FINANCE AND COMMERCE

Press, Volume LXX, Issue 21356, 26 December 1934, Page 11

FINANCE AND COMMERCE

AFFORESTATION more companies working WHAT STATISTICS SHOW / ■ The number of companies engaged in commercial afforestation in New Zealand during 1933-34 was higher by oae than 'he lumber for 1932-33 and by four than the number in 1931-32, according Monthly Abstract of Statistics it i>cember. The number ern p!oycf" : fi':rl I. : amount of money jpeiit m ;es and wages, however, were very Mioitantialiy lower. -Returns were received from 31 company against 30 in the previous vcar," the abstract says. "Of the numin 1933-31, 16 were public limited companies, the others being private limited companies."' Twenty-one companies were operating in Auckland, six jn Nelson, and the other four in Taranaki, Hawke's Bay, Otago, and Southland. •The figures for 1933-34 show that asaets and liabilities increased by 3 per in comparison with 1932-33. An •xiaease in receipts and payments by $8 per cent, and 72 per cent, respectively is almost entirely due to granges in investments. Land held for afforestation totals 394,691 acres, of which 272,336 acres have been planted. Amount of Contracts 'There were 14 companies engaged in the sale of forest areas to bondholders during 1933-34. The areas sold totalled 13,325 acres, making the total area sold to date 302,367 acres. The instalments paid during the year on contracts for sale amounted to £362,967, while the total consideration paid to date on all bonds is £4.256,905. The investing public undertook the liability of paying £317.638 on account of contracts entered into during the year, bringing the total of all contracts to date to £7,619,550. Areas surrendered or cancelled to date by purchasers totalled 107,779 acres, representing a liability of £3,009,804, on which £218,666 had been paid." The salaries and wages for 1933-34 were £56.834, compared with £73,915 for last year and £99,669 for the year before. I TRADE OPTIMISM IN BRITAIN BRIGHT OUTLOOK FOR NEW YEAR LONDON, December 22. Although business on the Stock Exchange is not particularly active, there is a tone of cheerfulness in all markets, and prices generally are firm. Gilt-edgeds have appreciated somewhat and Dominion stocks, though not in great demand, show strength. Industrials have been active, with a s*.£Edy investment demand for companies engaged in luxury trades. Mr Neville Chamberlain's optimistic speech in the House of Commons yesterday, in which he said he expected a further increase in wholesale prices and continuance of cheap money international currency standard of an international currency standard, is likely to have a good effect on the Stock Exchange, and the outlook for the New Year appears good.

There has been considerable activity in the capital issue market, borrowers taking advantage of the favourable monetary conditions.

Egg Prices Down

The egg market had?.'a sharp setback. the result of here, largely increased production on the Continent and a German embargo on egg imports until January, 1935. Consequently there have been heavy arrivals of Danish eggs, and prices for 35's have fallen from 17s 6d to 12s a 120. Prospects appear unfavourable unless the weather turns cold. SHORTAGE OF ORANGES POSITION WILL BE RELIEVED SOON Oranges have been scarce during the holiday rush at the markets, and prices have reached the retail equivalent of 4d. There is always a brisk demand for oranges at this time of the year, and they command a high price, but this season, partly because the trade negotiations with Australia led to indecision among importers, the supply has not been sufficient, and the price has soared to a great height. Practically ail the oranges on the market just before Christmas were from Jamaica. The position will be relieved with the arrival shortly of a thipment of 7000 cases at Lyttelton to be distributed through New Zealand. For all fruits other than oranges the prices obtained in the markets have teen practically normal for this time of the year, good fruits realising a high figure. DAIRY PRODUCE LONDON QUOTATIONS The New Zealand Dairy Produce Board has received the following market report from its London office dated December 21:— Butter -New Zealand salted 70s to equals approximately 8d f.o.b. <JaM wr-Pk fi9. K to 70s); unsalted 725, 745, to 78s <72sto74s last week;. Deliveries. New Zealand, 2722 tons; hi store, 6215 ton's. Australian salted 695, 70s, to 71s t63s to 69s last week); unsalted 71.t up tr, 72s (70s to 71s last week). Deliveries. Australian, 2804 tons; in Ftore, 2937 ton:;. The market has improved during the week and is now firm Argentine, unsalted, 69s to 725, Ftoady <6P.s to 70s last week). Danish, f 'i.l. 122;- spot, quiet (106s to 126s hst wrek'. Dutch unsalted 103s, irregular 1.96s to 100s last week). Retail prirrs urr-lianced. Danish Is 2d to Is 3d: New Zealand 9d and lOd. Cheese -New Zealand white and colCured 43s 6d to 445. equals ,4.0 d f.o.b. <43s 6d to 44s last week). Deliveries, New Zealand. 24.043 crates; in store, New Zealand. 77,764 crates. Australian white and coloured 42s (43s to 42s last week The market improved at the tr.ri of this week. Canadian white and coloured 55s to 56s (55s to 56s last Week). English, finest farmers', 82s to 90s <B2r to 90s last week). Market Quiet. New Zealand retail price 6d.

