Commerce, Mining, & Finance

Evening Star, Issue 22147, 30 September 1935, Page 7

Commerce, Mining, & Finance

THE SHARE MARKET DUNEWM STOCK EXCHANGE A parcel of Bank of New South Waled shares changed hands at £32 at this morning call, but no further quotations were recorded. The only other buyer of banking shares, was provided by New Zealands which had a margin of 6d between the quotations. Goldsbrough, Morta had a rather wide market, and Mortgage Corporations were inclined to harden. Woclworths (Sydney) continued to firm, a buyer at £5 10s failing to reveal a seller. The only noticeable change in the gold mining quotations was the hardening ' tendency of Gillespies. _ , Investors displayed less interest in Government loans, particularly the 3j per cent, issues. SALES. TUnorted.—Gillespie’s Beach, Is 3d (late Saturday); 4 per cent. Stock (1937-40), £lOl 15s On 'Change.—Bank of New South Wales,

UNLISTED STOCKSCaley, Macintosh, _ . „ „ Phoenix 010 0 012 6 N.Z. Mining Investments ••• 0 0 6,' DIVIDENDS DUE United Building,. ChristchurchInterim half-yearly at per cent. Oct- l 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£ p.c. (and payable as to 7j p.c., January 1) ... Bartholomew Timber—final, . per cent.’ Oct. 3 Bank Australasia—lnterim, 3s 6d a share, 7 p.c. p.a., less British income tax 4s 6d £ ... Oct. 4 Bank of Australasia —int., 3s 6d a share Oct. 5 Farmers Auctioneering—ord., 4 per cent. Oct. 5 Cresco Fertilisers Ltd. New pref.. 6 p.c.; old pref., 5 p.c. Oct. o 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. J. Coles Ltd., MelbourneQuarterly at 10 per cent, per _ annum Oct. 15 Yarra Falls—final, 4 per cent. Oct. 17 Beath and Co.—pref., 5 per cent., ord., 8 per cent Oct. 19 K.D.Y. Box—final, 4 p.c Oct. 21 Broken Hill Propty.—int., 6i per cent Nov. C. L. Innes—pref. and ord., 8 per cent,, also pref. arrears Dec. 1 fiAMIT MARKET Press Association—By Telegraph—Copyright LONDON, September 28. First large, ex store, 17s 6d, 18s.

FOREIGN EXCHANGE ON HEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates for purchase and sales of foreign exchange (all rates subject to alteration without notice): London- Buying. Selling. £ N°Z Stg ' ... T.T. £124 £124 100/ ■" O.D. £123 10/ £124 8)9

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. SELLING— T.T. (dol) 3.93| 3.98 O.D. (dol) BUYING— O.D. (dol) 3.98 J 4.05^

MARKET TRENDS BUTTER POSITION FAVOURABLE (P*r United Press Association.] AUCKLAND, September 29. Tbe present trends in the market for New Zealand’s primary produce were reviewed by Sir Harold Beauchamp, who arrived in Auckland by the Eemuera after an extended trip to Great Britain. “ The prospects at the moment appear to be favourable,” said Sir Harold, referring to the butter position earlier in the year. “ Continental butters have been in demand in Germany and America to a greater extent than last year, and the lateness of the spring weather kept the supply to the British market within a moderate volume. Firm prices are expected for some months to come. “ I was extremely disappointed to see how unpopular New Zealand cheese was in the English market.” Sir Harold stated that the complaints of faulty quality in New Zealand cheese had arisen mainly from deterioration in that withheld from the market, a considerable portion of which did not carry well in store. The outlook was further obscured by the manufacture of cheese in England on a large scale. After the market for lamb had been depressed earlier in the year owing to heavy shipments and unloading by American companies of New Zealand lamb bought at high prices, a sharp rise occurred owing to the high price of chilled beef. Later there was slight weakening in some grades, but generally the firm feeling had been maintained. “ The distribution of vast quantities of lamb,” said Sir Harold, “ has necessitated the opening _of new markets. To a large extent it has supplanted mutton and frozen beef on account of the smaller joint that can be provided. Lamb has now to be pushed into every available market. New Zealand lamb has competition from Australia and the Argentine, and is often used as an attraction to sell these descriptions. Some of each are lumped together at an all-round price, which is said to give the buyer New Zealand lamb cheaper than it can be bought on the market,”

