COMMERCIAL

Evening Star, Issue 24283, 26 August 1942, Page 6

COMMERCIAL

SHARE MARKET. A generally bright tone was noticeable throughout . the morning call on ’Change to-day, buyers predominating in all sections. Three per cent. Liberty Loans were the only Government Stocks with sellers, the quotations closing at buyers £99, with sellers 15s in advance. The banking market was still firm, with a rising tendency, and the same conditions were evident in the insurance group. Standards were wanted at 61s. Meats displayed a steady tone, a seller of New Zealand Refrigerating contributing quoting 9s 7d, but the best buying offer failed to exceed 9s 4d. New Zealand Breweries remained firm with buyers at 335, while the nearest seller was 2s away. Following a reported sale of Westport Coal at 255, more were wanted at 24s 9d, but the lowest selling price was 25s 4d. There was still a good demand for woollen shares, and little change to record in miscellaneous stocks, quotations all being at recent rates. The rising tendency extended to Australian mining. Mount Lyells being wanted at 25s 3d, with a seller 2s away. Mount Morgans were wanted at 7s 6d. —Sales Reported.— Westport Coal, 255. A. and T. Burt prefs. (unlisted), 17s 6d. MINING. The annual meeting of shareholders of the Okarito Five Mile Beach Gold Dredging Company Ltd. was held on Monday night, Mr J. E. Wheeler presiding over a small attendance. Disappointment was expressed in the annual report concerning the year’s operations. Except during September, 1941, it was stated, the value of the ground and the average returns had not come up to expectations, the highest return for the year being 48oz 19dwt, with an average of 14oz 7dwt (43 weeks). Gold won during the year ended Juno 30 amounted to 6330 z, of a total not value of £5,098. In his review of the year’s operations, Mr Wheeler pointed'out that every effort had Ik'oii made to run the dredge as profitably as possible, but there were indications that improved dredging conditions could not be expected during the next 12 months. The retiring director, Mr J. M. Stewart, and the auditor, Mr C. E. Richards, were re-elected. COLOMBO TEA. Mr L. M. Wright has received the following cabled report on the Colombo lea auction of August 24: — An offering of 2,750,0001 b was submitted at yesterday’s sale. Medium and fine quality teas were dearer at the close of the sale, but common grades were in poor demand, prices declining -£d to Id. At next week’s sale 3,000,0001 b have been catalogued for auction. SALES ON ’CHANGE: THIS DAY. Auckland. —Morning call: South British Insurance, 61s; Commercial Bank of Australia, 14s 8d; Westport Coal, 255; Bycroft, 465: Consolidated Brick, 7s; Henry Jones, 455; Union Oil and Soap, 27s 6d. Noon call; Commercial Bank of Australia, 14s 8d; National Bank of New Zealand, 41s 6d ; Taupiri Coal, 23s 6d ; Leyland O’Brien, 17s 6d: McKenzies, 395. Unofficial: Farmers’ Trading (C pref.), 20s. Christchurch. —New Zealand Refrigerating (coni.), 9s 6d, Electro. Zinc (ord.), 435; Broken Hill South. 21s.