COMMERCE, MINING, AND FINANCE

Evening Star, Issue 22450, 22 September 1936, Page 7

COMMERCE, MINING, AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXGHANCE Increased support was again accorded Australian mining issues this' morning, when practically all issues _ advanced in price. Mount Lyells had business after the call at yesterday’s selling price of 29s 6d, and Mount Morgans were sold at 7d in excess of yesterday’s selling limit. Electrolytic Zincs were firmer, the prefs. moving up 3d to buyers at 44s 9d, with sellers at 455, and the ordinaries advancing 6d to buyers at 445, with sellers ud 3d at 44s 6d. Another noteworthy change was recorded by G. J. Coles, which had reported business late yesterday at 82s 3d, a rise of about 6d, and which were wanted this morning at 82s, with no seller under 83s 9d. In the banking section New South Wales experienced a close market, sellers easing 5s to £32 10s when a buyer appeared at £32 7s 6d. National Insurances continued in good 'demand at 18s 3d, and attracted a seller at 19s. Few other changes were made in price levels. Only 2d separated the quotations for Dunlop Rubbers, and New Zealand Paper Mills had improved inquiry at 26s 6d. Brewery shares continued to attract considerable support, Dominions moving up 6d to buyers at 31s. Little interest was manifested in gold mining shares, and the market for Government Joans remained firm with strong support from buyers. SALES REPORTED. G. J. Coles, £4 2s 3d (late yesterday). Shillings Ltd., 17s’ (late yesterday). SALES AFTER CALL. Mount Lyell, £1 9s 6d. Mount Morgan, 13s 2d.

DIVIDENDS DUE

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

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:— TJ.S.A. Canada.

PUBLIC TRUST OFFICE STATEMENT FOR AUGUST Estates of a value of £473,668 were reported and accepted for administration by the Public Trustee during the month of August. The total value of the estates under administration by the Public Trustee on March 31 was £60,660,310, and the new business for the five months ended August 31 was £2,448,682. ... Grants of administration made by the court in favour of the Public Trustee number 162 for the month. ' During the month 425 new wills appointing the Public Trustee executor were deposited for safe custody by living testators, and 315 existing wills were revised to provide for changes desired by testators. The total number of wills now held by the Public Trust Office is 86,970.

AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, September 21. On the Stock Exchange Mandated Alluvials again rose spectacularly. They touched 31s and closed at 28s 7Jd. Values generally were firm, with indications of profit-taking in tne investments section.

MELBOURNE, September 21. Industrials were firm and Barriers

PUBLIC TRUST BUSINESS Estates of a value of £473,068 were reported and accepted for administration by the Public Trustee during the month of August, 1936. The total value of the estates under administration by the Public Trustee on March 31 was £60,660,310 and the new business for the five months ended August 31 was £2,448,682. INVINCIBLE BUILDING CHRISTCHURCH FIRM'S YEAR The report of the Invincible Building Society, Christchurch (Permanent), for the year ended July 31, shows a profit of £1,272, compared with £875 for the previous period. The capital increased from £16,940 to £26,000 by the allocation of 1,812 shares of £5 each. Profits, together with the balance brought fonvard, make a total of £1,627. , From this is to be deducted a dividend of 5 per cent. unchanged, amounting to £1,193; also £l2O, which was the cost of obtaining £9,060 , of new capital, leaving £213 to be carried forward. SYDNEY WOOL SALES Press Association —By Telegraph—Copyright SYDNEY, September 21. The wool sales were resumed to-day. The market was firm at the closing rates of the last Sydney scries, but all lines carrying burr and dust were 5 per cent, lower. Yorkshire and Germany were the chief buyers, supported by France, America, and local users. Japanese representatives were present, but not not operate. Greasy merino made to 19Jd. The offerings totalled 10,732 bales, of which 8,571 were sold, while 818 were disposed of privately.

