 10 0 4 p.c. Stock, June 15, 0 1955 109 0 0 110 0