COMMERCIAL

Evening Star, Issue 21241, 24 October 1932, Page 5

COMMERCIAL

FOREIGN EXCHANGES. (British Official Wireless.) Press Association—By Telegraph—Copyright

RUGBY, October 21. Paris, franc to £1 86 8-32 Brussels, belgas to £1 24.373 Oslo, kroner to £1 1913-16 Stockholm, kroner to £1 19.37 s Copenhagen, kroner to £1 19.273 Geneva, franc to £1 17.56 Berlin, reiclnnarken to £1 14.26 Montreal, dollar to £1 3.68 j New York, dollar to £1 3.395 Amsterdam, florin to £1 84.42$ Milan, lire to £1 66$ Prague, kroner to .£1 114| •Vienna, schilling to £1 29J Helsingfors, marks to £1 230£ Belgrade, dinars to £1 260 Warsaw, zlotys to £1 Madrid, peseta to £1 41| Athens, drachmae to £1 570 Lisbon, escudo to £1 110 Bucharest, lei to £1 ... 5723 *Rio do Janeiro, pence to milreis 5f •Buenos Aires, pence to dollar ... •Montevideo, ponce to dollar ... 30 Shanghai, pence to tael 21| Hongkong, pence to dollar 16f Bombay, pence to rupee 18 11-64 Batavia, florin to £1 8.45 •Nominal.

NATIONAL BUILDING SOCIETY. DIRECTORS’ REPORT. The annual report of the directors of the National Building Society states: The year has again been a very difficult one. All financial concerns, including building societies, have been seriously affected, and the directors have had a very trying time in their endeavour to assist members as far as possible, and at the same time maintain the financial condition of the society in a healthy state. During the year new legislation was introduced which affected the operations of building societies very materially. The first _ was the Mortgagors’ Relief Act, giving relief to borrowers who through stress of circumstances were unable to pay off their mortgages, and the second was the National Expenditure Adjustment Act, which made provision for a reduction of premiums on building society loans, placing these on the same footing as other mortgages, the interest on which was reduced. , During the year members of No. 2 group became entitled to withdraw their subscriptions should they wish to do so. Owing to the prevalence of unemployment and the effect of wage cuts, many members who would otherwise have remained in the society forwarded their withdrawal notices. The directors found it quite impossible, to pay all those members who put in withdrawal notices, particularly as the amounts received from repayment of loans showed a falling off. Owing to the wise provision, in the earlier years of the society, of funds for the purpose, the directors have been able to release no less than £19,335 2s 3d by way of refunds of subscriptions and temporary advances. Notwithstanding these very heavy payments, the funds of the society are still in a sound position. During the year ten appropriations of £BOO each were disposed of, four by ballot and six by sale. The total advances by the society to date by way of mortgage amounts to £76,192 7s 2d, on which the sum of £24,000 7s Id has been repaid, leaving a balance of £52.192 0s Id. Several of those advances have required careful handling during the year, but the directors wish to assure members that all loans are adequately secured. CROMWELL FLAT GOLD FIND. £260 IN THREE WEEKS. [From Our Correspondent.] Many have been the attempts to locate the lead of gold which is supposed to run through Cromwell Flat, and there are not many residents of the Cromwell district who at one time or another have not been members of the several prospecting syndicates which have tried at different points to locate the old course of the Kawarau, referred to by Professor Park in bis ‘ Geology of the Cromwell District,’ as having run between the river junction and the hills.

For some time past three different parties have been working at the Kawarau Gorge end, Messrs Bell, Murray, and Mitchell are working in an open cut, pumping water from the river at a point on the old Ranfurly claim, and have, despite the heavy nature of the ground, been getting payable gold. Messrs R. Bell and Hooper have been driving, after having sunk a shaft to determine the depth of the gold bearing strata. They are now reported to have struck gold, and while both members of the syndicate are reticent, they do not deny having washed up Boz for a few days’ work, all of which, of course, is after weeks of laborious driving. The third party, Messrs Percy 801 l and W. Kilgour, who have tunnelled some 200 ft through a sand-stone face, have now “struck it rich.”

Last week their wash-up was between 7oz and Boz, and this week they have been getting it in the same manner in which it w T as reported that Scotland in the early days produced it—viz., by tho pannikin lull. Ounces per day is their wash-up, and from two treacle tins of dirt 2oz of gold was washed, while 7oz and Boz per day is the present average of the party. The value of their return for three weeks is reported to be £260, and neither of the two denies this estimate. All the adjoining ground has been pegged, and other likely areas in the immediate vicinity have also been pegged. There is every likelihood of greatly increased activity before very long, and one hesitates to calculate what might have been the return from this area recommended by the Cromwell District Mining Association had all tho men sent to Cardrona been located on Cromwell Flat. SYDNEY STOCK EXCHANGE. Press As?illation—By Telegraph—Copyright „ , SYDNEY, October 21. Sales: 4 per cent. Bonds (1938), £lOl Us 3d; 1941, £lOl 15s; 4 per cent., £lO Bonds (£1938), £lO 2s; 1944, £9 19s; Australian Gas (A), £6 18s 6d; Toohey’s, 235; Tooth’s, 37s l§d; Australian Glass, 46s 6d; British Tobacco, 375; Broken Hill Proprietary, 27s 9d; Dunlop, Perdriau, 17s Cd; Goldsbrough, Mort, 27s 9d. LONDON RABBIT MARKET. Press Association—By Telegraph—Copyright LONDON, October 22. , Yesterday’s closing prices for rabbits were 15s to 15s Cd, first large (ex store). PRICE OF FINE GOLD. Press Association—By Telegraph Copyright LONDON, October 22. *me gold is quoted at £6 Is pec (bunco*

