BANK OF ENGLAND RETURN

Press, Volume LXXI, Issue 21436, 30 March 1935, Page 10

BANK OF ENGLAND RETURN

LONDON, March 28. The following is the Bank of England return for the week ending March 28: ISSUE DEPARTMENT £ £ Isotes jpfued— Govt. debt. 11,0X5,100 In circula- Other Govt. tion .. 351,<U0,316 securities 246,721,460 In bant Other secuiug dept. 71,032,267 rities .. 158,981 Silver coin 2,104,450 Fiduciary issue . -G0,000,000 Gold coin & bullion 192,522.583 Total 452,522,u53 Total 452,522,553 BANKING DEPARTMENT £ £ Proprietors' Govt, secucapital 14,553,000 rities . 87,636,044 The rest . 3.740.919 Other secuPublic de- rities—posits . 20.106.890 Discounts Other dc- and adVosit3 vances . 5,552,118 Bankers' 96.625.016 Securities 11,382,086 Other aca. 41,227,195 Notes .. 71,082,267 Seven-day Gold and and other silver coin 600,500 bills .. Total 176,253,020 Total 176,253,020 Proportion of reserves to liabilities, 43.50 per cent.; short-dated bills, 2 P cent., three mouths' bills, 19-32 per cent. Tlio fiduciary issue of £260,000,000 consists of the following:—Government debt, other Government securities, other securities. and silver coin The decrease in bankers' deposits is attributable to overdue payments -which have gono into public deposits. FOREIGN EXCHANGES (jsafTisß orriciAL wi*«l*s».)

The Bar.li 'if New South Wales, Chriilchurch, quoted the following rates as ruling yesterday for its sales ami purchases of fnreisn exchnnse. The rates are subject to alteration without' notice:— Buying. Selling.

DOLLAR-STERLING RATES Thu Associated Banks (other than the Bank of New South Wales) quoted the following dollar-sterling rates yesterday, which aro subject to alteration without notice:— U.S.A. Canada, dol. dol. Conversion of dollar bills . - received Cor collection and sale of dollar drafts and telegraphic tranfers . . 4.7'J 4..51 Purchase of dollar bills -1.52 4^4 On a New Zealand currency basis these rates are equivalent to:— U.S.A. Canada. Sellins— dol ' Uol, T.T. 3.54J a.SGg . °- L '- y-SSa I'.m Buying— O.D. a.OOi ;S.D2£ THE METALS MARKET.

