Commerce, Mining, & Finance

Evening Star, Issue 21723, 18 May 1934, Page 5

Commerce, Mining, & Finance

METAL MARKET Pmm Association—By Telegraph—Copyright. LONDON, May 16. The following are the official metal quotations:— . Copper: Standard, £32 13s 9d; forward, £32 18s 9d per ton. ■ Electrolytic: Spot, £36; forward, £36 os. Wire bars, £36 os. Lead: Spot, £11: forward. £ll 6s 3d. Spelter: Spot, £l4 12s Gd ; lorward, £l4 18s 9d. Tin: Spot, £232 10s; forward, £226 17s 6d. Fig iron: Home trade, £3 < s Gel; export, £3 2s 6d. Antimony: British, £42 10s; foreign, £27 15s. Silver: Standard. 19Jd per or.-, tine, 20|d. Molvbdenltc, £1 16s per unit. Wolfram, £2 Is 3d. MOTUROA OILFIELDS The following report has been received from Moturoa Oilfields Ltd., New Plymouth :— Moturoa No. 4 well was completed on April 20. It has produced, up to May 12, 7.000 Imperial gallons of crude oil from sands encountered at 2,1351 t and 3;T7sft respectively. The well is in .good mechanical condition with the water properly cemented off, and is now producing approximately 300 Imperial gallons daily by self-flow. It is anticipated that the production will be improved when modern production methods, are applied. Moturoa No. 2 well produced, for the eight weeks ended May 11, 547 barrels (19,145 Imperial gallons). The total production to date is 522,204 Imperial gallons. ' PACIFIC STARR-BOWKETT A meeting of shareholders was held on Tuesday evening, when appropriations amounting to £2,000 were disposed of. The free ballot in group 8 was drawn by cluster No. 222, held by two Oamaru shareholders, and the sale in group 6 was disposed of in three parcels at satisfactory prices. SHIPMENTS OF ONIONS EXPLOITING CANADIAN MARKET Press Association—By Telegraph—Copyright. MONTREAL, May 16. Some 50,000 sacks of onions from Australia and New Zealand, will be unloaded here shortly from the freighters Canadian Challenger and Canadian Constructor, which are due next week, importers said that the onions would be distributed through the maritime provinces of Ontario and ' Quebec, an experimental shipment of 7,000 sacks last year having been well received. In shipping circles it was stated that before the Imperial .Economic Conference agreements were .reached the United Spain, Egypt, and Chile supplied the Canadian market to the largest extent, but much of this business was now being shifted to the Antipodes. MOUNT LYELL COMPANY |P*R United Press Association.] WELLINGTON, May 17. The Stock Exchange Association lias been advised that the director of the Mount Lyell, Company regret that owing to. the continued low price of,copper and interruptions the production caused by a shortage of rainfall, the mining operations during ' the six months ended March 31 were carried on at a loss, and no interim dividend can be paid. EXPORT OF BEEF TRADE WITH BRITAIN STOCK COMMISSION’S REPORT. [Per United Press Association.] WELLINGTON, May 17. The London manager of the New Zealand Meat Producers’ Board advises that the Fat Stock Commission’s report has been issued. It is expected that official talks with the dominions will be commenced early in June in regard to the importation, of beef into the United Kingdom. Having regard to the abnormal quantity of low-grade beef at present being treated at various freezing works and shipped either in beef quarters or a, boneless beef, tlie board desires to point out that until these discussions in London are finalised it cannot be, assumed that there will be an unrestricted entry of this class of beef into the United Kingdom. HAWKE’S BAY FRUIT RECORD EXPORT FIGURES fPi.a United Press Association.] NAPIER. May 17. The final figures for the flawke’s Btiy fruit export in the 1934 season, I which closed yesterday, show' a total of 313,956 cases despatched from Hastings during the season. This total is a new record for the district. . The final figures actually slightly exceeded the estimate of 310,(X)0 cases, yesterday’s handling setting up a record for the final day with approximately 6,500 cases railed, this being equal to the mid-season daily handling. The export totals over the 1926-1934 period are as follows:

DOLLAR AND FRANC Press Association —By Telegraph—Copyright. LONDON, May ]7. (Received May 18, at 10.-.10 a.ni.'i The dollar is t|iioted at 5.11 and the franc at 77 5-16,

