THE SHARE MARKET

Evening Star, Issue 22146, 28 September 1935, Page 14

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE Recorded business Uiis morning was limited to three reported sales, the market closing for the week on an even quieter tone than that experienced in recent weeks. The only changes in the banking section were made by New Zealand® and Commercials. ■ Buyers offered Id more for New Zealands, and Commercials eased 2d on the buyers’ quote and Id on the sellers’ limit. Insurance slocks continued to be neglected, and in the meat preserving section Bofrigeratings were linn. Buyers offered 9d more for Goldsbrough, Moris, but yesterday’s seller disappeared. Mortgage Corporations eased to sellers at 5s lOd, and buyers went up 3d lo 5s 9d. Keen interest was maintained in Broken Hill Proprietary®, buyers offering Is more to altact sellers at £3 6s. New Zealand Newspapers had a better buydr by 6d, and sellers eased a similar amount. Woolworths (Sydney) shares had reported business at £5 10s, and further inquiry at the same figure, which represents a rise of 5s 6d on last week's best buyer. In the gold mining section the most noticeable features were tile firming tendencies revealed by Bendigo Goldlights, Gillespie's, and Worksops, and the weakening of Waipapas. The market for Government Loans continued to be unsettled. SALE!?. Reported.—-Woolworth (Sydney), £5 12s; Gillespie's, Is 3d; 3| per cent. ’Stock (1938-52), £lO9 2s 6d. Quotations as under:—

DIVIDENDS DUE General Industries, Sydney, interim 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—per cent. Sept. 30 Hume Pipe (Australia)—final, 2 per cent Sept. 30 Renown Coal —Ord., 3d per I 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 Neon Ltd.. Sydney—ls p.c., payable as to 7-j, p.c. (and payable as to 7i p.c., January 1) Oct. 1 Bartholomew Timber—final, 21,per cent - Oct. 3 Bank Australasia-Interim, 3s 6d a share, 7 p.c. p.a., less British income tax 4s 6d £ ... Oct. 4 Bank of Australasia —int., 3s Cd a share Oct. 5 Farmers Auctioneering—ord., 4 per cent. ... Oct. 5 Cresco fertilisers Ltd. - New pref.. R D.c.-: old pref., K p.c Oct. 8 Mount Morgan—Quarterly, 6d per share, plus bonus of 3d per share Oct. 10 Milne and Choyce, Auckland— Ord. and debentures, 3] per cent. Oct. 10 G. ,T. Coles Ltd., MelbourneQuarterly at 10 per cent, per annum Oct. 35 Varra Falls—final 4 per cent. Oct. 17 Beath and Co. —pref.. 5 per cent., ord., 8 per cent Oct. 19 IC.D.V. Box—final. 4 p.c Oct. 21 Broken Hill Proply.—int., per cent. ... Nov. C. L. Times—pref. and ord., 8 per cent., also pref- arrears Dec. 1 ‘

WAR INSURANCE NEW FACTORS INVOLVED ' ATTACK FROM THE AIR , CHEAT LOSSES POSSIBLE. Tim need for a revision of war risks insurance practice in view of the danger of bombing from the air is emphasised by Mr W. Broschadt, general manager of the Swiss National Insurance Company, in a recent article, “ This barbarous form of attack,” he writes, “ makes it possible that at the very outbieak of war, and long before underwriters can exercise their rights of cancellation, destruction may overtake whole docks and warehouse quarters with the cargo lying there, estimates of the possible total value of which reach appalling figures.” Such catastrophic Josses, he proceeds, obviously cannot be met out of any reserves that have been accumulated under the present method of insuring against war risks, cither gratis or at ludicrously low rates. He thinks that when the danger of bombing from the air became evident underwriters made a mistake in failing to recognise that they ought at once to, have declared to the world that this new peril of unsurmised magnitude was alien to marine insurance and could not he coped with by the organisation of technical methods of. marine underwriting as hitherto practised. As an alternative, he suggests that if it were at all possible for marine underwriters to grant coyer against such losses it would need to be effected by a special type of insurance granted subject to cancellation at short notice and on an entirely different basis and at different rates from those of marine insurance, with its' system of nominal terms adapted to times of peace. It, as Mr Broschadt things would be reasonable, underwriters were now to conclude that they were not-in a position to cover air risks by marine policies, it should be practicable for them to add to the existing war risk clauses words to the effect that damage caused to ships and'cargo by hostile aircraft was not covered by insurance. Clearly an international agreement pn the >uujeet among the different marine insurance markets would be needed.