MINING TALISMAN DUBBO PROFITS iPBESS 4SSOCXJITIGX TELEIiIiM.I AUCKLAND, March 29. The accounts of the Talisman Dubbo Gold Mines, Ltd., for the year ended December 31 show a net profit of £5733 against £915 earned in the half-year ended December, 1933, and a lo=c of £llß in the previous half-year. Interim dividends of 6d a share' were paid in March, May, and July 1934 which absorbed £2614. and the balance is appropriated as l'wilows:— Preliminary expenses written off £3BO, income tax reserve £93 de* velopment reserve £ISOO, depreciation £B7, balance carried forward (a°ain-t £57 brought into accounts) £lll6 " The company's ore is at present crushed at Golden Dawn batterv but the directors state that they are'eon sidering the purchase of a milling plant. * GOLDEN DAWN RETURN For nine and a half working aa>:-. ending March 18, 240 tons of ore were treated for an actual return of £1062, with gold at £7 2s an ounce. The mill was stopped for two and a half days undergoing repairs. TAVUA GOLD OPTIONS At an extraordinary meeting in Sydney of Tavua Gold Options, Ltd., the directors were authorised to proceed with the formation of a new coni■pany to develop the company's areas at Tavua, Fiji. These areas total 1299 acres. The new company will have a nominal capital of £IOO,OOO in 400,000 shares of 5s each, of which 180.000 contributing shares will shortly be offered for subscription. Shareholders in Tavua Gold Options, Ltd.. will receive four fully-paid shares in the new company for each share held in Tavua Gold Options, Ltd., with a right to subscribe for two additional shares at par. The whole of the subscribed capital in the new company has been guaranteed by Australian Mining Trust. Ltc.. KING SOLOMON press ».530riiiiL:» rriE&Si^ I INVERCARGILL, March 29. The wash-up at the King So!o::-:n mine for the week was 71oz lOdv'. BEN LEDI REPORT Advice has been received by the secretary from the mine manager that since the latter's report earlier in the week recording a fall of rain and the resumption of sluicing, further rain has fallen, and there is at present ample water for sluicing three shifts. KILDARE CON>OL!D\T ED REPORT The manager of the Kiiriarc Consolidated mine reports as follow;: The elevator was lowered into the schist bottom on March 19, and the boxes washed up for a return of 52 ounces, the result of five weeks' work, sinking and cleaning out the paddock. A hard layer of cemented quartz conglomeration five feet in width, intermixed with decomposed schist, lies on the bottom, overlying which is a layer of wash showing satisfactory prospects. Silt deposited in the west end of the paddock will now require to be sluiced away. MAHAKIPAWA REPORT i The report for the week ended March 27 states: — The -leading face lias beer, advanced 11 feet. The gutter is still comparatively narrow, the width being about six feet and the bottom, which has a tendency to go down again, is tw:> feet off the floor of the drive. It tr expected that when we wash vy the end of the week the total gcla taken out of the pot-hole over whien we have just passed will be in excess of 130 ounces. Golden Gate ;0c::c:v Drive north off old east crosscut hss been advanced 30 feet. After erring an old drive and centir.ulnc a iurther six feet, a wall was encountered on the right hand side. This gradually worked right across the face, which is now all in bottom. Tit : drive will now be turned to the kf: and will follow along the edge of tit-" wall. King Solomon section: Cressets: east from Craig's shaft is now out -9 feet in solid bottom. Crosscut cast. ■ starting 27 feet south of ;i:neu cf King Solomon and Golden Gate v.\-rk-ings, has been advanced '<"> ie-t". without any appreciable rise tr the floor. The character of the wt-.s'.; hachanged considerably dui'it s 'h-: 10 feet, and there a>-<: now map;- rc large pieces 01 schist in the wash General: A very heavy n-"-.v:r,:cti: rain, which completely filled the creek i bed from edge to edge, has causect jan excess of seepage underground. ! through the old workings, ing our starting a second pump. A section of the fluming was also wither, away.

