Commerce, Mining, & Finance

Evening Star, Issue 22455, 28 September 1936, Page 7

Commerce, Mining, & Finance

THE SEARCH FOR GOLD MOSSY CREEK DREDGE The Mossy Creek dredge reports a return of 71oz Idwt (8,895 yards) for 136 hours’ work. There will be no dredging this week owing to an overhaul of the plant. CROMWELL MINING NOTES (Fuck Our Own Correspondent.] Mr F. S. Jones, manager of the Jones Nevis Sluicing Co. Ltd., passed through Cromwell on Saturday on his way over to the Nevis. Mr Jones informed your correspondent that he had made arrangements for his crew to go over early next week, and he speaks quite confidently concerning the future of the Nevis field. Mr Jones stated that his company’s water troubles were now definitely over and the augmented supply brought in last year had proved a big factor in the successful working of tie claim towards the end of last season. An abundant supply of water is assured. Last year stripping operations had been completed prior to closing down for the winter months, and after a few necessary adjustments to the pipe line and plant, elevating would soon, be. resumed. Mr S. C. Fache, who on his small dredge at the Nevis crossing got such splendid returns last season went over the hill yesterday, as soon as the cut- , ting had been cleared of snow. (Hie Cairnmuir Sluicing Ltd. is regarded as likely soon to resume operations and it is reported that the company is to have a shaft sunk with a view to determining how far back it will be necessary to take the open cut before striking the Bannockburn wash. Very rich ground is being worked by a party of three young miners, on the slope at the back of the Cairnmuir homestead, and the party _ for some little time now, has experienced few days when less than SOdwts has been washed up for the day. The Cromwell ‘ Argus ’ reports 5 ; “ The extension of the low-level tunnel at the Bendigo mine has been completed for the additional 150 ft, and work has now ceased. It is reported that right at the end of the drive some particularly soft country was struck.- / BENDIGO RISE AND SHINE The return for the week ended September 19 .was 19oz sdwt from 20 tons of stone. For the four weeks ended September 19 51oz 9dwt was recovered from 48 tons of stone. SYDNEY STOCK EXCHANGE Press Association—By Telegraph—Copyright SYDNEY, September 26.

THE MEAT MARKET [Pm United Phess Association.] WELLINGTON, September 27. The New* Zealand Meat Producers’ Board advises that the following are the approximate average prices realised for the week based on actual transactions in wholesale quantities of the descriptions of the meat mentioned and for representative parcels of goods offering during the week, being for business done on the basis of delivered to the Smithfield market, and/or ex London stores:— New Zealand Sheep.—Canterbury and North Island selected cross-bred wethers and maiden ewes: Under 481 b, sid per lb; 48-561 b, 4Jd; 57-641 b, 4Jd; 65-721 b, 4Jd. Ewes: Under 481 b, 4fd; 43-641 b, 4d; 65-721 b, 3Jd. New Zealand Frozen Beef.—Ox fores (145-2101 b), 2Jd; ox hinds (145-2101 b), 3|d. Australian Frozen Beef.—Ox crops (145-2101 b), 2|d; ox hinds (145-2101 b), 5Jd. Argentine Lambs.—First quality: 361 b and under, 7d; 37-421 h, 6id. New Zealand Lambs.—Canterbury: •First quality—36lb and under, 7jd; 37-421 b, 7Jd; 43-501 b, 6id. Second quality—Average about 311 b, 7d. Other South Island: 361 b and under. 7*d; 37-421 b, 7*d; 43-501 b. 6id. Selected North Island, including Downs* 361 b and under, 7|d; 37-42 Tb, 7jd; 43-501 b, 6Jd. Second quality—Average about 301 b, 7id. Other North Island: First quality—36lb and under, 7Jd; 37-421 b, 7Jd. Second quality—Average about 311 b, 6Jd. Southern Rhodesia Chilled.—Hinds, (145-2101 b), sd; fores (145-2101 b), 2|d. Argentine Chilled Beef.—Ox hinds (145-2101 b), 6d; ox fores (145-2101 b), 3d. Uruguayan Chilled.—Hinds, Sid; fores, 2Jd. New Zealand /Pigs.—First quality: 60-801 b. 6id; 81-1001 b. 6id; 101-1201 b, 6|d. Prime baconers: 121-160 lb, 6id. Mutton Market.—Wethers and ewes firm; prices unchanged. Beef Market.—Frozen beef is un-l changed, and chilled beef is firmer. New Zealand Porker Pigs Market.— Steady and unchanged. Baconer pigs are nominal owing to short spot stocks. Lamb Markets.—Steady, and prices are firm. Consumption continues satisfactory. COTTON, RUBBER, ETC. Pres* Association—By Telegraph—Copyright _ LONDON, September 26. Yesterday’s closing prices were as follow: Cotton: Spot, 6.73 d; October, 6.48 d. Rubber: Para, lOfd; plantation smoked, 7jd. Jute: September-October, £l7 Is 3d. Copra: October-November, South Sea, £l3 ISs; smoked, £l3 ss; plantation, Rabaul, £l4 15s. Linseed oil, £27 10s. Turpentine, 38s fid,'