COMPANY NEWS FRANCIS WILLEY WOOL CROUP The Aire Wool Company has just been registered in England, with a capital of £250,000, to take over the top-making business of Francis Willey and Co. from the liquidators, and the combing business of the Airedale Combing Company, which also is in voluntary liquidation. Francis Willey, British Wools Ltd.- has also been registered, to take over the English fleecewool business formerly carried on by the main company. Other units in the Francis Willey group have still to be dealt with. BRISBANE BREWERY MERGER The directors of Perkins and Co. Ltd., of Brisbane, announce that Castlemaine Perkins Ltd., another Brisbane company, has agreed to purchase the whole of "the company’s undertakings for £197,000 cash. Perkins and Co. Ltd., a company investing in hotel and brewing interests,has a capital of £385,224 in shares of £1 each. Following losses for a nnm,her of years, a net profit of £3,183 was shown for the year ended February 23 last. No dividend has been paid since 1927. lu 1928 certain assets of the company were acquired by tho Castlemaine Brewery and Quinlan Gray Co. (Brisbane! Ltd. to form Castlemaine Perkins Ltd. Tho latter company, which has a capital of £781,250 in shares of 12s 6d each, made a Act profit of £80,538 for the year ended July 31. and paid a dividend,of 8 percent. Last year the capital was increased by £125,000. WIRE'S INVESTMENT TRUST At the annual meeting of Were’s Investment Trust Ltd. in Melbourne tho chairman (Mr Staniforth ilicketson) said that of tho total investments of £54*3.900 the amount invested in mines' and metal production was £102,000; banks, insurance, and investment companies accounted for £94,200, public utilities for £83,500, chemical and food products £BO,IOO, and wholesale and retail stores £61,443. MYER EMPORIUM LTD. Myer Emporium Ltd. earned a net profit of £320,246 for the year ended. July 31, compared with £270,945 for the previous year. A sum of £159,431 is brought into the accounts, making £479,677 available. Income tax provision requires £58,000, and the placing of £33,750 to reserves is recommended. The payment of the balance of income taxi for tho previous year requires £844. Dividends of 9 per cent, on the preference shares and of 16 per cent, on the staff partnership! shares absorb £64,861, while an ordinary dividend of 6 per cent, and a bonus of 1£ per cent, require £129,375, leaving £192,847 to be carried forward. Tho directors report that in both sales volume and stock turnover it was the best year in the history of the company. The percentage of improvement in sales was hotter in tho latter half of the year than in the first six months, and the increase lias been more than maintained since the closing of the accounts. * COMPANIES REGISTERED The ‘Mercantile Gazette’ notifies the registration of the following companies ; / Imperial Chemical Industries (N.Z.) Ltd. Registered as a private company September 16. Office; National Bank Chambers, Featherston street, Wellington, Capital: £2,000 into 2,000 shares of £1 each. Subscribers: Melbourne—Sir W. L. Haws, 2; Imperial Chemical Industries of Australia and New Zealand Ltd., 1,a90. Milbnnk, London, S.W.—B. K. Todhunter, 2. Wellington—Sir H. Beauchamp, 2; F. H. Bass, 2; C. T. Cox, 2. Objects,; Manufacturers of ami dealers hi chemicals of all kinds, dyes, dyestm s, paints, varnishes, drugs, and incidental. Gore Brick and Tile Company Ltd. Registered September 14. Office; Gore. Southland. Capjtal £IO,OOO in 10,000 shares of £1 each. Subscribers: Gore—H. G. Wallis, 30; G. Smith, 100; J. T. Grant, 100: A. G. Copland. 50; T. W. 11 ‘Lean, 30; , W. Whittingham, 100; U S. White. I . Object;: Brick and tileSpuanufacturers.

