Commerce, Mining, & Finance

Evening Star, Issue 22456, 29 September 1936, Page 7

Commerce, Mining, & Finance

THE SHARE MARKET DUNEDIN STOCK EXCHANGE After the holiday yesterday business on the local Exchange opened quietly. A sale was effected in Mount Lyells at the unchanged price 'of 29s 6d, while sales were reported in New Zealand Breweries at the weakened price of 525, and in Marthas at 19s 6d, cum div. The quietness of the market is due to a large degree to the approaching half-yearly bank balances, investors being anxious to see the effect of the Labour Government’s policy in regard to bank trading and business generally. In connection with industrial and trading concerns’ shares, the market has been severely disturbed by the increased taxation. ' Quotations generally showed little change on those ruling at the end of last week. Both issues of Broken Hill Proprietary experienced, a rise in price, bifyers offering lb (Jd more for the ordinaries and 6d more fpr the contributings, with sellers firm in each case. •. In the brewery section, Tooths had a closer market, sellers reducing their limit by 3d to 56s 6d, while Carltons moved up M, to- buyers at 59s 6d, with still no sign of a seller. Amongst unlisted stocks Woolworths (Sydney) were wanted at £5 ss, with sellers unchanged -at £5 Bs. while Shillings Ltd. were firm, with no seller under 18s 9d. Electrolytic Zinc preference had a better buyer by 3d, with sellers firm Is away. Mount Morgans firmed up again, buyers advancing their limit by 8d to 13s sd, and sellers by lid to 13s lid. SALES REPORTED. New Zealand Breweries, £2 12s (late Saturday). ■ ■ . . Martha, 19s 6d (cum div.). SALE ON ’CHANGE. Mount Lyell, £1 9s fid. Quotations as under: —

DIVIDENDS DUE Tooheys Ltd. —half-yearly final, 4 per cent., making 8 per cent. per annum Sept. 30 British Tcbacco—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, 7A per cent. Sept. 30 Whittome, Stevenson, Auckland——s per cent Oct. 1 Myer Emporium, Melbourne— Final, 5J per cent., making 8J per cent, pei annum Oct. 1 Dunlop Perdriau—Final, ord., and pref., 5 per cent Oct. 1 United Building Society (Christchurch) —Interim, 2j per cent. Oct. 1 Nestles and Anglo-Swiss Milk — Quarterly, pref., 8 per cent. Oct. 1 Australian Knitting Mills—Final, half-year, pref., 3J per cent., ord., 4 per cent., making 1 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 —Interim, 3s fid per share Oct. 2 Howard Smith —Ord., 2J per cent, per annum; pref., 1J per cent. Oct. 6 Amalgamated Zinc (De Eavay’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, 2J per cent • ■■■ Oct. 15 Wunderlich Ltd.—lnterim halfyearly, ord., 6 per cent, per annum; Ist and 2nd pref., 6 per cent, per 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 CorporationFinal, 2d a share. 9 13-18 per cent, per annum Oct. 30 Imperial Chemical Industries Ltd. —lnterim, 2J per cent., on _ ordinary shares Nov. 2 THE SEARCH FOR GOLD MATAKI RETURN [Pee United Press Association.] AUCKLAND, September 28. The Mataiki return for the week ended September 27 was 250 z for 130 hours’ work and 8,900 yards treated. OKARITO RETURN The Okarito return for last week was 230 z Idw.t for 125 hours’ dredging. WORKSOP EXTENDED RETURN The Worksop Extended Gold Dredging Company Ltd. reports a return of 13oz for the week ended on September 24. The dredge was working for 120 hours and treated 8,000 yards of material. BIG RIVER MINES The following is the report of Big River Gold Mine Ltd. for the week ended on September 21: — No. 4 Level.—North stope: All the ore has been extracted from this area, and work is now confined to driving on a small leader of stone to see if it improves. Centre stope: A new stope is being risen for on reef which is looking better than previously. The stope north of the mam rise has been filled in. Stone is being broken from the stope south of the main rise with one shift. South Stope: The men are starting to rise for a new stope. The reef here is showing an improvement. No. 5 Level.—The shaft has been driven 25ft for the week, making the total distance 123 ft. Forty tons of stone have been broken for the week. The battery is crushing on one shift. LONDON WOOL SALES Wright, Stephenson\ and Co. report having received the following cable in connection with the London wool sales:—“ The wool sales closed with the market unchanged. There was an average attendance of buyers, and competition was animated, Continental and Bradford buyers being the chief operators : throughout the series. Ninetythree thousand bales were offered, of which 84,500 were sold. The selection was good, and it was reported that America took 4,000 bales. We quote the following realisations for average qualities:—Greasy merino, 60-64’s, yielding 48 per cent., 13d; greasy fine half-bred, 56-58’s, yielding 62 per cent., 13Jd; greasy half-bred, 50-56’s, yielding 68 per cent., lid; greasy three-quarter-bred, 48-50’s, yielding . 74 per cent;, 9Jd; greasy fine cross-bred, 4648’s, yielding 75 per cent., 9i_d; greasy medium cross-bred, 44-46’s, yielding 75 per cent., 9d; greasy cross-bred, 4044’s, yielding 76 per cent., 9Jd; greasy coarse cross-bred, 36-40’s, yielding 76 per cent., BJd; cross-bred lambs, 4650’s, yielding 74 per cent., IOJd. Compared with the opening rates merinos are up -Jd per lb, whereas fine halfbred have dropped Jd per lb, ordinary half-breds being the same. In the cross-breds, 48-50’s and 44-46’s remain unchanged, all other grades being up Jd.” SYDNEY WOOL SALES Press Association—By Telegraph—Copyright SYDNEY, September 28. At the wool sales 12,192 bales were offered and 10,742 sold, while 1,541 were disposed of privately. There was strong competition from Yorkshire and an improved Continental demand. Best descriptions were from par to 5 per cent, above last week. Greasy merino brought 20Jd. The average price of wool last week was £l6 9s lid a bale, or 12.6 d per lb. THE DOLLAR Press Association—By Telegraph—Copyright LONDON, September 28. (Received September 29, at 10.30 a.m.) The dollar is quoted at 4.9-1.

