Commerce, Mining, Finance

Evening Star, Issue 23383, 28 September 1939, Page 9

Commerce, Mining, Finance

INVESTMENT MARKET INACTIVE SOME AUSTRALIANS HESITANT NX BREWERIES SOUGHT AT £l/12/Pew distinctive movements were x-e----corded on the Dunedin Stock Exchange this morning, price variations where recorded being restricted. Buyers retained a cautious policy, and for the main part waited for sellers to fix. valuations. Business was comparatively good. . ~ Australian issues were inactive. Metals showed little marked change. Mount Lyells remained easy at sellers £1 10s 6cl, while Morgans were on offer at the unchanged price of 9s 9d. Zinc ords., after reported business at £2 16s 6d, were sought at 9d below that, while Souths were wanted at £1 Bs. B.H.P.s were sold at £3 12s, yesterday’s buying price, while the only other transtasman industrials quoted, Sydney "Woolworths and A.C.T.s, finished unchanged. Dominion scrip showed practically no change, although strength continued to mark operations in the meat preserving and woollen sections. New Zealand Breweries were inquired for at the 6d better offer at £1 12s, but holders maintained a 2s 6d limit. SALES REPORTED. —Late Yesterday.— Waitaki Freezing, £4 10s. 1 Electrolytic Zinc (ord.), £2 16s. —This Morning.— 4 p.c. Stock, March, 1940-43, £97 7s 6d. National Insurance, 16s 6d. Broken Hill Pty., £3-12s. Electrolytic Zinc (ord.), £2 16s 6d (late yesterday). BASE METAL SUPPLIES ESSENTIAL IN WARTIME VALUE OF AUSTRALIAN ORE ' Lead, zinc, and copper are of importance as war materials, and as Australia is a producer of these metals, great assistance will be rendered Great Britain in the war against Germany. In addition to North Broken Hill Limited, Broken Hill South Limited, Zinc Corporation ' Limited, and Sulphide Corporation Limited, operating at Broken Hill, the Mount Lyell Mining and Railway Company, at Queenstown (Tasmania), there is the Electrolytic Zinc Company of Australasia Limited, with its mines and works on the west coast of Tasmania and the Risdton section, where a proportion of the zinc concentrates produced at the Barrier are treated for the production of electrolytic zinc and other by-pro-ducts;. . • - the'flolation process for the recovery of zinc concentrates at Broken Hill vastly increased production of this material in Australia. The first steps for the establishment of the zinc, industry in Australia on a large commercial scale were initiated in 1916 as part of the scheme for the production of concentrates which would render the Empire independent of foreign sources of supply. The establishment of this important industry in Australia has led to, and supported, other industrial developments. AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, September 27. _ On the Stock Exchange dealings in industrial and mining shares were on a small scale to-day. Commonwealth Bonds are commanding most attention, while bank shares are neglected. —Morning Sales.—

DUNEDIN STOCK EXCHANGE THIS MORNING S CALL LATEST QUOTATIONS

DIVIDENDS AND CALLS LIST. DIVIDENDS PAYABLE. George Farmer, Sydney—Ord., 2i per cent, per annum ... ... Sept. 29 Felt and Textiles—s per cant., making 10 per cent, per annum Sept. 30 British Tobacco Co. Ltd.—Quarterly ord., 2 per cent. (September 9) Sept. 30 Dunlop Perdriau Rubber—Finals cum pref., 5 per cent., making 10 per cent., and ord. 3£ per annum respectively (September 14) Sept. 30 Barnet Glass Rubber—Final? cum pref., 6 per cent., and ord., 8£ per cent., making 10 per cent, and 12A per cent, per annum respectively _ ... Sept. 30 N.Z. Newspapers Ltd. —Interim, 8d a share ... i Oct. 2 Wairarapa Farmers’ Co-op.— Pref. 3J per cent, per annum Oct. 2 Hume Pipe (Australia) Ltd.— Final ord. and pref., 3j per cent, per annum, making 7-£ per cent Oct. 2 Nestles and Anglo-Swiss Condensed Milk (Australasia) Ltd. —Quarterly pref. at 8 per • cent, per annum Oct. 2 Bank of Australasia-Interim 3s 6d per share (less British income tax, September 11) Oct. 6 Woolworths (N.Z.) Ltd.—Halfyearly ord., 6 per cent., September 24) ••• Oct. 15 Woolworths Ltd., Sydney—Halfyearly ord., 6 per cent. (September 24) Oct. 15 (Dates in parentheses signify the closing of transfer books and registers.) CALLS DUE. G. J. Coles—los a share, making £1 paid Jan. 15 TWICE IN WEEK AUSTRALIA)! TAX RISE To announce increases of a particular tax twice within eight days must surely be a record (says the ‘ Sydney Morning Herald ’ of September 16). If it is so, the record is held in regard to the Commonwealth company tax, concerning which, on September 8, it was announced that the rate would be increased by 6d to Is 7.8 d in the £. Yesterday the Assistant Treasurer (Mr Spender) informed the House of Representatives that the Government proposed to ask for an increase to 2s in the £. It is, of course, a war measure, and the rise from Is I.Bd to 2s in the £ is expected to produce this year £2,360,000. Onerous though the increase is, its expediency will be generally recognised. To provide for our defence a great deal more revenue is necessary, and shareholders of companies will willingly bear their allotted portion. As Mr Menzies stated in his Budget speck, the burden is placed on the people best able to bear it.'

