Commerce, Mining, & Finance

Evening Star, Issue 22449, 21 September 1936, Page 7

Commerce, Mining, & Finance

THE SEARCH FOR GOLD MOSSY CREEK RETURN The Mossy Creek return was 660 z lOdwt from 8,917 yards for 132 hours yvork. TALISMAN DUBBO MINES The Talisman Dubbo Gold Mines Ltd. report that 49 2-3 tons of ore were treated at the Golden Dawn battery for an approximate realisation of £4BO. OKARITO RETURN The Okarito return for last week ;was 270 z. 4dwt for 125 hours’ dredging. FOUR-WEEKLY REPORT. The following report relates to the - four weeks from August 9 to September s:—Total gold won, 90oz; total time worked, 606 hours; total nonworking time, 70 hours; total yardage treated, 32,200 (an average of 63 cubic yards per hour); average value of ground -(on basis of gold worth £4 per ounce), 2.7 d per cubic yard. NEMONA DREDGE RETURN The Nemona return for last week was 490 z 12dwt from 16,100yds, for 131 hours’ dredging. WAIPAPA BEACH RETURN The secretaries of the Waipapa Beach Gold Dredging Company Ltd. report the receipt of’ advice of a wash-up of looz 3dwt for 130 hours’ dredging. WORKSOP DREDGE The Worksop Extended Gold Dredging Company’s return for last week was 260 z for 130 hours, from 9,oooyds. BIG RIVER MINES The report for the week ended September 14 states:— - No. 4 Level.—Stoping operations are ixi progress.in the north slope, centre slope, and south slope. In the stope north of main rise timbering and filling in old workings is being carried out in one shft. No. 5 level: The crosscut has been extended 18ft for week, makng 98ft from main shaft. Fortyseven tons of ore have been brought to the surface, and battery is crushing mx shift daily. WHITE'S ELECTRIC DREDGE The first dredge to operate in the Barrytown district, White’s electric dredge, was officially opened last Thursday afternoon before an attendance of nearly 300. The, dredge is situated on the 'Greymouth-Westport coastal road, near Barrytown. . The dredge was the first all-steel electrically-welded dredge in the world constructed without a bolt or a rivet, said Mr Isaac Woolf, chairman of directors, of Christchurch. The dredge had been built by a Sydney company which had had about 40 years’ experience ,in dredge construction, having built 42 dredges in different parts of the’ world. When the company took over from, the contractors they hoped to be, able to say that there was no dredge in New Zealand of its size that would approach this one for compactness, efficiency, or economic gold production. THE MEAT MARKET Press Association—By Telegraph—Copyright LONDON, September 19. New Zealand Sheep.—Canterbury and North Island selected cross-bred wethers and maiden ewes: Under ‘4Blb, 4§d lb; 484161 b, 4Jd; 57-641 b, 4’d; 65-721 b, 4j|d. Ewes: Under 481 b, 4fd; 48-641 b, 3Jd; 60-721 b, 3|d. North Island: 48-561 b, 4Jd; 57-641 b, 4Jd;’6s-721b, 4fd. Australian Sheep.—First quality cross-bred and/or merino wethers: 40-561 b, 4|d; second quality, 30-351 b, 4Jd. Ewes: 30-351 b,. 4|d. Argentine Sheep.—First quality crossbred , wethers: 43-641 b, 43d; 65-721 b, 4Jd. Patagonian Sheep.—Wethers and/or maiden ewes: Under 501 b, 43d; 50-601 b, 4Jd; 30-551 b, 3|d. Australian Lambs.—Victorian; First -quality, 361 b and under, 6Jd; 37-421 b, 6J; second quality, 361 b and under, 6|d. Other States: First quality, 361 b and under, G)d; 37-421 h, 6|d; second quality, 361 b and under, 6Jd. All States: Third quality, 361 b and under, 7d. New Zealand Frozen Beef.—Ox fores nJS-2101b), 2|d; ox hinds (145-2101 b), 3|d. Australian Frozen Beef.—Ox crops (1001 b and under), 3Jd; ox fores (1452101b)-, 2|d; ox hinds (145-2101 b), 3|d; ox hinds (over 1601 b), 4d» New Zealand Chilled.—Hinds, sd; fores, 2jjd. Australian Chilled.—Hinds (1452101 b), 4|d; crops (145-2101 b), 2|d. Union of South Africa Chilled.— Hinds, s|d; fores, 23d. Argentine Lambs.—First quality, 361 b and under, 6)d; 37-421 b, 61d; second quality, average about 301 b, 6jd. Patagonian Lambs.—First quality, ® 361 b and, under, 63d; 37-421 b, 6Jd; second quality,’average about 301 b, Ogd. New Zealand Lambs.—Canterbury : First. quality—36lb and under 73d, 37421 b 7gd; 43-501 b 6Jd; second quality (average about 311 b), 7d. Other South Island: 361 b and under, 7id; 37-421 b, 7id; 43-501 b, 6}d; second quality (average about 321 b), 7d. Selected North Island, including Downs; 361 b and under. 7fd; 37-421 b, 7-Jd; 43-501 b, 61-d; second quality (average about 301 b), 7jd. Other North Island : First quality, 361 b and under, 7Jd; 37-421 b, 71 d; second quality (average about 311 b), 6sd. Southern Rhodesia Chilled.—Hinds, 4|d; fores, 2id. Argentine Chilled 'Beef.—Ox hinds (145-2101 b), 53d; ox fores (145-2101 b), 23d. Uruguayan Chilled.—Hinds. 5Jd; fores, 25-d. Brazilian Chilled.—Hinds, 4|d. New Zealand Pigs.—First quality : rn Q olb, 6id; 81-1001 b, 6id; 101-1201b,-63d. .Australian Pigs. — First quality : I 81-1001 b, 64d; 60-bOlb, 61d; 101-12UJb, 62d.

FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates _ (to-day) for purchase and sales of foreign exchanges (all rates subject to alteration without notice): — Buying. Selling.

j 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;—

G. J. COLES The following is a telegram received by the stock exchanges from G. J. Coles and Co., Melbourne. “ Please advise exchanges and newspapers that G. J. Coles and Co. announce that transfer books will be closed on September 30 for payment of an interim dividend on ordinary shares at the rate of 23 per cent, for the quarter ending September 30. The dividend is payable on October 15. The transfer book closes on September 30 for the new issue of ordinary shares at 40s, in the proportion of one new share for every five held at September 30. The amount payable is 20s on November 16, 20s on January 16. Details will be posted to all shareholders. “Mr A. W. Coles has been reappointed managing director, and Mr F. P. Derham a director. Messrs M. B. Moffatt and F. G. Coles resigned from the board on September 16.” THE METAL MARKET Pre§s Association—By Telegraph—Copyright LONDON, September 19. The following are the official metal quotations:— Copper.—Spot, £3B 19s 4)d per ton; forward, £39 4s 4jd. Electrolytic.—Spot, £43 per ton; forward, £43 15s. Wire bars, £43 15s per ton. Lead.—Forward, £lB 7s 6d per ton; spot, £lB 6s 3d. Spelter.—Spot £l4 Is 3d; forward, £l4 ss. Tin.—Spot, £l9B 7s 6d; forward, £196 3s 9d. Silver.—Standard, 19 7-16 d per oz; fine, 21d.

