Commerce, Mining, & Finance

Evening Star, Issue 21641, 9 February 1934, Page 7

Commerce, Mining, & Finance

AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copy rigb t, SYDNEY, February 8. On the Stock Exchange the industrial section continues active, but buying strength is concentrated mainly on high-class securities. Prices generally are steady and Government Joans linn. The following were the' later sales: — Bank of New South Wales, £33; Commercial Bank of Sydney, £l7 los; E.S. and A. Bank, £5 15s; National Bank (£5 paid), £6 7s 6d; ditto (£IU paid), £l3 lUs; Queensland National Bank,, £5 los; Mercantile Mutual insurance, 23s 6d; Associated News, 21s Ipl: Howard Smith, 15s Gd; Burns. Pnilp (South Sea), 295; Australian General insurance, 13s 3d;. Australian Provincial Assurance, 11s sd; British 'Tobacco, 37s 3d; Tooth’s, 455; Tooiiey’s, 28s Gd; Carlton Brewery, 455; Australian. Glass, 50s 9d; Dunlop Perdriau, 20s 41 d; Goldsbrougli. Mort. 345; Fairymead Sugar, 345; David Jones, 39s 3d; (Standard Cement, 18s Gd; General Industries, 11s 9d; Commonwealth Wool, 21s 9d; Mount Morgan, 72s Gd; Broken Hill Proprietary, 44s - .7Jd: South Broken Hill, 74s 6a; Bulolo Gold, £6 los; Kuala Kampar. 14s lOd. MELBOURNE, February 8. Goldsbrougli, Mort, 34s 3d; Australian Glass, 50s; North Broken Hill, 9s 4d; Commercial Bank of Australia, 17s Gd (lire)., £9 7s) ; ‘ Herald and Times,’ 51s; Taranaki Oil, Is Bd. BANK GF ENGLAND RETURNS Press Association —By Telegraph—Copyright. LONDON, February 8. ■ L-(Received February. 9, at 11 a.m.) Thu following i» the Bank of Kngland return; ISSUE DEPARTMENT. Note issue circulation £368,184,624 Banking department 82,718,036 £450,902,659 Government debt £11,015,100 Ollier Government securities ... 246,198,321 Other securities : 250,821 Silver coin 3,535,758 Goid coin and, bullion ... ... 190,902,669 £450,902,659 BANKING DEPARTMENT. .Proprietors’ capital ... £14,553,000 Rest ... ... ... ... ... ... 3,603*992 Public deposits ... ...1 ... ... 17,272,431 Other deposits (banker** ... ... 101,440,533 Other-accounts ... ... ... ..." 36,136,718 Seven-day and other bills' ... 1,214 ■ £173,007,888 Government securities £69,540,610 Discounts and advances 8,417,442 Other securities ... ... 11,447*435 ■Njdtes and reserves ... 82,718,035 - Gold and silver coin 884,366 £173,007,888 The proportion of reserves to liabilities is. 53.90 per cent. Short loans are quoted at 5 per cent.; three mouths’ bills at ,1 .per cent. AUSTRALIAN WHEAT YIELD Press Association- By Telegraph—Copyright SYDNEY, February 8. The Commonwealth Statistician estimates that the Australian wheat yield for 1933-34 wiil.be 161,000,000 bushels; Trade experts, however, are of opinion that it will not exceed 135,000,000 bushels. It is anticipated that Australia will be well able to keep within the lintit of 103,000,000 bushels allotted for export, and.that no restrictions will be necessary. CHICAGO WHEAT MARKET 'Preij Association—By Telegraph—Copyright, NEW YORK,. February 7. , Chicago wheat; May. 90 5-8 cents per bushel; July, S9.J; September 90J; New York cash, 101 1-8. METAL MARKET ’Press Association—By Telegraph—Copyright. .: I LONDON, February 7 i The following are the official metal; quotations:— Copper.—Standard. £33 13s IJd; forward, £33 16s 10)d per ton. ; Electrolytic.—Spot. £35 10s; forward, I £37 .per ton. ! Wire bars, £37 per ton. | Lead.—4 Spot, £H 13s 9d; forward, i £ll 18s 9d per ton. ! Spelter.—-Spot, £l4 17s 6d; forward, ! ‘ £ls 5s per ton. • 1 Tin.—Spot, £226 17s 6d; forward, j £22< 2s 6d per ton. j ; Rig Iron.—Home trade, £3 2s 6d; ex- | port, ‘£2 17s 6d per ton. j Antimony.—British, £39 10s; foreign, £22 per, ton. I Molybdenite. £2 Is per unit. j Wolfram, £1 7s per unit. I Silver.—Standard, 19 11-16 d; fine, I 214 d per ox.' j ■ > —tu I

