Commerce, Mining, & Finance

Evening Star, Issue 22457, 30 September 1936, Page 7

Commerce, Mining, & Finance

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE SHARP RISE IN ELECTROLYTIC ZING FREES Investors* interest in Australian securities continued to be manifest on the local share market this morning. Three sales were reported in Commonwealth scrip, and Electrolytic Zinc preference changed hands at the call-over at 45s 6d, 9d more than was offered by buyers yesterday. A buyer came on the market this morning at 44s 6d, but he snapped up the shares as soon as they were offered at 45s 6d. More shares were wanted -at this price, but holders were silent. It is assumed that the buying is being, done on behalf of Australian clients, though it is significant that the ordinary issue was neglected, despite selling offers at 445. Mount Morgans also experienced a further advance, business at 14s 2d being 94 in advance of yesterday’s buying quote, and 3d in excess of sellers’ limits. Amongst banking issues, New Zealand* showed signs of recovery, buyers moving up 3d and sellers 2d on yesterday’s quotes. Commercials provided the only other buyer in the section. ■ In the miscellaneous group, Dunlop Rubbers, which were quoted ex dividend of Is a share, were a shade firiner. G. J. Coles had:a margin of only 9d between the quotations, and Woolworth ordinaries also had a 'closer market, both buyers and sellers yielding Is on yesterday’s limits. The Sydney issue looked firmer, buyers moving up Is to £5 6s without response. SALES REPORTED. General Industries, 19s 9d. 'Mark Foy, £1 12s. Mount Morgan, 14s 2d. SALE ON ’CHANGE. Electrolytic Zinc (pref.), £2 5s 6d.

DIVIDENDS DUE Whittome, Stevenson. Auckland——s per cent Oct. 1 Myer Emporium, Melbourne— Final, 5£ per cent., making 8£ 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 6d per share Oct. 2 Howard Smith—Ord., 2i, per cent. J.per annum; pref., llr per feent. Oct. 6 algamated Zinc (De‘ Bavay’s) ' —Half-yearly, 5 per cent. ... Oct. 9 Amalgamated Wireless —final, 6 per cent, and bonus 1 per cent., making'll 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, 2i 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 Corporation— Final, 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

AUSTRALIAN STOCK EXCHANGES

Press Association—By Telegraph—Copyright SYDNEY, September 29. Gold shares advanced to-day on Exchange, and there was heavy buying. MORNING SALES.

THE METAL MARKET

Press Association —By Telegraph—Copyright LONDON, September 28. The following are the official metal quotations;— Copper.—Spot, £39 8s l£d per ton; forward, £39 11s IOJd. Electrolytic.—Spot, £44; forward, £44 10s. Wire bars, £44 10s. Lead.—Forward, £18; spot, £l7 18s 9d. Spelter.—Spot, £l4; forward, £l4 ss. Tin.—Spot, £2OO ss; forward, £197 18s 9d. Silver.—Standard, 20 l-16d per oz; fine, 21|d.

SYDNEY WODL SALES

Press Association —By Telegraph—Copyright SYDNEY, September 29. At the wool sales 10,563 bales were offered and 8,968 sold, while 1,749 were disposed of privately. There was very strong competition from Yorkshire and the Continent, and the market was firm at the previous day’s improved levels. Greasy merino fleece brought to 19Jd.

HAY’S LTD.

PROFITS AND DIVIDEND INCREASED A satisfactory comparison of business is noted in the balance sheet of Hay’s Ltd. (Christchurch), which will be presented to shareholders at the annual meeting on October 7. Net profit has risen to £2,935 from £2,032 last year, and though a good deal has been spent on improvement, and new capital brought in, dividend has been raised from 5 to 6 per cent. Transfer to income tax reserve is £525 this year, against £3OO last year. Last year £2OO was written off preliminary expenses, leaving this item at £245. This year the item has disappeared altogether. The directors in their report state; — “ Sustained progress is the outstanding feature of the year’s operations. Turnover has' again been substantially increased, and notable developments have taken place in various directions. As forecast in the chairman’s address at last year’s annual meeting, steps were taken during the latter portion of the year to increase the capital of the company to £50,000, of which 10,000 shares were issued. It is gratifying to report that the whole of this new share capital was taken up. On these shares the full year’s dividend is payable, as promised.

“It is worthy of note that the satisfactory trading results disclosed were achieved in spite of the added expenditure on extensive alterations and increased capital commitments, the full benefit of which it is hoped will be reflected in the coming year’s trading. “ The accounts show a net profit foi the year of £2,935 3s Bd, which, with the amount carried forward from last year, makes a sum of £4,458 Os 3d available for distribution.”