THE SEARCH FOR GOLD WAITAHU'S ANNUAL REPORT The annual report of the Waitahu Gold Mining Company Ltd., to be presented at the meeting on October 18, states that the No. 1 paddock, which had not been completed when the previous year’s accounts were compiled, was completed on October 6. 1934, for a return of an additional 158 oz lldwt. Concurrently with the completion of No. 1 paddock, the stripping of the next paddock by ground sluicing was carried on until October 14, 1934, when the elevator was erected. The stripping operations resulted in the recovery of 20oz lOdwt of gold. The elevating of this No. 2 naddock' was completed by February 28, 1935. 91j- shifts of eight hours each having been worked for a recover}' of 16ooz Bdwt. This paddock took a long while to complete, because the company was considerably handicapped through shortage of water, which necessitated the claim being closed down temporarily early in December, and there was not sufficient water to justify the resumption of sluicing operations until January 27, 1935. The stripping of overburden and the erection of the elevator in the No. 3 paddock was completed by March 25. 1935, the stripping having occupied 223. - shifts for a return of Boz 17dwt The elevating of this paddock was completed by June SO. 1935, 174 shifts, having been worked by the elevator for a return of 3260 z 6dwt. Stripping operations on No. 4 paddock were completed on July 23, 1935, 89 shifts having been worked thereon for a return of lloz 6dwt. Elevating operations on this paddock were commenced on July 23, 1935, but no wash-up was made until August 10., 1935, and this will come into next year’s accounts. The total gold won as a result of elevating operations was 6500 z odwt, which realised £4,950. The average value won per hour as a result of elevating operations for 2,700 hours was £1 16s Bd. The average value realised per cubic yard of ground elevated was lOd per cubic yard. The directors realised that the insufficiency of the water supply was n very serious item, and this has received special attention. Difficulties were experienced in the construction of the dam on the Pahiki Flat, and it was found that the excavation by hydraulic sluicing was a slow and difficult method by reason -of the poor water pressure available on the Pahiki Flat and the tightness of the material to be excavated. The directors arranged for an inspection by Mr H. Vickerman, consulting engineer, of Wellington, with whom a visit to the claim was paid in March, 1935. Various sites were inspected, and while Mr Vickerman agreed that the site upon which work had been commenced could be made an excellent storage dam, yet he preferred an alternative site, selected by the claim manager, and situated on the Pahiki Flat, as offering , better facilities for water storage... Acting on Mr Vickerman’s report, a comprehensive survey was made, which confirmed Ms preliminary inspection, and. tenders were called for the construction work. The contract was let in May, 1935, at quite a reasonable price to a reliable and conscientious working party. The company has a sum on fixed deposit with' its bankers, sufficient to cover the whole outlay involved in the construction of this storage dam. Despite the water shortage experienced, which necessitated the closing down of the claim for nearly two months, the year’s operations resulted in a profit of £1,361 Is sd. This had improved materially the company’s financial position, and as the storage dam should be completed by the middle of October, with a consequent increase of water available at the daim, a mafked improvement in future returns is then to be expected. The directors recorded with extreme regret the death of Mr G. W. Bowron. who bad been a diector of the company since the statutory meeting. -Mr Bowron had a wide knowledge of mining, particularly on the West Coast, and the loss of his services would be.keenly felt. KING SOLOMON RETURN The return at the King Solomon Mine this' week was. 540 z Bdwt. WORKSOP EXTENDED RETURN . __v The dredge master of the Worksop Extended reports a return of 83oz. TRANSVAAL OUTPUT A record for the sterling value of the monthly output of the Transvaal gold mines was reached in July, when production totalled 927,803 fine ounces, ■valued at £6.517.816. This is £13,967 in excess of the previous record established last May. MARTHA COMPANY'S DIVIDEND The directors of the Martha Gold Mining Company (Waihi) Ltd. have declared an interim dividend' of sixpence per share, free of tax. GOLDEN DAWN RETURN The manager of the Golden Dawn Mine advises that during the 12 working days ended September 16 436 tons were treated for a return of £2,092 (the price of gold being taken at £7 2s per oz). TALISMAN DUBBO REPORT The Talisman Dubbo Company advises that 56 tons of ore were treated at the Golden Dawn battery for an approximate realisation of £471. NEW BENDIGO COMPANY The manager advises that for the week ended on Saturday last a distance of 30ft was driven, making a total' o£ 690 ft completed by the present contracting party. MAORI GULLY RETURN The Maori Gully return was 330 z 3dwt for 125 hours.—Greymouth Press Association. WORKSOP EXTENDED The Worksop Ektended return was 83 ounces for 132 hours, covering 9,700 yards.—-Jteel'iou Association telegram.,