DAIRY PRODUCE SUPPLY A WELLINGTON MOVE SAME GOST TO RETAILERS AS TO DISTRIBUTORS [Per United Press Association.] WELLINGTON, September 28. Certain dairy factories supplying the Wellington market have decided to make supplies available to retailers direct at the same price as that charged to Under this arrangement, which came into operation to-day, butter from these factories will be available at the factories’ depot in Wellington at 12Jd per lb in pats, plus a servicing charge of 4]d a box. The factories concerned are situated in the main in Manawatu, Hawke’s Bay, and Wairarapa. A condition of sale to the retailer is that the transaction must be for cash. It is pointed out that the new arrangement is likely to have -a serious effect on the business of the distributors who previously handled the butter from the factories concerned, but on the other hand, the retailers may prefer to retain their connections with the wholesale houses in order that they might continue to operate on a credit basis. The Wellington Master Grocers’ Association announced to-day that it had been advised by distributors that the wholesale price for butter had been reduced to Is Id per lb delivered. The new retail prices will be: —First grade, Is 2d; superfine, Is 2£d, both cash over the counter, and up t° Is 3d booked or delivered. AUSTRALIAN STOCK EXCHANGES fr«H Association —By Telegraph—Copyright SYDNEY, September 28. Gold shares were firmer on the Stock Exchange to-day, and the opinion was freely expressed that the international monetary agreement should tend to stabilise the price of metal at a higher level than that ruling lately. The investment market generally was steady. £ s. d.

MELBOURNE, September 28. The market generally was quiet, with little movement in prices. £ s. d.

