FINANCE AND COMMERCE.

Press, Volume LXVIII, Issue 20499, 18 March 1932, Page 12

FINANCE AND COMMERCE.

LONDON WOOL SALES. STEADY MARKET. NEW ZEALAND OFFERINGS SOLD. limiTED PRESS ASSOCIATION—BY ELECTRIC TELEGRAPH—COPYRIGHT •> LONDON, March 16. At the wool sales 11,446 bales were offered, including 4310 from New Zealand, and about 4000 were sold. New Zealand scoured combing, Lake, top price 17jd, average 15jd. Greasy halfbred, Bingley, top price 10} d, avorage 10id. Slipe lambs. Fielding, top lid, average 10id. The sales closed steady, merino and greasy being slightly firmer than .at the opening. Scoureds were firm at full opening rates. Crossbreds, fine, eased somewhat, and are now about 10 per cent, below the February levels. Medium and coarse sorts are unchanged. BROKERS' REPORTS. DALGETY AND CO., LTD. The London wool sales closed active with brisk competition. Home trade principal operators. Improved Continental buying during the last few days, especially from Germany. As compared with closing rates of last series:—Greasy Merino id to fd lower; scoured Merino, par to id lower; greasy halfbred, }d to ljd lower; greasy crossbred, fine, Jd to lid lower; greasy crossbred, medium to. coarse, id to 3d lower; scoured crossbred, id to |d lower; slipe, par to id lower; lambs greasy, unchanged! Offered 112,000 bales. Home trade bought 48,000 bales, Continent bought 44,000 bales. Carried over, 28,000 bales Australia; * 52,000 New Zealand; 500 Cape, of which not offered 67,500 bales. Total sold, 92,500 bales. Following is the range of prices realised:—

Pyne, Gould, Guinness, Ltd. As compared with the January series Merino is quoted at par, half bred Jd cheaper, three-quarterbred and crossbred 3d cheaper. Scoured fully firm. Closing rates for greasy are as follows: d. d. Merino .. .. 9 to 10 J ■ Jflae halfbred .. 10 to ll| Halfbred .. .. 9} to 11 Three-quarterbred ... 61 to 7f Fine crossbred .. .. 53 to 6$ Medium crossbred .. 5i to 6 Coarse crossbred .. 43 to 5} Loon and Mercantile Agency. As compared with last sales closing rates, prices are lower par to |d per lb for scoured Merino, Merino lambs, crossbred, slipe, lower 4d per, lb for scoured crossbred, medium greasy crossbred, coarse greasy crossbred, and greasy Merino, Lower-Id for fine greasy crossbred, higher.par to id per lb for crossbred lambs. The sales closed with a fairly firm tone to-day. Home buyers are the principal operators. Competition account is fairly actire. The prices realised for average to super grades of descriptions as below were aa follows:

National Mortgage. The auction sales closed with good general competition. There, was no change generally from opening rates, prices if anything, being; in favour of sellers, except for medium and coarse erossbreds. Total withdrawals were 80,000 bales, of which 52,000 bales were New Zealand wools. Fanners' 00-opg London wool sales closed and prices as compared with the close of last seriM are as follows:—Greasy Merinos, par to 5 per cent, lower; scoureds, super and superior, unchanged; seouxeda, medium croßsbreds, five per cent, lower; greasy, fine erossbreds, five per cent, to 7$ per cent, lower; greasy medium coarse erossbreds, five per cent, lower; seoureds, par to five per cent lower; Merinos, five per cent. . ■, lower. Tho market closed firm with good competition. Total offered 112,000 bales, 73,297 sold, 46,000 to the Home trade, 27,000 to the Continental section. SYDNEY SALES. COOD COMPETITION. <mmm ntsi assocutioh—»* Mjtciaio TBUtoaAPH-rCortaioHT.) . (Received March 17th, 9.25 p.m.) SYDNEY, March 17. At tho wool sufes to-day, the offerings 10,963 bales, of which 9063 mm gold, while 1692 were disposed of lh» market closed very ton. fktf* W*B gpod all-round competition. tjHMGf merino mad© to 22id. I

| MINING. LIVINGSTONE FIELDS. OPERATIONS ON BIG SCALE. (SPECIAL TO 'THE PBESB.) OAMARTJ, March . 16. Reports indicate that the present operations on the Liyingstone goldfields in North Otago are meeting with a good measure of success. Most of the alluvial gold is fine gold, but some good specimens of coarse gold with small nuggets have recently been won in this locality. An option has been secured over existing mining claims and the water race at Golden Gully by an influential mining group, and it is intended in the near future to have a thorough test made oi the. alluvial deposits and the possibilties of obtaining dam sites for conserving water,' with a view to carrying on mining operations on a large scale. In addition to the claims held. 240 acres under prospecting licenses have been taken up. The mining engineer who recently visited the district was very favourably impressed with the opportunities of carrying out mining operations on a big scale with up-to-date gold saving methods.

At a sitting of the Warden's Court here to-day, Mr Bundle, S.M., recommended for the consent of the Minister ; three applications for claims ,of 100 acres, 60 acres, and 80 acres respectively at Livingstone, lodged by William Morgan Gimson, of Auckland, mining engineer.