MINES AND METALS MARTHA DIVIDEND DISTRIBUTION OF 6D [Per United Press Association.] AUCKLAND, September 27. Cabled advice has been received by Mr R. 6. Mulligan, the local director and attorney for the Martha Gold Mining Company (Waihi) Ltd., that the directors have declared an interim dividend of 6d a share, free of income tax, payable on November 2, to shareholders registered as at October 13. The dividend is at the rate of 20 per cent, per annum, and! compares with the interim and final payments of 9d a share, aggregating 30 per cent., in the previous financial year. REPORTS AND RETURNS Grey River. The Grey River dredge return is 3500 z froni 89,380 yards of material for 132! hours’.work. Alexander. ' -X ' ' ■ The following is the' Alexander mine report for the week ended September 21:—No. 6 level: The rise has been started! .and is 7ft above the level caps. The country continues to lie fairly flat in the back of the rise. Stoning has also been in progress above this level. Width of stone, 3ft. Stoping: On four faces continued above No. 5 intermediate level. Average width _of faces worked is 4ft. Filling is still in progress north of winze. During the week 80 tons were sent to the battery. GOLD TAX AUSTRALIAN IMPDST BASED ON £9 AN OUNCE A tax has been placed on gold in Australia. It applies to gold produced in the Commonwealth, and also to gold won in New Guinea and Papua. It does not apply to gold brought to Australia from any territory beyond the jurisdiction of Australia. The tax (says the ‘ Sydney Morning Herald ’) is essentially a war measure, and as the price has mounted! high within the past two weeks as the result of the war it is just and equitable that a large proportion of what increase has been brought about by economic and financial conditions arising from the war should accrue to the benefit of the Commonwealth revenue. The base price has been fixed at £9 a fine ounce. Of any excess above £9 three-fourths will be retained by the Commonwealth Bank as agent for the Commonwealth Treasury, and the amount so retained will he transferred to the Consolidated Revenue Fund. The base price of £9 a fine ounce is about 5s below the price paid by the Commonwealth Bank a week before the outbreak of war, but there is no doubt that the price even a week before was largely the result of expectations of war. That all the excess price is not to be taken is in order to reimburse gold winners any extra production expense they may incur arising out of war conditions. No price was fixed for gold yesterday by the Commonwealth Bank. The price is determined by the London price, which has remained steady at £8 8s sterling a fine ounce for a week. On Thursday the price fixed by the Commonwealth Bank for gold in Australia was £lO 10s a fine ounce. On this price the tax would be 22s 6d ! a fine ounce. EXPORT CREDITS BRITISH GUARANTEE EXPLAINED MISLEADING GABLE CORRECTED [Per United Press Association.] WELLINGTON, September 27. Replying in the House this afternoon to a question asked by Mr Wilkinson the previous day on the operation of the export credit scheme, the Minister of Finance, Mr Nash, said the cabled announcement from London appearing in yesterday’s newspapers was somewhat misleading. That statement was to the effect that the British Government’s guarantee applied to goods in respect of which deposits had already been paid in New Zealand. This was not a correct interpretation of the agree-

merit, which provided for the giving of a guarantee now to cover all shipments to December 31 next, and under normal conditions the guarantee would be renewed for periods of three months. Consequently United Kingdom exporters did not have to wait for deposits to be made before obtaining the guarantee, but the guarantee lapsed if irrevocable deposits were not made in New Zealand in due course. The British Government’s guarantee did not, of course, apply to goods of foreign origin, importers of which must rely on making individual arrangements under Reserve Bank remittance authorities. Any additional . expenses involved in such transactions would be taken into account in fixing local prices. As regards variation in exchange charges in so far as import licenses were concerned, the Minister stated that arrangements had been made in arriving at the value to be endorsed on the import licenses for the Customs Department to accept for conversion of foreign currencies the rate of exchange ruling at the date of shipment of the goods, which was the same principle ns applied in arriving at values for duty purposes.

