Commerce, Mining, & Finance

Evening Star, Issue 21748, 16 June 1934, Page 12

Commerce, Mining, & Finance

THE SEARCH FOR GOLD KING SOLOMON RETURN The return at the King Solomon mine for the week totalled 670 z 15dwt. CONSOLIDATED GOLDFIELDS - Consolidated Goldfields announce an interim dividend for 1933 of 9d, tax free, payable on June 30 in British fcunrehcy. MURRAY CREEK COMPANY 'At , the annual meeting of shareholders of the Murray Creek Gold Mining Company there was a large number of shareholders present. _ Mr F, W. Manton, chairman of directors, presided. The directors’ report and statement of accounts for the past year were received. Messrs J. B. Auld and T. H. Lee, of Reef ton, and Mr R. Wilson, of Christchurch, related in detail the whole of the mining and developmental operations which had been carried out in the .mine. The retiring directors, Messrs R. Wilson, of Christchurch, and R. B. Cranwell, of Frankton Junction, were reelected, Mr W. B. Auld ' was reapointed auditor. The chairman announced that representatives of mining interests in England Lad approached tho directors with a ,view to purchasing the mine, and suggested that this matter should be left in the hands of the directors to be dealt with.r—After some further discussion on this question, it was unanimously resolved that the matter be left in the hands of the directors to deal with. 1 MAEREWHENUA GOLDFIELDS In a report to the directors, the consulting engineer to the Maerewhenua Goldfields Development Company, Mr, W. Morgan Gimson, states that the removal of tailings from Duffer’s Gully is approaching completion. There now remained approximately 15,000 cubic yards of a total of 400,000 cubic yards to be shifted. The water for this purpose had been utilised by allowing the penstock dams to fill and then opening up the nine-inch valve at the bottom of the pipe line to full’ bore. By this x method the accumulation of , tailings 'of , from thirty-five to forty years of working had been removed in fewer than sixty eight-hour Shifts. The main tail race connecting tho working faces with tho pulsator plant was nearing completion, and an additional 600 ft would complete the work; which, when finished; would admit of the removal of ell’ tailings in the Duffer’s Gully area. The monitors were in position, and, together with hydraulic controls, were ready for sluicing operations. The top set of boxes was now being installed, and the pulsator plant had been .put into adjustment and was operating with complete satisfaction. It will now be possible to commence sluicing ,on virgin ground in the Duffer’s Gully, section before the end of June, by which time the main tail race will have been completed. The water supply during the last six weeks had been beyond'expectations. On occasions as much as sixty heads had been arriving at the penstock, with a steady average flow of from forty to forty-five heads day and night during the whole period.

UPfER SHOTOVER COMPANY In a circular issued to shareholders, the directors of the Upper' Shotover Gold Mining and Hydro Electric Company state:— ■ , “ The sfcvero weather conditions experienced in the Upper Shotover district recently have caused a cessation in the work at the company’s claim. Since the issue of the annual report the operations have been consistently held up by had weather and heavy rain, and recurring floods in the river had prevented steady work being carried on. The directors wished to prospect various sections of, the riverbed before winter set in, but this undertaking was still- incomplete. As a consequence, the value 1 of the claim was not yet proved. In the 'course of the prospecting carried out, it was found that some sections had already beeni worked by an earlier generation of miners, but the manager stated that there remained a considerable length of virgin ground. The gold obtained during prospecting totalled 85}oz. Toyyards the end of May, hard frosts set in, and it became impossible to do any further work, the manager and his men leaving the claim on June 1. It would probably be the beginning of September before operations could be resumed. The company had sufficient funds, after discharging • all liabilities, to carry out a consider-, able amount of work in the spring when better conditions should be experienced.-”

