RATES OF EXCHANGE.

Press, Volume LXVI, Issue 19971, 4 July 1930, Page 14

RATES OF EXCHANGE.

A FICTITIOUS POSITION. [THE PEESB Special Service.] WELLINGTON, July 3. While agreeing that manufacturers were benefiting by the rates of exchange now operating, the President of the New Zealand Manufacturers' federation (Mr F. Campbell) said to -day that the position was really fictitious, and he had something to say on the question of the influence of the Australian banks on the Dominion's position. The rates of exchange were in their favour, said Mr Campbell, and would be for some months. At present it was about 8 per cent, and lie hoped manufacturers in New Zealand would have enough initiative to take advantage ot it by supplying goods wliicii would meet with the approval of retailers and buyers At the same time the greater exchange was not good for the country. The position was fictitious, and might disappear in a few months. It was difficult for importers to land goods at their' real value. The position was aggravated because so many Australian banks, were operating hero, and New Zealand had Icen dragged into the trouble which Australia had got into. If that was so the position was worthy of-being looked into and they might advocate the use or New Zealand banks. Parliament should look into the question, for it was wrong that the Dominion should be dragged along at the heels of another' country.

OIL RUMOURS. In order to protect the public as far as it is able against rash speculation in oil shares induced by the circulation of wild rumours by unauthorised persons about the progress and development of events at the various bores, the Taranaki Stock Exchange has made arrangements for broadcasting, every Wednesday evening between 7.30 and 8 o'clock, from 2YB as soon as that station is "on the air" again, say, about the end of July, such authentic information as the managements of the oil companies deem advisable (states the "Taranaki Daily News"). Whatever information is broadcast in this way will first be submitted to the executive pf the Stock Exdiange and be stamped as authentic. The -Stock Exchanges of Auckland, Thames, Gisborne, Wellington, Christchurch, Dunedin, Invercargill, Brisbane, Sydney, Melbourne, Adelaide, and Perth are being informed of this intention, so that they may look upon 2YB information as authentic and, it is hoped, disregard mere rumours from other sources, which may be circulated perhaps with the object of inflating share values. Wjhile it may prove impossible to prevent rash speculation on the strength of unauthorised reports, the Taranaki Stock Erchange is to be com-, mended for thus trying to protect the public.

REDUCTION OF DIVIDEND.

AUSTRALIAN GUARANTEE CORP.

Having announced in February that the payment of the dividend on ordinary shares for the quarter ended December 81it had been deferred, the directors of the Australian Guarantee Corporation, Ltd., have now decided to recommend a final dividend for the nine months ended June 30th at 61 per cent., making 10 per cent, for the year. They state that, although the company has sufficient funds to pay the usual dividend at the rate ot 16 per cent, per annum, they have adopted a conservative policy owing to the existing abnormal financial conditions.

SLUMP IN TIN.

BUNDI DREDGES CLOSING DOWN. Eastern tin dredging companies are being herd hit by the slump in metallic tin, which touched the new post-war low level of £l3B 16s 3d per ton in London on Friday. In consequence of the unprofitable present price of tin, Bundi Tin Dredging Company's No. 1 dredge waß closed down on June 11th, and No. 2 dredge a few days later. In order tp comply with labour conditions, portion of tne property has been let on tribute, snd it is anticipated that profits from same will cover overhead expenses during the closeddown period. The directors of Lampeh (Siam) Tin Hines, N.L., announce that owing to the low price of tin it had been found advisable to impend dredging operations.

LONDON SHEEPSKINS SALE.

Pyne, Gould, Guinness, Ltd., have received the following cablegram from London, dated July 2nd:— The sheepskins sale opened id a good attendance with America chief buyers, other countries being quiet. As compared with the May sales, good combings are 71 per cent, to 10 per cent, easier, inferior 51 per. cent, to 71 per cent, easier,, clothing unchanged.

DAIRY PRODUCE.

The New Zealand Loan and Mercantile Agency Co., Ltd., have received the following cablegram from their London office under date 2nd inst.:— Butter—New Zealand choicest salted 187 a. Market Eteady. Cheese?— White 745, 755, coloured Bis, 82s. Market quiet.