THE SEARCH FOR GOLD OKARITO DREDGING COMPANY EIGHTH ANNUAL MEETING The eighth annual general meeting of the Okarito Five-mile Beach Gold Dredging Company was held last evening in the Chamber of Commerce board room, Mr J. E. Wheeler presiding over an attendance of 14 shareholders. CHAIRMAN’S ADDRESS. Moving the adoption of the annual report and balance sheet, the Chairman said that reference to the balance sheet would show that the company was in a strong position financially. The assets in the form of cash deposits and gold amounted to £3,888, while the liabilities (including provision for income tax payable in February next) totalled £571, leaving a balance of £3,317 as working capital. It was satisfactory to know that the company’s funds had not been depleted below the £3,000 mark despite the very low retnrns of the_ last few months. At the present price of gold, expenses could be met by the recovery of about 15 ounces per week, and although returns had dropped felow this figure in one or two instances, the dredge had, on the average, been able to pay its way. During the year substantial expenditure was incurred on replacements which were not wholly a legitimate charge against the year’s revenue, and from which the company would derive benefit for several years to come. The most important of these items were : New lighting plant on the dredge (£131), new dredge ladder (£263), new 1 tumblers top and bottom (£242), spare parts for pumps (not- yet in use, £120), spare bucket pins, bushes, etc. (scarcely in use at June 30, 1936, £140), a total of £895. This total of £895 represented the cost in Dunedin of the items mentioned, and when the cost of transport was taken into account and the labour involved in effecting the _ replacements, the total expenditure in connection with the items mentioned must have been in the vicinity ; of £1,300 to £1,400. A new string of cast steel buckets was at present on order, but, apart from this, the company was faced with no extraordinary expenditure for a long time to come. The dredge was now better equipped than it had ever been, and was running at maximum efficiency. Share holders might have noticed that the price of gold had, for some time past, shown a gradual decline. The best-informed opinion seemed to be that gold would remain at a value in the vicinity of £7 per ounce in New Zealand, and he did not think the shareholders need feel unduly apprehensive on this score. Unfortunately, the export tax of 12s 6d per ounce still remained without reduction, despite a fall in the price of gold nearly as much as the tax. Under the new rates of income tax the company would have to pay slightly more than formerly. In respect to a 10 per cent, dividend, the tax would now be £215 instead of £l9B, but if some relief could be obtained from the export tax he was sure that the company would willingly pay the increased income tax. It did seem hard, however, that the company should have paid thousands of pounds in income taxation when it had not, as yet, made a penny of real income. PROSPECTS FOR THE FUTURE, Commenting on the claim, the dredge, and the prospects for the future, Mr Wheeler said that he and Mr Lee had visited the claim in July, and had found the dredge in very satisfactory condition, which was pleasing in view of the exceedingly rough ground it was treating before turning north. Arrangements had been made with the Dunedin Engineering and Steel Company to supply a new string of cast steel buckets. Mr Wheeler then read a report from the engineer, which stated, inter alia, that despite the disappointing returns during the past few months there was every reason to feel satisfied with the working of the dredge and confidence in the future of the claim. It would bo dangerous to make any definite statement regarding the life of the claim, but present indications pointed to at least 10 years. There was, moreover, a reasonable chance that this might be

increased considerably should investigation of the lagoon area prove satisfactory. The directors all along had felt it was desirable to have more definite information of values on the claim, more especially in the extreme north and south ends, and they were taking steps to have this done. The proposition was to secure a plant and do the work with the company’s staff. It might, perhaps, be.necessary to have a qualified man to‘ supervise and this could be arranged. The shareholders were fortunate in having Mr Stewart on the directorate and the benefit of his wide experience in this class of work was at their service. The directors had all along thought it extraordinary that values on the claim did not extend the lagoon and in the swamp land adjoining. The bugbear of the early miners was water, too much and too little. Too much at the lagoon would stop them, no matter what the values were, and it was proposed to bore on the swamp in line with the lead followed by. them. If the values carried on, water would not prove an obstruction—rather the reverse—and with this end in view approximately 100 acres of the swamp had been pegged out as a prospecting area. This had been granted, and the directors now awaited the fitting up of the boring plant to ascertain values. Mr W. D. Lambert seconded the motion, which was carried. ELECTION OF DIRECTOR. •W The retiring director, Mr B. H. Nees, was re-elected. The directors’ remuneration was fixed at £275. AUDITOR REAPPOINTED., Mr C. E. Richards was re-elected auditor for the ensuing year. The meeting was brought to a close with a unanimous vote of thanks to the directors. WILUNA PROFITS In view of the smaller working profits, Wiluna Gold Corporation Ltd. has issued a special report attributing'the fall to a power shortage, to holidays, the lower gold price, the lower grade ore treated, and higher working costs, which were offset somewhat by economies. The report admits that Wiluna ore is erratic, but states that the percentage recovery should be' raised appreciably when the new smelting process is introduced. The company estimates, on the basis of current working conditions, that future working profits will be £500,400 per annum, excluding profits from the smelting of cyanide residue and sales of antimonj - .