BLAGKWATER MINES Blackwatcr Mines Ltd. announce a final dividend for 1933 of Is 6d, tax free, payable on J une 30 in British currency. FRUIT AND PRODUCE Bray Bros. Ltd. (Dunedin) report as follows for week ended to-day:— Tho hulk of the wheat crops in the Otago district has now been harvested, but a few samples are still coming forward. Most of the millers have purchased their full requirements, but there is an odd buyer interested in Tuscan of milling quality. Other varieties are * difficult to place. Surpluses of milling 'wheat will now be submitted to tho Purchase Board, and where the cereal is up to standard it will be taken over at the rates ruling in Otago for the month of June. For Tuscan 3s Bd, f.0.b., .grower’s nearest port, will bo paid; for Hunters 3s lOcl, and for Velvet 4s. Tho' fowl wheat market is quiet. Ample stocks are held here and sales are difficult to make. Best quality is worth 3s ,4d, sacks extra, delivered in Dunedin. The shipping market is also quiet, prices having declined to Ss ljd, f.0.b., sacks extra. There is _ still a fairly large quantity of wheat in Canterbury which does not come up to milling standard, and this has to bo disposed of for poultry purposes. Millers’ prices for flour, etc., are as follow: Flour: 2001 b, £l4 2s; 100’s, £l4 17s; 50’s, £ls 2s; ,25’s, £ls 7s; Bran, £4 10s person. Pollard, £0 per ton. Oatmeal: 2001 b, £l9; 25’s, £2l.

The oat market continued depressed, with little business passing. The threshing returns published recently show that the quantity threshed up to the present is considerably below that of previous seasons. Even, however, with the reduced returns there appear to be ample stocks to meet all demands in the dominion. Millers are not operating, and it is difficult to make sales to merchants in the North Island. Prices haye eased slightly. , A Gartons are worth to-day 2s 4d per' bushel, f.0.b., s.i., and B grade 2s lid. - Few oats are offering from the country. The nominal value is Is 9d on trucks for A’s and Is 6d for B’s. Growers, however; are not prepared to sell at these prices. There is very little sign of improvement in the potato market. The local consumption is very quiet, and consignments arriving from the 'surrounding districts and from South Canterbury are not very readily placed. Best quality tubers are to-day bringing from £4 to £4 10s. an occasional line of King Edwards selling at a higher figure, as buyers show a preference for this variety. Shipping demand continues quiet for North Island merchants are buying sparingly. Little business is going through in seeds. The markets remain firm, particularly for the finer seeds, such as Chewing’s Fescue, brown top, and crested dogstail cocksfoot is also firm. During the winter months not much interest is displayed in seeds. There will be, however, activity towards sowing time, which commences in August. The present indications point to a fairly large area again being sown down in the pastures, as the broken weather is preventing the sowing of wheat. It is anticipated, threefore, that a good many farmers will turn their attention to root crops and the sowing down in pasture. Fairly heavy supplies of poorly coloured Jonathons and Delicious are on offer, but the demand for these is poor. Well-coloured lines have a keen demand,’ and there is a better inquiry for Stunners. Large cookers realise sound values. Small grade are hard to place. . Lemons are in good supply. .

The Maui Pomare’s consignment of Samoan and Niue Island bananas arrived on Tuesday, having been railed from Lyttelton. They arrived in prime green condition, and are ripening nicely. Choice quality pears have a better demand. Passion fruit is in short supply. * A few lots of tomatoes are still on offer. Outside grown have a poor demand, but choice quality hothouse realise good values. Hothouse grapes are still reaching the market, and are bringing high prices. Island grown 'oranges are on offer in the fruit marts. There will be no further shipment of Island oranges until the end of June. Californian Valencias are in good supply, and a further shipment will arrive in Auckland to-day. Cauliflowers have a ready sale. Cabbages are in over-supply. The demand is confined to sound quality. Rhubarb has a better demand. Swedes, carrots, and parsnips are in heavy supply. The demand for artichokes has eased off, and sales are harder to effect. Pumpkins and marrows have a better demand. Wholesale prices are as follows: Apples—Cox’s Orange, 6s fid to 8s fid; Jonathons, 5s to 7s fid; Delicious, 5s to