N.Z. CHILLED BEEF DOIHG BETTER THAN ANTICIPATED [Pee United Press Association.] AUCKLAND, September 28. Disagreement with recent criticism of the quality of New Zealand chilled beef entering the British market "as expressed by Mr P. J. Borthwick, of Masterton, a director of Messrs Thomas Borthwick and Sons, Australasia Ltd., on his return from Australia. . “ New Zealand chilled beef is doing far better than was ever anticipated, said Mr Borthwick. The optimism of those concerned in starting the industry a few years ago had been more than justified, he said. It was only a question of time when the New Zealand product would fetch Argentine prices. New Zealand was holding her own with everyone, and a wonderful development had been achieved. Mr Borthwick said that the Australian lambing season had been very late this year, and the meat would probably come into the market at about the same time as the New Zealand product instead of earlier, as was usual. He was afraid the price would suffer as a consequence especially as the Australian season had been' a good one. DISTINCT IMPROVEMENT BROWN, EWING AND CO.'S YEAR 3 PER CENT. DIVIDEND REVEALED. A distinct and satisfactory improvement is shown in the result of the year s trading by Brown, Ewing, and Co. Ltd. The net profit for the year ended August 15 was £2,179 18s 3d, as against £72 18s 4d for the previous year. The directors report that during the year the shop was renovated throughout and an improved lighting system installed. A new selling unit in keeping with more modern layout was also installed on the ground floor. These improvements had brightened up the store considerably, and, coupled with the harmonious co-operation and good feeling existing between the executive and staff under Mr Lawn’s management, the attractiveness of their premises as a shopping centre had been very much improved during the year. Further improvements were contemplated as business improved. The new Post Office building was almost finished, and was to be opened for business before the end of the year. In addition to the Post Office, several other Government departments were to be housed in that building, and the position of their shop opposite such a hive of activity should he beneficial to their business. The year 1936 registered the seventieth anniversary of the establishment of the business of Brown, Ewing, and Co. Ltd.s, and the management proposed to make some special recognition of this historic event. The usual dividend of 5 per cent, on preference shares would be paid, and the directors also recommend the payment of a dividend on ordinary shares at the rate of 3 per cent. After payment of these dividends a sum of £430 9s 6d would be carried forward to next year. During the year Mr George Buckley was appointed to fill the vacancy on the directorate, and his general business experience would be of value to the company. In accordance with the articles, Messrs P. O. Smellie and George Buckley retire from the directorate, and, being eligible, offer themselves for reelection.