Quotations as under: Buyers. Sellers. £ s. d. £ s. d. RANKING— New South Wales .. 32 7 6 32 10 0 New Zealand — 1 19 3 Commercial 0 18 2 0 18 5 E.S. and A — 6 0 0 National of New Zealand — 3 2 0 INSURANCE— National 0 18 3 0 19 0 Standard — 3 2 0 SHIPPING— ' U.S.S. Co. (pref.) .. 1 6 0 — MEAT PRESERVING— N.Z. Refrigerating (paid) — 0 19 5 N.Z. Refrigerating (cent.) 0 9 0 — Southland Frozen . (paid) 3 12 6 South Otago Freezing 7 15 0 8 0 0 LOAN AND AGENCY Goldsbrough, Mort .. 1 13 6 1 14 3 National Mortgage ... — 2 11 0 Perpetual Trustees ... 3 4 0 COAL— Kaitangata 1 1 0 — Westport “ 1 3 3 .WOOLLEN COMPANIES— Bruce (ord.) ... ... — 0 14 6 Kaiapoi (cont.) — 0 6 5 MISCELLANEOUS— Anthony Hordern ... — 0 18 9 Australian Glass — 4 12 9 British Tobacco 2 3 0 2 4 0 , Broken Hill Proprietarv 3 15 6 — Broken Hill Proprietarv (cont.) 2 16 6 2 17 6 Brown, Ewing (ord.) 0 16 9 — Brown, Ewing (pref.) 1 2 3 — Crystal Ice Co 2 5 6 — Dominion Fertiliser ... — 1 5 0 Donaghy’s Rope and Twine 2 10 0 — Dunlop Perdriau Rubber 0 18 1 0 18 3 G. J. Coles 4 2 0 4 3 9 Hume Pipe 0 19 4 0 19 8 Milburn Lime and Cement — 2 3 0 National Electric ... 0 13 0 — N.Z. Drug Co 3 15 0 N.Z. Farmers’ ; Fertiliser ..11 0 1 2 6 N.Z. Paper Mills ... * Otago Daily Times ’ 1 6 6 — — 2 8 0 Regent Theatre ... — 1 1 6 Wilson’s (N.Z.) Cement ... 1 16 3 — Woolworths (ord.) ... — 5 1 0 BREWERIES— New Zealand ... ... 2 12 0 — Dominion 1 11 0 — Dunedin ... — 1 10 0 Tooths 2 16 0 2 16 9 Carlton 2 19 0 — UNLISTED STOCKS— MTntosh, Caley, Phoenix ... — 0 11 0 Woolworths, Sydney 5 6 (ord.) ... 0 — 0 Carbolic Ice — 1 0 Quartz Mountain ... — 0 5 0 Shillings Ltd. (17s 6d) 0 17 0 0 17 6 Southland Ice Cream 1 1 0 — AUSTRALIAN MINING— Broken Hill South (£1) ; - 6 6 0 Electrolytic Zinc (pref., £1) 2 4 9 2 5 0 Electrolytic Zinc (ord., £1) 2 4 0 2 4 6 Mount Lyell (£1) 1 9 6 i 9 9 Mount Morgan (2s 6d 0 13 0 0 13 6 GOLD MINING— Big River (Is) ... ... — 0 2 0 Central Shotover 0 (Is) ' — 9 0 5 Clutha River (2s) ... 0 1 — Consolidated Uoldlields (4s) — 5i 0 16 9 Gillespie’s (Is) ... ... 0 1 0 1 6 Kildare (2s) King Solomon (Is) ... 0 0 9 0 0 2 1 6 0 Mount David (5s) ... — 0 i 0 Okarito (5s) — 0 5 6 Waipapa Beach (Is) — 0 0 11 Waitahu (5s) — 0 2 3 N.Z. GOVERNMENT LOANS— (Bonds quoted are £100 Bonds.) 3£ p.c. Stock, Nov., 1938-52 103 10 0 — 3j p.c. Stock, March, 1939-43 101 10 0 — 31 p.c. Stock, Sept., 1939-43 101 10 0 •— 3i p.c. Stock, May, 1939-52 103 10 0 — 3i p.c. Stock, March, 1941-43 101 5 0 3i p.c. Stock, Sept., 1941-43 101 5 0 3i p.c. Stock, May, 103 5 1941-52 0 — 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. Bonds, 1943-46 103 12 6 — 4 p.c. Stock, 1943-46 103 12 6 < 4 p.c. Stock, 1946-49 105 0 105 17 6 4 p.c. Bonds, 1952-55 105 5 0 — 4 p.c. Stock, 1952-55 105 5 0

