Commerce, Mining, & Finance

Evening Star, Issue 22451, 23 September 1936, Page 7

Commerce, Mining, & Finance

AUSTRALIAN ORANGES

EXTRA 6,000 CASES SANCTIONED [Pee United Peess Association.] WELLINGTON, September 22. The importation of an additional quantity of 6,000 cases of South Australian oranges by the next two vessels sailing from Melbourne has been authorised by the Government, according to a statement made this evening by the Minister of Customs, Mr N The Minister stated that the recent accident to the vessel Matua when loading fruit at Cook Islands had prevented the shipment of the full quantity of oranges available, and in order to obviate a shortage the Government had decided to permit the importation of extra quantities from South Australia. Thirty-one thousand cases of South Australian oranges would arrive in the Dominion by the next two yessels.

SYDNEY WOOL SALES

press Association —By Telegraph—Copyright SYDNEY, September 22. .At the wool sales 12,155 bales were Offered and 10,525 sold, while 747 were disposed of privately. All the best lines of fleece and skirtings, were firm, .with wider competition on ordinary »nd inferior wools. Yorkshire and Germany were the principal buyers, with good support from I'ranee. Greasy ■' jnerino made 21d.

AUSTRALIAN STOCK EXCHANGES

press Association—By Telegraph—Copyright SYDNEY, September 22. ,On the Stock Exchange banks,; breweries, and bonds were quiet but steady, and the turnover was well up to the

LORNEVILLE STOCK SALE

[Per United Pkess Association.]

< INVERCARGILL, September 22. There was a falling off in numbers in all sections except fat cattle at the Lomeville stock sale to-day. The supply of good wethers was apparently in excess of requirements, and values showed a decline. There was also an easing tendency in the market for light-weight wethers and ewes. Fat pattle prices were firm. .Fat Sheep,—The entry was a fairly full one, and was made up chiefly of •wethers, there being only a small number of ewes. Some really good quality •Wes and wethers were yarded. The kupply of good wethers, however, apIpeared to be more than sufficient for requirements, and they showed a decline of about 2s a head. Light-weight Aethers and ewes were also easier, but |not to the same extent. Prime quality wethers made from 34s to 36s 6d, good •quality from 31s to 32s 6d, and lightweights from 27s to 295. Prime heavy ewes realised from 29s to 31s 9d, prime quality 26s 6d to 28s, medium from B3s to 24s 6d, light wethers' from 20s 6d to 21s 6d, and unfinished down to J7s.

Fat Cattle.—Country butchers were 'operating, and as a result there was ia good sale in keeping with last week’s (rates. "Extra prime heavy-weight (bullocks realised from £l7 2s 6d to £lB Bs 6d, prime quality £l3 15s to £ls, Jgood quality £l2 to £l3, and lighter (sorts £lO 15s to £ll 10s. Extra prime ■heavy-weight cows sold up to £l3, prime quality £ll to £ll 15s, good quality £9 15s to £lO 10s, medium■weights £7 15s to £8 10s, and aged and unfinished £5 _los to £6 10s. Prime heavy heifers realised up to £l2 2s 6d. prime quality £lO 15s to £ll, good quality £8 15s to £9 10s, and lighter sorts £7 5s to £B.

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 (otlier 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. (dbl) 4.06} 4.06 O.D. (dol) ... ... 4.07 4.06} BUYING— O.D. (dol), ... ... 4.11 i 4.10}