LONDON WOOL SALES LOCAL AGENTS' REPORTS Messrs Murray, Roberts. and Co. Ltd. have received the following wool market quotations from their London agents, Messrs Sanderson, Murray, and Elder Ltd., dated 25th inst.: — 60-64’5,? New Zealand l merino, yielding 48 per cent., 13d; 56’s half-bred, yielding 64 per cent., 12id; 50’s fine crossbred, yielding 70 per cent., 10|d; 4446’s preparing, yielding 76 per cent., 9|d; 44-46’s carding, yielding 74 per cent., 9J3; 40-44’s, yielding 75 per cent., 9Jd; 36-40’s, yielding 76 per cent., none offering; 46-48’s mixed preparing nd carding, yielding 74 per cent., 9|d; 48-50’s mixed preparing and carding, yielding 72 per cent., lOd. Messrs Murray, Roberts, and Co. Ltd. have received the following wool market cablegram from their London agents, Messrs Sanderson, Murray, and Elder Ltd., dated 25th inst.: — Sales have dosed firm, competition keen, French buyers buying more freely. Compared with last London sales closing rqtes, greasy merino, best descriptions, par to 5 per cent, advance; greasy merino, other descriptions, market shows no change; scoured merino, best, advanced 5 per cent, to 10 per cent.; scoured merino, other descriptions, market shows no change; cross-bred greasy fine advanced 7$ per. cent to 10 per cent.; cross-bred greasy medium advanced 10 per cent.; crossbred greasy coarse advanced 10 per cent.; slipe fine cross-bred advanced 5 per cent.; slipe coarse medium crossbred advanced 10 per cent.; cross-bred scoured advanced 5 per cent, to 10 per cent. The National Mortgage and Agency Company of New Zealand Limited is in receipt of the following cable from its London office:—The auctions closed here to-day at their best point, with competition very keen for all descriptions." All sections of the trade are buying, including Germany. Compared with opening rates we quote:—Greasy merino, best, id to id dearer; greasy merino, average, no change; greasy half-breds, 50-56’s, id dearer; greasy cross-breds—4B-50’s id to id dearer, 46-48’s id to id dearer, 44-48’s id to id dearer, 40-44’s id to id dearer; 36-40’s ad to id dearer; half-bred lamb slipes, id dearer; medium and coarse slipes, Jd to 3d dearer. Total quantity offered, 97,300 bales; sold, 84,500 bales; carried forward, 33,500 bales (including 20,000 from New Zealand), The Bank of New Zealand has received the following advice from its London office, under date 25th inst.: — The sales have closed firm for all wools. Current quotations;—New greasy merinos—Super. (60-64’s quality) 173 to 17id per lb, ordinary (60-54’s quality) 14d to Isd, inferior (60-64’s quality) Hid to 12d; New Zealand greasy half-breds—s6-SB’s 13id to 14id, 56’s 12id to 13}d, 50-56’s 103 d to Hid; New Zealand crossbreds —50’s 10id to 10|d, 48-50’s 93d to 10id, 46-48’s 9id to lOd, 44-46’s 9id to 93d, 40-44’s 9Jd to 93d, 36-40’s 9d to 9Jd. TREASURY BILL TENDERS (British Official Wireless.) Freu Association — By? Telegraph—Copyright RUGBY, September 25. The total amount applied for in tenders for £50,000,000 of Treasury Bills was £75,110,000. The average rate per cent, for bills at three months is ICi 3.52 d, against Ids 4.90 d a week ago. BANK OF FRANCE REVOLUTIONARY CHANGE After only a few hours’ debate the French Chamber of Deputies approved by 444 votes to 77 a Bill' by which the Government proposed -to modernise that venerable and powerful institution known as the Bank of France. According to the ‘ Financial News,’ the revolution thus effected' means the practical disappearance of the bank as a private institution. True that the shareholders Remain with rights rather extended than reduced, for they ,are at last alt entitled to attend the annual meeting, admission to which was limited hitherto to the 200 colectivists or individuals owning the largest number of shares. True that they are not merely privileged to “ hear ” the annual report, but even to elect the three censors, who are privileged to sit on the new council as they were on the did. True that the distribution of profits between State and bank is unchanged. But fundamentally the old bank will scarcely be able to recognise itself in the new one, for apart from its capital structure almost everything is changed, or will be changed, when the law itself is in effect and the powers which it gives to the Government to “ modify the texts which regulate the discounting and portfolio of the bank and fix the rules for the establishment of the balance sheet.” BUTTER BDX SUPPLY WEST COAST TIMBER “ A definite assurance will be given the Government that the requirements of dairy_ factories in New Zealand for white pine for butter boxes will be given priority, even if the export trade has to be curtailed substantially,” said Mr A. O. Wilkinson, secretary of the West Coast Saw-millers’ Association, after a meeting of the association held at Greymouth on September 23. “ The Government has recently expressed fear for the adequate provision of the supply of white pine for butter * X x S or rec iuiremcnts of the whole rr ea l an d,” said Mr Wilkinson. Ho added that the new red pine price list would be available within the next day or so.

