Commerce, Mining, & Finance

Evening Star, Issue 21751, 20 June 1934, Page 7

Commerce, Mining, & Finance

ROYAL SHOWS

DECENTRALISATION SCHEME ADOPTED

[Per United Press Association.] WELLINGTON, June 19. In an effort to overcome the difficulty of retaining the membership in the Royal Agricultural Society of New Zealand, delegates at the annual meeting to-day adopted a scheme of reorganisation "involving some degree of decentralisation and intended to secure keener local interest. Since its inauguration the society has had to face “ interisland ” problems regarding membership. When the Royal Show was held in. the North Island very few South Island members renewed'their annual subscription, and the contrary happened when the show was held in the South Island. This “ interisland ” phase of the membership was a problem not faced by any A. and P. Association in the dominion. Under the reorganisation scheme the country has been divided into the following five districts for the purpose of holding Royal Shows and appointing delegates to the council of the society :

Northern.—All the Auckland province and district except Poverty Bay. Eastern;—Wairarapa, ITutt Valley, Hawke’s Bay, and Poverty Bay. . Western.—Taranaki, Wanganui. Manawatu, and the city of Wellington. Central. —Canterbury, Westland, Nelson, and Marlborough. Southern.—Otago and Southland.

These' districts will organise themselves into district councils for holding the Royal Show in each district once every five years and to elect live members to th 3 council from each district, with the president, two vice-presidents, the treasurer, and a representative from each’of the seventeen breed societies. This gives a total personnel of forty-six for the council. ' The A. and P. Association in the district will affiliate through the district council, and half the capitation so received will be retained by the district council and half forwarded to the Roval Agricultural Society. In order to retain the ordinary members’ compounded subscription will be collected once every five vears, and the total sum paid to the district council under whose control the Royal Show was being held, less the percentage to be paid to the society tor general Royal Show expenses.

METAL MARKET Press Association— By Telegraph—Copyright. RON DON, June IS. The following are the. official metal quotations:— Copper: Standard, £32 3s lid per ton; forward, £32 9s 4id. Electrolytic: Spot, £35; forward, £3o 13s. Wire bars, £33 los. Lead: Spot, £ll Is 3d; forward, £ll : Spot. £l-1; forward, £l4 ss. Tin: Spot, £222 7s 6d; forward, £22iron ; = Homo trade, £3 7s 6d; export, '£3 2s 6d. . . Antimony; British, £42 10s; foreign, £25 15s. . .Molybdenite, £1 16s per unit. Wolfram, £2 9s 6d. Silver: Standard, 19 11-16 d per oz; fine, 21-Jd. DAIRY PRODUCTION EXPANSION OF INDUSTRY QUOTA SITUATION WILL right ITSELF IPer United Pittas Association.] HAWERA, June 19. The twenty-fifth South Taranaki Winter Show, featuring a “ See New Zealand First ” campaign, was opened this afternoon by the Minister of Agriculture (Hon. A. Hamilton), who was welcomed by Mr B. G. Bennett, chairman of the show directorate, Mr J. E. Campbell, the Mayor, and Mr H. G. Dickie, M.P. The Minister congratulated the district on its imposing display, and particularly commended the “ See New Zealand First ” campaign. He referred to the activities of the Tourist Department in attracting visitors, and expressed the opinion that a considerable expansion in the number of tourists could be effected. The future, be stated, could be faced with a greater spirit of optimism. Money was becoming cheap, and there were many’ indications of a gradual turn of the tide of prosperity. The Minister quoted figures showing the remarkable expansion of New Zealand's dairying industry; During Lite fifty-year period from 1871 to 1920 the butter production of the dominion had totalled 379,000 tons, and the cheese production 57.9,000 toils. During the ten-year period from 1931 to 1930 the respective figures were; —Butter, 669.000 tons; cheese, 752,000 tons. Personally he was not very much afraid of the quota, Mr Hamilton added. He believed that a good many dairy farmers, because of the lower prices, would adopt sheep farming, and the position would eventually right itself.

THE SHARE MARKET

STOCK AND SHAREBROKERS. SALES BULLETIN. Wc offer, subject to sale or withdrawal, the undermentioned Stocks

BUYERS. 500 Goldfields Dredging. 1,000 Glcnroys, 1,000 Mahakipawas, Dunedin City Corporation Debentures, 50 ‘ Otago Daily Times,’ 100 D.I.C. Ordinaries. If you wish to buy, if yon wish to sell, consult our Transfer 'Department for promptitude and efficiency. THE SECURITIES CORPORATION (N.Z.) LTD., 20 Crawford street near Bank of Australasia), Dunedin. Telephone 11-777 (two lines).