THE SEARCH FDR GOLD LONG TRAIL REPORT The report of the mine manager of the Long Trail Gold Mining Company Ltd. for the period ended February 2 states that the No. 2 intermediate level drive was cleaned out and driven for a further distance of Sit. The course of the drive was turned to the loft, and a strong body of quartz is now showing at the bottom on the left-hand side. Some of the louse quartz was panned, and showed a fair prospect. The drive on the No. 2 leader was examined, and some very rich prospects were obtained. This drive will now bo cleaned out and timbered, and , tested below the iloor by sinking WIDEN POINT COMPANY A report received from the mine manager of the Golden Point Gold and Scheeiitc Company Ltd. states that the drive north-west on the home reef was advanced j4h from 42ft to 56ft on ore averaging Gdwt 7gr over a width of 39in. The evoss-cut No. 4 to pick up the home reef at the low level horizon was advanced 9ft from 255 ft to 264 ft in country. NATTER'S FLAT COMPANY The mine manager of the Hatter’s Flat Company reports that progress is steady, though development operations have been bumpered by excessive rainfall. The Sauermau drag is working in a very satisfactory manner, and the overburden is being removed over an are.; three chains by two chains, opening up a paddock of good auriferous gravels. A wash-up of this paddock is expected to take place on March 1. MOONLIGHT-NELSON GREEK Mr T. Learmont, supervising engineer, superintending the installation of the Moonlight Creek race for the Moonlight-Nelson Creek Sluicing Company; reports that progress is steady though slow on account of the hard nature of the rock to be driven through. This race is now nearing completion. While water from Nelson Greek race has been available, both nozzles have been playing on the stripping face. Excepting for sft "to 6ft of stones on the top, this, face is solid ground about 30ft high. Bottom has been found at the lower end of the claim, which will furnish data for the taking ot levels. Test of the wash, at this point carried out by the mines manager disclosed a gold content of Jdwt to the dish. MOUNT MORGAN SHARES A resolution that the existing £1 shares be divided into four shares of 5s each was carried at an extraordinary general meeting of shareholders of Mount Morgan Ltd. in Sydney on January 24. The subdivision will enable the company to be registered on London Stock Exchange, .and afford an opportunity For small investors to obtain shares. A confirmatory meeting will bo held on February 11. ALEXANDER MINES The Secretary of Alexander Mines Ltd. advised the Dunedin Stock Exchange this morning that the clean-up tor January from 358 tons of crushed ore was 189 oz lldwt of melted gold. In the cyanide department 209 tons of sands wore treated for 430 z lidwt of bullion. The estimated value of these returns , was £1,380. and concentrates valued at £217 had been saved. In estimating the above values gold has been taken at £6 per fine ounce. BLAGKWATER MINES LTD. The return for January was as fob lows: —Crushed 3,517 tons, yielding 1.575 tine ounces of gold from all source!, the value ot which, taking gold at 130 s per fine ounce, is £10,238. Working costs were £5,204, leaving a working profit of £5,034. Development expenditure was £661 ; capital expenditure £1.360. Review of development work for the month; No. 11 leveb—North drive was advanced 54ft. of which distance 43ft was or, reef averaging 20in in width and 17-Jdwt in value. No, 12 level— North drive was advanced 92ft, on reef averaging 30in in width and Bdwt in value. Shaft sinking. Prohibition Shaft The progress for the month was Gift. P. AND 0. SHARES Press Association—By Telegraph—Copyright. LONDON. February S. (Received February 9, at 11 a.m.) P. and O. shares arc quoted at 17s 6d. NEW GUINEA GOLD SHARES Press Association —By Telegraph —Cooyiigkl. LONDON. February 8. (Received February 9, at 11.30 a.m.) New Guinea Gold shares are quoted at 5s 9d. TALLOW MARKET Press Association—By Telegraph—Copyright. LONDON. February 8. (Received February 9, at noon.) Tallow: Stocks, 1,339 casks; imparts, 469; deliveries, 824. FRIGE OF GOLD Press Association—By Telegraph—Copyright. LONDON, February 8. (Received February 9, at 10 a.m.) Fine gold is quoted at £6 16s 9d per oz. America was the chief buyer of the £1,600,000 offered.

