Commerce, Mining, & Finance

Evening Star, Issue 22143, 25 September 1935, Page 7

Commerce, Mining, & Finance

AUSTRALIAN STOCK EXCHANGES Prew Awocialion—By Telegraph—Copyright SYDNEY, September 24. On the Stock Exchange a revival of buying activity to-day was responsible for a strong rally for industrial shares. Many good advances were noted. ( A better tone was also evident for Government securities, but Fiji Gold interests continue to sag.

BRITISH STOCKS RECOVER (British Official Wireless.) Frees Association—By Telegraph—Copyright RUGBY, September 23. The stock markets are quiet, but the tone is brighter. Government stocks showed a "marked recovery. SYDNEY WOOL SALES MARKET ANIMATED Ffeeu Aisociation—By Telegraph—Copyright SYDNEY, September 24. At the wool sales 12,017 bales were offered and 10,196 sold, while 1,177 were disposed of privately. There was good competition from Japanese buyers and excellent support.from the Continent and Yorkshire! Oh suitable lines the previous day’s rates were fully maintained, but very burry and dusty .wools showed irregularity. Greasy merino brought to 20d. . j K.O.V. BOXES LTD. “I think the coming year will be ?uite as good os that just closed, and am very hopeful of . the :prospects of the company," said Mr J. B. Macfarlane, chairman of directors of K.D.V. Boxes Ltd., at the annual meeting of shareholders in Auckland last .week. Mr Macfarlane said an embargo had been placed on veneer boxes, and the company was not allowed to manufacture them after tbe end of this year. It was fully prepared for any changes and arrangements had been made for supplies of sawn timber, so that when necessary sawn boxes could be supplied in place of the veneer type. The construction of the South Wanganui mill bad been delayed for over three months through the wreck of the vessel Moa, but operations had now started. There were three mills working, in addition to .the Morningside factory. The company had ample supplies of white pine to last for some years.

METAL MARKET Prats Association —By Telegraph Copyright LONDON, September 23. The following are the official metal quotations;— Copper.— Standard, £34 10s 7id per ton; forward, £34 18s lid. Electrolytic.—Spot, dL3B los; torward, £39 10s. Wire bars, £39 10s. . Lead;—Spot, £l6 12s 6d; forward, £l6 13s 9d. >■ , Spelter.—Spot, £ls 10s; forward, £ls 13s 9d. ' . , , , Tin.—Spot, £225 17s 6d; forward, £214 75,6 d. Pig Iron.—Home trade, £3 7s 6d; export, £3 2s 6cl. Antimony.—British, £72; foreign, £3l. Molybdenite, £1 14s 6d per unit. i Wolfram, £1 13s 6d. Silver. —Standard, 39 3-16 d per oe; fine, 31Jd. • ' PRICE OF Frets Association—By Telegraph—Copyright LONDON, September 24. (Received September 25, at noon.) The price of gold is quoted at £7 Is 6d.

FOREIGN EXCHANGE ON NEW ZEALAND CURRENCY BASIS The Bank of Now South Wales, Dunedin, quoted the following rates for purchase and sales of foreign exchange (all rates subject to alteration without notice) Buying. Selling. Loudon —

DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates to-day on a New Zealand currency basis. They arc subject to alteration wihtout notice: — IT.S.A. CANADA. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. (dol) 3.94 J 3.99-1 O.D, (dol) 3.951 3.99 J BUYING— O.D. (dol) 3.99 J 4.04 g LONDON STOCK EXCHANGE Press Association—By Telegraph—Copyright LONDON, September 24. (Received September 25, at 10 a.m.) Bank of Australasia, £8 11s 3d; Bank of New South Wales, £25; Union Bank of Australia, £6 13s 9d; E.S. and A. Bank, 755; National Bank of New Zealand, 555; Bank of New Zealand shares, 41s 6d; Loan and Mercantile 4 per cent, debentures, £9l; ordinary stock, £26 10s. ' NEW GUINEA COLD SHARES Pres* Association —By Telegraph—Copyright LONDON, September 24. (Received September 25, at 11 a.m.) New Guinea Gold shares are quoted at ss. DAIRY PRODUCE The Otago Fanners’ Co-operative Association of New Zealand Limited is in receipt of the following cable from Messrs Lovell and Christmas, London, dated September 23:—“ Butter: finest, 115 s; firsts, 112 s. Cheese: White and coloured, 58s. Both markets firm/ The South Island Dairy Association has received the following market, reports from London: —Butter, firmer, but little doing; Ills to 112 s; Danish, 144 sto 1455. Cheese: Firm; white and coloured, 57s Gd to 58s. GESSNOCK COLLIERIES LTD. Cessnock Collieries Ltd. shows a slightly reduced profit for the year ended June 30—£9,736, against £10,085 for the previous year. Dividend is unchanged at 3 per cent., and requires £8,250. The balance, £1,486, is trimsforred to reserve account. Proceeds of trading were £153,854, compared with £137,144 during the year 1933-34. Working expenses, management, and depreciation increased from £127,058 to £144,118, - DOLLAR AND FRANC Pres* Association—By Telegraph—Copyright LONDON, September 24. (Received September 25, at noon.) The dollar is quoted at 4.91 9-16, and the franc at 74 9-16.