THE SEARCH FOR GOLD GOLGONDA HOLDINGS LTD. An interim report of the directors of Golconda Holdings Ltd. states that one of the objectives of the company was to develop the “ holdings ” area at Thames sufficiently to enable the flotation of another company for 1 the working of the property. The directors have decided not to attempt largescale development in the meantime, but after a full investigation of the area to await an opportunity of acquiring capital to develop it. In addition, however, other interests have been acquired as follows;—The Mahara Reel's development at Tapu, near Thames; the Moauataiari No. 2 lease, recently known as the Golconda concessions property at Thames; a black sands sluicing proposition near Charleston on the West Coast; and the Mataki dredging lease at, Murchison. The company announces the successful llotation in Australia of the Mataki Junction Gold Dredging (No Liability) with a capital of £50,000 to acquire the Golconda holdings dredging areas. The capital of the new company is divided into 400,000 shares of 2s (id each, of which 40,000 fully paid shares were issued to the Golconda Holdings Company and tbo original vendors fis part consideration for the transfer of rights. In' addition, the 'Golconda Holdings Company and the .license holders are to be paid ' £-1,750 cash before June 30. MAHAKIPAWA SHARES The interest now being shown iu the mining market in Mahakipawa preference Shares draws attention to the fact that these shares are preferential both as to capital and dividend, and, furthermore, participate with ordinary shares after the guaranteed minimum dividend of 8 per cent, per annum on preference shares is paid. There were two issues of .these preference shares, one in October, 1929, and the other in Novpmbcr, 1930. and there is. therefore, an extra year's dividend accrued due on the earlier issue. WAIHI GRAND JUNCTION The Waihl Grand Junction profit for 1933 is £13,771, compared with £12,211 in 1932. The dividend is 4d per share, the same as last year.—Press Association. HEW GUINEA SHARES Press Association—By Telegraph—Copyright LONDON, May .17. (Received May IS, at 11 a.rn.) New Guinea shares are quoted at ,6s. LIVE STOCK EMBARGO ITS RETENTION FAVOURED [Bek United Pkess Assocunor ,] CHRISTCHURCH, May 17. Three remits on the Jive stock embargo came before the annual conference of the Canterbury branch of the New Zealand Farmers’ Union.- One branch asked for the tightening of the regulations, another asked for retention, and the third asked for removal. Only one speaker supported the lifting of the embargo, and the remit asking for its retention was carried. AUSTRALIAN GLASS DIVIDEND [Per Un-tted Press Association.] WELLINGTON, .May 17. The directors of the Australian Glass Company have recommended a final dividend for the half year ended March 31 of 4i per cent, on the preference and 5 per cent, on the ordinary shares, making 9 per cent, on the preference and 9 per cent, on the ordinary for the year, payable on June 27. YORKSHIRE WOOL EXPORTS Yorkshire had good cause for gratification regarding the trend of her export business during the first two months of this year. Board of Trade figures show that the British shipments of woollens and worsteds' for JanuaryFebruary were 19,436,000 square yards, being 2,597,000 square yards greater than the 1933 total for the two months, and the highest recorded since 1930. The imports of woollens were 290,000 square yards less than a year before, and internal trade was considerably better. Mill turnover was therefore decidedly improved nn all con ms. The export total denotes healthy development in world trade-. Exports of tops wet ft 7,861.0001 b, being 356,0001 b more than in Jend the shipments of worsted yarns. (Dialling 5,888,5001 b. were ‘ J.166.700ib larger. The home-grown woo: has also been imported more freely', the 'shipments tor the two months totalling 10,414,0001 b, or 50 per cent, more than in 1933. Despite heavy importations of the staple into the United Kingdom this season, the statistical position lias kept sound owing to the 1 increased trade experienced; Germany was easily the best export customer for tops, taking 2,055,0001 b of them during the period, and also the largest quantity of worsted yarns, 1,707,30011). The German import restrictions arc, therefore, t of considerable consequence to Yorkshire, and have latterly curtailed trade iu semi-manufactures. WHALING INDUSTRY The production of whale oil is a subject which has exercised the minds of those concerned with the welfare of the oil and allied industries, says the Manchester ‘ Guardian Commercial.’ After the record production of 3,080,631. barrels in 193.1, the Norwegian whalers refrained from hunting the whale in 1932, and the only production that year was by the fleet of the Buying Combine, production being reduced to 884,298 barrels. For the past year production has been on an increased scale, the Norwegians alone being responsible for 1,110,000 barrels. Whether the whale is in imminent danger of extinction or whether its numbers are still increasing are questions on which a definite answer is impossible in the present state of knowledge. Iu any event, only international agreement can be effective iu any policy destined to safeguard the industry from over-fishing ami hunting of the whales, in this Norway is bound to play a big part owing to the capita) importance of the interests to that country*

