MINING ON WEST COAST.

Press, Volume LIX, Issue 17857, 1 September 1923, Page 12

MINING ON WEST COAST.

REEFTON'S CONTRIBUTION.

A Reefton correspondent writes: During the period covered by the slump lteefton set about putting up the capital to reopen two or three of its local quartz mines which had been closed, and allowed to fill with water. The stagnation which these produced can readily be imagined. The Energetic, which is the deepest mine in New Zealand —over 2000 feet was tackled first. This property- had returned to overseas capital some £200,000, in dividends on a working capital of less than £50,000. Slightly over two years ago its chief recommendations were a solid lake of water, and an overdraft the water couldn r, float or liquidate. With commendable enterprise, local people shouldered the task, and £20,000 formed the capital for the purpose. And the work has been done —and well done. The mine has been unwatered, the shaft has oeen sunk, and the property put in thorough working order. 'ilie huge reeling, w.hicli exists in t.ho mine, some of it running as high as an ounce of gold to the ton, will now feed the battery, which in a few days will be running in the interests of a new company whose shareholders generally reside in Reelton. " . ' ! Almost simultaneously with the above flotation came the flotation of the Scotia Company. This mine had been i.dle for more than a decade. The reef at the bottom of the shaft is a valuable one, and here again local people <:ame to the fore, and put up several thousand to set the machinery going. Fact is stranger than fiction, and the Tveep-it-Dark Mine is an illustratL of this truth. Twelve months ago the property was abandoned by the shareholders, who decided on voluntary liquidation, in preference to using up uncalled capital. The overdraft was at its limit, and the bank refused further advances, moreover, the Government experts stoutly refused to recommend the Government to grant any financial assistance. The position looked hopeless, and the mine seemed doomed after paying during its history £170,000 in dividends to a former company. However, a Reefton syndicate took over a lease of the property in the month of .December last, and from that date the mine has never looked back. Systematic gold returns, with dividends, haive been paid monthly to the leaseholders, who run a staff of about 17 men. It is reported that a bonus thii month will be paid the workmen, 'which is'probably something new in Reefton. Other developments affecting the immediate future of the town are the opening up of the well-known Birthday Reef on. the areas of the Blackwater South property —here the Government have spent £2500 in the construction of a road to the shaft site—the recent success of the Big River North Company andi the early reopening of the Murray Creek Mine. These by no means exhaust the list.

DAIRY PRODUCE TRADE.

BRITISH IMPORTS LAST YEAR,

(by cable— peess association— copybight.) (.AtJibTBALIAIf AND N.Z. CABLE ASSOCIATION.) , LONDON, August 30. "Weddel's Review of the Dairy Produce Trade" states that imports have now returned to pre-war proportions. Supplies of butter from overseas during the year ended June 30th, 1923, exceeded all previous records, amounting to 229,061 tons, which included tho following supplies:— Tons. Denmark 8] ,982 New Zealand 63,639 Australia , 32,850 Argentina ... ... 22,159 Canada 7,638 The proportion of Empire supplies to the total imports was 4o per cent., as compared with 20' per cent, in 1913-14. The 'imports of cheese for the year, which have only once been exceeded .totalled 133,803 tons, including:— Tons. New Zealand 73,125 Canada 45,828 Australia 27,690

CUSTOMS RETURNS,

LYTTELTON. The Customs duties collected at the Port of Lvttclton for August, as oompared wtli the same mouth in 1922, were — 1923 1922 £ £ Customs ... 92,181 77,107 Excise duties 5.727 7,859 Totals ... 103,908 84,9G6

AUCKLAND.

(press as3>-.uti;;j tei.egh>h.) AUCKLAND, August 31 The Customs returns for August totalled £216,719, the largest since October 1920, when £220,124 was collected. The total for the eight months this year is £1,444,037, against £1,042,184 in the last corresponding period.

DAIRY PRODUCE CONTROL BILL.

