FINANCE AND COMMERCE

Press, Volume LXXII, Issue 21907, 7 October 1936, Page 11

FINANCE AND COMMERCE

POTATO MARKET DULL

mutsx WOOL W SAILS

CONTINENTAL "^oSIPBTITION : FIRM MARKET . lyrtrfATtog^oitiisro.) ■' * SYDNEY, October 6. 11,833 bale* were of--1 were sold at auction. mmmm were sold privately. very firm market, with features of last week’s lK||Sp| in evidence. Strong forthcoming from Yorkwas increased Continmade 21 id. SETS—re price of wool last week . JSSwriras £l7 4S lid a bale, and Sustenance of • jpV' values .

FARMERS

ggg CONTINENTAL BUYING r EXPECTED

jjgte&itenance of wool values deJfe&e absence of Japanese buying at auctions is a tribute to the gpgptcf the raw material position, . Mii'ghe'lateS report of Winchcombe, SL, jji To some extent it suppinions held by many that C*egg purchasing of merino wool hr BMP in Africa must result in more SSie purchasing by the Continent ■si Yaekshire in Australia. flee has stated her intention to use •riteefe in larger quantities than She has already bought supplies of those wools priWjttrfe Hew Zealand in bulky total* TJfep merinos, however, extete stacks of crossbreds were not feltaer at June 30 last. The New tofsM carry-over at the close of the aSiina only 49,400 bales, compared Stem bales at June 30, 1933. iSm'fix crossbreds have advanced Bgjb tba dose of last season. That is ,- «f||ji|Btßge to merino values. If, t fljßpfcprere cheap, medium to fine would be substituted for Vuqnklßtt improved prices for title Stefwad to check that movement, fiate case the increase in military 1 MHTliCSadtfand in addition the estate manufacture of flags and gened hurting for the 1937 Coronation: ftigijjfti i in Great Britain, put crcssfafifii ifia stranger demand than during teak years. Absence of heavy .eggs*ate consumption of them will sow* ftwn displacing merinos to any prtat degree throughout the teWnteb. CteHiwrtal demand for merino wools bat steady shown more life than for a f iwMf I able period. To some exfcafeßat revival has been due to antegteß of the devaluation of the ntekfcaoc and other European curteihe which has occurred. That wqt removes a disability which has Mjjgpei international trade for a taper of years, and for that reason WlpPe way for more sustained raw jPtel values at better average levels jbftJtei. been experienced during the Wi'teia years. Experience with the ; tePMP of the gold standard in Engi kwh* September, 1931, the United gtetki May, 1933, and Belgium in points to improved wool | Bgkwhea that action is taken. .Wife business in Germany has ■tea definite improvement of late Activity on the part of GerJs■Jtol buyers indicates that permits yte importation of the sheep’s fare been increased. Germany j**ai an extensive buyer of South wools of late years owing to “*gp*al trade arrangements, but her ??!*» expected that larger Japanese latiteng in that country would jtewe the transfer of orders tor to other quarters. ; Jr®** reason for confidence in wool *■*> testa. Prices for faulty, burry wools would undoubtedly ] **'Wpfe in Australia if Japan were . The market for those lines, I ** more satisfactory than | “gWjWJhable some months ago. j Bradford tops are Id per lb at the close of September, JS**“ b«e Continental futures top jjz~v* Ja s been Jd per lb hitter. variations in wool prices, g™®* downward, may be seen in ahead. It would be miracudid not" occur; but in broad jSPt-™ 6 outlook for wool selling «e regarded as favourable, and! certainly been enhanced *r m of the franc and of other gold bloc Euro-

Itl&rORD TOPS MARKET

-i*.. _ LONDON. October 5. WJaford tops market is very tm ***** are quiet, and contracts Wrwdy well covered.