LONDON WOOL SALES ACTIVE COMPETITION CONTINUES Ptcss Association—By Telegraph—Copyright LONDON, September 24. (Received September 25, at 11 a.m.) At the wool sales 10,971 bales were offered, including 4,397 from New Zealand. About 5,400 bales of Australian and New Zealand were sold. There was active Home and Continental competition at full lato rates. New Zealand greasy half-bred, “ Woodbank, top 13 Jd, average 12d; slipe half-bred lambs, “ Fairfield,” 16d and lo£d.

MOTOR UNION INSURANCE NORTH ISLAND ASSOCIATION'S RESULTS The directors of the N.I.M.U, Insurance Company, in their seventh annual report, covering the 12 months ended June 30, 1935, state that the net premium income for tho year amounted to £86,070 14s 9d, an advance of £ll,131 15s 4d on the previous year s total Income from investments amounted to £2,930 5s lid, an increase of £l7B 14s 9d on the figures of 1934. Owing to the increase in net premium income, a further sum of £5,565 17s 8d has been placed to reserve for unexpired risks. The surplus for the year amounted to X ‘V2 836 14s lOd, which has been allocated in the following manner:— Profits for distribution reserve, £9,090 4s sd: fidelity guarantee reserve, £loU; accumulated funds, £3,591 10s sd. The accumulated funds, being accumulated surplus £29,899 13s id, and reserve for imexpired risks, £43,033 7s 4cl amount to £72»93S 0s 11(1, os against £63,780 12s 10d for tho previous year. ~ , , The number of claims handled during the vear was 3,679 the net amount paid and payable, thereunder being £49,1395 6s lid. The percentage of claims payments to net premium income 58 per cent., shows an increase of 10 3 per cent, on last year’s figures. The ratio of working costs to net premium income was 23.7 per cent., a decrease of .8 per cent, as compared with the previous low record figure ot 1934. The amount returned to members for period September 1, 1934, to June 410, 1935, was £4,095 4s sd. By tho allocation from this year’s surplus of the sum of £9,095 4s 5d to the profits for distribution reserve, this fund now stands at tho substantial figure ot £25,000.

WHY HUTT DAIRY COMPANY SUCCESSFUL YEAR REPORTED The report to be presented at the fifteenth annual meeting of shareholders and suppliers of the Mount Hutt Co-operative Dairy Company Ltd., to ho held at Methveu on I'nday, September 27, states: — “ The last season has proved a difficult one for suppliers, owing to the very dry summer, which was felt all over New Zealand, resulting m a decreased yield of butter and cheese, and also the continuation of low prices lor our products, with high costs for all we have purchased. “ As will be seen from the balance sheet, the decrease of cream supplied to our factory is practically the average of the Dominion, while, fortunately our retux'ns have been over a penny a pound higher than in the previous year. “The outlook for the future is certainly much brighter than for some time, for, owing to the low prices, consumption of butter in Great Britain has increased from 14.761 b a head in 1924 to 25.21 b in 1934; while stocks of New Zealand butter in store as at September 14 have decreased from 10,948 tons in 1934 to 4,332 tons in 1935. The price of New Zealand butter a year ago was 72s to 76s per cwt. while the present market quotation is Ills to 112 s showing an increase of approximately 36s per cwt'. We trust that the improvement will continue and give encouragement for the industry to expand. “ The working account shows a profit of £1,034 17s 4d, and the directors make the following recommendations: —A final payment of one penny per lb for butter-fat supplied during the months from September, 1934, to March, 1935, and IJd per lb for butterfat supplied in July and August, 1934, and May and June, 1935; to write off the plant and machinery account, £lßl 4s lOd; to carry forward the balance, £57 3s 9d. Bonuses will be paid with the advance payment on October 20, 1935. . ■ , , J “The total quantity of butter-fat purchased by the company was 172.523. which produced 94 tons 2c*wt 1031 b of butter, an average of 1.22231 b of butter from each pound, of butter-tot, representing an over-run of 22.227.’’