THE SEARCH FOR COLD MOSSY CREEK RETURN [Pek United Pkess Association.] GREYMOUTH, September 29. - The Mossy Creek dredge return totalled 420 z 3dwt from 0,995 yards of material for 102 hours’ work. ihe dredge worked intermittently during the week. GILLESPIE'S BEACH RETURN The secret;. „ of Gillespie’s Beach Gold Dredging” Company Ltd. (Mr IE R, Thompson),reports that the wash-up for the last week was 40oz 13dwt for 114 hours’ dredging. BIG RIVER MINES The report of the Big River Gold Mines Ltd. for the week ended on Thursday last States that filling is in progress on the south stope. The north winze has been sunk three feet, making a total of 24ft Bin; the centre winze has been sunk 3ft Gin, a total of 45ft Gin; and the south winze has been sunk sft, a total of 42ft. The reef in. all the winzes is looking well, particularly in the south winze. On the north rise the stone has narrowed to 2ft Gin in width. In the shaft the timber 30ft below the No. 4 chamber has settled slightly out of line, and the cage will not go through, but the necessary adjustments are being made. Otherwise the work is progressing satisfactorily. A total of 56 tons of stone was sent to the battery.

MEAT MARKET Press Association —By Telegraph—Copyright LONODN, September 28. The following are the current quotations in the meat market:— SHEEP. New Zealand.—Canterbury and North Island selected cross-bred wethers and maiden ewes: Under 481 b, 3Jd; 48-561 b, 4-Jd; 57-G4lb, sd; 65-721 b, 4jjd. Ewes: 48-G4lb, 3d; G5-721b, 2»d. North Is-land—s7-641b, sd; 65-721 b, 4;]d. . Australian.—First quality cross-bred and/or merino wethers: 40-6411), 3§d; second quality, 30-551 b, 3£d. Ewes: 36-5511), 3jd. Argentine.—First quality cross-bred wethers: 48-641 b, 4|d; 65-7211), 4d. Patagonian.—Wethers and/or maiden owes: Under 501 b, 3’d; 50-6011), 3j[d: under 501 b, 3|d. LAMBS. Argentine. First quality, 37-421 b, 6/d; second quality, average about 281 b, 6Jd. _ Patagonian.—First quality, 361 b and under, 6-id; 50-GOlb, 3Jd; second quality, average about 30)b, Gd . New Zealand. Canterbury: First quality, 361 b and under 7id; 37-421 b, 7/d; 43-501 b, G|d; second quality, average about 321 b, 6|d. Other South Island: 361 b and under, 7jjd; 43-501 b, Gid. Selected North Island, including Downs: 361 b and under, 7gd; 37-481 b, 7fd; 43-501 b, 6Jd; second quality, average about 321 b, 6|d. Other North Island: First quality, 361 b and under, "id; 37-4211), 7id; second quality, average about 321 b, 6]d. Australian.—Victorian: First quality, 361 b and under, 6Jd; 37-421 b, 6id. Other States: First quality, 37-421 b, 6d; second quality, 301 b and under, 5Jd, All States: Third quality, 361 b and under, 6;}d. BEEF. New Zealand Frozen.—Ox fores, 1452101 b, 2id; ox hinds, 145-21011), 3]d. Australian Frozen.—Ox crops, 1452101 b, 2§cl; ox binds, 145-21011), 3|d. New Zealand Chilled.—Hinds, 4£d; fores, 2]d. Australian Chilled. Hinds, 4|d;, cro])s ; 2]d. Union of South Africa Chilled. — Hinds, 4£d; fores, 2-Jd. Southern llbodesia Chilled. —Hinds, Ifd. Argentine Chilled.—Ox fores, 1452101 b, 2jd; ox hinds, 145-21016, s.\d,

Uruguayan Chilled. Hinds, sfd; fores, 2Jd. Brazilian Chliled.—Hinds, 4-Jd. , 1 PIGS. New Zealand.—First quality, 60-8011), 6d; 81-1001 b, s|d; 101-1201 b, s|d. Australian. —First quality. 60-801 b, 6d; Sl-lOOlb, s|d; 101-1201 b, s|d. COMPANY NEWS JOHN BURNS AND CO. IMPROVED BUSINESS. At the annual meeting of shareholders of John Burns and Company Limited last week the chairman of directors, Mr A. M. Ferguson, in moving the adoption of the balance sheet and payment of the dividend, referred to the satisfactory year the firm had experienced as an indication of the improvement in business generally throughout the Dominion. He said the present outlook gave every reason for optimism on the part of all sections of the community. 1.C.1. IN NEW ZEALAND Imperial Chemical Industries (N.Z.) Ltd. has been registered as a private company, states the. ‘ Mercantile Gazette.’ The office is in Wellington. Capital, £2,000, into 2,000 shares of £1 each. Subscribers: Melbourne, Sir W. L. Raws 2, Imperial Chemical Industries of Australia and New Zealand Ltd., 1,990; Milbank, London, S.W., B. E. Todhunter 2; Wellington, Sir H. Beauchamp 2, F. H. Bass 2, C. T. Cox 2. Objects: Manufacturers of and dealers in chemicals of all kinds, dyes, dyestuffs, paints, varnishes, drugs, and incidental. BROKEN HILL PROPRIETARY Broken Hill Proprietary is considering tenders submitted in” England and Australia for one vessel or alternatively two vessels of 8,000 tons for the com-, pauy’s service. ...