(PRESS ASSOCTV'tI )N TELEGRAM.) WEIJJCNGTONj August 31. The statements made by Mr Fear, at Master ton; relative to a cool store at Manchester and a co-operative dairyfarmers' bank, telegraphed in a Press Association message, were referred to Mr W. Grounds, chairman of the Daily Council, ivlio says:—l deeply appreciate the knowledge that the Duiry Council are to have the hearty co-operation of the New Zealand Farmers' Union and the Dairy Farmers' Union in furthering the Export Control Bill. I feel tlutt Mr Fear's intentions are along the same lines. I would point out, however, that the suggestions made by Mr Fear are not p:irb of the proposal in any sense of the word. They have never even been thought of by the Dairy Council and the promoters of the Bill.

STORE STOCK PROSPECTS.

(special to "tub pbess.") DL'A'EDIX, August 31. Should the fine weather continue and the grass come away well, it is highly probable that store cattle will soon command higher prices than at present, owing to the excellent market prospects they would have wnen fattened. Fat wethers are still bringing good money. Good young breeding ewes heavy in lamb are most keenly sought. The first "of this season's lambs are not likely to appear at Burcside before the end of next month. Sheep losses through the snow and subsequent frost are proving lighter than was expected, esscepi on some runs in tho "Vfakatipu district.

CANTERBURY MARKETS.

(BY CUE COMMERCIAL EDrrOB.) Friday Evening. Potatoes continue to tyrershado'w all other business so far as Canterbury markets are concerned. They aro still firm despite the fact that so many potatoes have gone forward from Lyttelton recently. There are still strong enquiries from Auckland in respect of September deliveries, and with regard to the consignments shipped this week by the Katoa. Potatoes now heid by Auckland merchants are being transferred in store, from wliich it is inferred that the market will firm up in the new month. There are very few potatoes now held in store, and reports from the country indicate that farmers themselves have not many in. hand. 'i'ne ohermgs from growers have been few ami far between during the past weeic. Discussing the position a merchant said to-day tliat he would not be at all surprised that there was a substantial increase recorded at any time. '1 he whole question was how much were the farmers holding. At present there were more buyers about than sellers. When there was such a clearance from the stores as had place last week it was anticipated that a drop in the price would lollow, but this had not taiven place. He thought that potatoes had been as low as tney were going to be. Ouring the past week or so some 15,G0U sacks had been shipped north, the i\.atoa and PuKani between them taldng some SUOG or 6COO sacks. The next boat is not expected to 'leave Lytielton for the north for over a week from the last. Potatoes are quoted to-day as follows: — O.t.c.s. £6 to< £3 os; lor "Whites, £7 los for Dakotas, and £7 os to £7 10s for lleds.

There is a good demand for both milling and fowl wlieat. Practically no milling wheat is available at present, anything offering being of low quality. According to Government ligures, there should be some good quality milling about, but neither larmers nor merchants appear to have any on hand. It is practically certain that there is no wheat awaiting threshing in Canterbury, but there might be some in Otago. it is considered that there will be enough wheat available to enable millers to carry on, but none over. ' . Peas. —The market at Home is still weak, but few peas are held locally. All that are lie Id here will bo required for . seed, for which a strong enquiry is anticipated. . . The market for oats is a little better this week, and prices have gone up to the extent of Id. All the business done, however, 'is among merchants. A few more enquiries have been received during the week for ryegrass and cocksfoot, business being on the basis of late rates. There has been, very lit tie business don« in chaff. The following are the quotations to be paid to farmers at country stations, sacks extra, unless otherwise stated:— Wheat —Tuscan 5s 2-J,d, Hunters 5s Pearl 5s OAd. "Oats—'Gartons 2s 6d to 2s 7d. Chaff —Bright oatslieaf £4 10s, f.a.q. £4 to £4 ss.

White Clover—lOd to Is. Italian .Ryegrass (nominal) —5s to 53 Od per bushel. , Perennial Byegrass (nominal)—ss 9Q per' bushel. Cowgrass —BrL to lOd. Potatoes— £8 to £8 5s for whites, £7 15s for'Dakotas, £7 6s to £7 10s for reds.. Cocksfoot—4sd to sd. Linseed —£15 10s. Peas —7s 3d. Flour —£15 10s per ton. Pollard—£7 per ton, f.o.b. main ports, 10s extra for smallei packing. Bran.—£o per t<> n J f.0.b., main pprts; 10s extra for smaller packing.