GOLDEN SANDS RETURN The Golden Sands return was 490 z 14dwt for 36 shifts of eight hours.— Grey mouth Press Association. GOLDEN GROWN COMPANY NO QUOTATIONS MADE. The shares of tlje Golden Crown Gold Mining Company, N.L., have been removed from the official mining list on the Auckland Stock Exchange and quotations are not being made. No statement has been -given by the Exchange or by the company. A nchv issue of 15,000 shares of 2s each, at a premium of 3s, was announced recently by the company. The company, which is operating at Komata, near Paeroa, had a paid capital of £11,125' as at March 31, 1935. When the shares were quoted last week buyers offered 6s 6d for the 2s paid and sellers Were at 7s 6d. For the Is 2d paid shares buyers were 5s 3d and sellers 7s 3d. PAYMENTS TO OPTION VENDORS The committee of the Sydney Stock Exchange has decided that, as a rule, applications by mining companies for quotation on the official list will not be favourably entertained in future unless the amounts of all payments and/or prospective payments to vendors and promoters and others are disclosed in prospectuses. Instances have come under the notice of the committee in which prospectuses have not disclosed payments to be made to vendors of areas held under option and to other interested parties in the event of options being exercised. This- information is considered to be as essential as that relating to the consideration payable for the acquisition of options. TIN MINING RAWAKG'S SIAM VENTURE Rawanfe Tin Fields Limited (Malay States), is financing the acquisition of a property in West Siam, known as Bang Toe, in the development of which it has a one-third interest. The remaining participants are associated companies in the Anglo-Malayan group. The property is estimated to contain 55,000,000 cubic yards of dredgeahle ground. TEA RESTRICTION DIFFICULTIES OF SCHEME UNDULY OPTIMISTIC QUOTA. It is evident from a perusal of the report of the International Tea Committee covering the second year of regulation of output, ended March 31, that the scheme has not produced that improvement iii the position of the industry for which its protagonists hoped, states the London 1 Times.’ The terms of the agreement have been adhered to by the countries which are parties to it —namely, India, Ceylon; and the Netherlands East Indies—but countries outside the scheme have been making every effort to increase - their ■ output,' and earlier fears entertained by the trade that there would be too little teaavailable were given form by unusually high purchases from these outside countries, particularly China and Formosa. It is stated that practically the whole of these purchases still remain in stock awaiting absorption, a fact that is mentioned in support of the committee’s contention that the 1933-34 quota of 87J per cent, was “ unduly optimistic.” A statistical analysis _ discloses a decline in world absorption during the past 12 months, which, it is claimed, is due to world economic conditions and not to any action by the committee. Efforts to increase world consumption are being made, and also to bring 'outside areas into the control scheme. LONDON PRODUCE MARKET / The Bank of New Zealand has received the following advice from its London office, under 27th inst.:—For wethers the market is quiet and unchanged.' For ewes there is a fair demand. Smaller supplies of lambs have caused prices to harden. Wethers— Light, 4fd to 5d per lb; heavy, 4Jd to IJd per lb, Ewes, 2Jd to 3Jd per lb. Lambs—Twos, 7-4 dto 7|d per lb; eights. 7-i-d to 7|d per lb ; fours, 6|d to o|d per lb; seconds, 6|d to 6Jd(* per lb. NEW GUINEA GOLD SHARES Press Association—By Telegraph—Copyright ~ v LONDON, September 27. (Received September 28, at 11 a.m.) ■ New Guinea Gold shares are quoted at 5s o|d.

DAIRY PRODUCE r . ( The National Mortgage and Agency Company is iu receipt of, the following cablegram from its principals, Messrs A. J. Mills and Co Ltd., London;— Butter: Market firm; New Zealand finest, 114 s, 115 s; New Zealand first, 112 s, 113 s; Danish, 130 s; .Australian, 114 s, 115 s. Cheese: Market 'firm. New Zealand white and coloured, 57s 6d, 58a; Canadian, 565, 58s. The South Island Dairy Association has received the following market advice from London:—Butter: Firm, finest grade, 115 s to 116 s; first grade/ 113 s; Danish, 130 s, Cheese: Firm. White and coloured, 58s to 68/6.

