A QUIET WEEK.

Press, Volume LXIV, Issue 19376, 31 July 1928, Page 8

A QUIET WEEK.

THE STOCK EXCHANGE. PESSIMISM IN WOOL TRADE. (UJHTED PRESS ASSOCIATION—BY ELF-CTHIC TELEQEtPB—COPYKIGnT.) LONDON, July 28. The Stock Exchange, influenced by the hot weather and the holiday tone, had a quiet week, pessimistic influences being the heavy industries' failure to respond to Mr Baldwin's announcement that the reduction in railway rates would operate in December instead of next October, and the rather doleful report jf the Industries Trans- ' ferencs Board. Gilt-edgeds continue satisfactory, though the Bank of England's failure to secure the gold available in the open market, coupled with the decline in sterling exchanges, has not assisted the situation. The "Statist" says: "From now until the last months of the year we must prepare ourselves for gradinll} tightening conditions, a tendency for •weakening exchange and the outward movement of gold. The past week may be regarded as marking the inception of the outumn pressure." The Wool Sales. The total offering at the last series of wool sales was 93,704 bales. Sales totalled 69,000 bales, the Home trade taking 26,500 and the Continent 42,500. The Yorkshire Press pointed out that the position was still difficult, becauso the present prices of merino and crossbred yarns were substantially below relative London wool costs. The Bradford correspondent of .- the "Yorkshire Post" says: "The series failed to restore confidence. The prices asked for raw material did not result in more business in yarns and piece goods; in fact, the tone of the spinning and manufacturing sections of the worsted trade is becoming steadily worse. More factories are working short time, and there will be unusually long holiday stoppages in order to curtall production, consumption is so limited. There is no talk of the scarcity of wool; but discussions extend to the lossos of those who bought wool from Australia in February and March." — Australian Press Association,. MOUNT MORGAN. MINE TO BE REOPENED. JUBILATION IN QUEENSLAND. (VBOH OUR OWM; COSEBSPONDSNT.) ; SYDNEY, July .'2O. ; Shore is great jubilation in the North o£'-Queensland at the prospective reopening of the. famous Mount Morgan mine. .There, t is now Hope that the' cloud of depression that has been hanging over-toe Boekhamptori district for thS, past, twelve months is beginning' to lifts The announcement, that an option hg&'been secured over the mine, and that a new company would start operatiqns shortly was - received with unrcsfeained enthusiasm' r at Motmt Morgan itself, and when the news was received groups gathered in the town and discussed the situation as if -some great national event had taken' place. This is vnot surprising,- for during the last seyen .years there ' have been misery and depression in the town. Business places have been closed, and many landowners' who.. held . the ; opinion that Mount Morgan had gone the same way as. other mining 'centres sacrificed their properties to buyers. Many details of the new company have yet to be -completed, and only a feyr particulars have so far been "given.It seems that a group of Sydney, financiers are .interested in,(foe new venture, axtjd that it has been decided'at'the out"iWtKWt? the coiinpahy will not be > overcapitalised.The share capital has been "Underwritten, and will not exceed £250,040. Because iti is. felt that many Queensianders.havie retained faith in the mine; it'is proposed to offer £50,000 worth of share holdings to Queensland investors. It is also stated' that it is the -v intention: of the. new • company to proceed slowly af first. Much of the - existing plant .and. organisation have been adjusted to the new policy. The mine is already ,in a revenue-producing condition, so .a,,very large amount of dead or, developmental; work.' inseparable ;<rom )>* necessary. Mtich of (iheexisting plant will bo realised. and the proceedsof the sale [placed in reserves. With a smaller, overhead, burden it is anticipated that ' thenew. company will bo aible .to clear working.expeiises and provide a good.' ! return for the No. one for *a moment expects the hec- ' tic days at . Mount Morgan to return, but the working of the immense o£ ore, that? flti" remains must provido, ; ■work foragroat, number of men for a" long period.* It is stated that ore from ; outside sources will be required in order to equalise/the difference between tho output of," ore from Mount Morgan under' the. new programme, and the : volume .required .'to- nieet the Economic working Rapacity Of some of the .jilant.

N.Z. INSURANCE COMPANY, LTD ■

1 ANNUAL REPORT.

[THE 'PBESS Spedil Serrlce.l

• . AUCKLAND, July 30. The annual meeting of shareholders of the New. Zealand/ Insurance Company, Limited, •wfll be , hold, on-August 7th. The directors, propose the payment of a dividend of 1b lOd » . share, lees an interim dividend of lid (paid in February. In the preceding yoar tho dividend was Is 9d and in 1926 Is Bd. • %*Fhe company's, year ended on May 3lßt. The directors state that the .net revenue from fire, .marine,:.and accident premiums r •was £1,1M,23-X > -The > balance brought forvrard from 1927 was £199,993, of which the dividend of lid a share paid in August, 1927, absorbed'< £68,750, leaving £131,243. Tho ■urpltis /on: the- year's - operations after making fall provision for all ascertained losses to Dndappropriationfortaiation,'wasfSo,s2l, ■ to which is 'added the not income from interest' and;'rents. £180,272, making" a total of. £310,793, and with the balance brought forward £312,037. Tho interim dividend ot ' lldl a..share paid last Febraary absorbed . ' . while. £75,Q00 has been transferred . to the 'reserve', fund, }leaving a balance' of ( . ,4198,287. It is -proposed to' pay a divid--ciid-oi; is,lod a share,less the interim divid- ■ •bo-of lid a •share- paid' in -February, which ; absorb ■ £38,760, - leaving a' balance of '.. to. be carried'forward. Sir James Gunson, - J. Nathan, and' George H.' Wilson, , wnrj themselves for reelection. * v* 1 ' ■