Commerce, Mining, & Finance

Evening Star, Issue 21736, 2 June 1934, Page 11

Commerce, Mining, & Finance

SURVEY FOR OIL k TWENTY MONTHS' WORK IN POVERTY BAY '■■'s [Special to the ‘ Star.’] AUCKLAND, June 1. It is not possible to say definitely whether oil is present in commercial quantities in the Poverty Bay district, according to Dr Eugene Jablonski, leader or the party of five geologists who have just completed a twenty months’ survey of the oil possibilities of that district. Dr Jablonski is the permanent geologist retained by the Vacuum Oil (Australia) Proprietary Ltd., on whose behalf the survey was made. He returned to Auckland this morning, and sails by the Mariposa tomorrow. From the time when operations were begun in September, 1932, said __Dr Jablonski, the whole area between East Cape and Hawke’s Bay had been covered. The object was to, appraise the possibilities of individual structures. As it was known the world over that oil was found in structural domes and folds, it was necessary to cover a .very large area before any real experience of the country was gained. tf We have done our best to map these structures, and also to appraise idistricts’ oil potentialities, upon which recommendations will be made. All wo can do is to present our maps, and to point to places where boring would have the best chance. Ours, however, is not the last word. * Specialists will discuss our findings before the company makes any decision.” He would put the nndings and samples before his principals, and they would then go into the whole Generally, said Dr Jablonski, the layman was too optimistic of the power of the geologist to tell whether there was oil in New Zealand. In reality, to find that out it was necessary to gamble, and gambling was sometimes an expensive matter. Sometimes a country looked favourable from the point of the geologist, but subsequent drilling might prove it to be barren. Many cases had been known where ml had been found without the aid of the geo* logist: however, the majority of the fields in America, and throughout the world, had been the result of very tedious and extensive gelogical exploratloThe others in the party were Mr C. St. J. Bremner and Mr M. fetemeke (from America), Mr N. Osborne (of Australia), and Dr H. J. Finlay .(of Dunedin). The first two are returning with Dr Jablonski to-morrow. SALE OF HARBOUR BOARD LEASES ' Messrs N. and E. S. .Patersoh Ltd. report having sold by ariction at their rooms yesterday on behalf of, the Otago Harbour Board the folipwing leases at the upset rentals: —Sections -14, 15, 16, 17, arid 18, block LXXIV., City of Dunedin, containing 1 rood 7.2 poles, to Hadiation (New Zealand) Ltd.; sections 57, 58, 69, block LXXIV., City of Dunedin, containing 2 roods 24.17 poles, to Messrs Smith and Smith Ltd.; sections 126 to 135 and 146 to 155 (inclusive), block LXXV., City of Dunedin, containing 3 acres 2 roods .89 pqles, to the Dunedin City Corporation. PRICE' OF GOLD |*rMi Association —By Telegraph—Copyright. , . LONDON, June 1. (Received June 2, at 11 a.m.) Tine gold is quoted at £6 17s lid per p«. IMPORTED CITRUS FRUITS THE NEGOTIATIONS ' [Pn United Press Association.] INVERCARGILL, June i. “ I have received word that our Government will allow the entry of Australian citrus fruits into New Zealand on .condition that the Commonwealth Government agrees to New Zealand potatoes being allowed into Australia • under certificate: with a duty of not more than £1 per ton,” said Mf Frank Pray, the Southland representative of the New Zealand Fruit and Produce Auctioneers and Importers’ Federation, to-day. “ The Commonwealth ■ Government wishes to impose a duty of £2 10a per ton, and if an agreement is not completed between, the Commonwealth and the dominion we are likely to, be without Australian citrus fruits this season.” . Shipments of Australian oranges were anticipated in the normal course of events early this month, Mr Bray explained. The prospect now looked far from promising, and if an agreement were not reached the citrus fruit market in New - Zealand, particularly in the south, would be placed in a most unsatisfactory position*. Owing to the absence of Australian supplies, the situation would be much worse than it was last year, and, indeed, would be serious, since hardship would be imposed on people who required oranges at a reasonable price for invalids and children.