RABBITSKIN SALE REPORT

The Dunedin Stock Agents and Wool Brokers’ Association reports as follows :

Comparatively small catalogues were forward for yesterday’s sale, and, in spite of the poorer quality of all winter grades, there was again a good demand on export accounts at prices which showed little change for good grades. Outgoing and spring bucks can be quoted 3d to 6d lower, with all other grades very firm. The following is the range of prices : Summer broken, 16J-d to 17,1 d; second winter broken, 223 dto 27rid; first winter broken, 34d to 36Jd; runners, ICd; summers, 18d to 20d; small, lid; light racks, 18id to 19d; dawny autumn, 24*]d; late autumn, 36d; incoming winter, 46d to 48d; first spotted winters — bucks 71d to 72d, does 56 id to 57id ; second winter bucks, 82d to 84d; second winter does, 66d to 673 d; first winter bucks, 95id to 96id; first winter does, 70d to 71d ; outgoing—bucks 61 Jd to C62d (43d to 44id): spring bucks, .40d to 47£d; docs, 25'id to 26d; milky, 183 dto 243 d; fawn, 12d to 28d; summer black, lid to 133 d; first winter black, 36d to 40d; second winter black, 33d to 36d; bareskius, 8d to 9d; bomiiair, IGd to 18d,

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE The general feeling of uneasiness continued to pervade the local share market this morning when, witli few exceptions, sellers dominated all sections. New Zealands provided the only buyer in the banking section, the quotations being separated by a margin of 3d, both buyers and sellers meeting the market by a similar amount. Selling rates of other issues remained unchanged. Meat preserving shares wore in good demand, particularly Refrigerating, and South Otago. In the miscellaneous section MT.eod Bros, wore on offer at £4O, hut the best buyer was £6 away. New Zealand Drugs eased to sellers at 82s 6d. Woolworths (Sydney) were inclined to harden, buyers at £5 5s receiving a reply of £5 10s. Sellers of Mount Byells cased 3d but buyers remained in at yesterday’s figure. Mount Morgans showed slight improvement, while Upper Watuts eased another 2d to bring in a buyer at 6s sd. Long-dated Government loans continued in strong demand. SALES. Reported.—Bank of New Zealand Long “ D,” £1 13s 9d; 4 per cent, bonds, (1946-491. £llO (late yesterday); 4 per cent, bonds (1952-55), £ll2 10s. Quotations as under:—

Caley, Macintosh, Phcenix (£1 paid) ... 010 0 013 0 DIVIDENDS DUE Pukemiro Coal—6 p.c. ... Sept. 26 Auckland Farmers’ Freezing—6 per cent Sept. 27 Yellow Gibs of Australia—3lr percent, per annum Bopt. 87 North Broken Hill —2s 6d a share, plus bonus Is ... Sept. 28 General Industries, Sydney, intsrim half-yearly pref. at 7 per cent, per annum; ord. at 5 per cent, per annum Sept 30 King Solomon—2s per cent., 3d a share Sept. 30 British Tobacco—ll per cent. Sept. 30 Hume Pipe (Australia) —final, 2 per cent Sept. 30 Renown Coal—Ord., 3d per share; pref , 7 p.c Sept. 30 Worksop Extended Dredge—lo per cent Sept. 30 United Building, ChristchurchInterim half-yearly at 2) per cent. '.. ... ... ... Oct. 1 Nestles and Anglo-Swiss—Quar-terly pref., 8 per cent, per annum Oct. 1 Claude Noon Ltd., Sydney—ls p.c., payable as to 7i p.c. (and payable as to 7£ p.c., January 1) Oct. 1 Bank Australasia—lnterim, 3s 6d a share, 7 p.c. p.a., less British income tax 4s 6d £ ... Oct. 4 Crosco Fertilisers Ltd. New preF.. 6 0.c.; old pref., 5 p.c. Oct, 8 Mount. Morgan—Quarterly, fid per share, plus bonus of 3d per share Oct. 10 Milne and Choy'cc, Auckland— Ord. and debentures, 31 per cent Oct. 10 G. J. Coles Ltd., Melbourne— Yarra Falls Wooden—3 p.c. ... Oct. 17 Quarterly at 10 per cent, per annum ** Oct. 15