WOOL SALES | FOURTH CHRISTCHURCII AUCTION i The fourth Chiistehurch wool sale cf the season will be held in the Radiant Hall, Kilmore street, on Friday, April 5. commencing; at 2.30 p.m. The order of the sale is as follows: — 1. H. Matson and Company. 2. National Mortgage and Agency Company, Ltd. 3. New Zealand Loan and Mercantile Agency Company, Ltd. 4. Dalgcly and Company, Ltd. 5. New Zealand Farmers' Co-opera-tive Association, Ltd. 6. Pync, Gould, Guinness. Ltd. TIMAKU SALE RETURNS TOTAL OF £2OO,G!U Returns issued by tine South Canterbury Woolbrokers' Association show that the total number of bales offered at the recent Timaru sale was 22,162, of which 20,t508 were sold, the value being £200.091 Is. The average price a bale was £9 12s lid, and the average price per lb was G.T'Jd. At the corresponding rale held in February of last year 20.953 bales were offered, of which 20,130 were sold. The total amount realised was £408,076 14;; 3d, the average price a bale being £2O 5s 4d, and. the average price per lb being 14..35 d. FINAL AUCKLAND SALE BETTER THAN EXPECTED ■NINETY PER CENT. CLEARANCE TRESS ASSUCUTH'S TELEOBAII.t AUCKLAND. March 20. Very spirited bidding from start to finish, and prices that were in many cases substantially in excess cf growers' reserves, and which definitely exceeded expectations, were the main features of the third and final Auckland wool sale. A total of 12.014 bales was offered and of this about 90 per cent, was disposed of. a clearance that was regarded by brokers as highly .vatisfsctor". 2iiiiCilord Coir.pelilicn One ui the main [aclors contributing to the firm tone of the sale was the .strong German competition for coarse and rough wools, which have been very hard to quit at recent Dominion sales. Bradford was the mainstay of the sale, providing very strong backnig to the demand for almost every description. France appeared to be seeking mainly bellies and pi ces, for wh : ch local interests were also keen bidders. Japan was also operating for suitable offerings. Competition for Jambs' wool was shared by Bradford, the Continent. Australia, and to some extent w Zealand representatives. '1 :iL' Improvement Price levels generally were firm or those ruJin.tr at the Napier sale, and were between id and id above those at the Auckland January sale. The advances were most marked in the case of coarse to medium wools and seedy offerings, which were tip to id Jiigher. Good crossJjred wools were up to |d better, while fine wools, including finer iambs', were inclined to be easier than at the January sale. As the bulk of the offering was made tip of the coarser counts the average price per lb, taken whole sale, is likely to be lower than that obtained in January, and would probably range from s',d to sid. OFFICIAL REPORT THE RANGE OF PRICES ■TRESS ASSOCIATION TELK'J IIA V J AUCKLAND, March 20. The following report on the wool *a!e has been issued b,y the Auckland Wool Brokers' Association: —At the third and final Auckland wool sale to-day, 12.044 bales were offered. There was; a full bench of buyers, representing all wool consuming countries. Bidding was keen throughout, and the market was strong. Fine wools were rather easier than at the January sale in Auckland. Bright crossbred was par to id higher, while coarse wools and wools showing a touch of seed were to id higher. Bradford firms were the principal operators, with Japan in the market for suitable lots. The Continent competed keenly for bellies and pieces. Lambs' wool, of which there was a fair selection, was keenly sought by Bradford, the Continent, and Australia. About 90 per cent, of the offering was sold under the hammer. 'The range of prices was as follows. January, 1935, rates being shown for purposes of comparison: March. .Jan., 1935. 1935. d. d. d. d. Cornedale Average . . 9i to 1(1', 91 to 101 Southdown . . oi to 91 .3 to 12 Medium halfbrcd ati's — Average . . 91 to 10 : ; 91 to IDA Inferior fij to 9 7 to 9 Coarse halfbrcd 50's — Average .. 71 to o{ 71 to Oi Inferior . (i to 7', 0 to 7| Extra Fine Crossbred, 48-50 — Average <>l to 7] 01 to 71 Inferior . . 5 to 0 5 to (> Fine crossbred, 40-43---Average .. f> to 7! fv; to 0:; Inferior . . 5 to 55 to .V. Medium crossbred, 44-46 Average . . S : Z to 01 oi to (I Inferior . . 41 to oi 41 to 5 Coarse crossbred, 40-10 — Average .. 4 : J to 51 4:; to s'. Inferior 4 to 41 4 to 41 Low crossbred, 30-40 — Average .. 41 to 51 41 to 5.', Inferior .. 4 to 4 \ 4 to 4) Hoggets— Half bred .. 71 to 10 9 to 11 Fine ~ 6 to 8 | 7 to 9 Medium .. 51 to 71 0 to 0 Coarse 5 to 7 ;> to 7 Lambs— Down .. 7 to 71 to /j Fine, 40-50 . . 7 to 3 ; 7 to uy Medium, 44-40 51 to o'i 5 to 0, Seedy and inferior . . 31 to 6 3 to t> Bellies and pieces— Crossbred— Qcod to super 41 to 5| 41 to 5 a Low to medium 31 to 4 j 3 to t Halfbred bellies . and pieces .. 6 to 0:! b to o Crutchings— , ~ Medium to good 4 to t>2 4 to da Inferior to . seedy .. 21 to 4 21 to 4 Locks— Mini mmi