NORTH BROKEN HILL

INCREASE IN OUTPUT EXPECTED 'An appreciable increase in the output from the mine of North Broken Hill Ltd. is foreshadowed by the announcement made in Melbourne last week that a new treatment mill will be installed by the company. The capacity of the new treatment plant, plans for which are about to be prepared, has not been disclosed, but it is understood that it will be in excess of that of the plant at present in operation. The present plant lias a capacity of from 35,000 to 40,000 tons a month. Sections of it, it is stated, will be incorporated in the design of the new plant. The announcement is bound to evoke interest from investors. North Broken Hill, which in 1935 milled 396,175 tons of ore, is one of the most important companies of the (Barrier group. > Interest in Barrier shares has been stimulated in recent months by a generally firming market for base metals, particularly lead. The company has recently lifted its quarterly dividend from 3s 6d to 5s a share, making the total distributions over the last 12 months 15s 6d a share, or 77 i per cent. The shares are £1 each fully paid. THE SEARCH FOR GOLD WAIMUMU RETURN The Waimumu Sluicing Company’s return for two weeks and a-half of work was 19oz. WAITAHU RETURN Messrs W. A. Mitson and Co., secretaries of the Waitahu Gold Mining Company Ltd., report that the ground sluicing operations, stripping No. 9 paddock, yielded 4oz 15dwt. Elevating operations commenced on September 8. A partial wash-up took place last Saturday for a return of 40oz sdwt from these elevating operations, 30 shifts of eight hours each having been worked. This makes a total of 450 z to date from this paddock. MATAKI RETURN [Per United Press Association.]

AUCKLAND, September 22. The Matakni return for the week ended September 20 was 240 z for 132 hours’ work and B,oooyds.

WELLINGTON MILK

MUNICIPAL SUPPLY PRAISE FROM OVERSEAS An extract from the July number of the ‘ Accountant,’ a leading London accountancy journal, which reviewed the municipal milk department’s accounts for the 1935-36 trading year, was submitted by the Milk Committee to the meeting of the Wellington City Council (states the ‘ Dominion ’). Praising the form of the department’s accounts, the journal said: “We'have received from our friends in New Zealand a copy of the accounts issued by the Wellington City milk department. It is, so our correspondents state, to the best of their knowledge, the only municipal venture of this kind in the world. Certainly in this country municipal trading has been confined to 'the primary public services such as electricity, gas, water, and transport. “We understand that' Sheffield _ once entered the milk distributing business, but only for a time. It is a form of accounts, therefore, which should prove interesting to our readers here, and we accordingly reprint them this week. Their chief merit is that they follow good commercial practice. They are the sort of accounts, in fact, that any private individual or firm would have prepared. To a certain extent they need to be read in conjunction with the report of the general manager to the Slilk Committee. He explains, for instance, the cause of the small loss of £22 19s Id, and reviews certain assets and other balance sheet items, giving reasons for changes which have taken place. In trading itself, working expenses were higher,_ but sales _ rose, bringing an appreciable reduction in the margin of spread between cost and retail selling prices. The accounts are given in considerable detail—far more than we are used to in this column, where our field of view is mainly among the accounts of public companies. With them is included a comparative statement of the essential facts of the business, in a form which is worth noting by those in the profession who endeavour to provide for their clients something more than mere accountancy and income tax service.” The Milk Committee reported that the milk sales foi August averaged 5,678 gallons daily, snob being 368 gallons, or 6.93 per cent., in excess of the sales for the corresponding month of last year. By the same comparison, cream sales show an increase of 18.2 per cent. The sales of milk to nearby farmers averaged 284 gallons daily, as compared with 145 gallons for the corresponding month of last year, THE METAL MARKET Press Association —By Telegraph—Copyright LONDON, September 21. The following are the official metal quotations:— Copper: Spot, £39 3s 9d per ton; forward, £39 8s lid. Electrolytic: Spot, £43 10s; forward, £44. Wire bars, £44. Lead: Forward, £lB 7s 6Jd; spot, £lB Gs 3d.

Spelter: Spot, £l4 Is 3d; forward, £l4 ss.

Tin: Spot, £l9B ss; forward, £195 10s. Silver: Standard, 19 7-lCd per oz; fine. 21d.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Business was quiet oil Hie local exchange this morning, and price levels showed little variation from yesterday. E.S. and A. Banks had reported business at the slightly easier price of £5 16s, closing quotations being firm at from £5 15s 6d to £6. New Zealands eased to sellers at 39s without attracting a buyer. Insurance shares came in for more inquiry, Nationals moving up 2d to buyers at 18s 6d, with sellers at 18s lOd, while New Zealands and Standards also had buyers. There was a definite easing in the demand for Australian issues, and there was a tendency for the market to weaken, G. J. Coles were a shade easier at 82s to 82s 9d, while Australian Glass and Broken Hills were available at cheaper rates. Amongst •Dominion issues N.Z. Newspapers had a closer market, and Paper Mills had reported business at 275, with further buyers at 26s 6d and no seller. Wilson’s Cements were wanted at 36s 3d, but this increased price failed to attract a seller. Brewery shares continued to attract considerable attention, but prices remained unaltered. In the Australian raining Electrolytic Zincs remained firm, Mount Lyells showed a slight improvement, while Mount Morgans were easier with sellers at 13s Id and no buyer.

