FINANCE AND COMMERCE.

Press, Volume LXIX, Issue 20828, 11 April 1933, Page 11

FINANCE AND COMMERCE.

0AB go or onions. T „ADE W-TH CANADA. OUPSUBIT *BOM NB XT WEEK. + nf Canterbury onions A bß loaciea for c da . I cargo, attrfough TlK> se m t TJ a large quantity will onite T cannot state yet exactly **VrfZ "total will be. what actual tg t ' Were hav f,, inus Uars, and one of riada in P«vi°" s Jf 81 ' was sent 2 > S *flSn nthe U second weelc %£&£"• Itconsl stedot ! Maimed that the present » ? * favourable one for shipti<»e * f n £r therearrangement of went- ynffotfawa Conference and at treaty Ne w Zealand ua dmitted W fcSo'm S but with 03 *«• If excise charge. It is the per cent da for onion growa^PSSSS 'foreign onions * ts Very few shipwere t< fave bee" sent to Eastern " ient l hut several have gone to SSnctSpreviously. W ff ZEALAND APPLES. \ " jBANCE IMPOSES SURTAX 0 P 15 PER CENT. (MU'I MS3CUTKW lB.Bal.UI.) r WELLINGTON, April 10. r -Advice was received to-day by both m. rKunent and the Fruit Export tSSrthat the, French Gov«nnmt had decided to 'impose a surTTlSwt cent in terms of sterS°v^a P °n imports of New Zeaffiajpte. The impost, it Is stated, is , HAvact New Zealand's high exchange rate, although no action, in ffllMcUon has been taken against SX It is understood that reS the French Government conSted increasing the duty on New ZeXd apples from about 3s to lis a SThis would have made the exBottaUon of apples to France imposm*tat the retail price would have Lai completely prohibitive. The present surtax, however, will hamper trade considerably. New Zealand cxnortfld about 20,000 cases of apples to Branca last year, and it was tully miended to build the total to about 80,000 cases this season. However, as a result of the surtax, only about MSUCftiies wil go direct, although anther 30,000 cases will be transhipped from London if the market warrants this course. The question of marketing, it is slated, la being actively considered by the Fruit. Board, and efforts are being mdo to extend potential markets wtarever possible. Owing to the unsettled conditions on the Continent, it is stated, the board is being li&rcfcd to place more of its fruit on the British market, where prices are declining. Latest advices from the High Commissioner show that prices for.apples are still considerably depressed The South American market it almost do.ied to the board, which it having trouble in securing payment for shipments to the Argentine and Brazil owing to the unsettled state of the finances of those countries.

An authority on fruit export probands explained to-day that one of the Dominion's objects was to secure a t'eatftr sale for large-size apples, reat Britain paid a good price for medium and small apples, but did not jant big fruit. The Continent and South America were the markets for large fruit, but they were now virtually flosed. The only other hope was that % United States would accept shipments, and there was reason to berave that trade could be done in this direction in view of President RooseWlt's apparent intention to readjust the tariffs. The Dominion's total exports of apples was about 1,500,000 «es a year, so the value of the AmeKcan market could be appreciated.

CHANGING AUSTRALIAN NOTES. Possible reasons for charge * The Associated Banks have detided to charge 2\ per cent, for changing Australian notes, according to an announcement made in Wellington during the week-end. While no definite reason could be found for this decision, it was teamed from enquiries made in Christchurch yesterday that it is feeneroliy considered undesirable for oae country to import the currency « another. It ww considered that the charge was perhaps a move to stop the importation of Australian notes, and to check a possible flood of them ware it had grown to any great volume. Any quantity of Australian notes in New Zealand would wrtainly not be of benefit to the Dominion. If persons were having flifficulty in bringing 'their money Stom Australia to New Zealand they «"Bflt bring it over in notes, and when these were changed there would be a loss of 2£ per cent. More than if the money had been brought over by ether means. It was mentioned that there might will be some persons who were taking New Zealand silver to Australia, although this was forbidden ?y law. If this silver were changed into Australian notes there would still be a profit in bringing them •jack to New Zealand, even with the ?4 per cent, charge for converting wtoi to New Zealand currency. THE ESSENCE OF ECONOMY. r lt is estimated that between * 100,000,000 and £180,000,000 has been tyGat on advertising during the last yea?," said Principal J. F. Rees, of University College, Cardiff, at a lunchson of the Cardiff Publicity Club re•thtty. "Any industry in which such a large sum of money is expended ia •worthy of consideration. Advertising is the essential third •Jage in the development of selling. The first was selling in bulk when JW purchaser wanted to see the ac™M thing, the second was selling by *Bjple, when the buyer saw only a PMt of the consignment, and, last of J", is selling by description, the chief wrm of selling in modern times. That ai »£ od is advertising. The cbst of bringing an appeal to we individual by advertising is from * hundredth to three-hundredths of «g amount required to establish conBet by personal visits."