WHEAT TRADING CHICAGO FUTURES NEW YORK, December 24. Chirago futures are:— Dec. 22. Dec. 24, December .. 98£ 98J May .. 99i 991 July .. 931 93* New York (cash) 107 107 i

MINING BIG RIVER RETURN The following report has been received from the Big River Gold Mines, Ltd., for November and December:— Battery department: 325 tons ore crushed for 2590z melted gold. Cyanide department: 300 tons of sands treated for 260z bullion. Total, estimated value, £1925. In addition, 5 tons 17cwt 841b of concentrates have been saved, valued at £165. In estimating the above values, gold has been taken at 140s a fine ounce. Crushing has been suspended for Christmas and New Year holidays. Water supplied for driving battery is exhausted because of the phenomenal period of dry weather. BEN LEDI The report from the Ben Ledi sluicing claim, dated December 22, states: The manager advises that he has completed the paddock to the road and for three days sluicing washed up to lOoz 2dwt of gold. Sluicing has now ceased until after the holidays. "Work has been commenced on the deviation of the road and the installation of the extra gold saving appliances. This work will be completed early in the New Year, and then the company will be operating on the big face. The exposed face shows good gold. The water supply in spite of the dry weather is ample for requirements. TALLOW, HEMP, AND EGGS The Department of Agriculture has received the following cablegram, dated December 22, from the High Commission for New Zealand. London: — Tallow—Market firm on spot at late rates to 6d per cwt. advance on prices ruling at last auction. Hemp—Manila: Market quiet; steadier at the close. "K" grade for Janu-ary-February or March shipments quoted sellers £l3. Sisal: Market quiet but firm; January-February or March shipment quoted buyers £l4 ss, March-April or May shipments sold at £l4 15s. New Zealand: Market nominally unchanged. No first-hand sales reported. Eggs—Market depressed and a fall in prices has occurred. English (national pack), 16s 6d to 20s, ordinary pack), 16s to 17s: Danish, lis 3d to 16s 6d; Australian, 10s to 12s 9d; New Zealand. 10s to 13s. WAR LOAN STOCK (BRITISH OFFICIAL WIBELE3B.) RUGBY, December 24. British 3J per cent. War Loan Stock is quoted as follows: £ s. d. December 24 .. 108 1 3 December 21 .. 108 0 0 December 20 .. 107 18 9 December 19 .. 107 15 0 December 17 .. 107 16 3 December 14 .. 107 16 3

PRICE OF GOLD LONDON, December 24. Gold (a fine ounce) is quoted:— £ s. d. December 24 ..708 December 22 .. 7 0 8£ December 21 .. 7 0 11 December 20 ..7 0 8! December 19 .. 7 0 9j December 18 ..709 December 17 ..707 PRICE OF SILVER LONDON, December 23. Silver (pence an ounce) is quoted:— Dec. 21 Dec. 23. Spot .. 23 13-16 23J Forward .. 23 15-16 24 EXCHANGE RATES Tli? Bank of New South Wales, Christchurch, quoted tho following rates on Mon day for its sales and purchases of foreign exchange. The rates are subject to alteration without notice:—

Buying. Selling. France — Francs to -1 N.Z. T.T. O.D. 60.S3 61.13 69.53 59.58 Noumea — Francs to £1 N.Z. T.T. O.D. 61.78 62.IS 5 8.78 58.83 PapeeteFrancs to £1 N.Z. T.T. O.D. 61.78 62.18 58.78 58.83 Belgium— Bellas to 11 N.Z. T.T. O.D. 3 7.3 14 17.444 16.641 16.639 Germany — Keichmarks to N.Z. T.T. O.D. ™ 9.57 t 9.679 ItalyLira to £1 N Z. T.T. O.D. z 45.75 45.79 Switzerland — Francs to £1 N.Z. T.T. O.D. 12.486 12.561 12.086 12.096 Holland — Florins to £1 N.Z. T.T. O.D. 6.008 6.038 5.758 5.762 J av * — Florins to £1 NZ. T.T. O.D. 5.963 6.013 5.738 5.742 Japan— N.Z. pence to yen T.T. O.D. - 17 21-32 Shanghai— N.Z. pence to dol. T.T. O.D. 20 195 21 5-16 211 India and Ceylon— N.Z. pence to rup. T.T. O.D. 22 5-1 « 22 3-16 22 2 1-32 23 19-32 Hons Hons — N.Z. pence to dol. T.T. O.D. 25 9-32 25 5-32 Ufi 1 I -32 26 9-32 Singapore— N.Z. pence to dol. T.T. O.D. 34 7-1 <5 34 5 16 35i 35 5-16