*■■B? STOCK EXCHANGE CONFERENCE

> or t^le improvement oi V Rfetw* 118 * Practice were made by ; chairman of the AuckExchange, when discussing the annual Stock Ex- ' "SB* 12™ erence to be held in Wel- ■ wonth. '■lfEllßitai?' that each exea^and should have-an MmmiSW approving a prospectus before the company was SmESISZ 9 *** 1 * *f a uew company’s P-WWmu 1 * a PP rov cv- by any of the company could add a : ipi|£2?®*the approval, and the a PPiy to ail the exI Bank of New South jyff*'issue scrip was conllllfiSSu 'Filter to leave an open■t: ;|SSSS_ The bank had a charter under which it was from issuing scrip. l^J ® cu ify it was sugiiMWll4Hgfey9 bank should, register JMp wwetJw regarding investIhnds. the marking oi the sew

800 l strong in Sydney

i twin* exceptionally strong in Sydney, where the for the wwk to strong Yorkshire support and j Continental competition.

■pgrj supplies to northern market* recently and a comeof demand from that quarter have brought prices Mtobttry potatoes down. The market is at present verv little business is passing. F Stock Exchange yesterday was reasonwith business well spread. Industrials were mainly pat, but there was also a renewed interest In mining

oc* ova coksmfo xnzjrz.)

HIGH COMMISSIONER’S REPORT

CHICAGO FUTURES

PROPERTY SALES

ENGLISH MILK ' SCHEME

DISSATISFACTION AMONG

LONDON. September 12.

Widespread dissatisfaction with the working of the English milk marketing scheme, coupled with the continued improvement in the prices of imported dairy products, indicate that when Parliament reassembles next month Home farmer* will be loud in their demands lor a levy on all dairy imports to help them out of their present difficulties.

Somerset farmers, for instance, the other day. indignaruiy pointed out that while iuormnn-.n Latter and cheese prices were 40 per cent, up on moat, of last year, the prices fixed by the English Milk Board for manufacturing milk during the 1930-37 season were no bettor than those of 12 months ago. Mr Sidney Wear (chairman of the Somerset Milk Committee) said that he had vainly suggested to the board that so milk should be sold to manufacturers under 6d a gallon, as compared with the actual contract price of about 32d a gallon. Meanwhile, New Zealand and Australia were sending over increased quantities of butter and cheese at guaranteed prices, irrespective of what they made in England. The “Morning Post’s” agricultural correspondent follows the same theme in a criticism of the proposal for a separate Milk Products Marketing Board to control the production and marketing of Home milk manufactures. “So long aa the flood of foreign and Dominion imports overwhelms the Home market, ’ T he aays. “it is difficult to see how any Milk Products Board eon help the farmer out of his difficulties. If the scheme were accompanied by a Government undertaking that an earmarked tariff would he employed to imported milk products so that the Home producer could produce at a reasonable profit, the scheme might have a great (teal to commend itself.

“An earmarked tariff on all Imported milk products could, moreover, be used to subsidise liquid milk for the benefit of producers and the most important class of consumers, women and ebildren.”Heolth experts and consumers’ representatives, on the other hand, are of the opinion that there would be little point in subsidising liquid milk consumption by taxing butter and cheese —an obvious example of robbing peter to pay Paul. E Professor H. D. Kay. for instance, told the British Association the other day that if the national milk consumption were raised from'.42 pint a head a day to a full pint. Home farmers would not need to bother about the production of milk manufactures at all. It would, in fact, take years for them to meet the increased demand for liquid milk, which would amount to 2,200,300,000 gallons annually, or double the'present total production.