AUSTRALIAN STOCK EXCHANGES

Press Association —By Telegraph—Copyright SYDNEY, June 19. On the Stock Exchange trading in the investment section was overshadowed by the activity in the gold shares. Commonwealth Bonds were quiet but firmer. SYDNEY, Junwc 19. Early Sales. —Bonds (4 s), 1938, £lO4 11s 3d; 1941, £10(i 12s 6d; 1944, £lO7 15s; 1947, £IOB 15s ;• 1950, £lO9 10s; 1953, £lO9 13s 9d ; 1937, £109; Anthony Hordern, 11 Id; Associated News, 22s 3d (pref., 23s 3d): Broken Hill Proprietary, 44s 6d; Howard Smith, 14s; Lustre, 23s 9d. Additional Sales.—Bank of New South Wales, £3O 10s; Bank of New Zealand (ex div.), 50 s; Associated News,-22s (ditto, pref., 23s 3d); Adelaide Steam, 25s 3d; Australian Gas (A). £7 17s; Tooth’s, 42s 6d; Goldsbrough, Mort, 31s 6d; Wilcox, Mofflin, 11s lid; Farmers, 19s; Anthony Hordern. 14s Id, Mount Morgan, 275; Kuala Kampar, 17s; Tullamore Gold, 9s 6d; Euratha, 11s Sd; Rawang Tin, 9s. MELBOURNE, June 19. Electrolytic Zinc, 25s 6d; ‘Herald’ and ‘Weekly Times,’ 50s 9d; National Bank (£5 paid), £6 Is; Dunlop Perdriau, 18s; Taranaki Oil, Is 9d. DOLLAR AND FRANC Press Association —By Telegraph—Copyright. LONDON, June 19. (Received June 20, at 11 a.in.; The dollar is quoted at 5.042 and the franc at 70 7-18. NEW ZEALAND FRUIT IN LONDON The Otago Provincial Fruitgrowers’ Council advises that the High Commissioner’s cabled report for week elided June 16 on the London fruit market is as follows :—Cumberland cargo in good condition. Markets weak, and trade very slow. Current prices are Apples: Ballarat, 8s to 9s 6d; Cleopatra. Statesman, and Stunner, 6s 6d to 9s; Delicious, 5s 6d to Ss 6d; bulk, small, 5s 6d to 6s 6d; Dougherty, IDs; Dunn’s Favourite, 7s to 9s 6d; Granny Smith, ,9s to 12s; Jonathan. 6s to 10s; bulk small, 6s to 7s 6d ; London Pippin and Rymer, 7s to 8s 6d ; Newton Pippin, 8s to 9s; others, 6s to Bs, Pears; Winter Nelis, 10s to 15s; Trays, 4s; Josephine, 12s 6d to 14s; P. Barry, 10s to 12s; Keiffer, 7s to 10s; Vicar of Winkfield. 9s; L’lnconnue, 9s. to 9s 6d; Beurre Easter, Ss to 9s 6d.

RABBITSKIN SALE REPORT Tlie Dunedin Stock Agents and Woolbrokers’ Association reports as follows Large catalogues were forward for yesterday’s sale, aud the large offering did not result in the substantial decline which was anticipated. The extreme prices recently realised for best bucks were not maintained, and firsts and primes were lower by 6d to 7d per Jb. Other grades of bucks were Id to 4d lower, There was ((iiite a good demand for does at prices Id to 3d below last sale, and most other grades, such as summers, racks, autumns, etc., were Id to 3d lower. The following is the range of prices:—Summer broken, 8d to Biid; autumn broken, 14-id to 16d; second winter. 163 dto 20id; first winter broken. 213 d to 28d ; runners, 6d to 8d ; summers, 9id to lOid ; small, 2d to 6d; light'racks. 1 lid to 12d ; prime racks, I lid to. 12£d ; dawny autumn, 13:ld to Hid; early autumns, 17;itl to ISj-ci; late autumn, . 28;{d to 30-3 d ; second incoming. 26Jd to 31id ; incoming winter, 37i : d ,to 40d ; early winter bucks. Bold to 633 d; early winter does, 31 id to Said; first spotted winters—bucks -18 id to 52d. does 25J-d to 27£d ; second winter bucks, 643 dto 70id; second wiuter does, 32id to 36-id; first winter bucks, 73.\d to 78id ; first _winter does, 37d to 41 id : prime bucks, 78id to 794-d; prime does, 423 dto 443 d; outgoing bucks, 34id to 393 d; does, 17Jd to 20-id; springs—bucks 18d to 251 d, does 12d to laid; milky, Bid to 15Jd ; fawn, 6d to 14d; winter fawn, 20d to 24c1: summer black, 6d to 7d; autumn black, 12d to 14d; first winter black, 20d to 26d; second winter black. 14d to 20d. Hareskius, 4d to 9d. Horsehair, lOd to 12d.