METAL MARKET Press Association—By Telegraph—Copyright. LONDON, May 31. The following arc the official metal quotations:— Copper: Standard, £32 13s l]d per ton; forward, £32 18s 9d. Electrolytic: Spot, £36; forward, £36 ss. Wire bars, £36 os. Lead: Spot, £ll 3s 9d; forward, £ll ss. Spelter; Spot, £l4 17s 6d; forward, £l4 18s 9d. Tin: Spot, £232 16s 3d; forward, £229 ,12s 6d. Silver: Standard, 19 9-16 d per oz; fine, 21]d. AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright. ■ SYDNEY June 1. On the Stock Exchange values showed only minor fluctuations, but there was a heavy turnover in all departments, Xiarticularly in the raining section. Later sales :—Commercial Bank of Sydney, £l7 17s; E.S. and A. Bank, £5 ss; National Bank (£lO paid), £l2 16s; United Insurance, £lO 2s 6d; Australian Provincial Assurance, 10s 2d; Australian General Insurance, 13s fid; Associated News, 22s 9id; Associated News (pref.), 245; Adelaide Steam, 24s lOJd; Burns, Philp, 545; Australian Gas (A), £7 19s; Tooth’s,- 455; Toohey’s, 28s 3d; Dunlop Perdriau (pref.), 35s 9d; Henry Jones (ex div.), 32s 3d; Fairymead Sugar. 35s 3d; Anthony Hordern 15s 4sd, pref. (ex div.) 255; Lustre Hosiery, 23s 3d; Lustre Hosiery (pref.), 265; Australian Iron and tSeel (pref.), 22s fid; British Tobacco, 37s 10]d; Goldsbrough, Mort, 335; Mount Morgan, 23s 9d; South Broken Hill, 725; Larut, 14s 9d; Bulolo Deposits, Is Id; Rawang i 8s lOd; Placer Development, £24 15s. MELBOURNE, June 1. Sales:—Goldsbrough, Mort, 335; ‘ Herald and Weekly Times,’ 525; Electrolytic Zinc, 26s 7Jd; Mount Lyell, 21s 4id; National Bank (£5 paid), £6 8s ; National Bank (£lO paid), £l2 16s. BRITISH EHTERPRISE EXPANSION IN INDUSTRY (British Official Wireless.) Brass Association—By Telegraph—Copyright. . RUGBY, May 31.! According to , statistics compiled by the Midland Bank, new Capital issues for May amounted to £32,441,000. cornpared ;with £14,614,014 in May, 1933. INDIAN LOAN (British Official Wireless.) Press Association—By Telegraph—Copyright. RUGBY, May 31. It is announced that subscriptions for the issue of the Government of India 3J per cent, loan,- 1947-50, will be received from June 5. The loan will be closed as soon' as the total subscriptions amount to 32 orores of nominal value. '■*" DOLLAR AND FRANC Press Association—By Telegraph—Copyi igh't. LONDON, June 1. (Received June .2, at 11 a.m.) The dollar is quoted at 5.07 J and the franc at 77- 1-16,

TAX EXEMPTION SOUGHT PREMIUMS ON CONVERTED GOVERNMENT STOCK (Pee United Press Association.') WELLINGTON, June 1. A decision that the Government be approached with a request that it should exempt from taxation the premiums due for the conversion of Government Stock last year in view of the fact that the conversion was forced and that the amount of the premium was not received by the bondholders in cash, but was capitalised, was made by the executive of the Associated Chambers of Commerce at a meeting to-day. ' The Auckland Chamber of Commerce wrote asking what action the executive was taking in regard to the decision of the Commissioner of Taxes to tax the premiums. The chamber said there was no disguising the fact that the reduction of interest had been compulsory. The decision to charge income tax on the premiums seemed unfair and unwise. The President of the association (Mr A. M. Seaman) said it was a legal question whether the tax was enforceable. Quite apart from legal considerations, however, he thought the case was one in which the Government should give exemption from taxation owing to the special circumstances.