P. AND 0. SHARES. Pre*s Association—By Telegraph—Copyright LONDON, October 22. P. and O. shares, 19s 3d. MOUNT LYELL SHARES. Press Association- -By Telegraph—Copyright LONDON, October 22. Mount Lyell, 19s. COTTON, RUBBER, ETC. Press Association—By Telegraph—Copyright LONDON, October 22. Yesterday’s closing prices were as follows; Cotton.—Spot, 5.46 d per lb; November, 5.14 d. Rubber,—Para, 4|d per lb; plantation smoked, 2^d. Jute.—October-November, £l6 5s per ton. Copra. October-November South Sea, £l4 per ton; plantation Rabaul, £l4 2s 6d. Linseed oil, £lB per ton. Turpentine, 635. IMPERIAL SMELTING CORPORATION. Press Association—By Telegraph—Copyright LONDON, October 22. The Imperial Smelting Corporation’s profit is £137,471, the amount brought forward being £14,404. Preference dividends absorb £134,537, leaving £17,333 to be carried forward. MEAT MARKET. Tress Association—By Telegraph—Copyright LONDON, October 2. New Zealand Sheep.—Canterbury and North Island selected cross-bred wethers and maiden ewes—4B-561b 3sd per lb, 57-641 b 3d, 65-721 b 2|d. North Island—4B-561b 3id, 57-641 b 3d, 65721 b 2sd. Ewes—4Blb and under 2Jd, 49-641 b 2d, (15-7211) 7Jd. New Zealand Lambs.—Canterbury—--361b and under od, 37-421 b 4sd, 43-501 b 4d: second quality', average 301 b, 4d. Other South Island brands —361 b and under 4|d, 37-421 b 4*d, 43-501 b 3|d. Selected North Island brands, including Downs—36lb and under 5Jd, 37421 b 4|d, 43-501 b 3|d: second quality, average 301 b, 4d. Other North Island brands—First quality, 361 b and under 4sd, 37-421 b 4sd; second quality, average 301 b, 33d. Australian Sheep.—First quality cross-bred and/or merino wethers—--40-651b 2Jd; second quality, 30-5511) 2Jd; ewes, 30-561 b 2]d. Australian Lambs.—Victorian—Best quality, 361 b and under 4|d, 37-421 b 4fd; second quality, 361 b and under, 4d. Other States—First quality, 361 b and under 4d, 37-421 b 33d; second quality, 361 b and under 3|d. All States, third quality 4id. , . Argentine Sheep. First quality cross-bred wethers —48-641 b 23d, 65721 b 2Jd. Argentine Lambs. hirst quality, 361 b and under 43, 37-421 b 4jd, 43-501 b 4id. , ~ Patagonian Sheep.—Wethers and/or maiden ewes—Under 501 b 2|d, 00-601 b 2sd; ewes, 40-501 b, 2gd. Patagonian Lambs.—36lb and under 3|d; second quality, average 301 b 3 *New Zealand Frozen Beef. Oxhinds (160-2201 b), 2Jd; ox fores (1602101 b), l-|d. , , Argentine Chilled Beef.—Ox lores (160-22011)), 2|d; ox hinds (160-2201 b), 5Jd. Australian Frozen Beef.—Ox crops, under 1001 b, 2Jd; ox crops, over 1001 b, 2|d; ox hinds, under 100 lb, 3d; ox hinds, over 1601 b, 3d. New Zealand Pigs.—First quality—. 60-1101 b (av. 901 b), 5Jd; 111-1201 b, 43d. Australian Pigs.-JTirst quality—6o- - (av. 901 b), sid; 111-1201 b, 43d. WHEAT MARKET. Pre«s Association—By Telegraph—Copyright LONDON, October 22. Wheat cargoes have a better tone owing to American advices of a slight depreciation in the Canadian exchange and a reduction in the quantity afloat. Sellers have raised their limits 3d, and buyers are waiting. King Malcolm, 26s 9d. Parcels: Australians are obtainable for less money. Futures: London —December 23s 7id, February 23s 2d. April 23s 4d; Liverpool—October-Do-ceraber 5s 43d, March 5s 3gd. NEW YORK, October 22. Chicago Wheat. December, 48£ cents per bushel; May, 53J; July, 55. New York: Cash, SG-J. BUTTER AND CHEESE. The National Mortgage and Agency Company Ltd. have received the following cable from London : —Butter: Market slow. New Zealand finest, 109 s to 110 s; New Zealand finest grade, 101 s to 102 s; New Zealand unsalted, 110 s to 114 s; Danish, 114 s to 116 s; Australian, 98s to 100 s. Cheese: Market steady. New Zealand white, 655; New Zealand coloured, 59s to 60s; Canadian white and coloured, C7s to 68s; Canadian, c.i.f., 675.