A KEEN DEMAND L: TI .M A T !•: I) REALISATION .THE PIISSS Special Service.] AUCKLAND. March 2U. Although the price levels at the wool sale were s-alislactcry in view of the lower quality oi the wool, it is probable that a return of £8 a bale is unlike J v to be realised, estimates ranging irenr Z-s to 10s below the J::nuaiy returns, 'he general average standing about £7 16s. With the disposal o| 10.C00 bales there .should be a cheque? lof £00,70U paid out for the sr.le. At | the two previous sales 42,414 bales 1 were ciiered and 31.96' i sold, the return totalling £25G.345. With to-day's disposal the figures of the season s total \wll be about 42.770 bales sold out of 54.4.1;! bales ofl'orcd. and tbe total p;:v out should be in the neighbourhood of £340,000. bast year's total was £i)3v.3S3. : 'Sop Price Tojj pi ice of 10V<J was obtained in two cases. Five bales of extra superfne Corriedale from Captain Humphreys Da vies, oi Clcvedon. and 10 oi line crossbred A in the F« rmci's' Auctioneering Company's pooled lot both realising this figure. At the November sale prjecs ran up to 15d, while at the January sale 12Ad represented the pea ". These are in marked contrast to the best price ol' the previous sea son, which was obtained at the second sale. when 24' id was paid lor a line of Southdown wool. Although growers lost by not selling in tlie first sale, most of those whose wool was sold to-day seemed saiisiicei. Kescrves had been set at a reasonable figure with regard to the recent demand at other sales, and buyers were stimulated by the tendency to meet the market. : ! Better Quality OiVcrbi:; The quality cl Ihe offering was better than is usually the ease at the third sale. A number of liner wool clips passed at the fust or second sale helped to widen the range, 'there was also the customary good proportion of iambs' wool, though this was not a-' plentiful as in former years. Small lots predominated, the average being well below eight bales. Lidding was keen for almost every lot offered. Some of the larger pooled clips brought a demand that was almost fren/.icd, with as many as a dozen buyers en their feet at oncc. Competition generally was much the keenest of 1 ire three sales this season, and there was an atmosphere associated 'with the days of better prices. Buyers were obviously compelled to bid well up to their limits, and a bright tone prevailed to the end of the sale, the enlv exception being in the case of small starred lots, mainly of one bale, these being left to local iniere.ts. FUNDS FOE GERMAN I BUYING | li lM I!I-:ii KKSTiUCTION i 1 < Itcceived March 2!), 7 p.;.'..' ! I DER LIN'. March 2ti. i lie-cause of the shell ace of fore a: m currencies the Wool Controller has curtailed the allotments to spinning milland other manufacturers between April 1 ana September 30 by 30 to 50 per cent, of the amounts which they are allowed, and ha* further restricted the use of wool to 20 per cent, of last year's quantity. The reductions elo not affect wool barter. The War Office, because of the shortage of wool, has issued a decree that only small flags, and fewer ol them, shall be ordered. BRADFORD TOS'S I.U.VDON. March I'M. j The Lradfurd tops market is linn. ! Quotations ares -- Mar. 20. Mar. 21. Last year.