! THE SEARCH FOR GOLD

BELL-HDOPER OPERATIONS

FIRST ANNUAL REPORT’. The 'first annual report of the directors of Bell-Hooper Cromwell Gold Ltd., to be presented at the annual 1110611110 of shareholders on July 4, states: The company commenced mining operations at the end ol May, 1933, and 011 .March Id, 1934, had recovered .1,0830j5 2dwt 23gr of gold, which realised £7,439 17s 3d. The annual accounts disclose a profit of £1,403 Is Id. The directors propose that this be utilised to write £725 6s 2d off the preliminary expenses account, and £675 I2s 6d in writing 33 1-3 per cent, off the development account. The balance, £62 2s sd, to be carried forward. Your approval of this proposal will be asked at the annual meeting. During the year 91 acres 23 perches of freehold land adjoining the original claim were acquired, making the total holding of the company 413 acres 23 perches. Full particulars of this were supplied to the shareholders at the time, and to finance the purchase the unallotted capital was offered to shareholders. It was found that it was not required to issue the whole of the unallotted capital in order to finance the purchase, and the issue was limited to 20,000 shares. Mr L. E. Autridge was appointed as manager, which position he held until his resignation 611 November 30, and it was some time before another manager could be obtained. Mr A. J. Walker was appointed to fill the vacancy, and the directors asked him to submit a Tull and exhaustive report after he had sufficient data and knowledge. This duly came to hand, and the directors gave very careful consideration to the main scheme laid down by Mr Walker, who st. igly recommended that, to assure the economical working of the mine and its future, the developing work of proving and opening up more wash was absolutely necessary. For such a policy it therefore became necessary to push on with a main diversion drive from No. 1 tunnel, and to proceed vigorously with a drive heading west from the No. 2 tunnel. Good progress has been made with the latter, and it is anticipated that this drive will connect with No. 3 cross drive cast from No. 1 tunnel in approximately two weeks. Nearly all the miners were employed on these works, and blocking out had to he curtailed until more working faces could be got ready. The directors agree with the manager that the development work in future must always be well ahead to ensure steady returns. Messrs R. J. Bell and D. M‘Death retire from the board, and are eligible for re-election. The directors view with confidence the future of the company. The balance-sheet gives the paid-up .capital as £35,368, and calls paid in advance £l9. The amount owing to vendors of the Sarita property is £2,374, and sundry creditors, timber, and stores £839, and these items, with the profit and loss balance of £1,463, make the liabilities £40,063. On the assets side property, plant, and rights‘ are put down at £31,998, gold on hand £1,597, money placed ou deposit and cash m hand, £2,700; development account (£5,226, less £3,019 gold produced in development, etc.), £2,027; preliminary expenses, £1,725. CENTRAL SHOTOVER COMPANY The directors of the Central Shotover Gold Mining Company Ltd. have just returned from a visit to the company s claim at Deep Creek, and report that die pipe line is now ill position to the site of the first paddock ready for the installation of the elevator which is now being erected. The manager expects to turn the water through the pipe line today for testing purposes. The groyne in the Shotover River, which was erected seven weeks ago, has been a great success. It has confined the river towards the opposite bank, thus increasing the width ol beach which can be commanded by the elevator. The cartage contractors, Messrs Scheib and Murdoch, have continued making deliveries of pipes and plant despite the- adverse transport conditions, and the final items of plant—gold-sav-ing boxes, ripples, etc. —are expected to be lauded on the claim before the end of this week. Mr Frank Whelan, - the claim manager, had made a first-class job of the installation of all the equipment, and litre ports that despite the unpleasant weather the stalf has worked well. A fortnight ago a large quartz specimen weighing approximately 401 b w;as picked up on the claim by one of the staff. This specimen was studded with specks of gold, thus showing that the river is still bringing down auriferous material. It is anticipated that sluicing operations will be commenced next week. The gazetted statement of a Hairs of tlie Central Shotover Gold Mining Company Ltd. states: Date of registration, March 13, 1933; capital subscribed. .214,000: capital paid up in cash, £6,750; number of shareholders at the time of registration, seven ; present number of shareholders, 204 ; number of men employed, eight at Arthur’s Point, six at Deep Creek; quantity and value of gold produced since last statement, 308 oz at Arthur’s Point; total quantity and value produced since registration, 30Soz; amount expended in connection with carrying on operations since last statement, £5,279 15s 5d ; total expenditure since registration, £5,279 15s sd; amount of cash at bank, £2,165 4s Bd, £1,500 on deposit; amount of debts owing by tilts company, £B3l 16s 6d. PRICE OF GOLD Press Association —By Telegraph—Copyright. LONDON, June 19. (Received Juno 20, at 41 a.m.) Fine gold is quoted at £6 17s 91d per 117..