Buyers. Sellers. £ s. d. £ s. d. N.Z. GOVERNMENT LOANS3A p.c. Stock, March, 1941-43 96 0 0 — 34 p.c. Stock, Sept., 1941-43 96 0 0 — 4 p.c. Stock, March, 1940-43 — 97 10 0 4 p.c. Bonds, 1943-46 97 15 0 — 4 p.c. Stock, 1943-46 — 98 5 0 4 p.c. Stock, Nov., 1949-52 — 97 0 0 BANKING— New Zealand (£1) ... 1 18 6 1 19 6 National of New Zealand (£2 10s) ... — 2 6 0 INSURANCE— National (7s) 0 16 6 0 16 9 New Zealand (£1) ... 2 12 6 — Standard (£1) 2 14 0 — SHIPPING— Howard Smith (£1) 1 2 0 U.S.S. Co. (pref., £1) 1 4 9 — MEAT PRESERVING— N.Z. Refrigerating (paid, £1) 0 16 6 — N.Z. Refrigerating . (cont., 10s) 0 8 1 0 8 4 Southland Frozen 1 8 (paid, £1) — 3 South Otago Freez4 8 0 ing (£5) LOAN AND AGENCY— National Mortgage 1 18 Trustees, Executors, " 0 and Agency (£3) ... 4 0 0 — Wright, Stephenson 0 19 (pref., £1) 0 COALWestport (10s) 1 0 9 — Westport-Stockton 0 4 (ord., 10s) — 0 Westport-Stockton (pref., 10a) 0 7 6 0 8 0 WOOLLEN COMPANIES— Bruce (ord., £1) ... 0 10 0 — , Bruce (pref., £1) ... 0 18 0 0 19 6 Kaiapoi (ord., 17s) — 0 11 6 Kaiapoi (pref., 17s) 0 14 0 a Mosgiel (£4) 9 4 0 9 17 b Oamaru (£1) 0 15 0 MISCELLANEOUS— Australian Consol. 1 14 0 Ind. . (£1) Broken Hill Prop. (£1) ............. Brown. Ewing (prei., £1) - D.I.C. (ord., 10s) ... 3 11 9 3 13 0 - 1 1 0 14 0 6 D.I.C. (pref., £1) ... 1 1 9 “* Dominion Fertiliser (£1) 1 3 9 1 4 9 Dominion Fertiliser Debs — 102 10 0 Milburn Lime, and 1 15 Cement (£1) 0 M‘Kenzies Dept. Stores (£1) — 2 3 0 M'Leod Bros. (£10) -— 9 28 5 0 N.Z. Drug Co. (£2) N.Z. Paper Mills (£1) 3 7 3 8 6 1 4 9 1 5 6 ‘ Otago Dally Times * (£1): ... ... — — %. Wilsons Cei(tent (10s) > 0 2 0 6 Woolworths '(Sydney, 9 ord., 5s) ... 1 2 0 1 2 BREWERIES— New Zealand (£1) ... 1 12 0 1 14 6 Tooth’s (£1) — ••• 2 12 0 OVERSEAS MINING— Broken Hill South 1 8 (5s) ... .... 0 — Electrolytic Zinc 2 15 9 (ord., £1) — Mount Lyell (£1) ... — 1 10 S Mount Morgan 9 (2s 6d) — 0 9 Rawang Tin (10s) ... — 0 10 0 N.Z. MINING— Austral N.Z. (£1) ... — 1 3 6 Big River (Is) 0 0 6 0 0 9 Gillespie’s (Is) — 0 0 10 Nokomai (5s) 0 1 6. 0 1 11 Okarito (5s) — 0 3 0 Waitahu (5s) — 0 1 0 Waihi Investment ... — 0 7 0

£ S. d. Commonwealth Bonds— 3 p.c., 1948 93 11 3 3| p.c., 1949 96 5 0 3i p.c., 1943 98 7 6 3J p.c., 1942 100 0 0 3| p.c., 1949 - 99 5 0 3| p.c., 1951 98 5 0 35 p.c., 1947 ' ... 98 8 9 35 p.c., 1948 100 12 6 . 35 p.Cij l954 98 5 0 . 35 P-c., 1955 98 7 6 4p.c., 1941 101 5 0 4 p.c., 1944 101 10 0 4 p.c., 1950 100 2 6 4 p.c., 1953 100 5 0 4 p.c., 1957 100 12 6 4 p.c., 1959 101 5 0 Australian Gas (A) 6 17 6 Tooths .... 2 8 6 Anthony Hordern ... ... 0 12 8 Australian Consolidated In- - dustriee 1 13 9 Broken Hill Proprietary ... 3 7 6 Electrolytic Zinc . 2 14 0 —Afternoon Sales. Colonial Sugar 44 17 6 Mercantile Mutual Insurance 1 9 3 Howard Smith 1 0 6 Burns, - Philp 2 10 9 Tooths 2 8 6 Tooheys 1 0 9 Coles ... 3 6 3 Woolworths ' 1 0 6 Australian Consolidated Industries 1 13 6 Australian Consolidated Industries (rights) 0 4 6 Atkins 1 0 9 Adams 3 12 6 Cash Orders ... 0 14 6 Felt and Textiles 1 10 6 Standard Cement ... 1 0 0 Peters 2 13 0 Henry Jones 2 12 9 Fairymead Sugar 1 14 0 Mount Lyell 1 7 7 Broken Hill Proprietary ... 3 7 0 North Broken Hill 2 7 1 South Broken Hill 1 8 1 Kuala Kampor O 16 9 Loloma 1 2 9 MELBOURNE, September 27. Commercial Bank of Australia ... 0 14 4 Australian Consolidated Industries 1 13 5 Australian Consolidated Industries (rights) 0 4 2 Goldsbrough, Mort 1 10 0 Cox Bros 0 8 3 Howard Smith 1 0 8 Imperial Chemicals (pref.) 1 0 6 Henry Jones 2 12 6 Drug 1 4 6 Union Bank 6 }2 0 Electrolytic Zinc 2 13 9