POULTRY AND EGGS.

Good entries of poultl-y have been received during the week. The demand has been good, and high prices have been realised lor all classes of prime birds.- • Table chickens have realised 6s 6d to 15s 3d. per pair, hens 3s 6d to lis 9d, ducks 6s 6d to 13s, pullets 4s 6:1 to 14s, geese 7s to lis, turkeys 16s 6d tp 38s Gd. 18 Canterbury Co-operative Poultry Inducers quote eggs first grade Is 4d per dozen, second grade Is xd, ducks Is 4ci. Despite the tact that some thousands of dozen or eggs have been exported to the London market, it is the opinion of competent authorities that there are more eggs being produced in Canterbury at the present time than ever before in the annals of the poultry industry. Consequently it is impossible to predict with any degree of certainty what summer prices will be. Leading retaiiers are selling at from Is 2d to Is 4d per dozen. The wholesale auction prices'early this week were Is 3d for first grade eggs and "Is 2d for second grade eggs, it is quite probable that these prices will hold, as the demand is now setting in by bakers and for preserving purposes.

TIMARU.

(special to "the PEESS.") TIAIAIttJ, August 31. Good lines of milling wheat are in fair demand at the fixed prices from to-day, viz., Tuscan 5s 3d, Hunters 5s sd, and Velvet or Pearl 5s 7d, f.0.b., sacks extra Fowl wheat is in good enquiry at prices ranging from 3s 9d for seconds to 4s 6d for good whole stulf, on trucks at stations. Oats are still- rather dull. With the fine weather lately experienced and summer approaching, -price3 are, if anything, a little easier. Garton oats are quoted at 2s 6d to 2s Bd, Duns and Algerians 2s 9d to 3s on trucks. Oat sheaf chaff is in little demand. Prices are £4 for fair average quality, and £4 5s for good bright stuff, on trucks, sacks found by buyers. There'has been a little stimulation in the enquiry for linseed. The Wingntui will load a fair quantity at Timaru next week. Fair average quality linseed is worth £l6 at stations, sacks extra, and lower grade from £l3 to £ls. Potatoes are quiet. The Northern markets are pretty well supplied at present, and they will not buy except, at a reduction on late prices. Offerings from farmers nre light, but in spite of this there is a sufficient quantity in sight to carry through until the new crops are on the market. Naturally buyers are diffident about laying in stocks just now. Clover seeds are dull. Cowgra=s is quoted at 9d to lOd for farmers' best dressed samples. Lower prrndes are worth 7d t.c BJd. Byegrass and cocksfoot are in fair enqvirv from farmers. Heavy machine ryegrass is quoted at 8s 6d a bushel. ctfindard Akaroa cocksfoot is now worth BJd to 9d per lb. Farmers' dressed lines are quoted at s*d to 6d.

LEESTON STOCK SALE.

Yesterday's stock sale at Leestoa was vrell attended, and entries .comprised severa. srnaii lines-of sheep, 50 fat pigs, 270 store pigs, and 30 head of cattie. There was feiiy one small line in the lat sheep pens, but the forward stores offered sold at satisfactory rates. Values 'lor fat pigs improved sliglitiy, and the demand for store pig 3 was brisk, due to the milking season caving started, and prices improved considerably, especially for the larger sorts. There was also an improved demand for fat cattle, with a corresponding rise in prices. The demand for dairy and store cattle was not particularly brisk. . 4 The sheep sales included 12 fat .hoggets 303 ad, 40 store hoggets 203, 102 etore hoggets 235, 17 ewes with 13 lambs 15s. Bacon pigs made 76s to 92s Cd, choppers £1 12s Gd to £5 as, porkers frcm 50s, large stores £6s to 525, medium 20s to 30s, small from 11a.

BANK OF ENGLAND RETURNS.

