Commerce, Mining, & Finance

Evening Star, Issue 22145, 27 September 1935, Page 9

Commerce, Mining, & Finance

SYDNEY WOOL SAIEO< A STROM MARKET Pres* Association—By Telegraph—Copyright SYDNEY, September 26. At the wool sales 12,434 bales were offered and 11,154 sold, while 882 were disposed of privately. The market closed at the best point of the week, with competition strong and keen, particularly frbmJapan, Yorkshire, Germany, and France. There was, however, some irregularity for burry and dusty fleece and skirtings. Greasy merino brought to 181 d. METAL MARKET Press Association—By Telegraph—Copyright LONDON, September 25. The following are the official metal quotations:— Copper; Spot, £34 16s 101 d per ton; forward, £35 3s lid. Electrolytic; Spot, £39 ss; forward, £39 15s. Wire bars, £39 15s. Lead; Spot* £l7 3s 9d; forward, £l7 3s 9d. Spelter; Spot, £ls 18s 9d; forward, £l6. Tin; Spot, £228 10s; forward, £214 15s. Pig iron: Home trade, £3 7s 6cl; export, £3 2s-6d. Antimony: British, £72; foreign, £sl. Molybdenite, £1- 14s 6d per unit. Wolfram, £1 13s 6d. Silver: Standard, 29 3-16 d per oz; line, 31jd WAIRARAM FARMERS’ CO-OP. HET PROFIT, £7,073 ■ i LIQUIDATION OF ACCUMULATED LOSSES PROPOSED. [Pin United Phess Association.]^, WELLINGTON. September 27. Proposals te liquidate the accumulated losses of the Wairarapa Farmers’ Co-operative Association Ltd. will be submitted to the shareholders at the ■ annual meeting. They involve a further reduction of the ordinary capital of the company by writing down ordinary shares to a nominal value of fid per share; that preference shareholders be asked to abandon their claims for dividends in arrear, amounting to £82,500 to July 31, 1935, and forgo their rights to a further cumulative dividend until sufficient is in hand to pay one year’s preference dividend at 3 per cent., and accept the right thereafter to a cumulative preference dividend of 3 ]>er cent, per annum, with preferential right in any year to such further ' dividend, hot exceeding 3 per cent., as may be declared from the profits. In the forty-fourth annual report, . ' covering the 12 mohths’ended on July ‘ 31, 1935, the directors State itHaV,, after : providing for all- expenses of management, etc., and adding £I,OOO to the reserve provided against the loss in value of merchandise in which might be occasioned if the rate of exchange on London were reduced, there remains a net profit for tho year of £7,073 15s 5d., DUNLOP-PERDRIAU HET PROFITS REDUCED The Dunlop-Perdriau Rubber Company Ltd., reports a net profit of £143,016 for the year ended June 30, compared with £287,929 the previous year. With £53,994 brought into the accounts, there is available £197,010. The directors recommend the transfer of £23,000 to taxation, reserve, and the payment of the preference dividend of 10 per cent..absorbs £93,000, leaving £BI,OIO to be carried forward. No ordinary dividend is recommended. Last year 5 per cent, was paid. The directors state that provision has been made in the accounts of the parent company for its proportion of losses sustained by subsidiaries during the year, and the profits of subsidiaries have been included only to the extent of dividends declared for the year ended June 30. They also state that the trading result is much poorer than ,was expected, and that the cause Of the decrease in declared profits and the steps taken to remedy the position will be outlined at the annual meeting. However, the volume of turnover advanced. A complete revaluation of the plant asset of the company has been carried out, and a , substantial sum has , been written oft'. Provision has also been made for idle and obsolescent plant, and all losses of asset value have been brought to debit. For these purposes revenue and reserves were used. In order to establish funds to meet losses of this kind, both in regard to last yeat and future contingencies, a special reserve for contingencies 4ias been created, and appears in the balance sheet at £301.794 after debiting to it all amounts written off assets value. Tne reserve was created by transferring to* it a balance of '£345,004 in the depreciation reserve account, a bonus declared by one of the subsidiary companies, and other items. Tho • accounts include for the first time a statement of the aggregate profits of the company and its snare of subsidiaries’ profits—£l63,s46—a consolidated statement of assets and liabilities. MOUNT LYELL SHARES Press Association—By Telegraph—Copyright LONDON, September 26. (Received September 27, at 11 a.m.) Mount Lyell shares, 14s 7ld.

AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright . SYDNEY, September 26. On the Stock Exchange practically all sections of the market were active at firm to higher prices, buyers operating with considerable confidence. Tooth’s were offered freely, and the price relaxed. Base metals were firmly quoted in view of the advance in metal prices AFTERNOON SALES.

THIRTY-SEVEN FREEZING WORKS LIST FOR NEW ZEALAND A list of freezing works in New Zealand was submitted to the meeting of the Poverty Bay branch of the Farmers’ Union on Saturday by Mr F. S. Bowen, during the discussion on his (proposal for a reorganisation of the freezing industry. The list contained the following names;— ■ : . North Island. Auckland Farmers’ Freezing Company Limited, Moerewa works, Opua (O’Shea); Auckland Farmers’ Freezing Company Limited, Southdown works, Auckland; R- and W. Fletcher Limited, Westfield works, Auckland; R. and W. Hellaby Limited. Auckland works, Auckland; Auckland Farmers’ Freezing Company Limited, Horotiu works, Waikato, Auckland; Gisborne Sheep Farmers’ Freezing Company Limited, Tokomaru Bay; Gisborne Refrigerating Company Limited, Kaiti works, Gisborne; Swifts _ (N.Z.) Limited, Wairoa; T. Borthwick and Sons, Limited, Waitara, Taranaki; Inglewood Co-op. Bacon Curing Company Limited, Inglewood; J. C. Hutton (N:Z.) Limited, Eltbam works, Taranaki (bacon); Hawke’s Bay Farmers’ Meat Company Limited, Whakatu, Hastings; Nelsons (N.Z.) Limited, Tomoana works, Hastings; Patea Farmers’ Co-op. Freezing Company Limited, Patea, Hawera; New Zealand Refrigerating Company Limited,! Imlay works, Wanganui; T. Borthwick and Sons'Limited, Feilding; Feilding Bacon Company, Feilding; National Mortgage and Agency Company (N.Z.) Limited, Longburn; T. Borthwick and Sons Limited, Waingawa works, Masterton; Gear Meat Company Limited, Petone, Wellington; Wellington Meat Export Company Limited, Ngahauraiiga works, Wellington; J. C. Hutton (N.Z.) Limited, Onslow works, Ngahauranga works, Wellington (bacon). South Island.—New _ Zealand Refrigerating Company Limited, Picton ; Nelson Freezing Company Limited, Stoke*.works, near Nelson; T, Borthwick and Sons Limited, Belfast, Christchurch; Canterbury Frozen Meat Company Limited. Belfast, Christchurch; New- Zealand Refrigerating Company Limited, Islington, Christchurch; North Canterbury Sheep Farmers’ Company Limited, Kaiapoi. Christchurch; Canterbury Frozen Meat Company Limited, Fairfield works, Ashburton;- New Zealand Refrigerating Company Limited, Snpthfield, Timaru; Canterbury Frozen Meat Company Limited, Pareora, Camara ; Waitaki Farmers’ Freezing Company Limited, Pukeuri, Oamaru; New Zealand Refrigerating Company Limited, Burnside, Dunedin ; Southland Frozen Meat Company Limited, Mataura; South Otago Freezing Company Limited, Balclutha: Southland Frozen Meat Company Limited, Mnkarewa, Invercargill ; Ocean Beach Freezing Company Limited. Ocean Beach. INSURANCE POLICIES PENDING AMENDMENTS The General Accident, Fire, and Life Assurance Company, a British underwriting company which has been operating in the Dominion for a number of years, has notified the Underwriting Associations of its intention to retire from membership. This is understood to be the first important breakaway from the associations controlling insurance conditions and prelum rates in New Zealand. Numerous non-tariff offices have operated, but their insurances have represented only a small proportion of the aggregate volume of business. The General Accident Corporation, however, is established in every part of the world, and its yearly premium income is over £B,000,000. It is contended that the withdrawal does not mean intensive competition by rate cutting; but amendments of existing practice are contemplated, so that many classes of risks will be rated on their merits, and premiums generally will be revised to conform with actual experience of claims payments. It is understood to be general that the business has reached a point where it requires a thorough overhaul, and numerous anomalies adjusted. More scientific methods should he found it is stated, for the fixing of rates and conditions, and policy conditions made more-flex-ible in keeping with modern- requirements. NEW GUINEA GOLD SHARES Press Association—By Telegraph —Copyright LONDON, September 26. (Received September 27, at 11 a.m.) New Guinea Gold shares are quoted at 4s lOJd*