SYDNEY STOCK EXCHANGE Press Association—By Telegraph—Copyright SYDNEY, May 17. On the Stock Exchange lowered prices to-day brought in buyers. Banks were in greater request, Commonwealth Bonds were taken in fairly large parcels, and the market retains a strong undertone. Eater sales were; Bank of New Smith Wales, £32; Commercial Bank of Sydney, £l7 10s; National Bank (£5 paid), £6 10s; ditto (£lO paid), £l3 7s 6d; Union Bank, £10; Australian General Insurance, 13s 6d; Mercantile Mutual Insurance, 22s 6d ; Colonial Sugar, £65 2s 6d; Associated News. 24s 3d ; Howard Smith, 14s 6d; Australian Gas (A), £8 Is 6d; Tooth’s, 45s 3d; Toohey’s. 28s !)d; Australian Glass. 50s 9d; Henry Jones, 32s 9d; Electrolytic Zinc, 20s 9d ; Mcggitt’s, 22s 3d; Australian Iron and Steel (prof.), 22s 9d ; General Industries (pref.L 23s Cd; Hoyt's (A, prof.). 21s Id; ditto (B. prof.), 14s Id; Commonwealth Wool, 21s 3d; Wilcox, Mofflin, 1.3 s 2d; Pitt, Sou. and Badgery, 445; .David Jones, 41s; Newcastle Gas (A and B), 13s 3d; Mount -Morgan, 23s 3d; Broken Hill Proprietary, 46s 9d ; South Broken Hill, 725; Bulolo Deposits, Is 8d; Rawang Tin, 9s'2d; Rawang Concessions, 29s 6d; Tanah Biji, 18s 6d. BULOLO SHARES Press Association—By Telegraph—Copyright LONDON, May 17. (Received May IS, at 1 a.m.) Bulolo shares are quoted at £6 ss. MOUNT LYELL Press Association—By Telegraph—Copyright LONDON, May 17. (deceived May IS, at’ll.3o a.m.) Mount Lvell shares are quoted at 18s. P. AND 0. SHARES Press Association —By Telegraph—Copyright LONDON, May 17. (Received May 18, at 11 a.m.) P. and O. shares are quoted at 17s LI cl. PRICE OF GOLD Press Association—By Telegraph—Copyright. LONDON, May 17. (Received May 18, at 10 a.m.) Line gold is quoted at £6 16s per ounce. DUNEDIN STARR-BOWKETT On Wednesday of this week, at a meeting oi shareholders in the Dunedin Starr-Bowkett Building'Society,’Mr P. W. Stabb in the chair. The 160th appropriation of £SOO in the No. 4 group was up for sale, and the full sum was bought at the upset of £5 per £IOO. Most of the shareholders in that group have had their appropriation, hence the cheapness of the money, few being entitled to bid. TURNING OVER TO SHEEP Discussing tiie pVospects of the com ing season, the Australian Mercantile Laud ami Finance Company states that many producers have changed from wheat and dairying to sheep. Broadly speaking, Nature has given sheep throughout Australia as good a start as any in history, and with reasonably good seasonal conditions no surprise would be occasioned if the quantity of wool challenged the record of 1932-33. In most districts the growth is prolific, as well as being more robust in quality ami heavier in condition than at this time last season. AUSTRALIAN BUTTER FEDERAL EXPORT QUOTA An export quota ol 55 per cent, ol any butter produced in Australia during the period May 3 to May 31, which may come into the possession of a licensee, was declared on May 4 by the Minister for Commerce, Mr Stewart, under the provisions of the Federal Dairy Produce Act, savs the 1 Sydney .Morning Herald.' v . " Under the Federal legislation, interstate trade in butter ami cheese, except under license, is prohibited, and a license is granted only subject to the condition that the licensee will comply with the export quotas fixed by the Minister for Commerce. This provision lias operated from the proclamation of the Act on May 1. Licenses for interstate trade in the case of New South )} ales are issued by the Dairy Produce Board, Winchcombe House, Sydney. The export quota of 55 per cent., which has now been declared by the Munster tor Commerce, is an interim quota. Speculators, it is. stated, have been storing blitter in anticipation of a rise in price. The export quota is higher than would otherwise have been the case, because the stored butter will now come into the market and compete yvith butter actually produced dariim May. Butter produced before May is not subject to control under the Federal Act. The average Australian price of butter is now 140 s per owt., and in Sydney the price is 142 s Cd per cwt. The retail price of butter has already been increased in Sydney by I'd per lb, and in Melbourne by 3d per lb. On the present export parity of 7is per cwt. no lurther increase is expected, since an increase would permit New Zealand butter to be imported, oven after payment of 6d per lb duty, together with freight and insurance charges. No export quota has yet been declared for cheese*

1926 . 100,326 1927 . 64,716 1928 .. 194,835 1929 . 141,155 1930 . 247,772 1931 . 213,340 1932 . 299,117 1933 . 296,000 1934 ... ' .. 313,996