,'. T raiss association —coptbiob*.) (ABSTBALIAS AND *.Z- CAB LB - ASSOCIATION .J LONDON, August 30. The Bank of England returns for the week ended August SOth afford the following comparisons with those of the previews week: August 23. August 30. £ £ Coin and bullion .. 125,617,000 liesexve •• •• 000 22,785, COO Proportion of reserves to liabilities, etc. 19.0"Note circulation .. 121,277,000 124,6t0,0W Government deposits 10,32a,000 16,a51,030 Other deoosits .. 106,197,000 103,550,030 Govt Securities .. 46,456,000 46,281,030 Other .. 70,053,000 69,208 0M Short loans, 2J per cent.; three months bills, 3 1-16 per cent.

FOREIGN EXCHANGE RATES

(BT CABU —PBESS ASSOCIATION —COFT*IOHT.) (AUSTBALIAS AND N.Z. CABLE ASSOCIATION.) LONDON, August 30. The exchange rates are as follows: London on P !ir - Aug. 2/. Aug. 30 Paris, fr. to £1 .. 25.i25 80.00 bt.oO S &S iu/ lm*/marks' t0°£1^20.25^27,003,000 50,000 000 liome, lire t> £1 .. 22.224 105* 10oj _scvv York, dol. to £1 4.68 4 olj 4 ooj Montreal, dol. to fl 4.86 4.6 M 466 Hong Kong. dol. to £1 * 2,Jd 2<id Yokohama, st to yen 21.50 25Jd 2o s d Calcutta, st to rpe 10 to gold * Determined. by price of silver.

GOVERNMENT SECURITIES,

IJDNDON, August 30. The following are tlie latest.quotations for Government securities, with a comparison with tnoae ruling last week:— . .Last weak. This week. £ b. d. JS &• d. Imperial Consols, 2£ „ p.c. .. .. 68 7 6 59 2 6 War Loan, 5 p.c., 192947 .. .. 101 15 0 102 5 0 War Loan, H P-e., 1923-28 ... .. 95 10 0 95 7 6 Conversion Loan, 3J p.c. 80 2 6 *79 15 0 Commonwealth b p.c., 1921-31 .. .. 105 17 6 105 15 0 Commonwealth 51 p.c., 1922-27 .. .. 101 10 0 101 15 0 .New Zeuland 6 p.c., 1926-31 ..109 0 0 109 10 0 New /.ealand 4 p.c., 1929 .. ..94 7 6 94 12 6 i\«w Zealand 3$ p.c., 1940 .. ■ .. 84 15 0 84-10 0 New Zealand 3 p.c., 1915 .. .. 74 0 0 74 0 0 New tjouth Walea 6£ p.c., 1934-40 .. 106 10 0 106 15 0 New South Wales 6 p.c., 1930-40 .. 104 7 6 104 10 0 New South Wales 5J p.c., 1922-32 ..101 7 6 101 10 0 New outh W&1-33 4 P. 0., 1933 .. 90 12 6 90 10 0 New South ' Walea U& p.c., 1923-50 .. 80 5 0 80 10 0 New bouth Wales 3 p.c., 192? .. 76 15 0 76 17 6 Victoria SJ-p.c., 1930-40 103 10 0 103 17 6 Victoria 3J p.c., 1921-26 96 12 6 96 10 0 Victoria 3£ p.c., 1929-40 79 10 0 79 17 6 Victoria 3 p.c., 1929-49 72 0 0 72 0 0 Queensland 6 p.c., 1930-49 .. .. 103 15 0 104 0 0 Queensland 4 p.c., 1924 .. .. 98 10 0 98 17 6 Queensland 3J p.c>, N 1924 .. .. 97 0 0 9f7 15 0 Queensland .Si p.c., 1930 .. • .. 88 10 0 88 10 .0 Queensland 3 p.c., 1923-17 .. .• 70 0 0 70 2 6 South Australia 4J ■p.c., 1920-40 .. 106 0 0 106 0 0 Soutii Australia p.c., 1945 or after 83 0 0 83 0 0 South Australia 3 p. 0., 1930 '.. .. 64 0 0 64 10 0 West Australia 6 p.c., 1930-10 .. .. 104 0 0 104 10 0 West Australia Si p.c., 1920-35 ... ... 85 0 0 85 0 0 West Australia S p.c., .1915-35 .. .. 80 0 0 80 0 0 Tasmania 6J p.c., 193040 .. .. 106 0 0 106 0 0 Tasmania 3 p c., 1920-40 79 0 0 79 0 0 Tasmania 3J p.c., 1920-40 84 0 0 64 0 0 * Ex interest.