MINING. r v, FRESHFORD GOLD DREDGE. The report of the Freshford Gold Dredging Co., Ltd., supplied by its secretary, states: —"I have to report that the dredge worked 110 hours during the week, the wash-up being held on Friday, April 7. The return of gold was 18J ounces. One day was lost through strengthening the extension of the tail shoot. The dredge is working across the gully, the intention being to turn up the far side of the gully. The ground worked through during the week was an isolated patch of swamp, and it will be some days before the dredge is through this. There is very little wash under the swamp in this patch, but what there was of it produced rich heavy gold." WAIT AH U COMPANY. The Waitahu Gold Mining Company, Ltd., reports that the filth call of 6d a share has been made on the contributing shares and is due on April 26. This makes the total calls up to 4s a share, the i-emaining liability being Is a share. BLACKWATER MINES. During March Blackwater Mines, Ltd., crushed 3360 tons of ore, yielding 1681 fine ounces of gold, the value of which (taking gold at 115s a fine ounce) is £10,481. Working costs were £5669, leaving an estimated working profit for the month of £4812. Development expenditure for the month was £853. Capital expenditure for the month was £1315. OKARITO RETURN. The Okarito Five Mile Beach Gold Dredging Company, Limited, reports a wash-up for the week of 121 ounces for 120! hours' work. MAHAKIPAWA GOLDFIELDS. Advice has been received from the mine manager that the wash-up for the week produced 38 ounces alluvial gold. LONG TRAIL COMPANY. A telegram has been received reporting the discovery of a now reef 4ft 6in wide; tested across face, first <Jin «ives a 3oz prospect, balance, a nice corner in the dish, average lodwts. GOLD PRODUCTION. 1932 OUTPUT A RECORD.

So far as can be estimated at present the total output of gold in the world in 1932 was nearly 24,000,0000z, which Is 2,000,Q000z more than in 1931, and is a record. It would not be surprising if a new record were established this year, so greatly has the search for the metal been intensified by prevailing conditions. In many countries, notably Australia and South Africa, the departure irom the gold standard has caused an artificial increase in the price, with the natural result S producers have been induced Sraise' their outputs to take advantage of the higher price. In 1932 South At rica easily retained its position at the head of the list of producers with an output of 11,600,0000z, compared with 10,875,0000z in 1931. Next came Canada with 3,100,0000 Z. against 2,680,000 o¥, and the United States with 2,500 000 or abainst 2,400,0000z in 1931. # The actual production in Russia is not known but it Is believed to have SeeT 'about 2LO0O.00O<a; or about TiO OOOoz more than in 1931. Australia was about fifth in the list of! proirf 1932 with a total of 710,0000z, against 595,0000z in 1931.

N.Z. BUTTER IN CANADA. BASIS OF DUMPING DUTY. (OSlrta. »*» A3SOCTATIO»-BT EMCTIM IIMOBAW- COPKUQHT.) (Received April 10, 7.30 p.m.) OTTAWA, April 9. The dumping duty against Now Zealand butter held in bond in Vancouver will be levied on the same basis as the similar duty against goods from the United Kingdom, which is on the difference between the fixed value of the pound sterling at 4.25 dollars and the average actual exchange rate of sterling on the world market which is in tne neighbourhood of 4.12 dollars. As New Zealand currency is lower than sterling, the dumping duty against butter will oe correspondingly higher. It is estimated here that the amount will be approximately 3£ cents per lb, this to be in addition to the regular duty of 5 cents per lb. There is about 250 tons in bond. TRADE WITH BRITAIN. RESOLUTION FAVOURING LOWER DUTIES. (1>H« : <8 ASSOCIATION WLSGRAM.) DUNEDIN, April 10. At a meeting of the Chamber of Commerce to-night the following resolution was adopted unanimously:— "That the free and unrestricted entry of our exports into Great Britain is so vital to New Zealand that negotiations should be initiated to ascertain on what terms this right can be secured, and we should be prepared to make concessions to achieve this end."