THE SEARCH FOR GOLD NEW RIVER DREDGING The contractors for the construction of the dredge for the New River Gold Dredging Company report that the frame of the pontoon is almost completed. It is anticipated that the pontoon will be launched on October 26. GUARANTEE CORPORATION DIVIDEND The secretary of the Dunedin Stock .Exchange has been advised that a final dividend of lid per share has been declared by the New Zealand Guarantee Corporation, of Wellington. GOLDFIELDS RETURN The secretaries of the Goldfields Dredging Company Limited report that telegraphic advice has been received from the claim stating that 19oz IGdwt of gold have been obtained for 180 hours’ dredging. ARTHUR’S POINT SLUICING Messrs W. A. Mitson and Co., secretaries of the Arthur’s Point Sluicing Company Ltd., report that they have 'received advice from the claim manager of a return of 41oz Idwt for four weeks sluicing. This makes a total of 670 z lldwt won for the eight weeks ended on Monday last. THE RESERVE BANK THE WEEKLY SUMMARY [Pbr United Press Association.] WELLINGT6N, September 26. The ‘ Gazette ’ issued to-night contains the following statement of the liabilities and assets of . the Reserve Bank of New Zealand as at the close of business on Monday, September 23. ; The figures at the close of last week are given for the purposes of comparison, shillings and pence being omitted; LIABILITIES. Last Week. This Week, 1. Paid-up capita! £'>oo,ooo £500,000 2. General Reserve Fund 1,000,000 1,000,000 3. Bank notes _ ... ... 8,780,013 8,913,523 4. Demand liabilities — (a) State ... ... 10,267,395 9,751,865 , (b) Banks ... ... 3,818,315 4,401,152 ic) Other .... 703,978 509,820 5. Time deposits ; G. Liabilities in currencies othc- than New Zealand currency ... 1. Ollier liabilities 1 73,760 73,555 Total ~£25,143,524 £25,149,917 ASSETS. 8. Reservela) Gold 2,801,732 2,801,732 (b) Sterling exchange 10,987,863 19,987,942 (c' Gold exchange ... 9. Subsidiary coin 217,039 331,317 10. Discounts—(a) Commercial and agricultural hills ... —•— lb) Treasury and local body bids 11. Advances—(a) To State ot State undertakings • —• (b) To other puhiic authorities .. (c) Other 12. Investments ... 2,102,858 2,102,858 13. Bank bull lings 14. Other assets 34,030 |36,06C Total ... £25,143,524 £25,1493)17 Proporlion ol reserve (No. 8 less. No 6 to notes and other demand liabilities 96.09% 96.66% FRIGE OF GOLD Press Association—By Telegraph-Copyright LONDON, September 26. (Received September 27, at noon.) 'The price of gold is quoted at £7 Is IJd per ounce. DOLLAR AHD FRANG , Press Association—By Telegraph—Copyright LONDON, September 26. (Received September 27, at noon.) The dollar is quoted at 4.92 3-16, and llic franc at 74 11-16. AUSTRALIAN MARKETS Press Association—By Telegraph—Copyright SYDNEY, September 20. Wheat.—Country sidings, bagged, 2s I0d; bulk, 2s lOd, equal to about 3s 5d and 3s 6d, ex trucks, Sydney. Flour, £l2 ss. Bran and pollard, £5 16s. Potatoes.—Tasmanian, £l4 and £l2; Victorian, £ll 10s. Maize—Yellow white. 4s 4d ADELAIDE. September 26 Wheat.—Growers’ lots. 3s 6d. Flour.—Bakers’ lots. £l2 15s. . Bran. £5 7s'fid. Pollard. £5 12s fid-Oats.—-Algerian, Is 9d and Is lOd MELBOURNE. September 27. i Received September 27. at 11 a.m.) Wheat, 3s 9d. Flour, £l2 2s fid. Bran, £5 10«. Pollard, £5 15s, Oats, 2s Id. Barley.—English, 2s lOd to 3s. Maize. 4s 7d. Potatoes. £9 5s to £9 10s. Onions, £9 15s to £lO. BEET SUGAR Press Association—By Telegraph—Copyright LONDON, September 2fi. (Received September 27, at 1 p.m.)„ jleet Sugar,—October, 4s fifth.