THE SEARCH FOR GOLD

GOLDEN SANDS COMPANY MEN THREATEN TO STRIKE. Demanding an increase in wages, employees of the Golden Sands Mining Company at iiarrytown delivered an ultimatum to the management on Monday. The ultimatum was originally to expire at the end of last week, but overtures were made to the men and they conceded the management until to-morrow.

The employees passed a resolution last Thursday that they would cease work unless their requests were met. Under the recent alluvial mine and dredge workers’ award the wages of the biolden Sands employees were fixed at 16s a day, but the men claim that they are entitled to the minimum wage paid to dredge employees, considering the fact that they are required to provide oilskins and gum boots for themselves, which the average dredge worker is not required to do. The employees ask for 17s a day for day men, 18s a day for the six-shift men, and 19s a day for the cloth washer, who works a broken shift of eight hours—from 3 a.m. to 7 a.m. and from 3 p.m. to 7 p.m.

The company does not intend to meet the men’s demands, as it considers the agreement reached in the Conciliation Council is a liberal one. By it the men’s wages were increased from 14s to 16s a day, and all workers were granted eight days’ holiday on full pay in addition to other concessions.

NEW BULOLO DREDGES

The directors of Bulolo Gold Dredging Ltd have decided to install a dredge of six cubic feet bucket capacity on the recently acquired adjacent area, known as the Bulolo Gold Deposits area, thus making a total of seven dredges, including the two deep-digging ones, to be installed, and the four now in operation. The first of the deep-digging dredges, to be called dredge No. 5, is being shipped to New Guinea, and should be completed in July next. The dredge for the Bulolo Gold Deposits area will be dredge No. 6, and the orders for it are now being placed. It will dig to a depth of 30ft, and should be completed about the end of next year. After dredge No. 6 is in operation, dredge No. 1, which for some years has been dredging the shallow gravel along the eastern rim of the deposits, and which cannot reach the deeper gravels, will be dismantled and re-erected some miles downstream. The second of the deep-digging dredges, to be called dredge No. 7, will be huilt as rapidly as possible after the above programme is completed. A further 1,000 h.p. unit is being added to the hydro-electric plant.

FOREIGN EXCHANGES

ON NEW ZEALAND CURRENCY BASIS The Bank of Now South Wales, Dunedin, quoted the following rates_ (to-day) for purchase and sales of foreign exchanges (all rates subject to alteration . without notice) Buying. Soiling.

LORHEVILLE STOCK SALE

[Be* United Press Association.] INVERCARGILL, September 29. The smaller yardings forward did not have the anticipated result at the weekly sale of stock at LorneviJle today. The sale was a fair one, nevertheless, and but for a dragging sale of fat cattle towards the end of the offerings, prices were on a par with last week’s sale. Butchers satisfied their requirements f for _ fat sheep without having to give increased value, but there was no easing of values, and, all round, the market was firm. For fat cattle the demand was not so good, and in the end passings were frequent. The competition for fat sheep was not very keen. There has been little outside demand, and values were much on a par with those at the last sale. Quality, however, all over, was not up to last week’s standard. The top price for wethers was 365. Good mediumweights sold from 33s to 345, and lighter sorts made from 29s to 30s. Prime heavy-weight ewes made from 28s 6d to 30s, medium-weights from 26s to 27s 6d, lighter from 20s to 225, and unfinished down to 17s. At the opening of the sale the market for fat cattle was firm at last week’s rates. In the middle stages there was a slight easing of values, and later the sale dragged to such an extent that passings were frequent. The prices obtained at auction may be quoted as follows: —Prime heavyweight bullocks. £ls to £ls 17s 6d; good quality bullocks, £l3 to £l3 15s; medium quality, £ll to £l2; lighter sorts, £9 10s to £lO 10s; unfinished, down to £7 ; good quality cows, £8 10s to £9 10s; medium-weights, £6 10s to £7 10s; aged and unfinished, down to £3; good quality handy-weight heifers, £8 10s to £9 10s; lighter sorts, £7 to £7 15s.

PRICE OF GOLD

PrMB Association —By Telegraph—Copyright LONDON, September 29. (Received September 30, at 11 a.m.) Fine gold is quoted at £7 0s 7d per ounce.

ANTWERP FUTURES

Press Association —By Telegraph—Copyright LONDON, September 29. (Received September 30, at 2 p.m.) Antwerp futures are steady. October and December, 27|d; March, 27Jd.