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. There was a moderate turnover on call yesterday with the bulk of the dealing.; in industrials and gold mining shares. Transactions (exclusive of vestibule business) were:—35 Commercial Bank of Australia (pref.). , ... 90 E S, and A. Bank (cum div.). 10 Bank of New South Wales. 165 Mercantile Mutual Insurance. 30 Mosgiel Woollens. 100 New Zealand Breweries. 400 Mount Lyell. 800 Freshford. 500 Gillespie's Beach. 2500 Golden Point. 250 Golden Sands. 100 Nokomai. 50 Waihi. Commercial Bank of Australia preference shares remained unaltered at £8 Bs, and there were further buyers at that price, no sellers. E., S., and A. Bank shares cum dividend, recovered to £4 6s, market closing Cd on either side. Bank of New South Wales shares were firm at £2B 17s Od. sellers staying in at that figure, buyers at £2B 15s. Miscellaneous. Mercantile Mutual Insurance shares realised 16s lid. Buyers of New Zealand Insurance, South British, and Standard Insurance shares advanced their offers without attracting sellers. Buyers of United Building Society shares moved up to 15s 6d, but sellers were reticent. Mosgiel Woollens were firmer with business at £8 Bs. Sellers of Westport Coals reduced their, limits to 12s 4d, buyers at 12s. New Zealand Breweries advanced to 28s lOd, market closing 28s lOd sellers, 28s 3d buyers. Tooheys Brewery shares were firmer on buyers' offers 19s 9d, sellers at 20s 6d. Buyers of Beath and Company £1 paid shares raised their bids to 23s 9d, sellers at 275. Mount Lyells were fractionally firmer at 19s, and more were wanted at 18s ltd, sellers at 19s 2d. Freshford Gold Mining shares eased to dealings at Is 4d and Is 3d, market closing Is 2id buyers, Is 4d sellers. Gillespie's Beach changed hands at Is 4Jd, sellers staying in at that price, buyers at Is 4d. Golden Points remained unaltered at 2d, and there were further buyers at that figure, sellers at 2&d- Golden Sands were fractionally firmer with business at 2s lOd, and further buyers at 2s IOJd, sellers at 2s lid. Nokomais declined to 5s sd, sellers staying in at that price, buyers at 5s 4Jd. Okaritos hardened to 9s 6d buyers, 9s lOd sellers. Waihis rose to 22s sd, closing quotations Id on either side. LATEST QUOTATIONS. Buyers. Sellers. £ s. d. £ s. d. N.Z. Govt. DebenturesSi % Inscribed 1933 (dissented) .. 99 0 0 4J % Inscribed, 1938 (assent.) 98 0 0 100 0 0 5h % Inscribed, 1936 (assent.) 99 0 0 101 0 0 54 % Inscribed, Feb., 1937 (assented) .. 99 0 0 5i % Bonds, Feb., 1937 (assented) .. 99 10 0 5£ % Inscribed, 1951 (assented) .. 99 0 0 5k % Inscribed, Sept., 1937 (assented) .. 99 2 6 5J % Bonds, Sept., 1937 (assented) .. 99 5 0