OVERSEAS TRADE EXPORTS AND IMPORTS FIGURES FOR EIGHT MONTHS. [P£k United Press Association.] WELLINGTON, September 28. The following are the overseas trade figures, excluding specie,,for New Zealand for the month of August, 1935, New Zealand currency:— Export £2,876,000 Imports £3,662,000 Excess of imports, j.. ...is £746,000 For August, 1934, the figures were £3,080,000, £3,219,000, and £139,000 respectively, and for August, 1933, £2,631,000, £2,139,000, and £492,000, the last group being excess of exports. . For the eight-monthly period ended August, 1935, the figures were £33,203,000, £23,287,000, and £9,916,000, the last group being excess of exports. For the corresponding period of 1934 the figures were £37,430.000, £19,843,000, and £17,587,000 (excess of exports), and for 1933, £29,370,000, £16,467,000, and £12,903,000 (excess of exports). ' The value of specie excluded was as follows: For August, 1935; Exports, £16,800; imports, £378, 650. For the eight-monthly period ended August, 1935: Exports, £521,000; imports, £188,937. COTTON, RUBBER, ETC. Press Association—By Telegraph—Copyright LONDON, September 28. Friday’s closing prices were as follows : Cotton.—Spot, 6.40 d per lb; October delivery, 5.88 d. , , Rubber.—Para, 4|d per lb; plantation smoked, 5 l-16d. Jute. October-Novomber delivery, £l7 17s 6d per ton. Copra.—October-November delivery, South Sea, £lO 12s 6d per ton; smoked, £lO 7s 6d; plantation, Rabaul, £ll 7g od. "" Linseed oil, £2B per ton. Turpentine, 45s 9d per.cwt. , „

MONEY IK PLENTY LOAN MWITIOHS IN L9NO9N [Pm United Press Association.] AUCKLAND, September 29. New Zealand public bodies cannot hope to obtain money in London at such cheap terms as the New Zealand Government, which recently floated a S per cent, loan at 98}. This opinion was expressed by Sir Harold Beauchamp, a director of the Bank of New Zealand,' who returned from England by the Remuera. He considered the action of certain public bodies in trying to mak® their English interest payments in New Zealand currency had caused a certain amount of uneasiness in the London market. “ There is a plethora of money awaiting investment in Great Britain,” said Sir Harold. “ The banks find it most difficult to find profitable investment* for their funds. These easy credit con* ditions have been fostered by the National Government with. the object of stimulating industry. The money rate* are consequently very low, and new, issues are quickly subscribed, British municipal corporations being able t« borrow at as low as 3 per cent.”

£32. Quotations as under: — Buyers. Sellers. -£ i. c 1. £ s. d. BANKING— Naw Zealand ... ... 2.10 6 2 11 0 New Zealand (Lone; “D”) . ... — 1 M 0 Commercial ... ' — 0 16, 7 National of New Zealand ... ,— 3 12 6 Reserve — 6 10 0 Union of Australia Ltd, ... ... ... ... — 9 8 0 INSURANCE— National .„ ... — 1 0 9 Standard ... ... .£. — 5 10 9 SHIPPING— U.S.8. Co. >ref.) ... 1 ’7 0 — MEAT PRESERVING — N.Z. Refrigerating (paid) ... ... ... 1 0 9 — N.Z. Refrigerating (cont.) ... 0 10 0 — Southland Frozen • (paid) ... ... ... ‘ — 4 0 0 South Otago Freezing 7 5 0 —* LOAN AND AGENCY— Goldsbrough, Mort ... 1 9 0 1 10 0 Mortgage Corporation 0 5 9 0 6 0 National Mortgage (“B” Issue) ... jl!2 6 — Trustees Executors and Agency 3 3 0 —• Wright, Stephenson (ord.) ... ... ... 0 18 6 — Wright, Stephenson (pref.) ... 10 3 COAL— Westport — 1 2 3 WOOLLEN COMPANIES— Mosgiel ... — 10 IS 0 MISCELLANEOUS— Broken Hill Proprietary (cum rights) ... — 0 3 7 0 D.I.C. (pref.) 14 — 9 Dominion Fertiliser ... — 1 3 Dominion Fertiliser Debentures ... ,... 105 0 0 — Dominion Rubber ... 1 5 0 1 8 0 Dunedin Stock Exchange Proprietary — 2 0 0 Milburn Lime and Cement .' — 2 S 3 N.Z. Drug Co — 4 2 0 N.Z. Newspapers ... 2 0 0 1 9 6 N.Z. .Paper Mills j ?— ‘Otago Daily Times’ 2 9 6 2 11 0 Regent IHisatre ... ... — 0 17 0 Woolwortha (Sydney) 5»10 0 — BREWERIES— New Zealand ... 2 10 0 Staples’ ... — 1 14 0