DIVIDENDS DUE N.Z. Drug Co.—lnterim, 33 per cent Sept. 21 Renown Collieries Ord., lOd, final pref. at 7 per cent. ... Sept. 21 Argo Gold Dredge—ld a share ... Sept. 21 Whittomc, Stevenson (Auckland) —5 per cent Sept. 22 Milne and Choyce (Auckland) — ord. and deb., 4 per cent. ... Sept. 23 Bartholomew Timber (Hamilton) —23 per cent, and bonus 13 per cent Sept. 24 Auckland Fanners’ Freezing per cent, per annum Sept. 25 Nemona Dredge—ld a share ... Sept. 26 Hume Pipe, Australia, Ltd. —5 per cent, per annum Sept. 28 British Tobacco—Quarterly, 2 per cent Sept. 28 Claude Neon (Australia) —15 per cent, Sept. 28 Myer Emporium, Melbourne — Final, 53 per cent., making 83 per cent, per annum Oct. 1 Dunlop Perdriau —Final, ord., and pref., 5 per cent Oct. 1 United Building Society (Christchurch) —Interim, 23 per cent. Oct. 1 Lincoln Mills—Final, pref., 5 per cent., and ord, 8 1-3 per cent. Oct. 2 Bank of Australasia—lnterim, 3s 6d per share Oct. 2 Howard Smith —Ord., 1J per cent.; pref., 13 per cent. ... Oct. 6 Amalgamated Zinc (Do Bavay’s) —Half-yearly, 5 per cent. ... Oct. 9 G. J. Coles—lnterim, quarterly, 23 per cent > Oct. 15 Imperial Chemical Industries Ltd. —lnterim, 23 per cent., on ordinary shares Nov. 2 KAITANGATA DAIRY COMPANY The twentieth annual meeting of the Kaitangata Co-operative Dairy Company was held in the Anglican Hall on Friday night, Mr C. Stokes presiding. The annual report and balance sheet were presented. They stated: — “The output of cheese for the year was 136 tons, being an increase of four tons on last season’s figures. Milk received 3,051,8971 b; butterfat, 118,252.221 b; cheese manufactured, 304,9231 b; over-run (lbs cheese to 11b butterfat), 2.58; lb milk to lib cheese, 10.01; average test, 3.92; pay-out, llfd per lb butterfat. The quality of cheese manufactured has again been of a very high standard, and reflects great credit on the suppliers for the quality of milk delivered, and on the manager, Mr Gallagher, in the production of the cheese. Profit and loss account stated:—■ Milk purchased, £5,637 8s; cartage on cheese, £l2B Is 10d: wages and salaries, £6lB Is lOd; coal and oil, £lO3 12s; repairs and maintenance, £sl 2s lid; cheese charges, £267 5s 6d; cheese cases, £l6O 10s 8d; cheese requisites, £IBO 14s 6d: printing and stationery, stamps and telegrams, £l3 16s; general expenses, rates, insurance, and audit fees, £95 16s 4d; directors’ fees, £ls; interest, £4B 10s; total, £7,319 19s 7d. Cheese sales, £7,153 12s 9d; cream and whey cream. £125 4s 6d; balance, £4l 2s 4d. Total, £7,319 19s 7d. The reports were adopted. The election of directors resulted in Messrs J. P. Rutherford and C. Stokes (retiring directors) being re-elected. Mr W. Johnston was appointed to the directorate in place of Mr T. JohnI son, who had left the district. It was resolved that a dividend of 4 per cent, be paid. COTTON, RUBBER, ETC. Press Association—By Telegraph—Copyright LONDON, September 19. Friday’s closing prices were as follows : Cotton.—Spot, 6.98 d per lb; October 6.52 d. ’ ’ Rubber. Para, 103 d; plantation smoked, 7 11-16 d. Jute.—New crop, August-Septcmber. £l7 ss. ’ Copra. September-October, South Sea, £l4; smoked, £l3 ss; plantation Rabaul, £ls. Linseed oil, £27 15s. Turpentine, 38s 9d. Rabbits, 235, ex store. SYDNEY STOCK EXCHANGE Press Association—By Telegraph—Copyright

MOUNT MORGAN COMPANY HEW OXIDISED ORE PLANT The Stock Exchange Association advises receipt of a long seven-page cable from Mount Morgan Ltd., advising that the new oxidised ore plant will be working next November. The directors’ expectations are conservatively calculated, and they consider that shareholders may have the utmost confidence in the immediate and distant future of the company. In the meantime, however, they consider it prudent to withhold the interim dividend.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Interest in Australian mining was fully maintained this morning when two parcels of Mount Lyells changed hands at 29s 6d, a rise of 3d, and a sale was reported in Electrolytic Zinc ordinaries at 43s The market for other issues in this section was also firm. Price levels generally were practically unchanged, and in the banking section New Zealands were for sale at 39s fid, with a buyer at 38s 9d. Commercials had business late on Saturday at 18s 4d, the market this morning being 18s Id to 18s fid. National Insurances continued to gain ground, buyers offering Id more at 18s 4d without finding a seller. In the miscellaneous group the only noteworthy change was provided by G. J. Coles, which hardened considerably following a late sale on Saturday at 80s 9d. Buyers offered 3d more than this price and sellers wanted 83s. Sellers of Anthony Horderns and Australian Glass reduced their limits by 3d in each case without attracting a buyer. Both issues of Broken Hills were firm, a margin of 3d separating the quotations for the ordinaries, and the oontributings having a better buyer by fid without response. Crystal Ice moved up fid to buyers at 45s fid, and Dunlops improved 2d to buyers at 18s, with sellers firm at 18s 3d. Amongst unlisted stocks, Woolworths (Sydney) had improved inquiry, and Shillings Ltd. looked a shade firmer with buyers at 17s and sellers at par. SALES REPORTED. Commercial Bank, 18s 4d (late Saturday) . G. J. Coles, £4 Os 9d (late Saturday). Electroyltic Zinc (ord.), £2 3s 10jd. SALES ON ’CHANGE. Mount Lyoll, £1 9s fid (2). Quotations as under:—