Other Debentures — C h ristchurch Drainage 5£ %, 1973 .. 100 0 0 Batik s-^ Australasia .. 10 2 0 10 15 0 Commercial Of Australia .. 0 14 2 0 14 6 Commercial of Aust. (pref.) 8 8 0 Commercial of Sydney .. 15 6 0 15 17 6 E., S., and A. (cumdiv.) .. 4 5 6 4 6 6 National of Australasia (£lO paid) .. 12 2 0 National of Australasia (£5 paid) .. 5 16 0 5 19 0 National of New Zealand .. 3 7 6 New South Wales .. 28 15 0 28 17 6 New Zealand .. 2 4 10 2 5 2 Insurance — Mercantile Mutual ..woo National .. 0 16 3 0 16 10 New Zealand .. 2 8 6 South British (cum div.) ..346 | Standard .. 2 11 3 Loan and Agency— C h r istchurch Building Society .. 10 2 6 Dalgety and Co. 7 10 6 7 16 0 Go ldsbrough, Mort .. 12 9 1 2 11 National Mortgage "A" .. 1 10 6 1 16 0 New Zealand G u arantee Corpn. .. 0 4 0 0 5 3 New Zealand Loan and Merc antile (ord. stoclO 37 5 0 41 0 0 ■ United Building ' Society .. 0 15 6 Shipping— Huddart, Parker ..186 Huddart, Parker (pref.) .. 12 9 P. and O. Deferred Stock 0 18 3 Frozen Meat— C a' nterbury (ord.) .. 4 10 0 Can tertaury (pref.) .. 4 10 0 5 a 0 New Zealand Refrig. (£ 1 paid) .. 0 10 2 0 10 5 New Zealand Refrig. (10s paid) .. 0 3 S 0 3 11 Gear ..169 Woollens — Kaiapoi (17s paid) ..039 - Kaiapoi (pref.) 0 5 0 CoalGrey Valley .. 0 12 6 0 18 0 Westport • • 0 12 0 0 12 4 Stockton (ord.) 0 0 7 Stockton (pref.) Oil Gas— Christchurch .. 16 0 Christchurch (10s paid) .. 0 12 4 - Auckland .. 11l Timaru .. ~ l o u Breweries— Carlton ~ 1 H « \ " » New Zealand .. 13 3 3 Staples ■ • 12b 1 2 11 Timaru (7s 6d „ „ „ m paid) .. 0 2 9 0 3 10 Tooheys .. 0 « 9 ° 6 Tooths . • 1 15 1 115 b Melbourne Co-op. 16 0 1 10 0 MiscellaneousAustralasian Paper and ft Pulp .. 1 " 3 1 12 ° Allied Motors 0 0 6 A m a 1 g amated W i reless 130 tcontr.) ..11» 1 J «

Buyers. Sellers. £ s. d. £ s. d. Australian Glass 2 5 9 2 7 6 Beath and Co. 13 9 17." Beath and Co. (Is paid) .. 02 0 Beath and Co. (pref.) .- 10 3 Aust. Iron and Steel (pref J British Tobacco .. 113 9 114 3 British Tobacco (pref.) 12 0 Broken Hill Propty. .. - Burns, Philp .. Colonial Sugar 54 12 6 ao 0 0 Dominion Fertiliser .. 010 0 010 6 Dunlop Eubber 016 9 017 0 Electro. Zinc _„ n (ord.) .. 015 3 olb 0 Electro. Zinc (pref), (cum div.) ..185 189 Gordon and Gotch .. 1 10 0 Greater Crystal Palace .. 014 7 Hume Pipe (Aust.) ..096 100 Kauri Timber .. 010 0 012 6 Milburn Lime .. 15 1 Moturoa Oil .. 0 3 G 0 4 6 Mount Lyell .. 018 11 019 2 New Zealand Drug Co. .. 32 0 34 0 New Zealand Paper Mills 14 0 Whitcombe and Tombs .. 218 0 3 8 0 Wilson's Cement 110 0 Woo 1 worths (N.Z.) .pref.) 112 0 MiningA 1 exander (contr.) .. Big River .. 0 1 Oi- 0 1 2 Blackwater .. 114 12 3 Cornish Point 0 0 1 0 0 3 Freshford .. 0 1 2h 0 1 4 Gillespie's Beach .. 0 14 0 1 4i Golden Dawn .. 0 17 0 2 5 Golden Point .. 0 0 2 0 C 2 J Golden Sands .. 0 2 lOi 0 2 11 King Solomon 0 17 0 1 11A Lawson's Flat 0 0 10J 0 1 0 Mahakipawa .. 0 0 2 0 0 2J M a h akipawa (pref.) .. 0 0 3 0 0 5 Nokomai .. 0 5 4i 0 5 5 Waihi .. 1 2 4i 1 2 51 Okarito .. 0 9 6 0 910 Waihi Grand Junction .. 0 3 8 0 4 0 Paddy's Point 0 6 3 Waitahu .. 0 4 3 0 4 6 UNLISTED STOCKS. All transactions in stocks quoted in this section are subject to double rate of brokerage and are not quoted on the official list:— £s. d. £s. d. Aotearoa Gold Prospecting .. 0 16 0 3 6 Bell Hill Sluicing ..027040 Bell Hooper Cromwell, Ltd. .. 0 0 71 0 0 8 Central Shotover 0 0 7 0 0 8 New Zealand Perpetual Forests .. 2 0 0 New Zealand Perpetual Forests (4s paid) 0 7 6 Strand, Pitt street (Syd.) Propty 0 4 0 Sun Newspapers 0 3 3 0 3 6 Snowy River Sluicing ..020026 Temuka Flour Mills .. 014 6 110 YESTERDAY'S SALES. CHRISTCHURCH. i Sales on 'Change—i £ s. d. i Commercial Bank of AusI tralia (pref.) .. 8 8 0 E., S., and A. Bank (cum div.) (3) 4 6 0 Bank of New South Wales 28 17 6 Mount Lyell (4) 019 0 Freshford .. 0 14 0 13 Gillespie's Beach <2) 0 1 4j Golden Point (3) 0 0 2 Golden Sands .. 0 210 Waihi .. ..125 Nokomai • .. ..055 Sales ReportedMercantile Mutual Insurance .. .. 016 11 Mosgiel Woollens .. 8 8 0 New* Zealand Breweries 1 810 AUCKLAND. Sales on 'Change—- £ s. d. Waltemata County Council, 1962, 6 per cent. .. 08 10 0 E., S., and A. Bank .. 4 6 3 Bank of New Zealand (2) 2 5 0 2 5 1* Gisborne Gas .. .. 0 4 0 Northern Steamship .. 0 7 0 Staples .. ..129 Colonial Sugar .. .. 55 0 0 Kempthorne, Proeser .. 3 2 6 Wilson's Cement .. .. 112 0 Waihi .. ..122 12 3