TAX ON SHARES MELBOURNE MARKET BILL BEFORE ASSEMBLY LOSS OF BUSINESS FEARED Provision for a stamp duty of 6d in £lO on the sale of any marketable security or right in respect of shares of any corporation, company, or society which has a register in Victoria, in which such securities are registered, was introduced in the Legislative Assembly of Victoria recently. The stamp duty will be chargeable on the sale of shares on the branch register in Victoria of a company having its principal register outside Victoria. The Ministry expects to raise £45,000 a year as a result of the measure. At the same time a cut in the tax on the sale of real estate is proposed. The Bill differs from the original measure introduced last year and rejected by the Legislative Council. In that Bill it was proposed to impose a tax of 6d in £lO on contract notes, which meant that the seller had to pay the impost in addition to brokerage. The present Bill provides for payment of the tax, not on contract notes, but on transfers, which means that the tax will be paid by the transferee, or buyer. It is proposed to discontinue the present stamp duties chargeable on contract notes, which varied from 3d on a contract note for £SO to 2s on a contract note of £2OO. and more. The exemptions include shares in a company solely engaged in gold mining operations, transfers made to a beneficiary under a will, pursuant to letters of administration of a deceased person’s estate, transfers made to a banker by way of security, and transfers made to a broker (as agent for the vendor) to enable him to sell such shares in small parcels. The Bill has aroused considerable opposition in Melbourne financial circles, which claim that it will damage Melbourne’s prestige as an investment centre. The freedom Victoria has enjoyed has attracted much money from other States and New Zealand, and it is claimed the imposition of the tax will hamper the flow of these funds. “A SPLENDID TUNIC" Mr Norman S., H. Catts, chairman of the Australian Guarantee Corporation Ltd., at the annual meeting of that company said that the rate at which trade had expanded in Australia appeared to have earned the discouragement of those controlling the country’s financial destiny. He was no advocate of inflationary measures, but he suggested thfit undue restraint of development in a young country was even more damaging. Public confidence had been badly shaken in recent months, but the Commonwealth Budget had provided a splendid tonic. STOCK EXCHANGES CLOSED All stock exchanges throughout New Zealand were closed to-day in celebration of Dominion Day. BUILDING SOCIETY’S BUSY YEAR FRESH CAPITAL NEEDED “ As more applications for loans are being .received than can be financed out of the annual mortgage repayments, your directors feel that further capital could be very profitably employed, so it has been decided to issue 800 shares of £5 each at par,” said Mr Herbert Pearce, chairman of direstors of the Invincible Building Society, at the annual meeting in Christchurch last Friday. Mr Pearce mentioned that the society’s dividend rate was 6 per cent, until 1930, and since then was 5 per cent. CANTERBURY FARMERS’ CO-OPERATIVE IMPROVED TURNOVER Steady progress in the business of the Canterbury Farmers’ Co-operative Association Ltd. (Timaru) was reported by the chairman, Mr F. R. Flatman, at the annual meeting of shareholders Turnover at £1,065,318 was an improvement of £178,143, much of the increase being the result of higher prices ruling for wool and stock during the season, with a steady increase in merchandise trading. Net profit was £17,114, compared with £14,532 in the previous period. The association’s responsibility in finance showed a decrease of £20,835, notwithstanding the fact that merchandise stocks on hand showed an increase of £7,870, all of which were paid for. Production in South Canterbury was favourable, and reasonably good prices had been available for all classes of produce, with the exception of the seed trade, which, owing to the absence of export demand, left considerable room for improvement. Discussing the annual report, Mr J. Anstey contended that the writing down of capital was “ immoral,” and that the association was leading up to a position that existed in 1920, where the Government took £90,000 from them allegedly for income tax. “ Writing down capital was assisting the Government to rob the farming community,” he said. He asked that the directors should go into the matter and endeavour to clear it up. It was agreed that the directors should still persist to have that anomaly removed.

The stockholders’ directors, Messrs A. S. Jones, M. Guild, and W. M. Orboll, were re-elected.

