BONELESS BEEF

Press, Volume LXX, Issue 21296, 16 October 1934, Page 13

BONELESS BEEF

DUMPING IN AUSTRALIA ALLEGED MARKET FOR DOMINION THREATENED If the agitation of New South Wales stock owners is successful, New Zealand may find yet another outlet for its exports of boneless beef closed. Since New Zealand undertook, following the Ottawa conference, to reduce her supplies of boned meat to the United Kingdom, producers have been finding a market for large quantities in Australia. "Country Life," the official organ of the Graziers' Association of New South Wales and many other important primary producers' organisations, in a recent issue declares that "stock owners of New Soutli Wales are face to face with a new peril." The article states that the Sydney meat market is being glutted, not only with meat from Queensland and Victoria, and cheap, low-grade pieces and meat sundries from outside the metropolitan area, but also with an avalanche of boneless meat from New Zealand. Between August 23 and September 15, the article continues, 43,1061b of veal pieces and 46,0011b of pork pieces were unloaded on to the Sydney market, an operation that is described as "foisting the Dominion's inferior meat on Australia." The journal fears that this is only the beginning of a sparkling new trade for the Dominion. "Dumping of any inferior meat on the Sydney market must undermine Homebush and fat stock prices generally. 'Country Life' insists that this new torrent of trouble shall be shut out from Australia, quick and lively," the article concludes.

MINING OKARITO WASH-UP (riIKSS ASSOCIATION TELEGRAM.) DUNEDIN, October 15. The Okarito wash-up for the four weeks ended October 13. totalled 440? sdwt for 128 hours' dredging. GILLESPIE'S BEACH (rRB33 ASSOCIATIO* TELIOIUM.I DUNEDIN, October 15. The Gillespie's Beach return was 31oz 9dwt for 134 hours. MATAKI (PRESS 18S0CIATI0H TILSOKA.M.) j AUCKLAND, October 15. The Mataki return for the week ending October 14, was 340z for 124 hours' work. j TALISMAN DURHO From 58J wet tons, equal to 52 dry tons of ore. treated last week, there was an actual realisation of £284 on an 85 per cent, extraction. GOLDEN PROGRESS COMPANY The directors have to report that an option has been given over the Golden i Progress Quartz Mining Company's ] property at Olurchua, lo an English j syndicate. The price placed on the property is £17,500, and if the option is exercised the purchase money will be satislied by the payment oC £4500 in cash, and the allotment of fuliy paid-up shares to the value of £II,OOO in the purchasing company. The option expires on December 15. Before the option was given, it was arranged to carry out an extensive programme as outlined by Mr Sinclair, A.R.S.M., Assoc. Inst. (London), to prove thereof to a depth of a further 100 feel In view of the option, however, MiSinclair advised that the directors should continue to take out stone pending negotiations with the option-hold-ers and this policy is being continued for the present. In the event of the option not being exercised, it is Mr Sinclair's intention to superintend the proving of the reef to a further dcptli of 100 feet. For the last month 34 tons of ore were put through the battery for a return of 430z 3dwt 12gr.

RECORD GOLD PRICE SOVEREIGNS WORTH £2/0/10 Gold reached a new record price on October 3 (says the Melbourne "Argus"). The price of £7 2s 2id a fine ounce recorded in London is equivalent to £8 15s 5d in Australia, after adding exchange and allowing for realisation charges. The Electrolytic Refining and Smelting Company of Australia sold a parcel of gold in London which showed a return of £8 15s 6d an ounce to the producer. The increase in London is further reflected in the price offered for sovereigns in Melbourne. These were quoted on October 3 by the Bank of New South Wales at £2 0s lOd each. The price of gold for exchange purposes was hitherto based on the value of the pound sterling against the franc, but since the United States has practically established an open market for gold at 35 dollars an ounce, the price of gold has moved more in conformity with the dollar rate. Since September 28 depreciation ot sterling in terms of the dollar has proceeded by the following stages:—4.97 h, 4.963, These movements in themselves would be sufficient to explain the rise in the price of gold. The trend of the dollar toward parity with sterling (4.80 2-3) may indicate a greater measure of confidence in President Roosevelt's policy. The effect of further gold hoarding is another factor which must not be overlooked. A considerable influence in the exchange market at this time of the year is the seasonal activity in London among traders laying in the usual winter supplies of imported goods. [The price of gold had increased on October 11 to £7 3s 3d a fine ounce, an advance of Is Old. With exchange this would make the Australian value on October 11 approximately £8 16s Hd.l PRICE OF SILVER LONDON, October 13. Silver (pence an ounce) is quoted:— Oct. 12 Oct. 13. Spot .. ..24 7-16 24i{ Forward .. 24 9-16 24i PROPERTY SALE Messrs N. H. McCrostie and Company report having sold on account of the owner her modern bungalow of five rooms, with about 30 perches of land, at No. 1 Westenra terrace, Cashmere, to a client. —8