ISLAND FRUIT SERVICE REPLACING OF MATUA [Peh United Peess Association.] AUCKLAND, September 19. Two steamers to replace tlie Matua, which met with a mishap at the Cook Islands on Wednesday, are being despatched by the Union Company. The Watchlin liner Port Whangarei left at 4 o’clock this afternoon for Tonga. The company’s own steamer Waipahi arrived from Gisborno this morning and will sail for Apia and Suva on Tuesday. Both ships will return to Auckland with fruit. The Matua is due at Auckland on September 27.

London — £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 — Dollar to £1 N.Z T.T. 4.09| 4.06 O.D. 4.10| 4.06j Montreal— Dollar to £1 N.Z T.T. 4.09/; 4.051 O.D. 4.10g 4.06/j Austria— Schillings to £1 N.Z T.T. — 21.08 O.D. — 21.10 Belgium— Belgas to £1 N.Z T.T. — 23.946 O.D. — 23.957 Czechoslovakia — Crowns to £1 N.Z T.T. — 97.39 O.D. — 97.44 Denmark— Kroner to £1 N.Z T.T. 18.203 17.893 O.D. 18.263 17.903 France — Francs to £1 N.Z T.T. — 61.52 O.D. — 61.56 Germany— Reichmarks to £1 N.Z T.T. — 10.043 o;d. — 10.048 Holland— Francs to £1 N.Z T.T. — 5.946 O.D. — 5.950 Italy— Lira to £1 N.Z T.T. — 51.45 O.D. — 51.50 Java — Francs to £1 N.Z T.T. — s.m O.D. — 5.910 Norway— Kroner to £1 Z.N T.T. 16.181 15.891 O.D. 16.241 15.901 Sweden— Kroner to £1 N.Z T.T. 15.785 15.490 O.D. 15.845 15.500 Switzerland— Francs lo £1 N.Z T.T. — , 12.385 O.D. — ' 12.390 Noumea — Francs to £1 N.Z T.T. — 60.15 O.D. — 60.21 Papeete— Francs to £1 N.Z T.T. — 60.30 O.D. — 60.36 Hongkong— N.Z. pence to 1 dollar T.T. 17 55-64 18-55-64 O.D. 17 49-64 18 53-64 India and Ceylon— N.Z. pence to 1 rupee T.T. 22 9-64 22 57-64 O.D. 22 3-64 22 7-8 Japan— N.Z. ponce to 1 yen T.T. — 17 17-32 O.D. — 17 33-64 Shanghai— N.Z. pence to 1 dollar T.T. 17 9-32 18 9-32 O.D. 17 3-32 18 17-64 Singapore— N.Z. pence 1 to 1 dollar ... .... T.T. 34 27-64 35 31-64 O.D. 34 15-64 35 15-32

tr.s.A. Canada. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. (dol) 4.06 4.051 . O.D. (dol) 4.06) 4.06* BUYING— O.D. (dol) 4.11 4.10|

SYDNEY, September 19. Cbmmonwealth Bonds— & s. cl. 3 per cent., 1948 92 5 0 4 per cent., 1938 102 10 0 4 per cent., 1944 ... 102 15 0 Tooths 2 6 9 Anthony Hordern (pref.l 1 3 0 Associated News 1 3 u . . , (pref.) 1 9 10.} British Tobacco 2 4 0* Dunlop Perdriau 0 18 41 Eleetrovltic Zinc 2 4 9' James Stedman 0 17 3 Mark Foy 1 12 6