WELLINGTON. £ s. d. Sales Reported— Bank of New South Wales 29 0 0 Bank of Now Zealand .. 2 5 0 2 5 li Australian Prov. Assurance 0 8 3 Gear Meat .. ~180 New Zealand Breweries .. 18 6 Golden Point .. .. 0 0 2 Big River .. .. 0 1 14 DUNEDIN. Sales on 'Change—• £ s. d. Waihi .. ..120 Paddy's Point -.■%■ .. 0 5 0 Blaekwater '-:■ .. 116 Sales Reported— Dajgety .„ ~ 7 11 0 Paddy's Point (2) 0 5 0 Golden Sands .. 0 2 101 SYDNEY. On the Sydney Stock Exchange yesterday investors operated with much confidence, the trend of values being upwards.' Commonwealth Bonds were from one to six points above last week's levels. The demand for frontrank industrials was very strong, and there was unusual activity in goldmining shares. Morning Sales—- £ s. d. Commonwealth Bonds—--4 per cent., 1947 .. 102 15 0 4 per cent, 1953 ..103 7 6 4 per cent., 1059 ..104 5 0 Broken Hill Proprietary .. 1 10 7£ Tooth's Breweries .. 1 15 9 Afternoon SalesBank of New South Wales 30 0 0 Commercial Bank of Sydney .. .. 15 17 6 Queensland National Bank 5 16 Associated Newspapers 0 7 9 Associated Newspapers (pref.) 0 17 ii Colonial Sugar .. .. 55 0 0 Berlei .. .. .. 1 5 6 Tooth's Breweries .. 0 13 101 British Tobacco .. 1 14 9 Carlton Brewery .. 1 15 10J Australian Glass .. 2 7 9 Dunlop, Perdriau .. 0 17 3 Winchcombe, Carson .. 1 3 9 Fairymead Sugar .. 1 6 0 North Broken Hill .. 3 5 0 Commonwealth Bonds—--4 per cent, 1938 ..103 7 6 4 per cent, 1941 .. 103 17 6 4 per cent., 1944 ..104 2 6 4 per cent., 1947 .. 102 15 0 4 per cent., 1950 ..103 2 6 4 per cent, 1953 ..103 7 6 4 per cent., 1955 .. 103 15 0 4 per cent., 1957 ..104 2 6 4 per cent, 1D59 .. 104 5. 0 4 per cent., 1961 .. 102 16 3