7s 6d; Cleopatras, 5s to 7s; Wolseley, 4s to ss. Pears —Conference, to 3s; .Winter Cole, 2s fid to 3s 9d; Buerre Boss, 3s to 4s 6d; Jargonelle, 2s 6d to 4s. Tomatoes—Locals, fid to Is. Grapes—Hothouse, lOd to Is fid; Gros Cotmars, 2s. New Zealand passions, 7s to Bs. New Zealand leriions, 10s to 15s, Californian lemons, to 49s fid. Californian Navel oranges, to 42s fid. . Californian Valencias, to 425. 1 Californian grape fruit, to 40s. Island oranges, 12s fid to 15s. Bananas, ripe, to 20s. Cabbages, Is fid to 2s fid. Cauliflowers, 3s to 6s. ’ Carrots, 2s to 3s sugar bag. Cucumbers, wanted—hothouse, 3s fid to 6s per dozen; outside, 2s per dozen. Lettuces, Is to Is fid. Potatoes, 4s fid to 5s fid. Onions, to £3 per’ton. Marrows, wanted, to 6s cwt. Pumpkins, to 3s fid per bag. N.I. melons, to 11s per cwt. Honey—ilb pats, 3s fid per dozen; section,-8s fid; 101 b tins, ss; bulk, 4d to sd. s ■ Fowl wheat, to 4s fid per bushel. Dairy butter, to 7id per lb. Cheese, 5Jd per lb. . Eggs, market rates. Macdonald and Miller’s gold medal bacon, lOd to lid. Boneless hams, Is Did. Lard, 6-id-

METAL MARKET ’ v Press Association—By Telegraph—Copyright. LONDON, June 14. The following are the official metal quotations;— Copper.—Standard, £32 10s 7|d; forward. £32 14s 4£d per ton. Electrolytic,—Spot. £35 15s; forward, £36 per ton. Wire bars, £36 per ton. Lead.—Spot, £11; forward, £ll 5s per ton. Spelter.—Spot, £l4 6s 3d; forward, £l4 10s per ton. Tin.—Spot, £224 7s fid; forward, £224 7s fid per ton. Silver.—Standard, 19 7-8 d ; fine, 21 7-16 d per oz. AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright. SYDNEY, June 15. On the’ Stock Exchange the investment market was better and steadier to-day. Commonwealth Bonds are still strong, with few sellers, but the mining share market is distinctly irregular, without any definite trend. Most af the business at both calls embraced gold shares. "■ Later Sales.—Bank of New South Wales. £3O 10«; Associated News, 22s 7id; Berlei (pref.), 30s: Tooth’s, 42s fid; Toohey’s, 28s; Carlton Brewery, 435; Goldsbrough, Mort, 325; Morris, Hedstrom, ICs Gd; Henry Jones, 335; Anthony Hordern (pref.), 255; Drug Houses of Australia, 19s 6d; Australian Iron and Steel (pref.), 22s 3d; Broken Hill Proprietary. £2 ss; South Broken Hill (ex div.), 71s fid; Kuala Kampar, 17s; Rawang, 19s; Larut, 14s lOd; Kramat Tin, 58s; Tanah Biii, 20s 6d; Euratha Gold, 12s lid; Mount Coolon, 10s 4d. MELBOURNE. June 15. Sales.—Commercial Hank of Australia, 16s 3a; Australian Glass, 50s fid; ‘Herald and Weekly Times,’ 51s; Mount Lyel*. 21s. ;

THE SHARE MARKET DUNEDIN STUCK EXCHANGE Although no business was effected on Change this morning, a fair volume of business was reported. There were only two buyers in the banking section, and no inquiry whatever for insurance stocks. Sellers, however, continue to hold out for good prices. Improved prices were offered for refrigerating shares, but the quotes for the Southland issues remained stationary. There was a noticeable decline in interest in the gold mining section. Bendigo Goldlights showed a tendency to improve, as did Gillespie's. Okaritos were for sale at 8s 3d, but 7s lOd was the best buyer. King Solomons had a seller at 4s Id, and no buver, and Goldfields had a closer market. The demand for Government Loans remained strong. Sales reported: N.Z. Befrlgcratmg (paid), 19s 4d; Dominion Fertiliser, 18s 3d; Bendigo Goldlight, BJd; Glenroy, lOd; North Kalgurli, £1 2s. Quotations as under: —

DIVIDENDS DUE. Devouport Steam Ferry—final, 2j p.c., making 5 p.c. per annum June 21 Gear Meat —interim, 2£ p.c. ... June 21 Australian Glass —ord. and pref., 9 per cent June 27 Goldsbrough, Mort—6 p.c. p.a. ... Jun« 28 North Broken Hill—ls 6d per share payable Melbourne ... June 29 Consolidated Goldfields—interim,9d a share in Brit. cur. ... June 30 Blackwaler Mines—final, Is fid a share, tax free, in Brit, cur. June 30 Morris, Hedstrom, Fiji—final of 2 per cent., making 4 per cent. per annum June 30 British Tobacco—quarterly, ord., p.c. ... June 30 Queensland Insurance—interim, at rate-of 10 p.c. per annum ... July 2 National Mortgage—interim, 2-J,-per cent. ... July 2 N.Z. Breweries—Final, 3j p.c., half-year July