Quotations as under:— Buyers. Sellers. £ s. d. £ S. d. BANKING— New South Wales ... 32 17 6 New Zealand 1 18 6 1 19 0 Commercial 0 18 2 0 18 5 E.S. and A. — 6 0 0 National of New • Zealand 3 i 0 Union of Australia ltd. ... ... — 9 12 0 INSURANCE—, '' National ... 0 18 2 0 19 0 Standard ... — 3 2 0 SHIPPING— :P. and 0. Deferred Stock 1 11 6 — U.S.S. Co. (pref.) ... 1 6 0 — MEAT PRESERVING— . N.Z.. Refrigerating (paid) — 0 19 5 N.Z. Refrigerating (cont.) — 0 9 ,6 Southland Frozen (paid) 3 12 0 — South Otago Freezing — 8 0 0 .Waitaki Farmers’ Freezing ... ... ... 4 0 0 4 4 0 LOAN AND AGENCY— Goldsbrough, Mort ... 1 13 0 1 13 10 National Mortgage ... — 2 11 0 N.Z. Loan and Mercantile (ord.) ... ... 34 0 0 — N.Z; Guarantee Corporation — 0 5 9 Perpetual Trustees ... — 3 4 0 Wright, Stephenson (ord.) ... 0 17 0 — COAL— Kaitangata ... 1 1 0 Westport: ' ...' — 1 3 1 WOOLLEN COMPANIES Bruce (ord.) ... ... 0 14 6 Mosgiel — 9 15 0 MISCELLANEOUS— Anthony Hordern ... 0 19 0 Australain Glass — 4 12 9 British Tobacco (cum div.) ... ... 2 2 6 2 3 6 Broken Hill Proprietary 3 15 6 3 16 6 Broken Hill Proprietary (cont.) ... 2 16 6 — ■ Brown, Ewing (ord.) 0 16 9 — Crystal Ice Co. 2 5 6 ■ Dominion Fertiliser ... 1 5 0 Donaghy’s Rope and 2 11 Twine ... 0 _ Dunedin-Kaikorai Trams - ... 2 0 0 Dunlop Perdriau Rubber ... ■ ... ... 0 17 6e 0 18 0 G. J. Coles ... ... ... 4 2 0 4 2 9 Milburn Lime and Cement ' ... ... ... 2 3 0 National Electric 0 13 9 N.Z. Drug Co. ... ... 3 14 6 N.Z. Farmers’ Fer- . tiliser 1 2 0 N.Z. , Newspapers ... • 2 0 6 N.Z. Paper Mills 1 6 6 ‘ Otago Daily Times ’ — 2 8 0 Regent Theatre Wilson’s (N.Z.) — 1 1 6 Cement 1 16 3 Woolworths (ord.) ... 5 2 0 5 5 0 Mark Foy 1 11 9 BREWERIES— New Zealand 2 11 9 2 12 6 Dunedin 1 10 0 Carlton 3 0 0 — UNLISTED STOCKS— - Woolworths (Sydney, ord.) Were’s Trust 5 6 0 (rights) 0 0 11 0 1 0 Shillings Ltd (17s 6d paid) ... 0 17 3 — AUSTRALIAN MINING Broken Hill South (*1) "... 5 19 0 6 3 0 Electrolytic Zinc (pref., £1) 2 5 6 Electrolytic Zinc (ord., £1) 2 4 0 Mount Lyell (£1) ... 1 9 6 1 10 0 Mount Morgan (2s 6d> 0 13 10 0 14 3 Upper Watut (5s) ... — 0 3 2 GOLD MINING— Argo Dredging (Is) 0 1 9 Central Shotover (Is) 0 0 4 CUitha River (2s) ... 0 1 9 Consolidated Goldfields (4s) ... ... Gillespie’s (Is) King Solomon (Is) b is 0 0 16 9 0 1 0 0 4 6 0 1 5* Martha (5s) 0 19 9 — Molyneux River (2s) 0 1 8* — Mossy Creek (Is) 0 1 3 — Waipapa Beach (Is) — 0 0 104 Waitahu (5s) — 0 2 3