Buver; Sellers. £ s. • d. £ S. d. BANKINGNew South Wales ... — 32 10 0 New Zealand 2 10 4 2 11 0 New Zealand (Long 14 “D”) ... 3. 0 Commercial 0 16 3 0 16 6 National of New 0 Zealand — 3 13 Reserve — 6 10 0 Union of Australia Ltd. ... . — 9 9 0 • INSURANCEStandard — 3 10 3 SHIPPINGP. and 0. Deferred Stock <1 0 3 1 2 0 U.S.S. Co. (pief.) ... 1 7 0 MEAT PRESERVING - N.Z. Refrigerating 0 (paid) 1 9 — N.Z. Refrigerating 1 (cent.) ... 0 10 0-10 4 South Otago Freezing 3 15 0 — LOAN AND AGENCYGoldsbrough, Mort ... 1 8 9 Mortgage Corporation 0 5 9 0 5 10 National Mortgage 32 . (“B” Issue) * 6 — Trustees Executors and Agency 3 3 0 — COAL— Kaitangala — - 1 3 0 Westport — 1 2 3 WOOLLEN COMPANIES— Bruce (pref.) ... ... — 1 2 9 Mosgiel — 10 15 ,0 MISCELLANEOUS— Broken Hill Proprietary (cum rights) ... 3 5 0 3 6 0 Brown, Ewing (ord.) 0 15 0 — D.I.C. (pref.) 1 4 0 — Dominion Fertiliser ... — 1 3 6 Dominion Fertiliser Debentures 105 0 0' — Dominion Rubber ... 1 5 0 1 8 6 Dunedin Stock Exchange Proprietary — 2 0 0 Milburn Lime and Cement ... . ... — 2 ft 3 N.Z. Drug- Co. — 4 1 9 N.Z. Newspapers N.Z. Paper Mills ... 2 0 6 2 1 1 9 0 6 ‘ Otago Daily Times ’ 2 9 e — • Regent Theatre — 0 17 0 Woolworths (Sydney) 5 10 0 Anthony Hordern ... 0 19 2 BREWERIES— New Zealand ... ... 2 10 0 2 12 0 A U ST R A L1A N MIN1N G — Electrolytic Zinc (ord., £1) 1 8 0 Mount Lycl! (£1) 0 18 3 0 19 0 GOLD MINING— Bendigo Goldlight 0 i 0 .(Is). 0 5; 0 6 i Big River (Is) 0 .1 11 0 2 3 Gillespie’s 0 X 2 0 1 3 Kildare 0 3 0 0 3 3 King Solomon (Is) ... 0 5 0 0 3 6 Mount David (5s) ... — 0 1 6 Nokomai (5s) ... ' ... —, 0 2 0 Okarito (5s) — 0 5 6 Oxenbridge (Is) — 0 0 4 Paddy’s Point (5s) ... 0 — 0 2 6 Skippers (Is) 0 2J ( 0 0 3 Waihi '... — 1 17 0 Waipapa Beach (Is) 0 1 S 0 1 74 Worksop 0 2 0 — N.Z. GOVERNMENT LOANS— (Bonds quoted are £100 bonds.) 3i p.c. Stock, November, 1938-52 109 0 0 109 5 0 31 p.c. Stock, March, ‘ 1939-43 102 5 0 — 3i p.c. Stock. Sept., 102 1939-45 5 0 -A34 p.c. Stock, May, 3939-52 108 15 0 — 5,'v p.c. Stock, May, '1941-52 108 to. 0 — 3i p.c. Stock, November, 3941-52 108 10 0 — 4 p.c. Bonds, 1937-40 101 15 0 — 0 4 p.c. Stock, 1937-40 — 102 5 4 p.c. Bonds, 1943-46 106 5 0 — 4 p.c. Stock, 1943-46 106 5 0 — 4 p.c. Bonds, 1946-49 109 5 0 —. 4 p.c. Stock, 1946-49 109 5 0 no 0 0 4 p.c. Stock, 1952-55 112 0 0