LONDON PRODUCE MARKETS

The Department of Agriculture has ( received the following cablegram, dated ! October 9, from the High Commissioner * for New Zealand. London:— j Tallow—Market quiet, bul steady at! about last quotations. Kemp—Manila: All markets quiet on { exchange developments. f *K" grade for; Oetober-December shipment sold at £3O. Sisal: Nominal value for OctoberoDeecmber and November-January j shipments, £26 10s. New Zealand: Mar-; ket nominally unchanged. I Eggs—Market steady; fair demand, j English supplies small. Prices are: English, national pack. 16s fid to 19s fld; English, ordinary pack. 16a 3d to 16s 6d; Danish. 12s to l|s 9d; Australian, 10s 9d to 12* fid. Apples—Pair demand imported, offerings small Bulk recent arrivals lacking colour. Prices are; Californian Newtown 12s 6d to I3s 6d; Jona-1 ! than. 11s to 13s 6d. ! | Pears —Fair demand. Until last few i days prices inclined easier. Prices are: Californian Comice, 15s to 18s; Beurre) Bose, 12s to 13s; Winter Nells. 14a to j 14s fid. ’ Peas —Maples; Fair business done at beginning of last month. No. 1 New i Zealand for October-Novembar ship- , ment £2 10s to £2 17s: September-No- | vember shipments on samol-s accord-1 ins to quality. £2 8s to £2 16s. “A grade Tasmania for October-November shipment sold £2 17s 6d to £2 18s; present demand quiet. Blues: Market dull. “A” grade Tasmania for October-No- j vember shipment sold. £l2. Japanese; declined £3; Dutch. 10s to £2. according to quality. i Casein: Market steady, about un-; i changed for New Zealand and Argen-1 ! tine. French outlook affects exchange j S situations. Current values are: Casein, New Zealand £33 to £4B: lactic case- I in. French £4B to £SO: lactic casern. ; ! Argentine £ 50. ;

BRITISH WHEAT MARKET

LONDON. October 5. Wheat cargoes are steadier and dearer, and parcels are quiet. Future* are quoted: — Oct, J. Oct. 5. Lon «-’- . ft ** ft «* January 37 81 38 9 Liverpool < cental) October • f<H 8 i December .. 7 11* ® March .. 7 5i 7 74

CHICAGO, October 5. , Cents a busheL December ■ • May -■ -- lUi SSr .981 m

fir Bros., R*»l ■- «*•***• , I« Manchester street, report ha^* 1 ina sold cn account of Mr Miller. Ef “roJerV to W«d street, to Mr BetteL

OKARITO

W AIT AH L

MINING

BIG RIVER RETURN

The gold return for September was: Battery department: 220 tons crushed for 1720z 7dwt -of melted gold. Cyanide department: 270z 2dwt of bullion were recovered-

Estimated value: £1290. In addition, 3 tons lOcwt of concentrates were saved, valued at £75. Ip estimating the above values gold has been taken, at 140s a fine ounce.

ALEXANDER MINES

The September report states:— No. 5 north drive: This level has been extended to 310 feet north of main crosscut; stone showing in the roof for 136 feet of this distance. The face shows stone four feet wide, with no walls showing, but comes down only two feet below the level caps. The full width of the reef is unknown at this point, but in the leading stope above this level the reef is from 10 to 14 feet in width. The strike of the stone continues much the same aa last month. This level is opening up well, and if nothing unforeseen happens will provide the mill with ore for a long time to come.

St oping: Stoping has been carried on above the intermediate and No. 5 levels. Above the intermediate the reef showing in the face varies from two to eight feet of clean ore. All stoping faces above No. 5 level look well, no face showing lode under six feet in width.

The Okarito return for the week ended on Saturday was 17oz 7dwt for 132 hours' dredging.

The Waiiahu wash-up was 320z 6dvv for 27 shifts of eight hours each.

CHAIN OF MINES. LTD

The company’s manager reports as follows for the week ending October 1; During my recent visit to the Great Barrier. I prospected the Sunbeam lode both east and west of the existing levels, and have now completed the assaying of the samples. No. 1 sample is 24 inches wide, and value £2 12s 4d a ton; No. 2, 36 inches, £1 18s 7d: No. 3. 48 inches. £5 4s 6d; No. 4, 60 inches, £8 18s 2d: No. 5, 60 inches, £7 4s IQd: No. 6, 30 inches, £2 Is sd; No. 7. 30 inches. £l2 10s 6d; No. 8, 30 inches, £l2 Ss 4d.