Milne and Choyce (Auckland)— ord. and deb., 4 per cent. ... Sept. 23 Bartholomew Timber (Hamilton) —2 per cent, and bonus 1J, per cent Sept. 24 Auckland Farmers’ Freezing — 6 per cent, per annum Sept. 25 Nemona Dredge—Id a share Sept. 26 Hume Pipe, Australia, Ltd. —5 per cent, per annum Sept. 28 British Tobacco—Quarterly, 2 per cent Sept. Zo Claude Neon (Australia)— 15 per cent Myer Emporium, Melbourne — Final, 5j per cent., making Sept. 28 Oct, per cent, per annum ... ... 1 Dunlop Perdriau —Final, ord., and Oct pref., 5 per cent United Building Society (Christ1 church)—Interim, 2i per cent. Oct 1 Lincoln Mills—Final, pref., 5 per Oct cent., and ord., 8 1-3 per cent. 2 Bank of Australasia —Interim, 3s Oct 6d per share 2 Howard Smith—Ord., 1 i P er Oct. cent.; pref., 1£ per cent. ... 6 Amalgamated Zinc (De Bavay’s) Oct. 9 —Half-yearly ,5 per cent. ... G. J. Coles—Interim, quarterly, 2£ per cent. _ Oct. 15 Imperial • Chemical Industries Ltd. —Interim, 2) per cent., on Nov. ordinary shares 2

notice): — Buying. Selling, London— £100 stg. N.Z . T.T. £124 £124 10 1 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. 4.091 4.05J O.D 4.10J 4.064 Montreal — Dollar to £1 N.Z ... T.T 4.08| 4.05| O.D 4.104 4.054 Austria — Schillings to £1 N.Z ... T.T. — 21.08 O.D. — 21.10 Belgium— Belgas to £1 N.Z ... T.T. 23.949 O.D. — 23.960 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— Florins to £1 N.Z ... T.T. — 5.946 O.D. — 5.950 DutyLira to £1 N.Z ... T.T. — 51.45 O.D. — 51.50 Java— Florins to £1 N.Z ... T.T. — 5.910 O.D. — 5.914 Norway— Kroner to £1 N.Z ... 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 to £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 63-64 18 63-64 O.D. 17 57-64 18 61-64 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. pence 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 to 1 dollar ... ... T.T. 54 27-64 35 31-64 O.D. 34 15-64 35 15-32

(Per £1 N.Z.) (Per £1 N.Z.) SELLINGT.T. Mol) 4.05J 4.05| O.D. (do!) 4.06J4.065 BUYING— O.D. (do!) 4.10| 4.101

'£ ■s. d. Colonial Sugar 43 2 6 Bank of New South Wales 33 5 0 E.S. and A. Bank 5 16 0 Australian Gas (A, new) ... 7 5 6 Tooheys ... 1 12 71 Drug Houses 1 12 6 Wilcox, Mofflin 0 12 6 Greater Williams 0 8 1 Henry Jones 2 2 9 Millaqnin Sugar 2 3 0 Fairymcad Sugar 1 1G 3 Farmers ... 1 12 3 Mount Lyell ... 1 10 0 Broken Hill Proprietary ... 3 16 6 Zinc Corporation 4 2 0 Bulolo Deposits 0 1 5i Placer Development 4 16 6 Mataki Gold 0 3 0 Mandated Alluvials 1 8 7i

easier. Commercial Bank of Australia £ s. 0 18 d. 7 National Bank (£5 paid) 7 3 0 G. J. Coles 4 4 0 Australian Glass 4 13 0 Dunlop Perdriau (ord.) 0 18 5 Dunlop Perdriau (pref.) 1 15 0 Electrolytic Zinc (ord.) 2 4 9 Electrolytic Zinc (pref.) 2 5 6 Mount Morgan 0 13 2 Loloma 1 3 3 ‘ Herald and Weekly Times 3 10 0 Myers 1 16 3 Silverton Trams 1 18 0 General Motors Holdens 1 4 0 United Provisions 0 11 6 Upper Watut 0 3 0 Irowat 0 2 0