RAILWAY RETURNS

NET REVENUE INCREASE [Per United Press Association.] WELLINGTON, June 19. Mr E. Newman (noting-chairman of the Railways Board) announces particulars of the financial returns of the railways for the four-weekly period ended May 26, The revenue showed an increase of £34.577, and the working expenses an increase _of £6,993, giving an increase of £27.584 in the net revenue as compared with the corresponding period of the previous year. for the first two periods of the financial year to May 26 the revenue has increased £62,674, and the expenditure by £28,694, giving an increase of £33,980 in the net revenue.

DUNEDIN STOCK EXCHANGE A fair volume of business was recorded this .morning, but market prices showed very little alteration. generally and A.’s In the banking section, E.S. produced a buyer at £4 19s, and insurances vrere wanted at 60s, Standard Westport Coals bad business at Its bcl, and there were further buyers at Its 4d, -Most interest was taken in Nokomais in fiift crold mininer- section, and these shares wpro inclined to weaken a little. business being recorded at 3s od Okantos were for for GovThe usual firm market ruled eminent. Loans, though sellers -of the 1955 4 per cent, issues failed to attract a buying offer. SALES. On 'Change.—Nevis Diesel, 3td; Nokomai, 3s 3d. . Reported.—Skippers, Hid (late yesterday): Westport Coal, 17s fid; New Zcaland.Refrigerating (coni.), 9s 3d; New Zcaland Breweries, £2 2s fid. Is lOd; After Call.—Gillespie’s Beach, Isevis Diesel, 3VI. Quotation* as under — Sellers. Buyers. £ *. d. £ s. d. BANKING— Bank of Australasia 11 15 0 — Bank of New Zealanc 2 9 0 2 9 9 E.S. and' A. Bank .. 4 19 0 5 4 0 National Bank of N.Z ' 4 10 Union Bank of Aus10 0 0 t. tralia, Ltd. ... ... “ INSURANCE— National Insurance Co. ... ... • — 10 2 N.Z. Insur. Co. ... — 3.3 0 Standard Insur. Co 3 0 0 — SHIPPING— Huildart, Parker (pref. J 16 0 — U.S.S. Co. (prof.) ... 16 0 .COALWestport Coal Co. ... 0 17 4 — Westport-Stock ton <°rS.) — 0 2 4 — LOAN AND AGENCYDalgety and. Co. — 10 5 0 Goldsbonmgb. Mort ' 1116 National Mortgage :. 2 18 0 3 2 0 N Z. Guarantee Cor0 4 3 poration ... ■. MEAT PRESERVINGN.Z Refrigerating 0 19 0 (paid) ... 0 19 7 N.Z. Refrigerating 0 9 2 0 9 4 (cont.) Southland Frozen Meat (paid) o 10 0 — Southland Frozen Meat (cont.) ... ■... ... 1 14 6 ' Southland Frozen Meal . (pref.) ... 3 10 0 — South Otago Freezing 6 0 0 . MISCELLANEOUS— Broken Hill Prop. ... . 2 5 0 Broken Hill South ... 3 11 6 — Brown, Ewing (ord.) 0 19 0 — Brown, Ewing (prof.) 10 0 ' — Bruce Woollen Co. (pref.) ... 110 — D.I.C. (ord.) 0 14 6 15 6 D.I.C. (pref.) 1 4 0 Dominion Fertiliser ... 0 18 0 — Dominion Fertiliser 104 0 0 Debentures — Dominion Kubber ... 14 6 — Duncdiu-Kaikorai ..1 16, 0 , Trams ............ •- Dunedin- Stock Exchange 2 5' 0 Proprietary ■ 1 19 6 Kaiapoi Woollen 0 10 3 (ord.) — Kaiapoi Woollen (cont.) ... ••• ••• 0 3 ,5' 0 3 10. Kaiapoi Woollen . 