LONDON SHEEPSKIN ' SALES . PRICES SLIGHTLY DOWN j LONDON, March 28. At the >heepskiii sales **>o3 bates were offered, including 1187 New Zealand and 400 Australian. There v.'as j a good attendance of the Home trade and of Continental and American buyers. Competition was mostly good, about 80 per cent, of the New Zealand and Australian offering being sold Compared with the sale ot February 7 New Zealand finest halfbred was Ad lower. Fine crossbreds were .id down, medium and low being unchanged. Daigety and Company. Ltd.. have received' the following cable messa.ee from their London ofiice. dated March 23: - A catalogue of 4503 bales offered and 2500 bales sold. Withdrawals were mostly South American. There was good competition, a good selection, and "a good attendance. The Home trade and the Continent, were the prin- j eipal operators, and a fair demand from America. As compared with the closing rates of last series prices were:- \ Haifbreds Ad lower, crossbred dine) Id lower, medium to low crossbreds unchanged, hoggets and lambs par to jd lower. We quote: Merino, three-quarter to full wool led 5Ad to 3d: crossbred, three-quarters to full woolled, fine, 5d to 8d: crossbred, medium and coarse. 4d to o',d: crossbred. quarter to half woolled, tine, 4;d to OAd: crossbred, quarter to half woolled. medium and coarse. 3fd to :>Ac!: crossbred, short and shorn, 3Ad to sd: lambs, 4Ad to 7ld. SAL MS KEPORT Tin: it;i ill. Ny A iiohon l,'ooin.-t liclcl 1 !ifj f i wr'.'.kiy unci lull s.ik; yciitcrdiiv. .-;!]<nn'j n (jcriiliil i iiipi (ivoment on jirent prices, ui.il a siutisslu! cti'Ui'antc ill' all of ifooels. Principal prices realised during liie lust week include: Chesterliekl untie ,rls 103, bedroom sniie irli lOC, (arpet fS, dining suite .£.'(> 10a, lllit Gin nxmiiisttr carpel 17, sewitia miicliiim £7 1 (:3, coiu fi and sfiuah ~t ss, 2 SitiL'lo ljetls ,t:! 'l.jr, table and 1 chairs l'imu dncli(sse ,t"2, -2 More;- riinirs i'2, dmdies.so .12 .js, '.> single beds L'.'l 15s. tea wa;>:;on i't 17s Gd. Uible i'J 17s tkl, -2ft I'm nisitUP.-s El 7s, client of drawers t'l His, 2 b.b. chairs il as, double bed il 2s Crl, :lft in.itl reus i'l -Is (id, carpet; (■weeper €1 fis, talile i'l 6s, 3ft niattrosn £1 7s Cd, 2 oak tdmirs t'l. pillows £1 Is. chair ]2s (Id, stretcher 17s fid, tea wae'gon 17s Cd, morris chair 17s (id, card tablfi i£i (id, - chairs Ids, <:tn><t runner t'l, table 7s Pd, eranioolirme Kls lid. n:aiido!ui 12s 1.(1. kitchen chain? its, mattress Its, cabinet Os 6d, mattress It's, oloir'h fl, sulkv C!i, svashtubs i'l IRs grj'; C.'. n-iow 12a Gd, k'as cooker

RUGBY, March 28. Par. Mar. 27. Mar. 28. PaTis, fr. to 72 28-32 £1 124.21 72 47-64 New York, 4.802 , dol. to £1 4.86G 4.798 Montreal, do). to £1 4.860 4,82 4.823 Brussels, 22 15-16 belgas to £1 35 ■211 Geueva, fr. to i'l 25.221; ') 14.83 14.86 Amsterdam, fl. 7.111 to £1 3 2.107 7.091 Milan, lire to 57 13-16 £1 93.47 57 15-16 Berlin, reichmarken to £• 20.43 11.94 11.99 Stockholm, kr. to £1 18.159 19.39 i 19.S9J Copenhagen, 23.39 J kr. to £3 18.159 23.391 Oslo, kr. to £1 18.159 — — Vienna, seliss. to £1 34.585 23J 25i] Prague, kr. to £1 1G4.25 114J 115 Helsingfors, marks to £1 193.23 226J 226 J Madrid, pesetas to £1 25.221' i 35 3-32 35 3-16 Lisbon, escudos to £1 110 110 U0i Athens, drarh to £1 875 502 504 Bucharest, lei to £1 818.6 475 475 Belgrade, dinars 25.221 5 21.1 21.2 Rio do Janeiro, penco to milreis •1.892 4i •u Buenos Aires. pence to dol. 57 30i so: Montevideo, pence to dal. 57 405 401 Bombay, pence to rupee 19 19 5-16 19 5-10 Shanghai, penco to dol. * 191 19 1-16 Hong Ivorig. penco to dl. * 24g 24 5 Yokohama, pence to yen * 11 3-32 14 1-16 Batavia, guilders 12.107 7.0S J 7.Hi Warsaw, par zlotys to £1 43.36 — 25.5 ♦Determined by price of silver. FOREIGN EXCHANGE RATES