MOUNT. LYELL Press Association—By Telegraph—Copyright. LONDON, February 8. (Received February 9, at 11.30 a.m.) Mount Lyell shares are quoted at 19s 10id. PROGRESS REPORT The progress report of ■ tlie Mount Lyell Company for the fortnight ended January 24 states : North Mount Lyell Mine.—Tone extracted, 0,964; 100 ft level, south drive to 853 ft through ' mineralised schist; 850 ft level. No. 57 stope mullock pass to 116 ft through old filling; I,looft level, footwall ■ drive to 102 ft through hard, dark grey schist. Crown Lyell Mine.—Tons extracted, 4,244. No. 3 level, No. 2 mullock pass rise to 145 ft through pyritised schist. Royal Tharsis Mine. —Tons extracted. 5.431. No. 4 level, No. 1 stope drive to 246 ft through ore: No. 5 level, transfer pass drive to 323 ft through pyritised schist and ore; No. 6 ore pass rise 1 to 22ft through , low-grade ore and completed by holing through to No. 5 stope No. 7 level, magazine drive advanced to 67ft through grey schist. Lyell Comstock Mine. Tons extracted, 4,321. No. 4 level, mullock pass drive to 131 ft through mineralised schist; mullock pass adit to 44ft through clay and schist. No. 5 level, mullock pass cross-cut to 19ft through mineralised schist. No. 6 level, No. 3 rise to 34ft through ore; No. 4 rise to 28ft through ore 630 ft level, No. 18 stope drive to 122 ft through ore; No. 19 stope drive to 80ft, through lowgrade ore; No. 20 stope drive to 123 ft through low-grade ore; No. 1 ore pass rise to 22ft through ore, and completed by holing through to No. 20 stope; No. 2 ore pass rise to 25ft through ore, and completed by holing through to No. 20 stope; No. 4 ore pass rise to 25ft through ore. and completed by holing through to No. 18 stope; No. 7 level, shaft plat completed. Reduction Wprks.—Furnace not in blast during period ; 2,403 tons refinery anodes made for current year. Concentrator. Mill' operated 336 hours and treated 20.342 tons ore, producing 2,311 tons concentrates. Copper Refinery.—Tank-house in operation nine days during fortnight, 267 tons cathode copper being produced. Total for current year, 3,120 tons. AUSTRALIAN MARKETS Press Association—By Telegraph—Copyright. SYDNEY. February 8. Wheat is very dull. Hugged and bulk on sidings in the country are quoted at Is Hid, equal to 2s 6Jcl and 2s 7Jd. ex trucks, Svdnev. Flour, £ll 10s. Bran, £4 os. Pollard, £4. Potatoes: Tasmanian, £7; Victorian, £6. Onions: .Victorian Globes, to £4 10s. Maize, 3s to 3s 6d. ADELAIDE, February 8. Wheat: Growers’ lots, 2s 4d. Flour: Bakers’ lots, £ll 10s. Bran, £4 12s 6d. Pollard, £4 los. Barley, 2s 4d. Oats, 2s. MELBOURNE, February 9. (Received February 9, at 11 a.m.) Wheat, 2s 6d. Flour, £7 2s Gd. Bran, £4 ss. Pollard, £4 los. Oats, 2s Id to 2s 3d. Barley: English, 2s 9(1 to 2s lOd. Maize, 4s to 4s Id. Onions: Steady, at £1 15s to £2. TEA RESTRICTION RESULTS Referring to the recent recommendation of the international Tea Committee, consisting of representatives of India. Ceylon, and the Netherlands East Indies, to fix the export quota for the second year of the tea restriction scheme at 87i per cent, of the standard export, the 1 Times Trade Supplement ’. stated that, consequent on this recommendation, Mincing Lane became very active. Large quantities of tea, which had been held up pending the new restriction announcement, had-been sold at firm prices, and quotations were still on the up grade. Restriction of output had proved of great benefit to estates producing mostly common teas, but had been less satisfactory to gardens producing highgrade quality. When restriction was launched, it was held that 9d per lb would bo an economic price so far as common teas were concerned. The price in Mincing Lane in the middle of December averaged Is per lb. BEET SUGAR Press Association—By Telegraph—Copyright. LONDON, February 8. (Received February 9, at 1 p.m.) Beet Sugar.—March. 5s s|d. DOLLAR AND FRANC Press Association—By Telegraph—Copyright. LONDON, February 8. (Received February 9, at 11 a.m.) The dollar is quoted at 5.01 J, and the franc at 78. STANDARD CEMENT DIVIDEND Standard Portland Cement Co. Ltd. lias declared an interim dividend of 3) per cent. This compares with an interim dividend last year of 2(S per cent., which, with a final distribution of 3J per cent., made 6 per cent, for the full year.