MOUNT ISA MINES, LTD

An extraordinary general meeting of Mount Isa Mines, Limited, is to be held in Sydney this week for the purpose of considering the following resolution: ■ '

"That in the opinion of this meeting it is in the interests of the company that interest, on the firat and second debenture stock issued by the company should be " paid at the respective rates which the company "has agreed l to pay notwithstanding the provisions of the Interest Reduction Act, 1931, or other legislation applicable to the. whole or any part of such debenture stock, and this meeting authorises the directors in their discretion to pay such interest without any deduction and ratifies and confirms the action of the directors in paying interest on the.first debenture stock at the rate agreec}." 1

COROMANDEL MINING

The McNeil group of mines, known v as the lied Trail, Long Trail, and Golden Trail mines, situated in the Colvilje district, north of Coromandel, have been acquired by a Wellington syndicate. As soon as road access facilities now in hand are completed, it is proposed to install a light crushing plant, i <£riven' by a Diesel engine. It was from tbe scene of this new.find that 13.V tons o£ quartz was packed ten miles >pti Worses- to. the Four4ji-Handi Battery,: amfctgavera return of 'ss&z of gold, valued at £2OB odd.

MOUNT TOKATEA COMPANY,

At the annual general meeting itt Auckland of tlio Mount Tokatea Miricral Fertiliser Company, Ltd., the chairman,- Mr H. R. Jenkins, reported having recently visited the scene of the company's operations,' and found -everytiling going satisfactorily. The main tunnel .to cross-out the big Tokatea sulphide -, lode had now: advanced to 115 feet, from the 'surface, on the hanging wall side,, and had not yet reached the footwall of the lode.. Though the- galena and zinc ~ mineral content was less pronounced, tho copper values had considerably increased, and the gold and silver values 'were now more pronounced. Over the 20 fee,t of driving, a series of assays disclosed gold from 2 to 12dwts, anil silver 18oz per ton. These results were considered very satisfactory, tiie chairman saying s he , had been advised by expejfcs in England that a general average value of 6s a ton was considered payable, provided sufficiently large quantities were obtainable at low working costs. The chairman also reported that work on the new rich leader (known as Mndills Reef) waA being actively prosecuted. The- drive; had been extended to 70 pdd feet, and it was expected at, any time to intercept the leader. : This work, though.at the present time requiring a certain amount of non-productive expenditure, > would eventually give better ; mining facilities. ....... • ; Sir George Fowlds.' Sir George Richardson, and Mr. H. ,R., Jenkins; were 'reelected directors, and Messrs A. it. Perry and H. N. Grump were elected to represent Wellington interests, oh the Board. ;v -' .

SCIENTIFIC ADVERTISING;

To, survey and analyse day by day some' 7.00 whole "of the significant Press* of Great Britain, Northern Ireland, and the Irish Free State—collating, it is estimated, a monthly total of more than 140,000 individual advertisements: such is the remarkable service now projected on behalf of all engaged in advertising by the London Press Exchange, Ltd., a leading British advertising agency. This development well exemplifies the way in which advertising technique daily becomes more scientific. An advertiser can be supplied out of hand with a monthly return of the advertising appropriation of his direct competitors, and advertising agent with a quarterly survey of a given trade's enpenditure, or a newspaper group! proprietor with a daily report on the trend of a rival's revenue. SALE OP PAINTINGS. H. G. Livingstone and Co. held an auction sale of water colour paintings yesterday afternoon at their auction gallery, 109 .Hereford street. Twentyseven lots found buyers, prices varying from half a guinea' to ten guineas as follows:—Lot 1, half-guinea; lot 2, half-guinea; lot 8, one and a halfguineas; lot 11, half a guinea, lot 16, one and a quarter guineas; lot 26, ten guineas; lot 28, two and a half-guineas; lot 31/ two guineas; lot 32, three and a halfgumeas; lot 33, three guineas; lot 35, ten* guineas; lot 37, five guineas; lot two guineas; lot 54, two guineas; lot 57. three and a half-guineas; lot bl, three-quarters of a guinea; lot 67,. four guineas: lot 69, two and a quarter guineas lot 71, two guineas; i ri two guineas; lot 87, two and a half-guineas; lot 88; three and a quarter guineas; lot 106, two and a half-guineas; lot 108, one guinea.

. d. d. Halfbred, 56-58— Good to super Low to medium 11 to 12 8 to 104 Halfbred, 50-56— Good to super 9 to 10i Low to medium , 6| to H Fine crossbred, 48-50— Good to super 6i to 8 Low to medium 5| to Gi Fine crossbred, 46-48— Good to super 6J to 6| Low to medium 4J to 6 Crossbred, 44-46— Good to super 5J to 6* * Low to medium 4£ to 54 Crossbred, 40-44— Good to super 5j to is Low to medium 41 to 51 Coarse crossbred, 36-40 — Good to super 51 to 5} Low to medium 4} to 5

a. a. MerinosSuper .. io to in Average .. 7J to 8| Crossbred— 50-58 .. 10 to Hi 50-56 .. 8f to 10 48-50 0j to ' 8 46-48 .. Si to 61 4446 , .. 5$ to 6 40-44" .. 5 to 51 80-40 .. 4} to 5i