Howard Smith —Ord., 2£ per cent, per annum; prof., per cent Oct. 6 Amalgamated Zinc (Do Bavay’s) —Half-yearly, 5 per cent. ... Oct. 9 G. J. Coles —Interim, quarterly, 2Jr per cent Oct, 15 N.Z. Guarantee Corporation— Final, 2d a share, 9 13-18 per cent, per annum Oct. 30 Imperial Chemical Industries Ltd. —lnterim, 2£ per cent., on ordinary shares Nov. 2 LONDON WOOL SALES STRONG COMPETITION Press Association —By Telegraph—Copyright LONDON, September 22. (Received September 23, at 11.30 a.m.) At the wool sales 9,018 bales were offered, including 5,630 from New Zealand. Altogether 7,940 bales were sold. There was a moderate selection, largely New Zealand cross-breds, which Avere strongly competed for and well cleared, chiefly to the home trade, at prices favouring the sellers. Inferior wools were frequently withdrawn. New Zealand greasy half-bred, “ Wairewa,” top price, 16d lb; average, 14Jd. Sline half-bred lambs, “ TIIS in Diamond h (Canterbury), top price, 17d; average, 14(d. ' NEW GUINEA GOLD SHARES Press Association—By Telegraph—Copyright LONDON, September 22. (Received September 23, at noon.) New Guinea Gold shares are quoted at 3s 6d. MOUNT LYELL SHARES Press Association—By Telegraph—Copyright LONDON, September 22. (Received September 23, at noon.) Mount Lyell shares are quoted at 22s 10id. ANTWERP FUTURES Frets Association —By Telegraph—Copyright LONDON, September 22. (Received September 23, at 11 a.m.) Antwerp futures are steady. October and December, 25|d; March, 26 Jd.

£ S. d. Bank of New South Wales 33 5 0 .Commercial Bank of Australia 0 18 6 Bank'of New Zealand 1 19 0 Associated News ... ... ... 1 3 'Automatic Totes ... 0 19 9 Burns, Philp ... 3 12 0 Australian Gas (A) ... ... 7 7 6 Tooth's ... 2 17 0 Drug Houses i.. 1 12 3 Australian Glass 4 13 6 Goldsbrough, Mort 1 14 3 Henry Jones 2 .2 9 Millaquin Sugar 2 2 10J lAirialgamated Wireless (cent.) 2 1 6 Australian Drug 0 15 9 W. R. Carpenter 2 1 3 Sargent’s ... 1 8 9 Kandos 1 2 0 .Gordon and Gotch ... 2 11 6 Australasian Paper 1 15 n iW underlich 1 3 6 British Tobacco 2 4 0 Mount Lyell 1 9 10J Mount Lyell (New Zealand delivery) 1 9 10J Broken Hill Propy. 3 16 6 Broken Hill Propy. (new) 2 18 0 South BH'kefPHiir : ... 6 3 6Emperor' ... ... 0 15 a MELBOURNE, September 22. The market was generally quiet, i and feold shares were easier. Commercial Bank of Australia 0 18 7 E.S. and A. Bank 5 16 0 National Bank (£10 paid) 14 10. 0 Howard Smith 0 19 4 : British Tobacco 2 3 9 Carlton Brewery ... 3 0 9 G. J. Coles ... 4 3 6 Drug Houses 1 12 0 Australian Glass ... ... ... 4 13 3 Dunlop Perdriau 0 18 6 Goldsbrough,,. Mort ... ... 1 14 0 Electrolytic Zinc 2 4 9 Electrolytic Zinc (pref.) , 2 6 0 Mount Morgan Mount Lyell ... 0 13 2: 1 9 104 Broken Hill Propy. ... 3 16 6 Emperor ... ... ... ... 0 15 1. Loloma ... ... - 1 3 6 * Herald and Times ’ 3 10 0 Kauri Timber ... ... ... 1 ■4 6 United Provisions . ... ... 0 11 3 Irowat ... ... ... 0 H 3 Hume Pipe ... ... General ■ Motors ■c I 19 8 1 ' 4 0