N.Z. GOVERNMENT LOANS— (Bonds quoted are £100 Bonds.) 3t p.c. Stock, Nov., 1938-52 103 15 0 — 3i p.c. Stock, March, 1939-43 , 101 10 0 5i p.c. Stock, Sept. 1939-43 101 10 0 — 54 p.c. Stock, May. 1939-52 103 15 0 — 3j p.c. Stock, March, 1941-43 ' 101 10 0 3J p.c. Stock, Sept., 1941-43 ...■ 101 10 0 — 3i p.c. Stock. May. 1941-52 103 10 0 — 3i p.c. Stock, Nov., 1941-52 103 10 0 4 p.c. Bonds, 1957-40 101 0 0 — 4 p.c. Stock, 1937-40 102 0 0 4 p.c. Bonds, 1943-46 103 15 0 — 4 p.c. Stock, 1943-46 105 15 0 — 4 p.c. Stock, 1946-49 105 12 6 4 p.c. Bonds, 1952-55 105 5 0 — 4 p.c. Stock, 1952-55 105 5 0 105 15 0

* £ s d. Commonwealth Bonds—■ 4 p.c., 1950 101 7 6 4 p.c., 1957 102 3 9 4 p.c., 1961 100 17 6 Commercial Bank of Sydney 19 17 0 Bank of New South Wales 33 12 6 Toohey’s Tooth’s 1 12 9 2 16 6 Australian Glass ... ... 4 14 0 AFTERNOON SALES,. Commercial Bank of Sydney 19 17 0 Com. Bank of Australia 0 18 6 National Bank (£5 paid) 7 3 0 Bank of New Zealand 1 19 6 United Insurance 11 0 0 Colonial Sugar 43 5 0 Australian Gas (A) 7 7 6 British Tobacco .... 2 4 3 Tooth’s 2 16 6 Australian Glass 4 14 0 Goldsbrough, Mort 1 13 10i Greater J. I). Williams ... 0 7 9 Millaquin . Sugar Electrolytic Zinc 2 3 0 2 4 0 David Jones 2 8 3 Kandos ... 1 -1 6 Meggitts Richardson and Wrench ... 1 1 7 10 6 0 Gordon and Gotoh 2 11 6 Mort’s Dock 0 H 10 Mount Lyell 1 9 9 Broken Hill Proprietary . 3 17 0 South Broken Hill 6 2 0 Bulolo Deposits ... 0 2 0 Placer Development 4 18 0 Lady Shenton — Emperor , 0 0 2 15 7* 7} Mandated Alluvials ... ... 1 1 6 Tavua ... ... ... 0 1 4 MELBOURNE, September 29. Bonds were steady, industrials ietter. Barriers and gold mining active, while there was a good demand following higher metal prices and a correspending improvement in the London share market. d. £ s National Bank (£5 paid) 7 3 0 Howard Smith 0 18 9 British Tobacco ... 2 4 0 Carlton Brewery ... .... 3 2 0 G. J. Coles 4 3 6 Australian Glass 4 13 3 Dunlop Perdriau ... ... 0 18 8 Goldsbrough, Mort 1 14 0 Mount Morgan 0 14 3 Mount Lyell 1 10 0 Broken Hill Proprietary 3 17 0 North Broken Hill (ex div 9 11 0 and bonus) ... . South Broken Hill 6 2 0 Emperor 0 15 3 7 74 Loloma 1 Myers ... 1 0 16 14 8 Irowat ••• 1 Upper Watut 0 2 11 Gordon and Gotch 2 11 9

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. 4.01J 3.92 O.D. 4.03 3.92i Montreal— Dollar to £1 N.Z ... T.T. 4.00£ 3.92J O.D. 4,004 3.934 Belgium— Belgas to £1 N.Z ... T.T. * 23.283 O.D. — 23.294 Germany— Eeichmarks to N.Z £1 ... T.T. 10.042 O.D. — 10.047 Holland— Florins to £1 N.Z ... T.T. 7.041 O.D. — 7.045 Java— Florins to £1 N.Z ... T.T. 6.990 O.D. — 6.994 Switzerland— Francs to £1 N.Z ... T.T. 21.285 O.D. — 21.290 Hongkong— N.Z. pence to dollar 1 .. T.T. 18 3-32 18 27-32 O.D. 18 1-16 18 53-64 India and Ceylon N.Z. pence to rupee 1 .. T.T. 22 5-16 22 23-32 O.D. 22 9-32 22 45-64 Japan— N.Z. pence to yen 1 T.T. 17 9-16 O.D. 17 37-64 Shanghai— N.Z. pence to dollar ... 1 .. T.T. 17 9-64 17 57-64 O.D. 17 7-64 17 23-32 Singapore— N.Z. pence to dollar ... 1 .. T.T. 34 39-64 35 5-16 O.D. 34 35-64 35 15-64