Regarding the lode on its western strike, the most western exposures were sampled and assayed: Sample 8, £3 0* 9d; sample 10, £2 0s sd; sample 11, £3 10s lid; sample 12, £6 12s; sample 13, £3 12s; sample 14, £5 14s.

CENTRAL BHOTOVEB

The Central Shotover Gold Mining Company had a wash-up during the week-end, when 120oz of gold was secured. This represents about four weeks' work, making a total of 800oz fpr the operations of the last 13 months.

THE METALS MARKET

(noris fbbm amociatio*—cophwgbt.i LONDON. October 5. Oct 1. Oct. 5. Copper— £ s. d. £ s. d. Standard, spot 39 14 4| 30 15 74 Forward .. 39 15 71 39 16 104 Electrolytic .. 43 15 0 44 0 0 to . .. 44 5 9 44 10 0 Wire bars .. 44 5 9 44 10 0 Lead —■ Spot - 18 3 9 - 18 6 3 Forward .. 18 2 8 18 5 0 Spelter— Spot .. |3 2 6 13 18 9 Forward .. 14 3 9 14 5 0 Tin— Spot .. 203 7 6 202 |7 6 Forward .199 2 6 199 17 6 SilverFine, per oz 19 15-IBd 20 l-l«d Standard, per oz. .. 21id 21 |d

FEILDING RED POLL SALE

STRONG DEMAND FOR FEMALES

U’HKaS AaSQCIATIQH TELiiOiiAil. I FEILDING, October 8. Buyers’ representatives from all ports of both islands were present at the sixth annual sale of stud Red Poll cattle at Feilding to-day, when 28 males and 33 females were offered. The demand for bulls was rather disappointing, but having regard to condition, wa* quite satisfactory. For females the sale was very strong, heifers specially being selected. Best type of cows and heifers made better prices than bulls, but want of condition spoilt the general entry. Range bulls sold from 10 guineas to 25 guineas, cows from 7 4 guineas to 18 guineas, select heifers to 20 guineas, and others from 7 guineas to 16 guineas.

FOREIGN EXCHANGES

PRICE OF COLD LONDON, October 5. Qold is quoted at £7 Is Old a fine 'ounce.

(»»i ru* omoAL W1 BULBS*. RUGBY, October .5. r Par. Oct. 3. Oct. 4. Paris, fr. to ,£ 1 124.21 105 21-32 105 21-64 New York. 4.93 3-16 4.91i dol. to £ 1 4.866 Montreal. 4.92J 4.911 dol. to £1 4.866 Brussels. belgas to £ 1 35 29.32 29.241 Geneva, 21.441 21.41 fr, to £X 25.2215 Amsterdam. 9,32 9.24 a. to £ I 12.107 Milan, lire to £ 1 92.40 — Berlin, reich12.26 12.231 marken to £ 1 29.43 Oslo. kr. to £1 13.159 19.90 19.90 Stockholm. 19.391 19.391 kr. to £ 1 18.159 Vienna, sches. 26i 261 to £1 34.585 Prague, 164.25 122 kr. to £1 — Helsingfors. 193.23 223 223 marks to £1 Madrid, pese25J2215 tas to £1 — — Lisbon, escu110 3-16 dos to £1 111) 110 3-16 Athens, drach 550 350 to £1 375 Bucharest. 675 675 lei to £ I 343.8 Belgrade. , . dinars 39.2215 _ 220 Rio da Janeiro. • pence to 4.399 41 4.1 milreis Buenos Aires. 51 pence to dol. — — Montevideo 281 28 1-16 pence to dot. 31. Bombay, pance 19 131 181 to rupee Shanghai. 143 14 11-16 pence to doi. * Hong Kong. Ha 14J pence to yen Yokohama, m pence to> yen » 14 1-64 14 1-84 Batavia. guilders 12.107 — — Warsaw, par 43.36 zlotys to £1 — — •Determined by price of silver.