AFTERNOON SALES. £ s. d. Commercial Bank of Sydney 17 16 0 Associated News' . 1 3 Associated News (pref.) ,. 1 2 44 Huddart, Parker 2 0 0 Burns Philp . 3 5 G Burns Philp, South Sea . l 8 0 Australian Gas (A) , 7 11 0 Tooths ... ... . 2 13 9 Tooheys . 1 8 7 * Newcastle Gas (A) . 0 13 0 Garratt .. . 0 4 3 Broomfields . 0 7 6 Permanent Trustee . 4 15 0 Standard Waygood . 0 5 0 W. E. Smith . 0 12 6 .William Adams . 0 G 6 Australian Securities . 0 7 3 W. If. Paling . 0 17 9 Queensland Brewery ... ... . 1 7 4.1 Sargents ... .- 1 1 3 Goldsbrough, Mort ... .. . 1 10 3 Winchcomhe Carson . 1 9 6 Wilcox Moffliu . 0 10 6 Henry Jones . 1 16 6 Electrolytic Zinc . 1 7 6 Electrolytic Zinc (pref.) .. . 1 13 6 Farmers . 1 7 o David Jones ... o 2 0 Mount Moreau . 1 1G 6 Mataki ... . 0 3 4 Kramat Tin . 2 It! n Puchong Tin ... . 0 13 10 Briseis Tin ... ... . 0 /J o Peninsula Tin . 1 4 3 Mineral Development . 0 5 5 Tavua . 0 7 6 Gold Mines of Papua 2 4 0 MELBOURNE, September 24. British Tobacco . 1 18 3 G. J. Coles . 3 3 G Loloma 3 0 Emperor ... ... .. 1 6 44 Enterprise . 5 0 0

£100 stg. N.Z T.T. £124 £124 10/ O.D. £123 10/ £124 8/9 Australia— £A to £100 N.Z T.T. £101 £100 10/ Fiji— £F to £100 N.Z T.T. £90 7/6 £89 New York — Dollars to £1 N.Z ... T.T. 3.98/j 3.94* O.D. 4.00^ 3.951 Montreal — Dollars to £1 N.Z ... T.T. 4.02| 3.99 O.D. 4.04 5.99k France— Francs to £1 N.Z ... T.T. 60.59 59.29 O.D. 60.89 59.34 Noumea— Francs to £1 N.Z ... T.T. 61.54 58.54 O.D. 61.94 58.59 Papeete— Francs to £1 N.Z ... T.T. 61.54 58.54 O.D. ■ 61.94 58.59 Belgium— Bel gas to £1 N.Z ... T.T. 23.075 O.D. — 23.090 Germany — Beiclmiarks to N.Z. £1 ... T.T. 9.606 O.D. — 9.611 Italy— Lire to £1 N.Z ... T.T. 47.77 O.D. — 47.81 Switzerland — Francs to £1 N.Z ... T.T. 12,383 11.983 O.D. 12.458 11.993 Holland— Florins to £1 N.Z ... T.T. 5.926 5.736 O.D. 6.036 5.740 Java — Florins to £1 N.Z ... T.T. 5.955 5.730 O.D. 6.005 5.734 Japan— , N.Z. pence to yen 1 ... T.T 17 23-32 O.D — 17 45-64 Shanghai— N.Z. pence to 1 21 15-16 dollar ... T.T. 231 O.D. 21 13-16 23 3-16 India and Ceylon— N.Z. pence to 1 rupee T.T. 22 J 22 23-32 O.D. 221 22 21-32 Hongkong— N.Z. pence to dollar 1 ... T.T. 29 25-32 30 27-32 O.D. 29 21-32 30 25-32 Singapore— . N.Z. pence to dollar 1 .. T.T. 34J 35 5-16 O.D. 34-1 35* Sweden— Kroner to £1 N.Z ... T.T. 15.787 15.457 O.D. 15.827 15.467 Norway— Kroner to £1 N.Z ... T.T. ‘ 16.198 15.863 O.D 16.258 15.878 Denmark — Kroner to £1 N.Z ... T.T. 18.208 17.878 O.D. 18.248 17.888 Austria— Schillings to £1 T.T. 20;47 O.D. — 20.49 Czechoslovakia — C -- nwns to £1 N.Z. ... ... ... T.T. 95.17 O.D. — 95.22