CANTERBURY MARKETS The potato market showed a little improvement in the mid-week, due to the prospect of spot supplies in Auckland being all absorbed. A small revision in quotations took place as a result, but under the influence of an unexpectedly heavy' consignment from Timaru, lifted by the Wajmariuo last night, and a further heavy cargo at Lyttelton to-day, the improvement has been lost. The Timaru consignment comprised 2,920 sacks—much the largest from that port so far this season—and it is understood that the Lyttelton shipment will be about 4,000 sacks. This is enough to keep Auckland supplied for eight or nine days, and the Port Waikato will follow in a few days. Her cargo, howeyer, is expected to bo of a moderate size. From £3 16s to £3 17s 6cl is quoted for June delivery, f.0.b., s'.i., l and from £2 10s to £2 15s on thicks, according to stations. Fowl wheat is quoted at 3s lid to 3s 2d, f.0.b., s.e. Oats are attracting no interest. Southern quotations are up to 2s sd, f.0.b., s.i., for A Gartons, arid to 2s 2d for B’s. Chaff is quoted showing a shade of improvement at £4, f0.0h., s.i., and £2 10s on trucks. DAIRY PRODUCE life 1 South Island Dairy Association has received the following market report from London:—Butter, steady: 78s to 80s; Danish, 86s. Cheese, steady; White, 49s 6cl to 50s; coloured, 47s to 47s 6d. . . . Messrs Dalgety and Co. Ltd. advise having received the following cable from their head office, London, dated 14th hist.:—The butter And cheese markets are firm. Quotations are: Danish butter, 86s; New Zealand finest butter, 78s to 80s; Australian finest unsalted butter, 74s to 765; salted, 74s to 765; G.A.Q., 71s to 735. New Zealand cheese, white, 49s 6d; coloured, 47s ; Canadian, white, 54s to 565; coloured, 53s to 565; 0.1. F., 50s to 51s. LONDON PRODUCE MARKET The Bank of New Zealand has received the following advice from its London office under date 15th inst: —■ Frozen Meat.—For wethers the market is short of supplies, and prices are nominal. There is a good demand for ewes.' The demand for lambs is not so good, but the market is steady, and no material change is expected yet. Wethers, light, s|d to 6|d; heavy, 4gd to 4£d ; ewes, 3d to 4Jd; lambs—twos, 7*d to 73d; eights, 7d to 7Jd; fours, 6|d to 6Jd; seconds, 7Jd to 7Jd per lb. PRICE OF GOLD Press Association—By Telegraph—Copyright. LONDON, June 15. (Received June 16, at 11a.m.) Fine gold is quoted at £6 17s BJd per oz. ’

COMPANY REGISTERED The ‘ Mercantile Gazette ’ announces the appended company registration:— Cameron Bros, > and Laing, Ltd., registered as a private company, May 22, Capital: £6OO, into COO shares of £1 each. Subscribers; Dunedin—E. P. Cameron 150, D. H. Cameron 150, M. E, Cameron 150, D. Cameron 50, T. J. Laing 100. Objects: To carry on the business of chemists, druggists, opticians, importers, and manufacturers of and dealers in pharmaceutical medicinal, chemical, industrial, and other preparations and articles. DOLLAR AND FRANC Press Association—By Telegraph—Copyright. LONDON, Juno I's. (Received June 16, at 11. a.m.) The dollar is. quoted at 5.05 and the franc at 76 7-16.