AUSTRALIAN MINING— Electrolytic Zinc 8 (ord., £1) ... ... 1 6 — Mount Morgan (5s) 0 — 1 J.7 6 Upper Watut (3s) 6 10 GOLD MINING— Bendigo Goldlight 0 (Is) ■ ... Big River (Is) 0 5a 0 U 0 1 11 0 0 Brian Born (Is) — 3 Charleston (Is) — 0 0 6 Gillespie’s (Is) 0 1 2 0 1 3 Goldfields Dredging W 0 (Is) 0 0 0 4 Kildare (2s) 0 3 0 0 3 3 King Solomon (Is) .. 0 2 9 0 3 3ez Molyneux River (2s) 0 1 4 0 — Nevis Diesel (Is) 0 2 Okarito (5s) — 0 5 6 Oxenbridge (Is) — 2i 0 0 4 Skippers (Is) 0 0 0 0 3 Waipapa Beach (Is) 0 1 5 0 1 8 N.Z. GOVERNMENT LOANS(Bonds quoted are £100 sends.) 5A p.c. Stock, November, 1938-52 108 15 0 — 34 p.c. Stock, March, 1959-43 105 7 6 34 p.c. Stock, Sept., ' ‘1939-43 103 7 6 34 p.c. Stock, May, “1939-52 108 15 0 — 34 p.c. Stock, May, 1941-52 108 10 0 — 34 p.c. Slock, November, 0 1941-52 108 10 — 4 p.c. Bonds, 1937-40 101 15 0 — 4 p.c. Stock, 1937-40 101 15 0 — 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 —

Australia— £A to £100 N.Z T.T. £101 £100 10f Fiji— £F to-£100 90 7/6 £89 N.Z. - - T.T. New York — dollars to £1 N.Z . T.T. 3.97$ 3.95| O.D. 3.99 3.94J Montreal — dollars to £1 N.Z •• T.T. 4-01| 3.975 O.D. 4.022 3.98| France— Francs to £1 N.Z . T.T. 60.61 59.31 o;d. 60.91 59.36 Noumea — Francs to £1 N.Z . T.T. 61.56 58.56 O.D. 61.96 58.61 Papeete— Francs to £1 N.Z • .. T.T. 61.56 58.56 O.D. 61.96 58.61 Belgium— Belgas to £1 N.Z .. TT. 23.066 O.D. — 25.081 Germany— Reichmarks to £1 9.614 N.Z . T.T. — O.D. — 9.619 Italy — Lire to £1 47.68 N.Z. .. TT. — O.D. — 47.72 Switzerland — Francs to £1 12.379 11.979 N.Z .. ,. T.T. O.D. 12.454 11.989 Holland — Florins to £1 5.974 6.624 5.724 5.728 N.Z ... T.T. O.D. Java — Florins to £1 5.947 5.997 5.722 5.726 N.Z T.T. O.D. Japan— N.Z. pence to 1 ... T.T, 171 „ yen O.D, , 17 47-64 Shanghai— N.Z. pence to 1 dollar T.T. 22 13-32 23 23-32 O.D. . 22 9-32 23 21-32 India and Ceylon— N.Z. pence to 1 22 23-32 rupee T.T. 221 O.D. 223 22 21-32 Hongkong— N.Z. pence to 1 30 1-32 31 3-52 dollar T.T. O.D. 29 29-32 31 1-32 Singapore— N.Z. pence to 1 35 5-16 dollar T.T. 34? O.D. 34i 353 Sweden— Kroner to £1 N.Z . T.T. 15.788 15.458 O.D. 15.828 . 15.468 Norway— Kroner to £1 N.Z . T.T. 16.199 15.869 O.D. 16.239 15.879 Denmark — Kroner to £1 N.Z . T.T. 18.208 17.878 O.D. 18.248 17.888 Austria— Schillings to £1 N.Z . T.T. O.D. — 20.43 20.45 Czechoslovakia— Crowns to £1 N.Z . T.T. _ 95.01 O.D. — 95.06