Buyers. Sellers. £ s. d. £ s. d. BANKING— Australasia — V 13 0 Now South Wales 35 0 0 New Zealand 2 10 6 2 10 9 New Zealand (Long “D”). — 1 14 0 Commercial — 0 16 5 E.S. and A. ... — 5 7 0 National of New Zealand 3 13 0 Reserve — 6 10 0 Union of Australia Ltd “ 9 9 0 INSURANCE— National — , 1 0 9 Standard — 3 11 0 SHIPPING— P. and 0. Deferred Stock — 1 3 0 U.S.S. Co. (pref.) ... 1 7 0 — MEAT PRESERVING— N.Z. Refrigerating (paid) 1 0 3 — N.Z. Refrigerating (emit.) 0 10 0 0 10 4 Southland Frozen (emit.) — 2 0 0 South Otago Freezing 7 5 0 LOAN AND AGENCYGoldsbrough. Mort ... — 1 10 6 Mortgage Corporation — 0 6 0 N.Z. Guarantee Corporation 0 5 3 — Trustees Executors and Agency 3 3 0 — COAL— Kaitangata ... ... 1 1 0 — Westport 1 1 ,9 1 2 3 WOOLLEN COMPANIESBruce (pref.) — 1 5 0 Mosgiel — 10 15 0 MISCELLANEOUS— Broken Hill Proprietary (cum rights) ... 3 3 0 — Consolidated Brick ... — 0 11 4 D.I.C._ (pref.) 1 4 O' ... Dominion Fertiliser ... — 1 4 X Dominion Rubber — 1 8 0 Dunlop Perdriau Rubber 0 14 0 — Milburn Lime and , Cement ... — 2 5 3 M'Leod Bros. ....... 34 0 0 40 0 0 N.Z. Drug Co, ... ... — 4 2 6 N.Z. Newspapers 2 0 0 2 0 6 N.Z. Paper Mills — 1 9 6 ‘ Otago Daily Times ’ 2 9 6 — Regent Theatre — 0 17 0 Woolworths (Sydney) 5 5 0 5 10 0 BREWERIES— New Zealand 2 9 6 2 11 0 AUSTRALIAN MINING — Mount Lyell (£1) ... 0 18 0 0 18 6 Mount Morgan (5s) 1 15 6 1 17 0 Upper Watut (3s) ... 0 6 5 0 7 0 GOLD MINING— Bendigo Goldlight (Is) 0 0 5) 0 0 6 Big River (Is) : 0 1 11 0 2 2 Charleston — 0 0 6 Gillespie’s (Is) 0 1 14 0 1 3 Kildare (2s) ... 0 3 0 0 3 3 King Solomon (Is) ... ■— 0 3 6 Mount David (5s) ... — 0 1 6 Nokomai (5s) 0 1 3 0 2 0 Okarito (5s) — 0 5 6 Oxenbridge (Is) — 0 0 4 Paddy’s Point (5s) ... — 0 2 6 Waipapa Beach (Is) 0 1 6 0 1 9 N.Z. GOVERNMENT LOANS(Bonds quoted are £100 Bonds.) 51 p.c. Stock, November. 1933-52 108 15 0 109 7 6 3i p.c. Stock, March, 1939-43 103 10 0 3£ p.o. Stock. Sept., 1939-43 — 103 10 0 p.c. Stock, May, 1938-52 108 15 0 — 3( p.c. Stock, May, 1941-52 108 10 0 — 34 p.c. Stock, November. 1941-52 108 10 0 — 4 p.c. Stock, 1937-40 101 15 0 102 b 0 4 p.c. Bonds, 1943-46 107 0 0 — 4 p.c. Stock, 1943-46 107 0 0 — 4 p.c. Bonds, 1946-49 109 10 0 — 4 p.c. Stock, 1946-49 109 10 0 —, 4 p.c. Bonds. 1952-55 112 5 0 — 4 p.c. Stock, 1952-55 112 5 0 _ UNLISTED STOCKUNLISTED STOCKS.-