Buyers. Selle s. £ s. d. £ S. d. BANKING— Bank of Australasia 11 15 0 12 2 0 Bank of New Zealand (ex div.) 2 9 3 2 10 3 Commercial Bank ... — 0 16 6 E.S. and A. Bank ... — 5 6 0 Union Bank of Australia Ltd — 10 2 0 INSURANCE— National Insurance0 Co — 1 1 N.Z. Insurance Co. — 3 3 0 Standard Insurance Co — 3 5 0 SHIPPING— Huddavt, Parker (pref.) ... I 5 0 — U.S.S Co. (pref.) ... 1 5 6 — COAL— Westpoi’t Coal Co. ... 0 17 1 — Westport-Stockton (ord.) 0 2 4 — W estport-Stocfcton 0 (pref.) 0 6 —” LOAN AND AGENCY— National Mortgage — 3 2 0 N.Z. Loan and Hercantile (ord.) 59 0 0 — N Z. Guarantee Corporation 0 4 3 — Wright, Stephenson 9 (pref.) 0 19 — Wright, Stephenson 0 (stock) 92 0 — MEAT PRESERVING— N.Z Refrigerating (paid) 0 19 6 0 19 5 N.Z. Refrigerating (cont.) 0 9 i 0 9 3 Southland Frozen Meat. (paid) ; 3 10 0 3 15 0 Southland Frozen Meat (cont.) 1 14 6 — Southland Frozen Meat (pref.) 3 10 0 MISCELLANEOUS— Broken Hill Pty. — 2 5 6 Broken Hill South (ex div.) 3 11 0 — Brown, Ewing (pref.) 1 0 6 — Bruce Woollen Co. (ord.) 0 9 6 — Bruce Woollen Co. (pref) 1 1 0 — D.l.C. (ord.) 0 14 6 •— D.l.C. (pref.) ..J ... 1 4 1 — Dominion Fertiliser 0 18 2 — Dominion Fertiliser Debentures 104 0 0 —* Dunedin Stock Exchange 2 Proprietary X 19 0 5 0 Kaianoi Woollen (ord.) ‘ ... 0 10 0 — Kaiapoi Woollen (pret.) ... —• 0 19 6 Milburn Lime and Cement 1 12 3 — Mosgiel Woollen Co. 10 0 0 — Mount Lyell 1 0 9 1 1 6 N.Z. Drug Co 3 16 0 — N.Z. Farmers’ Fertiliser 0 19 9 — N.Z. Malay Rubber (pref.) 1 2 0 — N.Z. Paper Mills ... 1 9 9 — North Broken Hill ... 2 6 0 — Regent Theatre ... 0 17 0 — BREWERIES— N.Z. Breweries ... - 2 3 9 OIL— Moturoa (ord.) ... 0 3 0 - GOLD MINING— Bell-Hooper — 0 0 7 Bell-Kilgour 0 0 3* — . Bendigo Goldlight ... 0 Jlig River 0 0 0 8 8 0 0 9 Gillespie’s 0 1 a* — Golden Progress ... 0 0 7 0 1 0 Golden Sands — 0 3 0 Goldfields Dredging 0 0 10 0 0 11 Glenroy 0 0 9* — King Solomon ... ... — 0 4 1 Lawson’s Flat ... ... — 0 0 5 Maerewbenua — 0 0 9 Mining House 0 0 5 0 0 6i Nevis Diesel 0 0 3 0 0 4 New Cornish point. — 0 0 104 Nokomai 0 2 8 0 3 0 Okarito 0 7 10 0 8 3 Oxen bridge (9d paid) — o o Hi Skippers — 0 0 1 u Waitahu 0 4 0 4 6 S.Z. GOVERNMENT LOANS(Bonds Quoted are £100 Bonds,} 34 p.c. Stock, 1938-* 1943 ...106 5 0 — 3i p.c. Stock, 19391943 106 5 0 — 34 p.c. Stock, 19411943 106 b 0 — 34 p.c. Stock, 19381952 106 5 0 — 34 p.c. Stock, 19391952 ... 106 5 0 — 3i p.c. Stock, 19411952 106 5 0 — * p.c. Bonds, Jan. 15, 1940 105 0 0 — 4 p.c. Stock, Jan. 15, 1940 105 0 0 — 4 p.c. Bonds, Feb. 15, 1946 106 12 6 — 4 p.c. Stock, Feb. 15, 1946 106 12 6 — 4 p.c. Bonds, April 15, 1949 106 12 6 — 4 p.c Stock, April 15, 1949 106 12 6 — 4 p.c. Bonds, June 15, 1955 107 0 0e — 4 p.c. Stock, June 15, 1955 ... 107 0 Oe