TIN [AND RUBBER. DEPRESSED MARKETS. RESTRICTION OP OUTPUT, [THE PEBSS Special Service.] WELLINGTON, April 10. In spite of an attempt to. restrict supplies, the tin market is still very depressed, and on the average, only one in four of the dredges in the Malay States is working. This statement was made to-day by Mr F. Knewstubb, a New Zealand engineer who has been connected with tin mining in the Malay States and the Straits Settlement for a number of years and who is at present on furlough. He arrived from Sydney to-day by the Wanganella, and is proceeding to Port Chalmers, where his family reside. Mr Knewstubb said that a few years ago tin was realising £4OO a ton, but to-day the price had fallen to £l5O. Since 1930 a scheme had been in operation for the purpose of restricting the output, but so far it had hot been as successful as was anticipated. The idea was to reduce the existing stocks, which had been estimated at 60,000 tons, to 20,000 tons, but so far the restriction had not been effective. However, the tin mining companies had not suffered to the same extent as the rubber companies many of which were in a desperate position. Rubber had brought as much as 4s per lb, a few years ago, but today it was selling at as low as 2£d per lb. Restriction of output had also been tried with the marketing of rubber, but the price level had not rallied to the extent that was generally anticipated. At present the rubber companies were experimenting with a composition which was considered to be suitable for street paving and a square in Singapore had recently been paved with a mixture which has applied in hot liquid form. It was yet too early to gauge the success of the experiment. When asked to comment on the suggestion that the New Zealand Government should buy dredges from Malay for gold mining purposes, Mr Knewstubb said that there were plenty of cheap dredges available at present, but they would require extensive alteration before they would be suitable for gold mining. Some of them were capable of shifting 350,000! cubic yards a month, and were capable of dredging 120 feet below the water level. Economic conditions in the Malay States and the Straits Settlements were very bad indeed. The prosperity of both places depended on two industries—tin and rubber--and no recovery could be hoped for until there was a general world recovery. At the present time the place was "absolutely dead." FOREIGN EXCHANGES. (bkixish omciti, wireijcss.) (Received April 10, 7.5 p.m.) RUGBY, April 8. I'ar. Apl. 7. Apl. 8. Paris, fr. to £1 .. 124.21 87 15-16 86J New York, tlol. toil 4.866 3.415 3.41£ Montreal, do!, to £1 4.866 4.13 4.12.J Brusaals, belgaffl to £1 35 24.60 24.50 Geneva, fr. to £1 .. 25.2215 17.69& 17.69J Amaterdam, fi. to £1 12.107 8.47 i 8.47 Milan, lir» to £1 .. 93.53 6GJ 6G7-16 Berlin, reichmarken to £1 .. .. 20.43 14.65 14.65 Stockholm, kr. to £1 18.160 18.90 18.921 Copenhagen, kr. to £1 18.159 22 7-16 22 7-16 Oslo, kr. to £1 .. 18.159 19| 19 17-32 Vienna, sehgs. to £1 34.585 32J 32J (nom.) (nom.) Prague, kr. to £1 .. 164.25 1142 114| Helainjrfors, marks to £1 .. . .- 193.28 226J 227 Madrid, pesetas to fi .. .. 25.2215 40J 40J Lisbon, escudoa to £i .. .. no no no Athens, drach to £1 375 COS 605 Bucharest, lei to £1 810.6 575 575 Belgrade, dimrs .. 25.2215 252J "Rio do Janeiro, penco to milreis 5.892 53 i| (nom.) (nom.) Buenos Aires, ponce to dol. .. 47.577 41 41 (official) (official) Montevideo, penco to dol. ..51 33 33 (nom.) (nom.) Bombay, penco to .„..,„ rupee .. - 19 "SI" 16 181 " 16 Slmnphai, pence to ta'el .. •• * ~ 20 Hons Kong, pence to dol. •• ' 15 » 15 » Yokohama, penco to ~,.„ yen .. .. 34.56 15 1415-16 Warsaw, par zlotys to £1 .. •• 43.38 - - Batavia, guilder .. 12.107 * Determined" by price of silver.