0 18 3 0 19 6 (pi-ef.l Kauri Timber ... ... 0 16 6 — Milburn Lime and 1 12 3 Cement ... . Moseiel Woollen Co. 10 0 0 — M’Leod Bros 28 0 0 — Mount Lyell ... ... 10 9 112 N.Z. Drug Co 3 16 0 — N.Z. Malay Rubber (prof.) 12 0 — •N.Z.- Paper Mills ... 19 8 — ‘ Otago Daily Times ’ 2 7 0 — Regent Theatre — 10 6 Smith and Smith (pref.) .. 0 17 0 — BREWERIESN.Z. Breweries 2 2 0 2 3 0 Tooth’s Brewery “ 2 2 6 PIL— 0 4 5 Mpturoa (ord.) GOLD MINING— Bell-Hooper 0 0 4 0 0 7 Bell-Kilgour 0 0 3J 0 0 4i Bendigo Goldlight 0 0 8 0 0 9 Big River 0 0 8 0 10 Central Shotover — 0 10 Gillespie’s 0 19 0 1 11 Golden Point 0 0 1 — Golden Progress 0 0 6 0 1 3 Golden Sands — • 0 2 10 Goldfields Dredging — u u 10?f •King Solomon — 0 4 1 Lawson's Elat — U U b Maerewhenua — 0 0 9 Mahakipawa — Mataki 0 2 0 — Moonlight-Nelson Cree 0 0 51 0 0 6^r Mount Morgan 16 0 — Nevis Diesel — 0 0 4 New 'Cornish point — 0 0 10i 0 3 5 Nokomai 1) 3 2 Okarito — 0 8 2 Oxenbridge .... 0 0 11 0 0 H iSkippers 0 10 Upper Shotover 0 0 6 — . Waitahu ... 0 4 0 U 4 3 Jf.Z. GOVERNMENT LOANS— (Bonds quoted are £100 Bonds.) 3J |>.c. Stock, 1938106 0 « __ p.c. Slock, 19391943 '.' 106 0 0 — Si ;' |uc.. Stock , 1941106 0 0 _ 3y p;c. ‘Stock, 1938105 10 0 .1952. - — 3t .p.c. Stock, 1939105 10 0 ‘1952 — 31- p.c. Stock, 1941105 10 0 1952 ;.. ' - - ••• — 4- p.c. Bonds, Jan. lo. 105 0 0, • 1940 — ‘ 4 p.c. Stock, Jan, i5, 105 0 0 1940 — 4 p.c. Bonds, Feb 15, 1946 106 0 0 _ 4 p.c. Stock, Feb. 15, 106 0 0 1946 •• — 4 p.c. Bonds, April 15, 106 5 0 1949 — 4 p.c. Stock, April 15, 106 5 0 1949 — 4 p.c. Bonds, Juno 15. 1955 - 107 10 0 4 p.c. Stock, June 15, 1955 - 107 10 0 DIVIDENDS DUE. Devonport Steam Ferry—final. 2Jr n.c.. making 5 p.c. per annum June 21 Gear Meat—interim, 2 S p.c. ... June 21 Australian Glass —ord. aou piei., 9 per cent Goldsbrougb, Mort—6 p.c. j).a. ••• June 27 June 23 North Broken Hill—Is 6d per June 29 share payable Melbourne ... Consolidated Gpldfields 9d a share in Brit. —interim, cur. June 30 Is 6d a June 30 share, tax free, in Brit. cur. Morris. Hedstrom, Fiji— final of 2 per cent., making 4 per cent, per annum June 30 British Tobacco —quarterly, ord., 1? p.c ••• ••• Queensland Insuranc»—interim. at June 30 rate of 10 p.c. per annum ... National Mortgage—interim, July 2 per cent. JJ.Z. Breweries—Pinal, 3i p.c.. July — half-year M ...

50 National Tobacco (ord.) £3 5 0 137 Dominion Fertilisers 0 18 9 250 Kemball Theatre (profs.) 0 15 0 250 Perpetual Forests (4s paid) 0 14 G £500 p.o. Majestic Theatre, Invercargill 1 av 10 N./4. Woolpack and 'Textile 0 16 9 600 N.Z. Express Co. (prefs.) 0 14 0 50 Associated Motorists Petro! Co. Ltd 0 19 0 100 Temuka Flour Milling Co. Ltd Offer 100 N.Jj. Dry Cell and Battery Co. Ltd. 1 5 0 200 King Solomons 0 4 0 1,000 Golconda Holdings 0 1 8 500 Bell-Kilgour 0 0 4 500 Oxonbridgc Shotovcr 0 0 11 1,000 Nevis Deisel .... 0 0 4