PRICES FOR FRUIT. (UNITED PRESS ASSOCIATION—BS BLECTBXC TELEGRAPH —COPYRIGHT.) LONDON, July 2. Tasmanian apples ex the Bendigo, the Stirlingshire, the Ohitral, and the iSrojan Star were sold as under:—Stufmers 6a 9d to 10s, Jonathans 6s 6d to 8s 6d, Cleopatras 7s 3d to 9s, Scarlets 7s to 8s 3d, Crabs 6s 6d and 9s, others 4s 8d to 7s 6d. Apples from New Zealand ex the Port Sydney and Hertford fetched- the following prices:—Sturmers 8s to lis, Bokewoods 10s to 12s, Rome Beautys, Doughertys, and Statesman 10s to lis. ' % The City of Dieppe's Victorian pears opened up in a variable condition. Caßes of sound Winter Nelis and Boscs made 14s to 18s, Winter Coles 12s to 13s, Packhams 12s to 16s, half-cases of Josephines 8s 6d to lis. The Trojan Star's consignment of Tasmanian pears were also in varying 'condition. Half-cases of Winter Nelis fetched 6s 9d, Boscs 2s 6d to 8s 6d, Beurrediel 4s to ss, Vicars 4s 3d, Black Ackron 9s to 9s 8d per case. Winter Nelis 3s 3d to 5s 9d, Clairgeau 3s 3d. Ex Chitral (Tasmnnian): Trayß, Glout Morceau 3s and 6s, Winter Nelis 3s 6d to 5s 3d, Vicars 3s 6d to 5s 6d, Boscs 5s to 6s.

PRODUCE QUOTATIONS. (TOUTED PRESS ASSOCIATION —BT KLZCTBIO TELEGRAPH—COPIBIGHT.) (Received July Brd, 9.55 p.m.) SYDNEY, July ». Wheat—Bulk 4s ljd, bagged 4s 2Jd. Flour—£lo ss. Pollard—£7 10b. Bran—£7 "I Ob. Potatoes—Tasmanlan £8 and £9 10s, Victorian £7 10b. Onions—Victorian Brown Spanish £6 10s. Oats—White 4s and 4s Bd, Algerians to 4s 6d. Maize—ss Bd. ADELAIDE, July 3. Wheat—4s 3d. Flour—ill ss. Bran and Pollard—£7 16«.

COLOMBO TEA SALES.

(PBESg ASSOCIATION TSLEOBAK.) DUNEDIN, July 8. At this week's auction in Colombo 2,500 - 0001b were catalogued. Medium kind's showed improved quality generally, but the quality of other grades was irregular. Commonest teas were easier, but all other kinds were dearer. Next week 2,700,0001b will ot offftrod

BLENHEIM STOCK SALE.

CBPXCIAX# TO IBM FJ^WSJ BLENHEIM, July 8. A small entry comprising 701 fat and 681 stare sheep was penned: for 'the fortnightly stock sale. In sympathy with the position ruling in other parts of New Zealand, store sheep were hard to quite the prices vvero very low. The ' position ■ was farther influenced by the very, "inferior, quality ot most of the offering, which-was composed chiefly of "tail ends." A better market was experienced for fats, but pricfes were lower ail round. Ewes brought from 7b 6d for a light petn to 20s for, a niq» line of heavy quality. Prices realised at last sale ranged from 8s 6d, to 18s 6d. Wethers brought from Ids lOd for a low quality; pen to 26s id tor a prime offering, as against 18s 6d to 27s a fortnight ego. Lambs, of which there were very few. entered,-brought .from 13a to 19s 3d. . ' In the store department, 'ewes experienced, no demand, all except one pen which fetched 7s lOd being passed in. At last sale the highest price obtained for ewes was 17s 2d. Store wethers, of which there were a total ot 204, found no buyers. '

STUDHOLME STOCK SALE.