notice): — Selling. Buying. London— £100 stg. £124 10/ N.Z. . T.T. £124 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 4.06jr N.Z. ... .. T.T. 4.10£ O.D 4.11J4.07 Montreal— Dollar to £1 4.06 N.Z. ... .. T.T. 4.09g O.D 4.10| 4.06* Austria— Schillings N.Z. ... ;o £1 . T.T. . 21.08 O.D. — 21.10 Belgium— £1 Belgas to N.Z. ... . T.T. 23.962 O.D. — 23.973 Czechoslovakia — Crowns to £1 97.47 97.52 N.Z. ... . T.T. O.D. Denmark — Kroner to £1 18.203 17.893 N.Z. ... .. T.T. O.D. 18.263 17.903 France — £1 Francs to 61.57 N.Z. ... . T.T. — O.D. — 61.61 Germany— Reichmarks to £1 10.067 N.Z. ... . T.T. ■ — O.D. — 10.072 Holland— £1 Florins to 5.968 N.Z. ... , T.T. .— O.D. — 5.972 Italy— Lira to £1 51.52 N.Z. ... • •• . ' T.T. —' O.D. — 51.57 Java — £1 Florins to 5.922 5.926 N.Z. ... . T.T. O.D. Norway— £1 Kroner to 16.181 15.891 N.Z. ... . T.T. O.D. 16.241 15.901 Sweden — £1 Kroner to 15.490 N.Z. ... . T.T. 15.785 O.D. 15.845 15.500 Switzerland— Francs to £1 12.401 N.Z. ... . T.T. —• O.D. —• 12.406 Noumea — £1 Francs to 60.20 N.Z. ... , T.T. O.D. — 60.26 Papeete— £1 Francs to 60.35 N.Z. ... . T.T. —• O.D. — 60.41 Hongkong— to N.Z. pence dollar 1 T.T. 17 63-64 18 63-64 O.D. 17 57-64 18 61-64 India and CeylonN.Z. pence rupee to 1 T.T. 22 9-64 22 57-64 O.D. 22 3-64 22 7-8 Japan— to N.Z. pence yen 1 T.T. _ 17 17-32 O.D. 17 33-64 Shanghai— •- N.Z. pence to 1 T.T. 18* dollar „ 17i O.D. 17 1-16 18 15-64 Singapore— N.Z. pence to 1 35 31-64 dollar T.T. 34 27-64 O.D. 34 15-64 35 15-32