BUTTER AND CHEESE.

(BS CABLE—PBESS ASSOCIATION—COPYRIGHT.) AMD N.Z. CABLE ASSOCIATION.; LONDON, August 30.' Butter—The market is very firm. Choicest New Zealand is quoted at' 186 a to 1905,; Australian (very, scarce), 1803; secondaries, 150s to 170s; .banish, 190s per cwt. Cheese —Prices have advanced strongly. New Zealand is quoted at USs to 120s, chiefly due to' the advance in Canadian, which is quoted at 116s per cwt, c.i.f. It is believed the rise is mainly, owing to American speculative purchases. The market closed with a ;lightly easier tendency.

BRADFORD TOPS MARKET.

LONDON, August 30. The Bradford wool hiarket has a hopeful tone, with a better enquiry. Quotations are unchanged.

MELBOURNE MARKETS,

(BY CABLE—IRESS ASSOCIATION—COPYRIGHT.) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.} .MELBOURNE, August 31. Hides —At the hides eji.Xs competition was restricted and bidding was not general. All grades showing condition and quality sold at 'par to a farthing lower, and inferior parcels a farthing to a hai.penny lower. Barley—English 3s 2d to 4s. Oats —3s Gd to 3s 7d. Potatoes —£12 10s to £l3. Onions —£3 10s to £3 15a.

FROZEN MEAT MARKET.

Dalgety and Company, Limited, have received the following cablegram irom their London office, dated August 30th: "Frozen lamb—Demand for New Zealand lamb runs principally on. finest qualities. Any change in prices is in favour of buyers. We quote prime crossbred lamb Canterbury heavy 10j|d, light lljd. North Island heavy lOd, light 10-id. Demand for Australian lanib is moderate. We quote g-.a.q. crossbred lamb Australin bevy 9d, light 9Jd. • ' Frozen mutton—Demand for New Zealand mutton is active. Market firm owing to lio-ht stocks. We quote New Zealand prvno crossbred mutton Canterbury heavy 7Ad, lirfit BJd. North Island heavy Vjjd, light R»"a, Demand fcr Australian mutton is steady. We quote -g.a.q. crossbred mutton Australian heavy sjd, light s|d. • "Frozen beef —Demand for New Zealand beef is sliehtlv better owin? to temporary shortage of chilled. Market steady. We Onote New Zeala.nd prime ox baef hinds 41d, fores 21d."

DUNEDIN.

(special to "the press.") PUNKDI-N, August SI. Oats have fallen po low in price owing to lack of demand, that farmers . re beginning to consider them an unpayable clop ana sowin" only enough for their own use. * his is si.ovn oy the veiy email amount of seed oats ' <r omg out into the country from town merchants. However, this week there was a better enquiry for grade oats, and sales of a"'cartons were made at 3s 3d, and of B Ga-tcns at 3s Id f.o.b. s.i. Those merchants who hold stocks are not keen sel.ers, and are inclined to hold out for a further advance of Id . per bushel. The retail seed trade is extremely busy, but the wholesale trado remains dormant awaiting the farmers' spring demand. This should be heavy in view of the areas being des'oted to pasture instead of cropping, and tbe considerable area of already existing pasture affected by floods which will have to be xesown. The local market has been receiving adequate supplies of potatoes from Canterbury. Advices from there announce a firming of values, but in Dunedin the opinion is still , that prices will ease. Many Canterbury growers are holding stocks and if they hold tkeiu much longer at this time of the year, the potatoes wi;] need "picking over," thus entailing extra work at a time when every hour is needed for other farm work, already behindhand because of an adverse winter. Consignments of chaff have been' heavv, and the market has eased. Medium and inferior descriptions are slow of pale. Prime oaten sheaf is worth £5 io £5 sb, good to best feed £4 to £4 10s, and inferior £2 to £3 10s per ton, sacks extra.