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

LONDON WOOL SALES MEBIHO IK GOOD DEMAND Press Association—By Telegraph—Copyright LONDON, September 26. (Received September 27, at 10.5 a.m.) At the wool sales 10,514 bales were offered, including 6,057 from New Zealand. About 8,625 bales of Australian and New Zealand were sold. Merinos cleared readily at full rates. Crossbreds were rather irregular, buyers being reluctant to follow the higher limits. New Zealand greasy merinos, *• Brancepethj” top 12id, average lOd; scoured, ‘‘ Glentanner,” 24d and 21|d. FIJI GOLD MINES MAIN VENTURE SOUND AUSTRALIAN MINISTER’S VIEW. Assurance that the three principal ventures in the 11 ijiau goldfields, Ivorocre, Loloma, and Emperor, would provide permanent mines was given ,by the Minister of Mines and Health in Western Australia, the Hon, S. W. Munsey, when he returned from a visit to England and the United States. Although he did not have sufficient time to inspect the Fijian fields, discussion with representatives and examination of samples convinced him that the leading mines, at least, were safe ventures. The purpose of Mr Munscy’s visit to England was .to obtain further capital for Western Australian mines, and in this, ho said, ho was fairly successful. Four companies were floated to undertake the extensive reopening of well-known fields, and Mr Munsey was convinced that he would have had greater success if the Italo-Abyssinian situation had not arisen. RABBITSKIH SALES Press Association—By Telegraph—Copyright LONDON, September 26. (Received September 27, at II a.m.) At the rabbitskin sales 419 hales of Australian and 139 of New Zealand were, offered, ami 286 and 126 respectively sold. There was a good demand, and soft pelted advanced 20 to 25 per cent, compared with August 1. Few bucks were available at 10 to 15 per cent, advance. All hatters were 30 to 35 per cent, up, and racks 40 per cent,, higher.! v