One ot the lightest yarding* for some time was offered at Studholiqe Junction stock sale yesterday. There was a poor attendance, and the demand was slack throughout. The following prices were realised:— Store Sheep—s2 ewes at '9s 6d. TO at 9s, 40 at 7s, 229 at 10s, 18 at 8s 6d, 4 at 8s 6d, 27 ewes in lamb 6s, 16 forward wethers 18 b. Cattle—Dairy cow £5 15s, springing heifer 26 12s 6d, forward cows £7 and £3.

SKIN SAL£. H. Mataon and Co. held their weekly skin' and bag-wool sale yesterday morninx, before a full bench of bayers.' - Competition was. keen throughout at value* from id to Id per lb lower than those rnling last week,' this no doubt being caused through a slight easing of the wool market in London. Prices were as follows:—Pelts, Bound 6d ; to 7Jd, faulty and dead,2|d'to Sid; merino, ' sound 6Jd to 7d, dead and damaged 4d to . 6d; halfbred, sound 7Jd to 9d, dead and dam- - aged 7d .to 7}d; crossbred, sound 7d to 7Jd, dead and damaged 5d to s}d; three-quarter-bred, sound BJd; lambs, sound 7id, dead and damaged Sid to 6id; hogget, sound cross- . bred 7id, three-quarterbred and halfbred Bd, dead and damaged 6Jd to 7d, black Sid to 4id. Green skins: Inferior crossbred, dead and damaged, 2s 9d to 4s 3d; halfbred, dead, 3s 6d to ss; hogget, crossbred 9s 4d, , thsee-quarterbred 3s 6d to 4s 2d, halfbred : 3s lOd to 7s, merino 8s 9d, black 3s 7d. ; Butchers' skins: Crossbred 3s Sd to 6s 6d, three-quarterbred 3s 9d to 6s 6d, halfbred 48 Id to 7s 6d. Bag wool: Three-quarter- , bred dead 6}d and 5Jd, halfbred dead 5Jd to 7Jd, three-quarterbred. cruta. 4d to s|d, halfbred cruts. 4Jd to 6d; lambs, cruts to 4|d, locks to Sid, lambs', fleece to 7id, crossbred fleece to 7id.

TALLOW.

The Bank of New Zealand has received the following advice from its London office under, date 2nd Inst.:— Tallow-—There is a fair demand' at current prices. Current quotations: Good mutton 29s per cwt, good beef 26s 6d to 27s 6d per cwt, good mixed 27s to 27s 6d per cwt. gut 20s to 24s per cwt. Dalgety and Company, Limited, have received the following cablegram from their London office, dated July 2nd: Tallow—At the public sales, 1615 were offered, of which 51 per cent, was sold. Prices are 2s to 3s lower. We quote fino mutton 81a, good mixed'27s, inferior 23a Messrs A. H. TurnbuU' and Co. have received the following cablegram from W Weodel and Co., Ltd., dated London. July 2nd:—At tallow auctions today, 1500 casks offered, of which 750 were «old. Two shillings and sixpence lower; ahinmcat market about unchanged.

MINING.

GOLDEN PROGRESS QUARTZ CO.

The following report has been received from the mine manager of the Golden Progress Quarts Mining Company:—• „ The shaft has been sunk to a depth of 130 feet, and is timbered down to the solid country. There is a reef formation again right across the bottom of the shaft with an underlay to the "Homeward Bound" reef So far no gold has been found! in it. In places, it is heavily mineralised,' with both iron and copper pyritis. This should Drove to be a portion of Lloyd's reef" as thele an/«f ,S |. mC M Bpllt 8h i ow ? upon surface, and it should prove to be the footwall norhanging wall portion should be cut when the Homeward Bound' 1 k by the Golden Progress reefs? 8 Croßsed There has been some trouble with th« sent pump, but this will, soon be over now* as it is intended to place the recently, acquired pump into position. , All of the steam pipes are in position and lagged The country in the shaft is all that desired for gold. The water ha, increased to about three times the previous onlnfitt Guides have been placed* into poS^£ both compartments, and the macMne™ U working smoothly. and well. acninery is

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