London— • £ N.Z. to £100 stg. T.T. 1-4 121/10 O.D. 123/10 124/7/6 Australia— £ A. to £100 N.Z. T.T. 101 100/10 O.D. 101 100/10 Fiji— £ F. to £100 N.Z. T.T. 90/7/6 Sf< O.D. 00/7/G su Now York— Do! to £1 N.Z. T.T.3.89J 3.S4J O.D. 3.90i 3.85 Alontrcal—• Dol. to £1 N.Z. T.T. 3.862 O.D. 3.92 o.87i France—■ Francs to £1 N.Z. T.T. 59."Jo 57.95 O.D. 59.55 58.OU Noumea — Francs to £1 N.Z. T.T. 00.20 57.20 O.D. 00.00 57.25 Fnpeete— Francs to £1 N.Z. T.T. GO.20 57.20 O.D. GO.60 57.25 Belgium— Belgas to £1 N.Z. T.T. 18.700 18.060 O.D. 18.SG0 18.075 Germany— Keichmarks to £1 N.Z. T.T. _ t». 117 OD. — 9.422 Italy— Lire to £1 N.Z. T.T. — 45.83 O.D. — 45.87 Switzerland— Francs to £1 N.Z. T.T. 12.100 11.76'J O.D. 12.235 11.770 Holland — Florins to £1 N.Z. T.T. 5.853 5.603 O.D. 5.903 5.007 Java— Florins to £1 N.Z. T.T. 5.818 5.593 Japan— O.D. 5.SG3 5.597 N.Z. pence to jou T.T. — 17 23-32 O.D. Shanghai— N.Z. pence to dol. T.T. 2 4 5-1G India and Ceylon—O.D. 22§ 24i N.Z. penco to rtip. T.T. 22n 22 23-32 Hong- Kong— O.D 22 i 22 21-32 N.Z. pence to dol. T.I . 29£ 30 11-16 Siuga pore— O.D . 291 302 N.Z. pence to dol. T.T. 34 5-lt3 35$ O.D. 34 3-10 35 3-16 T.T. Telegraphic Transfer. O.D. On Demand

(Received March 29, 8.30 p.m./ LONDON, March 2 March. 27. March 28. Copper ~ A ton. A fon. £ B. d. £ 8. d. Standard, spot .. 30 3 1J 30 -1 ii Forward .. 30 11 103. 30 5 Electrolytic .. 33 5 0 33 5 0~ to — 33 15 0 Wire bars .. 33 15 0 33 15 0 American electrolytio 9 cents per lb. Spot .. .. 12 2 6 13 0 0 Forward 12 2 6 12 0 0 Spelter— Spot .. .. 13 2 6 13 0 0 Forward .. 13 0 0 13 0 0 TinSpot .. 216 10 0 216 5 0 Forward .. 212 12 6 212 18 9 Silver— Fine, per os. 28 7-16d 281d 30id Standard, per m. 30 11-164

d. ti. Til's (Ms . . 2!)', . . 24 ;•;<) r,i COs . . '■!?> o.> I .Ws .. IT. 1 . m IKi', 50s .. 13 i 13.'. 19'A 4G's .. io.i 10} l jr i 40^ .. 91 !>'•