PREMIUM FOR QUALITY FUTURE OF MEAT GRADING [Per United Press Association.] WELLINGTON, June 1. A “ serious weakness ” in the scheme of faming in New Zealand that might become of vital importance later was mentioned by Professor G. S. Peren, principal of Massey Agricultural College, in his presidential address to the annual meeting of the New Zealand Association of Refrigeration tonight. This was, he said, that the fanner was continually being exhorted to improve quality, but in many cases he was not paid a sufficient premium for quality to induce him strongly to go to the extra trouble and expense involved. If competition became extremely strong, which he thought was likely in the future, it was only quality that would enable one to get on the market at all. The premium might take the form of having one’s lambs accepted for expert. The Meat Board also might be forced to tighten up its grading considerably, and:refuse to accept all but the highest grade of meat for shipment, THE SEARCH FOR GOLD MOUNT LYELL The Mount LyelT Company has cabled to the Stock Exchange Association that, owing to lack of rainfall, the refinery was closed to conserve the power. All other operations will be continued. The Mount Lyell Company reports for the fortnight ended May 16 as fol- , lows Orel" extractions: North . Mount Lyell mine, 6,44'3 tons; Lyell Tharsis mine, 407 tons; Crown Lyell mine, 5,022 tons; Royal Tharsis mine, 4,134 tons; Lyell Comstock mine, 4,311 tons. Production _ works: Furnace in blast during period. Three thousand eight hundred and eighty-four tons refinery anodes made for current year. Concentrator : Mill operated 336 hours, and treated 19,513 tons ore, producing 1,604 tons concentrates. Copper refinery: Tankhouse in operation throughout fortnight, 499 tons cathode copper being produced for the period. Total for current year. 4,293 tons. RATES FDR FREIGHTS REDUCTION TO DOMINION SOUGHT In a further endeavour to have reductions effected in the rates for freights from Great Britain to New Zealand, the executive of the Associated Chambers of Commerce deckled yesterday to forward to its representative in London information which it had collected in regard to comparative charges over a period of years with a request that the matter should be taken up with the Association of British Chambers of Commerce and the Federation of British Industries with a view to securing their support and co-operation in the matter. In a letter from the Canterbury Chamber dealing with specific imported articles, it was stated that in 1933 freight rates were subject to a 25 per cent, addition for exchange, which made the cost of transporting the goods mentioned from Britain to New Zealand exceedingly high.—Wellington Press Association.’ CO-OPERATIVE CONCERNS TAXATION OF SURPLUSES Expressions of opinion in response to a circular of inquiry in favour of the taxation of the mutual trading surpluses of mutual and co-operative trading concerns in New Zealand were read from numerous Chambers of Commerce at a meeting of the executive of the Associated Chambers yesterday (states a Wellington Press Association message). It was decided that the matter be now taken up with a view to having the proposal brought into effect. With regard to the position in New Zealand, the chambers expressed the opinion that special considerations applied in the case of building societies, the dividends from which were taxed in the hands of the recipients, which was in keeping with the view of the chambers of commerce that company taxation should be abolished in favour of individual taxation. DAIRY PRODUCE Messrs Dalgety and Co. Ltd. advise having received the following cable from their head office, London, dated May 31:—Messrs Samuel Page and Son report as follows: —The butter market is slow. The cheese market is quiet. Quotations :—Danish butter, 82s te 84s; New Zealand finest butter, 75s to 775; Australian finest unsalted butter, 73s to 755; Australian finest salted butter, 73s to 745; Australian g.a.q. butter, 70s to 725. New Zealand cheese— White, 44s 6d; coloured, 43s 6d. Canadian cheese—White, 52s to 565; coloured, 52s to 565,