Buyers. Sellers. £ s. d. £ s. d. BANKING— New South Wales .. 32 15 0 New Zealand ... . . 1 16 9 1 19 6 Commercial ... . . 0 18 1 0 18 5 National of Now Zealand 3 2 0 INSURANCE— National 0 18 4 _ Standard — 3 2 0 SHIPPING — Howard Smith 0 19 6 P, and 0. Deferred Stock 1 10 0 — U.S.S. Co. (pref.) . . 1 6 0 1 6 9 MEAT PRESERVING— N.Z. Refrigerating (paid) 0 19 5 N.Z. Refrigerating (cont) 0 9 1 Southland Frozen (paid) 3 12 6 — South Otago Freezing 7 15 0 8 0 0 Waitaki Farmers’ ■ Freezing — 4 4 0 LOAN AND AGENCYGoldsbrough, Mort . . 1 13 6 1 14 6 National Mortgage .. — 2 11 0 N.Z, Guarantee Corporation 0 5 9 Perpetual Trustees ... ~~ 3 4 0 COAL— Kaitangata ... ... 1 1 0 — Westport — 1 3 3 WOOLLEN COMPANIES— Bruce (ord.) - 0 14 S MISCELLANEOUS— Anthony Hordern .. _ 0 18 9 Australian Glass — 4 13 9 Broken Hill Proprietary 3 16 3 3 16 6 Broken Hill Proprietary (cont.) ... 2 16 6 — Brown, Ewing (ord.) 0 16 9 :— Brown, Ewing (pref.] ' 1 2 3 — Crystal Ice Co 2 5 6 — Dominion Fertiliser ... — 1 5 0 Dunlop Perdriau Rubber ... 0 13 0 0 18 3 G. J. Coles 4 1 0 4 3 0 Milburn Lime and Cement — 2 3 0 National Electric 0 13 0 — N.Z. Drug Co 3 15 0 — N.Z. Farmers’ Fertiliser 1 1 0 — N.Z. Paper Mills ... 1 6 3 — ‘ Otago Daily Times — 2 8 0 Regent Theatre — 1 1 6 BREWERIES— New Zealand 2 12 0 2 13 0 Dominion 1 10 6 — Tooth’s 2 16 0 2 16 9 UNLISTED STOCKSMTntosh, Caley, Phcenix — 0 11 0 Woolworths (Sydney, ord.) 5 7 0 5 9 0 Shillings Ltd. (17s 6d) 0 17 0 0 17 6 AUSTRALIAN MINING— Broken Hill South (£D , — 6 6 0 Electrolytic Zinc (prof., £1) 2 4 6 2 5 3 F.lectrolytic Zinc (ord., £1) 2 3 6 2 4 3 Mount Lyell (£1) 1 9 5 1 9 6 Mount Morgan (2s 6d 0 12 4 0 12 7 Upper Watut (5s) 0 2 6 0 3 0 GOLD MINING— Argo Dredging (Is) — 0 1 10 Big River (Is) -— 0 2 1 Central Shotover (Is) — 0 0 5 Clutha River (2s) ... 0 1 9 — Consolidated Goldfields (4s) _ — 0 16 9 Gillespie’s (Is) 0 1 5 0 1 6 Kildare (2s) — 0 2 6 King Solomon (Is) ... — 0 1 0 Nokomai (5s) ... ... 0 1 11 — Okarito (5s) ... — 0 5 6 Paddy’s Point (5s) ... — 0 3 0 Waimumu Sluicing (Is) — 0 0 10i Waipapa Beach (Is) 0 0 8 0 0 11 Waitahu (5s) — 0 2 3 N.Z. GOVERNMENT LOANS— (Bonds quoted are £100 Bonds.) p.c. Stock, Nov., 1938-52 103 15 0 p.c. Stock, March, 1939-43 101 10 0 — p.c. Stock, Sept., 1939-43 101 10 0 — 3t p.c. Stock, May, 1939-52 103 5 0 — p.c. Stock, March, 1941-43 101 5 0 31- p.c. Stock, Sept., 1941-43 101 5 0 31 p.c. Stock, May, 1941-52 ' ; ... 103 5 0 3J- p.c. Stock, Nov., 1941-52 103 5 0 4 p.c. Bonds, 1937-40 101 0 0 — 4 p.c. Stock, 1937-40 101 0 0 — 4 p.c. Stock, 1943-46 103 15 0 — 4 p.c. Stock, 1946-49 105 5 0 105 15 0 4 p.c. Stock, 1952-55 105 5 0 — I