MILK MARKETING BRITAIN'S LATEST SCHEME TO KEEP DOWN IMPORTS. A marketing scheme under the Agricultural Marketing Acts which will control the sales of the equivalent of 500,000,000 gallons of milk a year and will apply to the whole of Britain, has been submitted to the Minister of Agriculture and is expected to be in operation in February. The new marketing board will be known as the Milk Products Marketing Board. The scheme will regulate the manufacture and sale in Great Britain of butter, cheese, condensed milk, and dried milk. The wide powers which it is proposed should be given to the board include the right to lead to a registered manufacturer of milk products a sum not exceeding 33 1-3 per cent, of the amount he would receive in a year for the sale of a product regulated under the scheme. The board will also determine the descriptions under which products may bo sold; the maximum and minimum selling prices; the agencies through which they may be sold; rates of discounts and rebates, and the manner in which products may be graded, packed, marked, or stored. The board will allot selling quotas to the manufacturers of milk products. If the quotas are exceeded the board may impose a fins of £SOO or half the price at which the product has been sold. Mr F. G. Gosney, secretary of the provisional board, told a representative of the ‘ Evening Standard ’ that the object of the new scheme is gradually to replace by British products a substantial proportion of the present imports of dairy produce, which amount to be equivalent of 2,000,000,000 .gallons a year. “ English producers have to compete with prices which in the case of some products are as little as 2d a gallon,”- he said. RETAILERS COMBINE MUTUAL BUYERS' ASSOCIATION LTD. A Dominion-wide combination of retailers of all descriptions has been incorporated in Auckland under the name of the Mutual Buyers’ Association Ltd., with a nominal capital of £250,000. Its object is to introduce co-operative buying, transport, importation, hanking, and advertising among its members, to put them in a position to compete on an equal footing with chain stores. DIVIDENDS DUE North Broken Hill—2s fid per share and bonus 2s fid per share Sept. 29 Tooheys Ltd. —half-yearly final, 4 per cent., making 8 per cent. per annum Sept. - 30 British Tobacco —Quarterly, 2 per cent. Sept. 30 Amalgamated Pictures Ltd. — Half-yearly, 10 per cent. ... Sept. 30 Pukemiro Coal —final 3j per cent. Sept. 30 Westland Breweries, 7i per cent. Sept. 30 Whittome, Stevenson, Auckland — —5 per cent ... ... Oct. 1 Myer Emporium, Melbourne — Final, 5$ ptr cent., making BJr per cent, per annum Oct. 1 Dunlop Perdriau —Final, ord., and pref., 5 per cent Oct 1 United Building Society (Christchurch)—lnterim, 2\ per cent. Oct 1 Nestles and Anglo-Swiss MilkQuarterly, pref., 8 per cent, Oct. 1 Australian Knitting Mills—Pinal, half-year, pref. 3J per cent., ord. 4 per cent., making 7 per cent, per annum Oct. 2 Lincoln Mills—Final, pref., 5 per cent., and ord., 8 1-3 per cent. Oct 2 Bank of Australasia—lnterim, 3s fid per share .... ... Oct 2 Howard Smith —Ord., 24 per cent, per annum; pref., 1£ per cent Oct. 6 Amalgamated Zinc (De Bavay’s) — Half-yearly, 5 per cent. ... Oct. 9 Amalgamated Wireless—final, 6 per cent, and bonus 1 per cent., making 11 per cent, per annum ... ... Oct. 12 Woolwcrths Ltd.—quarterly, ord. 2 per cent Oct. 15 Woolworths (N.Z.) Ltd.—lnterim pref. £2 14s per cent Oct. 15 Burns, Philp (South Sea) —halfyearly 5 per cent, per annum Oct. 15 G. J. Coles—lnterim, quarterly, 2) per cent. ... Oct. 15 Wunderlich Ltd.—lnterim halfyearly, ord., 6 per cent, per annum; Ist and 2nd pref., 6 per cent, pet annum; 3rd pref., 7 per cent, per annum Oct. 15 United Provisions —pref. halfyearly, at 8 per cent, per annum, ord. 2 per cent, per annum Oct. 30 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 Not. 2

Commonwealth Bonds — ■ £ 3 d 4 p.c., ' 1953 Commercial Bank of, Syd101 12 6 ■ ney .. 19 15 0 Bank of New South Wales 33 10 0 Anthony Hordern U 18 9 Associated News (pref) ... 1 3 4* British. Tobacc i 1 2 4 U Burns, Philp 3 12 0 Dunlop Perdriau 0 18 Vi General Industries 0 19 10* 6. J. Coles 4 3 6 Henry Jones 2 2 6 Mark Foy • 1 12 0 Peters ... 2 3 0