Buyers. Sellers. £ s. d. £ S. d. BANKING— New South Wales ... 32 7 6 32 15 0 New Zealand 1 18 3 1 18 10 Commercial — 0 18 5 E.S. and A — 6 0 0 National of New Zealand — 3 i 0 INSURANCE— '• National ... 0 18 6 0 19 0 Standard — 3 2 0 SHIPPING— Howard Smith — 0 19 3 P. and 0. Deferred Stock 1 11 6 — U.S.S. Co. (pref.) ... 1 6 0 — MEAT N.Z. Refrigerating 0 (paid) ... 0 19 0 19 5 N.Z. Refrigerating (cont.) ... 0 9 3 0 9 6 South Otago Freezing 8 0 0 LOAN AND AGENCYGoldsbrongh, Mori ... — 1 14 0 National Mortgage ... — 2 11 0 N.Z. Guarantee Corporation — 0 5 9 Perpetual Trustees ... — 3 4 0 Wright, Stephenson (ord.) 0 16 9 0 19 3 COAL— - Ksitangata ... 1 1 0 - /(WOOLLEN COMPANIES— Bruce (ord.) ... ... — 0 14 6 MISCELLANEOUS— Anthony Hordern ... — 0 19 0 Australian Glass — 4 13 0 British Tobacco — 2 3 9 Broken Hill Proprietary 3 15 6 3 16 6 Broken Hill Proprietary (cont.) 2 16 6 2 17 3 Brown, Ewing (ord.) 0 16 9 — Brown, Ewing (pref.) 1 2 3 — Crystal Ice Co 2 5 6 — D.I.C. (pref;) ' 1 3 0 — Dominion Fertiliser ... — 1 5 0 Donaghy’s Rope and 2 11 r Twine 0 — Dunlop Perdriau Rubber ... 0 18 4 0 18 7 G. J, Coles — 4 3 0 Milburn Lime and Cement — 2 3 0 National Electric 0 13 6 N.Z. Drug Co 3 14 6 N.Z. Farmers’ Fertiliser ... — 1 2 0 N.Z. Newspapers N.Z. Paper Mills ... 1 19 1 6 0 6 2 0 6 ‘ Otago Daily Times ’ — 2 7 0 Regent Theatre .Wilson’s (N.Z.) — 1 1 6 Cement 1 16 3 Woolworths (ord.) ... 5 1 0 5 6 0 BREWERIES— New Zealand 2 11 9 2 12 6 Dominion 1 11 8 Dunedin 1 10 0 Tooths ... 2 16 0 2 16 6 Carlton /... 2 19 6 — UNLISTED STOCKS— Woolworths (Sydney,. ord.) 5 5 0 5 8 0 Were’s Trust (rights) ... Quartz Mountain 0 0 11 0 0 1 6 2 0 Shillings Ltd (17s 6d paid) 0 17 0 0 18 9 AUSTRALIAN MINING— Electrolytic Zinc (pref., £1) 2 4 9 2 5 9 Electrolytic Zinc (ord.-; £1) Mount Lyell (£1) ... — 2 4 0 1 9 5 1 9 7 Mount Morgan (Zs 6d) 0 13 5 0 13 11 Upper Watut (5s) ... — 0 3 2 GOLD MINING— Argo Dredging (Is) Big River (Is) ... ... 0 1 7 0 1 9i 0 1 8 0 2 0 Central Shotover (Is) — 0 0 5 Gillespie’s (Is) 0 1 4 0 1 6 Ring Solomon - (Is) 0 0 6 mm Martha (5s) 0 19 0 — Maori Gully (Is) ... 0 0 6 Okarito (5s) — 0 5 0 Waihi Investments (5s) 0 9 3 — Waipapa Beach (Is) — 0 0 10 N.Z. GOVERNMENT LOANS(Bonds quoted are £100 Bonds.) 3i p.c. Stock, Nov., 1938-52 103 15 0 — Si p.c. Stock, March, 1939-43 ... ... ... 101 10 0 — 3i p.c. Stock, Sept. 1939-43 101 10 0 — 3£ p.c. Stock, May, 103 15 1939-52 0 — P.c. Stock. March, 1941-43 101 10 0 — 3i p.c. Stock, Sept., 101 10 1941-43 0 — p.c. Stock, May, 103 10 1941-52 0 — 3i p.c. Stock, Nov., 1941-52 103 10 0 — 4 p.c. .Stock, 1937-40 — 102 0 0 4 p.c. Bonds, 1943-46 103 15 0 — 4 p.c. Stock, 194346 103 15 0 — 4 p.c. Stock, 1946-49 — 105 15 0 4 p.c. Bonds, 1952-55 105 5 0 — 4 p.c. Stock, 1952-55 105 5 0 —

Bank of New South Wales 33 10 0 Commercial Bank of Sydney 19 15 0 Bank of New Zealand 1 19 6 Colonial Sugar 43 7 6 British Tobacco ... ... 2 4 3 Tooth’s ... 2 16 6 Toohey’s 1 13 0 G. J. Coles 4 3 0 Australian Glass 4 14 0 Winchcombe, Carson ... 1 14 3 Millaquin Sugar 2 3 0 Fairymead Sugar 1 16 3 Farmers 1 13 3 Mark Foy 1 12 0 W. 11. Carpenter 2 1 6 Gordon and Gotch 2 17 6 Broken Hill Proprietary 3 16 9 Broken Hill Pty. (new) 2 17 6 Bulolo Deposits 0 1 9 Placer Development ... 4 16 3 Loloma 1 3 H Koroere 0 4 0 Lady Shenton 0 2 3 Mandated Alluvials ... 1 7 6 Tavua 0 1 3

Comm. Bank of Australia 0 18 7 National Bank (£10 paid) 14 10 0 Howard Smith 0 19 0 Carlton Brewery 3 1 9 Drug Houses 0 1 4} G. J. Coles 4 3 6 Australian Glass 4 13 6 Aust. Iron and Steel (prof.) 1 6 6 Dunlop Perdriau 0 18 7 Electrolytic Zinc 2 3 10} Electrolytic Zinc (pref.) ... 2 6 0 Victoria Nyanza 0 13 0 Mount Morgan 0 13 9 Mount Lyell 1 9 10} Broken Hill Proprietary ... 3 17 0 Emperor 0 15 4 Loloma ... < 1 3 0 Irowat 0 1 9 Myers 1 16 1} Upper Watufc 0 3 1 Hume Pipe 0 19 1