SALES REPORTED. N.Z. Paper Mills, £1 1 7s (late yesterday). Waipapa Beach, 6d (late yesterday). E.S. and A. Bank, £5 16s. M'Leod Bros., £32. Quotations as under;Buyers. Sellers. £ s. d. £ s. d. BANKING— New South Wales ... — 32 15 0 New Zealand — 1 19 0 Commercial . 0 18 3 0 18 5 Commercial of Sydney 19 10 0 — E.S. and A. ... ... 5 15 6 6 0 0 National of New Zealand ... — 3 1 6 INSURANCE— National 0 18 6 0 18 10 New Zealand 3 0 6 — Standard ... ... 3 0 0 3 1 6 SHIPPING— P. and 0. Deferred Stock 1 10 0 — U.S.S. Co. (pref.) ... 1 6 0 — MEAT PRESERVING— N.Z. Refrigerating (paid) 0 19 0 — N.Z. Refrigerating (cont.) 0 9 2 — South Otago Freezing 7 15 0 8 0 0 LOAN AND AGENCYGoldsbrough, Mort ... — 1 14 3 National Mortgage ... ■ 2 11 0 N.Z. Loan and Mercantile (ord.) 34 10 0 — N.Z. Guarantee Corporation 0 5 4 — Perpetual Trustees ... ” 3 4 0 COAL — Kaitangata 1 1 0 — Westport 1 2 6 1 3 0 WOOLLEN COMPANIES— Bruce (ord.) — 0 14 6 Kaiapoi (cont.) ... 0 6 5 MISCELLANEOUS— Anthony Hordern ... — 0 19 0 Australian Glass — 4 12 8 Australian Iron and Steel (pref.) — 1 6 5 Broken Hill Proprietary Brown, Ewing (ord.) 0 16 9 3 16 3 Brown, Ewing (pref.) 1 2 3 — Crystal Ice Co 2 5 6 — D.I.C. (ord.) 0 15 6 0 16 3 Dominion Fertiliser ... — 1 5 0 Dunlop Perdriau 0 18 6 Rubber 0 18 1 0. «T. Coles ••• 4 2 0 4 2 9 Milburn Lime and Cement — 2 3 0 National Electric 0 13 0 — N.Z. Drug Co 3 14 0 — N.Z. Farmers’ Fertiliser ... 1 1 0 — N.Z. Newspapers N.Z. Paper Mills ... 1 19 1 6 0 6 2 0 0 • Otago Daily Times ’ — 2 8 0 Regent Theatre Wilson’s (N.Z.) 1 16 3 1 1 6 Cement — Woolworths (ord.) ... 4 16 0 b 6 0 Cash Orders (rights) 0 9 0 — BREWERIES— ' New Zealand 2 12 0 2 14 0 Dominion 1 11 0 — 0 — 1 10 Tooths 2 16 0 2 16 9 Carlton 2 19 0 —* UNLISTED STOCKS— MTntosh, Caley, , 0 11 Phoenix , — ■ 0 Woolworths, Sydney, 5 8 (ord.) ... 5 6 0 0 ■AUSTRALIAN MINING— Broken Hill South 6 5 0 (£1, ex) ... .... ... — Electrolytic Zinc (pref., £1) ... 2 4 6 2 5 Electrolytic Zinc 9 6 (ord., £1) ... ... 2 3 2 4 Mount Lyell (£1) 1 9 6 J. 9 Mount Morgan (2s 6d) — 0 13 GOLD MINING— Big River (Is) — 0 2 1 Central Shotover (Is) — 9 0 0 5 Clutha River (2s) ... . 0 1 — Consolidated Goldfields 0 16 — 9 Gillespie’s (Is) 0 1 5 0 1 6 Kildare (2s) — 0 2 King Solomon (Is) Lawson’s Flat (Is) ... ■ 2 0 1 0 0 0 4 Mossy Creek (Is) 0 1 — 0 Mount David (5s) ... — 0 1 Nokomai (5s) — 0 2 0 Okarito (5s) 0 4 0 0 5 6 Paddy’s Point (5s) ... — 0 2 6 Waimumu Sluicing (Is) — 0 0 10i Waipapa Beach (Is) — 0 0 11 N.Z. GOVERNMENT LOANS— (Bonds quoted are £100 Bonds.) 34 p.c. Stock, Nov., 1938-52 103 10 0 — 3i p.c. Stock, March, 1939-43 101 10 0 — 34 p.c. Slock, Sept., 1939-43 101 10 0 — 34 p.c. Stock, May, 1939-52 ... 103 10 0 3 It p.c. Stock, May, 1941-52 103 5 0 — 3£ p.c. Stock., Nov., 1941-52 103 5 0 — 4 p.c. Bonds, 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 5 0 105 17 6 4 p.c. Bonds, 1952-55 105 5 0 — 4 p.c. Stock, 19b2-bb 105 5 0 DIVIDENDS DUE Bartholomew Timber (Hamilton) —2 per cent, and bonus li 24 per cent Sept. Auckland Farmers’ Freezing — 6 25 per cent, per annum Sept, Nemona Dredge—Id a share Sept. 26 Hume Pipe, Australia, Ltd.—5 per 28 cent, per annum Sept. British Tobacco—Quarterly, 2 per cent Sept. 2o Claude Neon (Australia ) —15 per 28 cent ... Sept. Myer Emporium, Melbourne Final, 5£ per cent., making Oct. per cent, per annum 1 Dunlop Perdriau —Final, ord., and Oct pref., 5 per cent. 1 United Building Society (ChristOct church) —Interim, 24per cent. 1 Lincoln Mills—Final, pref., 5 per Oct cent., and ord;, 8 1-3 i per cent. 2 Bank of Australasia —Interim, 3s ’ 6d per share Oct 2