Commonwealth Bonds— £ s. d. 4 ,p.o., 193S ... 101 15 0 4 p.c., 1941 ... 102 7 6 4 p.c., 1944 ... 102 12 6 4 p.c., 1947 ... 101 3 9 4 ip.c., 1953 ... ... ... 101 7 6 4 p.c.; 1957 ... • 102 7 6 4 p.c., 1959 ... 102 15 0 4 p.c., 1961 101 5 0 National Bank (£5 paid) ... 6 10 0 Associated News 1 2. . 3 (pref.) Burns, Philp South Sea ... 1 2 9 1 8 0 British Tobacco 1 19 3 Tooth’s ... 2 14 6 Dunlop Perdriau ... 0 14 8 Gqldsbrough, Mort Wilcox, Momiu (ex diy.) Electrolytic Zinc - 1 9 0 0 10 3 1 8 3 Farmers ... ... ... ... 1 7 0 Anthony Hordern 0 19 0 Lustre 1 8 0 Standard Cement 1 1 9 Mount Morgan 1 17 4.’. Mt. Morgan Development Broken Hill Proprietary * 0 2 H (cum rights) ... ... ... 3 5 9 (ex rights) ' '2 15 0 North Broken Hill 7 11 0 Bulolo Deposits 0 1 0| Ravvang Tin 0 7 8 Larut ... ... 0 11 2 Placer Development 5 9 0 James Stedmau ... 0 17 6 Mount Kasi ... 1 0 6 Tavua 0 8 2

London — £100 stg. N.Z. T .T. £124 £124 10/ O.O. £123 10/ . £124 8/9 Australia— £A to £100 £100 10/ N.Z. T .T. £101 Fiji— £F to £100 £89 N.Z T.T. £90 7/6 New York — Dollars to £1 3.93) N.Z T.T. 3.97) O.D. 3.98$ 3.94 Montreal— , Dollars to £1 3.98| N.Z. ... T.T. 4.02g O.D. 4.03| 3.99g France— Francs to £1 59.27 N.Z T.T. 60.57 O.D. 60.87 59.32 Noumea— Francs to £1 58.52 N.Z. T.T. 61.52 O.D. 61.92 58.57 Papeete— t rams to £1 58.52 N.Z. T.T. 61.52 O.D. 61.92 50.57 Belgium— Belgaa to £1 23.079 N.Z ’T.T. — O.D. — 23,094 Germany— ■X Rcichmarks to £1 9.614 9.619 N.Z ... T.T, O.D. — Italy— Lire to £1 47.77 N.Z T.T. — O.D. — 47.81 Switzerland— Francs to £1 11.981 N.Z T.T. 12.381 O.D. 12.456 11,991 Holland — Florins to £1 5.726 N.Z T.T. 5.976 O.D. 6.026 5.730 Java— Florins to £1 5.738 N.Z. ... ... ... T.T. 5.963 O.D. 6.013 5.742 Japan— N.Z. pence to 1 yen . T.T. 174 O.D. — 17 47-64 Shanghai— N.Z. pence to 1 21 15-16 23$ dollar ... ... T.T. O.D. 21 13-16 23 3-16 India and Ceylon— N.Z. pence to 1 22 23-32 rupee ... ... T.T. 22g O.D. 22i 22 21-32 Hongkong— N.Z. pence to 1 29‘25-32 30 27-32 dollar T.T. O.D. 21-32 30 25-32 Singapore— N.Z. pence to 1 35 9-32 v dollar ... ... T.T. 34 11-32 O.D. 34 7-32 35 7-32 Sweden— Kroner to £1 15.458 15.468 N.Z T.T. O.D. 15.788 15.828 Norway— Kroner to £1 15.869 N.Z T.T. 16.199 O.D. 16.239 15.878 Denmark— Kroner to £1 17.878 N.Z, ... T.T. 18.208 O.D. 18.248 17.888 Austria— Schillings to £1 T.T. 20.43 N.Z — O.D. — 20.45 Czechoslovakia— Crowns to £1 95.01 N.Z. .„ ... ... T.T. O.D. — , 95.06 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 are subject to alteration without notice U.S.A. CANADA. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. (del) ... . .. 5.93g 3.98$ O.D. (dol) ... . .. 3.94* 3.99$ BUYINGO.D. (dol) ... .. 3.981 4.03|